Thursday, June 23, 2011

Celebrating their 70th anniversary, news agency RIA Novosti, along with the Russian chapter of the Wikimedia Foundation, have started the ‘Eternal Values’ project. This project includes the release of images from RIA‘s archive to the public under free licenses.

During the first phase, one hundred World War II-time photos were uploaded to Wikimedia Commons under the Creative Commons share alike license. The license allows the images to be freely used, including within the commercial industry without a fee and allows for creations of derivative works provided any resulting work is redistributed under the same license and properly attributed to its author. The project is supported by Russian President Dmitry Medvedev, who uploaded one of the images to Wikimedia Commons himself.

Medvedev participated in the anniversary ceremony and personally congratulated the agency. He uploaded the 100th image to Commons. Earlier Medvedev supported Wikimedia Russia’s position on the need for changes in Russian legislation in order to make free licenses perfectly legal and to allow freedom of panorama in the country.

This event is part of Wikimedia Russia’s goal to “share knowledge, eliminate the digital divide and increase the availability of historical and cultural value for society.” Due to similar projects in other countries, German Bundesarchiv released 100,000 historic images under a free license and Queensland State Library released 50,000 images.

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Friday, August 25, 2006

Venezuelan President Hugo Chavez arrived in the Chinese capital of Beijing, Wednesday, beginning a visit that will see new agreements to increase China’s investment in Venezuela’s petroleum, telecoms, agriculture and transport. Chavez says that his country intends to boost its oil exports to China to 500,000 barrels a day within five years, quadrupling its current exports, and up to one million barrels a day by 2012.

“Within five years we’ll arrive at half a million barrels (a day) to China. We are currently exporting close to 150,000 barrels (a day), and next year we will double that,” Chavez said.

“The oil issue is of utmost importance because we are diversifying the petroleum business. We are moving toward a new petroleum model,” said Chavez, speaking on Venezuelan state television from China. “It’s one step more in a strategic alliance.”

Chavez met Chinese President Hu Jintao on Thursday, senior leader Wu Bangguo and Premier Wen Jiabao on Friday. Following Thursday’s meeting, Chavez said that Jintao agreed to support Venezuela’s bid to join the United Nations Security Council as a non-permanent member. He is also discussing Chinese involvement in developing his countries gold and coal mining industries, according to reports.

The countries are also signing agreements for Chinese assistance in building a petrochemical plant within the Amuay oil refinery in western Venezuela.

Agreements are expected to be signed with two of China’s state owned oil companies to develop and export crude from Venezuela’s Orinoco river basin as well as to approve the sale of Chinese oil tankers to Venezuela.

While the United States remains the leading importer of Venezuela’s oil, Chavez’ left wing government has sought to diversify its trading partners in an attempt to reduce its reliance on the United States and promote a “multi-polar” world order.

China is the world’s second largest consumer of petroleum and is in need of increased oil supplies in order to maintain its rapid pace of economic growth.

Chavez told Venezuelan state television that increased trade with China and Russia will help boost Venezuela to medium-power status. He claimed that investment agreements with China will transfer technology to his country and help Venezuela escape dependency.

Friday, May 12, 2006

Peter Costello’s budget announcement has led to rejoicing for small businesses, but the lack of joy for those pushing for radical corporate taxation reform has led to many businesses asking “what about us?”

Personal taxation and small business have been the big winners after this year’s federal budget. Although dampened by the twin economic threats of rising interest rates and petrol prices, there should be a reasonable amount of real income savings for both low and high income earners, with those receiving Medicare, or a superannuation benefit, privy to an even lower level of taxation (0% for those on super benefits).

Small business also has benefited from the Howard government’s 11th annual budget, with them receiving a higher level of reducing depreciation, leading to a higher level of deductions in the years following the uptake of new technology or other capital. They are also privy to a AU$435 million dollar tax cut to compensate for their changing accounting requirements under the government’s new AIFRS reporting standards, as well as increasing the uptake of both the small business tax relief scheme and CGT (Capital Gains tax) Concessions.

The budget was not a complete loss for big business however, as superannuation laws have been tweaked to streamline contribution and payment rules previously impeding those with multitudes of staff.

But this is not enough, says Big 4 accounting firm Ernst & Young. In their newly published paper “Taxation of Investment in Australia: the need for ongoing reform”. In it they lead the charge for a greater streamlining and organization of the corporate tax system in Australia, submitting that it will lead to reductions in “disincentives to work save and invest in Australia [as well as improving] the international competitiveness of Australian businesses.” This follows from a recent report brought out by Mr. Costello himself about the need for tax reform in Australia.

A budget night Mr. Costello was notably coy about any future reform of corporate tax in Australia. He alluded to the report by his ministers but kept from outlining the government’s plan precisely.

Friday, April 11, 2008

In the Opening Day of 2008 AutoTronics Taipei (April 9), the Industrial Technology Research Institute of Taiwan (ITRI) invited Jamie C. Hsu (Consultant of Ministry of Economic Affairs of the Republic of the China and Former Management Executive Director of General Motors Global Technology) for a speech in the “Pavilion of Taiwan Automotive Research Consortium (TARC)” to forecast the future of automobile industry in Taiwan, which echoed the “Taiwan Automotive International Forum & Exhibition”, held at TWTC Nangang in conjunction with 2008 Taipei AMPA.

Before the main show, Department of Industrial Technology of Ministry of Economic Affairs supervised the establishment of TARC by ITRI, Chung-Shan Institute of Science and Technology, Metal Industries Research & Development Center, and the other academical and industrial units to improve the level of research and development including applications on security, artificial intelligence, and energy-saving.

Tuesday, June 20, 2006

The Australian House of Representatives yesterday discussed as part of private Member’s business a motion moved by Michael Johnson (Australian Liberal Party, Division of Ryan) that sought to affirm and “celebrate” support for marriage “between a man and a woman” and called on the Government to “enact policies that promote and strengthen marriage”.

Thursday, April 10, 2008

Israel has tested its readiness for a state of war and emergency by testing its emergency services and shelters on a national scale.

The drill is to be analyzed in order to determine the elements which need to be corrected and fixed, and Israel’s emergency readiness is to be assessed.

Israeli school children were told to hide under their school tables as part of the drill, which officials claimed to be the biggest drill ever in Israeli history.

Syria has claimed, in return, that the drill is intended as a battle readiness exercise and claims that Israel is preparing for war.

Thursday, January 12, 2017

On Monday, the person responsible for changing the Hollywood sign in California to read “Hollyweed” as a new year’s prank turned himself in to local authorities. 30-year-old artist Zachary Cole Fernandez surrendered himself, the Los Angeles Police Department (LAPD) said.

According to LAPD, Fernandez went to the police station accompanied by his lawyer, where he confessed to have changed the sign and was bailed out shortly thereafter for US$1000. LAPD charged Fernandez with trespassing; earlier reports indicated vandalism charges were ruled out as he used black and white tarps to alter the letter “O” to read lowercase “e”. The sign was not physically damaged.

A court hearing is scheduled for February 15. Fernandez said this act was an art project, and claimed he faces up to six months in prison if convicted. It took Fernandez two hours to alter the sign. Regarding conviction, he said, “I’m a person of integrity. If I do something wrong, I will own up to it.”

Exactly 41 years ago, on the same date in 1976, then-university student Daniel Finegood modified the sign to read “Hollyweed” for an art class assignment. Finegood returned to change the sign again in 1990, spelling out “Oil War” to protest against the First Persian Gulf War. Fernandez, on Tuesday, said his act was to “bring light and positivity and happiness”. He said he was inspired by Finegood’s modification to the sign.

City Councilman David Ryu said in a statement. “Pranks of this nature deplete the resources of our valuable public safety personnel”.

The term “weed” is an English slang term for cannabis, a banned drug in many countries. On November 9, a ballot for legalising recreational use of cannabis in California for the age group of 21 and above was passed. The law legalising recreational cannabis is due to come into effect in 2018.