Tuesday, June 12, 2007

That Singapore and Brunei are today marking 40 years of currency interchangeability with a special banknote might come as a shock to some.

And it’s not the part about the special banknote, it’s that the two small southeast Asian countries have had interchangeable currencies for 40 years.

Singaporean Senior Minister Goh Chok Tong admits that not a lot of Singaporeans know about it, and that currency from Brunei is routinely refused by Singaporean retailers.File:Brunei 2006 circulating coins.jpg

“They are not used to seeing Bruneian currency,” Goh said at a press conference yesterday in Bandar Seri Begawan, the capital of Brunei. He added that he sees the need to educate Singaporean retailers “again and again” on the matter.

Maybe, said Goh, if more money from the tiny, oil-rich sultanate on Borneo was spent in the island republic of Singapore, there would be change.

“If Bruneians spend a lot of money in Singapore, and you have millions of Brunei dollars floating around, there’ll be no problem. So the retailers see the currency, they are not familiar with it,” Goh said.

“So from time to time, we have to tell the retailers that there is an interchangeable agreement with Brunei and the currency must be accepted,” Goh continued.

The 40th anniversary banknote will be an important tool in educating Singaporeans about current interchangeability, Goh said.

“It is a way to tell Singaporeans and also Bruneians that we have these interchangeable currencies… If the currency is not accepted just tell the retailer and explain to them that there is no problem, that they are acceptable to banks,” Goh said.

However, while the Monetary Authority of Singapore and the Brunei Currency and Monetary Board will issue the notes into general circulation, it will be a limited issue.

“I think it will become a collectors’ item,” Goh said. “Because it’s the first time we are doing this in 40 years, I think collectors would not circulate them. But it is meant for circulation and can be used like any currency note,” he said.

The front of commemorative note has scenes from both Brunei and Singapore, while the reverse bears Singapore’s coat of arms and the face of Hassanal Bolkiah, Sultan of Brunei. Goh said he thought the design is “very attractive.”

The two countries have maintained currency interchangeability since 1967, when the Singapore dollar and the Brunei dollar replaced the Malaya and British Borneo dollar as legal tender in those countries.

Goh was in Brunei to attend yesterday’s royal banquet, put on by the Sultan of Brunei, on the occasion of the sultan’s daughter’s wedding.

Princess Majeedah Nuurul Bulqiah, 31, 11th daughter of the sultan, and Khairul Khalil, 32, exchanged their vows last Thursday, and were presented to the public on Sunday in a lavish, two-week ceremony steeped in Brunei royal and Muslim tradition.

Friday, July 30, 2021

On Monday, Filipina weightlifter Hidilyn Diaz won the gold medal at the Tokyo Olympics in women’s weightlifting in the 55 kg category during her fourth Olympic games. She lifted a combined weight 224 kg (494 lb), tying the previous new Olympic record. In the snatch she lifted 97 kg (214 lb) and in the clean and jerk 127 kg (280 lb), totaling the 224 kg.

After the match, she said in an interview, “I am 30 years old and I thought it would be like going down, my performance, but I was shocked I was able to do it”. A statement from the Philippines’ presidential spokesman Harry Roque celebrated Diaz’s win, saying, “Congratulations, Hidilyn. The entire Filipino nation is proud of you”.

The previous record-setter Liao Qiuyun of China took the silver medal with a total weight of 223 kg (492 lb), and Zulfiya Chinshanlo of Kazakhstan took the bronze with 213 kg (470 lb).

Diaz won the silver medal during the 2016 Olympic Games in Rio de Janeiro, Brazil, where she competed in the 53 kg category. She won a gold medal in the 2019 Southeast Asian Games. Diaz trained in Malaysia, where she was stuck due to COVID-19 travel restrictions imposed by the Philippines. While there, she trained in a self-built gym, using water bottles.

Wednesday, December 19, 2007

A new shopping center in Washington, United States called Lakewood Crossing is planning on building and opening new stores. It was opened on September 21, 2006 with the opening of the Marysville, Washington Costco. The mall has still been in the planning stages since 2005. The developer is Powell Development from Kirkland, Washington and the mall is located in North Lakewood, Washington.

There are more than 17 stores and more are being built. A Marshalls, Boston’s Gourmet Pizza, Mongolian Grill, Discount Tire, and others are yet to open. The Washington State Department of Transportation say this could cause more traffic problems. The intersection of Washington State Route 531 and 27th Avenue (only way in and out) is “crowded and tight”. Twin Lakes is now inaccessible because of the traffic.

Plans to redo the traffic are coming soon. They plan to open a loop ramp on the interchange of Washington State Route 531 and Interstate 5 in 2009. Twin Lakes Avenue NE will be extended and a freeway ramp will be added soon, along with a bridge across Interstate 5.

Friday, May 6, 2005

Romania’s new road traffic laws have been approved by the Senate, with the laws being in accordance with European Union legislation and updating a previous law from 1999. Romania is currently going through the process of aligning its legislation with EU standards, as it is set to become a member of the European Union on January 1, 2007. The Senate approved the law with several amendments from the original draft drawn up by the government and approved by the Chamber of Deputies.

The new traffic laws include many important changes. Firstly, car drivers with a concentration of 0.80 grams or more of alcohol per litre of blood can receive penalties of between one to five years in jail. In the case of public transport drivers, the punishment can increase to seven years in jail. Additionally, constructions of any kind will be banned on sidewalks, and traders will not be allowed on roads and parking lots.

Another important change is that pedestrians injured while crossing the street in an unauthorised manner, such as at a red light, will “bear full responsibility” for their actions, according to the law.

Before being implemented, the law must be approved by the President, Traian B?sescu.

Tuesday, March 13, 2007

Just two weeks after China sent global markets into a tumble, growing worries about sub-prime mortgage lenders in the United States are sending jitters through stock exchanges around the globe. The three major US stock market indices each fell two percent from Monday’s closing price, marking the second-biggest loss of 2007. London’s FTSE 100, Paris’ CAC 40 and Frankfurt’s DAX 30 indices each closed down more than 1 percent.

As the Mortgage Bankers Association reported that late payments on mortgages and home foreclosures in the US homes rose in the fourth quarter to their highest level in years, investors are concerned that not only US banks but also multi-national banks around the globe could have exposure.

More than two dozen sub-prime lenders have closed or sold operations as defaults on those mortgages have risen. “The delinquencies and defaults have started to soar,” said Nicolas Retsinas, director of Housing Studies at Harvard University. “A lot of these lenders started to make loans and lost track of some of the fundamentals.”

New Century Financial Corporation, the second largest sub-prime lender in the US, has recently revealed that its creditors were no longer providing funds and, further, it has become subject of an SEC investigation. The New York Stock Exchange has said it will delist New Century. Accredited Home Loan Lending, another major sub-prime mortgage specialist, said it was seeking fresh capital and waivers on its lending covenants.

Sub-prime lenders provide mortgages to people who do not qualify for loans from mainstream lenders, typically due to their credit histories. The lenders then bundle these mortgages as collateral for loans that they obtain from other financing firms, such as GMAC. Such firms can then repackage these loans and sell them as mortgage-backed securities. These securities may end up in the hands of major multi-national banks such as Citibank, HSBC, and Commerzbank. Each level of lending assumes a level of financial risk, but trouble can arise when the risk tolerances are exceeded. If too many homeowners default on their mortgages, the sub-prime lender can end up defaulting. If too many of these lenders default, as it is feared may be happening now, the defaults can cascade upward. While no one is predicting major bank failures at this point, it is feared that their profits could be hurt.

A compilation of brief news reports for Saturday, December 6, 2008.

The global monthly sales of German car maker BMW have fallen by more than a quarter, as consumers are spending less due to the economic slowdown.

According to the company, BMW sales have fallen 26.2% in November from a year ago, whilst sales of its Mini subsidiary, which is based in the United Kingdom, were 20.8% lower. Sales in November for BMW’s luxury Rolls-Royce branch were also down 18.5%.

From the period of January to November, the company sold 1.32 million cars, 1.8 percent fewer than last year, when it sold 1.34 million vehicles.

Sources

• “BMW sales dip more than a quarter” — BBC News Online, December 5, 2008
• “BMW’s November sales slide 25 percent” — The Miami Herald, December 5, 2008

The United States space agency NASA has put off the launch of Mars Science Laboratory rover mission. It was scheduled to fly next year, but the mission has been delayed by testing and hardware problems.

According to agency officials, the launch of the rover would be postponed until 2011. The delay could add US$400 million to the cost of the mission, which is likely to be higher than $2 billion.

“We will not lessen our standards for testing the mission’s complex flight systems, so we are choosing the more responsible option of changing the launch date,” said Dough McCuistion, the director NASA’s Mars program.

Sources

• “Nasa delays its next Mars mission” — BBC News Online, December 5, 2008
• “NASA delays next Mars rover mission” — The Earth Times, December 5, 2008

Three Canadian soldiers were killed by a bomb in southern Afghanistan Friday, bringing the number of Canadian military casualties in the war to 100.

Canada’s top commander in Afghanistan, Brigadier General Denis Thompson, said that his troops were bringing “peace and stability” to the country. 2,500 Canadian troops are based in southern Afghanistan as part of NATO’s mission to defeat the Taliban.

Canada’s military presence in Afghanistan is due to end in 2011.

Sources

• “Canada Afghan death toll hits 100” — BBC News Online, December 5, 2008
• Agence France-Presse. “Afghanistan deaths bring Canada troops’ toll to 100: military” — Google News, December 5, 2008

Armed robbers pulled off a record jewelery heist in Paris, France when they on Thursday robbed the Harry Winston store near Avenue des Champs-Élysées.

Four male thieves, two of whom where dressed as women, stole most of the inventory of the high-profile boutique. The loot has been valued at €85 million (US$107 million).

The robbers brandished firearms and forced fifteen customers and staff into a corner of the store. No shots were fired and no one is reported hurt. Police have no immediate leads.

Sources

• “Robbers in drag steal $100M in jewel heist” — CNN, December 5, 2008
• Agence Press-France. “Diamond thieves pull off 100-million-dollar Paris heist” — Google News, December 5, 2008

Wednesday, April 1, 2009

According to the payroll services company ADP, United States private sector employers cut 742,000 jobs in in March. The figures were almost 80,000 more than the average analyst prediction of 663,000 losses. This is the largest monthly payroll decline since January 2001, when the ADP began tracking job activity.

ADP also updated its job loss statistics for February, from 697,000 to 706,000.

“The sharp employment declines among medium- and small-size businesses indicate that the recession continues to spread aggressively beyond manufacturing and housing-related activities to almost every area of the economy,” said Joel Prakken, the chairman of the company that conducts the ADP survey, Macroeconomic Advisors LLC.

“Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months,” he added.

The US Labor Department‘s report for employment statistics for March is due to be out on Friday. Analysts predicted that the department will announce the unemployment rate increased to 8.5% with 660,000 jobs eliminated in March. However, the bad news from ADP has prompted some to think that the current forecasts are too optimistic.

Thursday, September 20, 2007

A highly dynamic Bluetongue (or catarrhal fever) infection of sheep herds is underway in Germany. From August 2006 till September 9, 2007, 1,833 farms had reported the presence of the infection. From Sept 9. till September 14, 2007, the number of farms reporting infections has grown to 5,686. The number of deaths is estimated around 15,000 sheep.

Bluetongue infection is of viral origin and is harmless to humans. It is an insect-borne viral disease of ruminants, mainly sheep and less frequently of cattle, goats, buffalo, deer, dromedary camels and antelope. There are no reports of human transmission.

The origin of the infection is not clear but it is one of the diseases which is still feared to invade Northern Europe as a consequence of global warming. No official sources are as yet available as the affected sheep farmers have tried to get the news on the media but to no avail.

The disease has also been found in Belgium, France, the Netherlands and Luxembourg. The United Kingdom Department for Environment Food and Rural Affairs says the virus could spread from Northern Europe to the UK, but is unlikely.