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Wednesday, December 21, 2011

Yesterday, the United States House of Representatives voted to effectively reject the Senate version of a bill, passed with bipartisan support, to extend a payroll tax cut two months past its year-end expiration date. The House voted instead to create a conference committee to settle differences between members of both bodies.

Although the tax cut extension itself has support among Republicans and Democrats, lawmakers disagree on how Congress should go about compensating for the cost of extending the cut and the policy changes it would entail.

During an appearance yesterday, President Obama condemned opposition to the Senate-passed version of the bill, accusing Republicans in the House of trying to negotiate on matters unrelated to the bill. Republicans, in response, say there is still time to negotiate the bill, insisting that lawmakers ought to concentrate on a year-long plan rather than a two-month extension. Senate Democratic leader Harry Reid, however, says he will not agree to negotiate the tax cut extension until the Senate-approved bill is passed by the House.

If the tax cut is not extended and instead expires on December 31, approximately 160 million Americans will be affected by the tax increase; President Obama insists the only way to prevent the tax hike beginning January 1 is for the House to pass the Senate bill. In response, House Speaker and Republican John Boehner wants Obama to “call on the Senate to return” to negotiate. The Senate, shortly after passing the bill, adjourned for the Holiday break.

Also included in the bill is a provision that would require President Obama to make a decision regarding the construction of the Keystone XL pipeline, a pipeline that would transport oil from Canada to Texas.

House Democratic leader Nancy Pelosi blamed the congressional year-end impasse on “Tea Party Republicans.” In a letter to President Obama, Speaker Boehner requested he galvanize the Senate to negotiate on the bill’s provisions, writing “The differences between the two different bills can be quickly reconciled to provide the American people the certainty of a full-year bill. There are still 11 days before the end of the year, and with so many Americans struggling, there is no reason they should be wasted. You have said many times that Congress must do its work before taking vacation”.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”

Tuesday, August 9, 2005

The UN-appointed panel investigating the oil for food scandal has released its third report.

The report says that Benon Sevan took nearly US$150,000 in cash bribes. Chef de Cabinet for Kofi Annan, Mark Malloch Brown, said that the UN would lift Sevan’s immunity should an approach come from a law enforcement authority and that the UN had been in ‘active collaboration’ with the Southern District of New York.

At the press conference responding to the report, Malloch Brown also said that there was will “a real need for serious, deep-rooted management reform of our organization, and that does not seem to be yet fully accepted by all member states.”

Benon Sevan, who worked for the UN for nearly 40 years before resigning on Sunday, has denied the accusation. In his resignation letter to Kofi Annan, he wrote: “The charges are false and you, who have known me all these years, should know they are false… I fully understand the pressure you are under…, but sacrificing me for political expediency will never appease our critics or help you or the organisation.”

A former UN procurement officer Alexander Yakovlev has pleaded guilty to accepting hundreds of thousands of dollars in bribes from UN contractors.

Friday, November 25, 2005

In Friday’s National Hockey League contest between the Philadelphia Flyers and the Boston Bruins at the TD Banknorth Garden in Boston, Massachusetts. Peter Forsberg almost netted his first “hat trick” in a Flyers uniform. At one point during the game, he had been given credit for three goals, however an official review took his first goal away, and officially he scored his eighth goal of the season at 13:06 in the second period with assists from Simon Gagne and former Hartford Whaler Sami Kapanen.

To date, there have been 24 hat tricks (3 or more goals in one game) in this NHL season.

Forsberg, a 32 year old native of Sweden, recently joined the Flyers for the 2005-2006 season after spending the NHL lockout season with Modo, Sweden.

The Flyers ended up winning the game 5-3, adding yet another loss to an already disappointing Bruins season.

Wednesday, May 30, 2007

Oldbury nuclear power station in South Gloucestershire, England caught fire today after overheating. No-one was injured in the blaze which is believed to have been an accident and was extuinguished within minutes by an automatic sprinkler system.

The fire took place on the non-nuclear side of the plant, in an electricity transformer, but prompted shutdown of the reactor for the foreseeable future in “accordance with standard procedure,” said Dan Gould, spokesman for the British Nuclear Group. He also stressed that there was no release of radiation. There were also reports of an explosion in the transformer.

The BBC reported that 12 fire trucks attended the scene of the fire, but ITV stated ten crews were involved and tvnz.co.uk quoted a spokesman for Avon Fire and Rescue as saying that ten trucks were sent.

Thursday, October 4, 2007

Australian Treasurer Peter Costello said today that he was “a lot of fun” while he was outlining his plans for Australia as a possible future Prime Minister.

During an interview with ABC Radio, Mr Costello was asked to say something about himself that the public didn’t know. Mr Costello’s replied “That I’m a lot of fun – a lot of fun and good company.”

Costello, who is considered current Australian Prime Minister John Howard’s likely successor when he retires, said he was not expecting an easy rise to the Prime Ministership, admitting that the forthcoming federal election would be difficult.

The treasurer said “If you read polls, then (Kevin) Rudd is in front and he’s already carrying on as if he’s got the election in the bag,”

“I would say an election is not over until all of the votes have been counted on the polling day, and I think it will be a hard-fought election.”

Mr Costello also outlined his vision for Australia should he become Prime Minister in the future centering his platform upon education and water.

“I think we need first, a first-class technical school system in this country, training people for trades,” Mr Costello said.

“I think we need improved standards of literacy in our primary and secondary schools and I think we need better facilities at the tertiary level.”

The treasurer admitted that education was one of his key priorities as he had been a university tutor and had a father who was a teacher. Speaking of his father, Costello said “I watched him influence generations of students,”

“I know the difference that a good school teacher makes in a person’s life and I believe in the importance of education.”

Mr Costello also said that Australia would need to carefully manage its water resources for the future.

“We have to manage our water better, we have to invest in water better, we have to harness water better, we have to price water better,” he said.

“I think we really do have a water crisis in this country and it’s something that we’re going to have to deal with in order to keep our country growing and our lifestyle up in the decades which lie ahead.” Mr Costello criticised state governments for failing to invest in water infrastructure and predicted desalination plants would have a major role to play in securing the nation’s water supply.

“There has not been enough investment in dams, there has not been enough investment in pipes, in irrigation canals and I think we’re going to have to look very, very carefully at desalination plants for our major capital cities,” said the Australian Treasurer.