Saturday, May 20, 2006

The People’s Republic of China has announced the completion of an enormous dam across the Yangtze River, an important milestone for the world’s largest hydroelectric project. The official Xinhua News Agency reports the event as a “landmark in the construction of the project.”

Launched in 1993, the Three Gorges Project, including the 2,300 metre long, 185 metre high dam with 26 power generators, is being built in three phases on the middle reaches of the Yangtze River – China’s longest river. Built with over 16 million m³ of concrete, the Three Gorges Dam is considered the biggest reinforced concrete dam in the world.

The Three Gorges Reservoir is capable of holding nearly 40 billion m³ of water, including a space of 22.15 billion m³ for extra flooded water. With a length of more than 6,300 km and a natural fall of 5,400 metres from the west to the east, the flood-prone Yangtze River is the third largest in the world.

The gigantic project is expected to generate around 15 million megawatts of electricity, 84.7 billion kWh annually when the entire project is completed in 2008. But whilst proponents of the world’s largest hydropower project laud the increased electricity generation and improved flood control as benefits to China, opponents claim destruction of the environment, ruin to China’s cultural heritage – disaffecting millions of local residents.

“In my view, building the Three Gorges dam is a ridiculous and evil farce,” says dam opponent Dai Qing. “Many people have known something is wrong with the project, but few have dared to speak up,” she said. After it becomes operational, the 660km reservoir created by the dam will drown 13 towns, 4500 villages and 162 archaeological sites.

Friends of the Earth (FoE) are also strident vocal critics. “The dam is having a titanic social and environment impact,” the group said this week. “Sometimes people are being moved out by truncheon and bulldozer because they refuse to leave their home for fear of not being rehoused. Human rights violations are massive and brutal,” it said. FoE pointed to evidence that the dam was already having a serious environment impact.

FoE points to a scientific study by the East China Normal University in Shanghai, published in March in Geophysical Research, which said that in 2004, the Three Gorges dam has reduced the supply of sediment to the Yangtze delta to just 35 per cent of the norm.

Millions of tonnes of silt are drawn along the Yangtze river every year, and critics argue the dam will intercept much of it – with potentially disastrous consequences. They say the lack of sediment further downstream would lead to soil erosion, and the accumulation of sediment in the reservoir could raise the dam level, submerging even more land.

Opponents say the reservoir could fill with the accumulated garbage from tens of millions of households. The China Yangtze River Three Gorges Project Development Corp. has spent $2.5 million on a vessel to collect as much as 7 million cubic feet of garbage that accumulates at the dam each year, according to Xinhua. Some argue that the impact of the dam project will contribute to the extinction of the rare Yangtze river dolphin.

The dam project will force the relocation of a total of 1.13 million people, and communities that have lived in the area for millennia will disappear. Researchers warn sedimentation and rising water levels in the reservoir will lead to the evacuation of tens of thousands more people.

But as the waters rise, that which can not be saved will disappear along with some world famous natural scenery. Critics say the dam is under threat from earthquakes, with two geological fault lines nearby. Officials working on the project counter this by saying the worst that can happen is a tremor measuring 6.0 on the Richter scale, while the dam is built to withstand force 7.0.

“Although the dam is now complete, we still have a long way to go and cannot become self-satisfied or relax our efforts in the least,” Li Yongan, general manager of the Three Gorges Project Development Corp, said. The official China Daily in an editorial called for people to remember the more than 100 workers whom died during the dam’s construction. “The best possible way to repay such a debt of gratitude is to make sure the highest safety and quality standards are observed up till the very end of the entire building process,” the editorial said.

Wednesday, October 1, 2008

A seven story concrete apartment building in the Naniwanaka Naniwa Ward of Osaka, Japan was set ablaze, killing at least 15 people. The fire started early in the morning on October 1st in the Video DVD Cat sex shop on the first floor.

At least eight people were rescued from the building, four of whom were seriously injured in the fire. Most of the injuries and deaths were caused by smoke inhalation and carbon monoxide poisoning. According to authorities, all of the fatalities were in private viewing rooms in a video shop that was located on the first floor of the building.

The sex shop had 32 cubicles for watching videos, all of which were equipped with a bed, television, and video deck. Due to the beds, and a shower, shops like this are often used as cheap hotels. A customer, who fled to safety when the fire started, said to the media that the inside of shop was dark, and that he had difficulty seeing where he was going as he escaped.

Witnesses said that they first noticed a burning smell at 2:30am local time, and that the fire was reported to Osaka Fire Department around 3am. 40 fire trucks and 120 firefighters took part in the efforts to bring the blaze under control. The fire was extinguished at around 4:30am, after burning for about one and a half hours. The cause of the fire is not yet known.

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.

Monday, September 24, 2007

Russ Aegard is running for the Green Party of Ontario in the Ontario provincial election, in the Thunder Bay-Atikokan riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Tuesday, November 16, 2010

Roush Fenway Racing driver Carl Edwards, who qualified on the pole position, won the NASCAR Sprint Cup Series 2010 Kobalt Tools 500 held on Sunday at Phoenix International Raceway in Avondale, Arizona, United States. This became his first Sprint Cup win of the season. Throughout the course of the race there were five cautions and fourteen lead changes among five different drivers.

With 47 laps remaining in the 312 lap race, Denny Hamlin was first, but Edwards passed him one lap later. Edwards maintained the lead to win the race, while Hamlin made a pit stop because of a possible shortage of fuel. Ryan Newman took second, ahead of Logano in third. Greg Biffle managed the fourth position, after starting fourth on the grid. Jimmie Johnson, from the Hendrick Motorsports team, clinched the fifth position, after leading none of the laps during the race. Kevin Harvick followed Johnson in sixth, while Matt Kenseth could only manage seventh.

Mark Martin, Kurt Busch, and Jamie McMurray rounded out the top ten finishers in the race. Hamlin, the current Drivers’ championship leader, led 190 laps and finished twelfth. Following the race, Hamlin commented, “It’s pretty disappointing. We were in a good position there heading into next week. We just have to outrace them next week. We had a good car today and it didn’t work out strategy wise. We did what we had to do today we just didn’t have it at the end. It’s frustrating. We had a car that could win and that is something we’ve never had here. We’ll just go there next week and try to win the race. I don’t know if we were trying to be smart or conservative there are really short.” “I was sitting pretty,” Hamlin continued. “I have to leave Phoenix in Phoenix. I can’t control it. I did everything I could do today and it didn’t work out. It could have been a lot worse. We could have lost the points lead and we didn’t. We’ve had the best car in this Chase and might not win it. The full-court press will be on next week.”

Going into the final race of the season, Hamlin remained the Drivers’ championship leader with 6462 points, fifteen points ahead of Johnson in second, and 46 ahead of Harvick in third. This is the closest that the championship has been since the Chase format was introduced. The Manufacturers’ ?hampionship standings are led by Chevrolet with 255, 42 points ahead of Toyota and 88 ahead of Ford. Johnson commented, “We had to work whatever magic we could at the end and now we have a points race heading to Miami. I know what my mindset is. I hope the pressure of being on Denny’s heels wears on him this week. One race winner take all, it’s going to be a hell of a show.”