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.

Saturday, June 7, 2008

Western Australian Master Builders Association (MBA) yesterday demanded the Carpenter Government call an emergency cabinet meeting to avoid a “state of emergency” over the energy crisis gripping WA. A MBA spokesperson said that hundreds of workers have already been stood down, many without pay, and that the cost of building material is soaring.

The Minister for Energy, Fran Logan has admitted that the gas shortage caused by Tuesday’s fire is damaging the economy as mining, manufacturing and construction industries wind back operations. Western Australia’s two major brick producing companies have shut operations and Wesbeam’s $A100 million Neerabup pine production facility has been closed, their 130 employees have been stood down.

Wesbeam chief executive James Malone said, “It’s an industrial tsunami in my view. It’s a little ripple that has very quickly had a huge multiplying effect on the whole community”.

Michael McLean, Master Building Association director said “It’s a worst-nightmare scenario, and not one we could have imagined in our wildest dreams,” building supplies are expected to start running out by the middle of next week.

Premier Carpenter has announced a meeting of ministers and industry representatives to take place on Sunday to discuss solutions to the growing crisis. Tim Wall, managing director of Apache Corporation has said Apache is conducting a worldwide search for the parts need to repair the pipeline.

Major mining companies and Apache partners BHP Billiton and Rio Tinto have already reported they are suffering with the loss of gas supply; the Chamber of Minerals and Energy has talked down the effect saying that they don’t expect the crisis to take the heat off the booming mining industry.

Opposition leader Troy Buswell has describe the performance of Fran Logan as “absolutely dismal” noting that Mr Logan had experienced a similar incident in January this year, when a fire at Woodsides Karratha operations had a similar effect.

Sunday, February 11, 2007

An Indian all-female United Nations peacekeeping unit has arrived in Liberia, the first such team to be sent on a foreign mission.

More than a hundred female officers and about 20 men engaged in logistics work flew into Liberia on January 30, where they will receive additional training before starting their mission to strengthen the rule of law and maintain peace in the country. U.N. officials hope an all-female unit can inspire and help Liberian women.

Last year, Liberia elected Ellen Johnson-Sirleaf as the first female head of state in Africa after two civil wars in the 1990s devastated the country, displacing hundreds of thousands of people. The country now has to rebuild its basic infrastructure and economy as well as come to terms with the violence of the civil wars.

Commanding officer of the unit, Seema Dhundia told reporters that the attention her unit has received makes her “a bit apprehensive because now we have to exert more to prove our worth, to prove ourselves,”

Eighty-two female U.N. police officers currently serve in Liberia, as part of the United Nations Mission in Liberia (UNMIL).

The UNMIL Police Commissioner Mohammed Alhassan hoped that the all-female contingent will serve “as an incentive and an attraction to encourage young Liberian women to join the Liberian National Police”.

The team has served before in troubled areas in central India and Kashmir. Dhundia herself has been a peace-keeper for 19 years and says her team are well trained and experienced and will be able to handle the situation.

A U.N. spokesman viewed the role of the all-female unit to not be particularly different from that of the Jordanian, Nepalese and Nigerian units that have been working in the country. The armed unit is to specialize in controlling difficult crowd situations.

“We hope that the presence of this all-female contingent will serve as an incentive and an attraction to encourage young Liberian women to join the Liberian National Police,” said UNMIL Police Commissioner Mohammed Alhassan. The U.N. has set up a special education programme to help women join the police force.

Hopes have been high that the presence of the all-female contingent will encourage victims of rape – which is rampant in the country – to report the crime and that it will make more women interested in becoming police officers and peacekeepers.

U.N. peace-keepers have also been accused of sexual exploitation in the past, and Joanna Foster, the gender adviser to the UN Mission told BBC News that missions employing more women had reported fewer such problems.

Tuesday, January 30, 2018

On Sunday, female ice hockey players from North and South Korea joined one another for a training session before the upcoming Winter Olympics. Players from the two Koreas are to compete together as a united team for the events hosted in Pyeongchang, South Korea, which are scheduled to start on February 9; Seoul’s Unification Ministry said. The cross-border gesture is part of diplomatic efforts to ease tensions on the divided Korean Peninsula and the team was approved by the International Olympic Committee.

The International Olympic Committee selected Pyeongchang in 2011 to host the event, marking South Korea’s first opportunity since the 1988 Summer Olympics in Seoul. The earlier event was marred by violence as North Korea had bombed a South Korean flight several months prior, killing over 100 and boycotted the event. Inter-Korean relations have changed considerably in the ensuing thirty years, including the two sending unified teams for table tennis and youth football in other non-Olympic competitions.

The announcement that the two countries would compete together was a stated goal of South Korean President Moon Jae-in. Last year, he announced the proposal and the two nations went into discussion this month. After two weeks, they made the announcement to field a consolidated 35-strong team of ice hockey players and have joint skiing exercises with both team coaches involved.

According to Yonhap News Agency estimates, about 80% of South Koreans support dialogue, but the move to have a joint team has been controversial. Over 10,000 South Korean citizens sent a petition to South Korean President Moon opposing the union and a group of North Korean defectors held a protest at the South Korean National Assembly on January 24, tearing apart photos of the North Korean leader, Kim Jong-un. Public support for eventual reunification of the Korean peninsula has waned in recent years, with the younger generation more skeptical of the possibility.

Monday, July 25, 2005

A suspect package discovered in Little Wormwood Scrubs, west London is apparently a fifth bomb made to the same design as those used in the 21 July attacks. The device was subjected to controlled explosion by the police over the weekend and its discovery has led to speculation that a fifth bombing attempt may have been intended that day. The device was apparently a nail bomb.

Little Wormwood Scrubs is just north of Shepherd’s Bush (scene of one of Thursday’s bombing attempts) and White City (the location of the BBC’s TV centre). It also borders on North Pole sidings, which are used by the Eurostar cross-channel train which travels through the Channel Tunnel.

A compilation of brief news reports for Monday, May 7, 2007.

A 30 meter section of a gas pipeline in Luka (near Kiev) in Ukraine has been destroyed by an explosion. Although supplies to Europe via this pipeline have stopped, Ukrainian Energy Minister Georgi E. Boyko said that supplies to Europe would not be affected.

“There are no changes in volumes of gas being transported,” Yuri Korolchuk said. “Volumes due to pass through the damaged section are being redirected through the Soyuz pipeline.”

Normal flows are reported in the Czech Republic, Hungary, Poland and Romania.

Sources

• “Blast damages pipeline in Ukraine” — Russia Today, May 8, 2007
• Natalya Zinets, Reuters. “Blast hits Ukraine gas pipeline” — The Scotsman, May 7, 2007

Copper prices are rising. Between record copper imports from China, and a mining strike in Peru, the prices have climbed to over $8100 (United States dollars) a tonne, for a gain of $575 dollars over the last week. However the upward trend is not new, it has been climbing for quite some time. In April 2003, the price of copper was under $2000 a tonne.

The metal market has been tending up due to growth in the Chinese industrial production. This trickles down to the local level, where the buying price at scrap yards is ever climbing, making scrap metal collection a more profitable endeavour for individual people using pick up trucks or other such vehicles to collect and cash in the scrap metal at metal buying yards. It can be collected via agreements with businesses, from the garbage, or, sometimes, by theft.

Copper prices fell today on the NYMEX commodity exchange from US$3.7545 per pound to US$3.7125 based on the July futures contract.

Sources

• “Copper up but crude oil down” — Financial Express, May 6, 2007
• Millie Munshi. “Metals Bubble Poised to Burst on Increasing Supplies” — Bloomberg L.P., May 7, 2007
• “Commodity Futures” — Bloomberg L.P., accessed May 7, 2007

One man was killed and another injured by an exploding backpack in the parking lot of the Luxor Hotel in Las Vegas, Nevada. The explosion happened at 4 a.m. PDT when the victim tried to remove a the object left on top of his car.

Agents from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) are on the scene. Aerial images did not show any apparent damage.

“We believe the victim was the intended target of this,” Bill Cassell said, spokesperson for the Las Vegas Metropolitan Police Department. “This is being treated as a homicide in which the weapon used to cause death is a non-traditional weapon.”

Both of the victims worked at the Luxor.

Sources

• Associated Press. “1 dead, 1 hurt in Las Vegas parking lot blast” — MSNBC, May 7, 2007
• “Explosion kills man in Vegas outside Luxor hotel” — Reuters, May 7, 2007