Monday, January 31, 2005

Metlife announced on 01/31/05 that they were going to acquire Travelers Life and Annuity from Citigroup. Travelers Life and Annuity is an insurance underwriter. MetLife is a large life insurance and annuities underwriter. MetLife will have to borrow a lot of money to pay for the company, so rating agencies like S&P warn that the AA credit rating of MetLife might be lowered. This would cause the interest rates at which all of MetLife’s debt must be repaid to increase.

Citigroup committed to continue distributing Travelers life insurance and annuities through its Smith Barney stock brokers, Primerica agents, and Citibank branches.

Citigroup was previously known as Travelers Insurance before it bought Citicorp. First the Property and Casualty business of Travelers was spun off, and now the life insurance division has been sold off. This is primarily because insurance underwriters get a lower price to earnings multiple from the stock market because of the cycles and uncertainty associated with the insurance business. Also, having an insurance underwriter and a bank together does not usually create “cross-sell” opportunities, because consumers and businesses almost always buy life insurance and annuities through brokers who have a duty to give them other options. Citigroup will continue to sell insurance through its brokers as before.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

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Thursday, August 10, 2006

A Chinese government official convicted of working for the Taiwanese government has been executed, and thousands of civil workers viewed the taped trial for “educational purposes” on Monday. The prisoner’s name was Tong Daning and was in his mid-50’s and held a rank just under “Assistant-Minister” before he was found guilty of espionage. According to the anonymous sources, Daning had been selling state sources for over 15 years, making a profit of about US$250,000.

Daning is the highest ranking person executed in China since 1999, when a Major General and Senior Colonel were executed for selling state secrets. China and Taiwan have been spying on each other ever since 1949, when the People’s Republic of China was officially created, but that has not stopped over 1 million Taiwanese citizens from working and investing over 100 billion USD in China. There have been many cases of espionage within the last few years, with all but two resulting in a death sentence.

Friday, September 14, 2007

British bank Northern Rock received emergency loans from the Bank of England yesterday, as it felt the effects of the financial crisis originating in the U.S. subprime mortgage market. Queues formed outside branches as many customers sought to withdraw their savings, and shares fell heavily.

Northern Rock, based in Newcastle, is one of the UK’s largest mortgage lenders, with total assets and loans of £113 billion. Pressure has grown on the bank as other institutions have become less willing to buy mortgage debt, following the American subprime crisis.

The support from the central bank was authorised by the Government and the Financial Services Authority, following assurances that the problems were temporary and the bank remained solvent. Some current mortgages are being used as collateral. The lending is an “unlimited” facility, at an interest rate higher than the base rate. Chancellor of the Exchequer Alistair Darling, speaking on Radio 4’s Today programme, encouraged customers to carry on as normal, stating that “Northern Rock will be able to carry on its business”.

Northern Rock chief executive Adam Applegarth also called for calm, but customers were seen queuing outside branches across the country to withdraw money. It is reported that the company website also crashed under the demand.

Shares in the bank fell 31.5% on Friday, down almost 60% from their highest value this year. Applegarth admitted that profits would be hit, but stated that the bank would adapt to the changes. Shares in other lenders also fell, with Paragon being the most extreme, dropping almost 17%. The FTSE 100 closed down 1.17% (74 points) following a recovery in the afternoon.

The last time the Bank of England acted as “lender of last resort” in this way was in 1973, after the collapse of Cedar Holdings.

Thursday, April 30, 2020

In findings published last month in the journal Current Biology, neuroscientists from the Netherlands Institute for Neuroscience examined harm aversion in laboratory rats for conspecifics — rats not wanting to hurt other members of the same species — and reported which region of the brain was crucial for it. Wikinews caught up with Dr Christian Keysers and Dr Valeria Gazzola, two of the authors who contributed to the paper.

For the experiment, the rats were put in a container with two levers. The rats were trained to develop a preference for one of the two levers: each delivering one pellet of sucrose. One of the two levers was harder to press.

After developing a preference, the preferred lever was wired to deliver a shock to another rat in a neighbouring compartment, while delivering a single pellet of sucrose. The study showed the actor rat, which pressed the lever tend to switch the lever to avoid shocking the other rat. The rat receiving the shock was called a victim rat.

Aversion of harm to fellow rats was reported to be equal in both male and female rats. If the actor rats were previously exposed to the shocks, their degree of harm aversion for others was heightened, the study revealed.

The investigation reported the rats avoided pressing the preferred lever to shock another rat, even if that lever delivered two sucrose pellets and the no-harm lever delivered only one. However, this was not the case when the rats were given three pellets by the shock lever. Most of the actor rats did not switch when they received three pellets pressing the lever, which also delivered an electric shock. Dr Gazzola called it a “tipping point” and said it was a “cost-benefit” function.

The study also revealed the importance of the anterior cingulate cortex (ACC) region of the rat’s brain for harm aversion. The scientists tested harm aversion for conspecifics in the rodents after deactivating the ACC using muscimol. Muscimol was injected in the rats belonging to the test group, while saline water was injected to rats in the control group. The observations showed without the active ACC due to muscimol, the active rats in the test group were no longer averse to harming the victim rats, but degree of harm aversion did not drop in the control group rats.

Saturday, March 18, 2006The judge in the U.S. federal death penalty trial against Zacarias Moussaoui ruled on Friday that prosecutors can seek replacement witnesses for seven Federal Aviation Administration (FAA) employees whose testimony was tainted, and therefore disallowed because of pre-trial coaching by a Transportation Security Administration (TSA) lawyer.

The 18-member jury (6 alternates) were sent home for a week while the court dealt with the revelation that government aviation security witness had been contacted prior to the trial by TSA lawyer Carla J. Martin, to help prepare their testimony in the case.

Martin, aged 51, is accused of misconduct by sending prosecution witnesses e-mail that included trial transcripts of another related case along with observations of her own that pertained to the Moussaoui case, including suggestions and talking points. She was recently suspended with pay by the TSA and retained Roscoe Howard to act as legal council in the face of legal actions that might arise against her.

Judge Leonie M. Brinkema initially ruled to prevent testimony from any aviation employees, but reversed her decision after the prosecution argued they would have little case left if their testimony remained inadmissible. FAA employee testimony is expected to take the form of what measures would have been taken by the agency to prevent against the September 11, 2001 airliner attacks in New York City and Washington D.C. if Moussaoui had warned officials of the plan prior to the strikes.

The connection to the Carla Martin involvement in the case was discovered in a separate trial involving liability law suits against two U.S. airline companies for losses as a result of the attacks. Family member lawyers of flight attendants drew attention to contacts by Martin to persons involved in the case.

The jury will return Monday for the trial’s resumption.

A U.S. federal public defender appointed to Moussaoui argued for the jury to spare his life during opening statements on Monday, March 6, in the trial that will determine his fate — either life in prison or death by lethal injection.

Defense attorney Edward B. MacMahon said that Moussaoui “aspires to martyrdom,” and called on jurors to deny the Al-Qaeda operative his wish to die. A wish that would result in him becoming “a smiling face on a recruiting poster for Osama bin Laden,” MacMahon said.

Moussaoui is believed by some to be the missing member in the team of 19 other attackers that carried out the suicide airliner strikes in New York City and Washington D.C. Arrested in Minnesota on immigration charges three weeks prior to the attacks, Moussaoui could have warned officials of the pending attacks, but failed to do so, argued Assistant U.S. Attorney Rob Spencer for the prosecution in opening statements.

The second day of the trial both Moussaoui and juror’s attention was riveted as a federal prosecutor read a radio transmission account of the exchange between a flight attendant on Flight 11 and ground controllers.

“We are flying low. We are flying very very low. We are flying way too low,” Amy Sweeney told controllers, according to an Associated Press report. The plane crashed into the north tower of the World Trade Center at 8:44 a.m. after she said, “Oh my God, we are way too low!”

Moussaoui has claimed that he had no involvement with the 9/11 attacks when he pleaded guilty to:

1. conspiracy to commit acts of terrorism transcending national boundaries
2. conspiracy to commit aircraft piracy
3. conspiracy to destroy aircraft
4. conspiracy to use weapons of mass destruction
5. conspiracy to murder United States employees
6. conspiracy to destroy property

He said that he was to play a role in another future attack on the White House using an aircraft. Four of the conspiracy charges each carry a maximum penalty of death.

Family members of the nearly 3,000 killed in the attacks were able to watch the Alexandria, Virginia courtroom proceedings by closed-circuit television in six U.S. cities: New York, Boston, Central Islip, N.Y., Newark, N.J., and Philadelphia.

Moussaoui has a history of disrupting previous trial proceedings with outbursts. He has disavowed his lawyers, and mostly ignored his mother who was present during the opening days of the trial because she had spoken to his defense lawyers.

Upon leaving the Tuesday, March 7 court session for a recess, Moussaoui pumped his right fist in the air and shouted, “Allah Akbar! God curse America! Bless Osama bin Laden!”

The outbursts have been timed to occur outside the earshot of Judge Brinkema and the jury as those persons filed out of the courtroom for recesses.

Moussaoui pleaded guilty in April last year to the conspiracy charges. Evidence linking him to the plot was discovered when his duffel bags were searched after the attacks.