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Monday, December 10, 2007

Hugo Chávez, the President of Venezuela has set a new time zone for his country. The new time zone, which is UTC-4:30, is half an hour earlier than the old time. This time zone is unique and does not match any of those used by Venzuela’s neighbors.

This morning, Venezuelans began the work week for the first time under the new time zone, which Chávez announced for the first time in a decree on November 27. According to Chávez, the new time zone would allow school children to wake up with the sun and it would prevent many poor citizens from having to commute before dawn.

“These children have to get up at five in the morning… they arrive at school dead tired,” said Chávez. “And why? Because of our time.” He added, “This affects even the biological functioning of the body. It’s scientifically proven.”

Hector Navarro, the Minister of Science and Technology, agreed that health and productivity would improve as a result. “The human brain is conditioned by the light of the sun,” he said.

“The only thing this will do is inject yet more chaos into our lives,” said John Marulanda, a young executive, to The Daily Telegraph. “This president believes in change for change’s sake.”

The president of Venezuela’s airline association and the head of Copa Airlines in Venezuela, Roberto Pulido, told Bloomberg: “The time change is going to affect many flights, and lots of airlines still haven’t changed their timetables. This is an additional cost, because we’ve had to update all of our reservation systems.”

“I don’t really understand the point, but nothing with this president surprises me,” said Dr. Rafael Sucre to Bloomberg as he exited a subway during his morning commute. “It’s a political whim,” thought Yanitza Lopez, who works as an accountant for a cosmetics company in Caracas. “It’s not going to make any difference for any kids.”

Monday, April 6, 2009

Leaders and central banks in Russia, China, Malaysia, Indonesia, Thailand, and Kazakhstan have called for an international currency system.

Speaking on April 1 in advance of the G-20 summit in London, Russian president Dmitry Medvedev argued that the international finance system needed a “new construction” including “new currency systems”, saying that such a new system could be the purpose of a revamped IMF and World Bank. The IMF was originally founded in 1946 as the overseer of the Bretton Woods system, which from its founding until the 1970s tied the western world’s currencies to the US Dollar, which was in turn backed by gold. Russia’s proposal was for the new currency to serve as a reserve currency, one which would take the place of the dollar, euro, and other heavily-traded currencies as an international standard of exchange.

Medvedev’s comments are a reversal of Russian position from a lukewarm response following a looser outline for a worldwide currency by Kazakhstani president Nursultan Nazarbayev. On March 11, Nazarbayev suggested the establishment of the “acmetal”, a portmanteau of “acme” and “capital“, as a reserve currency replacing the ruble in international transactions, first for Central Asia and then worldwide. 1999 Economics Nobel laureate Robert Mundell, speaking to the Daily Telegraph, endorsed the idea, saying “It would be a very good idea if the G-20 took that idea up in London”.

2001 Nobel economics prize winner Joseph Stiglitz, meanwhile, said the new currency could come about quickly if it was based on an expansion of the IMF’s already established system of Special Drawing Rights, units of exchange used by the IMF which already have some of the features of currency. Stiglitz argued that, as the US dollar has become the standard global reserve currency, it has inadvertently created a system which hurts the world economy. “It’s a net transfer, in a sense, to the United States of foreign aid,” he argued, reasoning that when other countries purchase US dollars in order to use them on international markets (such as for the buying and selling of petroleum), they effectively give the US a zero-interest loan — sometimes at times when they can least afford it. Stiglitz made his comments as head of a United Nations panel of economists giving recommendations to address the global financial crisis.

In the weeks leading up to the G-20 conference, the People’s Republic of China also began discussing a new system for reserve currencies. In a March 23 speech, Zhou Xiaochuan, governor of the People’s Bank of China, endorsed a new reserve currency, saying “the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Zhou went on to endorse the expansion of the SDR system in the long-term creation of a reserve currency government by the IMF. While Zhou did not mention the US dollar specifically, analysis by Qu Hongbin, chief China economist for HSBC, for the Financial Times said that the speech “is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money”.

China holds $740 billion as assets; inflation in the US economy, which has been low in recent years, would directly cause those assets to lose value.

While the Chinese government has engaged in currency swaps with several other growing economies, such as South Korea, Argentina, Malaysia and Indonesia, the Chinese Yuan cannot be used itself as a reserve currency as it cannot be freely traded on the global market.

The Chinese-Russian proposal was not entered onto the agenda at the G-20 meeting itself. Nonetheless, British Prime Minister Gordon Brown said that the G-20 was open to considering the proposal if and when a detailed one is presented. United States President Barack Obama, meanwhile, endorsed the continuation of dollar supremacy, saying that the US dollar is “extraordinarily strong” and arguing that its strength was the result of the intrinsic stability of the United States economic and political system; US treasury secretary Timothy Geithner had, the week before, made comments that while he supported an expansion in the SDR mechanism he rejected the idea of a global currency. Rather than change the role of SDRs, the G-20 meeting instead added $250 billion in support to the fund backing SDRs.

After the G-20 conference ended on Thursday, Malaysia’s The Star BizWeek reported that the central banks of Indonesia, Malaysia and Thailand had endorsed the Chinese proposal. All three countries have close economic ties with China and suffered heavily from the collapse of their currencies in the 1997 Asian Financial Crisis; the sudden growth in the value of the US dollar relative to those countries’ native currencies sharply increased debt in Southeast Asia’s economies, leading to a wave of bankruptcies.

International reaction from other economies has been mixed and guarded. Luiz Inacio Lula da Silva, President of Brazil, said that the currency proposal was important to discuss but did not give extensive comment. And while UPI reports that India supported the SDR proposal at the G-20 conference, the Indian Press Trust quotes Indian Prime Minister Manmohan Singh as saying last month, “It is too early to talk about common currency.”

Calls for an independent global reserve currency are not new. In 1944, John Maynard Keynes proposed the “bancor“, a unit like the SDR supported by a basket of commodities. Keynes’ idea was rejected and the US dollar took the equivalent role under the Bretton Woods system. Keynes proposed that the bancor system would be reinforced by a tax on participating countries’ current accounts, the difference between their exports and their imports, in order to encourage balanced trade. Meanwhile, monetary unions have become more popular since the end of the gold standard, with most of the European Union now trading the euro, and several countries outside the EU using it as a de facto currency; five West African countries adopting the eco at the end of this year; and the African Union planning to introduce the afro in 2028. Proposals for a North American currency union based around the so-called “amero” have been frequently discussed as the focus of conspiracy theories in the United States, but none of the US, Canada or Mexico have actively pursued the establishment of any such monetary union, however the dollar is the currency of several Latin American countries.

Thursday, August 13, 2009

A woman has been found guilty of killing her fiancé after she ran him over while three times over the drink drive limit. Caroline Broad, 41, killed her partner of eight years Christopher Phillips, 40, when she ran him over in the car park of the Full Moon Pub in Twerton, Bath, England on August 17, 2008. Broad has been jailed for three years.

Witness reports say that Ms. Broad was in the car and saw Mr. Phillips slide off the bonnet and then the car continue to drive over him. The couple had been drinking together at the pub for several hours before the incident. Broad denies any wrong doing and says she can’t remember the car going forward.

Detective Sergeant Peter Knight released a statement saying that “The events of Sunday August 17, 2008 are yet another example of how the selfish and wholly unnecessary actions of a drunken driver can lead to tragic or nasty circumstances”. He also thanked the Twerton community for their help during the investigation.

Ms. Broad and Mr. Phillips had been in a relationship for eight years and ran a tiling business together.

Tuesday, April 1, 2008

Many media outlets traditionally deliberately spread hoaxes on April Fools’ Day, including notable quality sources such as National Geographic and Science.

The popular British tabloid The Sun wrote that French President Nicolas Sarkozy is to undergo stretch surgery to make him taller than his wife, Italian artist and model Carla Bruni. The report claimed the 5 foot 5 inch leader would be made 5 inches taller in one year using a method by Israeli professor Ura Schmuck. The Sun noted that during his visit to Britain last week, Sarkozy had high-heel shoes while his wife wore a pair of flat pumps.

The Guardian on the other hand ran an article that suggested that Carla would head an initiative by Prime Minister Gordon Brown to bring more glamour, good taste and sophistication to the U.K. general population. This would involve collaboration with Marks & Spencer for high-street fashion and Jamie Oliver for meals and wine.

BBC News had real-looking footage of flying penguins fronted by documentary host Terry Jones, which were actually an advertisement for its new iPlayer.

Monday, September 8, 2008

Toronto residents are abuzz as the stars walk among them, during the 2008 Toronto International Film Festival. The capital of and largest city in Ontario, Canada has been playing host to the premieres of major motion pictures, up-and-coming indy films, and international films alike. Over the last few years, the festival has become one of the most popular in the world.

On September 5, Wikinews sent freelance photographer Richard Burdett to the eTalk Festival Party, held by television broadcaster CTV. Described as a celebration of Canadian and international film and filmmakers, the party was held at CTV’s festival headquarters, the former CHUM-City Building. The red carpet extended into the parking lot stage area meaning celebrity guests were interviewed in the same spot where Diddy performed. DJ Samantha Ronson spun well into the night for revelers, as Lindsay Lohan hid from prying eyes inside the building.

Hosted by Ben Mulroney and Tayna Kim of CTV’s eTalk program, the party was broadcast live for an hour on Startv.

• Director Atom Egoyan and his actress wife Arsinee Khanjian are always popular guests on the Toronto film scene.

• Chantal Kreviazuk will be performing at Wednesday’s 2008 Best Buddies Leadership Award gala and concert.

• The cast of Degrassi: The Next Generation visited.

• Diddy continued his performance throughout the night.

• Avatar, Titanic director James Cameron, was a Canada’s Walk of Fame that weekend.

• Jacqueline MacInnes Wood is Steffy Forrester on The Bold and the Beautiful

• Actress Julie Bowen was gearing up for inducting Michael J. Fox into Canada’s Walk of Fame.

• Justin Trudeau and wife Sophie Gregoire got one last night before the Canadian federal election trail.

• Canada’s “hip-hop ambassador”, Kardinal Offishall.

• Sir Richard Branson was in town for the Virgin Music Festival and new Virgin Radio 999 FM station.

• One Tree Hill‘s Sophia Bush has been seen at many parties.

• Basketball player Steve Nash was in town to be honoured by Canada’s Walk of Fame.

• Kids in the Hall goofs around on the red carpet.

Sunday, September 5, 2010

The Office of Gas and Electricity Markets (Ofgem), the regulator of the electricity and gas markets in Great Britain, has launched an investigation into four of the largest British energy suppliers over suspicions that they not be complying with face-to-face and telephone sales regulations. The four organisations facing scrutiny could be fined up to 10% of their annual turnover if it is found that they are breaking sales regulations. Scottish Power, npower, Scottish and Southern Energy and EDF Energy are all to face questioning by the organisation.

Ofgem has urged customers of the four companies to alert the energy regulator, “if they are concerned about the sales approach any domestic suppliers have taken when selling energy contracts, either face-to-face or by telephone,” according to a statement. “As part of the investigation process Ofgem will examine any evidence of non-compliance and consider whether there are grounds for exercising enforcement powers.”

New regulations on sales tactics by energy suppliers were recently introduced, and, Ofgem has said, energy suppliers must be “proactive in preventing misselling to customers both face to face and over the phone. Also, if suppliers are selling contracts face to face they must provide customers with an estimate before any sales are concluded. In most circumstances customers should also receive a comparison of the supplier’s offer with their current deal.” Only one in five consumers consider energy suppliers to be trustworthy, and 61% of people feel intimidated by doorstep sales people from energy companies. According to the organisation Consumer Focus, “complaints have declined since new rules came into effect this year, but suppliers still seem to be flouting the rules. Some customers are still being given misleading quotes and information, which leave them worse off when they switch provider.”

The newspaper The Guardian has reported that “householders are reporting that sales agents working for the energy suppliers are giving them misleading information and quotes which leave them worse off when they switch supplier.” Consumer Focus has said that if energy companies continue to break the rules, they could be banned from doorstep-selling completely. The report goes on to say that “new figures from helpline Consumer Direct show that while the number of complaints has fallen since last year, about 200 cases of mis-selling are being reported each month.” However, Scottish Power said it insists on “the highest standards possible for all of our sales agents”, and npower told the Financial Times that it was “confident that the processes we have in place mean that we comply with our regulatory obligations”. EDF added that it was “fully compliant with all obligations regarding sales of energy contracts”.

According to the regulator, the obligations are serious and must be followed by energy supplies, or they will face “tougher sanctions than those available under more general consumer protection law.” Ofgem has published a guide advising consumers what they should do should an energy salesperson contact them in person of by telephone. Improper sales tactics are still common in the industry—in 2008 an Ofgem investigation found that 48% of gas customers and 42% of electricity customers were worse off after switching supplier on the doorstep. Npower was fined £1.8 million in 2008 by the organisation, and Ofgem insists that they are “committed to taking action” over improper sales activities by energy companies. “Suppliers have existing obligations to detect and prevent misselling and new licence conditions were brought in following our probe to further increase protection for customers,” said Andrew Wright, a Senior Partner of the regulator. “We expect all suppliers to comply with these tougher obligations but if our investigations find otherwise we will take strong action.”

Head of energy at Consumer Focus, Audrey Gallacher, called the investigation “a welcome step … to address years of customers getting a bad deal on energy prices on their doorstep. While many doorstep sales people will do a good job, the pay and rewards system continues to encourage mis-selling, despite years of regulation and voluntary initiatives. If better advice for customers and enforcement of the tougher rules doesn’t end the flagrant abuse of this form of selling the big question will be whether it should be completely banned.” Christine McGourty, director of Energy UK, which represents the leading gas and electricity companies, said that “the companies involved will collaborate with the Ofgem investigation and are awaiting further details from the regulator. Any sales agent in breach of the code will be struck off the approved energy sales register.” Which? chief executive, Peter Vicary-Smith, has said he considers the situation “shocking”, saying that the investigation “will do nothing to improve consumer trust in energy suppliers. We’re pleased that Ofgem has promised tough measures against any firms guilty of mis-selling. We hope it uses this opportunity to tighten rules around telesales so they are in line with those for face to face sales.”

SNP Westminster Energy spokesperson Mike Weir MP, however, said that the investigation “does nothing to tackle the real problem of fuel prices which leave many Scots facing great difficulty in heating their homes … Rather than tinkering around the edges Ofgem should be looking at how to reduce prices for vulnerable households.” Gareth Kloet, Head of Utilities at Confused.com, one of the UK’s biggest and most popular price comparison services, also welcomed the inquiry. “It is unacceptable for energy companies to mislead customers like this,” he said, adding that Confused.com has previously “urged energy providers to either stop the practice of doorstep selling or make it very clear to households that better deals are available online. There is no reason why door-to-door salesmen can’t show people online deals and even help households switch to them.”

“Our research reveals customers could end up paying £167 more than they need to as door-to-door salesmen are unable to offer the discounts that are applied online. The changes that have been made to date are a welcome addition to safeguard customers; however this review has been much needed for a long time. Hopefully it will mark the end of customers being overcharged and missold,” Kloet continued. “Our message to energy consumers remains the same: they should shop around online to make sure they’re getting the best deal possible and turn these salesmen away.”

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.