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Saturday, January 9, 2010

Two men were arrested Thursday in connection with an alleged bomb plot targeting the New York City Subway. Adis Medunjanin and Zarein Ahmedzay are being held by FBI agents pending charges, and are expected to appear before a Brooklyn judge Friday. The arrests seem to be in connection with the investigation of Najibullah Zazi, who was also arrested in September on charges of trying to attack the subway system. When Zazi was arrested in September, investigators said they knew the identities of at least three of his associates, but they did not release information about them.

The New York Times reports the two men and Zazi, who are all in their 20s, attended the same high school in the New York City area. Prosecutors have accused Zazi of conspiring to use homemade bombs against unspecified targets in the United States. Law enforcement officials have said the plot may have involved New York City’s mass transit system.

They allege Zazi spent more than a year plotting the attack with co-conspirators and that he received bomb-making instructions in Pakistan in 2008. The U.S. government also says he bought components to build improvised explosive devices and traveled to New York City on September 10, 2009, to move forward with his plans. Zazi’s father was also arrested in September and charged with lying to federal officials.

Monday, January 31, 2005

Metlife announced on 01/31/05 that they were going to acquire Travelers Life and Annuity from Citigroup. Travelers Life and Annuity is an insurance underwriter. MetLife is a large life insurance and annuities underwriter. MetLife will have to borrow a lot of money to pay for the company, so rating agencies like S&P warn that the AA credit rating of MetLife might be lowered. This would cause the interest rates at which all of MetLife’s debt must be repaid to increase.

Citigroup committed to continue distributing Travelers life insurance and annuities through its Smith Barney stock brokers, Primerica agents, and Citibank branches.

Citigroup was previously known as Travelers Insurance before it bought Citicorp. First the Property and Casualty business of Travelers was spun off, and now the life insurance division has been sold off. This is primarily because insurance underwriters get a lower price to earnings multiple from the stock market because of the cycles and uncertainty associated with the insurance business. Also, having an insurance underwriter and a bank together does not usually create “cross-sell” opportunities, because consumers and businesses almost always buy life insurance and annuities through brokers who have a duty to give them other options. Citigroup will continue to sell insurance through its brokers as before.

Tuesday, October 2, 2007

Dan McCreary is running for the Progressive Conservative in the Ontario provincial election, in the Brant riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his 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.

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.

Wednesday, March 25, 2009

Two Roman Catholic Church priests in the United States, were sentenced to prison for theft. They were convicted of stealing over US$8 million from St. Vincent Ferrer Catholic Church in Delray Beach, Florida.

Retired Monsignor John A. Skehan and Reverend Francis B. Guinan were accused in 2006 of misappropriation of funds from the church collection plates and church bequests.

Judge Jeffrey Colbath handed down the sentence on Skehan who received 14 months in prison followed by seven years on probation. He plead guilty in January 2009 to grand theft of over $100,000. The defense, prosecutors and Diocese of Palm Beach had requested probation for Skehan, who is 81 years old. Skehan has paid back $750,000.

“The court finds the defendant is not merely sorry because he got caught, but is truly shameful, embarrassed and remorseful,” Judge Jeffrey Colbath said. “The crime of the defendant was pure greed unmasked. There was not a shred of moral necessity to excuse the defendant’s crime.”

Circuit Judge Krista Marx sentenced Guinan who received four years in prison and was found guilty of theft of just under $100,000.

“No matter how many good works you have performed in your many years as a priest, your legacy will always be one of thievery and deceit,” Judge Krista Marx said.Skehan had invested in a Co. Clare cottage, a Co. Kilkeeny pub, and two penthouse condominiums. As well as real estate he had purchased a collection of gold coins worth around $300,000. Both priests had embarked on gambling holidays and real estate ventures.

Saturday, June 4, 2005

Partygaming Plc, the worlds largest online poker company, has announced that it intends to float on the London Stock Exchange by the end of this month. Although it has not yet set a price, analysts in The City are speculating that the flotation could value the firm at up to STG£5bn. Such a valuation would make the flotation the largest in four years.

The Gibraltar-based company, which owns the Partypoker brand, intends to sell 23% of the company in the flotation. If the company’s initial public offering is successful, the firm will enter the FTSE 100 Index (the top 100 firms on the exchange by value). Its value would be greater than that of both British Airways and Boots.

Partygaming Plc was founded in 1997 by Anurag Dikshit and has since grown at a huge rate – doubling profits in the past year alone to STG£371m. At peak times it attracts 70,000 simultaneous players.

Monday, March 14, 2022

Wikinews received clarification earlier this month from the United Kingdom Department for Business, Energy and Industrial Strategy (BEIS) regarding the government’s response to the cost of living crisis following the Russian invasion of Ukraine.

The UK anticipated Russian action against Ukraine for several months, and has coordinated a response with NATO and the European Union. Many “swift retributive responses including an unprecedented package of sanctions” promised in January were imposed after the Russian invasion began in February.

They now include “financial, trade, aircraft, shipping and immigration sanctions” to urge Russia “to cease actions which destabilise Ukraine, or undermine or threaten the territorial integrity, sovereignty or independence of Ukraine.” Most recently, it includes a commitment made by Business Secretary Kwasi Kwarteng Tuesday to phase out Russian oil and natural gas in the UK by the end of the year.

The announcement came the same day United States President Joe Biden announced a ban on imports of Russian oil, coal and gas.

However, a UK government spokesperson told Wikinews: “We cannot have a cliff-edge where oil and gas are abandoned overnight. Turning off the taps would put energy security, British jobs and industries at risk and we would be even more dependent on foreign imports.”

The European Commission was more cautious, planning to cut Union dependence on Russian imports by two-thirds this year, before ceasing altogether “well before 2030”. But whereas Russia supplies 40% of the EU’s natural gas, much of the UK’s energy is produced domestically.

The spokesperson contrasted the British situation with that of the EU: “Our single largest source of gas is from the UK Continental Shelf and the vast majority of imports come from reliable suppliers such as Norway.

“There are no gas pipelines directly linking the UK with Russia. Imports from Russia made up less than 4% of total UK gas supply in 2021.

“Ministers and officials continue to engage constructively and regularly with energy intensive industries and our priority is to ensure costs are managed and supplies of energy are maintained.”

A government FAQ published February 25 adds the UK has three liquefied natural gas (LNG) terminals, while Germany has none. The fact sheet urged “European countries on the continent reduce their reliance on Russian gas both through alternative supplies, including the global [LNG] market”.

A press release from Tuesday specifically named Vladimir Putin, Russia’s president, and called the invasion “illegal”. The spokesperson said: “We continue to monitor the impacts that Putin’s unprovoked invasion of Ukraine is having on the cost of living in the UK, so we keep our approach under review.”

The release asserted Russian oil “is already being ostracised by the market”. And in any case: “In a competitive global market for oil and petroleum products, demand can be met by alternative suppliers. We will work closely with international partners to ensure alternative supplies of fuel products.”

But high inflation, already associated with the rising cost of petrol, has seen prices rise in all key areas. Before the Russian invasion, the Bank of England forecast inflation to rise to about 7% in spring, from 5.4% last year. And economists cited by The Guardian reportedly project inflation to rise to almost 8% next month.

Consultancy firm The Centre for Economics and Business Research more than halved its growth expectations for 2022 from 4.2% to 1.9% Tuesday. The Institute for Fiscal Studies (IFS) has said the £9 billion package by Chancellor of the Exchequer Rishi Sunak “would now offset only about one fifth of the rise in household energy bills.”

The government spokesperson said: “We recognise the concerns people have about the cost of living, which is why we have set out a generous package of support worth around £21bn including a £150 council tax rebate from April and a further £200 energy bill discount in October – cutting energy bills quickly for the majority of households.”

They added: “We are already providing support to families worth around £20 [billion] this financial year and next, including cutting the Universal Credit taper to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing £9.1bn to support 27 million households with their energy bills.”

As hinted, all measures were introduced prior to the Russian invasion of Ukraine, which began on February 24.

On February 3, it was announced those in England in Council Tax bands A-D would get £150 off their council tax payments. It was also announced there would be a £200 discount on all Britons’ energy bills in autumn. The £200 would be repaid automatically over the next five years, which Leader of the Opposition Sir Keir Starmer likened to a loan.

During Prime Minister’s Questions (PMQs) Wednesday, he derided Sunak for proposing “a forced £200 loan for every household paid back in mandatory instalments”.

Prime Minister Boris Johnson defended the government for their £20 billion support package, calling the measures “unprecedented”. He added he plans to set “out an energy independence plan for this country in the course of the next few days to ensure that we undo some of the damage of previous decisions taken”.

Sunak announced changes to Universal Credit and the continued freeze of fuel levies during his autumn budget statement on October 27. The amount withheld workers making above the worker allowance threshold per pound was reduced from 63 pence to 55 pence. It follows the UK government’s cancellation of a Covid-19 uplift of £20 per week to Universal Credit in early October, which cut the income of six million claimants by £1040 per annum.

The fuel duty was frozen twelve years ago and has not been lifted since. It is estimated to save motorists £1900.

The statement also included a “radical simplification” of alcohol duties, reducing the taxable bands from fifteen to six and suspending a planned hike at a £3 billion loss to HM Treasury. This was encouraged by many organisations, including the British Beer and Pub Association.

Even so, the measures have been criticised as too meagre to address the reality of the situation. Ahead of Sunak’s spring statement slated for March 23, Conservative MPs have pressured the Chancellor to consider new measures. A source reportedly told The Guardian officials in HM Treasury are weighing options; publicly, they state “There’s only so much that can be done, and we’ve never seen oil prices where they are now.”

Analysts warned Britons from February 24 household gas and electricity bills could reach £3000 per year. The Office of Gas and Electricity Markets announced it would lift a cap on default energy tariffs by 54% to £1971 from April.

Though oil prices stabilised to below USD120 per barrel Wednesday, Brent Crude briefly reached a 2008 high of $147.50 per barrel and remain substantially higher from before the Russian invasion. To minimise the effect this will have on British consumers, Sir Keir pushed for nuclear power, renewable energy and home insulation at PMQs.

Johnson defended his record on renewables, calling the UK “the Saudi Arabia of wind power”. The UK spokesperson told Wikinews “It’s the right thing to do to move away from dependence on Russian oil and gas across Europe and this means looking at more nuclear and much more use of renewable energy.”

However: “Companies and skilled employees right across the UK’s gas sector are working to maximise production through this winter, helped by several small new wells and fields that have come online in recent months and edged production up.” The example Wikinews raised over the Abigail oil field in the North Sea, which was greenlit for development by an Israeli firm on February 2, was not addressed. At the time, the director of the Oil and Gas Authority told Sky News oil and gas will remain a source of British energy for decades.

The government spokesperson continued: “The issues we are facing are a result of high international gas prices rather than supply, and further UK oil and gas licensing is unlikely to have a major impact in the short term.”

The Labour Party has urged a windfall profits tax to be imposed on excess profits made by major fossil fuel companies, including BP and Shell plc. Both companies reported historic profits for 2021 in February. BP saw profits of $12.8 billion from -$5.7 billion in 2020, and Shell $19.3 billion from $4.85 billion in 2020.

After BP’s announcement, Shadow Chancellor of the Exchequer Rachel Reeves tweeted “The chancellor’s energy plans last week left families more worried than ever. It’s time for Labour’s plan for a one-off windfall tax on oil and gas producers to cut bills.” However, when pressed at PMQs, Johnson urged a “a sober, responsible approach.”. He said: “The net result of [a windfall tax] would be to see the oil companies put their prices up yet higher, and make it more difficult for them to [divest] from dependence on Russian oil and gas.”

The UK government spokesperson told Wikinews: “A windfall tax could deter £14 billion worth of opportunities awaiting investment, which would risk both security of our energy supply, as well as almost 200,000 jobs that rely on the industry.

“Oil and gas companies in the North Sea are already subject to a tax rate on their profits that is more than double those paid by other businesses. To date, the sector has contributed more than £375 billion in production taxes.

“We keep all taxes under review but we do not comment on speculation about tax changes.

“The UK Government places additional taxes on the extraction of oil and gas, with companies engaged in the production of oil and gas on the UK Continental Shelf subject to headline tax rates on their profits that are currently more than double those paid by other businesses. To date, the sector has paid more than £375 billion in production taxes.”

The government is also criticised for its plan to retrofit homes with poor insulation. In March last year, the government’s flagship green homes grant was scrapped, having only installed 5800 energy efficiency measures.

The government spokesperson responded: “We are investing almost £6.6 billion to support the installation of energy efficiency measures in low energy performance homes including older properties with low income home owners and tenants.

“The Heat and Buildings Strategy set out a comprehensive package of measures we are taking to kickstart the transition to low-carbon heat and build the market for heat pumps. This includes investment in a new £450 [million] Boiler Upgrade Scheme, the £950 [million] Home Upgrade Grant and the £60 [million] Heat Pump Ready research programme.”

Sunday, April 26, 2009

Stephen Molyneux has resigned from his post of Justice of the Peace in Shropshire, England, after a fellow magistrate reported him for posting messages about a case on the social networking website Twitter.

Professor Molyneux, an IT consultant and former mayor of Oakengates, tweeted information about bail applications on an armed robbery case. He wrote ‘just about to hear application from 3 robbers from Manchster as to whether to remand or not’, ‘1st defendant. Conspiricy [sic] to rob TSB of £500,000. Good start – wrong previous convictions presented’ and ‘finished hearing bail. 3 refused for planning robbery of £480,000 from Tsb [sic] in Dawley, Telford’.

Molyneux claimed nothing that he said could have prejudiced a case and he only mentioned what had been discussed in open court. He also claimed he was trying to make the criminal justice system seem more transparent. He also stated he had never tweeted whilst in court, but only in the retiring room.

He resigned after he received a letter from the Shropshire Advisory Committee, which requested a meeting.

Thursday, November 7, 2019

On Monday, Hungarian daily newspaper Magyar Nemzet revealed a deal whereby, on October 29, Hungarian state-owned enterprise HDT Védelmi Ipari Kft. (HDT Limited) acquired Austrian mortar and shell manufacturer Hirtenberger Defence Group. Hirtenberger Defence Group also acknowledged the deal.

In the deal, Austrian, United Kingdom and New Zealand production sites are to be kept, with market sales expected to cover for the price in the long run. A government-guaranteed loan covered the costs, but the exact figure was kept secret.

The November 4 issue of Magyar Nemzet published an interview with Gáspár Maróth, the Hungarian Government commissioner responsible for defence, defence industries and coordinating defence modernization, in which the deal was announced. On the same day, the Hirtenberger Defence Group issued a corresponding press release.

While not naming any other bidders, Maróth said the Hungarian bid won after lengthy negotiations, out of mulitple competing offers. He said he expects no political turmoil between the neighboring Austria and Hungary over the sale. He also noted the acquisition fits into the Hungarian “outward investment” ^{((hu))Hungarian language: ?t?kekihelyezési} strategy of Prime Minister Viktor Orbán.

The Austrian partner asked for the price to be kept secret, but the commissioner stated the purchase was financed by a loan, so it is not a burden on the state budget. With government resolution No. 1430/2019, the state issued an indemnity bond to cover for HDT’s 38.8 million euro loan, and daily Népszava covered the story with a headline pointing out that amount as the presumed price. The creditor Hungarian Development Bank is state-owned as well. Already-queued orders won’t leave idle capacity for some years, Maróth said, and paying back this loan seems realistic; unnamed industry experts called this dubious to Népszava, as the market is saturated and margins are thin, while noting this kind of equipment is needed by the Defence Forces.

The company structure remains unchanged and all sites continue to operate, but Hungarian engineers are to join the research and development team. Maróth pointed out it would have been much more costly and time-consuming to research mortar technology than to acquire it this way. He noted, “the army modernization does not just cover buying ‘hardware’ but technology transfer as well.” ^{((hu))Hungarian language: ?a hader? modernizációja a „vas” megvétele mellett a tudástranszferre is kiterjed.}

Népszava noted the purchase appeared to circumvent the Ministry of Defence. HDT Limited was registered on August 6, 2019 and is under the aegis of Hungarian National Asset Management, Inc.

To modernize its military, in 2018, Hungary licensed Czech firearm technology and started assembling firearms in Kiskunfélegyháza, then agreed with Airbus to open a helicopter parts factory as a joint venture in Gyula.

US President Trump has called for NATO members to increase military spending. According to a March 14, 2019 NATO press release, Hungary spent an estimated 1.15% of its GDP on military expenditures in 2018; NATO guidelines call for 2%. Maróth noted the military had been “effectively disarmed” ^{((hu))Hungarian language: ?gyakorlatilag lefegyverzett} by 2010, when Viktor Orbán regained the prime ministry of Hungary for his second term. Hungary launched a military development program dubbed “Zrínyi 2026” in 2017 to address structural and financial challenges faced by the Defence Force and to renew its equipment.

Tuesday, April 5, 2005After a blowout win for the New York Yankees on Sunday, their ancient rivalry with the 2004 World Series champion Boston Red Sox resumed with a close game on Tuesday that went down to the wire. Yankees closer Mariano Rivera had a blown save in the top of the ninth when he surrendered a solo home run to Red Sox catcher Jason Varitek that tied the score at 3-3. Yankee Derek Jeter saved the day in his lead-off at bat in the bottom of the ninth, hitting a walk-off home run off Keith Foulke to win the game for the Yankees. Yankees manager Joe Torre said, “We escaped today. Mariano is still the best in the game as far as I’m concerned. That doesn’t mean that clubs aren’t going to get to him once in a while. These guys we’re playing are the world champs.”

Rivera and the Yankees won’t soon forget the glory snatched from them by the Red Sox in last year’s American League Championship Series. The Red Sox were within three outs of being defeated in a sweep when they rallied against Mariano Rivera at Fenway Park in Game 4. They went on to win in 12 innings, and won the next three games to take the Series, and went on to win the World Series.

Other spotlights included starting pitcher Carl Pavano‘s debut for the Yankees and Hideki Matsui, who hit his second home run in two games.

Today’s game was played in front of 54,690 at Yankee Stadium.