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Tuesday, February 15, 2011

The Office for National Statistics (ONS) have made a statement saying the inflation rate of the United Kingdom measured by the Consumer Price Index (CPI) increased to 4% in January 2011. In December 2010, this figure was 3.7%. According to BBC News Online, 4% is the highest CPI that the UK has experienced since November 2008.

There are various reasons for the raised British inflation rate, including value added tax (VAT) increasing from 17.5% to 20% on January 4 and the value of crude oil rising. The inflation rate of the Retail Price Index in the country has increased to 5.1%; previously, the value was 4.8%. The CPI has now been a minimum of a percentage point higher than the intended 2% target for one year and two months.

The ONS revealed that the price of petrol per litre, which the CPI measured at £1.27 (US$2.04, €1.51) (£5.77/ Imperial gallon), was a record peak. The rising values of tobacco, alcohol, hotels, restaurants, transport and furniture are also said to have caused the increase in VAT. Between December 2010 and January 2011, the rate of the CPI increased by 0.1%, the first time that inflation rose during these two months since records commenced in 1997. The ONS have stated that “[t]wo of the main factors that had an impact on the January data are the increase in the standard rate of Value Added Tax (VAT) to 20% and the continued increase in the price of crude oil”.

Mervyn King, the current Governor of the Bank of England, has written a letter and sent it to George Osborne, the present Chancellor of the Exchequer of the British government. The letter provides an explanation for the inflation outlook and what can be done to overcome it. Within the letter, King states that the inflation is anticipated to increase to 5% within the next few months.

“The MPC’s central judgement, under the assumption that Bank rate increases in line with market expectations, remains that inflation will fall back so that it is about as likely to be above the target as below it two to three years ahead,” Mervyn King stated in the letter. “The MPC judges that attempting to bring inflation back to the target quickly risks generating undesirable volatility in output and would increase the chances of undershooting the target in the medium term.”

During the last week, the UK interest rates remained at 0.5%. The Bank of England has kept this figure at half a percent for twenty-three consecutive months.

Saturday, October 4, 2008

The U.S. Senate passed a revised bailout bill designed to help the struggling U.S. financial economy, which has measures nearly identical to the bill rejected by the U.S. House of Representatives on Monday.

“Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy,” said Senate Majority Leader Harry Reid.

The new revisions include raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House.

Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives.

Vice President of Taxpayers for Common Sense, Steve Ellis, offered his explanation for the pork and earmarks added in. “People who support some of these provisions will forget about the $700 billion and concerns they may have on that, and say, ‘If you give me a few million in tax breaks for my constituents, I’ll go along'”.

The tactic seems to have worked, however, managing to flip enough votes to pass the bill.

“The inclusion of parity, tax extenders and the FDIC increases has caused me to reconsider my position,” said Representative Jim Ramstad (R Minnesota), who voted against the previous bill on Monday. “All three additions have greatly improved the bill.”

But Representative Marcy Kaptur (D Ohio) was not changing her no vote. “I will not support this legislation because it’s the wrong medicine,” she said.

The Senate took H.R.1424, a bill originating in the House concerning “equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment,” and extended it with the bailout provisions.

H.R.1424 was introduced on March 9, 2007, by Rep. Patrick Kennedy (RI-1) and had the support of First Lady Rosalind Carter. It is noted on the Congressional Website that “On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.” It was not treated as an appropriations bill in the House.

There were two votes in the Senate. The first was to amend H.R.1424, which required 3/5 to be accepted, which it was. The second was a vote on the bill. Passage of the Bill required only a 1/2 majority. It was passed with 74 yeas and 25 nays. Senator Kennedy did not vote.

Monday, March 15, 2010

An undercover investigation by Naperville, Illinois law enforcement has led to the arrest last Thursday of four people allegedly involved in prostitution. The stings came after police received tips that people were using websites like Craigslist and Backpage.com to sell sexual performances in Naperville hotels. 

Patricia H. Scoleri of Naperville was arrested after an unidentified neighbor observed consistently suspicious activity at Scoleri’s home. Traffic was unusually heavy and consisted mostly of luxury cars in an otherwise quiet, middle-class neighborhood. Also, the visitors were mainly middle-aged men, and an odd string of lavender-colored lights were hung on the front window.

Police say Scoleri worked alone. She was arrested at 2 p.m. local time (2000 UTC) and is charged with violation of anti-prostitution laws, anti-cannabis laws, and the Massage Licensing Act. She apparently has four children, but the Illinois Department of Children and Family Services has neither contacted her nor received a police report on her.

The second sting occurred at 5:30 p.m the same day (2330 UTC) and resulted in the arrest of Chicago resident Tonya M. Adams. She is charged with prostitution and driving without a license. Another sting about an hour later resulted in the arrests of Jessica M. Walley, a Skokie resident, and Mark A. Williams, a self-admitted Schaumburg gang member. “Walley was charged with prostitution and unlawful possession of cannabis. Williams was charged with pimping, obstructing a peace officer, driving with a suspended license and driving without insurance,” reports WBBM News Radio 780.

All four suspects are free, having paid the required ten percent of their $1,000 bail. They may face additional charges related to crack cocaine discovered during the police investigation. Arraignment is scheduled for next month at the DuPage County Circuit Courthouse in Wheaton.

Friday, March 18, 2005

The White House announced the selection of Paul Wolfowitz to head the World Bank, replacing John Wolfensohn who retires as acting president after 10 years. The switch is expected to occur sometime in June.

The choice of Wolfowitz is raising controversy in Europe and developing nations. Known as hawkish and outspoken, Wolfowitz was a pro-Iraqi war neo-conservative in his role as deputy Secretary of Defense, and a chief architect in the build up to war with Iraq. Some question whether Wolfowitz, who was criticized for brushing aside European and NATO calls for caution before the Iraq war, would use the International Monetary Fund (IMF) as tool to extend U.S. foreign policy interests.

Historically, it has been the White House’s prerogative to name the candidate because the U.S. holds a majority on the 24 member board, but board members from nations other than the U.S. are seeking their own interviews to qualify the candidate before a change is made. “The executive directors have agreed to conduct informal meetings over the coming days with the US nominee as part of the consultative process.” the IMF said in a statement. “Thereafter, the executive directors will meet in a formal session to select the president at which time an official announcement of the outcome will be made,” it said. The vote is set for March 31, the same day Wolfensohn retires.

Rob Nichols, the US Treasury spokesperson, said Wolfowitz has begun scheduling meetings with board members and that, “Our nominee… looks forward to meeting with and listening to members of the World Bank board.” Reuters reported. In the meantime, Wolfowitz has worked to assure those with concerns of him, saying he would come with an open mind and no political program.

Thursday, January 19, 2006

The Delhi High Court expressed its displeasure to the civic authorities on their continued failure to resolve the problem of marauding monkeys in the court premises. The court was in session when the public interest litigation filed by a Supreme Court lawyer was brought to its attention.

The petitioner Mr.Nirmal Chopra argued the case and explained how the simians showed up during work hours and attacked people and snatched food from them. The rhesus monkeys have also been blamed for damaging furniture belonging to the lawyers and courtroom fixtures such as electrical fittings. According to Mr.Chopra India‘s Wildlife Act of 1972 empowers civic authorities to kill or hunt animals when they endanger human life. He said that the lawyers from the Tis Hazari court had requested the state government and the municipality to tackle the situation but no action had resulted.

The lawyer for the civic authority was quoted by the Press Trust of India as saying that catching monkeys was no longer its responsibility. The court was informed that a monkey catcher hired by the municipality had required 72 stitches after being mauled during an operation. After this incident the work had to be halted because other monkey catchers refused to take up the job.

The court gave the civic authority four more weeks to catch the monkeys that are disrupting work at the Tis Hazari courts. “If you cannot perform your statutory duty, then close down your institution” the court is reported to have told the counsel.

Delhi is known to suffer from trouble brought on by monkeys. The animals are reported to invade homes, schools and government offices in the city. Scores of animals have moved in as the city expands into surrounding forests. In an effort to control the problem, the Delhi administration captured about 500 monkeys and took them to the outskirts of the city last year.

Saturday, January 28, 2006

A large and dangerous fire has broken out on Table Mountain in Cape Town, South Africa.

Dry and windy conditions have swept the fire around the base of the mountain, pushing it towards the bordering suburbs in the City Bowl and Vredehoek area with furious flames reaching ten meters into the air.

A number of houses along the border of the reserve are being threatened as the fire heads around the mountain from the cable car station towards the southern suburbs. Thick smoke and high winds are hindering fire-fighting efforts and causing havoc with the traffic around the area. Heynes helicopters, contracted to fight fires on the mountain, are assisting from the air. However since the main water reservoirs near the Vredehoek area are shrouded in smoke and water must be retrieved from the harbour instead.

So far one elderly woman has reportedly died due to smoke inhalation and many others may be at risk as they attempt to defend their homes. Firefighters have been attempting to bring the situation under control throughout the night but the blaze continues unabated.

The cause of the fire is still uncertain. However a 36-year-old British man has been placed under arrest for allegedly dropping a lit cigarette whilst on the mountain.

Fires in the area are an annual problem and may threaten to destroy the delicate indigenous fynbos ecosystem. Opinions about the effects of the fires on the mountain vary, however, with some specialists indicating that regular fires could cause permanent damage to the ecosystem whilst others believe that the fynbos is actually partially reliant on the heat of the fire to set off the shedding of seeds.

In previous years the area around Muizenberg and Fishhoek have been ravaged by fires of similar intensity. The scars of those fires still remain.

Monday, February 26, 2007

Canadian Astral Media Inc. will buy out Standard Radio Inc., which runs many radio stations in Canada. Standard Radio Inc. is the largest privately owned multimedia company in Canada.

Montreal based Astral Media Inc. will buy all of the assets from Standard Radio Inc. for about CAN$1.2-billion. Standard Radio Inc.’s 52 radio stations, and Astral’s 29, will be brought together by Astral Media Inc. This will give Astral 81 radio stations in total. This makes Astral the largest radio operator in Canada of FM and AM radio.

“With the acquisition of Standard Radio, Astral Media will not only be acquiring the best performing radio stations in the country, we will at the same time acquire a company with similar values and culture. said Ian Greenberg, President and CEO of Astral Media.

“Over the past four decades the Slaight family has built a remarkable collection of strong radio brands and has contributed meaningfully in shaping the Canadian radio industry as we know it today. We are delighted with the prospect of welcoming Standard Radio’s employees into our team.”

Gary Slaight, President and CEO of Standard Radio also commented on the deal.

“We are looking forward to becoming a part of the Astral Media family,” said Gary Slaight, President and CEO of Standard Radio. “We are pleased to see our legacy live on with a company such as Astral that has such a strong track record and commitment to its employees and to the Canadian radio and television industries.”

All of Astral’s radio stations are run in Quebec and Atlantic Canada and it also runs various television stations across Canada. Astral also has two french channels that broadcast on Sirius satellite radio Canada.

The company hopes to finalize the deal in or before April.