World stocks plunge on fears on US recession

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World stocks plunge on fears on US recession

Monday, January 21, 2008

The Hong Kong Stock Exchange

Stock prices dropped sharply in Europe and Asia Monday, with fears of economic problems in the United States causing some of the biggest single-day losses in recent years.

In Hong Kong, the Hang Seng index fell 5.5 percent – its biggest fall since the September 11, 2001, terrorist attacks. Losses of between three and seven percent were recorded in India, China, Britain, France, Germany and Canada.

While there are many factors linking national economies, analysts blame recent losses on fears of a recession in the United States.

The United States is the main export market for many overseas businesses. Foreign investors also have bought large stakes in U.S. companies.

When American home loan companies began reporting large numbers of defaulting loans in late 2007, the losses spread to other financial institutions, tightening credit markets and sparking worries about Americans’ high levels of debt.

Last week, President Bush proposed a $145 billion stimulus plan to encourage more consumer spending. But analysts say the measure may not be able to prevent a recession – defined as a broad decline in a nation’s economy over a period of at least six months.

U.S. markets are closed on Monday for Martin Luther King Jr. Day, a national holiday, but stock futures trading indicates further losses are expected when markets reopen Tuesday.

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  • Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng

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    Wikinews interviews 2020 Melbourne Lord Mayor Candidate Wayne Tseng
    This article mentions the Wikimedia Foundation, one of its projects, or people related to it. Wikinews is a project of the Wikimedia Foundation.

    Thursday, October 22, 2020

    2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

    Portrait of Wayne TsengImage: Wayne Tseng.

    Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

    Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

    Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

    Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

    Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

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    On the campaign trail in the USA, October 2016

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    On the campaign trail in the USA, October 2016
    Posted in Uncategorized | February 9th, 2023

    Sunday, November 6, 2016

    The following is the sixth and final edition of a monthly series chronicling the U.S. 2016 presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

    In this month’s edition on the campaign trail: the Free & Equal Foundation holds a presidential debate with three little-known candidates; three additional candidates give their final pleas to voters; and past Wikinews interviewees provide their electoral predictions ahead of the November 8 election.

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    Ukraine: media riddles around the phosphorous cloud

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    Ukraine: media riddles around the phosphorous cloud
    Posted in Uncategorized | February 8th, 2023

    Saturday, July 21, 2007

    The available information about the phosphorous cloud following the railway accident in the Ukraine last Monday is becoming more and more cryptic.

    The political involvement of most media and other factors are causing contradictions among official sources that are making press work extremely hard. Moreover, no one is permitted to enter the accident location. The site of the accident was closed to visitors following the injury of three TV journalists who got too close.

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    Australian immigration detains Aussie flight attendant for 10mths, and maltreats her

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    Australian immigration detains Aussie flight attendant for 10mths, and maltreats her
    Posted in Uncategorized | February 6th, 2023

    Saturday, February 5, 2005

    AUSTRALIA — Australian immigration authorities have held a mentally ill Australian woman, Cornelia Rau (also known as Anna), against her will for over 10 months, at least two of them spent in high security, where she was reportedly isolated for 18 to 20 hours a day, subjected to 24-hour simulated daylight and deprived adequate legal or medical aid.

    Volunteer advocates’ requests for ministerial intervention, prompted by her clear distress and aberrant behaviour, went unanswered for seven weeks, while Ms Rau was held at South Australian Baxter Immigration Detention Center.

    http://www.safecom.org.au/images/baxter-gate.jpgBaxter high security detention facility in South Australia (Photo: Project Safecom)

    Several days ago, refugee advocate Pamela Curr had visited and spoken with the woman, then unidentified and known only as Anna, and said “She exhibits psychotic symptoms, screaming and talking to herself at times, and screams in terror often for long periods especially when locked in the cell.

    “Such is her terror of being put back into this cell that it takes six guards in full riot gear to manhandle her back into the room and close the heavy door.”

    “We have reports from witnesses that the guards are enjoying this aspect of Anna’s behaviour,” said refugee advocacy group ChilOut.org at around the same time. [1]

    One message from a fellow detainee posted on the refugee advocate website safecom.org on January 24, said Ms Rau appeared to be “very, very sick”.

    “She takes her clothes off and wanders around in this all-male compound,” the account read. “She screams obscenities, throws food at other detainees and smashes things.”

    According to Ms Curr, Ms Rau was being held in isolation in Baxter’s dedicated ‘Red One’ isolation block for 18 to 20 hours a day, and in daylight conditions for 24 hours a day, a practice which has in the past been criticised because of use of isolation and sleep deprivation in Department of Immigration and Multicultural and Indigenous Affairs (DIMIA) facilities to coerce cooperation from inmates [2].

    The Migration Act prevents anyone from acting on behalf of a detainee unless the detainee requests this in writing, and so chances of any improvement in Ms Rau’s condition or welfare were slim. The Act makes no provision for cases such as this, where the detainee is no longer competent to make such a request. Mental ill health is a reported by-product of the DIMIA system of indefinite detention [3].

    Fellow detainees became concerned for Ms Rau’s welfare when immigration authorities failed to remedy her mental ill health, and were unable to identify her. Refugee advocates in contact with detainees then led a campaign to identify the woman, resulting in her family recognising her description.

    Thirty-nine year old Qantas flight attendant Cornelia Rau had in fact been listed as a missing person with New South Wales (NSW) police since August of last year, after disappearing in March. A NSW police effort to find her in November failed to identify that she was being held by Australia’s Department of Immigration and Multicultural and Indigenous Affairs, meanwhile DIMIA was stumped as to the identity of their German-speaking prisoner.

    The Immigration Department said it had gone to great lengths to identify of Ms Rau, contacting the police missing persons registry in Queensland, and several foreign governments, but not NSW police missing persons. “All the information provided by the woman led the department to believe she was an unlawful non-citizen. At no time did she state she was a permanent (Australian) citizen.”

    Aborigines at Coen in Far North Queensland had found Cornelia in a disturbed state on March 31 last year, and become concerned, taking her to police for her own safety. The Queensland Police failed to identify her and assumed she was an illegal immigrant since she spoke German. Instead of hospitalising Ms Rau, they handed her over to immigration officials, on April 5.

    According to Ms Curr, when she spoke to Ms Rau at Baxter last month, “Her English was fine. She told me then she really wasn’t in touch with reality, but there was a moment of clarity when she just wanted to get out of Baxter. I spoke to a detainee two days ago and he said her English was so good he thought she was an Aussie girl.”

    Ms Rau had arrived in Australia at the age of 18 months from Germany. Cornelia’s sister Chris says, “The two groups who were kind to Cornelia in all this time were the two most downtrodden groups in society — the Aboriginal people in Cairns and the refugees in Baxter. There’s an irony in that”.

    The Australian Federal Government Human Rights and Equal Opportunity Commission (HREOC)‘s Immigration Detention Centre Guidelines [4] state that, “Immigration detainees who are found to be severely mentally ill should be transferred to an appropriate facility as soon as possible.”

    The Immigration Department said she had been under mental supervision at all times. “A number of medical assessments were conducted by healthcare professionals, including doctors, psychiatrists and psychologists,” a departmental spokesperson said.

    Findings by a number of independent inquiries have shown that long term, indefinite detention, which is the norm within the Australian immigration system, has the unfortunate side effect of inducing mental health problems in individuals who were otherwise healthy on entering the system, and refugee advocates have pointed to this issue previously in cases involving non-citizens.

    Countless human rights violations have been documented within DIMIA’s system by the Federal Government’s own policing body, HREOC, which has complained repeatedly for years that its recommendations are not being met. Principally, that the system of mandatory detention itself is an infringement of human rights and should be abolished, and that children (of whom there are currently 87 in detention [5]) should not be held in custody.

    HREOC criticises the general lack of adequate mental health services, the use of isolation detention for behaviour management, detainees’ restricted access to legal assistance and lack of information about the application process, their limited access to general information and contact with the outside world, including relatives, and the effects of such long term detention on the detainees, specifically on their mental health. [6]

    Past publicised cases have shown detainees denied any legal avenues they do not explicitly ask for using correct legal/bureaucratic terminology [7]; failure to provide adequate medical assistance; and habitual isolation of troublesome detainees instead of meeting of their grievances.

    HREOC has the ability to make recommendations only, and it is up to the Government to enforce, or not enforce them.

    “It’s pretty dangerous if you have Alzheimer’s disease or you speak a second language right now,” according to Labor immigration spokesperson, Laurie Ferguson. Mr Ferguson believed Queensland Police and the Federal Government had questions to answer, and that there should be an Inquiry.

    As well as the personal cost to Cornelia Rau and her family and friends, each day a person spends in immigration detention costs the Department between $111 to $725 [8]. According to DIMIA, “Government policy is that, where practical, immigration detainees should be billed for the cost of their stay in detention.” [9] It is not known whether the Department intends to bill Ms Rau.

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    G20 Summit plans to inject US$5tn into economy before 2011

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    G20 Summit plans to inject US$5tn into economy before 2011
    Posted in Uncategorized | February 5th, 2023

    Friday, April 3, 2009

    The G20 Summit held in London, England concluded Thursday with an injection into the economy of US$5 trillion by the end of 2010.

    Global trade would be supported by $250 billion (169.5 billion pounds). “We are going to act decisively to kickstart international trade. We will ensure availability of at least $250 billion over the next two years,” said Gordon Brown Prime Minister of the United Kingdom.

    The International Monetary Fund IMF will have access to $750bn in resources of which $250bn will support special drawing rights.

    Developing countries received $100bn which will be dispensed via Multilateral development banks. Towards this end, the IMF will sell off gold reserves.

    China will support the IMF fund by $40bn, the European Union by $100bn, and Japan by $100bn.

    There will be increased regulation on banking and credit ratings agencies. There was a commitment to clamp down on hedge funds, tax havens and toxic assets. To restore consumer confidence in the financial sector, a new Financial Stability Board will be initiated internationally. There would be new policies implemented to control pay and bonuses paid to the heads of banks and corporations.

    The G20 leaders were adverse to protectionism and rallied to support international trade and investment.

    The Leaders’ statement said, “We reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports.”

    Eoin O’Malley, senior adviser on international trade at BusinessEurope, said “The measure also needs to be part of wider package to avoid protectionism and conclude the Doha round which will stimulate trade growth. The key point now is to move forward with Doha. The key now is implementation. G20 governments must act quickly to provide this finance to companies that need it urgently.”

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    Film from Nunavut in Canada’s north to open TIFF

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    Film from Nunavut in Canada’s north to open TIFF
    Posted in Uncategorized | February 5th, 2023

    Tuesday, August 29, 2006

    A film by Isuma Productions of Canada’s north will open the 2006 Toronto International Film Festival (TIFF). Produced by an Igloolik, Nunavut company, the film is titled The Journals of Knud Rassmusen, and co-directed by Zacharias Kunuk of Igloolik and Norman Cohn of Montreal.

    The company received critical acclaim for their first film, Atanarjuat, which translates to The Fast Runner. Released in 2001, TIFF declared Atanarjuat one of the top ten Canadian films of all-time. The film grabbed awards at TIFF, Montreal, Chicago, Cannes, Edinburgh, San Diego, Lake Placid, New Port, and many others.

    The film portrays the pressures on traditional Inuit culture when explorer Knud Rasmussen introduced European cultural influences to the area in 1922.

    The film will play three times during the festival, debuting at the “Visa Screening Room” of the Elgin Theatre at 6:30 p.m. local time, Thursday, then at Roy Thompson Hall at 8:30 p.m. The next day, Ryerson University will show the film at 9:30 a.m.

    The festival attracts independent filmmakers and Hollywood celebrities alike. It will run from 7 to 16 September 2006.

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    Vancouver stadium dome damaged

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    Vancouver stadium dome damaged
    Posted in Uncategorized | February 2nd, 2023

    Saturday, January 6, 2007

    The inflatable roof covering BC Place Stadium in Vancouver, British Columbia was intentionally collapsed in a “controlled deflation” on Friday after a section of the dome was ripped open. As the seven-metre tear became caught in the wind, it began to make loud noises, which one stadium worker described as similar to “elephants running through your living room”. The venue was evacuated and no one was reported injured. Windy weather conditions are blamed for the damage. Officials have not yet indicated when roof repairs can be completed to allow the facility to re-open.

    BC Place Stadium was opened in June 1983 and is scheduled as a key venue for the 2010 Winter Olympics. The roof costs $300,000 per year to maintain.

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    Euro reaches new lows

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    Euro reaches new lows
    Posted in Uncategorized | January 28th, 2023

    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.

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    New Doctor Who quits series, BBC searches for replacement actor

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    New Doctor Who quits series, BBC searches for replacement actor
    Posted in Uncategorized | January 27th, 2023

    Thursday, March 31, 2005

    Success may be too much of a good thing for the future of storied BBC series Doctor Who. After the unexpected popularity of last Saturday’s return of the series to BBC airwaves, the star of the show is calling it quits from fears of typecasting.

    According to a report from the BBC, actor Christopher Eccleston, who injected a edgier and sexier image onto the title character plans to leave the series once his 13-episode commitment is over later this year. Eccleston told reporters that his last appearance as The Doctor will be for a December Christmas special.

    The show, which debuted March 26 after a 16-year hiatus, was the highest-rated television show in the UK that night. With an estimated viewership of about 10.5 million at its peak, more than 44 percent of all television households in the country tuned in to see the new Doctor. “The audience’s response for the new Doctor Who has been incredible and I am really proud to be part of it and I hope viewers continue to enjoy the series,” Eccleston said in a BBC release.

    But that popularity was a double-edged sword for Eccleston. With roughly half the population seeing him as Doctor Who, he feared that once typecast as a science fiction Time Lord, audiences may not accept him in other roles. At one year, Eccleston will be the shortest-lived Doctor after Paul McGann who starred in the 1996 telemovie.

    But the television network airing the show wants more of the crowd pleaser. The BBC has committed to producing a second 13-episode run of the reinvigorated series and says it is in talks with actor David Tennant to take on the role. Tennant is a star of the BBC period drama, Casanova.

    In the announcement of the renewal of Doctor Who, the BBC did say it re-signed series co-star Billie Piper, who agreed to reprise the role of the Doctor’s sidekick for series two.

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