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Tuesday, March 13, 2007

Just two weeks after China sent global markets into a tumble, growing worries about sub-prime mortgage lenders in the United States are sending jitters through stock exchanges around the globe. The three major US stock market indices each fell two percent from Monday’s closing price, marking the second-biggest loss of 2007. London’s FTSE 100, Paris’ CAC 40 and Frankfurt’s DAX 30 indices each closed down more than 1 percent.

As the Mortgage Bankers Association reported that late payments on mortgages and home foreclosures in the US homes rose in the fourth quarter to their highest level in years, investors are concerned that not only US banks but also multi-national banks around the globe could have exposure.

More than two dozen sub-prime lenders have closed or sold operations as defaults on those mortgages have risen. “The delinquencies and defaults have started to soar,” said Nicolas Retsinas, director of Housing Studies at Harvard University. “A lot of these lenders started to make loans and lost track of some of the fundamentals.”

New Century Financial Corporation, the second largest sub-prime lender in the US, has recently revealed that its creditors were no longer providing funds and, further, it has become subject of an SEC investigation. The New York Stock Exchange has said it will delist New Century. Accredited Home Loan Lending, another major sub-prime mortgage specialist, said it was seeking fresh capital and waivers on its lending covenants.

Sub-prime lenders provide mortgages to people who do not qualify for loans from mainstream lenders, typically due to their credit histories. The lenders then bundle these mortgages as collateral for loans that they obtain from other financing firms, such as GMAC. Such firms can then repackage these loans and sell them as mortgage-backed securities. These securities may end up in the hands of major multi-national banks such as Citibank, HSBC, and Commerzbank. Each level of lending assumes a level of financial risk, but trouble can arise when the risk tolerances are exceeded. If too many homeowners default on their mortgages, the sub-prime lender can end up defaulting. If too many of these lenders default, as it is feared may be happening now, the defaults can cascade upward. While no one is predicting major bank failures at this point, it is feared that their profits could be hurt.

Sunday, March 21, 2010

A severe sandstorm has struck north-west China over the past few weeks, reaching Beijing on Saturday morning. The sandstorm, which covered homes, streets, and cars in dust, has left the sky a murky yellow. The air quality was rated as level five. Beijing’s Weather Bureau issued a warning for the sandstorm, and advised citizens to stay in their homes until it passes. As much as 1500 micrograms per cubic meter of dust were reported to be airborne.

Beijing has experienced unusually cold weather this year, with temperatures below freezing at night, even after the start of spring. The sandstorm is affecting more than 50 million people, and forecasters do not see signs of it stopping soon. The desertification of the western China and the Mongolian steppes has made the annual spring sandstorm become worse in the recent years, reaching countries such as South Korea and Japan. The sandstorm has turned the rain and snow yellow.

The storm also impacted Xinjiang, Inner Mongolia, Shanxi, Shaanxi, and Hebei for a total of 270 million people over an area of 1.8 million square kilometers. It is expected the storm will last until Monday.

Tuesday, October 2, 2007

Ray Scott is running for the Family Coalition Party in the Ontario provincial election, in the Algoma-Manitoulin riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Saturday, October 14, 2006

Over the weekend, millions of Americans faced the new ban of online gambling.

The legislation was attached by Rep. Bill Frist to the Port Security bill.

Many of the public companies that offer online gambling have been quick to react and give their outlooks on the legislature. Party Gaming and 888 among others have said that they will shut down all U.S. operations if President Bush signs the bill into law. This sent online gambling stocks tumbling with Party Gaming leading the way with a 55% decrease in market value.

The people involved are awaiting to see what happens over the next few weeks.

Thursday, March 31, 2005

Oral arguments in the landmark case of MGM v. Grokster legal battle were heard before the Supreme Court of the United States March 29. In the case, 28 entertainment companies have joined together to sue StreamCast, maker of Morpheus software, and Grokster.

A final ruling is expected on the case within a few months. The issue heard before the court was an appeal of prior decisions made since 2001 at the U.S. district court level and from the Ninth Circuit Court of Appeals. Both of those decisions were in favor of Grokster’s right to market its P2P software.

P2P stands for peer-to-peer software, which uses the Internet as a medium for millions of users to distribute digital content, such as music, movies, books, and software, among themselves. By far the majority of the content distributed through this method is without the permission of the copyright holder.

Morpheus is one of the most-popular peer-to-peer software products worldwide. StreamCast also operates MusicCity.com. Lawyers from the EFF Foundation (www.eff.org) are serving as defense counsel in the case.

The result of this case could determine the ultimate fate of P2P software in the U.S., whether it is legal for software companies to produce and sell software that, in the opinion of some, facilitates profit illegally from the trade in copyrighted materials. However, even if illegal in America, such software might still be widely available from international hosts due to technological limitations of enforcing such a ruling. The companies behind this effort are aiming to hold technological innovators legally responsible for infringing uses of their technology.

“About 36 million Americans — or 27 percent of internet users—say they download either music or video files and about half of them have found ways outside of traditional peer-to-peer networks or paid online services to swap their files”. As a measure of public opinion on the issue, they stated, “49% of all Americans and 53% of internet users believe that the firms that own and operate file-sharing networks should be deemed responsible for the pirating of music and movie files,” according to Pew Internet & American Life Project in their most recent survey,

The landmark Betamax decision of 1984 (Sony Corp. v. Universal City Studios) is the most relevant U.S. case law in this matter (note: the precedent Betamax case supports the legality of P2P netowrks). A decision in the MGM v. Grokster case could either affirm Betamax, or overturn it. This is the case that essentially created the VCR market in America for distributing movies at home, and so in this modern technologically updated version, there are billions of dollars in future revenues now at stake.

Tuesday, September 9, 2008

A number of relatively unknown entrants made the Taiwan 2008 Invitational Games for the Deaf soccer tournament an unpredictable event. Teams from Thailand, Australia, Iran (Silver Medalist in soccer at the 2005 Summer Deaflympics), Uzbekistan, Malaysia, and Japan took part.

On September 6, soccer giants Thailand and Iran defeated Malaysia and Uzbekistan in shutouts of 11-0 and 9-0 respectively. Anothai Sathiyamat, Somsak Thongdee, Nares Numphakdee of Thailand all scored hat-tricks in the game against Uzbekistan.

On the second day of competition, a decisive battle in Group A between Japan and Iran was keenly watched by Thailand, as one of the two teams would be their opponent in the finals. The game was scoreless in the first half, with conservative tactics from both teams.

Iran’s Mostafa Heydaribondarabadi scored rapidly after the second half started, but Shun Igasaki of Japan scored a penalty kick after a foul by Iran in the penalty area and tied the score again. The penalty became the key of the match when Tetsuya Kurata scored 5 minutes further in, as the Iranian players became frustrated by the penalty kick. Finally, Japan won with a final score of 2-1, and advanced to the championship match on the final day.

After group standings were mostly stabilized in the third day of competition, Thailand and Japan handled their respective Group matches by replacing several substitutes with frequently lined-up players to defeat their opponents easily. They will face off on the final day for the gold medal of soccer event in the “Invitational Games for the Deaf, Taipei 2008”.

Match-play Date: September 10, 2008.

• 5th Place Match: Malaysia vs Uzbekistan
• Bronze Medal Match: Iran vs Australia
• Gold Medal Match: Japan vs Thailand

Saturday, April 28, 2007

The Canadian Food Inspection Agency (CFIA) has issued border alerts for specific protein ingredients, imported from China, that may be incorporated into products destined for human consumption.

Inspectors from the Canada Border Services Agency (CBSA) will hold products, such as wheat and corn gluten, as well as soy and rice proteins until they can be tested for melamine, the contaminant found to have sickened pets through its use in pet food. If determined to be free of melamine, the ingredients will be released to the intended recipient. Materials such as glutens and protein powders are used commonly in many forms of food products.

The CFIA said it was not acting on specific information, but rather taking a cautious approach to human protection. “That’s why we have the border lookout for the ingredient, so that we can proactively assess any potential that the product is contaminated,” Paul Mayers of the CFIA told CBC News.

Since the border alert for melamine is a new procedure, the government can’t be sure if the contaminant made it into the food chain previously. The CFIA acknowledged that the same Chinese company under suspicion in the tainted pet food affair had shipped wheat gluten to a Canadian company, which in turn used it in food for fish farms. Although the fish were subsequently eaten by people, the CFIA believes the health risk from such consumption would be low.

In related news, Canadian researchers at the University of Guelph believe they may have determined the mechanism of how melamine caused illness in cats and dogs.

Both cyanuric acid and melamine were found in urine samples from pets that died after consuming contaminated pet food. The two compounds react with one another to form crystals that may block kidney function, researchers at the university said. The researchers observed crystals formed in cat urine by the addition of melamine and cyanuric acid. The composition of these crystals matches those found in the urine of affected pets when compared by infrared spectroscopy (FTIR).

“You wouldn’t normally expect to find those compounds in pet food, and hence nobody was really looking for it,” said John Melichercik, director of analytical laboratory services. “It’s just another piece of the puzzle along the way in this particular pet-food issue.”

Thursday, March 24, 2005

San Jose, California — A woman eating a bowl of chili at a Wendy’s restaurant bit into a chewy bit that turned out to be a human finger. She immediately spat it out, warned other patrons to stop eating, and upon recognizing the object as a finger, vomited.

“I’m more of a Carl’s Jr. person,” the 39-year-old Las Vegas woman, Anna Ayala, told Knight Ridder. She said this incident was her first visit to a Wendy’s restaurant. Ayala described how she found the finger, “Suddenly something crunchy was in my mouth,” she continued, “and I spit it out.”

According to Devina Cordero, 20, after Ayala found the finger, she ran up to her and Cordero’s boyfriend and said, “Don’t eat it! Look, there’s a human finger in our chili.”

“We went up to the counter and they told us it was a vegetable,” Cordero continued. “The people from Wendy’s were poking it with a spoon.”

The restaurant is located at 1405 Monterey Highway, just south of downtown San Jose.

Wikinews reporter David Vasquez drove his car up to the drive-thru menu and found that chili was still on the menu, at a price of US$1.19 for a small serving. He also witnessed workers unloading supplies from a semi-trailer truck in the restaurant’s parking lot, and carting them into the back door of the establishment.

According to Ben Gale, director of environmental health for Santa Clara County, the finger did not come from any of the employees at the restaurant. “We asked everybody to show us they have 10 fingers and everything is OK there,” he said. The found portion of the finger likely belonged to a woman because of its long and manicured fingernail, also found in the food.

Officials seized the food supply at the restaurant and are tracing it back to the manufacturer, where they believe the finger may have gotten mixed in with the raw ingredients used to prepare the chili. The restaurant’s operators were later permitted to re-open after preparing new chili prepared from fresh ingredients.

As this story was filed, there was no mention of the incident on the Wendy’s corporate web site. Wendy’s issued a statement through a spokesman.

“Food safety is of utmost importance to us,” said Wendy’s spokesman Joe Desmond. He referred to the incident as an “unsubstantiated claim.”

“We are cooperating fully with the local police and health departments with their investigation. It’s important not to jump to conclusions. Here at Wendy’s we plan to do right by our customers,” Desmond said.

According to county health officials, the unfortunate woman who bit into the finger is doing fine, despite her initial reaction. Officials also noted that the finger would have been cooked at a high enough temperature to destroy any viruses.

The Santa Clara county medical examiner reported that the finger had a solid fingerprint, although investigators did not say if a search of fingerprint databases would be performed to find the owner of the finger.