Sunday, May 18, 2014

The governor of the Bank of England, Mark Carney, has warned that the state of the housing market in the United Kingdom is the current biggest domestic threat to the country’s economy, due to lack of house building, and regulatory issues.

In an interview to be aired on Sky News today, he said the housing market is the “biggest risk” to the economy and has “deep, deep structural problems”. Of house building he said: “There are not sufficient houses built in the UK. To go back to Canada, there are half as many people in Canada as in the UK, twice as many houses are built every year in Canada as in the UK and we can’t influence that.”

“We’re not going to build a single house at the Bank of England. We can’t influence that. What we can influence […] is whether the banks are strong enough. Do they have enough capital against risk in the housing market?”

Carney also said the Bank of England would look into the procedures used to issue loans and mortgages to see if they were being granted appropriately: “We’d be concerned if there was a rapid increase in high loan-to-value mortgages across the banks. We’ve seen that creeping up and it’s something we’re watching closely.”

Kris Hopkins responded to Carney on behalf of the government, saying the government “inherited a broken housing market, but our efforts to fix it are working”. “We’ve scrapped the failed top-down planning system, built over 170,000 affordable homes and released more surplus brownfield sites for new housing. We’ve also helped homebuyers get on the housing ladder, because if people can buy homes builders will build them. Housebuilding is now at its highest level since 2007 and climbing. Last year councils gave permission for almost 200,000 new homes under the locally-led planning system and more than 1,000 communities have swiftly taken up neighbourhood planning. It’s clear evidence the government’s long-term economic plan is working.”

Earlier this month, the Organisation for Economic Co-operation and Development called on the UK government to “tighten” access to the ‘Help to Buy’ scheme introduced by George Osborne and the coalition government in 2013. ‘Help to Buy’ has also recently been criticised by three former Chancellors of the Exchequer — the Conservatives Norman Lamont and Nigel Lawson, and former Labour Chancellor Alistair Darling. Darling said: “Unless supply can be increased substantially, we will exacerbate that situation with schemes like Help to Buy.”

Monday, September 5, 2005

OpenTheGovernment.Org, a coalition of conservative and liberal nonprofit groups, released a 2005 report (PDF, 12 pages) saying that all branches of the U.S. Federal Government are being significantly more secretive, and spending significantly more money on document secrecy. In 2004, federal officials classified 15.6 million new documents, which is 81 percent more than in 2001. Over the same period, the cost of classifying those new documents rose from $4.7 billion to $7.2 billion. These figures do not include documents classified by the CIA, as that agency’s information is itself secret.

The report is also critical of the fact that only $48.3 million was spent on declassifying old documents in 2004. They concluded that for every dollar spent on declassification, the federal officials spent $148 creating and storing new secrets, more than in any previous year. It is estimated to cost $460 to classify one document.

The state secrets privilege allows the executive branch to classify federal court hearings and documents. On average, the Bush administration has used this privilege 33 times more per year than cold war administrations (1953-1976), and nearly three times the 1977-2001 average. The report sees other measures of government secrecy, such as the number of secret patents on the rise as well.

The report does not explore the larger economic impact of the increase in secrecy per se. However, it observes that taxpayer savings due to whistleblower activity is on the rise despite the elimination of traditional whistleblower protections.

It also notes that 64% of advisory meetings were closed to the public. Such meetings provide lawmakers with advice on scientific and technical matters which are supposed to be free of special interest. Legislation covering such meetings states or assumes that they are open to the public, but some agencies, like the Department of Defense, have traditionally been permitted to hold closed meetings. Once such agencies are excluded, the report finds a threefold increase in closed meetings since 2001.

The report is critical of poor funding for processing Freedom of Information Act (FOIA) requests, with which the majority of federal agencies surveyed can not keep up. There is concern that more of the financial burden for such requests may be being born by those organizations making the requests, instead of the agencies holding the classified documents. FOIA requests increased by 25% between 2003 and 2004, to 4 million, while funding for processing such requests increased by only 5%.

How much of this secrecy directly relates to various current events, such as the War in Iraq or terrorism, is unclear. In 2004, the Foreign Intelligence Surveillance Court approved 1,754 requests from law enforcement officials last year to conduct surveillance on foreign nationals within the United States, double the number issued four years ago.

The report is also critical of the rise of “sensitive but unclassified” information, as well as new state based secrecy initiatives.

Tuesday, November 10, 2009

China has loaned Ethiopia US$349 million worth of funds for the construction of the the country’s first modern expressway, making Ethiopia among the first beneficiaries of the recently implemented China-Africa development funding plan.

The road is to be close to 80 kilometres long, and will connect Nazaret (also called Adama), the country’s second-largest city, with the capital, Addis Ababa.

Funds from the Export-Import Bank of China are to be used to give the loans, according to the agreement. The deal was signed by Li Ruogu, the president of China’s Export-Import Bank, and Ahmed Shide, the Ethiopian state minister of finance and economic development.

According to the Ethiopian News Agency, the motorway is to be completed by 2014. The country has also agreed to other financial deals with China, mainly in the telecommunications and energy sectors.

Monday, June 2, 2008

Today, United States Senator Ted Kennedy underwent surgery for a brain tumor at Duke University Medical Center. Kennedy, 76, was diagnosed with malignant glioma, a common but dangerous form of cancer, after suffering a seizure on May 17.

Kennedy has met repeatedly with friend and medical advisor Dr. Lawrence C. Horowitz to plan a course of treatment. The first, of the major phases of that treatment has now been completed, and it is expected that chemotherapy and radiotherapy will follow.

“I am pleased to report that Senator Kennedy’s surgery was successful and accomplished our goals,” said Dr. Allan Friedman, the chief of neurosurgery at Duke, who performed the surgery. “After a brief recuperation, he will begin targeted radiation at Massachusetts General Hospital and chemotherapy treatment,” Friedman added.

In talks with the press, the senator has focused on his future beyond surgery. In a prepared statement issued by his office, Kennedy stated, “after completing treatment, I look forward to returning to the United States Senate and to doing everything I can to help elect Barack Obama as our next president.”

Sunday, January 28, 2007

Feel free to use the Wikimedia sites to solve our Wikinews crossword (Please do not fill it out online as it would spoil it for other people, print it out and fill it in at you own leisure!)

< Yesterday’s crossword.

Saturday, January 14, 2017

Reports yesterday indicated a 63-year-old man has been charged in connection with the collapse of a pedestrian bridge onto the M20 motorway in Kent, England last year.

The unidentified man has been summonsed to appear at Maidstone Magistrates’ Court on February 17. As well as dangerous driving and causing serious injury by dangerous driving he also faces three counts of criminal damage covering the bridge and damaged vehicles. The nonfatal accident left an elderly motorcyclist with broken ribs after he came off his bike avoiding the 170 tonnes of falling debris.

Two lorries were partially crushed by the collapse, which was triggered when a digger on the back of a lorry struck the concrete bridge. Kent Police continue to investigate; Highways England have said they will await that probe’s results before deciding if they will launch their own.

The August 27 collapse caused millions of pounds of damage, and closed a major route for more than 24 hours. Police sent several vehicles to the scene and 25 firefighters attended. An air ambulance also responded.

Workers with cranes toiled overnight to clear the road, which provides access to London as well as the Channel Tunnel and Port of Dover. The road was again closed one week later to collect the fallen bridge sections, which were sent to Highways England depots for investigators.

The collapse occurred on one of the busiest days of the year for the local road network.

Wednesday, February 18, 2009

The United States auto manufacturer Chrysler, which has been badly affected by the ongoing recession, has asked the US government for an additional US$5 billion in aid on top of the four billion it has already received, saying that it plans to fire three thousand employees. At the end of last year, the auto maker had just over 54,000 employees, meaning that the layoffs will equal about six percent of its total workforce.

In addition, Chrysler will cut the Chrysler Aspen, PT Cruiser, and Durango from production.

Another automaker, General Motors (GM), announced that it seeks $16.6 billion in loans from the government, in addition to the $13.4 billion that it has already received. GM plans to lay off 47,000 employees and close five factories. GM says that it might need as much as $30 billion from the US Treasury Department, an increase over their previous estimate of $18 billion. The company has warned that it might run out of money by March if more aid was not given.

Rick Wagoner, GM’s chief executive, described the firm’s plan as “comprehensive, responsive, achievable, and flexible”. “We have a lot of work in front of us, but I am confident it will result in a profitable General Motors,” he said, adding that “today’s plan is significantly more aggressive because it has to be.” GM says that it could be profitable in two years’ time, and might be able to repay all its loans by 2017.

A third US car manufacturer, Ford Motor Company, has said that it can make it through this year without any government aid.

The US Treasury Department will review the car makers’ survival plans for several weeks before a decision is made on whether or not to extend the loans. That decision is due by the end of next month.