Tuesday, February 15, 2011

The Office for National Statistics (ONS) have made a statement saying the inflation rate of the United Kingdom measured by the Consumer Price Index (CPI) increased to 4% in January 2011. In December 2010, this figure was 3.7%. According to BBC News Online, 4% is the highest CPI that the UK has experienced since November 2008.

There are various reasons for the raised British inflation rate, including value added tax (VAT) increasing from 17.5% to 20% on January 4 and the value of crude oil rising. The inflation rate of the Retail Price Index in the country has increased to 5.1%; previously, the value was 4.8%. The CPI has now been a minimum of a percentage point higher than the intended 2% target for one year and two months.

The ONS revealed that the price of petrol per litre, which the CPI measured at £1.27 (US$2.04, €1.51) (£5.77/ Imperial gallon), was a record peak. The rising values of tobacco, alcohol, hotels, restaurants, transport and furniture are also said to have caused the increase in VAT. Between December 2010 and January 2011, the rate of the CPI increased by 0.1%, the first time that inflation rose during these two months since records commenced in 1997. The ONS have stated that “[t]wo of the main factors that had an impact on the January data are the increase in the standard rate of Value Added Tax (VAT) to 20% and the continued increase in the price of crude oil”.

Mervyn King, the current Governor of the Bank of England, has written a letter and sent it to George Osborne, the present Chancellor of the Exchequer of the British government. The letter provides an explanation for the inflation outlook and what can be done to overcome it. Within the letter, King states that the inflation is anticipated to increase to 5% within the next few months.

“The MPC’s central judgement, under the assumption that Bank rate increases in line with market expectations, remains that inflation will fall back so that it is about as likely to be above the target as below it two to three years ahead,” Mervyn King stated in the letter. “The MPC judges that attempting to bring inflation back to the target quickly risks generating undesirable volatility in output and would increase the chances of undershooting the target in the medium term.”

During the last week, the UK interest rates remained at 0.5%. The Bank of England has kept this figure at half a percent for twenty-three consecutive months.

Friday, March 9, 2007

On Thursday March 8, 2007 the government of the Southern Greek part of Cyprus used heavy machinery to allow its military to tear down the five-meter high concrete wall on the Green Line that divides the island.

The wall has stood in the Cyprus capital of Nicosia for more than 40 years. It has been a constant reminder of the political situation of the Mediterranean island (given independence from Britain in 1960) that has suffered divisions since communal violence in 1963 that was only prevented by establishing a United Nations Peacekeeping Force there in 1964. These divisions only deepened when Cyprus was invaded by Turkey’s military in mid-July 1974 after right-wing Greek Cypriots (backed by the military junta ruling Greece at the time) attempted a coup with the intent of joining the island to Greece. The result was a split between the internationally recognized Greek Cypriot government in the south and the Turkish Cypriot north (only recognized by Turkey). The division at Nicosia has become a curiosity to tourists who look over it to see the buffer zone between the two factions (a no man’s land with abandoned homes and businesses where no civilians are allowed). The destruction of the wall also brought out curious Cypriots.

Much international pressure had been brought to bear on both sides, and thawing of the relationship between the opposing Cypriots began in 2003 when the Turkish side eased restrictions on travel. Still in 2004 before joining the E.U., Greek Cypriots rejected the UN reunification plan that called for a federation of two states. Then in December 2005 when the Turkish Cypriots created a footbridge for Turkey’s soldiers on the other side, the action drew protests from the Greek Cypriots voicing their security concerns. In January 2007 the Turkish Cypriots began dismantling the footbridge as a gesture of good faith.

At first both Cypriot governments expressed hope of reunification when asked about the demolition. Tassos Papadopoulos, the president in the Greek south stated “Tonight we have demolished the checkpoint on our side.” He went on to call for the Turkish Cypriots to act, saying civilians will not be able to cross “if the troops are not withdrawn”. Rasit Pertev, chief adviser to Mehmet Ali Talat, the leader of Turkish Cyprus said: “This is extremely symbolic… The dynamism created by this move will lead to the opening of the crossing.” Still when the government of Turkey dismissed the move as merely a result of international pressure that did not signify anything, and refused to dismiss its troops in the area (it maintains 40,000 soldiers on the island), sheets of aluminum were put up as a barricade on the Greek Cypriot side early on the morning of March 9, 2007.

Monday, November 28, 2005

SpaceX called off the much-delayed inaugural launch of their new Falcon 1 rocket on Saturday from Kwajalein’s Omelek Island launch site. The intent was to launch the U.S. Air Force Academy’s FalconSat 2 satellite, which will monitor plasma interactions with the Earth’s upper atmosphere and magnetosphere.

The launch was delayed, then finally cancelled after an oxygen boil-off vent had accidentally been left open. The oxygen was unable to cool the helium pressurant, which then proceeded to evaporate faster than it could be replenished. A main computer issue, probably serious enough to cause a scrub on its own, was also discovered.

This long-anticipated flight was originally expected to be launched in January 2005, however a series of setbacks forced a series of delays, with the flight most recently scheduled to be in early 2006. It was intended to be launched from the Kwajalein atoll in the middle of the Pacific Ocean.

The maiden voyage was originally intended to launch from Vandenberg Air Force Base in California with a Naval Research Laboratory satellite and a Space Services Incorporated space burial payload.

Monday, December 11, 2006

A major purchase transaction is being prepared in the diamonds’ industry: Samuels Jewelers started a discussion with a sightholder from Diamond Trading Company (DTC). The latter is to acquire the majority part of retailer’s shares.

There is still not much information about this particular sightholder, except for the fact that it is based in India. The present majority shareholder of Samuels Jewelers is DDJ Capital Management. The representatives of the company do not give any information concerning the potential buyer.

Randy McCullough, the President and CEO of Samuels Jewelers, stated that it would be a great opportunity for the retailer to start a partnership with a DTC sightholder, thus Samuels would be able to re-capitalize its balance sheet, to acquire newer inventory and guarantee itself stable growth in the future.

As for Samuels Jewelers, which is officially called “Samuels, Schubach and Samuels Diamonds”, possesses a network of 97 jewelry stores in 18 US states since October 1 this year. The incomes of the retailer at the end of the previous year are estimated to be around $100,000,000.

The current shareholder of Samuels Jewelers, DDJ Capital Management, is a company, which specializes itself in private equity and debt financings. This managing firm began its activity in 1996 and since then has grown to operate capitals of 79 institutional clients (estimated in approximately 3 billion dollars).

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Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Sunday, November 11, 2007

Besides becoming a political stomping ground for the Pan-Green and Pan-Blue coalitions, there are other changes from past years of Taipei Audio Video Fair (TAVF). With those changes in mind, Wikinews reporter Rico Shen interviewed You-peng Wang, chairman of the Taipei Electrical Commercial Association (TECA), the main organizer of TAVF, about the 60th year anniversary of TECA and the changes to the show.

See the discussion page for instructions on adding schools to this list and for an alphabetically arranged listing of schools.

Due to the damage by Hurricane Katrina and subsequent flooding, a number of colleges and universities in the New Orleans metropolitan area will not be able to hold classes for the fall 2005 semester. It is estimated that 75,000 to 100,000 students have been displaced. [1]. In response, institutions across the United States and Canada are offering late registration for displaced students so that their academic progress is not unduly delayed. Some are offering free or reduced admission to displaced students. At some universities, especially state universities, this offer is limited to residents of the area.