Saturday, October 11, 2008

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”

Monday, October 31, 2005

Kansas has been denied permission to use two key documents commonly used in the writing of science education standards for states, the National Science Education Standards (published by the National Research Council) and Pathways to Science Standards (published by the National Science Teacher Association). The respective organizations argued that they could not grant the state of Kansas permission to use these documents in the current form of the Kansas Science Educational Standards, as these overemphasize controversy between the scientific theory of Evolution and the argument of Intelligent Design. Moreover, the organizations criticize that the standards in their current form distort the definition of science. The American Association for the Advancement of Science has expressed its support for the decision to deny Kansas the use of copyrighted material, as “the proposed standards misrepresent both the content and the standing of evolution as a scientific organizing principle”.

Proponents of Intelligent Design have characterized the refusal as “an effort to censor the discussion of scientific criticism of Darwinian theory by intimidation and threat”.

This is likely to further delay the ratification of the final vote on the Kansas Science Educational Standards as they will have to be rewritten either to not violate any copyright restrictions or modify their account of evolution and outlook on science. According to University of Kansas professor Steve Case, rewriting the standards will be very difficult, as “there is copyrighted material on every page” of the current document.

This is the second time that Kansas was denied the right to use copyrighted materials in their state standards, following the case in 1999, when Kansas included Creationism, a precursor of Intelligent Design, into the school curriculum. A later school board overturned that directive.

The dispute in Kansas has brought nationwide responses, ranging from a rebuke by the American Association for the Advancement of Science to the creation of internet-sensation Flying Spaghetti Monster mythology (which is lobbying the Kansas School Board to give equal time teaching their creationism theory as well.)

Wednesday, August 23, 2006

Earlier today former England-manager Bobby Robson underwent surgery to remove a tumour from his brain.

A statement was made saying the surgery went “very well”, and that the tumour has been completely removed.

The Football Association of Ireland hopes that Sir Bobby Robson will be able to resume his duties as a consultant for the Republic of Ireland team for the games against Cyprus and the Czech Republic in early October.

Monday, December 25, 2006

James Brown, often referred to as the Godfather of Soul, died in Atlanta due to congestive heart failure, combined with pneumonia. His death at age 73 was announced by his agent. After his dentist noticed something unusual with him, Brown was told to visit a doctor immediately. He was taken into the hospital yesterday for treatment of his pneumonia until his death at around 1:45 AM (6:45 AM GMT). It is not known whether he received a pneumonia vaccination, as recommended for people of his age.

He was born in 1933 and grew up in poverty until he formed James Brown & The Famous Flames. His influence on 20th century music, from funk to hip hop was profound.

Before he died, he scheduled a New Year’s Eve concert series in New Jersey and New York that would help kick off a 2007 tour.

Wednesday, November 22, 2006

The 1999 and 2000 year model Honda Civic SiR tops the list of Canada’s most stolen cars.

Consumer popularity also assures the cars will be popular with thieves. Its the second year in a row the Honda SiR has topped the list.

Rick Dubin Vice President of Investigations for the Insurance Bureau of Canada said “The Civics are easy targets.”

Dubin said that once stolen, the cars are most often sold to “chop shops” where thieves completely dismantle the vehicles. The automobile’s individual parts are worth more than the entire car.

The sheer numbers of the cars and their lack of theft deterrent systems make them thieves’ preferred choices.

1999 and 2000 Honda Civics do not come with an electronic immobilizer, however all Hondas from 2001 and onward are equipped with an immobilizer. Immobilizers will be mandatory on all new cars sold beginning September 2007. The devices enable an engine computer to recognize an electronic code in the key. If the code in the key and the engine don’t match exactly, the vehicle can’t be started.

In third place was the 2004 Subaru Impreza, while the 1999 Acura Integra came in fourth, with the 1994 Honda Civic rounding out the top five.

In sixth place, the 1998 Acura Integra, and the 1993 Dodge Shadow completed seventh.

When asked why early model vehicles are selected, he said that, “auto thieves continue to find it easier to steal older vehicles lacking an IBC-approved immobilizer. We’ve seen this trend developing for several years, and these results confirm it.”

Another Honda automobile, the 1996 year model Civic filled eighth place, with the 2000 German Audi TT Quattro in ninth.

The American 1996 Chevrolet/GMC Blazer rounded out the top ten.

None of the above cars had an electronic immobilizer.

Monday, March 5, 2007

An aerial collision near Zell am See, Austria has killed 8 people, 5 Swiss citizens, 1 French, 1 German and 1 Austrian.

The collision occurred Monday afternoon between a Super Puma helicopter belonging to Helog S.A, based in Küssnacht (Switzerland), and a private Diamond DA20 “Katana” light aircraft which had taken off from the aerodrome at Zell am See.

All 7 of the passengers and crew from the helicopter were pronounced dead at the scene, as was the pilot of the light aircraft, which had no passengers on board.

The debris from the accident spread over a 20 metre radius and bystanders near to the incident reported seeing a “huge ball of fire in the sky”.

The reason for the accident is presently unclear as both craft have been confirmed as passing pre-flight testing at their respective take-off locations. Furthermore, Zell am See tower radioed the helicopter that a plane was taking off, to which the helicopter replied positively. This conversation should have been heard over radio by the pilot of the plane.

The site of the accident is now being guarded by police, pending the arrival of an investigation team and a delegate of the state attorney.

Thursday, June 4, 2009

The fourth annual Maker Faire took place this past weekend at the San Mateo Fairground in San Mateo, California located in the United States. The first Maker Faire, which took place in 2006, had approximately 20,000 people in attendance. This year, more than 80,000 people were expected to attend; quadruple the attendance of just four years prior. On Saturday night, it was reported that attendance was up considerably over last year’s event.

Maker Faire, the self-declared “World’s Largest DIY Festival”, offers a forum where hundreds of makers and crafters alike man booths where they display their work. In the main halls alone, there were hundreds of booths. Outside the expo halls, the surrounding area was also filled with many interesting projects, some of which were mobile. In addition to all of the projects on display, there were a number of on-stage presentations. The biggest presentation of the weekend was given by Adam Savage who spoke on the topic of his “Colossal Failures”. During his talk, the Fiesta Hall was filled to capacity.

The theme for this year’s fair was “Remake: America” after President Obama‘s call to “begin again the work of remaking America”. In addition, “going green”, alternative fuel vehicles, crafting, steampunk and sciences for the young, were common themes found throughout the fair.