Sunday, December 4, 2005

These are short blurbs about current events in the business world.

Wednesday, September 5, 2007

A Proton rocket which was intended to launch the JCSAT-11 satellite into a geostationary transfer orbit lifted off and successfully completed its first stage burn, but the second stage failed leading to loss of the rocket and satellite.

The launch vehicle was a Proton M booster with a Breeze M upper stage. More than 300 Proton rockets have been launched, all from the Baikonur Cosmodrome in Kazakhstan. Following the launch failure, Kazakhstan suspended the launch of Proton rockets from Baikonur, Interfax news agency reported.

JSAT Corporation immediately placed an order with Lockheed Martin, the satellite manufacturer, for an identical replacement satellite based on the A2100AX design.

Tuesday, July 3, 2007

A woman, who was taking the road test to become a licensed school bus driver, crashed a bus into a utility pole in White Plains, New York, today. The wreck occurred on South Kensico Road between the intersections with Minevera Place and Oakley Avenue.

The Journal News reported that the accident occurred at 11:30 a.m. EDT (UTC-4) and that neither the student driver nor the examiner from the New York Department of Motor Vehicles (DMV) was injured.

According to The Journal News the road was closed in both directions. Police and workers from the utility company, Con Edison, were on the scene inspecting the damage. The utility pole had snapped at the bottom and it was leaning on the bus.

Wikinews went to the crash site and found that Con Edison crews were still working to replace the pole. Nearly five hours after the crash, a new pole had been installed and the old one was being held parallel up against it. Workers were transferring the wires onto the new pole.

Kensico Road had been reopened, but only in one lane. Workers let traffic pass alternating between one direction and then the other. Ironically, the green sign that is affixed to the pole reads “DMV test site starts here.”

Thursday, December 31, 2015

The Financial Conduct Authority, one of Britain’s banking sector regulators, indicated it has decided to drop an inquiry into banking culture, including practices and payment of banking staff. The inquiry was intended to review “whether culture change programmes in retail and wholesale banks are driving the right behaviour, in particular focusing on remuneration, appraisal and promotion decisions of middle management, as well as how concerns are reported and acted on”.

A spokesman for the Financial Conduct Authority stated: “A focus on the culture in financial services firms remains a priority for the FCA[…] There is currently extensive ongoing work in this area within firms and externally. We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change as well as supporting the other initiatives outside the FCA.”

The Shadow Chancellor, Labour’s John McDonnell, said shutting down the inquiry would be a “dangerous and costly mistake” and said: “This will be a huge blow to customers and taxpayers who are all still paying the price for the failed culture in the banking sector that’s been widely attributed to be among the main causes of the crash and the scandals over Libor and price-fixing”.

Members of the Treasury Select Committee have also been critical of the cancellation of the review. On Twitter, Labour MP John Mann stated the “FCA surrender to big banks today is entirely from pressure from Treasury and Osborne”. Conservative MP Mark Garnier, told the BBC: “There has always been this great argument that perhaps the Treasury is having more influence over the regulator than perhaps it ought to and certainly, if I was looking for a Machiavellian plot behind what’s happened here and the tone of the regulator, then I suppose I would start looking at the Treasury.”

Richard Lloyd from the consumer group Which? expressed disappointment at the cancellation of the report: “It’s disappointing that the regulator has decided against publishing this report on the culture of banking. Cultural change doesn’t happen overnight, so despite signs of improvement, the FCA must not take their eye off the ball and should continue to clean up the industry”

The FCA has had no leader since Martin Wheatley resigned in July following an expression of no confidence by George Osborne, the Chancellor of the Exchequer.

Monday, May 9, 2005

Workers at Newport Chemical Depot in Indiana have completed a successful test-run of a chemical reactor designed to dispose of Cold War stockpiles of VX nerve agent.

After encountering initial difficulties when the temperature in the reactor grew too high, workers were able to adjust the speed of the device. 180 gallons of VX and water were turned into a caustic but far less lethal compound, that can be further reprocessed into an inert substance.

A residue of 14 parts VX per billion remained; the Army’s eventual goal is less than 20 parts. One drop of VX can kill a grown man.

The conversion of the VX stockpiled at the facility is projected to take two years. Then the drain cleaner-like waste product with its small residue of VX will need to be sent to another facility for reprocessing into a safer, biodegradable compound.

A controversial plan has Dupont doing the reprocessing at their facility in New Jersey, and dumping the compound into the nearby Delaware River.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”