Monthly Archives: February 2021

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Thursday, December 31, 2009

The Icelandic Prime Minister Jóhanna Sigurðardóttir and her coalition government narrowly escaped a commitment to resign as a €3.8 billion bill to repay British and Dutch savers following the collapse of Icesave online banking passed. The vote margin was only three votes.

Only a matter of hours before the anticipated final vote, Wikileaks announced the disclosure of one of 23 documents suppressed by the Icelandic Minister of Finance: an apparent legal summary of meetings between Icelandic and EU representatives held in Brussels in November 2008. The leaked document discusses the then-assessed liabilities of Iceland at 60% of GDP, considerably higher than the reported 40% which repaying Icesave deposit holders entails.

Amongst the other details in the report is emphasis of the deep-seated anger of the Icelandic people at the situation around the financial collapse, particularly the UK’s use of anti-terrorism legislation in its approach to the country’s banks. Iceland’s interpretation of the situation, and its financial treaty obligations with the EU, considered foreign deposits lost through force majeure. All 27 EU members disagreed with Iceland’s interpretation and Peter Mandelson, although he resigned from the Barroso Commission in October, presented the legal position that Iceland could not pass legislation that did not ensure treaty-mandated minimum balance returns from failed Icelandic banks.

Leaked private communication from Ingibjörg Sólrún Gísladóttir, Iceland’s then-foreign minister, compared the potential liabilities the country faced with the reparations imposed on Germany by the Treaty of Versailles in the wake of World War I.

Three banks failed in the financial crisis: Kaupthing, Glitnir, and Landsbanki. As the list of creditors emerged it was found that, among others, UK councils had around £900 million with the banks. Landsbanki agreed to repay the majority of funds held, giving council depositors priority status. Approximately £200 million on deposit with Glitnir is at-risk; the bank has stated the councils will be treated equally with all other creditors seeing them likely to only recover 30% of the amount Glitnir held.

Kaupthing faces other difficulties. The UK’s Serious Fraud Office began an investigation earlier this month into the bank’s UK activities. At issue are allegations savers were misled into selecting one particular account type, plus suspicious financial activity suggesting substantial amounts were moved out of the bank in the days prior to its collapse.

At present, UK councils have received little more than ten percent of their over £900 million deposits. They are among over 8,500 creditors claiming a staggering total of £20 billion. The largest single claimant is the British Depositors’ and Investors’ Guarantee Fund seeking €5 billion, and, of some note, Formula One racing team Williams claiming around £10 million in unpaid sponsorship from Glitnir who took on the liability from the Icelandic buyers of Hamleys.

Debt to 84% government-owned Royal Bank of Scotland (RBS) by Glitnir stands at around £500 million; much of the actual debt written off in 2008 as RBS posted £24 billion losses. Further write-offs by the bank are expected to total less than £50 million.

Icelanders resented the discovery that fifteen senior ex-employees of Landsbanki claim €14 million between them, including a single claim of €2.7 million. Suspicion exists that the banks arranged substantial interest-free loans for various of their shareholders and executives.

Today’s announcement of the Icelandic government’s agreement to pay out €3.8 billion keeps their application for EU membership on-track, although each one of the country’s 320,000 citizens effectively faces a €12,000 debt.

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.

Thursday, November 22, 2007

On Tuesday, the press and members of the National Turkey Federation gathered in large numbers at the White House’s Rose Garden in the United States to witness an annual Thanksgiving tradition in the U.S., a presidential pardon of two Thanksgiving turkeys.

Every year, a U.S. President gives a pardon to two turkeys, saving them from being put on a dinner table somewhere in America. This year, President George W. Bush pardoned two turkeys named May and Flower, who were both chosen for the pardon by the citizens of the U.S.

“Each of you is taking part in a tradition that goes back to the days of Harry Truman. And to paraphrase Harry today, we have a message for our two feathered friends: You cannot take the heat — and you’re definitely going to stay out of the kitchen. I thank everybody who voted online to choose the names for our guests of honor. And I’m pleased to announce the winning names [May and Flower]. [These names are] certainly better than the names the vice president suggested, which was Lunch and Dinner,” Bush said jokingly.

After receiving the pardons, the turkeys got a special ride in a three-car motorcade to Dulles Airport, which included an array of lights, sirens and police motorcycles. From there, both turkeys were flown to Orlando, Florida on a plane dubbed United Turkey One where they were the Grand Marshalls for today’s Thanksgiving Day parade in Walt Disney World. Both turkeys received a welcome which included a red carpet, and free passes to the park.

“So now I have a task, and that is to grant a full presidential pardon to May and Flower. They’ll be shortly flown to Disney World, where they will serve as Honorary Grand Marshals for the Thanksgiving Day Parade. I hope that honor doesn’t go to their head. May they live the rest of their lives in blissful gobbling. And may all Americans enjoy a holiday full of love and peace. God bless you all,” added Bush.

Wednesday, January 13, 2010

The U.S.-based multibillion dollar online search engine, Google Incorporated, has announced Tuesday in a public statement on its official blog that the company has been the victim of a “highly sophisticated” and “targeted attack” against their corporate infrastructure that they allege “originated from China.”

The author of said statement, David Drummond, Google’s Senior Vice President of Corporate Development and Chief Legal Officer, noted that Google was not the only multinational corporation targeted. “As part of our investigation we have discovered that at least twenty other large companies from a wide range of businesses—including the Internet, finance, technology, media and chemical sectors—have been similarly targeted.” The names of these other corporations in question have yet to be released. To this end, Google states that they are “currently in the process of notifying these companies,” and they are cooperating with the “relevant authorities.”

Drummond goes on to say that through a separate and unrelated investigation, Google has additionally discovered that the accounts of “dozens” of Gmail users worldwide who are “advocates” of political and human rights in China “appear to have been routinely accessed by third parties” as well.

However, he affirms that “…these accounts have not been accessed through any security breach at Google, but most likely via phishing scams or malware placed on the users’ computers.”

As a result of what has occurred here, Google said it has already made significant changes to the security infrastructure of its users’ accounts as to prevent something like this from ever happening again.

At the same time, Google advised individual users to use more discretion while online, “We would advise people to deploy reputable anti-virus and anti-spyware programs on their computers, to install patches for their operating systems and to update their web browsers. Always be cautious when clicking on links appearing in instant messages and emails, or when asked to share personal information like passwords.”

Google launched its Chinese-language search engine, Google.cn, in January 2006. The only precondition to operating in China was that the company had to acquiesce to certain censorship demands from the one-party government. When defending their controversial rationale for operating in the socialist republic, Google said “…that the benefits of increased access to information for people in China, and a more open Internet outweighed our discomfort in agreeing to censor some results.”

Nevertheless, Google has still been widely criticized for this voluntary censorship of search results of topics, such as the Tiananmen Square protests of 1989, movements for Tibetan and Taiwan independence, and the Falun Gong religious movement along with other information considered harmful to the Chinese government. Some feel it goes against and is hypocritical of Google’s informal motto, “Don’t be evil”.

In response, a spokesperson for the Chinese Consulate in New York City, Wenqi Gao, said in a phone interview to The New York Times, “I want to reaffirm that China is committed to protecting the legitimate rights and interests of foreign companies in our country.”

In contrast, Sharon Hom, the executive director of Human Rights in China said, “It’s a wakeup call for the international community about the risks of doing business in China. The tendency has been for companies to keep their eye just on the benefits of doing business. But the risks are real—The risks are to our intellectual property. The risks are to our values.”

Analysts noted that this move has the potential to financially hurt Google, which has a somewhat limited share of the Internet search market in China, which is dominated by the Chinese-based Google-like website Baidu. Google’s shares fell just under two percent after hours to US$579.50. Meanwhile, Baidu shares rose five percent to US$406.

Harvard Business School professor David Yoffie said, “The consequences of not playing the China market could be very big for any company, but particularly for an Internet company that makes its money from advertising.”

“It will hurt their profits. They get eight to ten percent of their revenues from China,” said Trip Chowdhry, an analyst for Global Equities Research. “If they walk, they will eventually be invited back into China, because the Chinese people will request that. Openness always wins, but it will take some time.”

Tim Ghriskey, the chief investment officer for Solaris Asset Management said, “Clearly not good news for Google and clearly not good news for consumers. You’ve got to think that eventually Google figures out a way to deal with this. If they do have to shut down their Chinese operations, that they would be able to reinstate them. Hopefully soon. I can’t imagine that this would be permanent.” He added, “China is a great growth engine for every business. It is a great opportunity for Google as well.”

In response to all that has happened and what has been said, Drummond explains that this has “led us to conclude that we should review the feasibility of our business operations in China.”

He goes on to state, “We have decided we are no longer willing to continue censoring our results on Google.cn, and so over the next few weeks we will be discussing with the Chinese government the basis on which we could operate an unfiltered search engine within the law, if at all. We recognize that this may well mean having to shut down Google.cn, and potentially our offices in China.”

Drummond concludes his statement by trying to assuage the situation the best he can, “The decision to review our business operations in China has been incredibly hard, and we know that it will have potentially far-reaching consequences…We are committed to working responsibly to resolve the very difficult issues raised.”

Friday, September 9, 2005

New Orleans, Louisiana —After Category 4 storm Hurricane Katrina slammed into New Orleans, on the night before August 29, 2005, several flood control constructions failed. Much of the city flooded through the openings. One of these was the flood wall forming one side of the 17th Street Canal, near Lake Pontchartrain. The U.S. Army Corps of Engineers (USACE) is the primary agency for engineering support during such emergencies. A USACE team was assessing the situation in New Orleans on the 29th, water flow was stopped September 2nd, and the breach was closed on September 5th.

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.