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Thursday, November 25, 2021

The Reserve Bank of New Zealand (RBNZ) raised interest rates by 25 basis points to 0.75% during its last policy meeting of the year yesterday, after the rate of consumer price inflation was recorded at 4.9% in the third quarter, the highest since December 2007.

The hike to the national official cash rate (OCR) was widely expected by economists and the markets alike: 21 of the 23 economists surveyed in a November 15-19 Reuters poll predicted an increase of 25 basis points, while the other two projected an increase by 50 basis points, to 1%.

New Zealand’s handling of COVID-19 included injecting “huge amounts of fiscal and monetary stimulus” into the economy, according to The Guardian, in line with other major economies, which has pushed the unemployment rate to the lowest and inflation to its highest in over a decade. Stimulus spending and low interest rates, along with a shortage in housing led home prices to double in the last seven years, the least affordable of the OECD nations, according to Reuters.

A statement from the Reserve Bank said the “near-term rise in inflation [accentuated] by higher oil prices, rising transport costs and the impact of supply shortfalls” are risking “generating more generalised price rises”, as reported by ABC News. The RBNZ forecasts rates would rise to 2.5% by 2023, and still higher by 2024, according to Reuters; however, medians from a Friday article predicted the OCR would reach only 2% by year-end 2023, below what it was in 2014.

More recent projections include to 2% by mid-2022 according to economist at Capital Economics Ben Udy, to a high of 3% by Q3 2023 according to acting chief economist at Westpac Michael Gordon, including a 0.5% rate hike during the RBNZ’s next meeting in February, as reported by The Guardian.

Yesterday’s announcement came after a widely-expected rate hike from 0.25% to 0.5% on October 6, the first in seven years, as part of the RBNZ’s tightening cycle initially slated to begin August but pushed back due to the Delta variant of COVID-19 and lockdown in the capital city Auckland. Senior market strategist at the Bank of New Zealand Jason Wong told Reuters then: “We’re on a path towards a series of rate hikes and the market is well priced for that.”

RBNZ Governor Adrian Orr told reporters yesterday “we see steady steps of 25 basis points back to levels where the OCR is marginally above the neutral rate as the most balanced approach we can take”, though Reuters reports the bank had considered a range of options, including a 50 basis point hike.

Orr added on housing, “Homeowners who have just entered the market with extremely high leverage levels have to be incredibly wary and have to understand they have to weather the higher interest rates”, after earlier taxes levied on property investors failed to cool rising house prices, which Reuters reports the RBNZ believes are above their sustainable level, and at increased chance for a correction. He also defended the stimulus but noted the growth in household debt ensuing.

While countries globally are winding down pandemic-related stimulus measures, according to Reuters, there has been pushback from some countries when it comes to raising interest rates: in the United States, the inflation rate recently rose to 6.2%, the highest in 31 years, which has led some economists to put pressure on Federal Reserve chair Jerome Powell to accelerate the process of tapering its monthly bond purchases, according to the Associated Press. The Bank of England and European Central Bank (ECB) also both withstood criticism for a forecasted rise in inflationary pressures, according to The Guardian and Reuters.

ECB President Christine Lagarde told the European Parliament on November 15 “an undue tightening of financing conditions is not desirable, and would represent an unwarranted headwind for the recovery”, adding “[i]f we were to take any tightening measures now, it could cause far more harm than it would do any good”, as reported by Reuters.

Australia’s Reserve Bank of Australia (RBA) maintained its position that interest rates are not likely to rise until 2024. RBA Governor Philip Lowe told an Australian Businesses Economists lunch last week “the latest data and forecasts do not warrant an increase in the cash rate in 2022”, and for one to be considered by the board “[t]he economy and inflation would have to turn out very differently from our central scenario”, according to ABC News.

However, several central banks have increased rates ahead of even New Zealand: Reuters names Norway, the Czech Republic and South Korea, which is expected to raise rates again in a meeting today.

Reuters reports the New Zealand dollar fell 0.6% due to some investors predicting a higher hike, and both 2- and 10-year government bonds slipped by 10 basis points each.

Sunday, January 21, 2007

In the United Kingdom, an anti-pollution operation is under way after the stricken ship MSC Napoli started to leak dangerous heavy fuel oil.

The heavy fuel oil that is leaking from the beached Italian ship is extremely dangerous for the environment. Fear of pollution increased after the ship was further damaged during storms last Thursday. MSC Napoli was beached by Devon coastguards after it suffered heavy structual damage in the gale force storms of Thursday, 18 January 2007, that wreaked havoc across Northern Europe. The ship, which contains 160 containers of hazardous chemical substances, is listing at 35 degrees.

The entire 26-man crew was rescued by navy helicopters Thursday after severe gales. Cracks were found on both sides of the ship, but the current oil leak was not expected.

Around 2,400 containers were carried by the 62,000 tonne ship, some of which contain potentially dangerous hazardous chemicals.

The Coastguards have reported that up to 200 of the containers carrying materials such as perfume and battery acid are loose from the ship and they are looking for missing containers. South African stainless steel producer Columbus Stainless confirmed on Friday that there was at least 1,000 tonnes of nickel on board MSC Napoli.

A hole in the ship flooded the engine room and there’s now fears that the ship will break up. Saturday MSC Napoli was towed to Portland when a ”structural failure” forced the salvage team to beach it. As the storms have continued MSC Napoli has been further damaged.

The authorities have warned people about the pollution, which already has reached the beaches at Devon, but many want to see it on their own. Police have closed Branscombe Beach as more than 20 containers have broken up scattering their contents along the beach.

Sky News reported Sunday that the costs of the accident might be very high as thousands of pounds worth of BMW motorbikes, car parts, empty oak barrels and perfume might get lost in flooding containers.

Tuesday, May 16, 2006

The state’s teachers and schools chief Jack O’Connell have settled their lawsuit against Gov. Arnold Schwarzenegger and, as a result, billions of dollars in school funding O’Connell and the teachers claimed the governor misappropriated during the state’s fiscal crisis will be returned to the schools.

“The restoration of funding to California school districts is very positive news,” New Haven schools Superintendent Pat Jaurequi told the James Logan Courier.

“This is a day for celebration in schools throughout California. When this lawsuit was filed, I promised that I would fight up and down the state until the funding owed to our schools was restored,” O’Connell, the state superintendent of Public Instruction, said in a statement last week. “I also promised I would give the Governor credit for doing the right thing if he restored this critical funding. Today, I want to thank Governor Schwarzenegger for working with the education community to invest wisely in our schools — the best investment we can make in California’s future.”

“This is a good thing for our schools and community colleges throughout California,” said Barbara E. Kerr, president of the California Teachers Association, one of the parties to the lawsuit. “Having all the money owed to our schools under Proposition 98 and the governor’s agreement of 2004 restored to our students is the news we’ve been waiting for.

In a statement regarding the settlement, Schwarzenegger said, “I am pleased to announce a resolution that will put the dispute regarding Proposition 98 funding behind us and allow us to invest an additional $3 billion in schools in a way that best helps our students.”

Proposition 98 is an amendment to the state Constitution, passed in 1988, that established a minimum funding level or guarantee for K-12 education and community colleges. O’Connell and the California Teachers Association sued Schwarzenegger and the director for the California Department of Finance last summer after when they diverted billions of dollars earmarked for the schools under Prop. 98 to overcome budget deficits that were crippling California, violating an agreement made with educators the previous year.

The agreement restores funding Proposition 98 funding that was due, but not provided in the 2004-05 and 2005-06 fiscal years. The Governor’s May Budget Revision will include $2 billion and language that provides an additional $3 billion to be paid in installments between fiscal year 2006-07 and fiscal year 2013-14, or until paid in full.

In addition to the settlement funds, Schwarzenegger’s “May Budget Revision,” announced last week, also directs billions more of the state’s money to schools. Schwarzenegger said bulging state coffers, filled by unexpected tax revenues, allowed him to budget an extra 8.1 billion for schools, for a total of $55.1 billion-an over 17% overall funding increase from 2004-2005.

The settlement and the new budget figures “will allow us to make good on the debts to schools created through the recent lean years and to make important new investments in public education,” said O’Connell.

Schwarzenegger had some ideas about how the money should be spent. “For K-12 schools, I propose that we concentrate these funds to improve instruction in schools with low academic achievement. We should direct the funds to the classroom level for such things as lowering class size, attracting and supporting quality school leadership and fully credentialed and experienced teachers, supporting greater involvement of parents, providing more counselors in high schools, and increasing quality professional development, instructional materials, improved instruction and accountability.” he said.

Although pleased by the outcome of the lawsuit, Jaurequi was cautious about predicting its effect in New Haven “ It is significant to note that two-thirds of the new funding is one-time in nature and is not an ongoing revenue stream,” she said.

“Although the budget process is far from over and we will likely differ on some of his budget priorities, I am happy to thank Governor Schwarzenegger for working with the education community to invest in public education,” said O’Connell, who’s been embroiled in controversy and litigation over the California High School Exit Exam in recent weeks.

“I am particularly pleased to see that the Governor has increased funding to expand remediation programs for students who are struggling to pass the California High School Exit Exam, and to pay for new summer and evening administrations of the Exam,” said O’Connell, who wrote the law requiring the exam when he was a state legislator in 1998, “ I also applaud the increase in funding to expand and improve student nutrition programs giving more students the opportunity to make healthier food choices on campus. In addition, I am very happy to see additional funding for high school counselors. Our state currently has the lowest ratio of counselors to students in the nation. This is a statistic we need to improve upon”.

This article is based on Settlement Returns Billions to California Schools’ Budgets by Patrick Hannigan of The James Logan Courier, which has a copyright policy compatible with our CC-BY 2.5. Specifically “Creative Commons 2.5 Share-Alike license“

Sunday, December 2, 2007

The 20th annual World AIDS Day was December 1, 2007. The theme selected by the World AIDS Campaign is “Stop AIDS: Keep the Promise” as it will be through 2010. The day was marked by thousands of events around the world.

“It is now time for bold leadership at all levels in order to turn the tide of HIV,” said Felicita Hikuam, Global Programmes Manager, World AIDS Campaign. An estimated 33.2 million people around the world—one in every 200—are living with HIV, and approximately 6,800 people are infected with HIV and 5,700 people die of AIDS-related illnesses every day.

“The trend is encouraging but still for every person receiving treatment four others are newly infected,” said Nelson Mandela, speaking at a concert in Johannesburg, South Africa. “If we are to stop the Aids epidemic from expanding, we need to break the cycle of new HIV infections. All of us working together with government, communities and civil society can make the difference that is needed,” he continued.

As many as 50,000 people attended the concert in Johannesburg, South Africa, which was telecast around the world. It was organized by Nelson Mandela’s 46664 AIDS campaign and featured performances by artists such as Peter Gabriel, Ludacris, Razorlight, the Goo Goo Dolls and Annie Lennox.File:20050702-Nelson Mandela Live8 Edinburgh.jpg

At a fundraiser in the town of Midrand, in the province Gauteng, near Johannesburg on Friday, singer Annie Lennox had strong words for the South African government’s AIDS policies.

“AIDS, as Madiba [Mandela] has said, is a human rights issue and should be treated as such in order to avoid this genocide that is affecting millions and millions of people around the world,” said Lennox in a speech. Lennox has previously been critical of the South African government’s position on suggesting some AIDS medications were toxic. “It is unacceptable that treatment has not been made available to those who need it most,” said Lennox.

The rock band Queen, which lost its lead singer Freddie Mercury to AIDS, released a new song entitled, Say It’s Not True, to coincide with World Aids Day. It has been made available as a free download from the band’s website. “By making the song available for free, we hope to help Nelson Mandela with his campaign to get across the message that no-one is safe from infection,” said Queen drummer Roger Taylor. “We have to be aware, we have to protect ourselves and those we love.”

In China, people distributed AIDS prevention brochures in the streets and promoted safe sex in cities like Beijing and Shanghai. In Changsha, official warning signs were put on hotel bedstands. The government announced on Friday an allocation of CNY860 million for AIDS prevention and control. According to official reports, there are estimated to be 700,000 people living with HIV/AIDS in China.

Also in China, the Miss World 2007 was in Sanya on World AIDS Day. The pageant presented a special tribute to the fight against AIDS, with a televised speech from former South African President Nelson Mandela, along with traditional dancers from South Africa who joined the contestants in a special song.

Friday, United States President George W. Bush urged the United States Congress to double the 2003 Emergency Plan for AIDS Relief to US$30 billion over the next five years. “Above all, we rededicate ourselves to a great purpose: We will turn the tide against HIV/AIDS—once and for all,” he said.

“I’m pleased to announce that Laura and I will travel to sub-Sahara Africa early next year,” Bush said. Sub-Saharan Africa suffered nearly three-quarters of AIDS-related deaths during 2006 and is home to two-thirds of those living with HIV/AIDS.

Wednesday, July 21, 2021

Wikinews correspondent J.J. Liu spoke with Technological University Dublin (TUD) senior lecturer at the School of Surveying & Construction Management, Dr Lorcan Sirr on Friday regarding the supply of housing in the Republic of Ireland and relevant parallels across the rest of Europe, as well as recent developments by the government and private sector that are causing a rise in rents and home prices in the Irish real estate market.

Dr Sirr is a regular contributor to The Irish Times and has provided commentary to Irish radio station Newstalk, national broadcaster Raidió Teilifís Éireann (RTÉ) and various other publications. In addition to being a chartered planning and development surveyor and assessor to the Society of Chartered Surveyors, Dr Sirr is a Peace Commissioner and former external examiner for the Galway-Mayo Institute of Technology, according to his profile on Worky.

Dr Sirr was a lecturer and former head of research for the Faculty of the Built Environment at the Dublin Institute of Technology, which entered a merger with two partner institutes to become TUD January 1, 2019. He received his bachelor’s degree in estate management at the University of Greenwich, United Kingdom, and master’s degree in urban design and PhD in town planning at the University of Manchester. He has a second master’s in literature from KU Leuven, Belgium, and speaks French.

Saturday, February 26, 2022

Yesterday, Russian forces attacked Ukraine’s capital Kyiv with missiles resulting in blasts damaging residential areas. Russia continued its three-pronged invasion of Ukraine and has already reached the Obolon district of Kyiv. For the second day, sirens sounded over Kyiv and residents took shelter in underground metro stations.

The mayor of Kyiv, Vitali Klitschko informed citizens, “saboteurs” had arrived and were fighting in the city’s outskirts. Moscow claimed, it had captured and taken over control of Antonov International Airport, also known as Hostomel Airport, located in the north of Kyiv, using 200 helicopters and paratroopers. Hostomel could be a major staging point for an attack on Kyiv.

The Ukrainian Ministry of Defence requested its citizens to inform them of Russian troop movements and also suggested to “make Molotov cocktails to neutralise the enemy”.

Following several sanctions from the West and its allies, 27 European Union members announced, they froze assets belonging to Russian president Vladimir Putin and foreign minister Sergey Lavrov.

Russian forces also advanced into Chernobyl and captured it. The Ukrainian presidential advisor Mykhaylo Podolyak said, Chernobyl was captured by Russian forces after a “fierce battle”.

At the 8979th meeting of the United Nations Security Council, Russia vetoed a draft resolution which aimed at ending the Ukraine crisis. The resolution had garnered support from 11 of the 15 members and had 3 abstentions.

Saturday, March 4, 2006

Nearly half a million people packed into Sydney’s “Golden Mile” on Saturday night to applaud the city’s 28th annual Gay and Lesbian Mardi Gras parade. Parade organisers estimated the crowd at over 450,000. They lined Oxford St – along the parade’s route – in Sydney’s unofficial gay district, cheering the 6,000 participants and 120 floats.

The Mardi Gras event was the culmination of a month of gay-pride festivities. Many parade participants adopted the theme of the film Brokeback Mountain. The parade was led as usual by the motorcycle group, Dykes on Bikes. Amongst the frivolity and colour, onlookers saw “Kate Moss dancers” snorting ‘cocaine’, and the gun-wielding – apparently gay-friendly – Dick Cheney. A lampoon of Prime Minister John Howard – a pirate ship carrying “Captain Crook” was also featured.

A Mardi Gras participant, Filipino Fyljoy Volefdico, 25, said: “I think within Australia there is really a lot of culture and it’s great when the whole community comes together and celebrates it.”

Jay Lynch, who met his partner at the event two years ago, said: “It has become a meeting ground for gays from around the world and as discrimination continues it’s important we can connect on this level, and continually redefine what it means to the community.”

Chair of the New Mardi Gras board, Marcus Bourget, said the event is about providing a powerful voice for the lesbian and gay community. Describing the parade as “a great Aussie tradition”, Bourget said he was proud of the event. “We’ve run a fairly sophisticated marketing campaign this year, which has led to gradual growth internationally,” he said.

Newcastle woman Donna Newella said Mardi Gras had become many things to many people, “It is not just about gays and lesbians,” she said. “It’s about all different issues that have arisen,” she said “freedom of speech, being able to represent one’s identity and being able to put a political point across.”

The first Mardi Gras took place on June 24, 1978 as a protest against a ban on homosexuality in Australia. It began as an improvised street party following a gay-rights rally. However when a city official interrupted the festivities, things turned ugly. On that night there were 53 arrests and many allegations of police brutality. Homosexuality was later decriminalised in Australia in 1984.

Local businesses realise the economic importance of the event, which is a huge money-spinner, they say. Visitors to Sydney for last year’s Mardi Gras contributed an estimated $46 million to the State’s economy. Organisers say about 6000 international visitors, the majority from Britain and the USA, attended this year’s event.

“We came all the way from America to see this,” Mrs Phyllis Drucker 67, from Los Angeles, said. “We were told it’s the best in the world, and we’re going to have a ball.”

A float entitled “Love Between the Flags” highlighted the need for racial harmony and cultural acceptance following last year’s Cronulla riots. Creative director Graham Browning said the theme of the parade, “I believe”, aimed to reflect political and social issues. The NSW Police service, with 45 members also marched in the parade.

Mardi Gras parade chief Deborah Cheetham, an internationally renowned soprano, rejected suggestions the parade was passe. “Maybe we’re just in that period of transition. It’s not tired,” said Cheetham, who led the parade with her partner and 14-year-old daughter. “There will always be a need for Mardi Gras.”

Sydney Lord Mayor Clover Moore said the parade was a celebration of Sydney’s diversity. “When you’re a child the thing that really excites you is either Christmas or the Royal Easter Show and I think as an adult Mardi Gras is the only equivalent,” Ms Moore told reporters.

“I didn’t want to miss any of this,” said 17-year-old Jennifer Mackay from outer Sydney, who arrived with three friends 10 hours before the start.

“It’s like Christmas for the gay and lesbian community,” said the parade’s creative director, Graeme Browning.