By Gregory Martin

In these times of economic crisis, bankruptcies loom as a possibility among the unfortunate whose business calls turned sour, some who may have entered deals that did not deliver, or those who were just plain unlucky, betting on the wrong horse so to speak. It is also a time to be wary about insolvent companies and individuals that one may be dealing with.

Bankruptcies always leave a clear paper trail for those wishing to know whom they’re dealing with and for those who would like to go through bankruptcy proceedings. Before filing under Chapter 7, there are at least three options for those unfortunate to be in financial difficulties. A basic step is a thorough review and investigation of the specific creditors one has to deal with. It has to be ensured through this investigation that the next step to be taken should be towards working out a solution to the insolvency and avoidance of any further financial woes.

Settling out of court with creditors is one option for those in the brink of bankruptcies. Through such negotiations with the creditors, some debts may be settled or paid at a reduced rate. It is best that one seek professional help from companies providing assistance on this type of settlement. One drawback of this course of action of settling out of court is a reduction in the debtor’s credit standing.

[youtube]http://www.youtube.com/watch?v=AFIgRkXTvI8[/youtube]

A debtor in trouble may also choose to avail of the services of a debt counselor. Through this service, better payment terms may be obtained through consolidation of monthly payments and interest rate cuts on past due financial obligations. Again, the hitch here is that debtor’s credit standing is degraded.

Borrowing with the debtor’s home equity as collateral to settle short-term indebtedness, like credit card obligations, is an alternative consideration but which needs careful evaluation. This course of action could put the debtor’s home in jeopardy, a trouble worse than ever before. The debtor has to be disciplined enough not to incur any further debts and that his payments to the collateralized loan are regular and religious so as to avoid onerous penalties.

There’s one useful website designed to help individuals or companies whose financial situation seems headed for bankruptcy. It can be accessed at http://bankruptcyinformation.com which provides the pertinent US laws on bankruptcies. Through this website, a debtor could gain access to lawyers who give free advice to debtors in trouble on the best courses of action to take. These pro bono lawyers can help, if bankruptcy application or filing is inevitable, to determine the exemptions that may vary from state to state, or whether the best filing would be under Chapter 7 or Chapter 13. A sleuth on the lookout for bankrupt or bankrupt-bound companies or individuals could also access this site for the probable courts where particular insolvency cases may have been filed.

While having sound legal advice is necessary for insolvent entities and individuals because of the bankruptcy laws that vary from state to state, in tracing paper trail of bankruptcies, a must-step is to find a public records service that works, to find what you’re REALLY looking for!

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bankruptcies

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Source:

isnare.com

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Illinois high schools now required to buy insurance for athletes

Tuesday, August 6, 2013

This past Sunday, Illinois Governor Pat Quinn signed into law a bill known as “Rocky’s Law” that requires Illinois high schools, through the local school district, to buy catastrophic injury insurance up to US$3 million or medical costs for up to five years, whichever one comes first, that covers student athletes. The insurance must cover student athletes while they are competing.

The legislation was named after Rasul “Rocky” Clark. In 2000, the Eisenhower High School football player became paralyzed from the waist down as a result of a tackle during a game. His school based health insurance covered the costs of his medical treatment. A legislator sponsoring the bill noted that the need for this type of insurance is rare. Clark’s mother attended the legislation signing. Her son died last year.

Before parents can claim money from school insurance, they first must pay out US$50,000. Schools have until January 1, 2014 to comply with the law. Schools cannot charge students more than US$5 to defray the cost of insurance. If a school district already requires student to be covered through private health insurance, they are exempted from this law.

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Seeds placed in Norwegian vault as agricultural ‘insurance policy’

Wednesday, February 27, 2008

The Svalbard Global Seed Vault, a vault containing millions of seeds from all over the world, saw its first deposits on Tuesday. Located 800 kilometers from the North Pole on the Norwegian island of Spitsbergen, the vault has been referred to by European Commission president José Manuel Barroso as a “frozen Garden of Eden“. It is intended to preserve crop supplies and secure biological diversity in the event of a worldwide disaster.

“The opening of the seed vault marks a historic turning point in safeguarding the world’s crop diversity,” said Cary Fowler, executive director of the Global Crop Diversity Trust which is in charge of collecting the seed samples. The Norwegian government, who owns the bank, built it at a cost of $9.1 million.

At the opening ceremony, 100 million seeds from 268,000 samples were placed inside the vault, where there is room for over 2 billion seeds. Each of the samples originated from a different farm or field, in order to best ensure biological diversity. These crop seeds included such staples as rice, potatoes, barley, lettuce, maize, sorghum, and wheat. No genetically modified crops were included. (Beyond politics they are generally sterile so of no use.)

It is very important for Africa to store seeds here because anything can happen to our national seed banks.

Constructed deep inside a mountain and protected by concrete walls, the “doomsday vault” is designed to withstand earthquakes, nuclear warfare, and floods resulting from global warming. Norwegian Prime Minister Jens Stoltenberg called it an “insurance policy” against such threats.

With air-conditioned temperatures of -18 degrees Celsius, experts say the seeds could last for an entire millennium. Some crops will be able to last longer, like sorghum, which the Global Crop Diversity Trust says can last almost 20 millenniums. Even if the refrigeration system fails, the vaults are expected to stay frozen for 200 years.

The Prime Minister said, “With climate change and other forces threatening the diversity of life that sustains our planet, Norway is proud to be playing a central role in creating a facility capable of protecting what are not just seeds, but the fundamental building blocks of human civilization.” Stoltenberg, along with Kenyan Nobel Peace Prize laureate Wangari Maathai, made the first deposit of rice to the vault.

“It is very important for Africa to store seeds here because anything can happen to our national seed banks,” Maathai said. The vault will operate as a bank, allowing countries to use their deposited seeds free of charge. It will also serve as a backup to the thousands of other seed banks around the world.

“Crop diversity will soon prove to be our most potent and indispensable resource for addressing climate change, water and energy supply constraints and for meeting the food needs of a growing population,” Cary Fowler said.

British surfers catch more than waves: Scientists find antibiotic-resistant bacteria

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British surfers catch more than waves: Scientists find antibiotic-resistant bacteria
Author: Posted under: Uncategorized

Wednesday, January 17, 2018

In findings published Sunday in Environmental International, a team from Britain’s University of Exeter reports that surfers and bodyboarders are roughly three times as likely to house antibiotic-resistant Escherichia coli and other bacteria that could easily become resistant, than other people who recreate in the coastal waters of the United Kingdom.

The epidemiological study was nicknamed the “Beach Bum Survey”. The project was performed on 143 regular surfers, body surfers and bodyboarders from around the United Kingdom. Each surfgoing participant was asked to recruit a non-surfing friend of the same sex and approximate age and who lived in the same part of the country to serve as a control, which resulted in a control group of 130.

All participants mailed in rectal swabs, and the researchers cultured the E. coli from those samples with a common antibiotic called cefotaxime. The antibiotic failed to kill the bacteria in about 9% (13 out of 143) of surfer and bodyboarder samples and 3% of the samples from the control group (4 out of 130). A deeper look into the genomes of the specific strains of bacteria found in the study volunteers showed that bacteria from surfers were four times as likely to possess genes that can be transferred from one bacterial strain to another, which can help antibiotic-susceptible bacteria become resistant. The study also involved examination of water samples from the coasts of England and Wales to estimate the risk of surfers and other beachgoers ingesting E. coli.

E. coli is a regular resident in the guts of humans and other animals. Most strains are harmless but others can cause serious disease. Like other bacteria, E. coli can undergo horizontal gene transfer, swapping genes from one bacterium to another. This can give the altered strain the ability to cause disease, survive in the presence of antibiotics or both.

Although the researchers expressed concern surfers might spread dangerous bacteria, Dr. Will Gaze, the University of Exeter Medical School professional who supervised the project, urged people not to avoid the beach: “We are not seeking to discourage people from spending time in the sea, an activity which has a lot of benefits in terms of exercise, well-being and connecting with nature”, he said. “It is important that people understand the risks involved so that they can make informed decisions about their bathing and sporting habits. We now hope that our results will help policy-makers, beach managers, and water companies to make evidence-based decisions to improve water quality even further for the benefit of public health.”

David Smith, science and policy officer of Surfers Against Sewage, which helped organise the volunteers, agreed the study was not meant to discourage surfing: “Water quality in the UK has improved vastly in the past 30 years and is some of the cleanest in Europe. Recognising coastal waters as a pathway for antibiotic resistance can allow policy makers to make changes to protect water users and the wider public from the threat of antibiotic resistance.”

One of the principal findings of this work was that existing methods may have been underestimating the prevalence of these bacteria in seawater. Previous studies have shown that even designated swimming beaches can be affected by runoff from farms or even sewage, and surfers swallow roughly ten times as much seawater as swimmers. Professor Colin Gardner of the charity Antibiotic Research UK says, these forms of runoff can have even higher concentrations of antibiotics than patients undergoing antibiotic treatment. “Research into new medicines to replace our archaic antibiotics has stagnated and unless new treatments are found, this could be potentially devastating for human health”, he warns.

The World Health Organization has reported that because so many kinds of bacteria are gaining resistance to common medicines, conditions such as pneumonia and gonnorhea may become more difficult to treat and have higher rates of sickness and death. Doctors often prescribe preventative antibiotics to patients undergoing surgery or radiation therapy, and this may also be impacted. Professor Sally Davies, England’s chief medical officer, has described a “post-antibiotic apocalypse” scenario

The European Regional Development Fund and Natural Environment Research Council provided funding for the study.

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Excessive surgeries swell Medicare costs in United States

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Excessive surgeries swell Medicare costs in United States
Author: Posted under: Uncategorized

Wednesday, October 15, 2008

At least 10% of the increase in Medicare expenditures since the mid-1990s is due to increased rates of one type of elective surgery, according to a recent study, and many of the patients may not need it. University of California, San Francisco found that only 44% of patients who undergo an elective cardiac surgery called angioplasty get the recommended test to determine whether the procedure is appropriate.

As a result, patients may be receiving a procedure that they either do not need or for which the risk outweighs the benefit. The operation opens partially clogged arteries in patients with heart disease and the annual rate of elective angioplasties has tripled in the United States during the last decade.

Angioplasties are currently being performed at a rate of over 800,000 per year in the U.S. The average cost was $44,110 per procedure in 2004. Since the operation tends to be performed on older Americans, Medicare covers most patients and compensates US$10,000 to $15,000 for each case.

Reuters reporter Julie Steenhuysen writes that angioplasty is “big business for medical device makers including Boston Scientific Corp, Medtronic Inc, Abbott Laboratories Inc and Johnson & Johnson”. Dr. Raymond Gibbons, a professor of medicine who specializes in cardiology at the Mayo Clinic in Rochester, Minnesota, criticizes the current U.S. health care system for compensating doctors based upon procedures performed rather than for following recommended practices.

We didn’t expect to find 100 percent, but we expected a much higher percentage than 44

A stress test in which the patient walks on a treadmill is recommended to determine whether a partial obstruction impairs heart function. Although not all patients who need angioplasty are strong enough to undergo the stress test, UC San Francisco researchers were surprised that testing preceded so few of the surgeries.

Professor of medicine Dr. Rita F. Redberg told U.S. News and World Report, “We didn’t expect to find 100 percent, but we expected a much higher percentage than 44”. Dr. Redberg co-authored a report on the findings for the Journal of the American Medical Association this month.

Dr. Grace Lin, another co-author of the study, noted: “What really matters is whether or not that blockage is affecting blood flow to the heart. That is why the stress test is important.” Their research analyzed over 23,000 Medicare cases and over 1,600 commercial insurance cases.

American Heart Association president Timothy Gardner called the study “a good wake-up call” to remind medical doctors to make sure they do not perform unnecessary procedures. Dr. Gardner regards the study as evidence that many unnecessary angioplasties are being performed.

You can do a stress test every year to be sure things are normal. That is an important baseline that is being ignored all too frequently.

The study found great variation in the rate of stress testing. Geographic areas ranged from 22% to 76% with the highest rate of testing in the Northeastern and Midwestern states. Testing rates also varied by gender, with men more likely to receive a stress test than women, and by other factors including the age of the physician. Dr. Gibbons points to some of these variances as indications that some physicians may be performing angioplasties indiscriminately.

Not all physicians agree. Although the various types of stress testing usually cost a few hundred dollars instead of tens of thousands, the chief cardiologist at University of Wisconsin Hospital and Clinics Dr. Matthew Wolff notes that stress tests yield false negative results in about 10% of cases. In his opinion, doctors who rely on stress tests “are going to be missing people with severe disease.” Although he agrees that some angioplasties are unnecessary, he contends that the new study does not offer a solution to the dilemma.

The American College of Cardiology plans to release new guidelines soon to help doctors determine when a stress test is appropriate, yet the payment system lacks a financial incentive to abide by testing guidelines. Dr. Eric Topol of Scripps Translational Science Institute in La Jolla, California noted the underuse of stress tests in a study of private insurance records 14 years ago. Dr. Topol agrees that testing guidelines “should be much more clear-cut”, and adds that stress tests ought to be performed annually. “You can do a stress test every year to be sure things are normal. That is an important baseline that is being ignored all too frequently.”

Cardiologist, Dr. Anthony DeFranco of Aurora St. Luke’s Medical Center, considers stress testing to be appropriate in at most 65% of cases, since a substantial minority of patients have other health problems that prevent them from undergoing the test.

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John Reed on Orwell, God, self-destruction and the future of writing

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John Reed on Orwell, God, self-destruction and the future of writing
Author: Posted under: Uncategorized

Thursday, October 18, 2007

It can be difficult to be John Reed.

Christopher Hitchens called him a “Bin Ladenist” and Cathy Young editorialized in The Boston Globe that he “blames the victims of terrorism” when he puts out a novel like Snowball’s Chance, a biting send-up of George Orwell‘s Animal Farm which he was inspired to write after the terrorist attacks on September 11. “The clear references to 9/11 in the apocalyptic ending can only bring Orwell’s name into disrepute in the U.S.,” wrote William Hamilton, the British literary executor of the Orwell estate. That process had already begun: it was revealed Orwell gave the British Foreign Office a list of people he suspected of being “crypto-Communists and fellow travelers,” labeling some of them as Jews and homosexuals. “I really wanted to explode that book,” Reed told The New York Times. “I wanted to completely undermine it.”

Is this man who wants to blow up the classic literary canon taught to children in schools a menace, or a messiah? David Shankbone went to interview him for Wikinews and found that, as often is the case, the answer lies somewhere in the middle.

Reed is electrified by the changes that surround him that channel through a lens of inspiration wrought by his children. “The kids have made me a better writer,” Reed said. In his new untitled work, which he calls a “new play by William Shakespeare,” he takes lines from The Bard‘s classics to form an original tragedy. He began it in 2003, but only with the birth of his children could he finish it. “I didn’t understand the characters who had children. I didn’t really understand them. And once I had had kids, I could approach them differently.”

Taking the old to make it new is a theme in his work and in his world view. Reed foresees new narrative forms being born, Biblical epics that will be played out across print and electronic mediums. He is pulled forward by revolutions of the past, a search for a spiritual sensibility, and a desire to locate himself in the process.

Below is David Shankbone’s conversation with novelist John Reed.

Contents

  • 1 On the alternative media and independent publishing
  • 2 On Christopher Hitchens, Orwell and 9/11 as inspiration
  • 3 On the future of the narrative
  • 4 On changing the literary canon
  • 5 On belief in a higher power
  • 6 On politics
  • 7 On self-destruction and survival
  • 8 On raising children
  • 9 On paedophilia and the death penalty
  • 10 On personal relationships
  • 11 Sources
  • 12 External links
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Interview: PRS, the UK’s music royalty collection society

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Interview: PRS, the UK’s music royalty collection society
Author: Posted under: Uncategorized

Tuesday, January 26, 2010

PRS for Music is the UK’s music royalty collection society tasked with working on behalf of copyright holders, specifically authors and music publishers. Founded in 1914, the PRS is a non-profit organisation with 350,000 UK businesses holding PRS licenses. The society works in conjunction with PPL which collects fees on behalf of the copyright holders of the actual recording.So, if a cover version of a song is played on UK radio, PRS collect a fee on behalf of the original writer and publisher, whilst PPL collect a fee on behalf of the record company of the cover. In a recent Wikinews interview, Paul Campbell, founder of Amazing Radio, an unsigned UK radio station, lambasted PRS for their “barmy standard contract” and their outdated equipment. That interview can be found here.

The music industry is changing and the way we use music is continually changing

Wikinews reporter Tristan Thomas interviews PRS, following up on Campbell and others’ criticism as well as finding out about future plans.

((Wikinews)) Firstly, thank you for the time in doing this interview.

((WN)) Last year, you were involved in a high profile dispute with YouTube. Can you briefly explain to our audience what that was all about and the final outcome of it?

((PRS)) PRS for Music was the first collecting society in the world to license the YouTube service, meaning if music videos were watched online then our members – who created them – would receive a small royalty payment. When we went to renew the licence that YouTube held we couldn’t agree as to how much should be paid and exactly what should be covered within it. We believed that music had become a much larger part of the YouTube service and that YouTube/Google should reflect the increased use of our members’ creative talent in the amount they paid.

The great thing is that we kept talking to YouTube throughout the dispute and managed to reach an agreement in September which meant that the videos could be accessed again by UK YouTube users and that our 65,000 songwriter, composer and music publisher members would be paid.

((WN)) How many artists do you represent and how much did you collect during 2009 for them?

((PRS)) We represent 65,000 songwriters, composers and music publishers. We haven’t released our 2009 figures yet but in 2008 we collected over £600m for them. The main sources of revenue come from recorded media (CDs, DVDs etc), international use, public performance use and use in television, radio and online.

((WN)) Paul Campbell in a recent interview with us said the following:“PRS has a barmy standard contract for using their members’ music online. It requires us to pay them a fixed percentage of ALL revenue from that website – whether or not the revenue is derived from their members’ work. So if we had 100,000 songs from non-PRS artists on amazingtunes.com, and one song from a PRS artist, we’d have to pay them a percentage of the revenue from ALL 100,000 songs. I.e., we’d have to take money out of the pockets out of non-PRS artists to pay to PRS. That would be immoral.”How do you respond to that?

((PRS)) Anyone using music in a commercial way – such as a radio station – is required to obtain the permission of those that created the music. This could be numerous writers, publishers and a record label for each song, possibly in different countries around the world. By obtaining a PRS for Music and PPL licence in the UK you are ensuring you have those permissions for over 10million musical works. Obviously much of the music used on radio comes from non-UK writers who may not be members of PRS for Music. Radio and television stations give us almost 100% accurate reports of their music use through their own playlists; this data then enables organisations such as ours to work out who should be paid and how much. PRS for Music has 144 agreements in place with similar societies around the world, resulting in us representing almost 2 million writers worldwide. If French, American, Spanish, Australian or any other writer’s music is used we will pay the respective societies so they can pay their members.

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Similarly a writer of musician may be ‘unsigned’ by that doesn’t mean that they shouldn’t earn from their music when it is used by others. Many bands, writers and performers are currently unsigned but by being members of PRS for Music they ensure that they can begin earning vital royalties that allow them to continue with their musical career.

((WN)) How does the PRS ensure that artists outside the UK are properly compensated when their music is used within the UK, such as Thai or Chinese restaurants paying their PRS dues and exclusively using music which is from outside Europe?

((PRS)) As mentioned before PRS for Music has agreements in place in over 90 countries around the world to ensure that when music is used the right creators are rewarded. The system – built up over the last century – works both ways and when UK music is used internationally, PRS for Music receives royalties from foreign societies so we can pay our members. In 2008 £139.8m was collected from UK music use abroad, with the UK being one of only a few net exporters of music in the world.

((WN)) There have been a few cases in which PRS have been forced to apologise, exemplified by the threat of prosecution and a fine towards “singing granny” Sandra Burt, a shelf-stacker who sung to herself whilst stacking shelves. How has PRS moved forward from these incidents in order to ensure they do not happen again?

((PRS)) If we have made mistakes we will of course put our hands up and say so. For example when we were approached about the Sandra Burt case – by a journalist incidentally and not Sandra – we did give out slightly incorrect advice, although the questions were a little ambiguous. Once we realised our mistake we contacted Sandra to explain that she wouldn’t need a licence to sing to her customers and offered our sincere apologies. As an organisation we are very quick to admit where we get things wrong and ensure they are put right. We’re proud of our record with our customers and currently have 350,000 businesses choosing to use music in the UK.

Once we realised our mistake we contacted Sandra

To put the complaints in context we have only have 1 for approximately every 5,000 customer contacts we make. This is an exceptionally low ratio and there are many firms who would be envious of a record like this. During 2009 our complaints fell by 50% and we appointed an independent ombudsmen who could handle any complaints if they were not resolved internally. As of January 2010 no complaints have needed to be passed on to the ombudsmen.

((WN)) How does the PRS work with musicians who are not signed to major labels, may make music available for download via their own websites or MySpace, and do not have the financial resources to protect their copyright?

((PRS)) Many of the PRS for Music membership is not signed to a major record label and we represent creators from all genres of music in the UK and abroad. By joining PRS for Music, which only costs £10 deferred to your first royalty payment, you ensure you can begin earning royalties whenever your music is played, performed or reproduced. We have worked hard to license such sites as YouTube, MySpace, Spotify and Sky Songs to name a selection to ensure our members can be rewarded when their work is used.

Our membership team also work hard to support our creators holding showcase events, offering advice of how to get their music used as well as legal and financial advice.

((WN)) Finally, what future plans do you have as an organisation in order to further protect and enhance your members work as new technologies emerge over the next few years?

((PRS)) PRS for Music will continue to be at the forefront of licensing new digital and online services to ensure creators are paid. We aim to get the balance right to ensure new products and music services can launch and develop, but that also they pay for the music they use.

The music industry is changing and the way we use music is continually changing (it always has) but we’ll still be at the forefront enabling people to use music whenever they want, and rewarding those that have created that music.

((WN)) Thank you for taking the time out for this interview. Good luck for 2010.

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Category:January 11, 2008

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Category:January 11, 2008
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? January 10, 2008
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Global markets plunge

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Global markets plunge
Author: Posted under: Uncategorized

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.

Contents

  • 1 Stock markets
    • 1.1 Dow Jones Industrial Average
    • 1.2 FTSE 100
    • 1.3 Nikkei 225
  • 2 International reaction
    • 2.1 George W. Bush
    • 2.2 Gordon Brown
    • 2.3 Jim Flaherty
  • 3 Market data
  • 4 Sources

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.”

20:15, 10 October, 2008 (UTC)
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    2008 Young Designers’ Exhibition to interact with the world

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    2008 Young Designers’ Exhibition to interact with the world
    Author: Posted under: Uncategorized

    Friday, May 16, 2008

    2008 The 27th Young Designers’ Exhibition, opened on May 15 at the Taipei World Trade Center and closes Sunday May 18. It features participation by 87 academic groups in Taiwan and 20 groups from United States, United Kingdom, Italy, Netherlands, New Zealand, and Australia to showcase various achievements in industrial design. It is recognized by the International Council of Societies of Industrial Design (ICSID) as the largest show of student creations.

    Besides the several design competitions, sponsors like International Forum Design (iF), EPSON, MUJI (in Japanese: ????, Mujirushi Ry?hin), Tsann Kuen Trans-nation Group will showcase different solutions for the design, creative, and cultural industries. The show’s organizer, Taiwan Design Center, also designed several on-site events like “On-line Graduate Season Show”, “Career Match-up”, “Creative and Cultural Showcase and Performance”, “Seminars of YODEX 2008” to link the actual exhibition with the on-line exhibition.

    Besides of the previously announced “Wow! Taiwan Design Award”, winners from “2008 Young Designers’ Competition” and “2008 YODEX Interior Design Competition” were announced on Saturday, May 17.

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