Friday, April 22, 2005

Ireland’s National Pensions Reserve Fund (NPRF) has posted a 2.4% return for the first quarter (9.6% annualized). On March 31, the funds value stood at €12.3bn, a rise of €290m (excluding state contributions) since December 31.

Donal Geaney, the fund’s chairman, told the press that growth in the past quarter had been driven by the Fund’s European equity investments.

Mr Geaney, former Élan CEO, has pursued a policy of diversification since February of this year, with the stated aim of placing a larger amount of the funds assets in companies with small market capitalizations and in property funds.

The fund was set up by the National Pensions Reserve Fund Act, 2000 to partially meet the expected rise in Irish pension costs from 2025 onwards.

Monday, January 25, 2010

Sales of previously owned homes in the US fell at the fastest rate ever recorded last December, according to data from the National Association of Realtors (NAR).

According to the association, existing home sales fell 16.7% last month, to an annual rate of 5.45 million, the largest crash since 1968. The figure was less than the 5.90 million units, or an eleven percent drop, predicted by most analysts.

Sales of homes went up for the entire of 2009 to 5.156 million units, or 4.9% for the year, and prices dropped from 2008 by 12.4%.

NAR chief economist Lawrence Yun described the figures as being “probably the largest annual drop since the Great Depression”. He said that “the market is going through a period of swings driven by the tax credit. We’re likely to have another surge in the spring. Job creation is the key to a continued recovery in the second half of the year.”

Pierre Ellis, a senior economist for Decision Economics in New York, commented on the figures, saying: “The drop in home sales is the payback for the acceleration of sales that occurred with the original first-time home buyers tax credit. […] There is an issue as to whether the decline represents a fundamental weakening.”

“The housing market continues to face significant headwinds, including high unemployment, record delinquencies and foreclosures, the specter of rising mortgage rates as the Fed’s [mortgage-backed securities] purchase programs comes to a close in late March, and tight credit,” Omair Sharif, an economist for RBS Securities, noted.

“Still, the resale market showed resilience in the second half of 2009, and the expansion and extension of the tax credit to April 30 could boost purchases during the spring selling season,” he said.

“We’ll see a pickup in existing home sales in the next couple of months as people take advantage of the tax-credit extension”, economist Adam York of Wells Fargo Securities LLC in Charlotte, North Carolina claimed. He fore-casted a pace of 5.4 million. He said that there were unlikely to be buyers of homes, despite the fact that the U.S. was “past the bottom.”

All four regions of the country saw a decline in sales. In the Northeast, sales fell 19.5 percent, in the Midwest, they plunged 25.8 percent. The South, the country’s largest region, saw a 16.3% decline, while in the West, sales waned by 4.8%.

US stocks fell slightly after the announcement, but went back up later in the day.

Please note: there may be minor variations between this script and the associated recording.

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Sunday, August 21, 2005

A robotic system at Stanford Medical Center was used to perform a laparoscopic gastric bypass surgery successfully with a theoretically similar rate of complications to that seen in standard operations. However, as there were only 10 people in the experimental group (and another 10 in the control group), this is not a statistically significant sample.

If this surgical procedure is as successful in large-scale studies, it may lead the way for the use of robotic surgery in even more delicate procedures, such as heart surgery. Note that this is not a fully automated system, as a human doctor controls the operation via remote control. Laparoscopic gastric bypass surgery is a treatment for obesity.

There were concerns that doctors, in the future, might only be trained in the remote control procedure. Ronald G. Latimer, M.D., of Santa Barbara, CA, warned “The fact that surgeons may have to open the patient or might actually need to revert to standard laparoscopic techniques demands that this basic training be a requirement before a robot is purchased. Robots do malfunction, so a backup system is imperative. We should not be seduced to buy this instrument to train surgeons if they are not able to do the primary operations themselves.”

There are precedents for just such a problem occurring. A previous “new technology”, the electrocardiogram (ECG), has lead to a lack of basic education on the older technology, the stethoscope. As a result, many heart conditions now go undiagnosed, especially in children and others who rarely undergo an ECG procedure.

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.”

Saturday, November 18, 2006

The New Zealand National party is rejecting the government’s ambitions to build a new stadium on Auckland, New Zealand’s waterfront for the 2011 Rugby World Cup final instead it is backing the option of an upgrade of Eden Park.

Yesterday, Friday, Member of Parliaments (MP) from the National party met with Trevor Mallard, sports minister, to discuss the possibility of a waterfront stadium but National remain unmoved. Deputy leader, Gerry Brownlee, said: “If it was a new car I wouldn’t buy it.”

It was reported that John Key, Gerry Brownlee, Katherine Rich and Murray McCully were all present at the meeting with Mr Mallard. And all of those MPs threw a lot of questions at Mr Mallard.

Mr Mallard said: “I actually thought it was a very positive meeting. I thought Catherine Rich and John Key’s level of understanding increased and their enthusiasm was very positive.”

Mr Brownlee said: “The [NZ]$385 million Eden Park costings seemed relatively certain against the $500 million waterfront estimate, where the price would not be known till it’s built.”

The reason for the debate is because to host the Rugby World Cup the venue which is used for the final game has to have 60,000 seats, all of New Zealand’s stadiums are currently under that minimum.

Mr Mallard confirmed that North Harbour Stadium is also being considered as a “very good back-up option.” This is mainly because it can begin upgrading of its stadium before Eden Park or the waterfront stadium. “North Harbour could be called on if you ran into problems with the other options,” Mr Mallard said, “There are consenting issues there with buildability and there would still be a lot of transport issues getting people there and there’s not a lot of infrastructure around it.”

The decision of which stadium will be the venue of the grand final of the 2011 Rugby World Cup final will be made this Friday by the Auckland City Council and Auckland Regional Council, which is asking for the public’s opinion to help them with their decision. The council’s decision is the one the government will go with according to Mr Mallard: “There’s no way the Government would override the councils’ decisions.”

Mr Mallard added: “I love Eden Park, and my gut feeling for a long time was to upgrade it. If you like I’ve got a romantic attachment, so for me if Aucklanders decide that’s their approach I will back them.”

The International Rugby Board also announced the Rugby World Cup will be played around September. 2011 instead of around the June period.

Tuesday, January 18, 2005

Stockholm —A well-known Swedish doctor and researcher at Gothenburg University has been prosecuted, together with the Vice-Chancellor and the President of the University Council, for failing to hand over sensitive data on patients to outside critics.

The Parliamentary Ombudsman, an official appointed by the Parliament, decided to press charges against Professor Christopher Gillberg, MD, Professor Gunnar Svedberg, (Vice-Chancellor) and Arne Wittlöv (President), for failing to comply with a court order from February 2003.

The court had ordered Gillberg and his colleagues to hand over sensitive data on patients and their relatives to two critics of their research: Eva Kärfve, a sociologist, and Leif Elinder, a pediatrician. The basis for the court’s decision was the section of the Swedish constitution relating to freedom of the press. Since the university was a public body, it was obliged to turn over any documents to any citizen upon request unless the document was protected by a specific paragraph in the Secrecy Law.

The university argued that the material should be protected by a paragraph referring to the confidentiality of information about patients. The courts decided, however, that they could hand over the data (about 70 shelf feet of documents) if they specified a proviso that would preserve confidentiality. The university was thus ordered to first write a proviso (set of conditions) for Kärfve and Elinder and then hand over the data.

Gillberg and the other members of the research group refused to comply. They referred to the promise they had given to the participants in their studies that all the data would be kept completely confidential. They also argued that the data was particularly sensitive since the research concerned psychological and psychiatric disorders among children, and that it was impossible to anonymize the data beyond possible identification. When they had pursued all legal avenues without success, someone apparently destroyed the documents in May 2004.

The Gillberg group received considerable support from other medical researchers and from their university. They felt that important clinical research could be jeopardized unless complete confidentiality could be promised to the patients.

Eva Kärfve stated that she was happy with the prosecution and that it would “strengthen the protection of research in Sweden.”