Monday, October 27, 2008

On Monday, stock markets across Asia resumed their downward slide, and Japan’s Nikkei stock index fell to lows not seen since October 1982 as the Japanese government’s former measures to stop the credit and stock crisis have been seen by stockholders as not sufficient.

Japan’s prime minister, Taro Aso, spoke to government officials and asked them to make new tentative plans to save Japan from more damage inflicted by the worldwide recession. For the day, the Nikkei closed down 6.4 percent, or 486.18 points, to close at 7,162.90.

The U.S. dollar rose against the yen after six straight days of losses, trading at 92.27 yen to the dollar. On Friday, the trading value for the yen fell to 90.89, its worst showing for the currency since August 1995.

The Hang Seng Index in Hong Kong was in a freefall for the most of the day, ending down 12.7 percent, or 1,602.54 points, to 11,015.84. Before a late session rally, the index was trading below 11,000 points, which has not occurred since 2004.

The Shanghai Composite Index lost 6.3 percent, or 116.27 points, to close the day at 1,723.35. In the past year, the Shanghai Index, which is the most valued in mainland China, has lost nearly three quarters of its value. Other Asian markets fell sharply on fears echoed by Japan and China. Singapore’s Straits Times Index, which fell 8.3 percent on Friday, was not open today for a holiday.

Indian shares on the Sensex index in Mumbai fell ten percent, below the crucial 8,000-point level earlier in the day before rallying to a more modest two-percent decline. Australia’s stock losses were also marginally lower, still pushing the All Ordinaries in Sydney to their lowest levels since autumn 2004, at 3,768.

Tuesday, November 21, 2006

Buffalo, New York —Buffalo, New York developers have been stymied by old real estate deeds.

The prospective Elmwood Village Hotel may be scuttled and businesses now located there may be forced to move.

Frustrations over property located in an area once known as “Granger Estates” circulate around a clause in the original deeds over land divided by then-owner Erastus Granger in the early 1800’s.

According to the documents, “no business establishment of any kind whatsoever” shall ever be constructed on the property, and they shall forever be exclusively for residential use only. Also prohibited are barns, farms and stables.

Sam Savarino, CEO of Savarino Companies, the prospective hotel developer, announced that his legal research team found the restrictions on properties located between 1109 and 1121 Elmwood Avenue which also stated in part that “no businesses, hospitality establishment of anykind whatsoever” shall ever be permitted to be built on the property.

Savarino, whom is expected to contest the restrictions, said that his company could have ignored the findings, but that, “we can’t risk the future of a multimillion-dollar project on the hope they wouldn’t be discovered. Our opponents would have had a field day if they’d surfaced after the fact.”

Savarino said his attorneys and researchers are anticipated to determine “exactly what weight the restrictions carry and if there’s a way for the courts to negate them.”

Existing businesses are also jeopardized.

Hans Mobius, owner of some of the restricted properties upon which a carriage house is built, said, he wasn’t aware of any restrictions, and “never had a reason to research the deed and title documents.” He confidently added that, “the lawyers can get this taken care of.”

Other threatened businesses include Don Apparel, H.O.D. Tattoo, Forest Plaza Art Gallery and Allentown Music.

Friday, July 15, 2011

On Tuesday, the Euro fell to a new record low in relation to the Swiss Franc, and to multi-month lows against the U.S. Dollar and Japanese yen; all considered by investors to be safe currencies during times of economic turmoil.

The Wall Street Journal reported earlier that recent comments from the newly installed head of the International Monetary Fund, France’s Christine Lagarde, resulted in a sell-off of the Euro. At a roundtable discussion in Washington, Lagarde noted that the IMF had not yet reached discussion of terms and conditions of a second Greek bailout plan. In fact, a representative from the IMF is currently meeting with Eurozone policymakers to draft such a new proposal. The yield differential between Italian bonds and German bonds has spread to more than 300 basis points, something not seen in over a decade and evidence of investors’ concern.

Adding to the Euro’s woes is the upcoming release of the bank stress tests on Friday. The European Bankers Association said that they expect the data release to shed new light on the Eurozone’s banking situation. Representatives of several of the Eurozone’s governments, including Germany, have requested that the association consider releasing fewer specific details for fear that investor panic will ensue. The inadequacy of the capitalization rates has been an issue with the European Central Bank, whose president recently called upon Eurozone banks to make every effort to put their balance sheets in order.

For the time being at least, an unsubstantiated rumor reported by the Wall Street Journal states that the Eurozone’s central banks’ purchase of periphery debt has helped to quell the downward momentum of the Euro.

Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

Thursday, February 8, 2007

Anna Nicole Smith, who was born as Vickie Lynn Hogan, was found unconscious in the Seminole Hard Rock Hotel and Casino in Hollywood, Florida in her 6th floor hotel room. One of her attorneys has confirmed that she was pronounced dead at a hospital less than an hour later. She was 39.

Paramedics are reported to have performed CPR on the actress and had to have breathing equipment inserted into her chest after a nurse found her passed out in her hotel room and witnesses say that Smith was receiving CPR while the ambulance took her to the hospital around 2:00 p.m. [EST]. Smith’s bodyguard is reported to have given Smith “cardiopulmonary resuscitation” before paramedics arrived.

“I can confirm that she is deceased. It’s as shocking to me as to you guys. I don’t know what the cause was. This is just tragic and that’s all you can say right now and I don’t know anything further,” said one of Anna Nicole’s lawyers, Ron Rale.

Smith was taken by ambulance to Memorial Regional Hospital and “checked in Monday [to the hotel] at 8 p.m. as a guest. She was due to check out tomorrow,” said cafe spokeswoman, Danielle Giordaano.

“Our rescue crews got there, and they were escorted to a bedroom, where they found a female alone in her room and unresponsive. We then began our normal protocol for dealing with a non-breathing individual. The victim never regained consciousness and we continued with CPR and all life-support methods right up until the time we delivered her to the hospital and then the hospital takes over,” said a spokesman for the responding paramedics team. Smith was pronounced dead at the hospital at 2:49 p.m. [EST].

According to Broward County Medical Examiner’s Office investigator, Edwina Johnson, an autopsy will be performed on Smith on Friday and that her death is currently being investigated. Authorities are not yet treating her death as a crime.

One of Smith’s attorneys, Howard K. Stern, is reported to have been staying with Smith in her room, but authorities have yet to locate Mr. Stern. Mr. Stern is identified by TRIMSPA as Smith’s husband.

“He was here with her. I don’t know where he’s at right now,” said Charlie Tiger the chief of the Seminole Police Department also adding that Smith’s 5 month old baby was not with them.

Smith was a spokeswoman for the company TRIMSPA when she passed, and TrimSpa has removed all content from their site for now, shutting it down and posting only a message in response to her death.

“Today, Anna Nicole Smith’s grief stricken and tumultuous personal life came to an end. Anna came to our Company as a customer, but she departs it as a friend. While life for Anna Nicole was not easy these past few months, she held dear her husband, Howard K. Stern, her daughter, Dannielynn Hope, her most cherished friends, beloved dogs, and finally, her work with TRIMSPA. Anna knew both the joy of giving life, and the heartache of losing a child. We pray that she is granted the peace that eluded her more recent days on earth, and that she find comfort in the presence of her son, Daniel,” said the statement on TRIMSPA’s website posted by Alex Goen, CEO and Founder of TRIMSPA.

Smith was rushed to the hospital in November of 2006 after she was suffering from symptoms of pneumonia. Smith’s son, Daniel Smith, died on September 10, 2006 shortly after Anna gave birth to a baby girl 5 months ago.

Smith was shopping for a new boat in Florida and reports say she felt ill and had a fever for at least a day.

Friday, April 22, 2005

Ireland’s National Pensions Reserve Fund (NPRF) has posted a 2.4% return for the first quarter (9.6% annualized). On March 31, the funds value stood at €12.3bn, a rise of €290m (excluding state contributions) since December 31.

Donal Geaney, the fund’s chairman, told the press that growth in the past quarter had been driven by the Fund’s European equity investments.

Mr Geaney, former Élan CEO, has pursued a policy of diversification since February of this year, with the stated aim of placing a larger amount of the funds assets in companies with small market capitalizations and in property funds.

The fund was set up by the National Pensions Reserve Fund Act, 2000 to partially meet the expected rise in Irish pension costs from 2025 onwards.

Monday, October 19, 2009

A report accidentally published on the Internet provides insight into a secretive European Union surveillance project designed to monitor its citizens, as reported by Wikileaks earlier this month. Project INDECT aims to mine data from television, internet traffic, cellphone conversations, p2p file sharing and a range of other sources for crime prevention and threat prediction. The €14.68 million project began in January, 2009, and is scheduled to continue for five years under its current mandate.

INDECT produced the accidentally published report as part of their “Extraction of Information for Crime Prevention by Combining Web Derived Knowledge and Unstructured Data” project, but do not enumerate all potential applications of the search and surveillance technology. Police are discussed as a prime example of users, with Polish and British forces detailed as active project participants. INDECT is funded under the European Commission’s Seventh Framework Programme (FP7), and includes participation from Austria, Bulgaria, Czech Republic, France, Germany, Hungary, Poland, Slovakia, Spain, and the United Kingdom.

Indicated in the initial trial’s report, the scope of data collected is particularly broad; days of television news, radio, newspapers, and recorded telephone conversations are included. Several weeks of content from online sources were agglomerated, including mining Wikipedia for users’ and article subjects’ relations with others, organisations, and in-project movements.

Watermarking of published digital works such as film, audio, or other documents is discussed in the Project INDECT remit; its purpose is to integrate and track this information, its movement within the system and across the Internet. An unreleased promotional video for INDECT located on YouTube is shown to the right. The simplified example of the system in operation shows a file of documents with a visible INDECT-titled cover taken from an office and exchanged in a car park. How the police are alerted to the document theft is unclear in the video; as a “threat”, it would be the INDECT system’s job to predict it.

Throughout the video use of CCTV equipment, facial recognition, number plate reading, and aerial surveillance give friend-or-foe information with an overlaid map to authorities. The police proactively use this information to coordinate locating, pursuing, and capturing the document recipient. The file of documents is retrieved, and the recipient roughly detained.

Technology research performed as part of Project INDECT has clear use in countering industrial and international espionage, although the potential use in maintaining any security and predicting leaks is much broader. Quoted in the UK’s Daily Telegraph, Liberty’s director, Shami Chakrabarti, described a possible future implementation of INDECT as a “sinister step” with “positively chilling” repercussions Europe-wide.

“It is inevitable that the project has a sensitive dimension due to the security focussed goals of the project,” Suresh Manandhar, leader of the University of York researchers involved in the “Work Package 4” INDECT component, responded to Wikinews. “However, it is important to bear in mind that the scientific methods are much more general and has wider applications. The project will most likely have lot of commercial potential. The project has an Ethics board to oversee the project activities. As a responsible scientists [sic] it is of utmost importance to us that we conform to ethical guidelines.”

Although Wikinews attempted to contact Professor Helen Petrie of York University, the local member of Project INDECT’s Ethics board, no response was forthcoming. The professor’s area of expertise is universal access, and she has authored a variety of papers on web-accessibility for blind and disabled users. A full list of the Ethics board members is unavailable, making their suitability unassessable and distancing them from public accountability.

One potential application of Project INDECT would be implementation and enforcement of the U.K.’s “MoD Manual of Security“. The 2,389-page 2001 version passed to Wikileaks this month — commonly known as JSP-440, and marked “RESTRICTED” — goes into considerable detail on how, as a serious threat, investigative journalists should be monitored, and effectively thwarted; just the scenario the Project INDECT video could be portraying.

When approached by Wikinews about the implications of using INDECT, a representative of the U.K.’s Attorney General declined to comment on legal checks and balances such a system might require. Further U.K. enquiries were eventually referred to the Police Service of Northern Ireland, who have not yet responded.

Wikinews’ Brian McNeil contacted Eddan Katz, the International Affairs Director for the Electronic Frontier Foundation (E.F.F.). Katz last spoke to Wikinews in early 2008 on copyright, not long after taking his current position with the E.F.F. He was back in Brussels to speak to EU officials, Project INDECT was on his agenda too — having learned of it only two weeks earlier. Katz linked Project INDECT with a September report, NeoConopticon — The EU Security-Industrial Complex, authored by Ben Hayes for the Transnational Institute. The report raises serious questions about the heavy involvement of defence and IT companies in “security research”.

On the record, Katz answered a few questions for Wikinews.

((WN)) Is this illegal? Is this an invasion of privacy? Spying on citizens?

Eddan Katz When the European Parliament issued the September 5, 2001 report on the American ECHELON system they knew such an infrastructure is in violation of data protection law, undermines the values of privacy and is the first step towards a totalitarian surveillance information society.

((WN)) Who is making the decisions based on this information, about what?

E.K. What’s concerning to such a large extent is the fact that the projects seem to be agnostic to that question. These are the searching systems and those people that are working on it in these research labs do search technology anyway. […] but its inclusion in a database and its availability to law enforcement and its simultaneity of application that’s so concerning, […] because the people who built it aren’t thinking about those questions, and the social questions, and the political questions, and all this kind of stuff. [… It] seems like it’s intransparent, unaccountable.

The E.U. report Katz refers to was ratified just six days before the September 11 attacks that brought down the twin towers of the World Trade Center. In their analysis of the never-officially-recognised U.S. Echelon spy system it states, “[i]n principle, activities and measures undertaken for the purposes of state security or law enforcement do not fall within the scope of the EC Treaty.” On privacy and data-protection legislation enacted at E.U. level it comments, “[such does] not apply to ‘the processing of data/activities concerning public security, defence, state security (including the economic well-being of the state when the activities relate to state security matters) and the activities of the state in areas of criminal law'”.

Part of the remit in their analysis of Echelon was rumours of ‘commercial abuse’ of intelligence; “[i]f a Member State were to promote the use of an interception system, which was also used for industrial espionage, by allowing its own intelligence service to operate such a system or by giving foreign intelligence services access to its territory for this purpose, it would undoubtedly constitute a breach of EC law […] activities of this kind would be fundamentally at odds with the concept of a common market underpinning the EC Treaty, as it would amount to a distortion of competition”.

Ben Hayes’ NeoConoptiocon report, in a concluding section, “Following the money“, states, “[w]hat is happening in practice is that multinational corporations are using the ESRP [European Seventh Research Programme] to promote their own profit-driven agendas, while the EU is using the programme to further its own security and defence policy objectives. As suggested from the outset of this report, the kind of security described above represents a marriage of unchecked police powers and unbridled capitalism, at the expense of the democratic system.”