Kenya government fires health worker strikers over failure to ‘report back to work’

Saturday, March 10, 2012

The Kenyan government has dismissed 25,000 striking health workers, mostly nurses, citing failure to heed government orders to recommence work and concern for the welfare of hospital patients. Speaking on behalf of the government, Alfred Mutua stated the workers were dismissed “illegally striking” and “[defying] the directive … to report back to work”, which he called “unethical”. The government asks that “[a]ll qualified health professionals, who are unemployed and/or retired have been advised to report to their nearest health facility for interviews and deployment”, Mutua stated.

The workers, who had been on strike for four days, were wishing to have improvements made to their wages, working conditions, and allowances. The strikes have caused a significant number of Kenyan hospitals to cease operations. According to Kenya Health Professionals Society spokesperson Alex Orina, the average monthly wage plus allowances for health workers in Kenya is KSh25,000 (£193, US$302 or €230) approximately. With an increasing number of reports of patients neglected in hospitals emerging, two trade unions met with the Kenyan government yesterday and negotitated a return to work, although a significant proportion of demonstrators defied the agreement, The Guardian reported.

Orina told Reuters the dismissals were “cat-and-mouse games, you cannot sack an entire workforce. It is a ploy to get us to rush back to work, but our strike continues until our demands are met”. Frederick Omiah, a member of the same society, believed the government’s actions would “make an already delicate and volatile situation worse”, expressing concern that demonstrations may continue in the capital Nairobi, amongst other locations. Kenya Medical Practitioners, Pharmacists and Dentists Union chairperson Dr. Victor Ng’ani described government actions as “reckless”.

Mutua said the health workers were “no longer employees of the government” and had been eliminated from the payroll. While Ng’ani told the BBC of difficulties with finding other workers as skilled and experienced, Mutua reportedly stated that this would not be an issue. “We have over 100,000 to 200,000 health professionals looking for work today,” Mutua commented. “There will be a lag of a day or two … but it is better than letting people die on the floor, at the gate, or suffer in pain”.

Retrieved from “https://en.wikinews.org/w/index.php?title=Kenya_government_fires_health_worker_strikers_over_failure_to_%27report_back_to_work%27&oldid=1566347”

Category:Health

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Ontario Votes 2007: Interview with Communist Party candidate Shona Bracken, Toronto Danforth

Sunday, October 7, 2007

Shona Bracken is running for the Communist Party in the Ontario provincial election in Toronto—Danforth. Wikinews interviewed her regarding her values, her experience, and her campaign.

Retrieved from “https://en.wikinews.org/w/index.php?title=Ontario_Votes_2007:_Interview_with_Communist_Party_candidate_Shona_Bracken,_Toronto_Danforth&oldid=539050”

Maryland Judge throws out law banning gay marriages

Saturday, January 21, 2006

Judge M. Brooke Murdock of the Baltimore Circuit Court in Maryland struck down a 1973 law banning same-sex marriage yesterday, ruling the measure violated a state constitutional amendment prohibiting sex discrimination.

The decision will not allow gay couples to be immediately eligible for marriage licenses because Murdock stayed the order pending an appeal. The state’s attorney general’s office filed the appeal right after the ruling was made.

“Although tradition and societal values are important, they cannot be given so much weight that they alone will justify a discriminatory statutory classification,” the judge stated in the ruling. “When tradition is the guise under which prejudice or animosity hides, it is not a legitimate state interest.”

In making the decision, Judge Murdock wrote, “the court is not unaware of the dramatic impact of its ruling.”

Ken Choe, a lawyer with the American Civil Liberties Union’s (ACLU) Lesbian and Gay Rights Project, said “men and women were indeed treated differently under the law Judge Murdock struck down. A man can marry a woman, but a woman can’t marry a woman. Same-sex couples need the same protections for their families that opposite-sex couples do.”

The ACLU hailed the ruling, calling it “a historical step toward allowing same-sex couples to legally marry in Maryland.” She considered but dismissed all the state’s arguments for the restriction, noting “Prevention of same-sex marriage is not rationally related to the state’s interests in promoting stable families and protecting the best interests of children. … These arguments are illogical and inaccurate.”

Governor Robert L. Ehrlich Jr. released a statement saying that that the state will “begin a vigorous appeals process. I firmly believe the institution of marriage is for one man and one woman only.”

Governor Ehrlich had sent to Attorney General J. Joseph Curran Jr. (D), a letter in response to the ruling advising him to appeal the decision and offered additional resources to support the appeal.

“We have noted an appeal and think it appropriate that the court stayed the operation of its order,” said Kevin J. Enright, a spokesman for Curran, in a statement. “We await having the decision of Maryland’s appellate courts.”

The Maryland House of Delegates scheduled hearings for January 31, 2006 on proposals dealing with same-sex marriages, including a proposed constitutional amendment.

John Lestitian, a plaintiff in the case, said Murdock’s decision was “a step in a very long process. As a 40-year-old man, I should be able to decide who my family is.”

“This is such an exciting moment,” said Lisa Polyak. Her partner of 24 years, Gita Deane, was a plaintiff in the case. “Our participation in this lawsuit has always been about family protections for our children. Tonight, we will rest a little easier knowing that those protections are within reach.”

The equal rights amendment in Maryland’s State Constitution was ratified by voters in 1972. The marriage law which defined marriage as only between one man and one woman was approved the following year.

The lawsuit leading to the decision started when nine gay and/or lesbian couples and one individual sued court clerks in five Maryland counties for denying marriage licenses to them, citing legal, financial, and emotional harm. In July of 2004, the ACLU filed the suit challenging the state ban on same-sex marriage.

Same-sex marriages are only legal in the state of Massachusetts in the United States, with the states of Vermont and Connecticut recognizing other civil unions. Hawaii and New Jersey offer some legal protections to same-sex couples, while 13 states have appoved constitutional amendments rejecting recognition of same-sex marriage. Courts in California, New Jersey, New York and Washington State are facing cases on the issue.

Retrieved from “https://en.wikinews.org/w/index.php?title=Maryland_Judge_throws_out_law_banning_gay_marriages&oldid=4467361”

Buffalo, N.Y. hotel proposal gets final approval by city Planning Board

Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “Old deeds threaten Buffalo, NY hotel development” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

Tuesday, March 28, 2006

Buffalo, New York —The proposed Elmwood Village Hotel got the final approval it needed from the city of Buffalo’s Planning Board this morning.

In a unanimous vote, the Board approved most of the design and site plan of the hotel.

The Elmwood Village Hotel is a proposed hotel by Savarino Construction Services Corporation and is designed by architect Karl Frizlen of the Frizlen Group. It is to be placed on the corner of Elmwood and Forest Avenues in Buffalo and will require the demolition of at least five properties (1109-1121 Elmwood).

Despite the fact that today’s meeting was not a “public hearing”, several citizens lashed out at the Board after the approval.

“Thanks for destroying Buffalo,” said one man.

“[I am] disgusted. Because they did not allow the community to speak, it is the bastardization of the concepts of justice and democracy, and that’s what happened [today],” said Clarence Carnahan, a local business owner and concerned citizen, to Wikinews. He also referred to some board members as “immoral pigs.”

“[I feel] frustration because no one could speak. I was going to address the displacement of all the shops that are there and that they should be grand-fathered into the new space. We did not get to say that. [I am disappointed] that they are endorsing this enormous monstrosity.” said Nancy Pollina, co-owner of Don Apparel with Patty Morris at 1119 Elmwood.

Although the Board approved the hotel proposal, Savarino Construction must still go before the board to approve things such as signage and lighting. The Planning Board meets again on April 11, 2006 at 8:00a.m., but it is unknown if the hotel proposal will be on the agenda.

Pano Georgiadis, owner of Pano’s Restaurant at 1081 Elmwood and owner of 605 Forest Avenue in Buffalo, threatened to sue Savarino Construction at a public meeting on March 15, 2006 saying, “if you try to get a variance to change the code, I will sue you. This is my home, number one. If you go against city code, and you try to do the most rooms with a minimal amount of parking, again, I will sue you.”

Today, Georgiadis confirmed to Wikinews that he is “definitely” suing, but that his “situation is different” as compared to others looking into legal action. “This is my property. They did it [changed the code] without my approval.”

Last week, the Common Council voted and approved the rezoning of all five properties including 605 Forest.

Some are also considering taking the case to the New York State Supreme Court to “seek an injunction”and would go “pro se, meaning I am going to present the case myself,” said Carnahan.

Despite the approvals by the Common Council and Planning Board, organizers schedulaed another protest for Saturday April 1, 2006 at 2:00p.m. on the proposed site at Forest and Elmwood.

“We are not going to go down without a fight. We are going to go kicking and screaming,” said Pollina.

Retrieved from “https://en.wikinews.org/w/index.php?title=Buffalo,_N.Y._hotel_proposal_gets_final_approval_by_city_Planning_Board&oldid=1981791”

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11-year-old boy dies after being shot in Liverpool

Wednesday, August 22, 2007

An 11-year-old boy has died after being shot in the car park of the Fir Tree pub in the Croxteth area of Liverpool, shortly after 1930 BST. An eyewitness, who had been drinking outside the pub at the time, said the boy was one of three playing football in the car park when a teenager, believed to be male, on a BMX bicycle fired three shots at the group from approximately 30 metres away, one hitting the victim in the neck. The other shots missed the boys, one hitting a car. The boy’s mother was called to the scene as people came out of the pub to help him. Other witnesses have suggested the incident may be gang-related.

A spokesman for North West Ambulance Service said: “We treated an 11-year-old with serious gunshot wounds.” He added the boy was taken to Alder Hey Children’s Hospital, but police later confirmed he had died. Officers have sealed off the scene, including a neighbouring street of shops. There have currently been no arrests in connection with the shooting.

In an appeal to the local community to help catch the killer, Merseyside Police Assistant Chief Constable Simon Byrne said: “Someone out there knows who put the gun in his hand and I want your help to get the community to turn that gunman in tonight. This is quite an awful crime, quite senseless, and the community holds the clue to solving this crime quickly. You can only imagine the heartache of the family that’s been ripped apart.”

Local councillor Rose Bailey, who lives nearby, also appealed for people with information to come forward, saying: “It sends shockwaves through the community of Croxteth and really it must be devastating. To think your young son is out playing football and then to get a call to say he’s been shot, I really don’t know as a parent how you would handle that.”

The area around the pub was made a “designated area” by police last year, meaning officers could disperse groups and move people away from the area.

The incident is another in a growing list of shootings of minors, many gang-related, in the UK’s major cities in 2007.

Retrieved from “https://en.wikinews.org/w/index.php?title=11-year-old_boy_dies_after_being_shot_in_Liverpool&oldid=480349”

Schools benefit from new California budget

Saturday, July 1, 2006

California Gov. Arnold Schwarzenegger signed a bipartisan state budget Friday that invests a record $55.1 billion in education – an increase of $3.1 billion this year and $8.3 billion over the last two years – and allocates $4.9 billion to create a budget reserve and to pay down the state’s debt early.

Schwarzenegger credited bipartisan cooperation in coming up with a budget he was willing to sign, and do it on time, a rarity in recent California politics.

“It’s amazing what can be accomplished when Democrats and Republicans work together in Sacramento,” said Schwarzenegger. “I want to thank the legislative leadership – Senators Don Perata and Dick Ackerman, Speaker Fabian Nunez and Assembly Republican Leader George Plescia – for all their hard work on the budget. We put politics aside and were driven by the overwhelming desire to do what’s best for the people of California.

“I am especially proud that the budget expands preschool, and returns art, music and physical education classes to our children,” he said.

State Superintendent of Public Instruction Jack O’Connell said he is pleased by the budget. “The budget passed by the Legislature brings welcome support to education in California, making good on past debts to our schools and investing in sorely needed classroom programs,” he said.

He had his own budget favorites: “I’m particularly pleased that the budget includes increased funding for school counselors, teacher professional development, programs targeted to helping students pass the high school exit exam, and expanded and improved student nutrition programs.

“While there are some priorities over which we may disagree, I applaud the Governor and the Legislature for a budget that makes education a top priority.”

Barbara E. Kerr, president of the 335,000-member California Teachers Association, also likes the direction of the new budget.“The timely approval of the new state budget is good news for our public schools and students,” she said. “School districts and teachers can now plan ahead. The nearly six percent cost-of-living-adjustment will allow local schools to restore funding to education programs that have been cut over the past few years and provide for salary increases.”

Still, Kerr, said, the budget doesn’t go far enough. “This budget is a down payment on the debt owed to our schools. Teachers will continue to work with the governor and the Legislature to ensure repayment of the $3 billion still owed to our schools under Proposition 98 and the lawsuit settlement agreement announced last month. That money will help our schools of greatest need reduce class sizes, improve teacher training and increase parental involvement.”

How the budget affects the New Haven Unified School District and James Logan High School, or the James Logan Courier, specifically is not yet clear.

State Treasurer Phil Angelides, who is running for governor against Schwarzenegger, liked the increased education funding, and praised his fellow Democrats in the legislature for that, but criticized the entire budget for being out of balance.

“On higher education, Democrats in the Legislature did the right thing, when the governor would not, and gained a $6 per unit rollback in community college fees,” he said in a statement. “That is a start. But the governor’s budget will still leave community college fees nearly double what they were just three years ago. And the budget will also leave untouched the fees at CSU and UC, which have increased by $2,000 and $5,000 respectively under Governor Schwarzenegger.”

Missing from the budget, Angelides said, is funding to expand health care for low-income children. Schwarzenegger “failed to get members of his own party to agree to a budget that funds health care for more kids from low-income families on the Healthy Families program regardless of the families’ immigration status. Compassion requires – and intelligent public health practice demands – that all people residing in California have access to adequate health care,” Angelides said.

Schwarzenegger credited a strong economy that increased state revenues for providing the cash to cover the increased expenditures and set aside a $2.1 billion reserve and an additional $2.8 billion for debt prepayment. Included in that is $1.42 billion for repaying borrowed funds earmarked by the voters for transportation projects aimed at reducing traffic throughout the state. The early debt payment and the reserve account for nearly 4.7 percent of the overall budget – the highest in 25 years.

Still, Angelides said, the budget is out of balance and the state is running up more debt. “Despite his repeated pledges to ‘cut up the credit card’ Governor Schwarzenegger has produced a budget that still leaves a $3.3 billion structural budget deficit for 2006-07 and more deficits for years to come,” Angelides said, “It is a budget thatwill continue to shift the burden of today’s deficits onto the backs of futuregenerations.”

The budget largely mirrors the May Revise, which has since prompted all three Wall Street credit rating agencies to upgrade the state credit rating, reducing the cost of state borrowing. One of the agencies, Fitch, Inc., cited “California’s continuing economic recovery, strong revenue performance and continued progress in reducing fiscal imbalance” when upgrading their rating on the state’s general obligation debt from A to A+ last month. Standard and Poor’s also raised its rating from A to A+ in May. Moody’s Investors Service raised its rating from A2 to A1 the same month.

Despite the improved credit ratings, Angelides said, the three rating agencies still have reservations about the state’s fiscal future. The agencies “have corroborated my warning and that of the Legislative Analyst that while state revenues have improved, California’s fiscal condition will remain insecure until the state produces balanced budgets,” he said.

Highlights of AB 1801, the Budget Act of 2006 by Assembly member John Laird (D-Santa Cruz), include:

Preschool through High School Education – The budget includes $100 million for the Governor’s targeted preschool initiative, which will make preschool available to every four year old living in a low-performing school district. $50 million of this funding will be used to build and improve preschool facilities. The budget also includes $645 million to fund physical education, arts and music programs. Overall, $11,264 will be spent on each student, an increase of $516 from the current year.

Higher Education – The budget allocates $19.1 billion from all sources for higher education and eliminates tuition and fee increases at UC and CSU. California, which already has the lowest community college fees in the nation, will further lower student fees from $26 per unit to $20, effective Spring 2007.

Law Enforcement – The budget includes an additional $196 million to support law enforcement efforts, including money to fund Sexual Assault Felony Enforcement teams, 500 GPS devices to track and monitor the highest-risk parolees and four new Gang Suppression Enforcement Teams. The budget also proposes the addition of 235 California Highway Patrol positions, includes $56.4 million to replace the CHP’s existing radio system and allocates $6.4 million to handle the increasing number of wireless 9-1-1 calls. Additionally, the budget includes a $20 million investment to strengthen efforts to fight methamphetamine trafficking and $6 million to create three new California Methamphetamine Strategy program teams.

Disaster Preparedness – The budget provides $220 million to enhance California’s ability to prepare for, mitigate and respond to emergencies, including money to strengthen public health response during a disaster. This includes preparations to prevent a pandemic influenza outbreak and expanding efforts to help local governments develop disaster preparedness plans.

Public Health – The budget includes $22.6 million for counties to perform outreach and enrollment activities to reach the 428,000 children who are eligible for Medi-Cal or the Healthy Families program but are not enrolled. The budget for the Healthy Families program also covers enrollment growth for 78,200 additional children.

Transportation – In addition, the Budget makes a substantial investment in improving California’s transportation system. It provides $1.4 billion to fully fund Proposition 42 for the second consecutive year, and it provides an additional $1.4 billion for the early repayment of past loans from Proposition 42, for a total of $2.8 billion. Of the $1.4 billion repayment, $440 million is designated for cities and counties for local road and street maintenance that would otherwise not be funded.

The budget is the first on time budget since 2000 and the fourth in the last 20 years. The 2006-07 budget’s general fund is $101.3 billion and total is $131.4 billion. For a more detailed overview of the budget, please visit www.dof.ca.gov.

Retrieved from “https://en.wikinews.org/w/index.php?title=Schools_benefit_from_new_California_budget&oldid=4628727”

Wiki loves the European Parliament in Strasbourg

Tuesday, February 11, 2014

This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

Last week fifty volunteers, from nine countries covering nineteen languages, spent four days at the European Parliament buildings in Strasbourg photographing and filming members of the parliament (MEPs). This being an effort to significantly increase the audio-visual content available in Wikipedia and other Wikimedia Foundation projects.

Members of the team, who were all granted guest press accreditation, began arriving at the hotel in the small town of Kork, not far from the France–Germany border, on Saturday. The team base, Hotel Ochsen, has an interesting history. Placards on the courtyard wall explain it served as headquarters for Field marshal Kollowrat-Krakowsky battling Napoleonic forces in the 1796 Siege of Kehl.

Those arriving later came directly to the Louise Weiss building, which hosts the parliament’s plenary sessions and all voting on EU matters. Whilst staying in the hotel, the Wikimedian group met two MEPs who chose it in-preference to dramatically more-expensive Strasbourg accommodation. One of the ushers from the parliament also chatted with volunteers at the hotel, self-depricatingly describing his ceremonial attire as a “penguin suit” due to the long-tailed jacket.

One of the first day’s MEPs to introduce themselves to the visiting Wikimedians was Christian Engström; delivering copies of his book, The Case for Copyright Reform, co-authored with Swedish Pirate Party founder Rickard Falkvinge. Engström explained that, in the book, he argues Wikipedia is one of the losers under current copyright legislation. One of numerous MEPs who recorded video introductions in multiple languages, he was more-confident than some colleagues — the most-challenging taking thirteen takes to successfully record.

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Over 1,000 new, high-quality, photographs were taken and uploaded for use on Wikimedia projects during the visit. The second and third days in the parliament saw the highest number of MEPs coming to see the visiting Wikimedians and have their photographs taken. Once photographed, MEPs were encouraged to make video introductions in languages they were comfortable speaking in. In excess of 200 video clips of MEPs introducing themselves were captured; this providing freely-reusable audio and video records available via Wikimedia Commons.

Parliamentarians became more-enthusiastic about the project in its later days, with significantly more turning up to be photographed and filmed. Given some turned up as Wikimedians were packing up on the last day, some still lack freely-licensed photographs for their Wikipedia entries. French MEP, and National Front member, Bruno Gollnisch was amongst those disappointed when turning up after much of the equipment was packed up; although Gollnisch has already provided some video recordings, he had returned with additional prepared texts — including Japanese — for use in a video introduction.

Despite much of two levels within the parliament set aside for the press, the event received little coverage from mainstream media. France TV’s channel three broadcast a report on the Thursday, making footage available via their website on the Friday.

In contrast the Voice intro project (WikiVIP) started by Andy Mabbett, and brought to a far-wider audience with Stephen Fry’s endorsement, saw Mabbet give an interview from one of the parliament’s radio studios with United States’ public radio network NPR. With Fry’s recording catching the attention of the press, that project has received coverage from as-far afield as Italy, Russia, and Japan.

Audio for use on Wikipedia is to be extracted from video recordings of MEPs for use on Wikimedia projects. As available storage and bandwidth increases, it is a longer-term goal of the Wikimedia Foundation to increase freely-available, and reusable, multimedia content across all projects hosted by the Foundation.

The project also served as an opportunity to emphasise that all Wikimedia content is created through people donating their time and effort. Whilst MEPs knew anyone could edit Wikipedia, meeting a group representing all ages, and much of Europe, served as an effective public-relations exercise.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wiki_loves_the_European_Parliament_in_Strasbourg&oldid=2635206”

Global markets plunge

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.”

20:15, 10 October, 2008 (UTC)
  • DJIA
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  • Nasdaq
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  • 4.544,31 342,69 7,01%
  • CAC 40
  • 3.176,49 266,21 7,73%
  • SMI
  • 5.347,22 451,62 7,79%
  • AEX
  • 258,05 23,92 8,48%
  • BEL20
  • 2.123,44 117,44 5,24%
  • MIBTel
  • 15.438,00 1,081,00 6,54%
  • IBEX 35
  • 8.997,70 905,20 9,14%
  • All Ordinaries
  • 3.939,50 351,80 8,20%
  • Nikkei
  • 8.276,43 881,06 9,62%
  • Hang Seng
  • 14.796,90 1,146,37 7,19%
  • SSE Composite
  • 2.000,57 74,01 3,57%
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