Month: January 2019

March 26, 2005

The International Brotherhood of Electrical Workers (IBEW) and Canada National Railway (CN) have worked out a tentative agreement, avoiding a walkout scheduled for midnight on the 26th by 604 workers.

The previous contract expired 31 December 2003, and the union notified CN of their intent to strike 23 March. The IBEW members covered under the contract maintain the track signals, and radio and data networks which monitor the movement of trains.

Federal mediators helped facilitate the agreement, invited by both the union and company. Montreal-based CN announced the four-year deal via a Business-wire release, but withheld the terms of the agreement pending a ratification vote, but did say the agreement is retroactive to 1 January 2004.

CN resumed talks earlier in March with 1,750 engineers after the union and company agreed possible work stoppages would be after 12 May 2005. Track maintenance workers signed a 4-year contract deal with CN in February, as well as a tentative settlement with conductors, yard service employees and traffic co-ordinators. In 2004 a 28-day strike by 5,000 clerical and cargo terminal workers cost the company an estimate CA$24 million.

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Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Sunday, July 22, 2012

Homebush Bay, New South Wales —On Friday, Wikinews sat down with first time Paraylympic Australian Gliders Leanne Del Toso, Sarah Vinci, and Amber Merritt, and second time Paralympic competitor Clare Nott at the Pullman Hotel following their 57–45 win against China at the Rollers & Gliders World Challenge in Sydney.

With South African Paralympian Oscar Pistorius?’s inclusion in the 2012 Summer Olympics as one of the most talked-about Paralympic stories, the players were asked their feelings about his inclusion in the Olympic Games. As a group, they had mixed feelings. One one hand, they felt his inclusion was a positive thing for people with disabilities. On the other hand, they felt he could get a technological advantage from his blades. Del Toso said she could see that advantage based on her own use of splints for her legs.

Related to the Pistorius? story, the Gliders were asked if they would favour the inclusion of 5 point players, able-bodied competitors, competing in their sport at the Paralympics. As a group, they all said no, citing the numerous opportunities these players already had in Australia’s domestic competition and in state competitions. They felt their inclusion would deny opportunities to elite basketball players with disabilities to compete at the highest level.

Merrit discussed problems with classification and her swimming career. She started as a swimmer, but while she has a club foot, this was not severe enough to allow her to maintain a disability swimming classification: they said she should compete in able-bodied swimming as she could learn the style to swim correctly. She was unable to do so and had to forgo swimming. Following a talent identification program, she took up wheelchair basketball.

Del Toso came into wheelchair basketball after acquiring, at the age of nineteen, a degenerative disease that effects her nerves. She had previously played able-bodied basketball but had never considered playing wheelchair basketball until she participated in a talent identification event.

With money being at the heart of many people’s ability to take their game to the next level, the players were asked about their general financial situation in terms of the level of support they were receiving from Australian sport organizations. They all indicated they received adequate funding from Basketball Australia, the Australian Sports Commission, and the Australian Paralympic Committee that allowed them to travel to games around the world and live comfortably, which contrasts to some other countries and sports where there is not a comparable level of support.

When asked about the team’s body posture on the bench and their volume, the players indicated they put their hands under their armpits for warmth as the building is cold: it was not body language intended to convey any feeling about what was happening on the floor. The players also said their volume on the bench, while quiet, was effective and contrasted it to some teams who could be screechy, where volume is actually a sign of frustration with play.

The Gliders start their London Paralympic campaign on August 30 against Brazil at 18:30 London time, August 31 at 3:30 Sydney time.

Sunday, June 20, 2010

A 6-year-old boy and his father were shot and killed Saturday afternoon while eating inside a busy Del Taco fast food restaurant in San Bernadino, California, before the shooter turned a gun on himself.

According to the San Bernadino Police Department, 56-year-old Jimmy Schlager arrived at the Del Taco at 1:15pm PST (2015 UTC) on a bicycle, and, armed with two semi-automatic guns, entered the restaurant and opened fire on a family of four who were dining together. The employees and other customers all ran out of the restaurant and escaped without injury.

The father of the family, identified as 33-year-old Alex Trujillo, was declared dead at the scene, said the San Bernadino Fire Department. His wife and two sons were taken to Loma Linda University Medical Center in critical condition. His 6-year-old son, Adrian, died shortly after. The victims each suffered two bullet wounds, except the mother, who police say received up to ten gunshots. The names of the 29-year-old woman and her 5-year-old son have not been released. Both remained in critical condition on Saturday night.

After shooting the family, Schlager, later identified as the woman’s step-father, shot himself in the head. He was taken to Arrowhead Regional Medical Center, where he later died from the self-inflicted gunshot wound to the head. Police said Schlager had previously been arrested a number of times, on charges that included theft and assault with a deadly weapon.

Thursday, September 20, 2007

The U.S. economy and its currency as an instrument of world trade has suffered a series of major setbacks in recent months. Some analysts say that the Federal Reserve‘s September 18^th dramatic rate cut to 4.75% from 5.25% may be a case of “too little, too late”, or that it was excessive and dooms the dollar.

Today, Saudi officials declined to cut interest rates in lockstep with the US Federal Reserve for the first time in decades. According to Ambrose Evans-Pritchard, International Business Editor for The Daily Telegraph, “it’s a signal that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.”

Hans Redeker, the Currency Chief at BNP Paribas, also stated today that Saudi Arabia’s move to not adjust their own interest rates in sync with the Fed’s cuts is a very dangerous situation for the US dollar. Redeker points out that “Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States.”

Saudi central bank officials said that “appropriate measures” would be taken to stop the large capital inflows into the country. The Federal Reserve’s half-point rate cut has already caused a plunge in the world dollar index to a fifteen-year low, reaching the weakest level ever against the Euro at just under $1.40.

The Fed hopes that by making it cheaper to borrow, people will start spending and investing more. However, some analysts fear the cut will worsen inflation, making it harder to get personal loans, and further decrease confidence in the dollar around the world. There are already signs that global investors have started rejecting U.S. Treasury securities, and recent U.S. government data on foreign holdings show a decline in purchases of US securities from $97bn to just $19bn in July.

In response to Ben Bernanke‘s statements today about a potential mortgage and housing market crisis, CNN anchor Wolf Blitzer said, “If adjustable mortgage rates go up, people may not be able to afford their mortgage payments.” Former Federal Reserve chief Alan Greenspan said earlier this week that housing prices may fall by “double digits” as the subprime crisis bites harder, prompting households to cut back sharply on spending.

Jim Rogers, the economic commentator and former partner of George Soros, stated, “If Ben Bernanke starts running those printing presses even faster than he’s already doing, we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems.”

In recent months, the U.S. dollar has taken several other significant hits including Kuwait’s decision in May to also break its dollar peg, and threats by China to interfere with the U.S. economy, calling it their nation’s “nuclear option”. According to public sources, the Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions that seek to force a Yuan revaluation.

Tuesday, May 16, 2006

The U.S. has announced full diplomatic relations will be restored with Libya and the country removed from the list of nations the U.S. considers to be state sponsors of terrorism following a 45-day open comment period.

Renewal of diplomatic relations between the two states comes after extended diplomatic efforts by both parties to end the 25-year break.

“It is a result of mutual interests, agreements and understandings,” said Abdurrahman Shalgham, Libyan’s Foreign Minister.

“We are taking these actions in recognition of Libya’s continued commitment to its renunciation of terrorism and the excellent cooperation Libya has provided to the United States and other members of the international community in response to common global threats faced by the civilized world since September 11, 2001,” said Condoleezza Rice, the United States Secretary of State.

Diplomatic ties were strained between the countries following the rise to power of Libyan leader Muammar al-Gaddafi in 1969, and U.S. economic sanctions against the country beginning in the 1970s. They were severed following the U.S. removal of diplomatic personnel from Libya in 1979 after a mob set fire to the U.S. embassy in Tripoli, and the U.S. closing the Libyan embassy and expelling Libyan diplomats in 1981.

The UN removed international economic sanctions in 1999, following Libya’s acceptance of UN Security Council Resolutions regarding Pan Am Flight 103. In 2003 Libya announced efforts to dismantle military programs to develop weapons of mass destruction as well, which led directly to diplomatic negotiations with the U.S. and the opening of a diplomatic liaison office in Tripoli in 2004.

Thursday, September 26, 2013

On Tuesday the World Bank released the 2012 World Development Report on Gender Equality and Development. For Jamaica the report highlights a number of negative gender issues for the nation’s men.

The report claims that getting an education in Jamaica is viewed as primarily a female activity. This cultural attitude encourages males to leave school early. In 2008, girls outnumbered boys in secondary school by a ratio of 1.04:1. At the same time, boys were more likely to have to repeat a year of school. Only 16% of boys passed five or more Caribbean Secondary Education Certificate exams compared to 30% of girls. Boys outperformed girls only in vocational subjects and physics. The report cites four key challenges in boys’ development identified by a national programme. They are low self-esteem, limited future employment opportunities, lack of discipline, and masculine identities that eschew education.

A program in Jamaica uses cash incentives to encourage at-risk boys to stay in school; other countries like Pakistan use cash incentives to encourage girls to stay in school. Jamaica’s program has resulted an average increase in boys attending school by 0.5 days a month. At the same time, fathers are urged to become more involved with their childrens’ schooling and changes are being made to the curriculum to make it “more boy-friendly”.

Definitions of masculinity result in less employment opportunities and smaller earnings potential. The report claims Jamaican definitions of masculinity also encourage more risky behavior, and sexual behaviors valuing achievement and competence above intimacy. The report says these factors increase physical and sexual violence towards women.

Male mortality is increasing in Jamaica. The report cites crime and violence as causes.

Monday, February 16, 2009

In the 1970s, she was one of the most popular female vocalists in France, and became well-known internationally. Anne Marie David, from Arles in the south of France, parlayed her initial success from playing Mary Magdalene in the French production of Jesus Christ Superstar into taking home the “grand prix” at the Eurovision Song Contest in 1973. Her winning song, “Tu te reconnaîtras” (You will recognize yourself), became a Europe-wide hit that spring.

At the height of her popularity, David perfomed world tours, and even lived abroad in Turkey for a time. In 1979, she tried once again to win the Eurovision, and placed a respectable third. Her song “Je suis l’enfant soleil” (I’m a child of the sun) became similarly popular across France and in the Francophone nations.

As time went on, however, her place in the French music scene became less certain. Touring the world had taken a personal toll, and David decided to retire from music completely in 1987. However, with the help of her fan base, she was coaxed out of retirement in 2003 and is returning to a part of her life that she tried to leave, but never left her. Celebrating four decades in the music scene, David is looking forward to adventurous new projects and a newfound zest for life.

Anne Marie David corresponded with Wikinews’ Mike Halterman about her eventful career, her personal anecdotes regarding living abroad, her successes in past Eurovision contests and her grievances with the way the show is produced today. This is the second in a series of interviews with past Eurovision contestants, which will be published sporadically in the lead-up to mid-May’s next contest in Moscow.

Friday, August 3, 2007

The Dow Jones Industrial Average fell more than 280 points, Friday, to 13181.91, just two weeks after soaring to a historic record of 14,000. Two other major indexes, the Nasdaq and the Standard and Poor 500, fell more than 2% in a widespread market sell-off.

Shares of Bear Stearns, the largest United States underwriter of mortgage bonds, fell 6.3% today, resulting from Standard and Poor’s altering its outlook toward the company to “negative” from “stable”. The investment banking firm recently saw two of its major hedge funds sink after exposure to the sub-prime mortgage decline. Standard and Poor’s report said the firm may have problems, including its hedge funds, that could hurt the firm “for an extended period.”

The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in the rest of the financial sector. Chief Financial Officer Sam Molinaro remarked that the credit market was in the worst condition he had seen in 22 years.

American Express shares fell 5.6%, while homebuilder Hovnanian Enterprises fell 9.4% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07% in the session after announcing plans to close most operations and lay off over 6000 employees. The company has also lost its lending license in four states including New York.

“It is with great sadness that American Home has had to take this action,” Chief Executive Michael Strauss said in a statement. “Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative.”

Analysts say that the weakness in the stock markets and economy in general could prompt the Federal Reserve to lower interest rates, consequently allowing inflation to rise, but that it would also support stocks and ease borrowing. The Fed has not changed interest rates since June 2006.