chinese-ethnic-furniture.com

Sunday, December 6, 2009

The US Bureau of Labor Statistics reported on Friday that unemployment in the country edged down from 10.2% to 10% in November, with fewer jobs lost in the previous two months than anticipated. The latest monthly figure was discussed at a congressional hearing yesterday as president Barack Obama welcomed the news but said he is still not satisfied.

At a hearing of the bipartisan Joint Economic Committee at the Senate, lawmakers from both major US political parties cited the November unemployment figure as welcome progress. However, they also noted the economic pain many of their constituents are still feeling in an economy struggling with deep recession.

Senator Amy Klobuchar, a Minnesota Democrat, said Americans at all levels, but notably the middle class, continue to struggle. “While parts of our economy are clearly stabilizing, with the Dow Jones over 10,000 again, it is clear that other parts of the economy are still struggling. We need to make sure that all Americans, not just the folks who happen to work on Wall Street, feel that we are digging ourselves out of the hole,” she commented.

Despite a generally upward trend in recent months on Wall Street, Obama, administration officials, and economists continue to caution that employment will lag behind other indicators of economic recovery.

Keith Hall, Commissioner of the Bureau of Labor Statistics, said the November figure, which still represents 15.4 million Americans out of work, is the lowest monthly job loss since the official beginning of the US recession in December 2007, and follows moderating figures in three previous months.

But in an economy that has lost jobs for 23 consecutive months, Hall noted that long-term unemployed continued to grow, rising by 293,000 to 5.9 million, with little change in the number of Americans employed part-time but seeking full-time work.

Democrat Carolyn Maloney asked him about economist’s predictions that it would take 10.7 million jobs created to return the country to full employment. “Well, without offering an opinion on that 10.7 million jobs, at that rate though, it would be about three years,” said Mr. Hall.

Opposition Republicans responded to the latest figures by focusing on specific sectors that continue to lag and renewing their assertions that steps President Obama has taken since he came to office, such as the $787 billion stimulus, have had little impact on the economy.

Kevin Brady is the Republican co-chair of the committee. He said while the November figures are good news, there is not much more to celebrate.”We can’t celebrate a 10 percent unemployment rate, especially when the long-term unemployment continues to grow in very troubling numbers.”

But Maryland Democrat Elijah Cummings noted what he called a major improvement with job losses going from 700,000 per month at the start of the recession to 11,000 in November. “The report we received this morning is a clear indicator that the economy is slowly returning to growth,” he said.

In an appearance in Allentown, Pennsylvania on Friday, Obama called the jobs figure “modestly encouraging”, but noted that he will not be satisfied until there is sustained significant improvement. “We have still got a long way to go. I consider one job loss one job too many and as I said yesterday at a jobs conference in Washington. Good trends don’t pay the rent. We have got to actually grow jobs and get America back to work as quickly as we can,” he said.

The president had held a so-called jobs summit at the White House this week seeking support from business and union leaders for his economic recovery efforts.

Republicans responded with their own event on Capitol Hill, where economists such as Douglas Holtz Eakin, the former adviser to Senator John McCain who lost the 2008 election to Obama, questioned his approach to recovery. “Job creation in the United States is something that small businesses, entrepreneurs and the private sector will do but they cannot do it if they are burdened by a legacy of debt and the prospect of higher taxes to pay off that debt and that is the most troubling aspect of the policies this administration is pursuing,” he said.

In testimony to Congress this week, US Federal Reserve chairman Ben Bernanke agreed with economists who caution that despite hopeful predictions of moderately strong economic growth unemployment is likely to remain high well into 2010.

[edit]

Thursday, March 25, 2010

The government of Dubai announced that it intends to provide $9.5 billion to Dubai World to allow the government-owned investment company to restructure its debt.

The announcement comes as part of Dubai World’s plan to restructure more than $23 billion of debt, including converting nearly $9 billion of debt into equity, after its collapse last fall. The package includes $8 billion of funding to Nakheel, Dubai World’s real estate subsidiary, as well as $1.5 billion to Dubai World as a whole. The restructuring plan also seeks to, within eight years, repay all of Dubai World’s creditors.

According to the government of Dubai, $5.7 billion of the aid was from a former $10 billion loan to Dubai World, with the remainder being internally funded. The plan would transfer ownership of Nakheel, formerly a subsidiary of Dubai World, to the direct control of the Dubai government.

Response to the deal was largely positive, with one analyst saying the move “boosts sentiment because this is a strong commitment.” Christopher Davidson, author of books on Dubai and Abu Dhabi, said that while the new funding would “keep the wolves outside the gates a little longer,” the government could not be the sole funder of Dubai World and Nakheel.

Thursday, August 25, 2005

Bramalea-Gore-Malton-Springdale Member of Provincial Parliament Dr. Kuldip S. Kular invites “everyone” to his community barbecque.

The event lasts from 1 until 4 pm in the northwest corner of Chinguasousy Park, at 9050 Bramalea Road in Brampton. The BBQ is free.

Kular was elected into office in 2003, having come to Campbellton, New Brunswick in 1974 to set up a family medical practice.

Thursday, July 12, 2007

Two 16-year-old British girls were arrested in Accra, Ghana earlier this month for apparently attempting to smuggle £300,000 worth of cocaine in laptop bags.

Yasemin Vatansever, of Cypriot descent and Yatunde Diya of Nigerian descent were arrested as they attempted to board a British Airways flight from the Kotoka International Airport on July 2, 2007. The arrest was by the Ghanaian Narcotic Control Board. They were alleged to be carrying 6.5 kg of drugs. They are currently in Ghana police custody and have been visited by British High Commission staff.

The girls who are both students from Islington, north London, had left home after informing their families they were making a school trip to France. They are expected to be charged with “possessing narcotic drugs and attempting to export drugs”, for which they could be jailed for up to ten years if found guilty.

The arrest is part of the Operation Westbridge project set up in November 2006 as a collaboration between the Ghanaian Narcotic Control Board and HM Revenue and Customs of the UK. It is to curb the influx of drugs into Europe and the UK through West Africa which is now being used as a transit point from South America. The project involves the provision of technical and operational expertise to the Ghanaian teams and training in the use of specialist scanning equipment. Ghana is the first country in Africa to introduce such equipment.

Saturday, April 30, 2005

The British Food Standards Agency (FSA) has announced a recall of foods containing banned dyes which increase the risk of cancer. The food products were sold at the Tesco, Waitrose, and Somerfield supermarkets.

A Bristol company called “Barts Spices” found the illegal Para Red substance in their Barts Ground Paprika, which was sold in 48g and 46g jars with a “Co-op” label. The batch codes on the affected products are 5032 and 5089 (expiration Dec 2007), and 5075 (expiration February 2007).

Tesco also found that their 130g package of BBQ rice cakes (expiration November and December 2005) contained both Para Red and Sudan I.

“It would be very prudent to assume that it could be a genotoxic carcinogen,” FSA scientific advisers told reporters.

“As a company committed to supplying only the very finest quality food ingredients, we took the immediate decision to withdraw our ground paprika spice from all outlets selling the product and advertised a product recall in the national press,” a Barts Spices spokesman said in a statement.

Sudan I is only authorized for industrial use to colorize petroleum products, such as shoe polish. Para Red and Sudan I are banned under the British Colours in Food Regulations of 1995.

Britain last went through a major food recall in February, when Worcester Sauce was found to contain chili powder dyed with Sudan 1.

Tuesday, May 4, 2010

The United States National Transportation Safety Board (NTSB) has completed its investigation into the ditching of US Airways Flight 1549 into New York’s Hudson River. The fifteen-month probe began after the Airbus A320 performed a water landing when bird strikes damaged both engines in a move dubbed the “Miracle on the Hudson” by the media. Nobody was killed.

The NTSB’s final report, adopted after a board meeting today, concluded that a combination of safety equipment better than the mandatory minimums and good reactions by the crew were the main reasons the 150 passengers and five crew survived. The board stated that the aircraft’s equipment met the standards required for “extended overwater operations”, equipment that was not needed for the January 2009 flight.

The aircraft was equiped with escape slides that doubled as water rafts at the front and aft emergency exits, but the aft ones were rendered unavailable. Airbus assumed when designing the aircraft that only one engine would be inoperative during an emergency ditching, and current emergency checklists assume plenty of prior warning for dual-engine failure since the aircraft would be at a high altitude. The A320 was at just 2,700 feet when the incident occurred, having just taken off when it collided with a flock of Canada geese, almost completely removing the engines’ ability to generate thrust.

The final report has blamed a number of factors for extensive fuselage damage caused in the impact, which cracked a rear bulkhead and caused the aircraft to flood, as well as taking the rear slides out of action. The board said standards aircraft should meet in ditchings — set by the Federal Aviation Authority (FAA) — were inadequate, training in industry was not sufficient for ditchings and the high level of tasks the crew had to focus on made it difficult for the pilot to maintain his airspeed. The pilot’s decision to ditch was credited as being the best possible solution to the emergency.

The NTSB noted that while the rear rafts failed, 64 people climbed into the forward rafts, and said many of these people would have been immersed in the frigid river. The board claimed that this could induce “cold shock”, which can lead to drowning within minutes.

The report found that the good visibility, calm water, nearby ferries which provided rescues within twenty minutes and good cockpit resource management, allowing the crew to maintain control, were further factors that contributed to the survival of those on board. However, it also found that “more creative and effective methods of conveying safety information to passengers” are required after learning that most passengers had not paid attention to the in-flight safety announcement. It also noted that many passengers had difficulty putting on the life vests supplied under the seats.

The report further stated that the accident was hard to predict due to the fact that bird strikes tend to occur much lower, usually below 500 feet. It considered the possibilities of fitting engine screens or redesigning engines to mitigate bird strike risk, but these proposals were rejected after consideration since they were deemed unfeasable.

NTSB Chairman Deborah A.P. Hersman described the circumstances as “a great example of the professionalism of the crewmembers, air traffic controllers and emergency responders who all played a role in preserving the safety of everyone aboard.” She further discussed the safety recommendations the report will contain when it is released. “I believe the safety recommendations that have come out of this investigation have an extraordinary origin – a very serious accident in which everyone survived. Even in an accident where everyone survives, there are lessons learned and areas that could use improvement. Our report today takes these lessons learned so that, if our recommendations are implemented, every passenger and crewmember may have the opportunity to benefit from the advances in safety.” A total of 35 recommendations have been made seeking improved checklists for emergencies, better certification standards for aircraft and their engines, advances in crew training, better safety equipment and improved safety briefings to passengers.

One result of these findings is that the board will likely ask the FAA to require emergency equipment for water landings on all commercial aircraft. The FAA has until now held that such a move would place a disproportionately high cost on airlines.