Monday, January 25, 2010

Sales of previously owned homes in the US fell at the fastest rate ever recorded last December, according to data from the National Association of Realtors (NAR).

According to the association, existing home sales fell 16.7% last month, to an annual rate of 5.45 million, the largest crash since 1968. The figure was less than the 5.90 million units, or an eleven percent drop, predicted by most analysts.

Sales of homes went up for the entire of 2009 to 5.156 million units, or 4.9% for the year, and prices dropped from 2008 by 12.4%.

NAR chief economist Lawrence Yun described the figures as being “probably the largest annual drop since the Great Depression”. He said that “the market is going through a period of swings driven by the tax credit. We’re likely to have another surge in the spring. Job creation is the key to a continued recovery in the second half of the year.”

Pierre Ellis, a senior economist for Decision Economics in New York, commented on the figures, saying: “The drop in home sales is the payback for the acceleration of sales that occurred with the original first-time home buyers tax credit. […] There is an issue as to whether the decline represents a fundamental weakening.”

“The housing market continues to face significant headwinds, including high unemployment, record delinquencies and foreclosures, the specter of rising mortgage rates as the Fed’s [mortgage-backed securities] purchase programs comes to a close in late March, and tight credit,” Omair Sharif, an economist for RBS Securities, noted.

“Still, the resale market showed resilience in the second half of 2009, and the expansion and extension of the tax credit to April 30 could boost purchases during the spring selling season,” he said.

“We’ll see a pickup in existing home sales in the next couple of months as people take advantage of the tax-credit extension”, economist Adam York of Wells Fargo Securities LLC in Charlotte, North Carolina claimed. He fore-casted a pace of 5.4 million. He said that there were unlikely to be buyers of homes, despite the fact that the U.S. was “past the bottom.”

All four regions of the country saw a decline in sales. In the Northeast, sales fell 19.5 percent, in the Midwest, they plunged 25.8 percent. The South, the country’s largest region, saw a 16.3% decline, while in the West, sales waned by 4.8%.

US stocks fell slightly after the announcement, but went back up later in the day.

Sunday, July 22, 2007

McLaren–Mercedes driver Fernando Alonso won the FIA Formula-1 2007 European Grand Prix at the Nürburgring, Nürburg, Germany.

Although light rain began to fall during the formation lap, the start was relatively clean, marred only by a collision between the two BMW Sauber drivers. As the rain began to fall more heavily, the pit lane filled up with crews from every team expecting all the drivers to change to intermediate tyres at the end of the first lap. However Kimi Räikkönen, who had started in pole position and was leading the race, skidded across the pit-lane entrance and back out onto the track, forcing him to drive another lap in increasingly wet conditions.

Having opted to start the race from the pits on intermediate tyres Marcus Winkelhock, a rookie Spyker–Ferrari driver on his first ever Formula One race, quickly rose to become race leader despite having started the race in last position.

Championship leader Lewis Hamilton, who had suffered a crash in the third qualifying session and started 10th on his repaired car, had a perfect start, gaining six places, but made contact with one of the BMWs on the first lap and punctured his left rear tyre.

Within several laps the track quickly became flooded, and on lap three Jenson Button, Lewis Hamilton, Adrian Sutil, Nico Rosberg, Scott Speed, Anthony Davidson, and Antonio Liuzzi all aquaplaned off into the gravel trap at the same place – Liuzzi making contact with the tractor attempting to recover the other cars. The safety car was deployed for several laps but the increasingly dangerous conditions forced race officials to red-flag the race, bringing it to a complete stop until the rain cleared up, and drivers once again gathered on the starting grid for a restart. Despite needing to have his car lifted out of the gravel trap by a crane, Hamilton managed to keep his engine running, and in accordance with the rules regarding being moved from a dangerous position, was allowed to rejoin the restarting grid in last place, albeit a lap down on all the other drivers.

After about half an hour of stoppage, Winkelhock then led the pack off in a flying start behind the safety car. He was quickly overtaken by almost every car, before retiring due to mechanical problems.

For most of the race Felipe Massa led, pursued by world champion Fernando Alonso. Hamilton was the fastest driver on the track, but even at three seconds a lap faster than the other back-markers it took him a long time to catch the pack.

Rain was predicted to recommence approximately 20 minutes before the end of the race. Renault took a gamble by bringing Heikki Kovalainen in first for a tyre change, but they were too early, and he quickly dropped back from fifth position. Several laps later, there was a rush into the pits, with nobody wanting additional risks on the wet track. The “extreme wet” tyres reduced the pace of Massa’s Ferrari and allowed Alonso to come closer and push hard on his rival.

After two laps of constant pressure and overtaking attempts, Alonso passed Massa, and held him off until the finish. The aggressive attack style chosen by Spaniard caused a slight contact between their cars.

Kimi Raikkonen had been close behind Alonso, but his car suffered a breakdown and he had to park it alongside the track.

Mark Webber drove his Red Bull-Renault to the third place. His teammate David Coulthard also made a nice race finishing 5th from his 20th place on the starting grid. This became the most successful result for Red Bull in this season.

Still the third place of Webber was under threat from Alexander Wurz from Williams–Toyota who came closer and closer up to the finish line which they crossed with +0,263 sec distance.

The two BMW Saubers ended 6th and 7th. And the top eight was closed by Heikki Kovalainen from Renault.

For the first time from his debut Lewis Hamilton finished outside the points. His consistently quick pace throughout the race raised him up to tenth place, and in a final gamble he attempted to stay out on dry tyres during the second downpour. This raised him into the points temporarily, but after several slow laps he was forced to pit, and dropped back to tenth. In the dying laps he came within several seconds of Giancarlo Fisichella and Heikki Kovalainen, but although he managed to pass Fisichella, Kovalaninen remained out of reach, and Hamilton had to settle for ninth place. He remains leader of the drivers’ championship, but now only 2 points ahead of Alonso.

This was the first wet race since the 2006 Hungarian Grand Prix.

Tuesday, November 3, 2009

A warship built with steel from the World Trade Center is set to enter New York and travel up the Hudson River to the site of Ground Zero. 7.5 tons of steel from the buildings have been used in the construction of the USS New York. When the ship reaches Ground Zero it will fire a 21-gun salute. The ceremony will be viewed by relatives of those who lost their life during the September 11 attacks as well as rescuers and the public.

The official commissioning ceremony takes place on Saturday.

The crest of the ship features the images of the Twin Towers and the colours of the departments that first responded to the attacks.

The ship has 361 sailors serving aboard of which around 1 in 7 is from New York. A spokeswoman for the U.S Navy said that there had been many requests to serve on the ship.

The USS New York departed from Mississippi on October 14. This is the sixth ship to be named after the State of New York.

Saturday, May 30, 2009

The United States Geological Survey said a 7.3 M_w earthquake struck on Thursday, at 08:24:45 UTC (02:24:45 AM local time) off the coast line of Honduras.

The epicenter was located 64 km (39 miles) northeast of the island of Roatán, 130 km (80 miles) north-northeast of La Ceiba.

A tsunami alert was issued for Honduras, Guatemala and Belize and along Central America’s Caribbean shore. There have been no reports of aftershocks.

Original reports indicated six were killed and seventeen injured and a multitude of homes, schools, churches and factories collapsed. The Democracy Bridge in El Progreso also collapsed.

“People were startled. They started walking, running, doing everything they could to get to higher ground about two miles away,” said a resort owner, “I have been on the island for 14 years, this is the worst I have seen.”

“It is not alarming, it is not a calamity. For the type of earthquake it was, the damage is minor,” Honduran President Manuel Zelaya.

“I felt the car rock and I started to hear little bits of debris from the building next door hitting the roof. It was frightening because it was shaking a lot. I’ve never felt anything like it.” said a security guard in the capital of Tegucigalpa.

The Organization of American States (OAS) summit will proceed in San Pedro Sula, Honduras next week June 2-3 as only one building there suffered damages. Federal representatives from 35 states of the Americas are to attend.

The President of the Republic of China, Ma Ying-jeou, and his contingency were uninjured after their arrival in Belize Thursday. Ma continued his itinerary to meet with the Belize governor-general and prime minister and will then travel to Guatemala and El Salvador.

The port of Puerto Cortes will be temporarily closed due to damaged machinery and equipment according to the national port authority.

El Salvador, Guatemala and northern Nicaragua also felt tremors, but suffered no huge damages.

Tuesday, December 21, 2010

British Business Secretary Vince Cable has tonight been reprimanded by Prime Minister David Cameron after saying he was “at war” with Rupert Murdoch over News Corporation’s attempts to take full control of BSkyB.

Cable will remain in the cabinet, but he will have no further role in the takeover bid. A statement released by officials in Downing Street said Cable’s comments were “totally unacceptable and inappropriate”. The statement confirmed Cable will no longer have responsibility over matters relating to media and broadcasting.

In a secret recording made by journalists from a British newspaper posing as members of the electorate, Cable said he had already decided to block the takeover bid. “I am picking my fights, some of which you may have seen, some of which you may haven’t seen,” he said in the recording. “I don’t know if you have been following what has been happening with the Murdoch press, where I have declared war on Mr Murdoch and I think we are going to win.”

In another extract from the recording, Cable says: “I have blocked it [the takeover bid], using the powers that I have got. And they are legal powers that I have got. I can’t politicise it, but for the people who know what is happening, this is a big thing. His whole empire is now under attack. So there are things like that, that being in Government … All we can do in opposition is protest.”

News Corporation, owned by Murdoch, owns 39% of BSkyB, but wishes to purchase the other 61% for £7.8 billion. Cable had pledged to remain impartial in the decision, and had ordered Ofcom to investigate the takeover bid. News Corporation stated they were “shocked and dismayed” at Cable’s comments, and said they “raise serious questions about fairness and due process.”

A source inside Downing Street said the government took “swift and firm action” in stripping Cable of his powers over the takeover bid. “He will have absolutely nothing to do with media,” the source added.

The business secretary apologised for his remarks, saying: “I fully accept the decision of the Prime Minister and Deputy Prime Minister. I deeply regret the comments I made and apologise for the embarrassment that I have caused the Government.” Political commentator Nick Robinson said although he remained in office, Cable is in a “very awkward” position, because the statement from Downing Street was, for Cable, a “humiliating slap in the face.” Cable refused to answer journalists’ questions as he arrived at his constituency home in Twickenham, London.

Saturday, December 3, 2016

Gambian President Yahya Jammeh yesterday conceded defeat to now-President Elect Adama Barrow.

Jammeh, 51, took power 22 years ago in a bloodless coup. He had claimed a billion-year mandate. Barrow, 51, is a property developer without political experience. According to the electoral commission yesterday, he won 263,515 votes, equating to 45.5%, while Jammeh won 36.7%, 212,099 votes. A third candidate accounted for 17.8%.

Jammeh is the nation’s second president since independence in 1965. In a public broadcast he hailed “the most transparent election in the whole world,” and congratulated Barrow on “a clear victory[…] You Gambians have decided.”

Born in Basse in 1965, Barrow spent several years working as a security guard in London. He returned home in 2006 and began property development, which he still does. He expressed disappointment he did not win by a larger margin.

Barrow represents a coalition of parties in an unprecedented co-operation. He said his first priority is to pick his cabinet, and has proposed a presidential two-term limit and promised financial stimulation. “It’s the people who have spoken. He cannot hang on,” he said. “We won the election clearly so there’s nothing he can do about it.”

Jammeh refused international observations of the election, banned protests following the result, and switched off the nation’s Internet access on the day of the vote. He pledged to work with Barrow and hand over power in January.

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