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Saturday, October 11, 2008

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”

Monday, July 26, 2010

Snooker player Alex Higgins, nicknamed “Hurricane”, was found dead in his apartment in Donegall Road, Belfast, Northern Ireland on Saturday. He was aged 61 and had been suffering from throat cancer since 1997.

Born in Belfast on March 18, 1949, Higgins became the champion of the World Snooker Championship at the age of 23 in 1972. He reached the same achievement again in 1982. Higgins’ final title victory was in the Irish Professional Championship in 1989.

During 1986, he received a fine and was banned from five tournaments after headbutting a director of a tournament. He was also banned from playing for one year in 1990 after threatening to have Dennis Taylor, another snooker player, shot.

Recently, Higgins lost all his teeth as the result of having treatment for his cancer. In May 2010, a charity dinner took place in Manchester, England that raised approximately £20,000 (US$30,997, €23,859, A$34,363, C$31,961) so as to allow surgery for new teeth for him to occur. However, Higgins was considered to be too unhealthy to have the surgery in Marbella, Spain.

Dennis Taylor, now a snooker commentator at the BBC, stated that “[t]here was just something about the way he played the game — there was a little bit of [John] McEnroe in there. I don’t think you’ll ever see a player in the game of snooker like the great Alex Higgins.”

Philip Studd, another commentator of snooker for the BBC, has described the late snooker player as being “snooker’s original troubled genius” and that Higgins was “[c]harismatic, flash, fast, unpredictable, combustible — you just couldn’t take your eyes off the ‘Hurricane’.” Studd continued to explain that “[w]hile he could never match the consistency of Steve Davis or Stephen Hendry, Higgins on his day was the greatest of them all. He touched the heights in 1982 when he won his second world title. He pipped Jimmy White to the final thanks to a break still widely regarded as the finest ever made. His tears of triumph after beating Ray Reardon — wife and baby in arms — remains one of snooker’s most iconic moments. Without Alex ‘Hurricane’ Higgins snooker would never have become one of the most popular television sports in the 1980s and beyond.”

Thursday, June 23, 2011

NASA’s Cassini–Huygens spacecraft has discovered evidence for a large-scale saltwater reservoir beneath the icy crust of Saturn’s moon Enceladus. The data came from the spacecraft’s direct analysis of salt-rich ice grains close to the jets ejected from the moon. The study has been published in this week’s edition of the journal Nature.

Data from Cassini’s cosmic dust analyzer show the grains expelled from fissures, known as tiger stripes, are relatively small and usually low in salt far away from the moon. Closer to the moon’s surface, Cassini found that relatively large grains rich with sodium and potassium dominate the plumes. The salt-rich particles have an “ocean-like” composition and indicate that most, if not all, of the expelled ice and water vapor comes from the evaporation of liquid salt-water. When water freezes, the salt is squeezed out, leaving pure water ice behind.

Cassini’s ultraviolet imaging spectrograph also recently obtained complementary results that support the presence of a subsurface ocean. A team of Cassini researchers led by Candice Hansen of the Planetary Science Institute in Tucson, Arizona, measured gas shooting out of distinct jets originating in the moon’s south polar region at five to eight times the speed of sound, several times faster than previously measured. These observations of distinct jets, from a 2010 flyby, are consistent with results showing a difference in composition of ice grains close to the moon’s surface and those that made it out to the E ring, the outermost ring that gets its material primarily from Enceladean jets. If the plumes emanated from ice, they should have very little salt in them.

“There currently is no plausible way to produce a steady outflow of salt-rich grains from solid ice across all the tiger stripes other than salt water under Enceladus’s icy surface,” said Frank Postberg, a Cassini team scientist at the University of Heidelberg in Germany.

The data suggests a layer of water between the moon’s rocky core and its icy mantle, possibly as deep as about 50 miles (80 kilometers) beneath the surface. As this water washes against the rocks, it dissolves salt compounds and rises through fractures in the overlying ice to form reserves nearer the surface. If the outermost layer cracks open, the decrease in pressure from these reserves to space causes a plume to shoot out. Roughly 400 pounds (200 kilograms) of water vapor is lost every second in the plumes, with smaller amounts being lost as ice grains. The team calculates the water reserves must have large evaporating surfaces, or they would freeze easily and stop the plumes.

“We imagine that between the ice and the ice core there is an ocean of depth and this is somehow connected to the surface reservoir,” added Postberg.

The Cassini mission discovered Enceladus’ water-vapor and ice jets in 2005. In 2009, scientists working with the cosmic dust analyzer examined some sodium salts found in ice grains of Saturn’s E ring but the link to subsurface salt water was not definitive. The new paper analyzes three Enceladus flybys in 2008 and 2009 with the same instrument, focusing on the composition of freshly ejected plume grains. In 2008, Cassini discovered a high “density of volatile gases, water vapor, carbon dioxide and carbon monoxide, as well as organic materials, some 20 times denser than expected” in geysers erupting from the moon. The icy particles hit the detector target at speeds between 15,000 and 39,000 MPH (23,000 and 63,000 KPH), vaporizing instantly. Electrical fields inside the cosmic dust analyzer separated the various constituents of the impact cloud.

“Enceladus has got warmth, water and organic chemicals, some of the essential building blocks needed for life,” said Dennis Matson in 2008, Cassini project scientist at NASA’s Jet Propulsion Laboratory in Pasadena, California.

“This finding is a crucial new piece of evidence showing that environmental conditions favorable to the emergence of life can be sustained on icy bodies orbiting gas giant planets,” said Nicolas Altobelli, the European Space Agency’s project scientist for Cassini.

“If there is water in such an unexpected place, it leaves possibility for the rest of the universe,” said Postberg.

Friday, October 9, 2009

US Senate Majority Leader Harry Reid has said that the Senate Finance Committee will vote on a sweeping health care reform bill next Tuesday. US President Barack Obama has made clear that extending health insurance coverage to as many Americans as possible is his top domestic priority.

Republican lawmakers, however, are still overwhelmingly opposed to the bill, saying it is too expensive and would expand the role of government in people’s health care.

Obama and his fellow Democrats in the Senate received some good news late Wednesday from the non-partisan Congressional Budget Office, which put the total cost of the Senate Finance Committee’s health care bill at $829 billion over the next decade, below Obama’s stated goal of $900 billion. The budget watchdog organization also said the health care bill would help reduce the federal budget deficit over the next ten years.

Harry Reid said he believed health care reform was moving forward. “And so today we stand closer than ever to fulfilling that fundamental promise, one for which we have fought for more than 60 years,” he said.

Senate Minority Leader Mitch McConnell, however said that the cost estimate was “irrelevant”, because the final bill that will actually emerge from both houses of Congress is likely to look very different and cost a lot more. “What matters is that the final bill will cost about a trillion dollars, vastly expand the role of government in people’s health care decisions, increase premiums and limit choice,” McConnell said.

McConnell said Republicans favor a step by step approach to health care reform, focusing on prevention and wellness programs and dealing with the high costs of malpractice insurance doctors have to pay due to fears of excessive lawsuits.

Under the Finance Committee’s bill, US residents would be required to get health insurance or face a penalty, and insurance companies would face tough new regulations. For example, insurance companies could no longer reject coverage for people due to pre-existing conditions.

The Senate Finance Committee is likely to pass the bill, which will then have to be merged with one passed by the Senate health committee before it goes to the full Senate floor for debate.

Monday, December 19, 2005

Rocket company SpaceX, notorious for repeatedly pre-announcing its first flight on Wikinews, cancels its latest attempt and defers further flights until 2006.

This latest launch attempt on the 19th December was cancelled due to structural issues with the first-stage fuel tank of the Falcon 1 rocket. An electrical fault caused a valve to shut inappropriately, and as fuel drained out a vacuum was created causing the side of the fuel tank to buckle inwards.

Wednesday, November 19, 2008

Alaskan U.S. Senator Ted Stevens, who turned 85 yesterday, narrowly lost his re-election bid to Mark Begich, the Democratic Mayor of Anchorage, Alaska.

Meanwhile, as Alaska’s counting of the November 4 election is almost complete, Democratic challenger for the US House of Representatives, Ethan Berkowitz, conceded to incumbent Don Young, the Republican Party nominee.

With this result, the Democrats are two seats away (assuming that independents Bernie Sanders and Joe Lieberman continue to caucus with them) from a filibuster-proof supermajority in the United States Senate, with two races (Minnesota and Georgia) as yet uncalled. That would allow the Democrats to invoke cloture, limiting filibusters to a further 30 hours, an ability last attained in the 95th Congress of 1977-79.

Stevens is entitled to request a recount at his campaign’s expense, and has not yet made a statement. After the completion of counting yesterday, Begich had defeated Stevens by 3,724 votes, a margin of over one percent. 2,500 special absentee and postal ballots remain to be counted on November 25.

Begich released a statement on his win saying, “I am humbled and honored to serve Alaska in the United States Senate. It’s been an incredible journey getting to this point, and I appreciate the support and commitment of the thousands of Alaskans who have brought us to this day.”

Young won his race by 16,280 votes, a margin of five percent.

Stevens recently became a convicted felon on seven counts for lying on Senate disclosure forms about accepting $250,000 in gifts and home renovations from VECO, an oil services company. He has asked President George W. Bush not to grant him a presidential pardon.