Hong Kong’s only railway company modifies regulations

Filed under: Uncategorized — @ 1:23 am, July 19, 2018.

Monday, June 7, 2010

The MTR Corporation, the only railway company in Hong Kong since the rail merge in 2007, has loosened their rules. The corporation proposed the new modifications, then transferred the proposal to the Legislative Council, and will be effective from September 2010.

The new set of rules allow ‘non-disruptive’ use of profanity in private conversations, and the punishment for inflammatory use of expletives is lowered from a fine of HK$5000 to HK$2000. The new set of rules have also excluded the regulation against wandering in MTR premises, as well as the rule against attempting to eat or drink.

Democratic Party member James To has expressed his concerns about a new rule that outlaws the display of promotional material. According to To, the wearing of Tiananmen Square Incident-related T-shirts or acting the Goddess of Democracy may breach the new MTR rules.

He also deems two other regulations, namely the prohibition of distracting MTR staff members and photography and video-recording in the train carriages, ‘unreasonable’.

Unionist Li Fung-ying is also confused whether chewing gum was considered food. MTR head of operations Choi Tak-tsan replied that only what is regarded as food counts. They had not yet discussed on this matter, said Choi, and will soon. Li is also concerned about the rule which prohibits the entering of the first-class carriage without buying a ticket. Her main concern is whether the passenger will be allowed to buy the ticket rather than being fined HK$500.

Wong Kwok-hing believes that the MTR corporation should call upon more effort to advertise a more ‘civilised’ and ‘polite’ way of taking the train. Jeffrey Lam thinks that the new rules do not do enough to restrict shouting. MTR replied that anyone who shouts in the train can be advised to leave the train or even prosecuted.

Escrow Accounts Are You Paying Too Much?

Filed under: Financial Planners — @ 1:22 am, .

By Yuri Szilasi

Are You Paying Too Much Escrow?

Many people are paying more than they need to into their escrow accounts. A simple check of your own account can save you thousands in interest over the course of your loan.

Money in escrow is “dead money”. It doesn’t earn interest for you and it doesn’t reduce your mortgage interest payments. Therefore every cent in your escrow account is costing you money. Make sure there is no more tied up in escrow than there needs to be!

Here is a brief summary of what lenders can and cannot do regarding escrow. I’ll also explain how to check your own escrow account to make sure you are not paying too much. It’s very simple to do and could save you thousands over the course of your loan.

State laws vary; you should consult your own attorney to determine what your local laws allow.

The way lenders handle escrow is regulated by the Federal Real Estate Settlement Procedures Act, which applies to all “federally related mortgage loans”.

Unless local law says otherwise, at settlement the lender can require a borrower to deposit funds in an escrow account set up for the payment of taxes or insurance premiums. The sum deposited cannot exceed the actual amount of the taxes and premiums, plus one-sixth of their estimated total.

[youtube]http://www.youtube.com/watch?v=ck0Xxkmt12Q[/youtube]

If the taxes come due in January and you are settling in July, your first month’s payment will be due Sept. 1. For September, October, November and December, you will make four months’ escrow payments. Since the lender will require a full year’s payment in January, and at that time only four months’ payments will be in escrow, the lender can escrow eight months at settlement, plus one-sixth of the total amount, which amounts to an additional two months’ worth of escrow.

Thus, at settlement, do not be surprised if the lender requires you to pay 10 months’ tax payments into escrow. These funds are held by the lender and paid when the taxes come due.

The rules apply until you pay off your loan. In other words, the lender can hold two additional months’ escrow, so that if you are delinquent in one or two monthly payments, the lender will still have sufficient funds.

At least once a year, the lender that services your loan must send you a statement clearly itemizing “the amount of the borrower’s current monthly payment, the portion of the monthly payment being placed in the escrow account, the total amount paid into the escrow account during the period, the total amount paid out of the escrow account during the period for taxes, insurance premiums .. . (as separately identified) and the balance in the escrow account at the conclusion of the period.”

When you receive this statement, you should review it carefully. Confirm with your taxing authority and your insurance company exactly when the payment is due and the amount of the payment. Use a calculator to determine whether the lender has properly calculated the amount of the escrow. Congressional testimony has uncovered many errors made by mortgage lenders.

There are also many cases in which lenders fail to pay the real estate tax on time – or at all. Often, the first time that homeowners learn of this non payment is when they receive a notice of tax sale from the jurisdiction where their property is located.

If you are required to escrow for taxes and insurance it is a very good idea to write to your lender annually, demanding proof of payment of the real estate taxes and insurance premiums. If the lender does not respond promptly, contact your taxing authority to confirm payment of the taxes, and complain about the lack of response to your state or local financial regulatory authority.

Home owners who have 20% or more equity in their property – that is, if they borrow or refinance 80% or less than the value of the property – have the right to receive a notice from the lender that they may pay their own taxes and insurance without escrow. This is a wise thing to do as your money is better off working for you than sitting in a non interest bearing escrow account. This is of course providing that you have the financial discipline to have the funds available when it comes time to pay your taxes and insurance!

WARNING: Some lenders try to increase the mortgage rate when the borrower opts to avoid escrow. You should talk to your attorney who will likely advise you it is illegal for the lender to do this. Again, MAKE THE EFFORT. It can be worth a great deal of money to you in the long term.

Unfortunately, escrow for taxes is a way of life in the mortgage industry. However, as a borrower, you have the right to review and analyze – and complain if you find that your escrowed funds are not being handled properly. After all, this money belongs to you until it is paid to the taxing authority or the insurance company.

You can easily check your own escrow account.

To determine whether your escrow account balance is excessive, divide all annual expenses paid out of that account by 12.

For example, if your annual expenses are $1,200, the lender would need $100 a month for payments.

If your monthly escrow payment is significantly higher than $100, the lender may be overcharging. Some lenders establish separate escrow accounts for each item to be paid, rather than making all payments out of the same fund. But regardless of the method used, at some point in the year, there should be no more than two times the monthly payment in the account (in the above example there should be no more than $200 in the account for at least one month of the year), or a smaller amount if the mortgage contract specifies one.

Should you find that you are being excessively charged you need to contact your lender for a satisfactory explanation because THIS IS COSTING YOU MONEY.

$500 in your escrow account is $500 that is not coming off your mortgage. You are paying interest on this which over the years can compound out to significant amounts of money. In fact over a 30 year loan at 8% this $500 will have cost you $5,431.92 in additional interest. Is that worth fighting for?

I encourage you to make the small effort required to monitor your accounts. It’s so easy to be complacent and assume that all is as it should be. TAKE RESPONSIBILITY for your finances. When it comes to your money, you are the only person you can really trust.

About the Author: Yuri Szilasi is the owner of

banksentinel.com

a site dedicated to recouping mortgage overcharges from lenders. Mortgage overcharges are endemic worldwide and cost Americans alone over $8 Billion each year.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=19572&ca=Finances

British man involved in deal to drill for oil in Darfur

Filed under: Uncategorized — @ 1:18 am, .

Friday, June 10, 2005

The British TV station Channel 4 has discovered that the Sudanese government has signed a deal for a contract to drill for oil in southern Sudan, and that the key man in securing the deal is British.

Friedhelm Eronat, who until two years ago was an American citizen, secured the largest stake made in a consortium that won the drilling contract in 2003. Oil was discovered in April of this year.

Geologists have long suspected the presence of oil in the south of the Sudan. Clivenden Sudan, which Eronat personally owned in 2003, had a high level of expertise in the country’s geology.

The twenty five year deal secured by Clivenden Sudan will see it pay the Sudanese government $8m in the event oil is produced. The government will also receive 70% of the profits from the oil.

In a statement to Channel 4 News, Eronat said that he is not a shareholder or officer of Cliveden Sudan, that he does not work for or financially benefit from Cliveden Sudan, and that Cliveden Sudan is not the operator of the concession, only a shareholder.

Cliveden Sudan itself said “there has been no commercial oil find in Block C [the area being explored for oil].”

Villages in Darfur 180km from the Clivenden Sudan wells have been attacked by Sudanese troops and aircraft.

Eronat became involved in the deal through Lebanese businessman Eli Calil, who has been accused of funding a failed coup in Equatorial Guinea last year (allegations denied by Calil). Calil and Eronat live near each other in the London suburb of Chelsea.

At least one rebel group in Darfur is certain the search for oil will inflame the conflict in Darfur. The Justice and Equality Movement wants exploration to stop until peace is established.

A member of the JEM, Ahmad Hussein, told Channel 4 News: “So when they say they discover oil in Darfur, who is going to benefit from that? Are they the people of Darfur? Of course not. Absolutely not, the only beneficiaries is the ruling elite and ruling minority of the regime.”

Eronat changed his nationality from American to British in October 2003, shortly before the deal was signed. Under US law, he could have faced up to ten years imprisonment and/or fines of $500,000, due to US sanctions on Sudan.

The UK government has been at the forefront of efforts to try and halt the crisis, with international development minister Hilary Benn making a statement to the house of commons yesterday after a visit to the region. He said: “I visited the Kalma camp in South Darfur and the El Meshtel and Abu Shouk camps in North Darfur where tens of thousands of people are facing a precarious existence. I spoke to men and women whose homes have been destroyed, villages burned, and whose communities have been the victims of killings, looting and rape.

“We are in a race against time in Darfur, and the UK remains committed to doing all that it can to help those affected and to work for a just and lasting peace for its people.”

Viktor Schreckengost dies at 101

Filed under: Uncategorized — @ 1:09 am, .

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Ian Thorpe starts to recover from chest pains

Filed under: Uncategorized — @ 1:32 am, July 18, 2018.

Friday, March 3, 2006

Australian swimmer Ian Thorpe is reported to be feeling much better after suffering from chest pain for some time.

The Olympic gold medalist was due to swim in the 100m and 200m freestyle and in three relays at the Commonwealth Games, but due to his complaints his fitness has been in doubt. He has been unable to take the drugs needed to overcome his pain as they are banned from the Games.

Thorpe told the media Thursday “It’s actually the best I’ve felt in a while; the antibiotics are starting to work.”

Chula Vista, California becomes model for blight control laws in the US

Filed under: Uncategorized — @ 1:29 am, .

Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

That kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

HAVE YOUR SAY
Does Chula Vista’s solution save neighborhoods or worsen the financial crisis?
Add or view comments

CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.

Woman in Buffalo, New York accidentally sets herself on fire

Filed under: Uncategorized — @ 1:22 am, .

Tuesday, January 22, 2008

Buffalo, New York —A woman in Buffalo, New York in the United States is in critical condition tonight at Sisters Of Charity Hospital after she accidentally set herself on fire.

The unnamed elderly woman was receiving oxygen for medical problems in her home and lit a cigarette, and the oxygen coming from her mask facilitated the ignition of her clothing, setting her on fire.

Despite her “severe” burns as described by firefighters on radio communications, she was still able to dial the emergency line in the U.S., 911.

In the U.S. only 4% of all residential fires were reportedly caused by smoking materials in 2002. These fires, however, were responsible for 19% of residential fire fatalities and 9% of injuries. The fatality rate due to smoking is nearly four times higher than the overall residential fire rate; injuries are more than twice as likely. Forty percent of all smoking fires start in the bedroom or living room/family room; in 35% of these fires, bedding or upholstered furniture are the items first ignited.

Canadian power worker says grid is ‘String of Christmas Lights that’s been Running Since the 1950s’

Filed under: Uncategorized — @ 1:21 am, .

Saturday, August 11, 2007

“Just like they told us that our bridges were safe, they also want us to swallow that our power grid is in no danger of a system-wide, no-power-for-weeks crash”, said tenured power grid expert Donald McCormick, a senior contractor with Hydro One, an Ontario, Canada based electricity provider.

Mr. McCormick indicated that in reality though, there’s no question that the system of grids that supply power throughout the continent are in much worse shape than the majority of bridges, levees and borders in Canada and U.S. He has over two decades of experience in all aspects of power grid construction, infrastructure, maintenance, and distribution. During a recent interview, Mr. McCormick compared the ten major interconnected power regions that comprise the “North American Grid”, to a string of Christmas lights that’s been active non-stop since the 1950s. Mr. McCormick’s qualifications include being a licensed red seal interprovincial/interstate electrical engineer and he’s worked at numerous power generating stations mainly in Canada, but also across the U.S. He’s participated in building regional infrastructure related to both generation and distribution. Additionally, Mr. McCormick is Orange Level qualified as an Atomic Radiation Worker (ARW) registered in Geneva, Switzerland.

Mr. McCormick offered his candid assessment of today’s continental “power grid” by making several observations about this critical, civilization-supporting industry. His power plant experience includes both nuclear and coal, and he’s a certified expert in alternative fuel technologies such as wind, solar and hydrogen. He said that, from nuclear to coal, the majority of power generating plants operating across North America have momentous deficiencies, and the collective 10-region “power grid” has not been maintained properly (across the board) since the 1960s. Population growth has created a state in which North American power consumption is far greater than what is being yielded by current technological capacity to generate consumable energy. Mr. McCormick indicated that the infamous August 2003 blackout, in which the Northeastern U.S., Mid-Eastern U.S. and most of Ontario suffered stifling, life-interrupting blackouts, was just the beginning of something much more significant. In reference to the North American Power Grid Initiative, he said that it’s nothing more than a case of, “too little, too late”.

“You’re frequently seeing substandard parts and equipment being employed, on sites across the continent, and being used for sensitive construction projects, often related to components integral to the grid system itself. North American nuclear energy generating plants are among the worst when it comes to safety violations, not only endangering on-site employees with blatant disregard but also literally thousands of people with regard to unregulated, unnoticed pollution and waste being dumped in rivers, lakes and oceans, into the atmosphere and, more specifically, our entire ecosystem,” said McCormick.

Mr. McCormick strongly feels that another major breakdown of the grid system may occur by the end of this year, and he further stated that he’s also concerned that domestic power grid system is in grave danger of being undermined by terrorists.

Taliban in Pakistan captures convoy bound for NATO troops

Filed under: Uncategorized — @ 1:21 am, .

Thursday, November 13, 2008

On Monday, the Pakistan branch of the Taliban captured a supply convoy of thirteen trucks and two armored Humvees bound for NATO troops, without incurring a single fatality. They made off with millions of dollars worth of sophisticated military equipment, according to The Washington Post.

Approximately 60 masked militants belonging to Tehrik-i-Taliban blocked off part of a roadway in the Khyber Pass. The Taliban forces overran the Pakistani security forces, who were moving the shipment to an American military base, and briefly took the truck drivers prisoner. Although gunfire was exchanged, there were no casualties on either side. After releasing the drivers, the militants opened several captured cargo containers of wheat, distributing most of it to local residents.

The attack, which took place in the North-West Frontier Province, occurred several miles outside the border town of Jamrud. It was celebrated by the victorious fighters who photographed themselves with the captured equipment.

Pakistan’s federal government, which has recently stepped up efforts to contain the lawless tribal province, dispatched helicopters and 500 troops to try and track the hijacked convoy. One local child was killed, and four civilians wounded, by the gunships. The Taliban fighters were reported to have abandoned an American Jeep and one of the Humvees along the road, which were subsequently taken back into possession by Pakistani troops.

The Pakistani newspaper Dawn published a scathing editorial attacking the army’s incompetence and heavy-handed response to the embarrassing loss, referring to the attack as disturbing “both for its audacity and possible implications.”

BBC Radio Bristol presenter fired over ‘racist’ phone call

Filed under: Uncategorized — @ 1:21 am, .

Thursday, November 13, 2008

A United Kingdom radio presenter with the BBC was fired on Saturday, and replaced, after an allegedly racist off-air phone call. Sam Mason of BBC Radio Bristol had earlier called up a taxi firm to arrange a booking for her 14-year-old daughter.

Mason asked the operator not to send an Asian cab driver. She said, “A guy with a turban on is going to freak her out.” After the operator refused Mason snapped back claiming, “You’ve managed it before.”

The original female operator had passed the call over to another operator. Mason then accused the first of having “a bad attitude”, and said, “I work at the BBC. I’m far from racist and that uneducated woman has no right to call me one.” The call then ended but she called back to complain.

The female operator who took the call was also fired from her job for illegally recording the call.

A statement from the taxi firm stated that “We confirm that a telephone call from Radio Bristol presenter Sam Mason to the company was illegally recorded by an employee. That employee was dismissed for similar offences on 3 November.”

A copy of the call was sent to British tabloid The Sun, which broke the story on Tuesday. The Sun informed the BBC.

A guy with a turban on is going to freak her out.

A BBC spokesman said: “Although Sam Mason’s remarks were not made on-air, her comments were completely unacceptable and, for that reason, she has been informed that she will no longer be working for the BBC with immediate effect.”

According to BBC News, Mason, who worked at the station for only six weeks, was unavailable for comment.

The incident comes just weeks after the Russell Brand and Jonathan Ross prank call scandal involving Fawlty Towers actor Andrew Sachs.

« Previous PageNext Page »