Thursday, September 18, 2008

The Russian government has continued to hold all stock markets closed until Friday, including the MICEX and RTS exchanges. Facing its worst financial crisis since 1989, the government is fighting to stem off a crash and restore consumer confidence.

President Dmitry Medvedev went on national television to appease the public. “There is no more important task for Russian authorities than stability of our financial system under the current circumstances. This is our top priority,” Medvedev said. “The market should be given all the necessary support.”

Finance Minister Alexei Kudrin announced that 500 billion rubles (US$ 19.7 billion) would be infused into the stock markets when they opened on Friday, with half of that amount coming from the federal budget. In addition, the Central Bank responded by offering to loan an additional 60 billion rubles (US $2.63 billion) on top of the 1.13 trillion rubles (US$ 44.6 billion) that it offered yesterday to Sberbank, VTB Group and Gazprombank. The Central Bank is encouraging the nations top banks to provide the money to smaller lenders.

Central Bank chairman Sergei Ignatiev also announced on Wednesday that mandatory reserve requirements for banks would be slashed, freeing up an additional 300 billion ruble. “We hope that banks will spend these funds not on long-term crediting or other kinds of crediting of clients,” he said, “but on the maintenance of the necessary volume of their liquidity and on making settlements.”

In the aftermath of Russia’s invasion of neighboring Georgia, the markets saw investors pull out nearly US$ 36 billion in wealth since early August. Further compounding economic woes are the recent slump in oil and gas prices, which have bolstered Russia’s economy for several years. To help with this, starting on October 1 regulators will lower the export duty on oil, saving Russian oil companies around US$ 5.5 billion.

Wednesday, November 22, 2006

Methane gas was blamed for the explosion deaths of 8 miners in southern Polish‘s Halemba coal mine Tuesday, November 21. Officials say at least 15 are missing.

Rescue efforts were halted because dangerously high levels of methane gas returned, according to Zbigniew Madej, spokesman for state-owned Coal Co., which operates the mine.

The missing miners’ locater devices were not emitting signals, increasing rescurers’ concerns for their well-being. Grzegorz Pawlaszek, head of Coal Co., said the 15 missing miners’ fate is “not known,” but added that “there is a chance to find someone still alive.”

“This is a tragedy. People have died here,” Polish Prime Minister Jaroslaw Kaczynski said when he came to Ruda Slaska to see the blast.

Earlier Wednesday, a reconnaissance rescue team descended 3000 feet toward the blast scene, only to retreat because of safety concerns related to high methane gas levels. Rescue digging efforts were also halted because of explosion concerns.

The missing men were aged 21-59. One of the miner’s family members, Andrzej Pytlik, 30, remained on scene with his sister, hoping and waiting for news of her husband, Krystian Gaszka.

Pytlik, also a miner, said through teary eyes that, “I work in the mines and I know that hope is scant because that’s the truth.”

The explosion occurred in a closed portion of the mine where the now-missing miners were working to retrieve abandoned equipment. According to Pawlaszek, the value of the equipment was $23 million, adding that “It was new equipment and that is why we decided to retrieve it.”

He indicated that the recovery work was performed under the supervision of gas detection specialists, and that the bodies of the recovered miners were difficult to identify because of the severity of burns and because their ID tags were blown away in the explosion.

The Halemba mine, located in Ruda Slaska, has produced coal for nearly 50 years, has been fraught with safety concerns and has a track record of serious accidents. One of the oldest mines in Poland, it is centrally located in the industrial Silesia region.

Earlier this year, a miner was trapped underground in the Halemba mine five days after a cave-in. In 1990, 19 miners were killed and 20 hurt in a gas explosion, and five were killed in collapse in 1991.

Inside, priests and mining officials were comforting and counseling with distraught relatives. Outside, eight white candles flickered on a main gate wall.

Sunday, April 16, 2017

In order to put the cannabis drug (marijuana) out of reach of minors, the Canadian federal government announced a bill to legalise cannabis for the age group of eighteen and above, on Thursday. The bill would allow adults to possess cannabis publicly, previously a criminal offence.

Canada’s health minister Jane Philpott tweeted, “Today we tabled new legislation to legalise, strictly regulate, and restrict access to cannabis. Our goal: keep it out of the hands of youth, and profits out of the hands of criminals.”^{((fr))French language: Ajd nous avons déposé un nouveau projet de loi pour légaliser le cannabis, le réglementer de manière stricte et en restreindre l’accès. Notre objectif: garder le cannabis hors de la portée des jeunes, & les profits hors des mains des criminels.} The Canadian government, via their official website, explained cannabis is available illegally, and their measures to stop it did not work. Criminal organisations are making money selling cannabis. Under-aged people can obtain the drug easily; they said, “it is easier for our kids to buy cannabis than cigarettes.”

The bill allows provinces and territories to set the age limit above eighteen. In order to prevent criminal gangs from making a profit, selling the drug needs a license permitting its sale. Adults can purchase the drug online from a licensed producer if a retail shop is not available in the province.

Adults can carry up to 30 g (slightly over an ounce) of cannabis and grow at most four cannabis plants at home, for personal use. The plants should be no taller than a metre, the bill proposed. Selling cannabis to minors would be a specific criminal offence.

The legislation requires parliamentary approval and royal assent. If passed, the bill would be under effect by July 2018, the government said. Health and safety experts and law enforcement were consulted before proposing the legislation. Except for medical purposes, possession of the drug remains illegal until the bill is passed. Regardless of the status of the bill, import and export of the drug would be illegal.

Previously when the government increased the taxes on cigarettes to discourage citizens from smoking, a black market for cigarettes developed.

Along with legalising cannabis, the bill would also permit the police officials to use tools like oral fluid drug screeners to detect if drivers are under the influence of the drug. Zero tolerance against drivers under influence of drugs is proposed. The government would also implement a public awareness campaign on the perils of driving under the influence of drugs.

The government still working on the restrictions. Lawmaker and former police chief Bill Blair said, “We do accept that more important work remains to be done.” If the bill is passed, Canada would be the second country to legalise cannabis completely. Uruguay is the first. Some countries, such as Germany, allow medical use of cannabis, but recreational use is prohibited.

Friday, April 21, 2006

Crude oil prices surged to a new record of over $75.00 a barrel on Tuesday closing at a price of $75.17. In Europe, Brent crude oil] rose to $74.59. In less than a month, prices have risen $10, back to the record highs set after Hurricane Katrina caused refineries to shut down in August 2005. Prices are also 42% higher than a year ago.

Political instability in oil-producing countries is seen as a major cause of this rise. The standoff over Iran’s nuclear program has led to strong words being exchanged and a possibility of sanctions being imposed on Iran, the world’s fourth largest producer of oil. Violence in Nigeria earlier this year has led to a drop the country’s production by almost a quarter. Nigeria is Africa’s largest oil exporter and is also a major supplier of gasoline-rich crude oil to the United States, where demand is set to increase as the “driving season” begins next month.

Edmund Daukoru, the president of OPEC and Nigerian oil minister said on Tuesday, “The current shoot up we are experiencing is as a result of the Iran problems and it’s not helped by the flare up between Israel and the Palestinians. But mainly it’s the threatening statements being made against Iran as a result of its nuclear program.”

Saturday, March 20, 2010

Chilean Government confirmed 452 deaths caused by the earthquake and tsunami that struck the central and south zones of Chile on February 27 and the Pichilemu earthquake on March 11. The official death toll was released yesterday by the Interior Undersecretary Rodrigo Ubilla.

Ubilla explained that “after a rigorous work in which participated Carabineros, the Investigation Police, the Medical Legal Service, and the Civil Registry, and was later checked by the Interior Undersecretary, we made a unique list of dead people and of denunciations of presumed dead.”

In spite of this, Ubilla said that there are just 359 identified dead people, with death certificates and cause of death. He added that in 67 other cases, the dead people were identified by RUT (identification number), but there are no death certificates issued, that is the tool “that allows us to clarify if the death was produced directly by the earthquake or the tsunami.” Carabineros reports, at least, 97 presumed disgraces denunciations, related to the cataclysm.

Thursday, January 26, 2012

Germany’s Chancellor Angela Merkel gave yesterday’s opening address to the 42nd meeting of the World Economic Forum (WEF), which is facing a distinctly different geo-political landscape from twelve months ago. Outside the WEF security cordon, in the sub-zero temperatures of Davos’ train station car park, the local incarnation of the Occupy movement are setting up ‘Camp Igloo’; but, with little hope of the archetypes of the 1%, ‘Davos Man’, arriving by public transport and seeing their sub-zero protest.

David Roth, heading the Swiss centre-left’s youth wing — and an organiser of ‘Camp Igloo’, echoes much of the sentiment from ‘Occupy’ protests around the world; “[a]t meetings the rest of society is excluded from, this powerful ‘1 percent’ negotiates and decides about the fate of the other 99 percent of this world, […] economic and financial concentration of power in a small, privileged minority leads to a dictatorship over the rest of us. The motto ‘one person, one vote’ is no longer valid, but ‘one dollar, one vote’.”

Roth’s characterisation of ‘Davos Man’, a term coined by the Professor Samuel Huntington of Harvard University, is more emotive than that of the late professor who saw ‘Davos man’ as “[having…] little need for national loyalty, view[ing] national boundaries as obstacles that thankfully are vanishing, and see[ing] national governments as residues from the past whose only useful function is to facilitate the elite’s global operations”.

As Reuters highlights, many attendees will opt to make their way from Zurich to Davos by private jet, or helicopter, and the WEF itself provides handouts indicating the cost of such is 5,100 Swiss francs (approx. 5,500 USD, 3,500 GBP, 4,200 EUR). In contrast: travelling by rail, even when opting for first class — without an advance booking, is 145 Swiss francs (approx. 155 USD, 100 GBP).

Shifting fortunes see several past attendees missing this year’s exclusive get-together in the alpine resort; for a second year running — and now caught up in the UK phone hacking scandal being scrutinised by Lord Leveson’s inquiry — media mogul Rupert Murdoch will not be attending. Nor will the former head of financial services company UBS Oswald Gruebel, who resigned in the wake of US$2.3 billion losses incurred through unauthorised trading; likewise, Philipp Hildebrand, the ex-head of the Swiss National Bank, is absent following scandal associated with his wife’s currency trading activities; and, although the sexual assault charges against Dominique Strauss-Kahn were dropped, having stepped down as managing director of the International Monetary Fund Strauss-Kahn will also be absent.

As the #OccupyWEF protesters were building igloos last weekend, an anti-WEF protest in the Swiss capital Berne was broken up by police, who stated their intent to prosecute participants in the illegal protest. Allegations of calls for violent protest action led to a high number of officers being involved. In the aftermath, charges of breach of the peace are to be brought against 153 people, with some targeted for more serious offences. At least one group involved in the protest described the police response as “disproportionate”.

At ‘Camp Igloo’ Roth says he is seeking discussions with the WEF’s expected 2,000 attendees; but his voice, and that of others in the worldwide ‘Occupy’ movement, is unlikely to be given a platform in the opening debate, “Is 20th-century capitalism failing 21st-century society?” He, and others taking part in this Swiss incarnation of the ‘Occupy’ movement, are still considering an invite to a side-session issued by the World Economic Forum’s founder, Klaus Schwab; commenting on the invite Roth told the Associated Press they would prefer a debate at a more neutral venue.

As has been the case for several years now, the annual Forum meeting in Davos was preceded with the release of a special report by the World Economic Forum into risks seen as likely to have an impact the in the coming decade. The 2012 Global Risks Report is a hefty document; the 64-page report is backed with a variety of visualisation tools designed to allow the interrelations between risks to be viewed, how risks interact modelled, and their potential impacts considered — as assessed by the WEF’s panel of nearly 500 experts.

As one would expect, economic risks top both the 2012 impact and likelihood charts. Climate change is pushed somewhat further down the list of concerns likely to drive discussions in Davos. “Major systemic financial failure” — the collapse of a globally important financial institution, or world currency, is selected as the risk which carries the most potential impact.

However, “Chronic fiscal imbalances” — failing to address excessive government debt, and “Severe income disparity” — a widening of the the gulf between rich and poor, top the list of most likely risks.

At the other end of the tables, disagreeing respectively with the weight last year’s Wikinews report gave to orbital debris, and the Motion Picture Association of America’s (MPAA) fight with the Internet over copyright legislation, the 2012 Global Risks Report places “Proliferation of Orbital Debris” and “Failure of intellectual property regime” bottom of the league in terms of potential impact.

In 2011, with the current global economic crisis well under-way, “Fiscal crises” topped the WEF risks with the largest potential impact in the next ten years. However, perceived as most likely a year ago, “Storms and cyclones”, “Flooding”, and “Biodiversity loss” — all climate-change related points — were placed ahead of “Economic disparity” and “Fiscal crises”.

More mundane risks overtake the spectre of terrorism when contrasting this year’s report with the 2011 one; volatility in the prices of commodities, consumer goods, and energy, and the security of water supplies are all now ranked as more likely risks than terrorism — though the 2011 report did rank some of these concerns as having a higher potential impact. A significant shift in perception sees the 2012 report highlight food shortages almost as likely a risk the world will face over the next decade; and, one with a far more significant impact.

Attending the World Economic Forum at Davos is more than just an opportunity to discuss the current state of the global economy, and review the risks which face countries around the world. With such a high number of political and business leaders in attendance, it is an ideal opportunity to pursue new trade deals.

Canadian Prime Minister Stephen Harper is, in addition to being a keynote speaker, expected to pursue improved relations with European and Asian trade partners at private meetings on the Forum sidelines. The Toronto Star reports Harper is likely to push forward an under-negotiation Canadian-European free-trade agreement, and hold closed-door discussions prior to next month’s planned trip to China.

Similarly, Canadian trade minister Ed Fast is expected to meet South Korean counterparts to discuss an equivalent deal to the preferential ones between the Asian nation and the US and Europe. Fast’s deal does, however, face opposition at home; the Canadian Auto Workers union asserts that such a deal would put 33,0000 jobs at-risk.

British Prime Minister David Cameron and chancellor George Osborne are expected to discuss a possible increase of UK funding to the International Monetary Fund (IMF); however, with the UK responsible for 4.5% of the US$400 billion in the IMF’s lending fund, backbench MPs have warned that committing any additional funds could provoke a Conservative revolt in parliament. Tuesday’s IMF cut of predicted global growth from 4% to 3.3%, warnings of a likely Eurozone recession in 2012, and ongoing problems with Greek financial restructuring, are likely discussion topics at Davos — as well as amongst UK backbench MPs who see adding to the IMF war-chest as bailing out failed European economies.

South Africa, less centre-stage during the 2011 Forum, will be looking to improve relationships and take advantage of their higher profile. President Jacob Zuma and several cabinet members are attending sessions and discussions; whilst former UK Prime Minister Gordon Brown is to moderate a session, “Africa — From Transition to Transformation“, with Nigeria, Guinea, and South Sudan’s presidents on the panel. Wal-mart’s CEO Doug McMillon is to lead a dinner session, “Shared Opportunities for Africa’s Future” — highlighting larger multinationals looking towards the continent for new opportunities.

Davos may also serve as a place to progress disputes out of the public eye; a high-profile dispute between Chile’s state-owned copper mining business, Codelco, and Anglo American plc over the 5.39 billion USD sale of a near-quarter stake in their Chilean operations to Japan’s Mitsubishi, prompted the Financial Times to speculate that, as the respective company chiefs — Diego Hernández and Cynthia Carroll — are expected to attend, they could privately discuss the spat during the Forum.

Tuesday, November 21, 2006

24 years ago Iraq and Syria severed diplomatic relations because Syria accused Iraq of giving support to the Muslim Brotherhood who were causing disorder in Syria. Now, as an outcome of meetings between Walid Moallem the Syrian Foreign Minister, the Iraqi President Jalal Talabani and Prime Minister Nuri al-Maliki, relations will be restored.

Both countries are agreed that the borders between them should be sealed more tightly to prevent the flow of fighters, arms and ammunition to Iraq, Syria saying that Iraq should do more to secure the border than it has been doing lately.

The two countries are agreed that US troops are needed in Iraq at present but that they should leave as soon as they are no longer needed. Syria wants a timetable for the progressive withdrawal of US forces.

The steps needed to establish full diplomatic relations and to open embassies in Baghdad and Damascus are set out in an agreement signed today in Baghdad. Zebari proclaimed “We will hoist the Iraqi flag in Syria and the Syrian flag in Iraq”.

Meanwhile, President Talabani has agreed to meet Iran’s President Mahmoud Ahmadinejad in Tehran on Saturday to discuss security matters.

Although the British Prime Minister has been encouraging more positive relations between Iraq and its neighbors, Syria and Iran, the United States has been critical of both of them. Last week, US Secretary of State Condoleezza Rice said she was opposed to including Syria and Iran in talks about security in Iraq. She accused Syria of having aligned itself with “the forces of extremism” and expressed frustration that despite repeated talks with Syria, nothing seems to have influenced their behavior. Regarding Iran, she said she could see nothing in its behavior that suggested it could contribute to stability in the area. She expressed the view that Iraq must take more responsibility for its own security.

Today, the White House welcomed the news of the rapprochement between Syria and Iraq. The spokesman for the US National Security Council saying “We’ve always encouraged Iraq’s neighbors to take a role in supporting and assisting the unity government in Iraq”.

President Bush met the Iraq Study Group, headed by former secretary of state James Baker on Monday. The Democrats in the Group said that, in order to encourage the Iraqi government to face its responsibilities, there should be a phased withdrawal of US troops from Iraq, starting now. The President rejected this suggestion, remarking that this was a military matter and depended upon the situation on the ground.

Recommendations from the bi-partisan study Group are expected to be delivered to the President and Congress sometime in December this year. The group is composed of five Democrats and five Republicans.

Thursday, March 17, 2005

A letter and motion to be debated by Italian Parliament this week calls for action to address speculative bubbles and potential future financial crashes in the global economy. The motion asks for a global summit similar to the 1944 Bretton Woods United Nations Monetary and Financial Conference, which gave us the IMF and World Bank.

The letter raises questions about the sustainability of current financial trends, based on the highly speculative nature of today’s markets. For example, according to the letter, “It is estimated that the entire financial bubble, counting all financial derivatives and all other forms of existing debt, is equal to about $400 trillion, compared to a worldwide GDP of slightly more than $40 trillion”.

Last years collapse of Italian dairy company Parmalat, with “14.3 billion euros that must still be accounted for”, is given as evidence for “a lack of effective tools and controls regarding financial operations”. Enron, which famously collapsed in November 2001 revealing faudulent accounting practices from previously respected accounting firm Arthur Andersen, is given as another example.

Oddly, the largest collapse on record, that of WorldCom, is not mentioned, though the set of examples is not purported to be exhaustive. A number of other crashes are mentioned: the LTCM fund, Argentine bonds, Cirio, and Finmatica.

The motion, linked to supporters of the Lyndon LaRouche movement, is signed by Parliamentarians Lettieri, Soro, Delbono, Tolotti, Widmann, Villani Miglietta, Rosato, Albertini, Morgando, Diana, Luigi Pepe, Damiani, Ostillio, De Brasi, Maccanico, Carbonella, Paola Mariani, Grandi, Pistone, Giovanni Bianchi, Giacco, Benvenuto, Piscitello, Camo, Realacci, Squeglia, Rocchi, Iannuzzi, Intini, Meduri, Santino Adamo Loddo, Boccia, Villari, Chianale, Siniscalchi, Sandi, Cusumano, Cennamo, Annunziata, Rotundo, Bonito, Buemi, Pennacchi, Fanfani, Tarantino, Rodeghiero, Angioni, Detomas, and Nesi.

Debate was scheduled for March 14-18.