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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.

Sunday, November 19, 2006

Deputy to the Iraq Health Minister, Ammar al-Saffar, who lives with his sister in Baghdad’s Sunni neighbourhood of Adhamiya, was kidnapped today.

It is reported that six uniformed men and others wearing suits, arrived at Mr Saffer’s home in police cars and pickup trucks and took him off.

As one of the deputies to the Health Minister, Mr Saffer called earlier this year for as much as $8 Billion to restore Iraq’s health services.

On August 9, 2006, Mr Saffar discussed the health situation in Iraq with the BBC. He said that the insurgents were killing doctors and trying to create a brain drain. 100 doctors had been killed “because they were trying to help people and because they were Shia”. He said that there are about 18,000 doctors in Iraq but many have left, while others practice at home rather than at hospitals where they could be better protected. Under Saddam they were not permitted to leave, now there is no restriction. But now there are cash incentives: under Saddam they earned $2-3 a month, now they can earn up to $500 a month. On security, he said that the people blamed the US for the violence because, although they were responsible for security, they left the borders poorly guarded.

Mr Saffer survived an assassination attempt in June, 2004 when he was fired upon as he left his home. He was uninjured.

A compilation of brief news reports for Saturday, December 20, 2008.

The United States government has announced that it will give US$17.4 billion in loans to help three of the nation’s automobile makers – Chrysler, General Motors, and Ford – avoid bankruptcy.

The money will be taken from the $700 billion bailout package originally intended to rescue US banks. General Motors will get $9.4 billion and Chrysler $4 billion before next year. Ford stated that it wants to get by without government aid.

President George Bush said that it would not be “a responsible course of action” to allow the companies to collapse.

Sources

• “Bush unveils $17.4bn car bail-out” — BBC News, December 19, 2008
• “U.S. Throws Lifeline to Detroit” — WSJ.com, December 20, 2008

Telephone and Internet communications between Asia and Europe have been disrupted after some submarine cables were severed.

The cables FLAG FEA, SMW4 and SMW3 near Alexandria, Egypt, were damaged, and the GO cable 130 kilometres off the coast of Sicily has also been reported as broken. France Telecom will repair the damage, and the company announced that it was dispatching a ship to repair the line between Egypt and Italy.

Experts warn that it could be several days before the problems are fixed.

Sources

• “Severed cable disrupts web access” — BBC News, December 19, 2008
• “New undersea cable cuts lead to Internet outages” — ars technica, December 20, 2008

Yann Elies, a French yachtsman participating in the Vendee Globe round-the-world solo yacht race, was rescued on Saturday by the Australian navy after the former was paralysed by a wave that struck his boat in the Southern Ocean.

Elies broke his left thighbone and perhaps several ribs after the wave slammed into his boat 200 kilometres southwest of Perth.

The Australian frigate dispatched the HMAS Arunta to rescue Elies. The ship left Fremantle early on Friday morning and reached Elies by evening.

Sources

• “Injured yachtsman rescued by navy” — BBC News, December 20, 2008
• “Navy reaches stricken solo sailor Yann Elies” — news.com.au, December 20, 2008

Tuesday, May 24, 2011

An officer with London’s Metropolitan Police has been charged with causing the death of a man caught up in the G20 protests in 2009. PC Simon Harwood is accused of the manslaughter of Ian Tomlinson, who died after Harwood hit him with a baton before pushing him to the ground.

Homeless paper-seller Tomlinson was pushed from behind outside the Bank of England as he walked back from work. He died within minutes. The death was filmed and attracted international media attention.

Last year, Keir Starmer, Director of Public Prosecutions for England and Wales, announced that no charges would be brought due to conflicting medical evidence. That decision was placed under review after an inquest jury ruled last month that Tomlinson had been unlawfully killed.

Starmer met with the Tomlinson family today, informing them of his changed decision before the Crown Prosecution Service released a statement by him. In it, he explained that the inquest evidence had changed his position.

He named two areas in which the inquest has had an impact: One is extra medical evidence and the other is questioning in court to assess conflicting medical evidence from different sources. “But for the inquest, the significant conflicts in the evidence that had previously existed could not have been addressed; and the inquest process, which is less confined than a criminal trial, has allowed a degree of clarity to emerge,” said Starmer.

He adds that “the position in relation to the medical evidence about the cause of death has clearly changed,” although he cautioned that the prosecution will remain difficult owing to conflicting medical evidence. Starmer continued, saying that “it is clearly in the public interest that criminal proceedings be brought. Accordingly, a summons charging PC Harwood with the manslaughter of Mr Tomlinson has been obtained …. He will appear before [City of Westminster Magistrates’ Court] on 20 June 2011.”

Wednesday, December 21, 2011

Yesterday, the United States House of Representatives voted to effectively reject the Senate version of a bill, passed with bipartisan support, to extend a payroll tax cut two months past its year-end expiration date. The House voted instead to create a conference committee to settle differences between members of both bodies.

Although the tax cut extension itself has support among Republicans and Democrats, lawmakers disagree on how Congress should go about compensating for the cost of extending the cut and the policy changes it would entail.

During an appearance yesterday, President Obama condemned opposition to the Senate-passed version of the bill, accusing Republicans in the House of trying to negotiate on matters unrelated to the bill. Republicans, in response, say there is still time to negotiate the bill, insisting that lawmakers ought to concentrate on a year-long plan rather than a two-month extension. Senate Democratic leader Harry Reid, however, says he will not agree to negotiate the tax cut extension until the Senate-approved bill is passed by the House.

If the tax cut is not extended and instead expires on December 31, approximately 160 million Americans will be affected by the tax increase; President Obama insists the only way to prevent the tax hike beginning January 1 is for the House to pass the Senate bill. In response, House Speaker and Republican John Boehner wants Obama to “call on the Senate to return” to negotiate. The Senate, shortly after passing the bill, adjourned for the Holiday break.

Also included in the bill is a provision that would require President Obama to make a decision regarding the construction of the Keystone XL pipeline, a pipeline that would transport oil from Canada to Texas.

House Democratic leader Nancy Pelosi blamed the congressional year-end impasse on “Tea Party Republicans.” In a letter to President Obama, Speaker Boehner requested he galvanize the Senate to negotiate on the bill’s provisions, writing “The differences between the two different bills can be quickly reconciled to provide the American people the certainty of a full-year bill. There are still 11 days before the end of the year, and with so many Americans struggling, there is no reason they should be wasted. You have said many times that Congress must do its work before taking vacation”.

See the discussion page for instructions on adding schools to this list.Tuesday, September 13, 2005

NAICU has created a list of colleges and universities accepting and/or offering assistance to displace faculty members. [1]Wednesday, September 7, 2005

This list is taken from Colleges offering admission to displaced New Orleans students, and is intended to make searching easier for faculty, graduate, and professional students.

In addition to the list below, the Association of American Law Schools has compiled a list of law schools offering assistance to displaced students. [2] As conditions vary by college, interested parties should contact the Office of Admissions at the school in question for specific requirements and up-to-date details.

The Association of American Medical Colleges is coordinating alternatives for medical students and residents displaced by Hurricane Katrina. [3]

ResCross.net is acting as a central interactive hub for establishing research support in times of emergency. With so many scientists affected by Hurricane Katrina, ResCross is currently focused on providing information to identify sources of emergency support as quickly as possible. [4]

With so many scientists affected by Hurricane Katrina, ResCross is currently focused on providing information to identify sources of emergency support as quickly as possible.

Physics undergraduates, grad students, faculty and high school teachers can be matched up with housing and jobs at universities, schools and industry. [5] From the American Association of Physics Teachers, the Society of Physics Students, the American Institute of Physics and the American Physical Society.

If you are seeking or providing assistance, please use this site to find information on research support, available lab space/supplies, resources, guidelines and most importantly to communicate with fellow researchers.

The following is a partial list, sorted by location.

Alabama |Alaska |Arizona |Arkansas |California |Colorado |Connecticut |Delaware |District of Columbia |Florida |Georgia |Hawaii |Idaho |Illinois |Indiana |Iowa |Kansas |Kentucky |Louisiana |Maine |Maryland |Massachusetts |Michigan |Minnesota |Mississippi |Missouri |Montana |Nebraska |Nevada |New Hampshire |New Jersey |New Mexico |New York |North Carolina |North Dakota |Ohio |Oklahoma |Oregon |Pennsylvania |Rhode Island |South Carolina |South Dakota |Tennessee |Texas |Utah |Vermont |Virginia |Washington |West Virginia |Wisconsin |Wyoming |Canada

Wednesday, January 28, 2009

Marvin Schur, a 93-year-old man from Bay City, Michigan has died after the electric company limited his electric use due to his failure to pay over US$1,000 in past-due payments.

Bay City Electric Light & Power installed a power-limiting device on his home on January 13. The device would limit the amount of power the resident uses and would essentially shut it off if that limit is reached, or if the resident fails to pay the outstanding bill within 10 days of installation. In order for the electricity to be turned back on, the limiter must be reset by pushing a button.

Bay City power says that a warning, indicating that the power was to be turned off and a limiter installed, had been placed on Schur’s front door. Despite that, the company says that they are now “looking at our website and possibly doing an automated phone message. We obviously need to get the word out.”

The autopsy performed on Schur’s body concluded that he had died “a slow, painful death” caused by hypothermia. Dr. Kanu Virani, who performed the autopsy, explained: “Hypothermia shuts the whole system down, slowly. It’s not easy to die from hypothermia without first realizing your fingers and toes feel like they’re burning.”

It was less than 32 degrees Fahrenheit (0 Centigrade) in Schur’s home when neighbors found Schur dead on January 17. Virani commented that it was his first time performing an autopsy on a body in which “the person froze to death indoors.”

“His furnace was not running – the insides of his windows were full of ice the morning we found him,” said George A. Pauwels Jr., who was with his wife when they found Schur’s body.

In Michigan it is illegal for a utility company to disconnect power to any home between November 1 and March 31 when a resident is over the age of 65. Limiters are also not supposed to be used during that time frame. However, municipally-owned electric utilities like the one in Bay City, are not regulated by the state. The Michigan state attorney general’s office has launched an investigation into the incident.

Residents around Schur’s home say he was hard of hearing, and the city states that the device’s function and operation were never explained to him. When word of the story got around, people from all over the United States began to call the city in anger.

“I’ve taken calls from Canada, Massachusetts, Texas, New York, Alabama – and that’s just the ones I can think of off the top of my head,” said Melody Roth of the city’s administrative office, who also added that people from all over are “calling all city departments, not just our office.”

Schur has no known children, and his wife had died several years prior to the incident.