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Thursday, September 25, 2008

United States President George W. Bush addressed the nation on the economic financial crisis from inside the White House saying the economic situation is “serious” and is “in danger” of becoming “a long and painful recession.”

“We are in the midst of a serious financial crisis and the federal government is responding with decisive action,” Bush said in his televised speech.

Bush called for the United States Congress to pass a US$700 billion bill intended to keep struggling companies afloat. He asked the two presidential candidates along with leaders from both parties of Congress to join him for a conference on Thursday.

Last Friday, Treasury Secretary Henry Paulson called for a bailout plan that would allow for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. Paulson has said that the plan could cost up to $700 billion. Congressional leaders have said that some form of the plan will pass; however, there is considerable debate over several key issues.

White House spokeswoman Dana Perino said that Bush “believes it is important for the American people to fully understand the depth of the crisis in our financial markets, how that crisis affects them, and the urgent need to agree on a solution.” Bush has been criticized for waiting too long to speak in prime time.

John McCain suspended his campaign to return to Washington and work on the bailout bill. Barack Obama has called for another form of the bill to pass and said that Congress should not package the bailout bill with any other bills — such as an economic stimulus plan.

Meanwhile, Congress has held a second round of hearings on the proposed bailout bill. Paulson and Chairman of the Federal Reserve Ben Bernanke testified in front of the House Financial Services Committee. They felt it was a serious problem in need of an immediate solution.

Rep. Barney Frank, Chairman of House Financial Services Committee, says it is “clear” that the financial bailout bill will pass.

Director of the Congressional Budget Office Peter R. Orsza said while testifying before Congress that “ironically, the intervention could even trigger additional failures of large institutions, because some institutions may be carrying troubled assets on their books at inflated values.”

The bailout plan has been called a “blank check” by many, with members of both parties divided on the issue.

Saturday, December 23, 2006

On December 22, 2006 Microsoft has announced that it has extended its warranty for all Xbox 360 video game consoles to one year in the United States. While this one year warranty applies to all Xbox 360 software as well, Xbox 360 accessories will still carry their original 90 day warranty.

According to a statement by Microsoft:

“Customers that experience hardware issues with their Xbox 360 within one year of purchase will have their consoles repaired at no cost. Moreover, the new warranty policy is retroactive, so consumers that may have already paid for out-of-warranty Xbox 360 repair within one year of the console’s purchase will be eligible for reimbursement of their console repair charges.”

This extension should help ease customers’ minds who have been concerned with the Xbox 360’s reputation for hardware failures. A partial list of hardware issues can be found here: http://en.wikipedia.org/wiki/Xbox_360_technical_problems

People who have paid for Xbox 360 repair will be automatically distributed a reimbursement check in about 10 weeks from the present date.

Previously in September, 2006, Microsoft had waived the cost for repairs on all Xbox 360 consoles made before January 1, 2006, and refunded any fees already paid.

A full description of the updated warranty can be found here: http://www.xbox.com/en-US/support/systemsetup/xbox360/resources/warranty.htm

Monday, February 12, 2007

Cars drove home the big prize last night, from the 34th Annual Annie Awards. The animation industry’s highest honor, ASIFA-Hollywood’s Annies recognise contributions to animation, writing, directing, storyboarding, voice acting, composing, and much more.

As mentioned, Pixar took home the big prize last night, after facing stiff competition from four other Happy Feet, Monster House, Open Season, and Over the Hedge.

But the biggest winner of the night didn’t get a “Best Animated Feature” nod at all. Flushed Away won five feature animation categories including Animated Effects (Scott Cegielski), Character Animation (Gabe Hordos), Production Design (Pierre-Olivier Vincent), Voice Acting (Sir Ian McKellan as Toad), Writing (Dick Clement, Ian La Frenais, Chris Lloyd, Joe Keenan, and Will Davies).

Over The Hedge won awards for Directing (Tim Johnson and Karey Kirkpatrick), Storyboarding (Gary Graham), and Character Design (Nicolas Marlet).

Of little surprise, Randy Newman won an Annie for Cars in the “Music in an Animated Feature Production” category. Newman has won many Oscars for his movie music, and has a nomination this year for the song “Our Town”. Newman didn’t attend the Annies, instead picking up a Grammy for “Best Song Written For Motion Picture, Television Or Other Visual Media”.

DisneyToon Studios’ Bambi II won “Best Home Entertainment Production”, while “Best Animated Short Subject” went to Blue Sky Studios’ No Time For Nuts, which is based on Ice Age.

“Best Animated Video Game” went to Flushed Away The Game, while a United Airlines ad named “Dragon” won a “Best Animated Television Commercial” Annie for DUCK Studios.

Friday, April 25, 2008

The arsonist responsible for setting fire to the historic Sungnyemun gate (more commonly referred to as Namdaemun gate) in Seoul, South Korea in February has been sentenced to ten years’ imprisonment. The 600-year-old landmark was considred one of the nation’s greatest and most iconic, with some sources describing it as the single most important one in the country.

The 69-year-old male defendant has a previous conviction from two years ago for attempting to torch the Changgyeong palace, for which he received a suspended prison sentence and was fined. It is understood he destroyed the Namdaemun gate and attacked the palace over an unconnected land ownership dispute which had angered him. He felt that the compulsory purchase of his home a decade ago had been inadequatly compensated for by the state.

After the fire, residents left flowers at the scene and wrote grieving notes.

Chae Jong-Gi, who admitted the crime, was told of the seriousness of the offence in a statement by the Seoul district court. “A heavy sentence is inevitable as the accused inflicted unbearable agony on the people and damaged national pride… (The monument was) the treasure among all treasures which had survived all kinds of historic disasters. Even if restored, the gate’s originality will never return. Therefore, the nature and consequences of this crime are very serious,” said the statement.

The man is thought to have selected the gate as a target due to lax security measures. In the fire’s aftermath, officials have been criticised over this and concerns that firefighting efforts were ineffective, and the Cultural Heritage Administration‘s chief resigned to show he accepted responsibility for the blaze.

The two storey gate in pagoda style was constructed in 1398 and despite a 1447 rebuild and multiple renovations still contained original timbers prior to the destruction in the fire. Only the stone base survived.

According to the Cultural Heritage Administration, a reconstruction effort will take two to three years and cost 20 billion won (US$21 million).

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Monday, November 2, 2020

The following is the sixth and final edition of a monthly series chronicling the 2020 United States presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

This month’s spotlight on the campaign trail: the Free and Equal Elections Foundation holds two presidential debates, three candidates who did not participate in those debates give their final pleas to voters, and three political pundits give their predictions on the outcome of the election.

Wednesday, April 1, 2009

According to the payroll services company ADP, United States private sector employers cut 742,000 jobs in in March. The figures were almost 80,000 more than the average analyst prediction of 663,000 losses. This is the largest monthly payroll decline since January 2001, when the ADP began tracking job activity.

ADP also updated its job loss statistics for February, from 697,000 to 706,000.

“The sharp employment declines among medium- and small-size businesses indicate that the recession continues to spread aggressively beyond manufacturing and housing-related activities to almost every area of the economy,” said Joel Prakken, the chairman of the company that conducts the ADP survey, Macroeconomic Advisors LLC.

“Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months,” he added.

The US Labor Department‘s report for employment statistics for March is due to be out on Friday. Analysts predicted that the department will announce the unemployment rate increased to 8.5% with 660,000 jobs eliminated in March. However, the bad news from ADP has prompted some to think that the current forecasts are too optimistic.