Sunday, December 6, 2009

The US Bureau of Labor Statistics reported on Friday that unemployment in the country edged down from 10.2% to 10% in November, with fewer jobs lost in the previous two months than anticipated. The latest monthly figure was discussed at a congressional hearing yesterday as president Barack Obama welcomed the news but said he is still not satisfied.

At a hearing of the bipartisan Joint Economic Committee at the Senate, lawmakers from both major US political parties cited the November unemployment figure as welcome progress. However, they also noted the economic pain many of their constituents are still feeling in an economy struggling with deep recession.

Senator Amy Klobuchar, a Minnesota Democrat, said Americans at all levels, but notably the middle class, continue to struggle. “While parts of our economy are clearly stabilizing, with the Dow Jones over 10,000 again, it is clear that other parts of the economy are still struggling. We need to make sure that all Americans, not just the folks who happen to work on Wall Street, feel that we are digging ourselves out of the hole,” she commented.

Despite a generally upward trend in recent months on Wall Street, Obama, administration officials, and economists continue to caution that employment will lag behind other indicators of economic recovery.

Keith Hall, Commissioner of the Bureau of Labor Statistics, said the November figure, which still represents 15.4 million Americans out of work, is the lowest monthly job loss since the official beginning of the US recession in December 2007, and follows moderating figures in three previous months.

But in an economy that has lost jobs for 23 consecutive months, Hall noted that long-term unemployed continued to grow, rising by 293,000 to 5.9 million, with little change in the number of Americans employed part-time but seeking full-time work.

Democrat Carolyn Maloney asked him about economist’s predictions that it would take 10.7 million jobs created to return the country to full employment. “Well, without offering an opinion on that 10.7 million jobs, at that rate though, it would be about three years,” said Mr. Hall.

Opposition Republicans responded to the latest figures by focusing on specific sectors that continue to lag and renewing their assertions that steps President Obama has taken since he came to office, such as the $787 billion stimulus, have had little impact on the economy.

Kevin Brady is the Republican co-chair of the committee. He said while the November figures are good news, there is not much more to celebrate.”We can’t celebrate a 10 percent unemployment rate, especially when the long-term unemployment continues to grow in very troubling numbers.”

But Maryland Democrat Elijah Cummings noted what he called a major improvement with job losses going from 700,000 per month at the start of the recession to 11,000 in November. “The report we received this morning is a clear indicator that the economy is slowly returning to growth,” he said.

In an appearance in Allentown, Pennsylvania on Friday, Obama called the jobs figure “modestly encouraging”, but noted that he will not be satisfied until there is sustained significant improvement. “We have still got a long way to go. I consider one job loss one job too many and as I said yesterday at a jobs conference in Washington. Good trends don’t pay the rent. We have got to actually grow jobs and get America back to work as quickly as we can,” he said.

The president had held a so-called jobs summit at the White House this week seeking support from business and union leaders for his economic recovery efforts.

Republicans responded with their own event on Capitol Hill, where economists such as Douglas Holtz Eakin, the former adviser to Senator John McCain who lost the 2008 election to Obama, questioned his approach to recovery. “Job creation in the United States is something that small businesses, entrepreneurs and the private sector will do but they cannot do it if they are burdened by a legacy of debt and the prospect of higher taxes to pay off that debt and that is the most troubling aspect of the policies this administration is pursuing,” he said.

In testimony to Congress this week, US Federal Reserve chairman Ben Bernanke agreed with economists who caution that despite hopeful predictions of moderately strong economic growth unemployment is likely to remain high well into 2010.

Tuesday, July 17, 2007

File:New Zealand money.jpg

The New Zealand dollar (NZD) value rose and, for a short amount of time, was worth US$0.7932, the highest level in New Zealand since the dollar was floated in 1985 — 22 years ago.

The value then dropped a little and as of 11.40 a.m. was trading at US$0.7925. This was due to the Reserve Bank of New Zealand announcing that it will intervene next week at their Official Cash Rate review if the dollar continued to rise.

Economists are predicting that the NZD will now go above US$0.80.

The cause of this rise was mainly due to the release of the June quarter retail sales data. The consumer price index data showed that sales increased by 1.2%, instead of the predicted 0.4%. The bigger than expected sales data were mainly due to supermarket, car and petrol purchases. In May, the core sales figures showed a 0.8% rise, these figures excluded car and fuel sales.

Economist correspondents for Radio New Zealand have also said that a weak US dollar is also to blame for the rising New Zealand dollar. Danika Hampton, currency analyst for the Bank of New Zealand, says the NZD is looking expensive and doubts if it will maintain its current high figure.

Michael Cullen, the finance minister of New Zealand, has said that investors will be hurt when the New Zealand dollar does fall. Dr Cullen personally believes that the NZD is currently overvalued.

The Wellington Chamber of Commerce has called for the New Zealand Government to slow down it’s spending. Charles Finny, from the Chamber of Commerce, says this is one of the core factors, more than the oil and housing markets, despite speculation. Worldwide oil prices are at a current 11-month high.

The retails sales figures also resulted in Government bonds being weakened. The two-year and ten-year Government bonds are at 7.61% and 6.82% respectively.

The Official Cash Rate is currently at 8%, due to other interventions by the Reserve Bank.

The NZD is also trading well against the Australian dollar and Japanese yen.

Thursday, March 29, 2007

Eswar Prasad, a professor at the trade policy from the Cornell University, warns the United States legislators, that their bill could poison the relationship between USA and China.

This warning was given regarding the U.S. bill, which is meant to force China to raise the value of its national currency yuan. Currently yuan has a value, which is about 40% lower than it should be, as stated by the legislators, which gives the Chinese trading companies a huge advantage on the international trading ground.

Professor Prasad, who was a China trade expert and an economist at the International Monetary Fund until late last year, said that this bill would not have a long lasting effect and would not influence the problems the legislators are trying to avoid.

The opinion of the China trade specialist was that the USA should try to collaborate with Chinese officials in order to fix the problem of U.S. trade deficit and the current instabilities in the Chinese economy. The strategy to force the Chinese Government to do something would only worsen the relationship between the two countries.

The expert’s opinion was it was more important to concentrate on the question what framework of the monetary policy could substitute the fixed exchange rate of the Chinese currency, which helped China in anchoring the inflation expectations.

Mr. Prasad added that the best way to stabilize the Chinese economy would be to couple an inflation objective with a flexibility of exchange rate.

The bill needs two thirds of the votes both in the U.S. House of Representatives and in the Senate, in order President George W. Bush would not have the possibility to veto the bill.

Tuesday, April 13, 2010

At least nine people have died in northern Italy after a landslide caused the derailment of a passenger train. A further 25 people were injured, according to emergency services.

The incident occurred earlier this morning near the border with Austria, in a mountainous region near Merano, a city around 300 kilometres north of Venice.

“There are nine confirmed victims, while 28 people have been injured, seven of them seriously,” reported the governor of the Bolzano-Bozen province, Luis Durnwalder, to the Reuters news service. Initially, eleven people were reported dead, due to what the governor described as a “counting error”. However, he noted that “there could still be someone buried in the mud”, so the death count is not yet final.

According to the ANSA news agency, the train had about forty passengers on board when it derailed. Sky TV, meanwhile, quoted officials as saying that three people are reported to be missing. The authorities say the landslide was due to a broken irrigation pipe, which caused rocks to fall onto the tracks below. Authorities say they are looking into why the pipe burst.

The trains front car hit two trees upon derailment, local media says, which prevented it from dropping off into a river below. The carriage, however, was hanging over the river, and firefighters had to use cables to stop it from falling any more. A crane was also dispatched the scene to help clean up debris, ANSA reported.

“The train is hanging off the rails about five meters from the river. It is now only a few trees that are holding up the train and preventing it falling into the river,” said a witness, Alex Rowbotham, to the BBC.

“[…] The landslide occurred at the very passage of the train. It hit the train,” said Thomas Widmann, a transport official for the city of Bolanzo.

The crash was the deadliest in Europe since February, when eighteen people died after two commuter trains ran into each other near Brussels, Belgium. Italy saw its worse rail crash two decades ago, when 29 people died following the derailment of a freight train carrying petroleum gas, resulting in several explosions.

Tuesday, July 10, 2007

Hundreds of legal, highly-skilled workers in the United States sent hundreds of flowers to the Director of the United States Citizenship and Immigration Services (USCIS), Emilio Gonzalez as part of a symbolic and peaceful protest over what they said was a “flip-flop” by the State Department and the USCIS on eliminating Green card processing delays.

Dr. Gonzalez announced on the USCIS website late last night that the flowers will be forwarded to the injured service members recuperating at Walter Reed Army Medical Center and at Bethesda Naval Hospital.

In response, Immigration Voice, a non-profit organization representing skilled, legal immigrants, said that they welcome the fact that Dr. Gonzalez acknowledged the symbolic gesture of our protest and are overjoyed that these flowers will brighten the day of the injured service brethren.

Immigration Voice also said that it is their sacrifice for American freedom that has made this country great and such a desirable destination for multitude of people from around the world and that they wanted to say “Thank you and god bless you” to the servicemen.

Wednesday, February 23, 2005A compound in the common daisy-like plant feverfew kills human leukemia stem cells and could form the basis for newer, more effective drugs for the disease.

American researchers at the University of Rochester Medical Center in New York say that it could take months to develop a useable drug from the compound, parthenolide.

However, they are working to do so with chemists at the University of Kentucky who have identified a water-soluble molecule with the same properties. The US National Cancer Institute has also accepted the work into its rapid access program, which aims to speed experimental drugs into human clinical trials.

“This research is a very important step in setting the stage for future development of a new therapy for leukemia,” says Rochester researcher Craig Jordan. “We have proof that we can kill leukemia stem cells with this type of agent, and that is good news.”

Parthenolide appears to target the roots of myeloid leukemia, stem cells, while current treatments including the relatively new drug Gleevec don’t. So, “You’re pulling the weed without getting to the root,” says Jordan.

Used for centuries to fight fevers, inflammation and arthritis, feverfew earned interest from the Rochester researchers after other scientists showed that it could prevent skin cancer in animal models.

So the researchers investigated how a concentrated form of the plant component parthenolide would affect leukemia cells and normal cells.

Comparing the impact of parthenolide to the common chemotherapy drug cytarabine, they found that parthenolide selectively killed leukemia cells while sparing normal cells better.

While the findings suggest that parthenolide is a good starting point for new drugs, people with leukemia aren’t being encouraged to take high doses of feverfew as they could not take enough of the remedy to halt the disease.

The research is reported in the journal Blood.

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Thursday, May 5, 2005

The 2005 UK general election was held on Thursday 5th May. The election resulted in a third term for Tony Blair’s Labour Party.

Below are the latest Wikinews stories on the campaigning parties and candidates.