Sunday, November 21, 2004

European finance ministers at the G-20 meeting which opened Saturday, November 20th, are expected to discuss the current exchange rate of the euro vs. the dollar. The euro is currently trading high against the dollar, so that it takes around $1.34 (as of December 4, 2004) to buy one euro. This has the effect of making exports from Europe to the USA more expensive, increasing the likelihood that US consumers will buy from a non-EU country. The exchange rate is set by the currency markets, although it is heavily influenced by the current account status (ie. the balance of trade between countries).

Some European leaders want the United States to take action to increase the value of its exchange rate. The US though is seen as not wanting to do this, for two reasons:

1. A low dollar relative the euro means that all exports from the US to Europe are cheaper for Europeans to buy, increasing the likelihood that Europeans will buy US items and thus helping the US economy
2. Many actions which governments have done in the past to bolster unnaturally their currency have been fought by the market, and the market won. The most famous example is George Soros’ “breaking of the Bank of England”

One side-issue that this discussion might evoke is that of the exchange rate between the dollar and the Chinese yuan, which is fixed by China. Studies of this exchange rate using the concept of purchasing power parity (ensuring that a dollar traded to Chinese yuan will still buy roughly the same amount in China) show that the Chinese yuan has been around 50% undervalued for the past two years. This makes things from China on average 50% cheaper for a US consumer than they should be. US officials have throughout 2004 repeatedly called for China to end this practice. Normally it would end itself, i.e. even with a fixed exchange rate this process could only go on for so long before the entire Chinese market becomes valued differently. But since the Chinese central bank has been constantly lending money to the United States government (via the purchasing of US treasury bonds), that effect is mitigated.

A compilation of brief news reports for Wednesday, March 28, 2007.

The United States will reportedly seek a jail sentence of less than 20 years for Australian David Hicks. He pleaded guilty to providing material support for terrorism, but not an act of terrorism. Hicks may be sentenced by the end of the week. He could be returned to Australia to serve out his sentence, with credit for the years at Guantanamo Bay.

Related news

• “Guantanamo detainee David Hicks pleads guilty to providing “material support”” — Wikinews, March 27, 2007
• “US charges Australian David Hicks” — Wikinews, March 26, 2007

Sources

• Gemma Daley. “U.S. to Seek Hicks Jail Term of Less Than 20 Years” — Bloomberg L.P., March 28, 2007
• “Australian’s Gitmo confession likely to get him home” — CNN, March 28, 2007

US stocks fell on Tuesday starting another round of global selling, as worries about the US housing market and weaker consumer confidence. Lennar Corp., one of the largest US home builders reported that profits fell 73%. Wednesday, Asia markets opened steady to higher, but fell as rising oil prices and the geopolitcal standoff between Britain and Iran made investors seek the safety of government bonds. European and North American markets are trading lower in the Wednesday trading session.

Sources

• Madlen Read, AP. “Wall Street slides on economy worries” — Yahoo! News, March 28, 2007
• Chen Shiyin and Makiko Suzuki. “Asian Stocks Fall on U.S. Economy Concern; Toyota, Samsung Drop” — Bloomberg L.P., March 28, 2007
• “European stocks — Factors to watch on March 28” — Reuters, March 28, 2007
• Chris Burns. “Markets lower on Iran, US data” — Reuters, March 28, 2007

In an apparent reprisal for bombings in Shi’ite areas, gunmen went on a rampage in a Sunni in Tal Afar, Iraq, killing about 50 people. There have been reports that the gunmen included police.

Sources

• “Gunmen kill 50 in Iraqi town” — Reuters, March 28, 2007
• “Gunmen kill dozens in Iraqi town” — BBC News Online, March 28, 2007

The United Kingdom has made public GPS data that it says proves that the 15 navy personnel were well inside Iraqi waters when they were seized by Iran. Foreign Minister Manouchehr Mottaki said the dispute would be solved “based on rules and regulations” and that the female sailor would be released soon.

Related news

• “UK prepared to go ‘into different phase’ if sailors and marines not released by Iran within days” — Wikinews, March 27, 2007
• “British sailors detained by Iran “to be tried for espionage”” — Wikinews, March 25, 2007
• “15 Royal Navy sailors captured at gunpoint by Iranian guards” — Wikinews, March 23, 2007

Sources

• “UK reveals Iran dispute evidence” — BBC News Online, March 28, 2007
• Peter Graff and Sophie Walker. “Britain turns up heat on Iran, woman to be freed” — Reuters, March 28, 2007

Surviving members of the 332d Air Expeditionary Group and 99th Pursuit Squadron, widely known as the Tuskegee Airmen, will be honored on Thursday by President Bush at a ceremony at the US Capitol. They will receive the Congressional Gold Medal for fighting both the Nazis abroad and racial segregation at home.

Sources

• Matthew Bigg. “Black airmen honored for fighting Nazis, racism” — Reuters, March 28, 2007
• Annie Bergman, AP. “Tuskegee Airmen Being Honored” — ABC News, March 28, 2007

Saturday, June 18, 2005

MasterCard International announced Friday that multiple instances of fraud have been tracked back to CardSystems Solutions, Inc., a company that processes credit card transactions and other payments. Customer names, banks, and account numbers of up to 40 million cardholders have been exposed, of which about 13.9 million are MasterCard-branded cards, the company said. Visa and American Express cards were also affected.

“The breach appears to be the largest yet involving financial data,” said David Sobel, of the Electronic Privacy Information Center.

CardSystems issued a statement late on Friday that said it learned of the potential breach 26 days ago, but that the FBI told the company not to advise the cardholders nor the public at large. CardSystems also said their statement had been vetted by the FBI.

A spokesperson for the FBI said that the agency had asked CardSystems not to disclose information that could compromise the investigation, but that it had not asked CardSystems to fail to disclose the breach at all.

Michael A. Brady, C.F.O. of CardSystems, told the Associated Press that “we’re absolutely blindsided by a press release by the association,” when speaking of MasterCard’s release. A MasterCard spokesperson said that the company was obligated to inform its customers of the breach.

MasterCard spokesperson Sharon Gamsin said that CardSystems was hit by a virus-like computer script that stole customer data for the purpose of fraud. She said MasterCard does not know how the script got into the CardSystem network.

Sobel said this theft “indicates that this is a shadowy industry where the consumer never really knows who is going to be handling and using their personal information. Presumably, the affected consumers thought they were dealing with MasterCard.” Having a third-party process credit card transactions is common practice in the industry.

A compilation of brief news reports for Thursday, December 11, 2008.

The British pound sterling fell to a record low against the euro Wednesday, descending to under 1.14 euros for the first time. It reached new lows against other currencies as well.

One euro was worth 87.79 pence today, compared with the price of 71.91 pence a year ago. The United States dollar was trading at $1.4827 for a pound.

Some currency analysts speculate that the pound might be headed for parity — when one pound will be worth about one euro or dollar.

Sources

• “Sterling hits new record euro low” — BBC News Online, December 10, 2008
• “Sterling tumbles to record low against the euro as UK economic woes mount” — The Daily Telegraph, December 10, 2008

The United States office supplies company Office Depot announced on Wednesday that it will close about 9% or 112 of its stores in North America and slash 2,200 jobs over the next three months.

The plan to close the stores will bring the chain’s base to 1,163 stores. 45 stores are to be shut down in the Central US, 40 in the Northeastern US and Canada, 19 in the Western US, and eight in the South.

Six of Office Depot’s 33 North American distribution facilities are also to be closed.

Shares of the company rose more than 12% on the news.

Sources

• “Office Depot cutting 112 stores, 2,200 jobs” — MSNBC, December 10, 2008
• “Office Depot to close 112 stores” — American City Business Journals, December 10, 2008

Barack Obama, the President-elect of the United States, has said that Illinois governor Rod Blagojevich should resign from his post. Obama’s statement comes following Blagojevich’s arrest on charges that he attempted to “sell” Obama’s Senate seat, which the latter vacated to become President.

As governor of the state, Blagojevich has the authority to select Mr. Obama’s successor to represent Illinois in the Senate.

Blagojevich has been charged with conspiracy and solicitation to commit bribery, crimes that are punishable by up to 20 and 10 years in jail, respectively.

Related news

• “Governor of Illinois arrested on suspicion of corruption” — Wikinews, December 9, 2008

Sources

• “Gov. Blagojevich defiantly clings to power” — MSNBC, December 10, 2008
• “Obama calls on governor to quit” — BBC News Online, December 10, 2008

Wednesday, February 16, 2005

New York, New York —On February 12, 2005, at 8:30 a.m., New York Mayor Michael Bloomberg dropped the first piece of fabric in The Gates, a land art project by Christo and Jeanne Claude.

The artists installed 7,500 metal “gates” along 23 miles of pathways in New York City’s Central Park. Each gate supported a flag-shaped piece of saffron fabric. The project is scheduled to run from Feb. 12, 2005 through Feb. 27, 2005. The project is sometimes referred to as “The Gates, Central Park, New York, 1979-2005″ in reference to the time between the artists’ initial proposal and the present day.

Tuesday, March 22, 2005Launched yesterday with funding for bandwidth and storage donated by Internet Archive, a new website called Ourmedia aspires to serve as a global repository for free content, which donors are encouraged to license for re-use by others.

Started by Internet Archive employee J.D. Lasica and Marc Canter, who founded Macromind, which became Macromedia, Ourmedia has a team of what Lasica refers to as “moderators” that will ensure that the site does not host pornography or copyrighted or defamatory materials. Their “Site rules” note that the moderators will be the “sole arbiters” of what will be hosted on the site.

Lasica and Canter have been working on the site with a cadre of volunteers since they met at a Supernova conference 9 months ago, according to Lasica’s blog. The site was started in the summer of 2004, and announced its official launch on March 21, 2005.

While the server initially hosting Ourmedia was not able to handle the load imposed when publicised on tech news sites such as Slashdot and BoingBoing (reported by ITConversations, among others), it has now been replaced and improved. According to a post on the Ourmedia blog, “The transition to a new dedicated server has been completed, the database configuration has been given an overhaul, and some of the code has been cleaned up.”

The software running Ourmedia is an open source content management system called Bryght, described at Bryght.com as “the Drupal core set of modules plus a set of contributed Drupal modules.” Ourmedia describes their system as being “alpha” quality; they note that because all of the media files on their site are being hosted by the Internet Archive, users will need to register with both sites with the same username and password until the registration systems are unified.

Tuesday, February 13, 2007

In Vancouver, a 20-year urban success story may yet have a sad ending. The city’s downtown population has doubled to 80,000 in the last 20 years thanks to Vancouver’s “Living First” policy – a planning strategy that favors residential development over commercial. And planners are expecting the population to reach more than 120,000 by 2030. But while downtown booms with people, business is busting. The International Herald Tribune reports that the city’s recently-released jobs and land-use study is estimating that downtown Vancouver may run out of commercial and office space within 5 years.

The ‘Vancouver problem’ is one that many cities in the United States could only hope to have. On the contrary, much effort has been put into bringing residential life back into the city centres. In Los Angeles, San Diego, Miami, and Washington, D.C. there has been a condominium boom in recent years, but these cities are far from the situation Vancouver faces now.

To counter the trend in Vancouver, planners are proposing changes to the city’s zoning regulations, including the passage of more lenient building height restrictions. But because residential developments are so much more profitable than commercial and office space, some public officials are proposing offering better incentives to the developers willing to build commercial. Another option is to expand the moratorium that was placed on new housing development in the central business district two years ago.

Translink is currently involved in a major expansion of the 49.5 km (30.8 mi) Skytrain system centred on downtown Vancouver. Construction of the Canada and Evergreen lines is underway. The former will be complete in 2009, and the latter in 2011.

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