Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

Monday, July 6, 2020

A number of Muslim-majority countries around the world implement Shari’a — commonly known as Islamic law — and have laws against apostasy and blasphemy. Numerous times, over the years, people have been sentenced to death penalty for renouncing Islam. Back in 2018, a Pakistani journalism student Mashal Khan was killed by a mob lynch after he was accused of blasphemy. At times there have been protests against the restrictions on free speech in Islam.

Other than the restriction of free speech, many Muslim majority countries have declared homosexuality as a capital crime, and observe a strict dress code for women. Iran has banned a number of female chess players for not wearing a hij?b. An Iranian woman was sentenced 20 years for removing hij?b while protesting the strict dress code.

Wikinews had gotten in touch with Tanzanian-born ex-Muslim Zara Kay to discuss the struggles an ex-Muslim woman faces, as well as her organisation: Faithless Hijabi.  Faithess Hijabi is an organisation which helps other ex-Muslim women by sharing their stories and experiences.  Its Facebook page has over 7000 likes, and Zara Kay, who identifies herself as an antithiest, had prefiously helped a Saudi teenager Rahaf Mohammed escape to Canada.

The following is the interview with Zara Kay that took place last year.

[edit]

Tuesday, August 2, 2005

Massey Energy Co., the fourth largest coal producer in the U.S., filed a federal lawsuit against the Governor of West Virginia, Joe Manchin.

Massey’s CEO Don Blankenship alleged that Gov. Manchin acted in retaliation against the company’s coal mining operations because the company spent $650,000 in an advertising campaign to defeat the governor sponsored pension bond proposal. The $5.5 billion bond proposal, intended to shore up the state’s sagging pension plan, was defeated in a special election held in June.

The Massey lawsuit, filed last Tuesday on July 26 in the U.S. District Court in the W.V. southern district, was referred to by Gov. Manchin as having less to do with the bond proposal than with the newly increased state “severance tax” on coal. Nearly 40 million tons of coal production will be subject to the 56-cent tax.

According to Blankenship, that tax amounts to $22.4 million in additional costs for the company, but he denied the increase has anything to do with the lawsuit.

The company reported profits that almost tripled during the second quarter compared to a year ago. Of the company’s rosy earnings picture, Blankenship urged states to “show some frugality” by not placing tax burdens on coal to solve state budget shortfalls. He said his company is “playing a role” because there was no need for the bond sale and the state can afford to make payments into the pension system.

Blankenship acknowledged during a conference call the now-rescinded June 30 permit by the W.V. Department of Environment Protection (DEP). At issue was the department’s permit for mining operations near the Marsh Fork Elementary School, in Sundial, W.V. The school rests at the base of a mountain selected by Massey for “Mountain Top Removal” (MTR) mining techniques. Along with the mining equipment, a coal preparation plant and a sludge pond were established on the mountain. Protest groups, mainly the Coal River Mountain Watch and Mountain Justice Summer, presented a list of demands to Massey officials that included shutting down the preparation plant, ceasing all MTR mining above the Marsh Fork Elementary School, and abandoning plans for a second coal silo near the school. They also ask that the Marsh Fork school be cleaned up or relocated. The state permit for a second coal storage silo was rescinded by the DEP the same day Massey filed the Manchin lawsuit.

Gov. Manchin in June said that Blankenship could expect tougher state scrutiny of his business affairs since the Massey media campaign against the pension bond proposal. “I think that is justified now, since Don has jumped in there with his personal wealth trying to direct public policy,” he said at an appearance at an American Electric Power event in Putnam County.

Sunday, February 6, 2005

LONDON,United Kingdom —The new London police commissioner Sir Ian Blair has warned middle class dinner party users of cocaine that he is out to get them. In contrast, he is relaxed about cannabis smokers, saying he does not wish to waste police time pursuing them. He has been quoted as saying: “People seem to think the price of a wrap of cocaine is 50 quid [UK pounds], but the cost is misery on estates here and a trail of blood back to Colombia. Someone has died to bring it [cocaine] to a dinner party. People who wouldn’t dream of having a non-organic vegetable don’t seem to notice the blood on their fingers.”

Blair is clearly trying to prick the conscience of the 624,000 estimated cocaine users in the UK, hoping to persuade them to boycott this Class A drug. Others, including Colombian Nobel Prize winner and author Gabriel García Márquez, have stated that the misery both in Colombia and on poor housing estates in the UK is caused not by drugs themselves but by the banning of them. Marquez has specifically said that he cannot see the end of the civil war in Colombia as long as the illegal drug trade exists, and he cannot see the end of the illegal drug trade unless drugs are legalized. The trade in cannabis also generates violence both at home (in the UK) and abroad, in spite of Sir Ian’s softly, softly approach to this recently reclassified Class C drug.

Sunday, February 6, 2005A United Nations report has shown that sports footwear companies are making progress towards ending the use of sweatshops and are implementing more worker-friendly codes of practice than clothing companies and retailers.

The study, published by the International Labour Organisation, suggests that consumer pressure is behind the changes. As a result of consumer’s concerns, footwear companies have been diverting financial and human resources towards developing and implementing better codes of conduct for suppliers. Large teams have been established within companies to work toward the goal of better conditions for factory workers.

The study, based upon interviews with hundreds of managers, activists, government officials, factory workers and worker representatives and visits to companies all over the world, goes on to suggest that workers should be given more powers to oversee conditions in their places of work.

Clothing companies have been failing to make such good progress due the large number of constantly-changing suppliers they use, with the ILO study describing progress as “spotty.” A major retailer may have a supply base of over 5,000 different companies, making it more difficult to establish stronger, more effective links with supply companies. They have also assigned less manpower to the task of compliance with codes of practice.

In some areas of the retail industry, there has been almost no compliance with codes of practice.

Thursday, March 31, 2016

Businessman Rocky De La Fuente took some time to speak with Wikinews about his campaign for the U.S. Democratic Party’s 2016 presidential nomination.

The 61-year-old De La Fuente resides in San Diego, California, grew up in Tijuana, and owns multiple businesses and properties throughout the world. Since getting his start in the automobile industry, De La Fuente has branched out into the banking and real estate markets. Despite not having held or sought political office previously, he has been involved in politics, serving as the first-ever Hispanic superdelegate to the 1992 Democratic National Convention.

De La Fuente entered the 2016 presidential race last October largely due to his dissatisfaction with Republican front-runner Donald Trump. He argues he is a more accomplished businessman than Trump, and attacks Trump as “a clown,” “a joke,” “dangerous,” and “in the same category as Hitler.” Nevertheless, De La Fuente’s business background begets comparisons with Trump. The Alaskan Midnight Sun blog described him as the Democrats’ “own Donald Trump.”

While receiving only minimal media coverage, he has campaigned actively, and according to the latest Federal Election Commission filing, loaned almost US$ 4 million of his own money to the campaign. He has qualified for 48 primary and caucus ballots, but has not yet obtained any delegates to the 2016 Democratic National Convention. Thus far, according to the count at The Green Papers, De La Fuente has received 35,406 votes, or 0.23% of the total votes cast. He leads among the many lesser-known candidates but trails both Senator Bernie Sanders who has received nearly 6.5 million votes and front-runner Hillary Clinton who has just shy of 9 million votes.

With Wikinews reporter William S. Saturn?, De La Fuente discusses his personal background, his positions on political issues, his current campaign for president, and his political future.

Thursday, August 10, 2006

A Chinese government official convicted of working for the Taiwanese government has been executed, and thousands of civil workers viewed the taped trial for “educational purposes” on Monday. The prisoner’s name was Tong Daning and was in his mid-50’s and held a rank just under “Assistant-Minister” before he was found guilty of espionage. According to the anonymous sources, Daning had been selling state sources for over 15 years, making a profit of about US$250,000.

Daning is the highest ranking person executed in China since 1999, when a Major General and Senior Colonel were executed for selling state secrets. China and Taiwan have been spying on each other ever since 1949, when the People’s Republic of China was officially created, but that has not stopped over 1 million Taiwanese citizens from working and investing over 100 billion USD in China. There have been many cases of espionage within the last few years, with all but two resulting in a death sentence.

Thursday, March 22, 2007

Marshall Faulk, the National Football League‘s 9th all time rushing yards leader is expected to announce his retirement from professional football March 26th at the NFL’s annual owners meeting in Phoenix, Arizona.

The St. Louis Rams runningback released this statement, “It has been an honor and pleasure to play in the National Football League. I’d like to thank all my teammates and coaches with whom I’ve been associated over the past 13 seasons as well as the fans who supported me throughout the years. I gave the game my passion, and it gave me a wonderful career and memories that I will always be thankful for.”

Faulk played for San Diego State University before being drafted by Indianapolis in 1994. After five seasons with the Colts, Faulk was traded to the St. Louis Rams, where he would lead the team to a Super Bowl championship. Faulk spent the entire 2006 NFL season on the injured reserve after having major reconstructive knee surgery.

Besides ranking 9th in career rushing yards with 12,279, Faulk ends his 13 year pro career with 100 career touchdowns, tied for sixth all-time. Faulk was named the NFL’s Most Valuable Player in 2000, after setting an NFL single-season record for rushing touchdowns in a single season with 26. He was also named the Offensive Player of the Year three times in his career.