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Friday, September 5, 2014

The United Nations Conference on Trade and Development (UNCTAD) reported harsh economic collapse in the Gaza Strip on Wednesday, calling for its reconstruction. In a statement to the press, the organizations said that the data included in the report doesn’t take into consideration the outcomes of the recent conflict with Israel.

According to the Conference’s annual report, the economic growth in Gaza has dwindled from 11% between 2010-2012 to only 1.5% in the past year, and the cost of rebuilding it is estimated at about 1.8 billion dollars. The UNCTAD warns of disastrous outcomes if the situation isn’t addressed immediately.

Beyond foreign support, the organization recommends taking steps that would allow the Gazan economy to stabilize and eventually stand on its own and decrease its dependence on foreign economies.

“The situation in reality is graver than what is mentioned in the report, as it was prepared before the latest Israeli offensive operation on Gaza strip,” said Economic Affairs officer in the Assistance to the Palestinian People Unit in UNCTAD Mutasim Elagraa.

Furthermore, UNCTAD’s coordinator for the Palestinian Territories, Mahmoud Elkhafif, told reporters that now, following the damages caused by the conflict, rebuilding Gaza would require more than 4 billion dollars.

Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Sunday, February 17, 2008

In a press release today, California-based Hallmark/Westland Meat Packing Co. indicated that it has voluntarily recalled just over 143 million pounds (65 million kilograms) of raw and frozen beef products, which is considered to be the largest single recall of beef products in U.S. history. The move follows an investigation by the United States Department of Agriculture (USDA) into allegations of animal cruelty and mishandling of cattle destined for the human food chain.

The USDA’s Food Safety and Inspection Service (FSIS) had determined that beef products produced by the Chino, California company were unfit for human consumption as the cattle had not received “complete and proper inspection.”

The recall has been designated as Class II, which the USDA describes as “a health hazard situation where there is a remote probability of adverse health consequences from the use of the product.”

On Friday, Secretary of Agriculture Ed Schafer indicated that charges had been laid against employees of the plant alleged to have taken part in the mistreatment of cattle. “Today [Friday], the San Bernardino District Attorney filed felony animal cruelty charges against two employees who were terminated by Hallmark/Westland Meat Packing Company,” said Schafer. “It is regrettable that these animals were mistreated and I am encouraged and supportive of these actions by the San Bernardino District Attorney in response to this mistreatment.”

The USDA learned of the possible inhumane handling of non-ambulatory (disabled) cattle at the packing plant on January 30 and has since suspended activities at the plant. “We continue to conduct a thorough investigation into whether any violations of food safety or additional humane handling regulations have occurred,” said Secretary Schafer in a press release. “On February 8, our Office of the Inspector General took the lead on the investigation. At that time, USDA extended the administrative hold on Hallmark/Westland Meat Packing Company products for the National School Lunch Program, the Emergency Food Assistance Program and the Food Distribution Program on Indian Reservations while the investigation continues,” said Schafer.

The FSIS reported that Hallmark/Westland had not contacted the FSIS public health veterinarian, as required, when cattle became ill or disabled after undergoing ante-mortem (slaughter) inspection, putting the company out of compliance with FSIS regulations. “Because the cattle did not receive complete and proper inspection FSIS has determined them to be unfit for human food and the company is conducting a recall,” explained Secretary Schafer.

The cruelty charges stem from an undercover video that reportedly showed sick cattle being moved by crews using forklifts.

“Words cannot accurately express how shocked and horrified I was at the depictions contained on the video that was taken by an individual who worked at our facility from October 3 thru November 14, 2007,” said Steve Mendell, President, Westland Meat Co. and Hallmark Meat Packing. “We have taken swift action regarding the two employees identified on the video and have already implemented aggressive measures to ensure all employees follow our humane handling policies and procedures. We are also cooperating with the USDA investigators on the allegations of inhumane handling treatment which is a serious breech of our company’s policies and training.”

The USDA stressed that it is “extremely unlikely” that the cattle involved were at risk for Bovine spongiform encephalopathy (BSE) or mad-cow disease due to the employment of multiple safeguards. The USDA felt the recall was required, however, as the plant had allegedly violated USDA regulations.

The recall involves raw and frozen beef products produced on various dates from February 1, 2006 to February 2, 2008. For further information about the recall, consumers, media, and distributors are encouraged to contact Hallmark/Westland’s Plant Manager Stan Mendell or Food Safety Consultant Steve Sayer at (909) 590-3340 or the FSIS website, www.fsis.usda.gov.

Tuesday, January 30, 2007

Scientists have uncovered the largest Neolithic settlement in the United Kingdom at the Durrington Walls and believe that the village was inhabited by the people who built the Stonehenge monument.

Scientists say that the village was built around 2,600 B.C., roughly when Stonehenge was believed to have been constructed, and housed over 100 people.

Inside the areas which would have been the interior of houses at the time, scientists also found outlines of what they think were beds and cupboards or dressers. Pieces of pottery and “filthy” rubbish around the site. Animal bones, arrowheads, stone tools and other relics were also discovered.

“We’ve never seen such quantities of pottery and animal bone and flint. In what were houses, we have excavated the outlines on the floors of box beds and wooden dressers or cupboards,” said Sheffield University archaeologist Mike Parker Pearson.

So far, the dig has revealed at least 8 houses roughly 14-16 feet square, but scientists say that they think there may have been at least 25 altogether.

The site was likely to have been occupied only seasonally rather than year-round and evidence suggests that a lot of “partying” went on at the location.

“The animal bones are being thrown away half-eaten. It’s what we call a feasting assemblage. This is where they went to party – you could say it was the first free festival. The rubbish isn’t your average domestic debris. There’s a lack of craft-working equipment for cleaning animal hides and no evidence for crop-processing,” added Pearson.

The Durrington Walls are approximately 2 miles from the Stonehenge site.

Tuesday, July 29, 2008

As gas prices have risen in the United States, the regional transport authority for southeastern Pennsylvania, SEPTA, has seen a sharp increase in ridership, which has caused overcrowding on the trains.

“As fuel prices have continued to rise, SEPTA ridership has steadily increased and is the highest in 18 years,” said SEPTA General Manager Joseph Casey. Monthly ridership was 22 percent higher last month than a year ago.

“They have crushed loads on their rail lines, already where people are standing, and there’s not enough seats,” said Rich Bickel, the director of the Delaware Valley Regional Planning Commission.

“At peak times some railcars are standing room only and commuter parking lots are nearly full. All Regional Rail lines are running near full capacity and the train station parking lots are at about 90 percent capacity or more,” SEPTA spokesperson Felipe Suarez said.

While SEPTA awaits new Silverliner V trains from Hyundai Rotem, which begin arriving in 2009, it had hoped to lease eight rail cars from New Jersey Transit, at an agreed-upon rate of US$10,000 per month. However, due to problems with insurance and liability indemnification, the deal fell through, according to Casey.

SEPTA has entered a new agreement to purchase the eight rail cars from NJ Transit. The transit authority will pay US$670,000 for the cars and assorted supplies plus one additional inoperative car which will be used for spare parts. The rail cars will be operated using a SEPTA provided locomotive as they are not self-propelled.

The cars are being disposed of by NJ Transit because it has switched from single-floor cars to double-decker cars.

SEPTA is expecting to raise US$3.1 million by selling rail that has been out of service since 1981 at auction.

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Sunday, September 4, 2005

In Louisiana, southeast of New Orleans, two storage tanks estimated to be filled with up to 160,000 barrels (6.7 million gallons) of oil are reported to be leaking into the Mississippi River. It was first noticed on September 1, 2005 by an aircraft flying overhead. Officials are not certain whether the tanks are the cause of the leak or how full the tanks are. Inspection of the storage tanks from the ground is impossible due to flooding in the area.

In comparison, the Exxon Valdez oil spill off Alaska leaked between 11 and 35 million gallons of oil.

Due to massive efforts directed toward search and rescue in New Orleans, the Coast Guard has not been able to look into the matter.

Friday, December 4, 2009

A classified European Union report for 2009 says Israel is actively pursuing the annexation of east Jerusalem. The report accuses Israel of implementing an intricate policy including expanding Jewish settlements and demolishing Palestinian homes. It says policies “are undermining prospects for a Palestinian capital in east Jerusalem and incrementally render a sustainable two-state solution unfeasible”; this is described as, “an integral part of a broader Israeli strategy.”

Israeli Foreign ministry spokesperson, Yigal Palmor, told AFP that the report was “dishonest”, “reflects the Palestinian propaganda” and “is based exclusively on Palestinian versions and figures.” This comes as EU foreign ministers prepare a statement on the Middle East. To allow for US initiatives, EU foreign ministers have not commented on the stalemate between Israel and the Palestinians over past months; but, diplomatic sources say there are “sensitivities” over a Swedish proposal to divide Jerusalem in any peace deal.

Citing official Israeli statistics from the Ministry of Interior executive director of Israel’s HaMoked (Center for the Defence of the Individual) said Wednesday that, “Israel has stripped Palestinians of Jerusalem residency status last year at a faster rate than at any time in the history of the state”. 4,577 residents of East Jerusalem have had their residence revoked in 2008, this is more than half the total revoked in the past 40 years. The Jerusalem municipality places severe restrictions on issuing building permits for Palestinian houses in east Jerusalem, since 2000 over 600 Palestinian-owned structures have been demolished and Palestinians receive fewer than 200 of the 1,500 building permits needed per year.

The 14-page annual report dated November 23 was drafted by European envoys and consuls in Jerusalem and Ramallah and presented to Brussels EU institutions a few days ago. This is the first time the annual report has been made public. Haaretz says, in the past, Israel has pressed the EU not to publish fearing it would undermine the European public’s view of Israel. The report was leaked to Israel’s Haaretz daily newspaper and obtained by AFP yesterday.

The EU report claims the Israeli government and Jerusalem municipality discriminate against Arab residents with regard to building permits, health services, education, sanitation and more. Allegations of assisting private right-wing Jewish organisations, such as Ateret Cohanim and Elad, to alter the city’s demographics are included.The report advises sanctions against people and groups involved in “settlement activity”, and taking other measures to protest Israeli policy and to stop the harming of the Arab population, including an “EU presence at Israeli court cases on house demolitions or evictions of Palestinian families when there is a risk of demolition or eviction of Palestinian families”, and “information sharing on violent settlers in East Jerusalem to assess whether to grant entry to the EU.” The report also recommends implementing measures to strengthen the Palestinian National Authority‘s presence in the city.

Archaeological excavations in Jerusalem near the Temple Mount are mentioned, suggesting “archaeology in this case has become an ideologically motivated tool of national and religious struggle carried out in a manner that modifies the identity and character of the city and threatens to undermine its stability.”