Saturday, October 11, 2008

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”

Friday, June 1, 2007

A former mailman who proposed to paint the town hall pink, turn the local town square into a nudist pool, and to plant a marijuana field in the local park has been elected to the Reus, Spain town council.

Ariel Santamaria promised to show up to the town’s council meetings dressed up as Elvis Presley if he was elected and kept his word at the town’s first meeting on Thursday.

Before being elected, Santamaria who is a member of the Reus Independent Coordination, had also promised the town’s 100,000 residents that he would install a GPS system at the police department that would allow officers to track people who are smoking marijuana and provide them with a light if they need one.

An unnamed media consultant who works for Santamaria set up a website for his campaign and followed Santamaria wherever he went, dressed as a pirate.

Sunday, October 7, 2007

Cecile Willert is running for the Green Party of Ontario in the Ontario provincial election, in the Ajax—Pickering riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

A compilation of brief news reports for Sunday, December 7, 2008.

Officials say that progress is being made in a deal to bail out three United States carmakers. The U.S. government will be holding weekend talks on the plan after two days of Congressional hearings.

Dana Perino, the White House press secretary, stated that discussions with both parties had been “constructive”.

Executives from the three companies – General Motors, Ford, and Chrysler – have pleaded before two Congressional committees, asking for $34 billion in order to stop collapse.

“I’m convinced that by Sunday we will have an agreement that people can understand on this bill,” said Barney Frank, a representative from the state of Massachusetts.

Sources

• “‘Progress’ in US auto bail-out” — BBC News, December 6, 2008
• “Bailout Progress: Accord by Sunday?” — ABC News, December 6, 2008

The people of Ghana, a country often shown of as an example of a good democracy in Africa, will vote for a new president and parliament.

The current president, John Kufuor, will resign after serving the maximum of two terms in office. The elections are expected to be close.

The three main contenders for the presidency are: the Nana Akufo Addo from New Patriotic Party, who was the foreign minister under the current president, John Atta Mills running for the National Democratic Congress, and the Convention People’s Party’s candidate, one Paa Kwesi Nduom.

Sources

• Douglas Mpuga. “Ghanaians Enthusiastic About Sunday Poll” — VOA News, December 6, 2008
• Will Ross. “Ghana to vote for new president” — BBC News Online, December 6, 2008

The Archbishop of York, Dr John Sentamu, said that Zimbabwe’s president Robert Mugabe must be forced out of office and face trial for his crimes against humanity.

“The time has come for Robert Mugabe to answer for his crimes against humanity, against his countrymen and women and for justice to be done. The winds of change that once brought hope to Zimbabwe and its neighbours have become a hurricane of destruction, with the outbreak of cholera, destitution, starvation and systemic abuse of power by the state,” said Sentamu.

Sentamu that the power-sharing deal that was signed by Mugabe and the Zimbabwean opposition in September was “now dead”.

Dr Sentamu’s statement comes after a severe cholera outbreak spread in Zimbabwe, and saw 12,545 cases reported and 565 people dead.

Sources

• “Archbishop urges Mugabe overthrow” — BBC News Online, December 6, 2008
• “Mugabe must be toppled now – Archbishop of York” — guardian.co.uk, December 6, 2008

Republicans experienced another victory late Saturday, as the Associated Press called the race in Louisiana’s 2nd district at 22:35 CST in favor of Anh “Joseph” Cao, heralding the first Vietnamese-American member of Congress and sending the incumbent scandal-ridden Louisiana Congressman William Jefferson home after nine terms.

Sources

• “Beleaguered congressman trails in Louisiana vote” — CNN, December 6, 2008
• “APNewsShort” — Associated Press, December 6, 2008