Author: Admin

Saturday, September 15, 2007

Nervous savers have re-formed queues this morning outside many branches of Northern Rock, after the £2.68 billion bank took an emergency loan from the Bank of England, the UK central bank.

Shares in the bank had dropped 25% by lunchtime yesterday in London – and stood nearly 60% lower from their high of February – after the Bank of England acted in its capacity as “lender of last resort” to provide Northern Rock with short-term financing to enable it to continue operations.

The Bank of England hasn’t acted as lender of last resort since 1973, when the collapse of Cedar Holdings – a pioneer of second mortgages to UK home-owners – threatened a crisis in the country’s banking industry.

Northern Rock has been hit hard since June this year by the turmoil in world credit markets. Although only 0.24% of its assets are exposed to subprime US housing debt, the bank’s business model saw it grow its loan book by 43% in the first six months of this year. Rather than lending money deposited with it by savers, Northern has borrowed aggressively in the short-term capital markets.

“Northern Rock is not a reckless lender,” said Angela Knight, head of the British Bankers Association on national radio this morning. Urging the bank’s savers not to withdraw their money in panic, “the mortgage lending it does well and it does in a high quality, high calibre way,” she added.

But savers queuing to withdraw their money from Northern Rock today said they were “horrified” by the Bank of England needing to step in.

“I am going to take out the lot, every penny,” said one Northern Rock saver to Bloomberg as he queued outside the bank’s West End branch in London.

Friday, January 1, 2021

After an active year of original content published on the English-language Wikinews, we take a look back at some of the two dozen-plus original reports from our contributors during 2020.

Tuesday, February 7, 2006

New South Wales Premier Morris Iemma has proposed strengthening the states anti-cannabis laws. The government is undertaking a complete rewrite of such laws in response to concerns voiced by some health professionals about the link between the drug and mental health issues. The proposed legislation will also increase jail sentences for those convicted of growing cannabis hydroponically.

“There is growing evidence of a link between long-term cannabis use and the incidence of severe mental health problems,” said Mr Iemma.

Under the plan the current cannabis cautioning system, introduced in 2000, is to be reviewed. Cannabis users would be required to attend counseling to “understand the link between cannabis use and mental illness” to avoid being charged for their first offence. At present those issued with their second cautioning notice are required to call a counseling service.

Thursday, September 15, 2005

In the aftermath of the disaster in New Orleans, questions have arisen as to whether the Bush administration withheld the deployment of troops and other assistance pending an agreement by the Louisiana Governor, Kathleen Blanco, to authorize the invocation of the Insurrection Act, which would have legally allowed Bush to declare martial law and take control of the rescue and rebuilding effort.

The NY Times on Sept. 8 reported that “As New Orleans descended into chaos last week and Louisiana’s governor asked for 40,000 soldiers, President Bush’s senior advisers debated whether the president should speed the arrival of active-duty troops by seizing control of the hurricane relief mission from the governor.” But how this step would have improved the response time is not clear.

It is also unclear as to why such a move would be considered at all as no legal requirement was at issue, leading to the question of whether this was what some fear to have been a political power grab.

The same Times article quotes unnamed official(s) saying that “no active-duty forces could have been sent into the chaos of New Orleans on Wednesday or Thursday without confronting law-and-order challenges.” But though the law does bar US Military forces from law enforcement duties absent a declaration of martial law, there are no restrictions on their use in other capacities. Bush authorized more than 7,000 additional active duty troops on September 3 to join the more than 21,000 National Guard troops and more than 4,000 active duty forces deployed to the ravaged gulf region on September 1st and 2nd, law-and-order challenges taking a back seat to the urgency of the rescue mission.

Navy helicopters were over the city on August 30th and landing craft busy the following day. More than 400 members of the Army Corps of Engineers were on site, working to repair the levee system in New Orleans and removing floodwaters from the city. By September 2nd, 113 DoD helicopters, about half from the National Guard and half from active-duty Navy, Army and Air Force units, were continuing to support search and recovery missions.

The National Guard, which remains under the authority of the Governor of the state, are legally authorized and trained for law enforcement duties and the Times article goes on to say that “Pentagon officials said even the 82nd Airborne, which has a brigade on standby to move out within 18 hours, could not arrive any faster than 7,000 National Guard troops, which are specially trained and equipped for civilian law enforcement duties.”

The Louisiana National Guard was conspicuously absent following the flooding and four days passed without relief. Several states offered emergency supplies, equipment and units from their National Guard. “New Mexico Gov. Bill Richardson offered Louisiana Gov. Kathleen Blanco help from his state’s National Guard on Sunday, the day before Hurricane Katrina hit Louisiana. Blanco accepted, but paperwork needed to get the troops en route didn’t come from Washington until late Thursday.”

Similarly, FEMA has been roundly criticized for its own failure to fulfill its emergency command and control mandate during the same period of time. Though on-site before the hurricane struck, many stories of manpower, equipment and supplies being refused have surfaced. Jefferson Parish President Aaron Broussard has accused FEMA of cutting their local communication lines in the midst of the crisis. FEMA chief Mike Brown was ultimately removed from his post on Friday Sept. 9th.

Also on Friday National Guard units arrived in force and brought food and water, medical personnel, and quickly quelled the rampant looting that had beset the city during the previous days.

Without a full investigation, it is impossible to say what caused these delays. This disaster was unprecedented in scope and hit an area long known to be exceptionally vulnerable to catastrophic damage from a hurricane. But the length of the delay and the breadth of the failures have been widely condemned and demands for an explanation have come from both sides of the political aisle.

Sunday, October 18, 2020

The spread of coronavirus led to a global pandemic, affecting various daily activities. Originated in Wuhan, China, the virus spread globally, and by March, drastic measures were taken by the Indian government. Some branches of the South Western Railway of India had started taking precautions by distributing masks to ticket collectors and guards from as early as March 8. Some colleges were suspended by March 13, their exams post-poned as the government introduced lockdown and enforced social distancing.

Announced in the evening, Indian Prime Minister asked the countrymen to get the essential products and avoid going out as much as possible. Long queues outside the grocery shops, people in masks, some in N-95 masks, and hand sanitisers at the gates of megamarts were a common sight. There were reduced items in the shops, and some stores had a limit of number of customers allowed in the store at any given time. Food delivery services, and taxi services were on haitus — workers who dependent on the profession for their daily income, while software engineers were working from home. Physical classes in schools and colleges were replaced by online lectures to prevent social gatherings.

While many relied on technology for continuing their work and earn their livelihood, Wikinews reached out to sex workers in Mysore in June who unlike others can’t maintain social distancing for their work. Two sex-workers, Akram Pasha, and Jaya (a pseudonym), who were a part of sex-worker’s group called “Ashodaya Samithi” discussed how their lives had been affected by the coronavirus, the lockdown and the restrictions they had faced.