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Wednesday, November 26, 2008

Australian Prime Minister Kevin Rudd has told the House of Representatives that the federal budget may need to fall into “temporary deficit” if the global economic crisis impacts upon Australia further. The Prime Minister said it would draw upon its budget surplus to stimulate growth and jobs.

The Prime Minister said the Australian economy had changed significantly over the past few months and warned that there were hard times to come for many people. Mr Rudd said the situation will worsen before it gets any better.

Mr Rudd said that the government will go into temporary deficit and spend on infrastructure to stimulate growth if required and not to do so would be irresponsible.

“If Australian economic growth slows further because of a further deepening of the global crisis then it follows that Australian Government revenues will reduce further,” he said.

“Under those circumstances, it would be responsible to draw further from the surplus and if necessary to use a temporary deficit to begin investing in future infrastructure needs including hospitals, schools, TAFEs, universities, ports, roads, urban rail and high speed broadband.” He added, “Such action would support growth would support families and jobs and would be undertaken in the national interest.”

If the budget fell into deficit, it would be first time the federal budget has gone into deficit since 2001. Previously, the government has refused to concede the budget would go into deficit, contrary to predictions by economists.

The admission by the government follows claims on the weekend by the Prime Minister that he did not expect the budget would go into deficit “in the current circumstances.” Today Mr Rudd told parliament that the global economic crisis is accelerating.

“The world economy is deteriorating rapidly,” Mr Rudd told parliament.

“The impact of the global financial crisis … has grown from a trickle to a flood. It is now sweeping across the world from China to Chile, from Germany to Japan.”

The government slashed its budget surplus forecast earlier this month by AUD15 billion to $5.1 billion and revised down revenue for the next four years by a further $40 billion. Mr Rudd blamed part of the downgrade to falling commodity prices.

Figures recently released by the OECD predict that Australia will manage to avoid a recession this year; economic growth is predicted to be 1.7%.

Opposition leader Malcolm Turnbull used the Prime Minister’s announcement to attack the Rudd government’s economic credentials. He said any deficit would be regarded by voters to be a failure in economic management.

Mr Turnbull asserted that it is unlikely that any deficit would be temporary. “Experience and history tell us that Labor deficits are never temporary,” he told parliament. “The last Labor deficit lasted for six years. It only came to an end with the election of a coalition government.”

Mr Turnbull said the government had remained focused on inflation for longer than they should have.

“It was the only government in the developed world that was ignoring the global financial crisis…and was declaring its own war on inflation, when much darker storm clouds were on the horizon.”

The Liberal leader took aim at comments made by Finance Minister Lindsay Tanner and Prime Minister Rudd on the weekend that said the budget would not be allowed to fall into deficit.

“Forty-eight hours [later] and that has been completely abandoned,” said Turnbull.

Monday, October 13, 2008

Markets worldwide have surged in value following efforts by governments to ease the effect of the ongoing financial crisis, which has recently caused a massive decline in the value of stock markets.

On Sunday, the fifteen countries from the Eurogroup – that is, those countries which use the euro as official currency – had agreed on a joint plan to face the crisis, which would consist in supporting financial institutions and by guaranteeing interbank loans.

The Eurogroup meeting was the last of many which took place during the weekend. The G7 nations had met in Washington at the same time that the International Monetary Fund and the World Bank held their Autumn meetings.

The Dow Jones Industrial Average index is one of the indexes that have done particularly well today, and it closed up 11.08%, well over 9,000 points. General Motors was the best performer in this index, with its value rising by 31.49%. The Nasdaq rose by 11.81%.

The FTSE 100 has today gone up in value by 8,26%, to take the index back over the four thousand mark. TUI Travel was the best performing company in this index. It went up by 41.25 points (21.48%), to take it to a new share price of 233.25. Some shares in the FTSE, however, have continued to fall dramatically. HBOS today dropped in value by 31.48%.

The Brazilian Bovespa index today went up by 14,66%, while the Hang Seng and Singapore Straits Times went up by 10.24% and 6.57% respectively.

Stocks exchanges in Tokyo, Buenos Aires and Toronto were closed due to national holidays.

Tuesday, January 30, 2007

Scientists have uncovered the largest Neolithic settlement in the United Kingdom at the Durrington Walls and believe that the village was inhabited by the people who built the Stonehenge monument.

Scientists say that the village was built around 2,600 B.C., roughly when Stonehenge was believed to have been constructed, and housed over 100 people.

Inside the areas which would have been the interior of houses at the time, scientists also found outlines of what they think were beds and cupboards or dressers. Pieces of pottery and “filthy” rubbish around the site. Animal bones, arrowheads, stone tools and other relics were also discovered.

“We’ve never seen such quantities of pottery and animal bone and flint. In what were houses, we have excavated the outlines on the floors of box beds and wooden dressers or cupboards,” said Sheffield University archaeologist Mike Parker Pearson.

So far, the dig has revealed at least 8 houses roughly 14-16 feet square, but scientists say that they think there may have been at least 25 altogether.

The site was likely to have been occupied only seasonally rather than year-round and evidence suggests that a lot of “partying” went on at the location.

“The animal bones are being thrown away half-eaten. It’s what we call a feasting assemblage. This is where they went to party – you could say it was the first free festival. The rubbish isn’t your average domestic debris. There’s a lack of craft-working equipment for cleaning animal hides and no evidence for crop-processing,” added Pearson.

The Durrington Walls are approximately 2 miles from the Stonehenge site.

Friday, August 2, 2013

A man and a woman have been killed in a road traffic accident near Connel in the west of Scotland. Seven people, including three children, were also injured in the head-on collision on the A85 road in Argyll at approximately 1830 BST (1730 UTC) yesterday.

A 74-year-old female passenger of a blue Honda CRV and a 32-year-old male passenger of a blue Vauxhall Vectra died at the scene of the crash. The Vauxhall driver, a 32-year-old woman, was transported by helicopter to Glasgow’s Southern General Hospital, where she is reportedly in a critical albeit stable condition.

Three child passengers in the Vauxhall, aged fourteen, five and two, were taken to Oban Hospital and given treatment for minor injuries, as were the Honda’s 51-year-old female driver and two female passengers aged 49 and 46.

A Scottish Fire and Rescue Service spokesperson said hydraulic cutting equipment was used during rescue efforts. “Ambulance personnel and police officers worked closely with our team throughout the incident but sadly one passenger from each car lost their life”, the spokesperson continued. “The thoughts of all emergency responders who were at the scene will be with the casualties and their loved ones as they attempt to come to terms with what has happened.”

Police have appealed for potential witnesses to contact them.

Thursday, July 1, 2010

A court in England, UK has jailed a policeman for ten months after he was convicted of defrauding his car insurance company.

Police Constable Simon Hood, 43, arranged for a friend who dealt in scrap metal to dispose of his Audi TT, then claimed it had been stolen.

Hood had been disappointed with the car’s value when he tried to sell it two years after its purchase in 2008. He arranged for friend Peter Marsh, 41, to drive the vehicle to his scrapyard in Great Yarmouth, Norfolk. Marsh then dismantled the vehicle with the intent of disposing of it, but parts were later found wrapped in bubblewrap at Ace Tyre and Exhaust Centre.

Marsh picked up the TT from outside nearby Gorleston police station. Records show mobile phone conversations between the conspirators that day in March, both before and after the vehicle was reported stolen. The pair denied wrongdoing but were convicted of conspiring to commit insurance fraud after trial.

The fraud was uncovered after Hood told former girlfriend Suzanne Coates of the scheme. It was alleged before Norwich Crown Court that he had confessed to her in an effort to resume their relationship. Coates said that after the pseudotheft, Hood told her “he didn’t want to look for it. He said it would be like looking for a needle in a haystack, which I thought was a bit strange.”

Shortly afterwards Hood suggested they should become a couple once more, she said; she challenged his version of events regarding the car: “He said he did it but I couldn’t tell anyone. He said he did it with Peter. Peter had a key and took the car away and it was going to be taken to bits and got rid of so it was never found.”

Hood was defended by Michael Clare and Marsh by Richard Potts. Both lawyers told the court that their clients had already suffered as a result of the action in mitigation before sentencing. Clare said Hood had resigned from the police after fifteen years of otherwise good service and risked losing his pension. “It is not a case where his position as a police officer was used in order to facilitate the fraud,” he pointed out. “His career is in ruins.” Hood is now pursuing a career in plumbing.

Potts defended Marsh by saying that he, too, had already suffered from his actions. His own insurers are refusing to renew their contract with him when it expires and his bank withdrew its overdraft facility. His business employs 21 people and Potts cited Marsh’s sponsorship of Great Yarmouth In Bloom as amongst evidence he supported his local community.

Judge Alasdair Darroch told Marsh that he did accept the man was attempting to help his friend. He sentenced Marsh to six months imprisonment, suspended for two years and ordered to carry out 250 hours of community service. He was more critical of Hood:

“As a police officer you know the highest possible standards are demanded by the public. You have let down the force. You knew throughout your career that policemen that get involved in serious dishonesty get sent to prison.”

Saturday, January 5, 2008

A new study by researchers of Boston University’s School of Public Health and colleagues sponsored by the World Health Organization (WHO) shows children with severe pneumonia can be effectively treated at home and do not need to be hospitalized. This finding is hugely significant for developing countries where children cannot be brought to a hospital easily or where no hospitals exist.

Per the study the change of treatment could save many children’s lives and take pressure off health systems. Every year pneumonia kills 2 million children under the age of 5. The researchers found that antibiotics given at home could significantly reduce deaths.

The group examined 2,037 children between 3 to 59 months in seven areas in Pakistan. About half of them were given antibiotics and sent home while the other ones got intravenous antibiotics in the hospital. Both groups were found to show equal progress in healing off the illness.

Current WHO guidelines recommend that pneumonia should be treated in a hospital with injectable antibiotics. With the new study there are indicators that pneumonia can be treated just as effectively at home with oral antibiotics.

Friday, January 29, 2010

According to official data, the US economy grew by an annualised rate of 5.7% in the last quarter of last year.

The figure is still an initial estimate, but was higher than the 2.2% annualised growth recorded in the third quarter of the year. Economic analysts polled by the Reuters news agency had predicted a 4.6% rise.

The Bureau of Economic Analysis, which releases the economy growth reports, noted that the figures were based on estimates and incomplete data, and might be revised later.

Christina Romer, an economist for the White House, described the growth as being “the most positive news to date on the economy”, saying: “It is important not to read too much into a single report, positive or negative. There will surely be bumps in the road ahead. Nonetheless, today’s report is a welcome piece of encouraging news.”

Jack Ablin, chief investment officer for Harris Private Bank in Chicago, Illinois, remarked that “it’s [the number] very solid and gives us a running start into the second half of the year when we can’t rely on government stimulus. That’s part of the plan, to get us moving as fast as possible so when life support is removed we’ll have a pulse.”

Sunday, June 26, 2005

The median house price in the United States plunged 6.5% in May to $217,000. In February of 2005, the median price of a home was $237,300.

The Economist newspaper said in its June 16th issue; “In other words, it looks like the biggest bubble in history.” by way of reference to what is happening with housing prices in the USA and much of Europe.

Japan provides an example of how a boom can turn to bust. Property prices have dropped for 14 years in a row (40% from their peak in 1991); and yet, the rise in prices in Japan during the decade before 1991 was less than the increase over the past ten years in most of today’s “housing boom” countries.

The total value of residential property rose by more than $30 trillion over the past five years in developed economies, an increase equivalent to 100% of the combined GDPs of those countries. This increase dwarfs all previous house-price booms and is greater than the global stockmarket bubble in the late 1990s. Much of the recent housing activity is being driven by speculative demand. The National Association of Realtors (NAR) reported that 23% of all American houses bought in 2004 were for investment, not for owners to live in. Another 13% were bought as second homes. NAR also found that 42% of all first-time buyers made no down-payment on their home purchase last year.

Many investors are buying solely because they think prices will keep rising, which is a warning sign of a financial bubble. In Miami, Florida, as many as half of the original buyers resell new apartments even before they are built, and properties can change hands two or three times before somebody finally moves in.

Britain’s Royal Institution of Chartered Surveyors (RICS) reported prices have been falling for ten consecutive months. Forty nine percent of their surveyors reported falling prices in May. This was the weakest report since 1992 during Britain’s previous house-price bust.