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Friday, August 3, 2007

The Dow Jones Industrial Average fell more than 280 points, Friday, to 13181.91, just two weeks after soaring to a historic record of 14,000. Two other major indexes, the Nasdaq and the Standard and Poor 500, fell more than 2% in a widespread market sell-off.

Shares of Bear Stearns, the largest United States underwriter of mortgage bonds, fell 6.3% today, resulting from Standard and Poor’s altering its outlook toward the company to “negative” from “stable”. The investment banking firm recently saw two of its major hedge funds sink after exposure to the sub-prime mortgage decline. Standard and Poor’s report said the firm may have problems, including its hedge funds, that could hurt the firm “for an extended period.”

The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in the rest of the financial sector. Chief Financial Officer Sam Molinaro remarked that the credit market was in the worst condition he had seen in 22 years.

American Express shares fell 5.6%, while homebuilder Hovnanian Enterprises fell 9.4% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07% in the session after announcing plans to close most operations and lay off over 6000 employees. The company has also lost its lending license in four states including New York.

“It is with great sadness that American Home has had to take this action,” Chief Executive Michael Strauss said in a statement. “Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative.”

Analysts say that the weakness in the stock markets and economy in general could prompt the Federal Reserve to lower interest rates, consequently allowing inflation to rise, but that it would also support stocks and ease borrowing. The Fed has not changed interest rates since June 2006.

Wednesday, September 26, 2007

Blaise Thompson is running for the Family Coalition Party in the Ontario provincial election, in the St. Paul’s riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Wednesday, February 20, 2008

The battle between the two high definition optical disc formats, Blu-ray and HD DVD has ended after sole HD DVD manufacturer Toshiba has announced it will no longer produce HD DVD players.

In a press conference yesterday, Toshiba president Atsutoshi Nishida announced and confirmed that Toshiba will terminate the R&D plan on HD-DVD products. The key issue to force Toshiba terminating their HD-DVD R&D plan was Warner Bros., who changed their R&D plan from HD-DVD to Blu-ray on January 4.

In what is a reverse of the VHS vs Betamax format war, Sony‘s Blu-ray has come out on top with the backing of major studios and retailers such as Warner Bros. but also Wal-Mart, Best Buy, Netflix, and Blockbuster who announced they would only support Blu-ray exclusively this past month.

Even though Toshiba is currently about to change their R&D plan from HD-DVD to NAND flash drives and micro drives and plan to build two factories in Iwate, Japan, the company will provide the maintenance service on discs and players in the future 8 years.

Sony bundled Blu-ray into their PlayStation 3 game system. Microsoft’s competing Xbox 360, comes with a $200 HD DVD add-on player, whose fate is now undetermined with the demise of HD DVD. Microsoft has said they will wait for what Toshiba has to say.

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Wednesday, March 7, 2007

There are at least two big winners in Tuesday night’s US$370 million Mega Millions lottery drawing which is held in 12 U.S. states. The two winning tickets were sold in Georgia and New Jersey, but lottery officials say that no one has come forward to claim their millions.

One ticket was sold at a store called Campark Liquors, which is located in Woodbine, New Jersey. The other ticket was sold at what is called the Favorite Market, located in Dalton, Georgia.

The drawing, the biggest in Mega Millions history, was moved from its usual location in Atlanta, Georgia to Times Square, New York because at one point, according to New York’s lottery commissioner, Robert McLaughlin, at least 1,000,000 tickets an hour were being sold in the state of New York.

Some people in Ohio were not so lucky. In fact, the state’s lottery system, for reasons still not known, went off-line at 10:25 p.m., just over a half hour before the drawing was to be held.

At least one person was one number away from winning the jackpot, matching five of the six numbers. That ticket is worth $250,000 and was bought at Burtonsville Crown Beer & Wine in Montgomery County, Maryland.

The previous record for the highest multi-state lottery was set back in 2006 when the Power Ball jackpot paid out at least $365 million dollars to eight people in Nebraska. Another multi-state lottery, The Big Game (which was later named Mega Millions) has the third highest jackpot of $363 million dollars which was paid out in 2000.

The lottery numbers were, 16-22-29-39-42 and the Mega Ball was, 20. The odds of actually winning the jackpot, by yourself, was at least one in 176 million. Each group of numbers costs only one dollar.

Sunday, March 23, 2008

Copies of The Profit, a 2001 film blocked from distribution in the United States due to a court injunction won by the Church of Scientology, appeared on the Internet Friday on peer-to-peer file-sharing websites and on the video sharing site YouTube.

Directed by former film executive Peter N. Alexander, the movie has been characterized by critics as a parody of Scientology and of its founder L. Ron Hubbard. Alexander was a Scientologist for twenty years, and left the organization in 1997. The film was funded by Bob Minton, a former critic of Scientology who later signed an agreement with the Church of Scientology and has attempted to stop distribution of the film. Alexander has stated that the movie is based on his research into cults, and when asked by the St. Petersburg Times about parallels to Scientology and L. Ron Hubbard said: “I’ll let you draw that conclusion … I say it’s entirely fictional.”

The film was released in August 2001, and was shown at a movie theatre in Clearwater, Florida and at a premiere at the Cannes Film Festival in France. A Scientology spokesman gave a statement at the time saying “the movie is fiction and has nothing to do with Scientology”. The Church of Scientology later took legal action in an attempt to stop further distribution of the film. The Church of Scientology claimed that the film was intended to influence the jury pool in the wrongful death case of Scientologist Lisa McPherson, who died under Scientology care in Clearwater, Florida.

In April 2002, a Pinellas County, Florida judge issued a court order enjoining The Profit from worldwide distribution for an indefinite period. According to the original court injunction received by Wikinews, the movie was originally banned because the court found that it could be seen as a parody of Scientology. In his April 20, 2002 ruling on the injunction, Judge Robert E. Beach of the Sixth Judicial Circuit Court in Pinellas County, Florida wrote: “…an average person viewing the film entitled The Profit could perceive that it is a parody of the Church of Scientology”.

“To the extent that any person considered as a potential juror in evaluating any issues involving the Church of Scientology, the process of voir dire provides a fair and complete remedy to eliminate any potential juror that may possibly have been influenced to be less than fair and impartial,” added Beach.

Luke Lirot, the attorney for the film’s production company, announced on the film’s website on April 7, 2007 that “We have absolutely no exposure for any repercussions from the court order,” but that the film was still blocked from distribution due to an ongoing legal battle. Lirot wrote: “all that’s stopping the release of the movie is the legal battle with the partner who was compromised by Scientology (Robert Minton) and is currently using his power as partner to stop the release of the film.”

In an October 2007 article, The Times described the film as “banned in the US because of a lawsuit taken out against it by The Church of Scientology,” and Russ Kick’s The Disinformation Book of Lists included the film in his “List of 16 Movies Banned in the U.S.”. An 8-minute teaser segment from The Profit appeared on the film’s website and on the video sharing site YouTube in February 2008, and an attorney representing Bob Minton sent a letter to Luke Lirot requesting that the film clip be taken down. In a response letter, Lirot wrote that “Rather than damage any asset of the LLC, the short clip merely keeps the film in the public eye, and in a positive way.”

On Friday, copies of the film began to circulate on peer-to-peer file-sharing websites and on YouTube. A link related to the film’s appearance on the Internet on the community-based link aggregator website Digg.com had 3,638 “Diggs” – and hit the front page of the site’s Entertainment section on Saturday.

On Saturday, Scientology critic and Emmy award-winning journalist Mark Bunker put a streaming version of the film on his website, www.xenutv.com, and encouraged others to watch and discuss the film on a real-time chat channel. In a video posting to YouTube Saturday, Bunker said “I did not do it. I had nothing to do with it … I had nothing to do with this release at all. But I’m happy it’s out there … people are finally having a chance to see it. A lot of people have been curious over the years and there’s been a lot of interest in seeing the film, so finally you can.”

On the newsgroup alt.religion.scientology, a poster by the username “Alexia Death” commented on the film’s appearance on the Internet in the context of censorship: “It is out! And so it is a WIN if many people review it even if they say it SUCKS! … Being bad is no cause to allow censorship … And being censored is no cause to assume its good”. A post to the blog Blogsreel commented: “We have all wanted to see this movie that scientology kept hidden away from us. We have all wondered just how damning could this story be that we were banned from watching it.”

In a post on Sunday to the message board attached to the official website for the film, attorney Luke Lirot asked that individuals stop distributing copies of The Profit over the Internet. Lirot wrote: “It has been brought to my attention that several unauthorized transmissions and downloads of this protected work have taken place over the last 72 hours. Such actions are copyright violations and are unlawful. I request that any further distribution and/or dissemination of this important work cease immediately and any copies of the work that have been downloaded please be deleted.” In his statement, Lirot recognized the rights of individuals under the First Amendment to the United States Constitution, but also said that unauthorized distribution of the film “will only serve to harm the goal of vast distribution”.

Blog postings have attributed the film’s appearance on the Internet as part of the anti-Scientology movement Project Chanology organized by the Internet-based group Anonymous, but this has not been confirmed. Wikinews previously reported on international protests against Scientology which took place as part of Project Chanology on February 10 and March 15. A third international protest by Anonymous is scheduled for April 12. Titled “Operation Reconnect”, the third international protest will focus on highlighting Scientology’s practice of disconnection.