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Thursday, December 30, 2010

US professional pool player Wade Crane has died after a one-car accident in Tennessee, USA. He was 66 years old. Crane’s Volkswagen crossed three lanes of traffic into the concrete retaining wall, then bounced back across five more lanes of traffic into another retaining wall.

It is believed that Crane suffered from an undiagnosed medical condition. News of the crash was broken by The Knoxville News Sentinel.

Crane was a former world champion of both 9-ball and 8-ball pool. A self-taught player, for 21 years he was the only person in pool history to shoot a perfect score in the finals of a major tournament.

Fellow pool players including Nick Varner, Johnny Archer, and Shannon Daulton paid tribute to Crane.

Tuesday, April 14, 2009

The Red River at Winnipeg is almost clear of ice blocks and ice jamming, however there are still dangers from the Red River flood.

Ice blocks which were as high as two storey buildings were ripping out trees, fences and railway ties. “You’ll see huge pans of ice standing vertical, up to 20 feet (6.1 m) high,” said Steve Topping, an official with the provincial Water Stewardship Department. “Ice was shoved up on the shore and took out trees with a very devastating effect. It has changed people’s view of the river.”

“It is incredible, the force. One piece of ice pushed out of the river about 20 feet. You watch the force push this up right in front of your eyes,” said Dean North, of the Selkirk Golf and Country Club.

Royal Canadian Mounted Police are ticketing sight seers who are driving through road closure signs and approaching excavators, cranes and crews breaking up the ice. Vehicles, people, boats, and kayaks are getting in the way.

An eight year old boy is in critical condition after slipping on a culvert Thursday. He was pulled underwater by the speed of the flowing water and remained under for about five to ten minutes until adults could rescue him. The air ambulance supplied by Alberta’s STARS (Shock Trauma Air Rescue Society) remains in the city of Winnipeg, Manitoba.

“This is not a spectator sport. It’s not about getting the best pictures for the family albums. I know floods are seen as a bit of an event, but some of the instances I’m hearing about, people should give their head a shake, they really should,” said Steve Ashton Manitoba Emergency Measures Minister, “Those who fall into the river or get into trouble in another way would be not only endangering themselves but the emergency response crews trying to rescue them. I don’t want to see a situation … where we’re trying our darndest to prevent flooding and save lives and somebody [who] decides to go have a white-water experience ends up killing themselves.”

Early Easter Sunday morning floodwater reached the rural municipalities of St. Andrews and St. Clements north of Winnipeg. Residents were sent an evacuation advisory Good Friday, however some residents remained. Rescue efforts commenced Saturday night to find those stranded and unable to leave as their vehicles cannot travel in the swollen overland floodwaters. Some people were rescued from roof tops as entire houses were swept off of their foundations by the large ice blocks hurtling down the river.

Highways in the area remain closed. Neil Gobelle, of Manitoba Infrastructure and Transportation said to “definitely continue to watch the Red River Valley and north of the city up in the Selkirk area. Things are changing quite a bit, quite quickly, so we’ll keep an eye on those areas.”

As of Easter Sunday, Winnipeg is expected to be ice free on the Red River. The River rose 4 feet (1.2 m) in the course of 24 hours. Rain is in the forecast and the higher temperatures of 17 °C (62.6 °F) will cause melting of snow and ice.

A weather system caused by La Niña is being watched by the United States National Weather Service and its potential effects between April 16-18 for residents along the Red River Valley. “We want people to be aware there is a very real possibility of the river going higher than what is out there,” said Mark Ewens, data manager at the NWS, “To have spring floods like this back-to-back is just an unfortunate series of events that have come along to plague us this spring. We’re wanting people to understand that this is a potentially serious problem.”

Friday, October 10, 2008

Following a large fall at the start of the day, the Dow Jones Industrial Average has recovered by hundreds of points, with it climbing over 250 points again before dropping off to down 100 in just minutes.

After going to down 100, it climbed to 12 up then three down. Following going three down, it kept going up and down between slightly up and below zero.

Following this, the market went to sixty down, before recovering slightly to -36. That market then hovered for a few minutes between -30 and -60, before recovering slightly to -11, they going down to -82 again.

The index fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

Peter Cardillo, chief market economist at Avalon Partners, commented on the current financial situation in the US. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

Wednesday, September 24, 2008

United States presidential candidate John McCain announced today that he is suspending his campaign and sought to postpone a scheduled debate with his opponent, Barack Obama, to focus on the country’s financial crisis and says that Obama should also suspend his campaign.

McCain said he would be asking president George W. Bush to call a meeting for members of Congress in order to support Bush’s controversial $700 billion bailout plan, but also said that there is no consensus for the proposal and it will not pass in its current form.

He called the crisis “historic,” stressing the need for legislation and warning of “devastating consequences”.

“I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem. It has become clear that no consensus has developed to support the administration’s proposal and I do not believe that the plan on the table will pass as it currently stands. We are running out of time,” said McCain during a press conference.

Early this morning, Obama had called McCain and asked for the two to put aside partisanship and focus on the economic troubles. The two agreed to issue a joint statement supporting an economic fix, just minutes before McCain made his announcement. Bush is scheduled to speak to the people of the U.S. in a televised speech at 9:01 PM EDT tonight.

Obama responded to McCain’s speech minutes later, confirming that he would still attend the debate. He expressed a desire for fairness to taxpayers and an objection to rewarding those responsible for the financial crisis. Both candidates have stated that they intend to put politics aside to work on the financial crisis. Obama said, a president “is going to have to deal with more than one thing at a time.”

The proposal comes in the wake of Congressional hearings where US Federal Reserve chief Ben Bernanke and Treasury Secretary Henry Paulson have urged support of the measures proposed by the administration. Despite such appeals, both McCain and Obama have expressed skepticism over the proposed bailout, and the U.S. Congress has shown a noted concern that the measure may not benefit ordinary home owners as well as those on Wall Street.

Friday, October 17, 2008

The International Monetary Fund (IMF) is preparing a series of loans to both Hungary and Ukraine as financial problems are hitting the two countries. Hungary has already received a €5 billion credit line from the European Central Bank (ECB). Ukraine is seeking a loan of up to US$14 billion.

The credit line to Hungary will be used to cover banks’ shortage of euros. Hungary has a severe debt problem with them posting an account deficit of €5.3 billion or 4.9% of GDP this year. As a result of this, Hungary is unable to find suitable credit to store up its supply of euros.

“We are in close dialogue with the Hungarian authorities and the EU to discuss further responses to the current challenges, including possible technical and financial support by the IMF”, said Dominique Strauss-Kahn, Managing Director of the IMF. “I have informed the authorities that the IMF stands ready to assist their efforts. We will provide technical assistance as needed and, in the context of a supportive policy setting, are ready to undertake [decisions] on possible financial assistance, responding rapidly.”

Ukraine’s Finance Minister Viktor Pynzenyk met with an IMF team on Thursday. In a statement, Pynzenyk said “the parties discussed a situation of influence the world financial crisis had on the economy of Ukraine.” It is not yet known how much the IMF is expected to lend to Ukraine but it is expected to be between $3 billion to $14 billion. It is also not known what type of conditions might be placed on the loan.

In addition to financial uncertainty, Ukraine is suffering from political turmoil with the current President, Viktor Yushchenko, calling a snap parliamentary election for December. The Prime Minister, Yulia Tymoshenko, has made moves to stop the election. Ukraine’s yearly trade deficit has increased by almost $7 billion since last year.

The credit line by the European Central Bank is the first time publicly that it has extended help to countries other than the 15 that make up the Eurozone.

According to Reuters, Hungary might be able to start the process of joining the euro quicker then expected. Currently, Hungary is on track to join the euro in 2011 or 2012, but if sped up, it is possible it could join as early as 2010. This might protect Hungary from further financial problems.

Friday, April 15, 2005

The last British-owned volume car manufacturer, MG Rover, has closed down, with the loss of 5,000 jobs.

International accounting firm PriceWaterhouseCooper was brought in last week to put the company into administration. Today PwC announced that MG Rover’s only hope, the Chinese car company SAIC, had no interest in buying the ailing firm. With no further source of revenue, PwC has closed the company’s factory in Longbridge, Birmingham and has laid off 5,000 workers.

Some 1,000 workers will continue for a while to complete the remaining cars left on the production line.

The BBC reported PwC joint administrator Tony Lomas as saying “We’ll explore what we would describe as the break-up of the business, we will carry on with the interested parties who want to talk about pieces of the business.”. PwC said around 70 offers for various parts of the company had been made but no serious offers of money made.

Recent efforts to save the company had been centered on convincing SAIC (Shanghai Automotive Industry Corp.) to buy the company as a going concern, but the Chinese company stated it would only buy the company if it’s financial position could be guaranteed to be secure for at least two years. The British government could not make such a commitment due to European Union trade and competition rules.

The SAIC company did buy the designs for the 75 and 25 models and for the K-Series engines for £67m.

The Rover car company has a long but troubled history. It was formed in 1968 after a series of mergers of existing car manufacturers, and was nationalized in 1975 after it ran into financial difficulties. In 1979 a long-running deal to collaborate on developing new vehicles was established with the Japanese company Honda. In 1988 the company was privatized and was bought by British Aerospace. In 1994 British Aerospace sold the business to BMW, who then sold the Land Rover brand to Ford and finally sold the company in 2000 for just £10, retaining the well-known Mini brand for themselves. The MG Rover company was run by a private group until its collapse.

MG Rover has not launched a new model since the 75 was introduced in 1998 during the period of ownership by BMW. Their next newest model was the 25, originally launched as the 200 series some ten years ago. Rover also produced the 45, which dates from 1990, and the ZF sports car first launched in 1995. Sales of Rover cars accounted for just 3% of the UK car market in 2004.

Tony Blair announced a £150 million support package for the recently unemployed workers of the MG Rover plants, though it has been claimed that his generous offer may be more as a result of the nearby marginal seats in the upcoming elections than compassion on his part.

Friday, April 15, 2005

The last British-owned volume car manufacturer, MG Rover, has closed down, with the loss of 5,000 jobs.

International accounting firm PriceWaterhouseCooper was brought in last week to put the company into administration. Today PwC announced that MG Rover’s only hope, the Chinese car company SAIC, had no interest in buying the ailing firm. With no further source of revenue, PwC has closed the company’s factory in Longbridge, Birmingham and has laid off 5,000 workers.

Some 1,000 workers will continue for a while to complete the remaining cars left on the production line.

The BBC reported PwC joint administrator Tony Lomas as saying “We’ll explore what we would describe as the break-up of the business, we will carry on with the interested parties who want to talk about pieces of the business.”. PwC said around 70 offers for various parts of the company had been made but no serious offers of money made.

Recent efforts to save the company had been centered on convincing SAIC (Shanghai Automotive Industry Corp.) to buy the company as a going concern, but the Chinese company stated it would only buy the company if it’s financial position could be guaranteed to be secure for at least two years. The British government could not make such a commitment due to European Union trade and competition rules.

The SAIC company did buy the designs for the 75 and 25 models and for the K-Series engines for £67m.

The Rover car company has a long but troubled history. It was formed in 1968 after a series of mergers of existing car manufacturers, and was nationalized in 1975 after it ran into financial difficulties. In 1979 a long-running deal to collaborate on developing new vehicles was established with the Japanese company Honda. In 1988 the company was privatized and was bought by British Aerospace. In 1994 British Aerospace sold the business to BMW, who then sold the Land Rover brand to Ford and finally sold the company in 2000 for just £10, retaining the well-known Mini brand for themselves. The MG Rover company was run by a private group until its collapse.

MG Rover has not launched a new model since the 75 was introduced in 1998 during the period of ownership by BMW. Their next newest model was the 25, originally launched as the 200 series some ten years ago. Rover also produced the 45, which dates from 1990, and the ZF sports car first launched in 1995. Sales of Rover cars accounted for just 3% of the UK car market in 2004.

Tony Blair announced a £150 million support package for the recently unemployed workers of the MG Rover plants, though it has been claimed that his generous offer may be more as a result of the nearby marginal seats in the upcoming elections than compassion on his part.