Thursday, March 26, 2009

The economy of Ireland shrank by 7.5% in the last quarter of 2008 compared to the same period a year previously, according to official statistics. The decline is the worst in decades. For the entire period of 2008, the economy contracted by 2.3%, the first loss since 1983.

The construction industry has suffered badly as a result of the recession, with a 24% fall in output, the largest decline ever recorded. Industrial output plunged at an annualised rate of 12.5%.

Unemployment has also shot up. It currently stands at around 10%, twice as high as the levels reported last year. The economy has also experienced deflation.

Alan McQuaid, the senior economist at Bloxhams Stockbrokers, said that the statistics “highlight the extent of the Irish economic out-turn and the huge task facing the Government in attempting to get the country’s public finances back in order.”

“Quite simply, there is no hope of sorting out our budgetary position by 2013 without economic growth, and we are a long way off that at the moment,” McQuaid said, noting that “(…) one has to go back to the 1956-1958 period for the last time we had a decrease of this magnitude.”

“(…) As things currently stand, it is not hard to see double digit declines in real GDP over the coming quarters,” he said. “The extreme weakness of the economy at this point in time must also raise serious questions marks about the wisdom of the Government’s intention of imposing further income levies on already hard-pressed consumers and PAYE workers. All that can be said is that the outlook for economic output and employment in 2009 are fairly bleak indeed.”

The Irish government is creating an emergency budget, due to be unveiled in April.

Wednesday, March 16, 2011

Israeli military forces today seized a ship claimed to be carrying weapons bound for the Gaza Strip.

The ship, a German-owned and Liberian-flagged freighter named Victoria, had departed from a port in Syria before travelling to Turkey, from where it departed for Alexandria, Egypt. A French company had chartered the vessel, which was intercepted and boarded by Israeli commandos about 200 miles from shore while in international waters.

Victoria was reportedly boarded without incident, and is being taken to Ashdod, a port city in Israel. Three containers of weapons were found on board the ship, though the type or total number are unknown. A further inspection of the cargo will be carried out once the ship reaches Ashdod.

According to Benjamin Netanyahu, the Israeli prime minister, “[o]n the boat we discovered many weapons destined for terror groups in the heart of Gaza.” He also claimed that Iran was responsible for shipping the weapons, saying that “[t]he only certain thing is the source of the weaponry was Iran, and there was a Syrian relay station as well.”

Sunday, April 29, 2007

At least 45 people are reported to have eaten pork which came from a hog farm in Ceres, California in the United States, where pigs from the farm were fed pet food which was recalled because it was contaminated with the chemical melamine.

So far none of the individuals have experienced signs of illnesses, but it is not known what effect the chemical, when ingested, has on humans because no major study has taken place on melamine.

On April 21, at least seven urine samples taken from pigs at hog farm, were tested and the results came back positive for the chemical melamine. At least three samples from the feed used to feed the pigs were tested and those results also came back positive for melamine.

Yesterday, the United States Food and Drug Administration or FDA, said in a statement that “we have no evidence of harm to humans associated with the processed pork product” and that “no recall of meat products processed from these animals is being issued.”

Despite the consumption of pork by humans, the FDA states that the risk to human health is minimal.

“The assessment that, if there were to be harm to human health, it would be very low, is based on a number of factors, including the dilution of the contaminating melamine and melamine-related compounds from the original rice protein concentrate as it moves through the food system. First it is a partial ingredient in the pet food; second, it is only part of the total feed given to the hogs; third, it is not known to accumulate in the hogs and the hogs excrete melamine in their urine; fourth, even if present in pork, pork is only a small part of the average American diet. Neither FDA nor USDA has uncovered any evidence of harm to the swine from the contaminated feed,” added the statement.

On March 19, the manufacturer of the food, Menu Foods, which is based in Mississauga, Ontario in Canada, recalled all of its dog and cat food which totaled over 60 million items. On April 28, Canadian officials announced that they will hold products, such as wheat and corn gluten, as well as soy and rice proteins that have been imported from China until they can be tested for melamine.

It is not known how extensive the outbreak is.

Wednesday, February 3, 2010

The Chilean President, Michelle Bachelet, travelled to Pichilemu to inaugurate the Cultural Centre Agustín Ross last week, in the old Ross Casino, a National Monument since 1988, and the first casino in Chile.

Bachelet passed by Cáhuil’s bridge, where she and her parents regularly went on holiday to, according the documentary Pichilemu: Así éramos ayer, así somos hoy (Pichilemu: That’s the way we were, that’s the way we are), which will be aired by the local TV channel Canal 3 de Televisión Comunitaria de Pichilemu.

Prior to reaching Pichilemu, she participated in a foundation stone ceremony for the new Regional Hospital of Rancagua, and the inauguration of the Cahuil–Bucalemu–Boyeruca roadway; the inauguration had been delayed for almost 5 years.

At 13:50, the President arrived at Pichilemu with the Minister Sergio Bitar, where she officially inaugurated the Cultural Centre Agustín Ross. “We are proud of the things we have made and now we have to care and defend them,” she said.

The Chilean President said in Santiago de Chile, on Monday, that she felt very good talking to “a very nice people like the Pichileminian.”

Saturday, February 14, 2009

Investigators in Ireland have found wiring problems in several Virgin Atlantic Airbus A340s as part of their investigation into a fire on board one such aircraft that was forced to divert to Shannon Airport.

The Virgin jet was headed from London Heathrow Airport to Chicago with 143 passengers and thirteen crew on January 11 this year. A small fire was noticed in a waste bin storage area in the first class section’s bar unit.

A damaged wiring loom could be seen sticking out of a hole in the compartments floor, and there was visible electrical arcing in the area. An attempt was made to control the situation by switching off electrical circuits, but both the fire and the arcing continued unchecked.

The aircraft’s captain declared an emergency and diverted to Shannon, which the airliner reached thirty minutes later. During that time, the crew used five 1kg fire extinguishers upon the fire, but each time the arcing continued and after about five minutes the fire reignited. Witnesses described the fire as consisting of “licks of flame”.

After performing a safe emergency landing the airport’s Aircraft Rescue and Firefighting department tackled the fire with a 5kg extinguisher but met with similar results. After consulting with the crew the jet’s power was completely shut down, after which the fire was finally put out. Virgin initially claimed the fire had never occurred.

Investigators with Ireland’s Air Accident Investigation Unit (AAIU) inspected the loom and found it to be “completely severed” and exhibiting “strong evidence of burning/arcing” according to a preliminary report released on Friday. The loom was identified as providing power and dimming circuits for mood lighting in the bar.

The AAIU says that it seems the loom had contacted the metal waste bin in the compartment above. There should have been rails to hold up the bin and a protective metal cover, but “no evidence” of these was found and the report notes that “Initial inspection indicated the possibility that they were never fitted.”

The bar unit is a modification exclusive to Virgin. The AAIU ordered all 36 of the airline’s A340s worldwide inspected, with both France and the United Kingdom assisting with this. The UK has identified four other aircraft with faulty wiring, it has now been revealed. Virgin says that “A few minor issues were found and were immediately rectified,” and adds that “The installation of the bar was carried out in accordance with all relevant regulations. Virgin Atlantic continues to assist the AAIU in their investigation and looks forward to the full report with interest.”

The AAIU says that “significant other issues are being examined by the investigation” in addition to the wiring defects. “These include the difficulties faced by the crew in isolating the damaged circuits, the emergency checklist, the design of the modification and the standards relating to such modifications,” said the report.

Virgin’s Boeing 747-400 fleet also has a similar bar installed on it, but there was not considered to be a risk to the aircraft’s wiring on that model. The fire involved a bar added three years ago, with the aircraft manufactured in 1998.

Saturday, July 12, 2008

In what regulators have described as the second-largest bank failure in the history of the United States, IndyMac Bank has been closed by the Office of Thrift Supervision and placed under the conservatorship of the Federal Deposit Insurance Corporation (FDIC) due to plummeting shares and the start of a run on the bank. This is the fifth FDIC-insured failure of the year.

The FDIC has said that it will transfer all insured deposits and substantial assets, to the new IndyMac Federal Bank which, as the name implies, is controlled by an agency of the federal government. The aim is for the transfer to be completed by Monday.

In a press release, the FDIC attempted to reassure customers by saying that, “insured depositors and borrowers will automatically become customers of IndyMac Federal, FSB and will continue to have uninterrupted customer service and access to their funds by ATM, debit cards and writing checks in the same manner as before.” As an FDIC-insured bank, all FDIC accounts are guaranteed up to US$100,000. The FDIC has also placed a special advance, guaranteeing any funds over $100,000 for 50 cents to the dollar.

This move by the FDIC is expected to cost the organization at least four billion USD per year.

In the days leading up to the conservatorship, market analysts have predicted the failure of IndyMac due to the fact that it was shedding jobs and closing many of its branch offices.