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Friday, April 3, 2009

The G20 Summit held in London, England concluded Thursday with an injection into the economy of US$5 trillion by the end of 2010.

Global trade would be supported by $250 billion (169.5 billion pounds). “We are going to act decisively to kickstart international trade. We will ensure availability of at least $250 billion over the next two years,” said Gordon Brown Prime Minister of the United Kingdom.

The International Monetary Fund IMF will have access to $750bn in resources of which $250bn will support special drawing rights.

Developing countries received $100bn which will be dispensed via Multilateral development banks. Towards this end, the IMF will sell off gold reserves.

China will support the IMF fund by $40bn, the European Union by $100bn, and Japan by $100bn.

There will be increased regulation on banking and credit ratings agencies. There was a commitment to clamp down on hedge funds, tax havens and toxic assets. To restore consumer confidence in the financial sector, a new Financial Stability Board will be initiated internationally. There would be new policies implemented to control pay and bonuses paid to the heads of banks and corporations.

The G20 leaders were adverse to protectionism and rallied to support international trade and investment.

The Leaders’ statement said, “We reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports.”

Eoin O’Malley, senior adviser on international trade at BusinessEurope, said “The measure also needs to be part of wider package to avoid protectionism and conclude the Doha round which will stimulate trade growth. The key point now is to move forward with Doha. The key now is implementation. G20 governments must act quickly to provide this finance to companies that need it urgently.”

Monday, September 19, 2005

NASA has announced plans for sending humans back to the Moon, as a first step to Mars.

A 2018 lunar mission is proposed, where a crew of four would remain on the Moon for as long as a week. A minimum of two lunar missions a year is planned, with astronauts remaining as long as six months.

Some of the technology had previously been proposed for replacement of the Space Shuttle.

• Astronauts will be launched in a capsule, similar in concept to that used for the Project Apollo but three times larger. The top part of an Exploration Transportation System (ETS), the Crew Exploration Vehicle (CEV) will be a capsule attached to a service module which contains supplies, power, and propulsion units. The CEV is designed for use in Earth orbit.
• On lunar missions, crew or cargo versions of a Lunar Surface Access Module (LSAM) would be used with a CEV. The LSAM will have design concepts related to the Apollo Lunar Module, with a four-legged landing unit carrying an ascent stage.
• An Earth Departure Stage (EDS), a powerful propulsion unit, will be used to move CEV and LSAM units out of Earth orbit, such as on lunar missions.
• Heavy Launcher unmanned cargo rockets will be used for heavy loads of equipment.
• The launch rockets, Shuttle Derived Launch Vehicles, will use engines developed for the Shuttle program.
  • CEV will be launched atop a Crew Launch Vehicle (CLV), a single solid fuel booster with a second stage using a shuttle main engine. The CLV can carry a payload of 25 metric tons into low Earth orbit.
  • The heavy-lift system uses a pair of longer solid rocket boosters and five shuttle main engines to put up to 125 metric tons in orbit — about one and a half times the weight of a shuttle orbiter.
• The use of a Launch Escape System (LES) will improve safety. A LES is a top-mounted rocket that can quickly remove the crew capsule away from an exploding or otherwise dangerous rocket.

For a lunar mission, the LSAM and EDS would be placed in orbit by a cargo launcher, then a CEV would dock with the assembly before leaving Earth orbit.

The goal is to begin production of the new spacecraft by 2011.

• Robotic missions will be sent, probably the first one in 2008.
• Past experience with lunar dust is being used in designing equipment and spacesuits which may encounter it.
• Surface mobility with open and pressurized rovers for use in such missions is also being developed.
• The CEV can be reused up to ten times.
• Crew capsule, upon return to Earth, will set down on dry land. It can also land on water.
• The CEV and lunar lander ascent stage use methane as fuel, as methane may be available on Mars.
• Eventually the designs could be expanded to support six astronauts for a trip to Mars.

The plans are a means to implement President Bush’s “Vision for Space Exploration” program. Goals include:

• Implement a sustained and affordable human and robotic program to explore the solar system and beyond;
• Extend human presence across the solar system, starting with a human return to the Moon by the year 2020, in preparation for human exploration of Mars and other destinations;
• Develop the innovative technologies, knowledge, and infrastructures both to explore and to support decisions about the destinations for human exploration; and
• Promote international and commercial participation in exploration to further U.S. scientific, security, and economic interests.

The time is 18:00 (UTC) on July 4th, 2006, and this is Audio Wikinews News Briefs.

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Saturday, October 4, 2008

The U.S. Senate passed a revised bailout bill designed to help the struggling U.S. financial economy, which has measures nearly identical to the bill rejected by the U.S. House of Representatives on Monday.

“Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy,” said Senate Majority Leader Harry Reid.

The new revisions include raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House.

Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives.

Vice President of Taxpayers for Common Sense, Steve Ellis, offered his explanation for the pork and earmarks added in. “People who support some of these provisions will forget about the $700 billion and concerns they may have on that, and say, ‘If you give me a few million in tax breaks for my constituents, I’ll go along'”.

The tactic seems to have worked, however, managing to flip enough votes to pass the bill.

“The inclusion of parity, tax extenders and the FDIC increases has caused me to reconsider my position,” said Representative Jim Ramstad (R Minnesota), who voted against the previous bill on Monday. “All three additions have greatly improved the bill.”

But Representative Marcy Kaptur (D Ohio) was not changing her no vote. “I will not support this legislation because it’s the wrong medicine,” she said.

The Senate took H.R.1424, a bill originating in the House concerning “equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment,” and extended it with the bailout provisions.

H.R.1424 was introduced on March 9, 2007, by Rep. Patrick Kennedy (RI-1) and had the support of First Lady Rosalind Carter. It is noted on the Congressional Website that “On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.” It was not treated as an appropriations bill in the House.

There were two votes in the Senate. The first was to amend H.R.1424, which required 3/5 to be accepted, which it was. The second was a vote on the bill. Passage of the Bill required only a 1/2 majority. It was passed with 74 yeas and 25 nays. Senator Kennedy did not vote.

Thursday, July 16, 2009

A tanker explosion on Interstate 75 has destroyed a part of the Nine Mile Road overpass in Hazel Park, Michigan, a northern suburb of Detroit. One man, truck driver Ronald Martinez, has been killed and only 4 injuries have been reported.

On July 15, 2009 at about 8:15 PM EST, a tanker carrying thousands of gallons of gasoline collided with a semi-truck from Meijer grocery stores, causing an explosion that resulted in heavy black smoke that could be seen for miles.

It is believed that the tanker was clipped from behind by driver Saied Haidarian-Shahri, 27, of nearby Clawson. The tanker’s two parts broke in half when a semi-truck rammed into the gasoline-filled tanker and it exploded. The driver of the semi-truck sustained only minor injuries.

Saied Haidarian-Shahri was a relatively new driver, getting his license within the past 6 months. Reports say he was doing 70 mph in a 50 mph zone, called the “9 Mile Curve”, along the Chrysler Freeway. There were no traffic violations on his license. He has been blamed for causing the accident.

The explosion resulted in the collapse of the Nine Mile Road overpass over the freeway. The Michigan Department of Transportation (MDOT) has decided that the rest of the overpass cannot be saved.

MDOT has closed down the freeway between Interstate 696 and Eight Mile Road both northbound and southbound. Local streets surrounding the site have been closed too. This is expected to cause trouble for commuters who travel one of the most used freeways in the metro area.

About 2,000 residents of Hazel Park are now without power due to the accident.

The time is 17:00 (UTC) on May 21st, 2006, and this is Audio Wikinews News Briefs.