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Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Monday, March 20, 2006

Fears of contaminated bone and skin grafts are being felt by unsuspecting patients following the revelation that funeral homes may have been looting corpses.

Janet Evans of Marion Ohio was told by her surgeon, “The bone grafts you got might have been contaminated”. She reacted with shock, “I was flabbergasted because I didn’t even know what he was talking about. I didn’t know I got a bone graft until I got this call. I just thought they put in screws and rods.”

The body of Alistair Cooke, the former host of “Masterpiece Theatre,” was supposedly looted along with more than 1,000 others, according to two law enforcement officials close to the case. The tissue taken was typically skin, bone and tendon, which was then sold for use in procedures such as dental implants and hip replacements. According to authorities, millions of dollars were made by selling the body parts to companies for use in operations done at hospitals and clinics in the United States and Canada.

A New Jersey company, Biomedical Tissue Services, has reportedly been taking body parts from funeral homes across Brooklyn, New York. According to ABC News, they set up rooms like a “surgical suite.” After they took the bones, they replaced them with PVC pipe. This was purportedly done by stealth, without approval of the deceased person or the next of kin. 1,077 bodies were involved, say prosecuters.

Investagators say a former dentist, Michael Mastromarino, is behind the operation. Biomedical was considered one of the “hottest procurement companies in the country,” raking in close to $5 million. Eventually, people became worried: “Can the donors be trusted?” A tissue processing company called LifeCell answered no, and issued a recall on all their tissue.

Cooke’s daughter, Susan Cooke Kittredge, said, “To know his bones were sold was one thing, but to see him standing truncated before me is another entirely.” Now thousands of people around the country are receiving letters warning that they should be tested for infectious diseases like HIV or hepatitis. On February 23, the Brooklyn District Attorney indicted Mastromarino and three others. They are charged with 122 felony counts, including forgery and bodysnatching.

Thursday, December 18, 2008

A team of eight transplant surgeons in Cleveland Clinic in Ohio, USA, led by reconstructive surgeon Dr. Maria Siemionow, age 58, have successfully performed the first almost total face transplant in the US, and the fourth globally, on a woman so horribly disfigured due to trauma, that cost her an eye. Two weeks ago Dr. Siemionow, in a 23-hour marathon surgery, replaced 80 percent of her face, by transplanting or grafting bone, nerve, blood vessels, muscles and skin harvested from a female donor’s cadaver.

The Clinic surgeons, in Wednesday’s news conference, described the details of the transplant but upon request, the team did not publish her name, age and cause of injury nor the donor’s identity. The patient’s family desired the reason for her transplant to remain confidential. The Los Angeles Times reported that the patient “had no upper jaw, nose, cheeks or lower eyelids and was unable to eat, talk, smile, smell or breathe on her own.” The clinic’s dermatology and plastic surgery chair, Francis Papay, described the nine hours phase of the procedure: “We transferred the skin, all the facial muscles in the upper face and mid-face, the upper lip, all of the nose, most of the sinuses around the nose, the upper jaw including the teeth, the facial nerve.” Thereafter, another team spent three hours sewing the woman’s blood vessels to that of the donor’s face to restore blood circulation, making the graft a success.

The New York Times reported that “three partial face transplants have been performed since 2005, two in France and one in China, all using facial tissue from a dead donor with permission from their families.” “Only the forehead, upper eyelids, lower lip, lower teeth and jaw are hers, the rest of her face comes from a cadaver; she could not eat on her own or breathe without a hole in her windpipe. About 77 square inches of tissue were transplanted from the donor,” it further described the details of the medical marvel. The patient, however, must take lifetime immunosuppressive drugs, also called antirejection drugs, which do not guarantee success. The transplant team said that in case of failure, it would replace the part with a skin graft taken from her own body.

Dr. Bohdan Pomahac, a Brigham and Women’s Hospital surgeon praised the recent medical development. “There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Leading bioethicist Arthur Caplan of the University of Pennsylvania withheld judgment on the Cleveland transplant amid grave concerns on the post-operation results. “The biggest ethical problem is dealing with failure — if your face rejects. It would be a living hell. If your face is falling off and you can’t eat and you can’t breathe and you’re suffering in a terrible manner that can’t be reversed, you need to put on the table assistance in dying. There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Dr Alex Clarke, of the Royal Free Hospital had praised the Clinic for its contribution to medicine. “It is a real step forward for people who have severe disfigurement and this operation has been done by a team who have really prepared and worked towards this for a number of years. These transplants have proven that the technical difficulties can be overcome and psychologically the patients are doing well. They have all have reacted positively and have begun to do things they were not able to before. All the things people thought were barriers to this kind of operations have been overcome,” she said.

The first partial face transplant surgery on a living human was performed on Isabelle Dinoire on November 27 2005, when she was 38, by Professor Bernard Devauchelle, assisted by Professor Jean-Michel Dubernard in Amiens, France. Her Labrador dog mauled her in May 2005. A triangle of face tissue including the nose and mouth was taken from a brain-dead female donor and grafted onto the patient. Scientists elsewhere have performed scalp and ear transplants. However, the claim is the first for a mouth and nose transplant. Experts say the mouth and nose are the most difficult parts of the face to transplant.

In 2004, the same Cleveland Clinic, became the first institution to approve this surgery and test it on cadavers. In October 2006, surgeon Peter Butler at London‘s Royal Free Hospital in the UK was given permission by the NHS ethics board to carry out a full face transplant. His team will select four adult patients (children cannot be selected due to concerns over consent), with operations being carried out at six month intervals. In March 2008, the treatment of 30-year-old neurofibromatosis victim Pascal Coler of France ended after having received what his doctors call the worlds first successful full face transplant.

Ethical concerns, psychological impact, problems relating to immunosuppression and consequences of technical failure have prevented teams from performing face transplant operations in the past, even though it has been technically possible to carry out such procedures for years.

Mr Iain Hutchison, of Barts and the London Hospital, warned of several problems with face transplants, such as blood vessels in the donated tissue clotting and immunosuppressants failing or increasing the patient’s risk of cancer. He also pointed out ethical issues with the fact that the procedure requires a “beating heart donor”. The transplant is carried out while the donor is brain dead, but still alive by use of a ventilator.

According to Stephen Wigmore, chair of British Transplantation Society’s ethics committee, it is unknown to what extent facial expressions will function in the long term. He said that it is not certain whether a patient could be left worse off in the case of a face transplant failing.

Mr Michael Earley, a member of the Royal College of Surgeon‘s facial transplantation working party, commented that if successful, the transplant would be “a major breakthrough in facial reconstruction” and “a major step forward for the facially disfigured.”

In Wednesday’s conference, Siemionow said “we know that there are so many patients there in their homes where they are hiding from society because they are afraid to walk to the grocery stores, they are afraid to go the the street.” “Our patient was called names and was humiliated. We very much hope that for this very special group of patients there is a hope that someday they will be able to go comfortably from their houses and enjoy the things we take for granted,” she added.

In response to the medical breakthrough, a British medical group led by Royal Free Hospital’s lead surgeon Dr Peter Butler, said they will finish the world’s first full face transplant within a year. “We hope to make an announcement about a full-face operation in the next 12 months. This latest operation shows how facial transplantation can help a particular group of the most severely facially injured people. These are people who would otherwise live a terrible twilight life, shut away from public gaze,” he said.

Saturday, January 26, 2008

A 16-year-old male from Novato, California has been arrested in Tennessee over allegations he intended to hijack a commercial passenger airliner in the United States.

The boy, who was unnamed due to his age, was a passenger on board Southwest Airlines Flight 284 from Los Angeles to Nashville on Tuesday, with his parents reporting him missing at 11:30 am the same day. Although he remained calm throughout the flight and made no hijacking attempt, authorities report he had handcuffs, duct tape and yarn inside the aircraft cabin with him. Although his arrest was only made public on Friday, it is reported that he was detained immediately on reaching Nashville International Airport.

George Bolds, a spokesman for the Federal Bureau of Investigation (FBI) said that the items were “suspicious” and that the boy had informed the FBI he had indeed intended to hijack the aircraft. An FBI agent told reporters that he felt the plot was ill-conceived, saying “His plan had a low probability of success.”

The FBI also conducted a search of his home on Thursday, finding in his room “a photograph of the inside of a small aircraft, something you’d find in a bookstore.”

Subsequent to his arrest he pled guilty on Friday to a “delinquent act,” according to local officials. A juvenile court judge ordered him to be returned to California for continued perusal of that charge as well as others set to be made. He is currently in Davidson County Juvenile Detention Center in Nashville.

Authorities believe that the teen was suicidal, but the FBI dismissed earlier reports alleging that he intended to crash the airliner into a Hannah Montana concert in Lafayette, Louisiana.

December 25, 2004

Officials in Mumbai, India, demolished over 6,000 shanties today in a push to eradicate the capital city’s slums. In total, 39,000 shanties have been flattened, displacing over 200,000 people, in the city’s biggest-ever demolition drive, which began in early December.

When complete, over 2 million people are expected to be displaced. After wiping out the least desirable shanties, next in line for demolition are the illegal ‘well-off’ shanties and neighborhoods, according to the legal and bureaucratic motions that have been executed toward cleaning up Mumbai’s appearance by lowering the dominance of shanties, which make up 62 percent of Mumbai’s housing.

“As far as eye can see, there are mounds of wood, tin and tarpaulin, the remains of 6,200 illegal homes, flattened by a heavy excavator running on tank-like tracks and giant motorised claws,” the Indian Express reported about today’s destruction. [1]

Chief Minister Vilasrao Deshmukh said that citizens would see a change within six months. “Every chief minister likes to be remembered, and I’m no exception,” said Deshmukh, who despite having an empty exchequer, also announced that Rs 31,000 crore will be spent on new roads, sea links and rail lines. [2]

Saturday, August 11, 2007Munich, Germany

The 69,000 capacity crowd at the Allianz Arena of football (soccer) fans watched Bayern pummel the Rostock goal to go top of the table.

The match was academic after Klose’s 66^th minute goal when Rostock keeper Stefan Wächter spilled a Philipp Lahm shot and when he also took his career 1.Bundesliga total to 99 goals with a header in the 85^th minute.

The victory gave Bayern an early advantage over Stuttgart, Schalke and Werder Bremen, who finished 1^st, 2^nd and 3^rd respectively last season.

December 25, 2004

Officials in Mumbai, India, demolished over 6,000 shanties today in a push to eradicate the capital city’s slums. In total, 39,000 shanties have been flattened, displacing over 200,000 people, in the city’s biggest-ever demolition drive, which began in early December.

When complete, over 2 million people are expected to be displaced. After wiping out the least desirable shanties, next in line for demolition are the illegal ‘well-off’ shanties and neighborhoods, according to the legal and bureaucratic motions that have been executed toward cleaning up Mumbai’s appearance by lowering the dominance of shanties, which make up 62 percent of Mumbai’s housing.

“As far as eye can see, there are mounds of wood, tin and tarpaulin, the remains of 6,200 illegal homes, flattened by a heavy excavator running on tank-like tracks and giant motorised claws,” the Indian Express reported about today’s destruction. [1]

Chief Minister Vilasrao Deshmukh said that citizens would see a change within six months. “Every chief minister likes to be remembered, and I’m no exception,” said Deshmukh, who despite having an empty exchequer, also announced that Rs 31,000 crore will be spent on new roads, sea links and rail lines. [2]

Wednesday, October 11, 2006

Two trains have collided head-on in eastern France at Zoufftgen in the Moselle region of France, close to the Luxembourg border, at around 11:45 local time (09:45 UTC) earlier today. Based on inital reports, BBC News has suggested 10 passenger deaths as well as the those of two train drivers involved in the incident and a track side worker. French officials later confirmed at least 5 dead.

The trains were a french freight train and a Luxembourgeois passenger train. The passenger train was travelling from Luxembourg to Nancy and the freight train was travelling from Thionville to Luxembourg.

There are also at present 20 additional casualties although this number could rise. BBC News has reported, some of the injured may still be trapped in wreckage. Rescuers from France and Luxembourg are at the scene, with BBC reporting that a mobile hospital as well as specialist equipment was on the way.

The cause of the crash is undetermined at present, but due to engineering works, single line working was in operation on the route affected. The trains collided head-on. An SNCF spokesman was quoted as saying “Due of the engineering works, only one way was available and train traffic was alternating” He continued, “For reasons still to be established, the trains found themselves facing each other”.

French Prime Minister Dominique de Villepin and Transport Minister Dominique Perben are understood to be on their way to the scene of the incident.

Eric Soupa, a local official was quoted (BBC News) on French radio: “We are faced with an important and dramatic situation.”According to first reports, the spokesman of SNCF has indicated that the driver of the freight train did not “pass a signal at red” and had actually passed the signal at green.