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Thursday, October 29, 2009

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McDonald’s, the international fast food restaurant chain, will cease all operations in Iceland by the end of October.

The company blames the closure of the nation’s three outlets on drastically increased costs of importing its food ingredients, which mainly came from Germany. McDonald’s corporation says the current economic slump is to blame for rising costs, along with the “unique operational complexity” of keeping them open.

The restaurant, with its distinctive Golden Arches, began its Icelandic operations in 1993. Its outlets were operated by Lyst, a franchising company owned by Jon Gardar Ogmundsson. There are no plans to reopen any of the locations.

“[Stores have] never been this busy before… but at the same time profits have never been lower. It just makes no sense. For a kilo[gram] of onion[s], imported from Germany, I’m paying the equivalent of a bottle of good whisky,” said one Gardar Ogmundsson, the owner of the firm Lyst, to the BBC.

Lyst hopes to operate a new chain of restaurants, which will be supplied by domestic rather than imported food products.

McDonald’s, which operates in 119 countries globally, previously closed its sole retail outlet in Barbados in 1996 after only six months in operation, and withdrew from an additional seven countries in 2000 — including Bolivia — to reduce costs.

Wednesday, May 4, 2005

A new, refurbished cafeteria at the Romanian Palace of the Parliament in Bucharest has opened for the use of parliamentarians. The new cafeteria, which has mahogany furniture and leather draped armchairs, was officially opened yesterday, and is situated at the entrance to the Senate headquarters in the Palace of the Parliament.

Members of Parliament said they were not satisfied with the former cafeteria in the Palace, saying that it didn’t have proper tables and chairs to sit on. Many parliamentarians expressed their satisfaction at the opening of the refurbished dining venue, saying that they can now drink a cup of coffee “in a civilised manner” before sessions.

Bucharest’s Palace of the Parliament (Palatul Parlamentului in Romanian) is the largest building in Europe and the third largest building in the world, with an area of approximately 350,000 m². It contains both houses of the Romanian Parliament (the Chamber of Deputies and the Senate), as well as the National Museum of Contemporary Art (MNAC). It is also frequently used as a function centre.

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.”

Tuesday, February 5, 2013

Following the introduction of a “Do Not Track” feature in modern browsers at the end of last year, Wikinews interviewed several companies and groups about the feature.

Saturday, March 5, 2005The US military is funding the research and development of a weapon that could be used to inflict excruciating pain from up to 2 kilometres away, but is meant to otherwise leave victims unharmed. Pain researchers have been left furious after work aimed at controlling pain has been used to develop technology aimed at maximising it.

Intended for use against protesters and rioters, the research focuses on the effect electromagnetic pulses can have on pain reception. Due to be ready by 2007, the Pulsed Energy Projectile (PEP) weapon will fire a burst of electrically charged gas, or plasma, which will generate an electromagnetic pulse on impact. It is this pulse which will trigger impulses in nerve cells causing extreme pain.

A review of the non-lethal weapon by the US Naval Studies Board in 2003 concluded that PEPs produced “pain and temporary paralysis” in animal test subjects. Studies ongoing at the University of Central Florida in Orlando aim at optimising this effect. The ultimate aim is to generate a pulse which will trigger optimum pain in the subject without damaging tissues. Studies due to be carried out on lab grown cells aim at identifying the threshold of pain that can be inflicted on someone without causing death. There is some concern that the studies will fall short of demonstrating a safe level for a plasma burst.

The work came to light after documents were released under the US’s Freedom of Information Act to the Sunshine Project, an organisation who aims to expose biological weapons research. One document entitled “Sensory consequences of electromagnetic pulses emitted by laser induced plasmas” concerned the generation and firing of PEPs. Pain researchers have condemned the research, claiming that it could be put to use as a means of torture and that it is unethical.

“I am deeply concerned about the ethical aspects of this research,” said Andrew Rice, a consultant in pain medicine at Chelsea and Westminster Hospital in London. “Even if the use of temporary pain can be justified as a restraining measure, which I do not believe it can, the long-term physical and psychological effects are unknown.”

Clinical psychologist at University College London, Amanda Williams expressed concern that victims risk long term harm. “Persistent pain can result in a range supposedly non-destructive stimuli which nevertheless change the functioning of the nervous system,” she says. Studies “cannot tell us about the pain and psychological consequences of such painful experience,” she said.

Friday, March 11, 2011

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Japan’s government has declared its first ever “nuclear emergency” after pressure rises in the No. 1 reactor at the Fukushima Daiichi power plant, combined with a minor radiation leak, caused a 10 km radius around the plant to be evacuated. An attempt to relieve the pressure inside the containment vessels of the plant has been delayed.

The Tokyo Electric Power Company’s 40-year old nuclear facility, 270 km NE of Tokyo, reported mechanical difficulties with its cooling system, although the automated shutdown systems worked correctly. With the core reaction shut down the plant is no longer actively generating heat, but the fuel rods continue to generate excess heat and radiation and need constant cooling.

The cooling system runs a constant flow of water to take the heat away from the submerged fuel rods, but the pumping system requires electricity to operate even after the plant is no longer producing electricity itself—generally from back-up diesel or natural gas generators.

Tuesday, February 26, 2008

Neverland Valley Ranch, owned by Michael Jackson, is to be sold at auction on March 19, 2008, unless Jackson pays over US$24 million.

Financial Title Company, the trustee of his Santa Barbara County, California, home and amusement park, has foreclosed on the property. They notified Jackson of the foreclosure and sale on Monday. Jackson had only just recently paid an overdue property tax bill of $600,000.

The court filing, addressed to Jackson, says, “You are in default of a deed of trust … Unless you take action to protect your property it may be sold at a public sale.” Fox News published the filing.

The foreclosure includes the ranch and all possessions on the property, inside or out.

The foreclosure auction will take place in front of the Santa Barbara County Courthouse in Santa Barbara. Jackson has until then to pay $24,525,906.61 he owes the title company.

In 2006, Jackson refinanced previous loans that had been bought up by Fortress Investment Group. The $300-million loan was secured with the aid of Sony Music Entertainment. However, the Neverland property was not part of that deal.

Jackson has not lived at Neverland since June 30, 2005, when he moved to Bahrain after a rape charge and subsequent acquittal.