Tuesday, March 13, 2007

Just two weeks after China sent global markets into a tumble, growing worries about sub-prime mortgage lenders in the United States are sending jitters through stock exchanges around the globe. The three major US stock market indices each fell two percent from Monday’s closing price, marking the second-biggest loss of 2007. London’s FTSE 100, Paris’ CAC 40 and Frankfurt’s DAX 30 indices each closed down more than 1 percent.

As the Mortgage Bankers Association reported that late payments on mortgages and home foreclosures in the US homes rose in the fourth quarter to their highest level in years, investors are concerned that not only US banks but also multi-national banks around the globe could have exposure.

More than two dozen sub-prime lenders have closed or sold operations as defaults on those mortgages have risen. “The delinquencies and defaults have started to soar,” said Nicolas Retsinas, director of Housing Studies at Harvard University. “A lot of these lenders started to make loans and lost track of some of the fundamentals.”

New Century Financial Corporation, the second largest sub-prime lender in the US, has recently revealed that its creditors were no longer providing funds and, further, it has become subject of an SEC investigation. The New York Stock Exchange has said it will delist New Century. Accredited Home Loan Lending, another major sub-prime mortgage specialist, said it was seeking fresh capital and waivers on its lending covenants.

Sub-prime lenders provide mortgages to people who do not qualify for loans from mainstream lenders, typically due to their credit histories. The lenders then bundle these mortgages as collateral for loans that they obtain from other financing firms, such as GMAC. Such firms can then repackage these loans and sell them as mortgage-backed securities. These securities may end up in the hands of major multi-national banks such as Citibank, HSBC, and Commerzbank. Each level of lending assumes a level of financial risk, but trouble can arise when the risk tolerances are exceeded. If too many homeowners default on their mortgages, the sub-prime lender can end up defaulting. If too many of these lenders default, as it is feared may be happening now, the defaults can cascade upward. While no one is predicting major bank failures at this point, it is feared that their profits could be hurt.

Sunday, July 8, 2007

In 1999, Bernard Weber started the New7Wonders foundation, and eight years, 200 candidates and 100 million votes later, seven man-made structures now have something in common – they all hold the title of ‘Wonder’. Weber claims he started the foundation to ensure that “everybody can decide what the new seven wonders should be and not some government, not some individuals, not some institutions.”

Nominated structures had to be built or discovered before the year 2000, and out of the 200 nominations, only twenty-one were left by the early part of last year. Voting had been taking place for six months, but only recently did voting result in server crashes, causing the foundation to encourage text message voting.

The results were announced at a ceremony hosted by Hilary Swank, Ben Kingsley and Bollywood star Bipasha Basu in Lisbon, Portugal. Out of the twenty-one, the following seven were announced as the new ‘Wonders of the World’:

• Great Wall of China, in northern China. It was created in the 5th century BC to protect the northern borders of the Chinese Empire. The Wall is the world’s longest human-made structure, stretching over 6,400 km (4,000 mi).
• Christ the Redeemer in Rio de Janeiro, Brazil. The giant statue of Jesus Christ is 38 m (105 ft) tall and weighs 700 tonnes. The statue is located at the peak of the 700 m (2296 ft) Corcovado mountain, overlooking the city of Rio.
• Machu Picchu, above the Urubamba Valley, Peru. It is a city created by the Inca Empire, located on a mountain ridge. Machu Picchu was forgotten for centuries by the outside world, however not by the locals. It was brought to international attention by archaeologist Hiram Bingham in 1911.
• Petra, in Jordan. It is famous for having many giant stone structures carved into the rock. The site was revealed to the Western world by the Swiss explorer Johann Ludwig Burckhardt in 1812, but remained accessible only to Europeans until after World War I.
• Chichen Itza, on the Yucatán Peninsula, Mexico. It is a large archaeological site originally built by the Maya civilization. Chichen Itza was a major regional center in the northern Maya lowlands. Archaeological data suggest that Chichen Itza’s collapse was violent.
• Taj Mahal, in Agra, India. It is a white marble mausoleum generally considered the finest example of Mughal architecture. Mughal Emperor Shah Jahan commissioned it for his favorite wife, Mumtaz Mahal, and it was constructed between 1632 and 1648.
• Colosseum, in Rome, Italy. It is a giant amphitheatre located in the centre of the city, and was capable of seating around 50,000 spectators. It was constructed between 70 AD and 80 AD, and used for nearly 500 years for a variety of events.

Although the foundation had large amounts of public support, UNESCO, the United Nations cultural program, distanced themselves from the project, saying it had “no link whatsoever” to the project. UNESCO currently keeps tabs on 851 places in its ‘World Heritage Sites‘ program.

Left out of the Seven are the Pyramids of Giza, to which a respected Egyptian antiquities expert replied that the pyramids are a “symbol of the genius of the ancient people.” The foundation announced that the pyramids would have “honorary status” with the seven. The pyramids were the only remaining of the original Seven Wonders.

Weber claims that now that the man-made wonders have been chosen he has a new task: choosing the seven natural wonders of the world. He says he will start his new project immediately.

Monday, August 17, 2009

Earlier this month, over 150 delegates from cultural institutions, government and the online community gathered at the Australian War Memorial in Canberra over one and a half days for the first GLAM-WIKI conference. The conference brought together representatives from the GLAM sector, comprising galleries, libraries, archives and museums, politicians, and members of the Wikimedia community (who edit the online encyclopedia Wikipedia and its sister sites), to enter into a dialogue regarding ways the three areas can work collaboratively to preserve and promote cultural collections online.

Highlights from the conference included keynote speeches by Wikimedia Foundation Chief Program Officer Jennifer Riggs and Senator Kate Lundy, as well as a panel discussion on the political pressures involved in improving and disseminating GLAM organisations’ online collections featuring Senator Lundy as well as Senator Scott Ludlam, ACT Legislative Assembly shadow minister Alistair Coe, Government 2.0 Taskforce member Seb Chan, Adjunct Director to the Digital Library of the National Library of New Zealand Paul Reynolds and Kylie Johnson, the New Media Advisor for the Department of the Environment, Water, Heritage and the Arts. Sessions focused on ways the Wikimedia and GLAM communities could better work together to further their missions of preserving, curating and sharing cultural knowledge, with streams examining the topics of legal and technical barriers, and the impact on business and education.

Two case studies were presented at the conference, the first being the Powerhouse Museum’s experimental release of some of their photographic collection to Flickr Commons, and the second the collaboration between the German Wikimedia chapter and German Federal Archives to release their collection to Wikimedia Commons. While these and other projects were examined as successful forays into open content, the recent legal action between the United Kingdom’s National Portrait Gallery and a Wikimedian was raised in most sessions as an example of such efforts having negative consequences.

Delegates at the conference engaged in heated discussion both on- and offline, with the #GLAM-WIKI tag on Twitter generating over 500 tweets during the course of the first day. Overall, feedback from participants was strongly positive over both the event and its plans for the future.

Liam Wyatt, the Vice President of the Australian Wikimedia Chapter and organiser of the event, was impressed by the turnout. According to Wyatt, “at 170 registrations it is one of the largest Wikimedia events ever, after [international Wikimedia conference] Wikimania, and to be able to offer that for no attendance fee is testament to the support we received from our partners – most especially the WMF … There are many proposals and discussions that are now starting up as a result of the event and, rightly, these may take quite some time to bear fruit. However, what I think we have achieved immediately is to take the heat out of the debate between the cultural sector and the Wikimedia community.”

Jennifer Riggs was similarly impressed by the dialogue that came as a result of the conference. “It’s gone terrifically, really. People have had the opportunity to be really frank about the concerns that they have.”

Wednesday, August 22, 2007

Hurricane Dean hit the coast of Mexico’s mainland today as a Category 2 hurricane, with winds sustained at 100 mph.

Dean moved across the Bay of Campeche, eyeing over 100 oil platforms and several oil ports in the center of the country’s oil industry. Over 14,000 workers in the area had to be evacuated.

The eye of the storm hit Tecolutla, a major tourist town. Over 10,000 people were evacuated.

Currently, there are no reports of deaths or serious injuries following the landfall in Mexico. However, the storm caused major damage to some areas with very heavy rains shutting down many roadways and flooding many homes.

Overall Dean is being blamed for at least 20 deaths in the Caribbean.

The storm has since been downgraded to Category 1 status.