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Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Saturday, August 6, 2005

The Finnish police isolated the ports of Katajanokka and Länsisatama on Saturday. The ports were isolated at around 9.30 p.m. local time and the isolation was called off at around 11.30 p.m.

Finnish police received reports from Estonia that a shipping container loaded with explosives could be coming from Estonia Saturday evening. They checked every truck that passed the ports with the assistance of the Border Guard Service. There are still two ships due to arrive in Helsinki tonight, but they were already checked in Tallinn.

Monday, October 13, 2008

In an attempt to speak with as many candidates as possible during the 2008 Canadian federal election, Wikinews has talked via email with John Kittredge. John is a candidate in Toronto, Ontario’s St. Paul riding, running under the Libertarian Party banner. Libertarians are a minor, registered political party; they are looking to earn their first ever seat in the House of Commons.

Incumbent Carolyn Bennett of the Liberals is running against Libertarian Kittridge, Conservative Heather Jewell, New Democrat Anita Agrawal, and Justin Erdman, a Green. Bennett was the Minister of Health under previous Prime Minister Paul Martin’s Liberal government. Since it was created in 1935, the riding has been batted about between the Liberals and the now defunct Progessive Conservative party.

The following is an interview with Mr. Kittridge, conducted via email. The interview has had very limited editing, to eliminate in-text mentions of website addresses, but is otherwise left exactly as sent to Wikinews.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Saturday, September 17, 2005

Frenzied destruction of empty Jewish settlements in Gaza by Palestinian looters have marred plans for exploiting those facilities to create much needed jobs for the area.

Greenhouses in Gaza have been partly destroyed as crucial equipment was stripped by the Palestinians. Looters took everything from water pumps, plastic sheets, tubing and equipment. This makes at least one third of the hothouses at least temporarily unusable to feed the families of Gaza and for potential export to Israel.

The facilities were purchased by a group of Jewish-American donors and given to the Palestinian government to encourage economic development. It was initially anticipated over four thousand Palestinians could be given work at the greenhouses, however all offers have been suspended prior to the damage being assessed and repairs arranged.

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ^{((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????.} He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ^{((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.}

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

Wednesday, February 3, 2010

A compilation of brief news reports for Wednesday, February 3, 2010.

The Nigerian man accused of trying to blow up a Detroit-bound jetliner on Christmas day with hidden explosives is cooperating with investigators and providing fresh intelligence after the U.S. enlisted the help of his family, an administration official said. His family persuaded him to cooperate.

Umar Farouk Abdulmutallab has been providing information to Federal Bureau of Investigation agents questioning him, the official told reporters on the condition of anonymity.

The official declined to provide details on what kind of information Abdulmutallab was providing.

Related news

• “Failed bomb aboard Delta flight” — Wikinews, December 26, 2009

Sources

• Evan Perez. “Abdulmutallab Resumes Talking to Federal Agents” — The Wall Street Journal, February 2, 2010
• “Bomb plot accused ‘co-operating'” — UKPA, February 2, 2010

One person died and 41 were injured, including three nurses who are critically injured, in a major fire at Park Healthcare Hospital in Somajiguda, a suburb of the Indian city Hyderabad, on Tuesday morning.

The fire engulfed a major portion of the five-storey hospital’s first floor, along with some medical equipment and furniture on the other floors.

City police commissioner A K Khan said that a criminal case had been registered against the hospital management. “It is also being determined whether safety standards were followed by the hospital,” he said.

Sources

• “Major fire at city hospital; one patient dead” — The Hindu, February 2, 2010
• “Major fire at Hyderabad hospital; one patient dead” — PTI, February 2, 2010

Chinese authorities say they are preparing to launch a crackdown on melamine-laced milk after the scandal over tainted products, which made hundreds of thousands of children ill two years ago and damaged China’s brand reputation overseas, resurfaced.

China has dispatched inspectors to sixteen provinces to urge local governments to thoroughly investigate cases concerning food safety.

The decision comes after milk products tainted with the industrial chemical melamine were removed from sale in Shanghai and the provinces of Shaanxi, Shandong, Liaoning and Hebei, the state-run Xinhua News Agency said.

Related news

• “Contaminated baby’s milk induces wave of child illness in China” — Wikinews, September 22, 2008

Sources

• Edward Wong. “China Begins Emergency Check of Dairy Products” — The New York Times, February 2, 2010
• Cara Anna. “Beijing begins emergency sweep for tainted milk products” — The Boston Globe, February 3, 2010

At least twenty-six people have been killed in Karachi, Pakistan after four days of ethnic killings, according to police officials. The officials said that nine people were killed on Monday in the city’s Orangi western neighbourhood, which has a majority ethnic Pashtun community.

The Sindh government has awarded special powers to the Pakistan Rangers under Section 5 of the Anti-Terrorism Act 1997 and imposed Section 144 in the limits of 26 police stations for a month.

At least forty people were killed as ethnic clashes erupted across the city in early January.Home minister of Sindh province, Dr Zulfiqar Mirza has called upon the Army to restore peace and order.

Sources

• Salis bin Perwaiz. “Rangers given control of 26 police stations” — The News International, February 3, 2010
• “Deadly ethnic violence hits Karachi” — Al Jazeera, February 2, 2010
• Zamir Sheikh and Nisar Mehdi. “Army asked to take over Karachi” — The Nation, February 3, 2010