Friday, October 2, 2009

Companies in the United States are shedding more jobs, pushing the country’s unemployment rate to a 26-year high of 9.8%.

The US Labor Department said on Friday that employers cut 263,000 jobs in September, with companies in the service industries — including banks, restaurants and retailers — hit especially hard. This is the 21st consecutive month of job losses in the country.

The United States has now lost 7.2 million jobs since the recession officially began in December 2007. The new data has sparked fears that unemployment could threaten an economic recovery. Top US officials have warned that any recovery would be slow and uneven, and some have predicted the unemployment rate will top 10% before the situation improves.

“Continued household deleveraging and rising unemployment may weigh more on consumption than forecast, and accelerating corporate and commercial property defaults could slow the improvement in financial conditions,” read a report by the International Monetary Fund’s World Economic Outlook, predicting that unemployment will average 10.1% by next year and not go back down to five percent until 2014.

Mark Zandi, chief economist at Moody’s Economy.com, said that “it’s a very fragile and tentative recovery. Policy makers need to do more.”

“The number came in weaker than expected. We saw a lot of artificial involvement by the government to prop up the markets, and now that that is starting to end, the private sector isn’t yet showing signs of life,” said Kevin Caron, a market strategist for Stifel, Nicolaus & Co.

Also on Thursday, the US Commerce Department said factory orders fell for the first time in five months, dropping eight-tenths of a percent in August. Orders for durable goods — items intended to last several years (including everything from appliances to airliners) — fell 2.6%, the largest drop since January of this year.

The US government has been spending billions of dollars — part of a $787 billion stimulus package — to help spark economic growth. There have been some signs the economy is improving.

The Commerce Department said on Thursday that spending on home construction jumped in August for its biggest increase in 16 years. A real estate trade group, the National Association of Realtors, said pending sales of previously owned homes rose more than 12 percent in August, compared to August 2008.

A separate Commerce Department report said that consumer spending, which accounts for more than two-thirds of US economic activity, rose at its fastest pace in nearly eight years, jumping 1.3 percent in August.

Other reports have provided cause for concern. A banking industry trade group said Thursday the number of US consumers making late payments, or failing to make payments, on loans and credit cards is on the rise. A survey by a business group, the Institute for Supply Management, Thursday showed US manufacturing grew in September, but at a slower pace than in August when manufacturing increased for the first time in a year and a half.

Stock markets reacted negatively to the reports. The Dow Jones Industrial Average fell 41 points in early trading, reaching a level of 9467. This follows a drop of 203 points on Thursday, its largest loss in a single day since July. The London FTSE index fell 55 points, or 1.1%, to reach 4993 points by 15.00 local time.

Wednesday, May 25, 2016

Dozens of tax investigators raided Google’s offices in French capital Paris yesterday as part of a probe into the company’s alleged tax evasion.

The raid was conducted by investigators from the state financial prosecutor’s office assisted by 25 information technology (IT) experts, according to officials. “The investigation aims to verify whether Google Ireland Ltd has a permanent base in France” the prosecutor’s office said, “and if, by not declaring parts of its activities carried out in France, it failed its fiscal obligations[…]”.

Google, a subsidiary of Alphabet Inc., reports most of its sales in Ireland. Google claims most sales contracts are closed in its Dublin offices. If investigation finds sales are being concluded in other countries, Google may need to pay additional taxes in these countries.

In 2014 Google reported a total yearly revenue in France of €225.4 million with a profit of just €12.2 million, paying only €5 million in corporate tax according to the Financial Times. A Google spokesperson said the company is co-operating with French authorities and fully complies with French law.

According to Reuters, a source from the French finance ministry said French tax authorities are also separately pursuing Google for €1.6 billion in back taxes.

Wednesday, November 1, 2006

The third and last bidder for Singapore’s Sentosa Integrated Resort (IR) project, Eighth Wonder, submitted its development plan yesterday: a SGD 5.5 billion(USD 3.52 billion) eco-friendly casino known as “Harry’s Island”.

Harry’s Island will boast 10 luxury, family-oriented hotels, a tree house with family suites, and a 7,500-seat Caldera theater which will feature nightly spectacular shows.

Eighth Wonder says it wants to make Harry’s Island a world-class, must-see tourist destination and has roped-in several big names in its tender. If selected, the resort will have spas and health centers run by health guru Deepak Chopra, Vera Wang hotels with access to her entire wedding collection, and a soccer academy with Brazilian soccer icon Pele giving his input.

Harry’s Island will create around 15,000 jobs, including 5000 in the food and beverage industry.

The company believes it can recover its investments by 2015 by generating over $5.6 billion in five years; it hopes to bring nearly 15 million visitors annually by 2014.

The Sentosa IR project is the second of two IR tenders offered by the Singapore Government: the first was located in Marina Bay.

The Singapore government is expected to announce the winner in December.

Thursday, September 3, 2009

Two CH-47 Chinook helicopters were called in on Wednesday, September 2nd, to help contain the wildfires on the Hawaiian Island of Molokai.

Smaller helicopters that were fighting the fire since it started around noon on August 29th were redeployed as well.

According to Gen Iinuma, Maui County Civil Defense administrator, the CH-47s carry 2000-gallon buckets of water, whereas the smaller helicopters only have 100-gallon buckets. The Chinooks can dump more water in fewer trips than the smaller helicopters. On the other hand, the tremendous downdraft from the bigger aircraft may make the fire worse.

“If they don’t do it right, they’ll fan the fire,” Iinuma said.

According to Iinuma, ground crews are continuing to maintain the fire’s perimeter, which remained unchanged from Tuesday. The helicopters are being used to fight the fires where ground crews can’t reach, such as steep mountain passes and valleys.

Iinuma also expressed concern about a red flag advisory the National Weather service put out for all leeward areas of the Hawaiian Islands, meaning conditions are ripe for fires.

Lieutenant Governor James “Duke” Aiona, who took an aerial survey of Molokai’s brush fire area, said it was “no immediate threat”. He also noted that the fire seemed to come right up to the perimeter of some properties, but almost always stopped there.

Aiona’s observations are mirrored by a local business owners’ story. The wildfires destroyed the beehives of Molokai Meli, a family-owned honey business in Kapaakea, but residents admit that the beehives were not their main concern.

“We were just beating the edges with wet towels and sheets to try and keep it from getting to the houses that are just right over that ridge,” said co-owner Brenda Kaneshiro. Luckily, the property was spared, though the beehives weren’t.

“All that metal right there, that’s where they all were, there were 33 of them,” said Elijah Kaneshiro, the owner’s son.

Friday, September 19, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. Christian Heritage Party candidate Ron Gray is standing for election in the riding of Langley.

Wikinews contacted Ron Gray, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Mr. Gray has been leader of the Christian Heritage Party since 1995. He first ran for office in 1988.

Sunday, July 24, 2005

The World Health Organization’s Beijing spokesman has said that the People’s Republic of China has withheld vital information regarding H5N1 outbreaks, a type of bird flu that is infecting animals throughout Asia. The animals most affected by the disease are those among waterfowl and poultry, however in recents months it has infected humans and has also been discovered in tigers as well as swine. The Nation magazine quotes WHO officials as saying that the strain has the potential of causing a human pandemic (global epidemic) resulting in tens of millions of deaths.

The first appearance of this type of flu was in Hong Kong during 1997. As of July 21, 2005, one hundred and nine cases of human infection have been confirmed resulting in fifty five deaths outside of China reports the Centers for Disease Control. China has reported no deaths in the recent outbreaks, leading to speculation of a cover up. The Economist says eleven countries across Asia have been affected, and more than one hundred and twenty million birds have died from infection or been culled. Although this week a case was found in Russia making it the first European country with an infection and twelfth in the world.

Usually these flu viruses are carried worldwide by wild bird populations in their intestines and are non-lethal. However this variant has mutated into the most lethal strain of influenza ever recorded says Mike Davis, author of The Monster at Our Door: The Global Threat of Avian Flu. Such occurrences are natural and have happened in the past as in the 1918 Spanish influenza pandemic.

The current virus is morphing into a type that is spread among humans with the first human-to-human cases found in Vietnam during 2005. When avian influenza subtypes adapt for this mode of transmission the effect is deadly for humans as the immune system has no natural immunities for it and the production of appropriate antibodies to fight the infection takes some time.

Further complicating the effort to combat H5N1, it was reported in the Washington Post that the People’s Republic of China has been administering the medication Amantadine to poultry in violation of international livestock regulations that state it is for human use only since the late-1990s (all the time officially denying any cases of bird flu among its poultry); the result has been that the virus is now largely immune to the medication and is significantly deadlier. World Health Organization officials had been preparing to use the drug to fight a future pandemic and now it has been rendered useless.

Chinese government officials have said more than 1,000 migratory birds have been found dead during 2005 and there have been unofficial Internet reports of one hundred and twenty related human fatalities that are strongly denied by Beijing.

China has previously irked international agencies for its handling of public and agricultural health crises, notably the SARS epidemic that began in 2002. China’s health minister was fired after the government acknowledged it had covered up the extent of the SARS outbreak by preventing reports about the illness for months and by minimizing its seriousness says the Washgington Post.

Margaret Chan, WHO director of pandemic influenza preparedness is pressing China to allow laboratories to examine specimens from birds in Qinghai, where the H5N1 virus has killed more than 5,000 birds from five species. Recombinomics has found Chinese message boards indicating part of Qinghai province may be under martial law and quarantine.

Three outbreaks of H5N1 have affected China in recent months but the World Health Organization has not received the information or the virus samples from infected birds that they requested. “It is a matter of urgency,” said Roy Wadia, the WHO’s speaker in China. “We stress that this virus is highly unpredictable and versatile and can change any time. It is highly dangerous.”

Thursday, May 13, 2010

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview.

The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austerity measures to try to ease the nation’s debt-problem. An international rescue package has been prepared by European Union member states and the International Monetary Fund – should Greece require a bailout; protests have been held against government attempts to manage the economic situation.