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Friday, August 10, 2007

Global stock markets fell today, in a mass sell-off stemming from the sub-prime mortgage crisis in the United States. The Dow Jones Industrial Average rebounded late in the day after falling more than 250 points, ending the day down about 31 points. The UK’s FTSE-100 index fell 232.90 points to 6038.30, and Japan’s Nikkei 225 fell 406.51 points to 16764.09.

Central banks across the world are injecting funds into their banking systems to add liquidity, fearing that many financial firms with subprime ties will be insolvent. Yesterday, the U.S. Federal Reserve transferred US$24 billion to temporary reserves, following the European Central Bank, which authorized a record €83.6 billion addition to its banks, its biggest cash infusion ever. On Friday, the Fed entered into a $38 billion repurchase agreement of mortgage-backed securities, easing stockholder worries. Also on Friday, the Bank of Japan injected ¥1 trillion into Japan’s financial system.

The Federal Reserve met this week, but decided to maintain its target rate of 5.25%, although on Friday the federal funds rate was hovering around 6%, indicating a drop in liquidity.

The volatile week began last Friday with Bear Stearns tumbling as a result from its complete loss of two major hedge funds worth more than $1.5 billion. The hedge funds had been dangerously exposed to the massive sub-prime mortgage failure, and the company announced it was unable to return any money to investors.

Washington Mutual, and Countrywide Financial, both very large U.S. home loan lenders, saw shares fall. Countrywide Financial made a statement this week, saying they will be forced to retain a greater proportion of mortgage. American Home Mortgage Investment Corp, another large lender, recently filed for bankruptcy. The U.S. housing market has been declining for more than two years after the Federal Reserve raised interest rates 17 times. Now, lenders are in a quagmire from millions of people who are unable to repay loans after taking adjustable rate mortgages, teaser rates, interest-only mortgages, or piggyback rates.

Jim Cramer, of CNBC’s Mad Money, remarked that as many as seven million people will lose their homes from bad mortgages. Last Friday, Cramer went on a tirade on CNBC’s Street Signs, saying that the “Fed was asleep” and called for them to lower rates immediately.

Asian and European markets have become increasingly entangled in the subprime mortgage crisis in the U.S. Deutsche Bank of Germany lost almost $3.5 billion in share value, forcing the government to organize a bail-out. France’s largest bank, BNP Paribas SA, halted withdrawals from three large investment funds which were crippled by sub-prime exposure.

Tuesday, August 13, 2013

News emerged yesterday that Boko Haram Islamists are suspected to have killed 44 worshippers during dawn prayers early Sunday morning in the small town of Konduga in Nigeria. The attacks were believed to be a revenge on citizen vigilante groups forming to help the government battle Islamist extremists and occurred 35km from the state capital Maiduguri.

A further 26 people are being treated for severe injuries. Boko Haram’s insurgency has killed at least 3,600 people since 2009, including killings by security forces.

In recent weeks the military has encouraged the formation of vigilante groups to help locate and arrest members of Boko Haram. Boko Haram has attacked churches and mosques. A video has been released where Boko Haram’s leader Abubakar Shekau takes responsibility for the attacks.

Thursday, February 24, 2005

A paste containing synthetic tooth enamel can seal small cavities without drilling. Kazue Yamagishi and colleagues at the FAP Dental Institute in Tokyo say that the paste can repair small cavities in 15 minutes.

Currently, fillers don’t stick to such small cavities so dentists must drill bigger holes. Hydroxyapatite crystals, of which natural enamel is made, bond with teeth to repair tiny areas of damage.

Yamagishi and colleagues have tested their paste on a lower premolar tooth that showed early signs of decay. They found that the synthetic enamel merged with the natural enamel. The synthetic enamel also appears to make teeth stronger which will improve resistance to future decay. As with drilling, however, there is still the potential for pain: The paste is strongly acidic to encourage crystal growth and causes inflammation if it touches the gums.

The paste is reported in the journal Nature.

Friday, March 16, 2007

The European Space Agency‘s Mars Express spacecraft has discovered ice deposits in the south pole of Mars that are larger than the state of Texas.

Scientists say that there is enough water in the deposits to cover the entire planet with up to 36 feet of water if the ice was to melt. Some sections of the ice deposits are up to 2.3 – 2.5 miles deep. The ice is composed of carbon dioxide, a little bit of dust, and water (90 percent of the water is estimated to be frozen).

What has caught the attention of the scientists working on the Mars Express project is that this may help reveal whether or not there is any (microbial) life within the ice.

Another perplexing question that scientists are trying to solve is what happened to all the water that produced all the channels on the surface of Mars.

Jeffrey Plaut, who is from NASA’s Jet Propulsion Laboratory in Pasadena, California and who is also leading the study, noted that, “We have this continuing question facing us in studies of Mars, which is: where did all the water go? Even if you took the water in these two (polar) ice caps and added it all up, it’s still not nearly enough to do all of the work that we’ve seen that the water has done across the surface of Mars in its history.”

Currently, only 10 percent of the water is remaining and is located at the poles of Mars. It has been suggested that some of the remaining 90 percent of the water that disappeared could either be underground or could have simply left the atmosphere into space.

Tuesday, January 26, 2010

The mystery of the location of a viewpoint used by English painter John Constable has been solved, after nearly 200 years. The Stour Valley and Dedham Church was painted in Suffolk, England, between 1814 and 1815, but changes to the landscape meant that the spot he chose was not known, despite the best efforts of historians and art experts.

Now the puzzle has been answered. Martin Atkinson, who works for the National Trust as property manager for East Suffolk, used clues from the painting and looked at old maps to track down the viewpoint. Trees had grown, a hedgerow had been planted and boundaries had moved or disappeared, but Atkinson eventually worked out where Constable had stood. He said, “When I discovered that I had worked out the location where Constable painted this particular masterpiece, I couldn’t believe it. All the pieces of the jigsaw finally fitted together.”

Atkinson used an 1817 map of East Bergholt, where Constable grew up, as a reference point, but found that the view would have changed not long after the painting was completed. “The foreground didn’t fit at all, it was quite unusual as we know Constable painted it in the open air so he would have been standing in the scene. The hedgerow in his work no longer exists and there’s another hedgerow that runs across the scene today which wasn’t there. When you stand on the road on which he would have stood, and use the oak tree as a reference point, you see the same view. It’s great to see where an old master stood – and be inspired by the same view,” he said.

Suffolk, where Constable painted many of his finest paintings, is often called “Constable country”. Most, but not all, of the locations that Constable depicted are known. The picture is now housed in the Museum of Fine Arts, Boston, Massachusetts.

Thursday, October 4, 2007

Rick Morelli is running for the NDP in the Ontario provincial election, in the Vaughan riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Friday, February 16, 2018

On Tuesday, the city council of Berkeley, California adopted by unanimous vote a resolution declaring their city a “sanctuary” for adult recreational cannabis use and sale. The resolution by the Berkeley council “declared [the City of Berkeley] to be a sanctuary for recreational cannabis customers, providers, and landlords.”

The resolution bars city employees including police from assisting federal law enforcement officials, namely the U.S. Drug Enforcement Administration, in enforcing federal laws relating to cannabis. The city’s measure includes protection for cannabis, but not other substances controlled and regulated by the federal government. California voters approved a referendum in 2016 that legalized cannabis production and sale in the state. That law took effect on January 1 this year.

The resolution was drafted by Mayor Jesse Arreguin and Councilmembers Ben Bartlett and Cheryl Davila.

While cannabis became legal for adults at least 21 years old under California state law, it remains a prohibited substance under the federal Controlled Substances Act. Under the U.S. Constitution, federal law is given supremacy to contradictory state and local law.

In 2008, the city previously declared itself a sanctuary city for medical cannabis, opposing federal officials seeking to shutter legal-in-California cannabis dispensaries.

In a tweet following the vote, the Berkeley mayor wrote, “In light of threats by Attorney General [Jeff] Sessions regarding a misguided crackdown on our democratic decision to legalize recreational cannabis, we have become what may be the first city in the country to declare ourselves a sanctuary city for cannabis.” The attorney general is the top federal law enforcement official in the U.S.

Last month, Sessions repealed a policy from the previous presidential administration providing legal shelter to states that legalized recreational cannabis. A January 4 memo from Sessions called for Justice Department prosecutors to enforce the federal ban on cannabis use and sale.

By another vote during the same meeting the city council reduced the sales tax on cannabis from 10 percent to 5 percent in a bid to draw more business.

Sunday, April 24, 2005

New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ®, which independently announced a definitive agreement to purchase Instinet Group.

Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.

Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.

These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.

The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.