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Saturday, May 9, 2009

The five largest United States banks need a total of US$74.6 billion in extra funds to increase their cash reserves, according to so-called “stress tests” conducted by regulators to determine whether the banks have enough capital to survive the ongoing recession.

“Our hope with today’s actions is that banks are going to be able to get back to the business of banking,” said Timothy Geithner, the US Treasury Secretary.

The results of the stress-test determined that Bank of America was the bank most at risk, needing $33.9 billion. Wells Fargo will require an additional $13.7 billion, while GMAC needs $11.5 billion.

Seven other banks failed the “stress test”, including: Citigroup, Morgan Stanley, Regions Financial, SunTrust Banks, KeyCorp, Fifth Third Bancorp, and PNC Financial Services.

Nine other banks that underwent stress tests, such as Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, MetLife, American Express, State Street, BB&T, US Bancorp and Capital One Financial, were found to have enough capital in case the recession deepens.

Those banks that need extra money will be set a June 8 deadline to draw up their plans to raise the additional capital and have regulators approve them.

Friday, September 26, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. New Democratic Party candidate Michael McMahon is standing for election in the riding of Prince Edward—Hastings. McMahon moved to Windsor in 1951, getting a degree in education, teaching locally and in Papua New Guinea. He served as Branch President of the Ontario Secondary School Teachers’ Federation (OSSTF), served on multiple of their major committees, and recently retired from the Hastings and Prince Edward District School Board.

Wikinews contacted Michael McMahon, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Since being redefined in 2003, the riding includes the County of Prince Edward and the County of Hastings (except the City of Quinte West). Conservative Party member Daryl Kramp currently represents the riding, after beating a Liberal in 2004. Ken Cole of the Liberals and Alan Coxwell of the Greens are also running in the riding.

For more information, visit the campaign’s official website, listed below.

Sunday, October 21, 2007

Torture proliferates American headlines today: whether its use is defensible in certain contexts and the morality of the practice. Wikinews reporter David Shankbone was curious about torture in American popular culture. This is the first of a two part series examining the BDSM business. This interview focuses on the owners of a dungeon, what they charge, what the clients are like and how they handle their needs.

When Shankbone rings the bell of “HC & Co.” he has no idea what to expect. A BDSM (Bondage Discipline Sadism Masochism) dungeon is a legal enterprise in New York City, and there are more than a few businesses that cater to a clientèle that wants an enema, a spanking, to be dressed like a baby or to wear women’s clothing. Shankbone went to find out what these businesses are like, who runs them, who works at them, and who frequents them. He spent three hours one night in what is considered one of the more upscale establishments in Manhattan, Rebecca’s Hidden Chamber, where according to The Village Voice, “you can take your girlfriend or wife, and have them treated with respect—unless they hope to be treated with something other than respect!”

When Shankbone arrived on the sixth floor of a midtown office building, the elevator opened up to a hallway where a smiling Rebecca greeted him. She is a beautiful forty-ish Long Island mother of three who is dressed in smart black pants and a black turtleneck that reaches up to her blond-streaked hair pulled back in a bushy ponytail. “Are you David Shankbone? We’re so excited to meet you!” she says, and leads him down the hall to a living room area with a sofa, a television playing an action-thriller, an open supply cabinet stocked with enema kits, and her husband Bill sitting at the computer trying to find where the re-release of Blade Runner is playing at the local theater. “I don’t like that movie,” says Rebecca.

Perhaps the most poignant moment came at the end of the night when Shankbone was waiting to be escorted out (to avoid running into a client). Rebecca came into the room and sat on the sofa. “You know, a lot of people out there would like to see me burn for what I do,” she says. Rebecca is a woman who has faced challenges in her life, and dealt with them the best she could given her circumstances. She sees herself as providing a service to people who have needs, no matter how debauched the outside world deems them. They sat talking mutual challenges they have faced and politics (she’s supporting Hillary); Rebecca reflected upon the irony that many of the people who supported the torture at Abu Ghraib would want her closed down. It was in this conversation that Shankbone saw that humanity can be found anywhere, including in places that appear on the surface to cater to the inhumanity some people in our society feel towards themselves, or others.

“The best way to describe it,” says Bill, “is if you had a kink, and you had a wife and you had two kids, and every time you had sex with your wife it just didn’t hit the nail on the head. What would you do about it? How would you handle it? You might go through life feeling unfulfilled. Or you might say, ‘No, my kink is I really need to dress in women’s clothing.’ We’re that outlet. We’re not the evil devil out here, plucking people off the street, keeping them chained up for days on end.”

Below is David Shankbone’s interview with Bill & Rebecca, owners of Rebecca’s Hidden Chamber, a BDSM dungeon.

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.

Friday, January 8, 2010

With violence against foreigners escalating daily, and after being deluged with various threats and demands from al-Shabaab, a radical Islamic militant group with ties to al-Qaeda, the United Nations World Food Programme announced on Tuesday that, as of the end of this week, they are going to suspend all of their operations within southern Somalia—including the distribution of desperately needed food aid to Somali civilians. This is now the third humanitarian agency, after CARE International and Doctors Without Borders, to evacuate from the war-torn nation.

The pull out, which will include the closing down of all UN offices and the withdrawal of all local staff, is going to effect over one million Somalis—many of whom relay on this food program for their daily meals.

When asked by the New York Times to further explain the UN’s decision, Peter Smerdon, a spokesperson for the program, said via telephone from Nairobi, Kenya, “In the past few weeks there has been a harder line of unacceptable demands and conditions set by armed groups (such as al-Shabaab) in these areas. We sadly had to make the decision to pull our staff out.”

Smerdon also cited the fact that over forty aid workers have been killed between January 2008 and September 2009, and that four volunteers still remain in the hands of their captors.

Furthermore, when asked how this move by the UN will effect the Somali people, Smerdon said simply, “People will go hungry…you could see malnutrition rates rising [as a result].” When asked by a British newspaper, The Morning Star, the same question, another program representative, Emilia Casella, conveyed like sentiments, “[Those] dependent on food assistance in southern Somalia face a situation that is particularly dire.”

In a nation that—due to civil war—has not had a functioning government in over two decades, Islamic extremists groups—such as al-Shabaab—as well as various warlords and pirate gangs control most of the Horn of Africa nation, except for its besieged capital, Mogadishu, which is protected by African Union and NATO troops in addition to UN peacekeepers.

According to the UN, al-Shabaab—which has direct influence over the area that is going to be effected—presented their offices with numerous lists of demands. Among their demands was that the UN pay Shabaab a $20,000 protection fee every six months, seek Shabaab approval for all their projects, fire their entire female staff, and run their operations according to the militant group’s schedule.

When asked by The Associated Press about the UN’s decision to leave southern Somalia—including his own town of Jilib—Somali civilian and father of eight children, Abdullahi Awnur, said that al-Shabaab is responsible for driving the UN food program away, and that what they are doing is “indirect[ly] killing” innocent people.

Awnur went on to say, “We have been forced to flee from our houses and depend on [UN] food aid, and now that it is finished, that means [al-Shabaab] here does not want us to live.”

Despite all that has been said, al-Shabaab spokesperson, Sheik Ali Mohamud Rage, told New York Times reporters that he found these claims to be “baseless” in their origins. He continued by stating that, “All we (al-Shabaab) ordered them (the UN) was to buy food from Somali farmers and distribute it. They (the UN) do not want to do that, and because of that, they have made this very ridiculous justification.” Nevertheless, the UN has noted that even when harvests were good, Somali farmers are only able to supply 30-40% of the food needed to sustain the bulk of the country’s population.

“[Somalia] has been described as the most complex emergency in the world, and perhaps the most dangerous to operate in. However, the world is not hearing this,” say David Gilmour director of CARE International’s Somali branch.

Friday, September 22, 2006

The upcoming 2006 Mississauga municipal election, to be held November 13, features an array of candidates looking to represent their wards in city council.

Wikinews contributor Nicholas Moreau has contacted as many candidates as possible, including Tony Ciufo, asking them to answer common questions sent in an email. There is no incumbent in the newly created ward; the sixteen resident competing for the position are Shah Rukh Alam, John Briers, Jamie Dookie, Dale D’Souza, Prag Euclid, Adnan Hashmi, Elias Hazineh, Jack Janiak, Fasal Javaid, Craig Lawrence, Sue M. McFadden, Patrick Mendes, Barbara Polis, Graziano Roti, Ali Tahmourpour, and Scott Wilson.

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.”

Monday, January 23, 2006

A U.S. military court found Army chief warrant officer Lewis Welshofer guilty of negligent homicide in the death of Iraqi Maj. Gen. Abed Hamed Mowhoush during an interrogation in al-Qaim in Iraq, near the Syrian border, in November 2003.

The Iraqi general died after Welshofer shoved the general head-first into a sleeping bag, sat on him and occasionally covered the generals mouth with his hands. Welshofer’s supervisor had approved this technique except that Welshofer did not tell his supervisor that he sat on prisoners.

The prosecution described the techniques Welshofer used to obtain information from Mowhoush as “torture“.

The defense argued that Welshofer’s interrogation methods were covered by official policy. His unit’s commander Captain William Ponce wrote in an email three months before Mowhoush died that there were no rules for interrogations yet and that “the gloves are coming off, gentlemen … we want these individuals broken. Casualties are mounting.”Lieutenant General Ricardo Sanchez, the commanding officer in Iraq, authorized new interrogation techniques which according to Welshofer included the sleeping bag method.

The jury consisting of six military officers also found Welshofer guilty of negligent dereliction of duty, but acquitted of the more serious murder and assault charges.

Two days before his death, Mowhoush was beaten with rubber hoses, allegedly by CIA subcontractors, in the presence of Welshofer and on the next day Welshofer held Mowhoush while water was poured on this face.

Welshinger testified that he had used the sleeping bag technique a dozen to two dozen times in Iraq.

The sentencing is scheduled for Monday when Welshofer faces a maximum penalty of three years in a military prison. Last year U.S. army reservist Lynndie England was convicted of one count of conspiracy, four counts of maltreating detainees and one count of committing an indecent act and is currently serving her sentence of three years in prison. None of the charges levied against her involved the death of a detainee and her defense also argued that she was acting with consent of superiors.

Sunday, October 21, 2007

Fans of the American hard rock band Aerosmith have launched legal action against the band in response to a late cancellation of a scheduled concert on the Hawaiian Island of Maui.

Attorney Brandee Faria filed a class action suit in Hawaii Circuit Court on October 19. The suit alleges that the band’s cancellation cost fans between US$500,000 (€349,944) and $3 million (€2.1 million) in travel and accommodation costs, as well as other related expenses.

The sold-out September 26 Maui concert – originally planned months before as the final show of a world tour that began in Brazil in April – was canceled by the band on the basis that they could not make it to the island in time after a September 24 concert in Chicago. The Chicago concert, which attracted 18,000 people, was rescheduled at the last minute after the original September 10 concert date had been postponed due to illness.

The band canceled the show at Maui’s War Memorial Stadium, which was set to be attended by 9,000 people, and apologized to fans. The band’s management company, HK Management Inc., gave no initial reason when they canceled on September 20, but blamed logistical reasons by the next day.

However, just days later, on September 29, the band traveled to the neighbor island of Oahu to play a corporate event in Honolulu for Toyota car dealers and private guests. An audience of 6,000 people celebrated the 50th anniversary of the Japanese automobile manufacturer at the University of Hawaii, with Toyota paying $500,000 (€349,944) to hire the campus. Aerosmith received $1 million (€700,000) to perform at the event. Faria alleges that Aerosmith abandoned the scheduled public concert on Maui in favor of the more lucrative corporate event on Oahu.

“…Defendants simply canceled the only public performance by Aerosmith in favor of the larger Chicago venue and the lucrative, private concert for the Toyota car dealers,” the complaint states.

Local officials had hoped the concert would attract other big names to the island.

Faria said that “I’ve had people contact me being out of pocket at much as $800 or $900,” adding that if the cancellation is found to be deceptive ticket holders may be eligible for a minimum of $1,000 each. The complaint also says that those aged 62 or over should receive at least $5,000 each. Currently about a dozen ticket holders are involved with the suit. If the action is approved by a judge, steps will be taken to contact everyone who purchased a ticket.