All posts by Admin

Tuesday, July 25, 2006

The director-general of the World Trade Organisation (WTO), Pascal Lamy, suspended negotiations in the Doha round of trade talks on Monday, after a meeting of six “core” negotiators India, Brazil, the United States, European Union, Japan, and Australia in Geneva failed to make any headway in reconciling differences over agricultural trade liberalisation. The US wanted cuts in import tariffs for farm products, which were rejected by EU, Japan and India, who asked for cuts in agricultural subsidies.

Peter Mandelson, the EU trade commissioner, told the Financial Times: “If the US continues to demand dollar-for-dollar compensation in market access [cutting tariffs] for reducing domestic support, no one in the developing world will ever buy that and the EU will not either.” Brazil also identified the US stand on subsidies as the reason the talks failed.

Susan Schwab, the US trade representative, said that the other countries sought exemptions from tariff cuts for a wide range of goods and that such exemptions would defeat the object of the talks – to expand trade. “As we went through the layers of loopholes . . . we discovered that a couple of our trading partners were more interested in loopholes than market access,” she said.

The Indian Commerce and Industries Minister, Kamal Nath said that developing countries could not allow their subsistence farmers to lose their livelihood and food security to provide market access to agricultural products from developed countries.

Wednesday, September 5, 2012

London, England— Marta Makowska of Poland narrowly defeated Jingjing Zhou of China with a score of 15 to 14 in the women’s individual foil category B bronze medal bout Tuesday night at London’s ExCeL North Arena 2. This was amongst the first wheelchair fencing medal matches of the games.

The match was last of the four concurrent wheelchair fencing medals decided, with the crowd shouting in support of the Makowska fencer after the previous matches were concluded. Zhou had limited crowd support, with only one large Chinese flag visible in the spectator area. Makowska’s win came in a very closely-contested match; The score was first tied on eleven points, and again on 12, 13, and 14 points before the Pole finally won.

Following the match, Makowska raised her hands above her head in celebration before her coach ran up and gave the fencer a hug.

At the London Games, Paralympic wheelchair fencing features five medal events for women and seven for men, involving several weapons including the foil, epee and sabre. Wheelchairs used in competition are held in place using medal plates, with the fencer with shorter reach choosing the distance between the chairs. B-classified wheelchair fencers have, according to the International Paralympic Committee, “fair sitting balance and their fencing arm not or only minimally affected.”

London Paralympic fencing ends Saturday with medal bouts every day until then.

Wednesday, September 24, 2008

United States presidential candidate John McCain announced today that he is suspending his campaign and sought to postpone a scheduled debate with his opponent, Barack Obama, to focus on the country’s financial crisis and says that Obama should also suspend his campaign.

McCain said he would be asking president George W. Bush to call a meeting for members of Congress in order to support Bush’s controversial $700 billion bailout plan, but also said that there is no consensus for the proposal and it will not pass in its current form.

He called the crisis “historic,” stressing the need for legislation and warning of “devastating consequences”.

“I am calling on the president to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem. It has become clear that no consensus has developed to support the administration’s proposal and I do not believe that the plan on the table will pass as it currently stands. We are running out of time,” said McCain during a press conference.

Early this morning, Obama had called McCain and asked for the two to put aside partisanship and focus on the economic troubles. The two agreed to issue a joint statement supporting an economic fix, just minutes before McCain made his announcement. Bush is scheduled to speak to the people of the U.S. in a televised speech at 9:01 PM EDT tonight.

Obama responded to McCain’s speech minutes later, confirming that he would still attend the debate. He expressed a desire for fairness to taxpayers and an objection to rewarding those responsible for the financial crisis. Both candidates have stated that they intend to put politics aside to work on the financial crisis. Obama said, a president “is going to have to deal with more than one thing at a time.”

The proposal comes in the wake of Congressional hearings where US Federal Reserve chief Ben Bernanke and Treasury Secretary Henry Paulson have urged support of the measures proposed by the administration. Despite such appeals, both McCain and Obama have expressed skepticism over the proposed bailout, and the U.S. Congress has shown a noted concern that the measure may not benefit ordinary home owners as well as those on Wall Street.

Saturday, April 28, 2007

Grammy Award-winning rock band The White Stripes announced on Wednesday the Canadian leg of a tour in support of their soon-to-be-released album, Icky Thump. The tour, which would be the first cross-Canada excursion for The White Stripes, will see the band play dates in all provinces and territories.

The latest tour for The White Stripes will kick off June 1 in Nürburgring, Germany and will play several dates in Europe before starting off in Canada on June 24, in Burnaby, British Columbia. Canadian dates will include stops in northern locales such as Whitehorse, Yellowknife, and Iqaluit, on Baffin Island.

The White Stripes, made up of guitarist/singer Jack White and drummer Meg White, have developed a significant worldwide following with their blend of punk and blues, guitar-oriented rock. The band had expressed interest in playing cities they had not yet visited. “Having never done a full tour of Canada, Meg and I thought it was high time to go whole hog,” said Jack White on The White Stripes website. “We want to take this tour to the far reaches of the Canadian landscape. From the ocean to the permafrost.” The band’s website referred to Canada by its nickname, the ‘Great White North’.

The White Stripes have played to thousands in large outdoor festival settings, but will have to deal with different logistics while setting up in a northern location, such as Iqaluit.

Some 500 tickets for the Iqaluit show are to be sold, with an admission fee of approximately CA$40. Mike Bozzer, the city of Iqaluit’s economic development officer, told CBC News that talks have taken place with The White Stripes’ publicist regarding equipment, technicians, security and other such details. “It’s definitely going to have some economic impact, and they’ll come back home with positive stories of the city,” said Bozzer.

The band’s ten-year anniversary will be reached at a point during the Canadian leg of the tour, which will be commemorated. “Another special moment of this tour is the show which will occur in Glace Bay, Nova Scotia on July 14th, The White Stripes’ Tenth Anniversary,” said Jack White.

Following the Canadian dates, The White Stripes will embark on a tour in the United States, which will reach some 16 states they have not yet visited during their career, among other repeat locations.

Friday, June 16, 2006

Documents found at the hideout of Abu Musab al-Zarqawi revealed al-Qaeda‘s desire to force a war between the U.S. and Iran. The document was translated by Iraqi National Security Adviser Mouwafak al-Rubaie, but the authenticity of the information could not be confirmed to be from al-Qaeda.

The documents reveal that al-Zarqawi was planning to destroy the relationship between the Shi’ite Iraqis and the United States. The document also said the U.S. military was hurting the insurgency by seizure of weapons, disrupting their financial outlets, massive arrests, and training Iraqi security forces.

The translated document said, “Generally speaking and despite the gloomy present situation, we find that the best solution in order to get out of this crisis is to involve the U.S. forces in waging a war against another country or any hostile groups.”

Mowaffaq al-Rubaie said, “These documents have given us the edge over al-Qaeda and (they) also gave us the whereabouts of their network, of their leaders, of their weapons and the way they lead the organization and the whereabouts of their meetings.”

Thursday, October 3, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about mortgages in the United States shows Bank of America leads all lending institutions in complaints.

Since mortgages complaints were recorded in December 2011, 77,622 total have been added to CFPB’s database. 29.2% of these complaints involved Bank of America, with the second most received by Wells Fargo, accounting for 15.5% of all complaints. JPMorgan Chase ranked third by volume of complaints with 9.8%. Ocwen was fourth with 8.7% and Citibank was fifth with 4.8%. Nationstar Mortgage; Green Tree Servicing, LLC; HSBC; PNC Bank; U.S. Bancorp; OneWest Bank; SunTrust Bank; Flagstar Bank; and Select Portfolio Servicing, Inc. each had between 1.0 and 3.8% of total complaints. The remaining 14.4% of all complaints about consumer mortgages were divided between about 530 other lending institutions.

The Motley Fool reported last month that for the past fiscal quarter, the biggest US based mortgage lenders were from first to fifth Wells Fargo, JPMorgan Chase, Bank of America, Quicken Loans and U.S. Bancorp.

According to the US Federal Reserve, debt for family residences stands at US$10.706 trillion for the second quarter of 2013. As of the end of June of this year, Bank of America is the United States’s second largest commercial bank with US$1.343 trillion in domestic assets. Wells Fargo is the fourth largest commercial bank with US$1.251 trillion in domestic assets. JPMorgan Chase is the largest US commercial bank with US$1.329 trillion in domestic assets and US$1.947 trillion in total assets.

The mortgage complaints in the CFPB report include several subproducts. Conventional fixed mortgages account for 27.1% of all complaints. Conventional adjustable mortgages account for 10.0%. FHA mortgages account for 7.7% of all complaints. Home equity loans or lines of credit account for 3.8% of all complaints. VA mortgages are 1.4% of all complaints. Second mortgages and reverse mortgages each account for 0.6% of complaints. The remaining 48.7% of complaints are about other mortgages or other mortgage issues. A few years ago, FHA loans accounted for about 10% of all US mortgages while VA loans accounted for about 3%. Prime loans accounted for over 75% of the market and the rest were subprime mortgages.

California leads all states by volume of complaints with 14768. It is followed by Florida, New York, Georgia and Texas. When complaints are divided by a state’s total population, New Hampshire leads. The state is followed by Washington D.C., Maryland, Georgia and Florida. Complaints do not correlate with national rankings for August’s foreclosure rate by state where Nevada topped the list, followed by Florida, Ohio, Maryland and Delaware.

Two zip codes account for over 1,000 total complaints between them. 565 complaints originated in the 48382 zip code, which is in Commerce Township, Michigan, located in suburban Detroit. 553 complaints originated in the 33071 zip code, in Coral Springs, Florida. According to real estate website Zillow, there are currently 1,033 properties in foreclosure in Coral Springs while Commerce Township only has 131 properties currently in foreclosure. Four other zip codes have 100 plus complaints originating from them. 91730, in Rancho Cucamonga, California, had 158 complaints. 33409, in West Palm Beach, Florida, had 132. 92626, in Costa Mesa, California, had 125 complaints. 92660, in Newport Beach, California, had 122 complaints. Respectively, the towns had 534, 1,068, 153, and 134 properties currently in foreclosure. These numbers are higher than for the cities of a few sampled zip codes where there was only one complaint, such as Gold Hill, Oregon which has 4 properties in foreclosure, and Decatur, Illinois which has 6 properties in foreclosure.

The CFPB categorizes complaints into six categories: “Loan modification, collection,foreclosure” or problems when a person is unable to pay; “Loan servicing, payments, escrow account” or problems with making a payment; “Application, originator, mortgage broker”; “Credit decision / Underwriting”; “Settlement process and costs”, and “Other”. The CFPB says the complaint types indicate consumers “appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives. The complaints indicate that consumer confusion persists around the process and requirements for obtaining loan modifications and refinancing, especially regarding document submission timeframes, payment trial periods, allocation of payments, treatment of income in eligibility calculations, and credit bureau reporting during the evaluation period.” Currently, 59.6% of all complaints against lenders deal with being unable to pay. 25.1% deal with problems in making a payment. 7.0% have to do with the application process.

Of the complaint-heavy zip codes, for 48382 in Commerce Township, Michigan, 98.9% of all complaints have to deal with being unable to pay. Accounting for 23.4% of all mortgage complaints in Commerce Township, 132 of the complaints for being unable to pay were made regarding Bank of America, accounting for 97.8% or all but 3 complaints against them from the zip. 121 of the Bank of America responses in Commerce Township were closed with explanation and 12 were closed with non-monetary relief. 33071 in Coral Springs is different, with 537 of the 553 complaints being categorized under other. Only 11 complaints relate to foreclosure and issues with being able to pay. 92626 in Costa Mesa, where 32% of the mortgage complaints were about Bank of America and 26.4% were about Wells Fargo, had 93.6% of its complaints dealing with being unable to pay. 5 total complaints dealt with payment issues and 3 dealt with applications.

Beyond regional variance in complaint types lodged, the top five mortgage lenders by volume of complaints all had being unable to pay as their top complaint category, ranging between 55.8% for Citibank and 69.4% for Bank of America. Problems with payment accounted for the second largest area of complaints, with Ocwen having the largest percentage of complaints at 31.9% and Bank of America having the smallest at 18.8%. Foreclosure was the top area of complaints for a number of other lending institutions including 1st Alliance Lending, OneWest Bank, Ally Bank, Banco Popular de Puerto Rico, Bank of the West, BMO Harris, BOK Financial Corp, Caliber Home Loans, Inc, Capital One, Deutsche Bank and EverBank.

Nationally, complaints reached a high of 5,840 for January 2013, 1,107 more than the next highest month of April 2013. The total emerging for September is the second lowest since records were first kept in December 2011. On a state by state level, this pattern largely repeats with a major exception for Florida which saw a peak of 849 complaints in June 2012. Then, as now, Florida was one of the top five states in the nation in its foreclosure rate. The national January spike came as the Qualified Mortgage standard required by the The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 came into play. It required mortgage lenders to take steps to insure borrowers could repay their mortgages.

Bank of America’s complaint volume follows the national trend, with a spike in January 2013 with 1,925 total complaints. Unlike nationally, the next month by volume of complaints was February of this year with 1,598 complaints. Prior to that, the highest month was May 2012 with 1,418 complaints. The lowest volume of complaints is September this year with 334.

Wells Fargo matched national trends for volume of complaints by month, with the exception of the current month being the lowest on record for number of complaints with 197 compared to the next lowest month, December 2011, when they had 221. JPMorgan’s complaint volume by month spiked in January and March of this year with 504 complaints. April of this year was the next highest month with 493 complaints, edging out May of last year with 488 complaints. September this year is on track to be the lowest month by complaint volume.

The federal government shutdown is unlikely to impact the current mortgage situation in the United States directly for most consumers, though mortgage processing by the Federal Housing Administration could be slower, resulting in fewer mortgages processed.