Thursday, September 30, 2010

The United States House of Representatives on Wednesday approved US$7.4 billion to pay for the medical bills of workers sickened or injured by the September 11, 2001 attacks (9/11 attacks) on the World Trade Center in New York City, New York. The bill was passed by a vote of 268–160. Thirteen Republicans joined the Democrats in supporting the bill, while three Democrats opposed the measure. Similar legislation is pending in the US Senate.

“Let’s not have any more people die because of the attacks of 9/11,” said Representative Anthony Weiner, a Democrat from New York.

The bill, which will provide free health care to 9/11 workers, will be paid for by ending tax breaks for foreign corporations, was fiercely debated on the House floor, with Democratic backers of the bill proclaiming that they stood for 9/11 heroes and victims. Republicans against the bill argued that it was an entitlement program for New Yorkers and that it was another example of bloated government. “There is no excuse for this kind of legislation,” argued Texan Republican representative Lamar Smith.

The Republicans offered an alternative that would reduce funding for 9/11 workers and pay for the remainder by cutting parts of a major health care bill passed earlier this year. This measure failed 185–244.

Wednesday, April 25, 2007

The carillion war memorial in Bathurst in Central Western NSW was vandalised just hours before a dawn ANZAC day service. Police allege that five teenage girls aged 15 and 16 were involved.

‘Diggers‘ who had been looking forward to the dawn service said they were bought to tears after they learned that statements saying “ANZAC murderers” and “Aussies don’t fight” were painted on the war memorial.

Police say they were called to the memorial after reports that a group of vandals had covered the shrine with offensive graffiti. Sergent Andrew Holand from Bathurst police said “Police arrived a short time later and observed that they had painted approximately one metre high, [beige coloured] slogans all the way around the exteriors of the war memorial using words such as “ANZAC murderers” and “Aussies don’t fight” along with peace symbols”.

“They’ve then taken the remnants of the four-litre paint cans and splashed these on the doors and external steps of the war memorial,” he said.

When police located the group of five teenagers some were still covered in paint. All were taken to Bathurst Police Station where the 16 year-old girl was charged with maliciously damaging a shrine or war memorial and malicious damage to police property. It is alleged after she was arrested she damaged a police cell.

The four other girls involved, all aged 15 will be cautioned under the state’s Youth Offenders Act.

Jim McFerran from the Bathurst Returned and Services League of Australia (RSL) said he was humbled by efforts to clean up the graffiti. He said an effort involving RSL members, local army personnel, council workers, volunteer firefighters and a group of young men on their way home after a night out.

“We had about a dozen young fellas that were going home from the pub, they sort of stopped and said: ‘What’s going on here?’,” said Mr McFerran.

“When they got told, they sort of walked over, bloody downed their things, grabbed … pads and rags and starting getting in there with the rest of us.”

NSW Premier Morris Iemma condemned the vandalism, saying “They need a history lesson and a good kick up the backside as well.”

Saturday, May 21, 2005

In an effort to ease complaints by the U.S. and Europe about a heavy influx of low priced Chinese goods, China will raise export tariffs on 74 categories of textile products in June. This follows plans from the U.S. to impose quotas on Chinese textiles and clothing.

Products likely to see an increase from the Chinese move include synthetic fiber shirts, trousers, knit shirts and blouses, cotton shirts, and combined cotton yarn. Last week, similar restrictions were imposed by the U.S. on cotton trousers, knit shirts, and underwear. Currently, a 2.5 cent charge per item is imposed; the new tariff will raise this to the equivalent of 12 cents per piece now. While this is a fourfold increase, it is not expected to affect consumer prices. Because of this, some doubt the tariff will have any effect on correcting the trade imbalance.

This move is in response to U.S. trade quotas imposed due to concerns that increased Chinese goods would put U.S. textile manufacturers out of business. According to Auggie Tantillo, executive director of the American Manufacturing Trade Action Coalition, a textile industry group in the U.S., the move will preserve 10,000 U.S. jobs. The new U.S. trade quota will limit the growth of Chinese textile imports to 7.5 percent compared with shipments over the past year.

Prior to January 1, a global quota system helped regulate the trade. With the quota system gone, fears have arisen that a flood of Chinese goods could undercut U.S. competitiveness in the market. China is able to market its goods cheaply due to an artificially weak yuan. The U.S. Treasury criticized the China yuan policy as “highly distortionary”, posing a major risk to China’s economy itself and to global economic growth. They challenged China to revalue its currency to bring it to a level they believe will allow fairer competition between global manufacturers.

China has disputed the charges of the U.S. Treasury. Chinese Commerce Minister Bo Xilai said, “I believe they are not reasonable”.

Laura Jones, a representative of large retailers, also criticized the move, saying “These restrictions on imports from China will do absolutely nothing to help the U.S. textile industry — and the government knows it.”

China has seen a boom in economic growth in recent years due to growing trade surpluses with the West, but economists worry that the trade gap will cause longer term global economic problems. China’s textile and apparel exports are the most noteworthy example, with exports up over 1,000 percent in some categories this year and the rapid loss of marketshare and jobs by U.S. textile manufacturers.

Beginning in 1978, the Chinese economy has been transforming from a Soviet-style centrally planned economy to more of a free market style system, under the rigid political control of Communist Party of China.

To this end, the government has leveraged foreign trade to stimulate economic growth. The result has been a fourfold increase in GDP, making China the sixth largest economy in the world. By 2012 the People’s Republic of China may have the highest GDP in the world.

According to U.S. statistics, from 1999 to 2004 China’s trade surplus with the U.S. doubled to $170 billion. Wal-Mart is China’s seventh largest export partner, just ahead of the United Kingdom.

However, the gains from their “socialist market economy” have not been without problems. The Chinese leadership has often experienced the worst results of socialism and capitalism: bureaucracy, lassitude, corruption, and inflation. Inflation rates have been an on-going challenge, reaching as high as 17% in 1995.

Environmental deterioration is a longer-term threat to economic growth. In 1998, the World Health Organization reported that China had seven of the 10 most-polluted cities on Earth. Another concern among some economists is that China’s economy is over-heating, and due to its global economic expansion this could have major repercussions among other nations.

Typically, wages have been low and working conditions poor, with workers living in restrictive dormitories and working at boring factory jobs. However, recent labor shortages have started improving conditions, and raising the minimum wage towards the equivalent of 100-150 US dollars per month. The labor shortages are in part a result of a demographic trend caused by strict family planning.

• “Economy of the People’s Republic of China” — Wikipedia, May 22, 2005
• “China raises tariffs on textile exports. Beijing hoping to counter criticism from U.S., Europe.” — CNN, May 21, 2005
• “China to increase export tariffs” — CNN, May 19, 2005

Sunday, June 26, 2005

The median house price in the United States plunged 6.5% in May to $217,000. In February of 2005, the median price of a home was $237,300.

The Economist newspaper said in its June 16th issue; “In other words, it looks like the biggest bubble in history.” by way of reference to what is happening with housing prices in the USA and much of Europe.

Japan provides an example of how a boom can turn to bust. Property prices have dropped for 14 years in a row (40% from their peak in 1991); and yet, the rise in prices in Japan during the decade before 1991 was less than the increase over the past ten years in most of today’s “housing boom” countries.

The total value of residential property rose by more than $30 trillion over the past five years in developed economies, an increase equivalent to 100% of the combined GDPs of those countries. This increase dwarfs all previous house-price booms and is greater than the global stockmarket bubble in the late 1990s. Much of the recent housing activity is being driven by speculative demand. The National Association of Realtors (NAR) reported that 23% of all American houses bought in 2004 were for investment, not for owners to live in. Another 13% were bought as second homes. NAR also found that 42% of all first-time buyers made no down-payment on their home purchase last year.

Many investors are buying solely because they think prices will keep rising, which is a warning sign of a financial bubble. In Miami, Florida, as many as half of the original buyers resell new apartments even before they are built, and properties can change hands two or three times before somebody finally moves in.

Britain’s Royal Institution of Chartered Surveyors (RICS) reported prices have been falling for ten consecutive months. Forty nine percent of their surveyors reported falling prices in May. This was the weakest report since 1992 during Britain’s previous house-price bust.

Monday, November 26, 2012

An 18-year-old man, Travis Hawkins Jr., was charged yesterday by police in Mobile County, Alabama, for allegedly beating a woman who is romantically involved with his sister. Hawkins was bailed following a charge for second-degree assault.

Mallory Owens, 23, the victim of the attack, is in the USA Medical Center in Mobile, recovering from the injuries. Owens has had to have facial reconstructive surgery and had a broken nose from the assault during Thanksgiving. Owens’ family have told reporters they believe it to be a hate crime and called for the prosecutors to upgrade the charges against Hawkins.

The father of the arrested man, Travis Hawkins Sr., has said they have hired a lawyer for his son, Hawkins Jr.

Monday, November 6, 2006

The Indian Supreme Court has refused to grant any relief to the owners of unauthorised commercial establishments in New Delhi. A two judge bench of the Supreme Court, headed by Chief Justice Y K Sabharwal, said today that it found no grounds for modifying its previous order to seal commercial establishments violating zoning regulations.

The Group of ministers had previously decided not to resume the sealing drive. The Delhi state government and the central government had filed an application to review the order on November 3, 2006 because of fear of violence in the city if the sealing would be resumed. But Supreme Court denied their request and ordered to resume the sealing drive.

The apex court added that the government is not powerless to control the situation. According to article 141 and 144 of the constitution, authorities should follow the court’s order.

The court ordered the MCD to use police force, if required, to carry out the process. The MCD has decided to meet in the afternoon to discuss the consequences of the Supreme Court verdict.

On the other hand, traders are very unhappy with the court order. Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT), said that the traders were expecting the apex court to take a humanitarian decision. He added that if the sealing drive is not stopped traders would start a non-cooperation movement, a nationwide strike against the government.

Tuesday, January 19, 2010

A Scottish woman who set out before Christmas to purchase a turkey finally made it home on Monday, after being cut off by snow for a month. Kay Ure left the Lighthouse Keeper’s cottage on Cape Wrath, at the very northwest tip of Great Britain, in December. She was heading to Inverness on a shopping trip.

However on her return journey heavy snow and ice prevented her husband, John, from travelling the last 11 miles to pick her up. She was forced to wait a month in a friend’s caravan, before the weather improved and the couple could finally be reunited.

They were separated not just for Christmas and New Year, but also for Mr Ure’s 58th birthday. With no fresh supplies, he was reduced to celebrating with a tin of baked beans. He also ran out of coal, and had to feed the couple’s six springer spaniels on emergency army rations.

“It’s the first time we’ve been separated”, said Mr Ure in December. “We’ve been snowed in here for three weeks before, so we are well used to it and it’s quite nice to get a bit of peace and quiet.”

Tuesday, September 30, 2008

George W. Bush vowed to get the USD 700 billion economic rescue plan through congress in a statement to the media made today.

“Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by Congressional leaders of both parties and my administration,” Bush reminded the audience. “Unfortunately, the measure was defeated by a narrow margin. I’m disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process.”

“Producing legislation is complicated, and it can be contentious. It matters little what a path a bill takes to become law,” he continued. “We’re at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”

Market Data

“I recognize this is a difficult vote for members of Congress. Many of them don’t like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.”World and US markets today are up after severe declines yesterday. Most have recovered 30% of their previous losses, meaning that the potential government expenditure was similar to the market losses.

Bush then said that he knows “many Americans are especially worried about the cost of the legislation.” He then attempted to justify the cost. “The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money. We’re also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.”

If passed, the bailout plan would have allowed for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. The US Treasury Secretary Henry Paulson said the plan could cost up to $700 billion.