Thursday, June 29, 2006

The United States Federal Reserve has announced an increase of 25 basis points (0.25%) in the federal funds rate bringing it to 5.25 percent. It also announced its approval of a 25 basis point increase in the discount rate to 6.25 percent.

The federal funds rate is the interest rate at which depository institutions such as banks lend balances they maintain at the Federal Reserve (called federal funds) to other banks overnight. The discount rate is the interest rate that an eligible bank is charged to borrow short term funds directly from the central bank through the discount window.

In its statement, the Fed said that growth is moderating from its quite strong pace earlier in the year, which it partly attributed to a cooling of the housing market and the delayed effect of increases in interest rates and energy prices. The Fed noted that inflation measures were “elevated” in recent months and that while productivity gains have held down increases in labor costs and inflation expectations “remain contained”. However, it pointed out that high levels of resource utilization and high energy and commodity prices have the potential to sustain inflation pressures.

In its outlook over its future moves, the Fed statement said “Although the moderation in the growth of aggregate demand should help to limit inflation pressures over time, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”

Saturday, July 17, 2010

Toyota Motor Company announced they have formalized an agreement to develop an electric version of the RAV4 SUV with Tesla Motors.

In May 2010, Akio Toyoda and Elon Musk, leaders of Toyota and Tesla, respectively, announced they would work together on electric vehicles. The agreement formalizes this announcement and would allow Tesla to work with Toyota at an automobile production plant in California.

The plant will open 2011, when Tesla reopens it after it bought the Fremont, California plant. The plant was previously used by Toyota and General Motors, but was shut down when Toyota said it would not produce cars in California.

Tesla currently produces only a single model, the US$109,000 Roadster, although it is currently designing a second model, the Model S, which will be produced at the Fremont factory.

Analysts supported the move; John Boesel, CEO of a green-transportation trade group, said that “Toyota’s willingness to partner with Tesla to provide an electric version of one of the Japanese automaker’s existing vehicles suggests the partnership between the two companies is going to be a meaningful one.”

Following this announcement, Tesla’s shares rose $0.75, while Toyota’s fell $1.65.

Tuesday, July 22, 2008

Paramedics employed by the Ambulance Service of New South Wales in Australia marched on the New South Wales parliament today. They called for the Government to sack Ambulance Service of New South Wales CEO Greg Rochford, hire 300 additional ambulance officers and 60 patient transport officers. Paramedics gave the Government 48 hours to agree to the proposed staffing levels or face industrial action.

“We are currently at the same levels of staffing that we had in 2002 and these not withstanding, also there’s been an increase in workload of 5 per cent per year every year since then,” said Health Services Union general secretary Michael Williamson.

The union also called for chief executive Greg Roachford and other senior management to be sacked over what has been described as a culture of bullying.

Saturday, January 19, 2013

Zaragoza, Spain — On Thursday, Wikinews traveled to Zaragoza, Spain to interview the nation’s most decorated Paralympian and IPC Athlete Council representative Teresa Perales. A wide range of topics about the Paralympics and sport in Spain were discussed including the evolution of Paralympic sport, disability sport classification, funding support across all levels of elite sport including the Paralympics and Olympics, the role of sportspeople in politics, sponsorship issues, and issues of gender in Spanish sport.

Thursday, October 18, 2007

It can be difficult to be John Reed.

Christopher Hitchens called him a “Bin Ladenist” and Cathy Young editorialized in The Boston Globe that he “blames the victims of terrorism” when he puts out a novel like Snowball’s Chance, a biting send-up of George Orwell‘s Animal Farm which he was inspired to write after the terrorist attacks on September 11. “The clear references to 9/11 in the apocalyptic ending can only bring Orwell’s name into disrepute in the U.S.,” wrote William Hamilton, the British literary executor of the Orwell estate. That process had already begun: it was revealed Orwell gave the British Foreign Office a list of people he suspected of being “crypto-Communists and fellow travelers,” labeling some of them as Jews and homosexuals. “I really wanted to explode that book,” Reed told The New York Times. “I wanted to completely undermine it.”

Is this man who wants to blow up the classic literary canon taught to children in schools a menace, or a messiah? David Shankbone went to interview him for Wikinews and found that, as often is the case, the answer lies somewhere in the middle.

Reed is electrified by the changes that surround him that channel through a lens of inspiration wrought by his children. “The kids have made me a better writer,” Reed said. In his new untitled work, which he calls a “new play by William Shakespeare,” he takes lines from The Bard‘s classics to form an original tragedy. He began it in 2003, but only with the birth of his children could he finish it. “I didn’t understand the characters who had children. I didn’t really understand them. And once I had had kids, I could approach them differently.”

Taking the old to make it new is a theme in his work and in his world view. Reed foresees new narrative forms being born, Biblical epics that will be played out across print and electronic mediums. He is pulled forward by revolutions of the past, a search for a spiritual sensibility, and a desire to locate himself in the process.

Below is David Shankbone’s conversation with novelist John Reed.

Thursday, May 27, 2010

A US Coast Guard official said today that BP’s latest effort to plug the Gulf of Mexico oil spill has been successful in slowing the amount of oil leaking from the well.

The official, Admiral Thad Allen, said that the procedure, known as a “top kill” operation, has been able to block some of the leaking oil at the source, the top of the damaged well. The operation involves pumping material into the well to plug the leak before cement is used to permanently seal the leak. Allen said the operation has “been able to force mud down and not allow any hydrocarbons to come up.”

BP hasn’t confirmed the success of the top kill operation, saying only that the “operation is proceeding as we planned it,” and that there had been no major incidents thus far. Although the possibility of failure is still present, experts say that the longer the procedure continues, the less likely it will be that anything goes wrong.

The procedure began yesterday afternoon, after diagnostics on the damaged equipment on the ocean’s surface indicated that it could withstand the added pressure of the mud being pumped into the well. Although engineers involved with the operation wore concerned that the pressure of the mud might not be able to overcome that of the oil, that has thus far not been the case.

Separately, a group of US scientists announced new estimates of how much oil was flowing from the well, ranging from 12,000 to 25,000 barrels a day, far higher than BP’s original estimate of 5,000 barrels a day, a figure which BP warned was possibly inaccurate.

In a press conference Thursday afternoon, US president Barack Obama also announced new measures in response to the spill, which include:

• Suspending off-shore test drilling for six months
• Extending the moratorium on issuing drilling permits for an additional six months
• Cancelling the sale of leases for off-shore drilling.

In statements, Obama criticized the “scandalously close relationship” between government officials and oil companies in the past, saying that the Mineral Management Service, which is the agency responsible for monitoring off-shore drilling, had been corrupt for years.