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Friday, July 6, 2007

The International Olympic Committee awarded the XXII Winter Olympics, to be held in 2014, to Sochi, Russia, a resort city near the Black Sea, in Guatemala City yesterday defeating Pyeongchang, South Korea, by just four votes. Salzburg, Austria, was eliminated in the first round by 25 votes.

According to the Associated Press, several factors played a part in Sochi’s win. One factor was that of Russian president Vladimir Putin himself. Putin, an avid skier and a black belt in judo, traveled to Guatemala to lobby IOC members and headed up the final presentation of Sochi’s bid to the assembly.

“Putin being here was very important, he worked very hard at it. He was nice. He spoke French — he never speaks French. He spoke English — he never speaks English,” said French IOC member and former ski champion Jean-Claude Killy.

Patrick Hickey, an Irish member of the IOC agreed. “There’s no doubt that President Putin’s presence was a massive influence, his performance was superb. He was humble. He spoke in English and French. The second most powerful man in the world said everything will be delivered.”

Juan Antonio Samaranch, former IOC president and Spanish ambassador to Russia made a big push for Sochi, which may have swung some key votes according to some IOC members.

“This is, without doubt, not just a recognition of Russia’s sporting achievements but it is, beyond any doubt, a judgment on our country, it is a recognition of our growing capability, first of all economically and socially,” Putin stated upon his return to Russia.

Another factor is Russia’s brand new wealth from exports of Russian natural gas and oil, which provided over $12 billion for Putin to invest in the Games and the infrastructure around Sochi.

Russia last hosted the games in 1980 in Moscow, when the country was known as the Soviet Union. The games were boycotted by the United States and some of its allies over the Soviet invasion of Afghanistan.

The United States continues to spar with Russia over human rights abuses and the subjugation of democratic freedoms.

U.S. State Department spokesman Sean McCormack spoke in Washington to reporters stating, “Well, it’s a proud moment for Russia and I am sure it’s a proud moment for him so he can characterize it as he sees fit, I’m not sure that the selection of Russia to host the Winter Olympics really, at this point, changes our view or others’ views — or concerns — about the direction of democracy and related issues: human rights, respect for freedom of speech, freedom of assembly and to be able to peaceably organize opposition democratic parties.”

Meanwhile, Sochi has announced that progress of construction on venues in Sochi will be offered online. Dmitri Chernyshenko, Sochi 2014’s bid leader said, “The IOC will be online every single moment in terms of construction, there will be live video from all construction sites.”

The next Olympic bid is for the 2016 Summer Olympics which includes bids from Chicago, Tokyo, Madrid, Rio de Janeiro, Doha, Baku, and Prague.

Monday, January 25, 2010

Sales of previously owned homes in the US fell at the fastest rate ever recorded last December, according to data from the National Association of Realtors (NAR).

According to the association, existing home sales fell 16.7% last month, to an annual rate of 5.45 million, the largest crash since 1968. The figure was less than the 5.90 million units, or an eleven percent drop, predicted by most analysts.

Sales of homes went up for the entire of 2009 to 5.156 million units, or 4.9% for the year, and prices dropped from 2008 by 12.4%.

NAR chief economist Lawrence Yun described the figures as being “probably the largest annual drop since the Great Depression”. He said that “the market is going through a period of swings driven by the tax credit. We’re likely to have another surge in the spring. Job creation is the key to a continued recovery in the second half of the year.”

Pierre Ellis, a senior economist for Decision Economics in New York, commented on the figures, saying: “The drop in home sales is the payback for the acceleration of sales that occurred with the original first-time home buyers tax credit. […] There is an issue as to whether the decline represents a fundamental weakening.”

“The housing market continues to face significant headwinds, including high unemployment, record delinquencies and foreclosures, the specter of rising mortgage rates as the Fed’s [mortgage-backed securities] purchase programs comes to a close in late March, and tight credit,” Omair Sharif, an economist for RBS Securities, noted.

“Still, the resale market showed resilience in the second half of 2009, and the expansion and extension of the tax credit to April 30 could boost purchases during the spring selling season,” he said.

“We’ll see a pickup in existing home sales in the next couple of months as people take advantage of the tax-credit extension”, economist Adam York of Wells Fargo Securities LLC in Charlotte, North Carolina claimed. He fore-casted a pace of 5.4 million. He said that there were unlikely to be buyers of homes, despite the fact that the U.S. was “past the bottom.”

All four regions of the country saw a decline in sales. In the Northeast, sales fell 19.5 percent, in the Midwest, they plunged 25.8 percent. The South, the country’s largest region, saw a 16.3% decline, while in the West, sales waned by 4.8%.

US stocks fell slightly after the announcement, but went back up later in the day.

Tuesday, September 25, 2007

Jim Chapman is running for the Progressive Conservative of Ontario in the Ontario provincial election, in the London-Fanshawe 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.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Monday, December 18, 2006

A state of emergency was declared Sunday for the U.S. state of Washington by governor Christine Gregoire, as additional reports of storm-related casualties surfaced. The state National Guard has been deployed to aid in distributing supplies.

Thousands were still without power in the coastal and Puget Sound regions, though most urban areas were back with power as late as Sunday afternoon, and outages were mostly contained to rural and unincorporated areas. Puget Sound Energy reported that roughly 500,000 energy customers out of the 700,000 who lost power were back in service by Sunday evening. Seattle City Light, the city’s independent municipal utility, reported only 18,000 customers still without power as of Monday morning, down from a peak of 175,000.

Four additional deaths related to the post-storm power outage had been reported as of Monday, bringing the total number of casualties to eight. A man in Gig Harbor was electrocuted by a downed power line while walking his dog. Another man in Spanaway died when an unattended candle caused a house fire.

Two died from carbon monoxide poisoning in separate incidents related to use of combustion devices indoors. Roughly a hundred additional cases of non-fatal carbon monoxide poisoning were reported from people using generators or grills indoors. News radio stations and authorities warned the public to stay away from downed power lines and not to use grills indoors. Dr. Neil Hampson at Virginia Mason’s hyperbaric unit, where a number of victims were being treated, warned it could be “the worse case of carbon monoxide poisioning in the country”.

On Monday, four new carbon-monoxide deaths were reported in a family of five in Burien due to an indoor generator. In Canada, which had some damage from the week’s storms, two southern British Columbia carbon monoxide deaths were also reported. Despite continued warnings, hospitals are still seeing cases of carbon monoxide poisoning, including a family in w:Shoreline, Washington which was taken to the hospital after they reported symptoms due to their indoor grill. Neighbors of the Burien family suggested that noise concerns are leading people to place noisy generators indoors.

The massive power outage left many stores and gas stations unable to operate. Some businesses opened with the help of backup generators, conserving power by foregoing heat and refrigeration, exterior lighting, and half the interior lighting. Most stores had run out of “D” size batteries, the most common size for flashlights, as well as firelogs and other essentials. Gasoline shortages were reported throughout the area, with one man selling excess fuel for as high as $15 per gallon, over 5 times the average retail price.

The Red Cross set up shelters throughout King and other affected counties for those without power or food. Hotels reported no vacancies as whole families took shelter in powered hotels, especially in Seattle. Restaurants also reported brisk business as people sought out a hot cooked meal. Tons of perishable food were expected to have become unsafe after the prolonged outage disabled refrigerators and freezers both in homes and stores.

Many of those without power visited nearby friends and family living where power had been continued or restored, while others traveled out of the area to places that had not been affected. The widespread outage made long-distance traveling treacherous on some major routes, with roadway lighting, cellular towers, and services disabled by the outage.

Most major roadways which were closed during the storm were reopened on Friday. The 520 Floating Bridge over Lake Washington, a major conduit to the technology-rich Eastside, sustained minor damage. Amtrak, which had halted its Cascades service, resumed Saturday evening. Sea-Tac Airport resumed operations with a reduced flight load, after a transient power outage on Friday disabled the airport radar and caused all planes to be grounded until it was repaired.

Tuesday, December 7, 2010

Seven people were killed and 37 were injured Saturday night at an Internet cafe in the southwest region of China’s Guizhou province, after the explosion of chemicals being stored illegally at a chemical shop.

Chinese state media reported that sodium nitrate, aluminum chloride, and other chemicals were being kept in a nearby chemical shop and exploded at about 11:05 pm local time (1505 UTC), causing the Internet cafe to catch on fire. It is unknown how the chemicals ignited.

Forty five people were in the cafe when the explosion occurred. Six people died on the scene while one woman suffered major burns and later died in hospital. One person escaped without injury.

The police detained the owner of the chemical shop for “illegal possession of chemicals” according to state media. The cafe manager and boss were also placed in police custody for questioning.

Xinhua reports that one of the bodies was that of a child. Children under the age of eighteen are not allowed in Internet cafes under Chinese law.

According to Li Feiyue of the Qiandongnan Miao-Dong Autonomous Prefecture, “The location and environment of the Internet cafe is not safe. We will find out who approved its operation and who was in charge of safety supervision. They will be held responsible.”

Residential buildings in the area also suffered damaged.

Saturday, February 17, 2007

A Delta II rocket blasted off from NASA’s Cape Canaveral launch pad today, carrying five satellites designed to investigate the northern lights and the electromagnetic storms that cause them. The launch had been twice delayed due to bad weather, but was eventually performed at 23:00 UTC.

NASA and the Canadian Space Agency have collectively invested $200 million in the mission, known as the THEMIS Project. Through this mission, they hope to develop better techniques to forecast electromagnetic storms, in order to protect communication satellites, power grids, and spacewalking astronauts. Scientists from the University of Alberta and the University of Calgary also helped with the project.

The Sun continuously sends a stream of charged particles, called the solar wind, at the Earth. We are generally protected from the solar wind by the Earth’s magnetosphere. During substorms, however, the magnetosphere gets overloaded by the solar wind and the magnetic field lines stretch until they eventually snap back, energizing and flinging electrically charged particles towards Earth.

Scientists want to find out what snaps in the overloaded magnetosphere to trigger a substorm.