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 9, 2008

The head of the International Monetary Fund (IMF) says the world is on the brink of a global recession but predicts the economy will begin to recover by late 2009.

Dominique Strauss-Kahn, Managing Director of the IMF, stressed nations must work together to avert a global recession and warns there is “no domestic solution” to the crisis. He also said this week’s coordinated interest rate cuts around the world are a good example of the international cooperation needed to restore faltering economies.

Furthermore, he announced the IMF has activated an emergency program Wednesday that allows the fund to provide loans more easily and quickly to emerging countries in economic trouble. This program was first used during the 1997 Asian crisis.

The program might be used in Iceland, which has seen major problems hitting the financial sector. Iceland has been forced to nationalize the three largest banks and, most recently, Kaupthing Bank.

The IMF chief made these remarks in Washington D.C. on Thursday, as top officials from IMF nations and the G-7 industrialized countries are gathering for meetings on economic issues. U.S. President George Bush is set to meet with G-7 finance ministers at the White House on Saturday.

Monday, June 7, 2010

An acrobatic group known by the name of Spelbound has been declared as the winner of Britain’s Got Talent 2010, a televised variety talent show competition broadcast on ITV in the United Kingdom. As the winning act of the show, Spelbound have won £100,000 (US$144,580, €120,313, A$175,079) and a place at The Royal Variety Performance, an annual gala evening that is attended by senior members of the British Royal Family.

In no particular order, the top three acts were revealed to be two dancers known by their stage name of Twist and Pulse, gymnastic group Spelbound and Kieran Gaffney, whose act involves playing on the drum kit. After Kieran Gaffney was revealed to be in third place, Anthony McPartlin, who hosts Britain’s Got Talent with Declan Donnelly, said to Kieran: “Well done Kieran. Kieran, you’re a star, you came back, you got all the way to the final. I know you’ve loved this. You’ve loved this, haven’t you?” In response to this, Kieran Gaffney stated: “Thank you very much. Thank you, everyone for supporting me. Thank you.”

Shortly afterwards, on the episode that was broadcast live on ITV1 on Saturday, Anthony announced: “After tens of thousands of auditons, five semi-finals and an amazing final, this…this is it. One of you is about to walk away with £100,000 and a place at this year’s Royal Variety Performance. The winner of Britain’s Got Talent 2010 is…Spelbound!” Glen Murphy from Twist and Pulse commented about finishing in second place, stating: “Yeah, it’s amazing. I can’t even believe it. I can’t believe it at all.”

Alex Uttley, a 24-year-old member of Spelbound, commented on the gymnastic group’s victory, commenting: “Oh, my god. This is unbelieveable. We just want to say thank you to everyone out there. It just shows that all our hard work has paid off.” One of the coaches of Spelbound, named Neil Griffiths, stated about Spelbound: “Oh, they’ve worked so hard over the last few weeks. Um, since the semi-final, we…we really had to pull out the stops to try and up the game. They’ve not known they’ve worked in the gym from six in the morning till twelve…twelve o’clock of the night. I couldn’t have asked for more. Um, it’s a team of coaches. I don’t take all the credit myself. There’s, uh, two people up there that know who they are who’ve been fantastic.”

Spelbound consists of 24-year-old Alex Uttley, Nicholas Illingworth, aged 24, Adam Buckingham, aged 21, 20-year-old Adam McAssey, 19-year-old Douglas Fordyce, 18-year-old Edward Upcott, 18-year-old Leighanne Cowler, 17-year-old Katie Axten, 17-year-old Lauren Kemp, 15-year-old Jonathan Stranks, Abigail Ralph, aged 15, 13-year-old Hollianne Wood and Amy Mackenzie, aged 12. Bookmakers had previously predicted that Spelbound would be the most likely act to become the winner of the series.

The running order for the final started with Twist and Pulse. The second act to perform was Liam McNally, a 14-year-old singer. The running order subsequently continued with 40-year-old impressionist Paul Burling, singer Christopher Stone, aged 28, Tina & Chandi, a woman and dog dancing act, Connected, a five-piece singing group, Kieran Gaffney, aged 12, 22-year-old Tobias Mead, a dancer, 80-year-old singer Janey Cutler and Spelbound in that particular order.

Earlier on in the final, Britain’s Got Talent judge Amanda Holden has stated to Spelbound: “We are hosting the 2012 Olympics and I think ‘what a brilliant opening act’.” Fellow judge Piers Morgan also commented that “[t]he purpose of this show is to identify hidden great British talent. You are that act.” After Spelbound won in the final, another judge, named Simon Cowell, stated that “the right boys and girls won on the night” and that he could “only say on live TV that that was one of the most astonishing things I have ever seen. Seriously.”

Tuesday, August 31, 2010

Every September, the Apple iPod is redesigned. Last year saw the release of the iPod Nano 5th generation, bringing a video camera and a large range of colours to the Nano for the first time. But as Apple again prepares to unveil a redesigned product, the company has released their quarterly sales figures—and revealed that they have sold only 9m iPods for the quarter to June—the lowest number of sales since 2006, leading industry anylists to ponder whether the world’s most successful music device is in decline.

Such a drop in sales is not a problem for Apple, since the iPhone 4 and the iPad are selling in high numbers. But the number of people buying digital music players are concerning the music industry. Charles Arthur, technology editor of The Guardian, wrote that the decline in sales of MP3 players was a “problem” for record companies, saying that “digital music sales are only growing as fast as those of Apple’s devices – and as the stand-alone digital music player starts to die off, people may lose interest in buying songs from digital stores. The music industry had looked to the iPod to drive people to buy music in download form, whether from Apple’s iTunes music store, eMusic, Napster or from newer competitors such as Amazon.”

Mark Mulligan, a music and digital media analyst at Forrester Research, said in an interview that “at a time where we’re asking if digital is a replacement for the CD, as the CD was for vinyl, we should be starting to see a hockey-stick growth in download sales. Instead, we’re seeing a curve resembling that of a niche technology.” Alex Jacob, a spokesperson for the International Federation of the Phonographic Industry, which represents the worldwide music industry, agreed that there had been a fall in digital sales of music. “The digital download market is still growing,” they said. “But the percentage is less than a few years ago, though it’s now coming from a higher base.” Figures released earlier this year, Arthur wrote, “show that while CD sales fell by 12.7%, losing $1.6bn (£1bn)in value, digital downloads only grew by 9.2%, gaining less than $400m in value.”

Expectations that CDs would, in time, become extinct, replaced by digital downloads, have not come to light, Jacob confirmed. “Across the board, in terms of growth, digital isn’t making up for the fall in CD sales, though it is in certain countries, including the UK,” he said. Anylising the situation, Arthur suggested that “as iPod sales slow, digital music sales, which have been yoked to the device, are likely to slow too. The iPod has been the key driver: the IFPI’s figures show no appreciable digital download sales until 2004, the year Apple launched its iTunes music store internationally (it launched it in the US in April 2003). Since then, international digital music sales have climbed steadily, exactly in line with the total sales of iPods and iPhones.”

Nick Farrell, a TechEYE journalist, stated that the reason for the decline in music sales could be attributed to record companies’ continued reliance on Steve Jobs, CEO of Apple, saying that they had considered him the “industry’s saviour”, and by having this mindset had forgotten “that the iPod is only for those who want their music on the run. What they should have been doing is working out how to get high quality music onto other formats, perhaps even HiFi before the iPlod fad died out.”

When Jobs negotiated a deal with record labels to ensure every track was sold for 99 cents, they considered this unimportant—the iPod was not a major source of revenue for the company. However, near the end of 2004, there was a boom in sales of the iPod, and the iTunes store suddenly began raking in more and more money. The record companies were irritated, now wanting to charge different amounts for old and new songs, and popular and less popular songs. “But there was no alternative outlet with which to threaten Apple, which gained an effective monopoly over the digital music player market, achieving a share of more than 70%” wrote Arthur. Some did attempt to challenge the iTunes store, but still none have succeeded. “Apple is now the largest single retailer of music in the US by volume, with a 25% share.”

The iTunes store now sells television shows and films, and the company has recently launced iBooks, a new e-book store. The App Store is hugely successful, with Apple earning $410m in two years soley from Apps, sales of which they get 30%. In two years, 5bn apps have been downloaded—while in seven years, 10bn songs have been purchased. Mulligan thinks that there is a reason for this—the quality of apps simply does not match up to a piece of music. “You can download a song from iTunes to your iPhone or iPad, but at the moment music in that form doesn’t play to the strengths of the device. Just playing a track isn’t enough.”

Adam Liversage, a spokesperson of the British Phonographic Industry, which represents the major UK record labels, notes that the rise of streaming services such as Spotify may be a culprit in the fall in music sales. Revenues from such companies added up to $800m in 2009. Arthur feels that “again, it doesn’t make up for the fall in CD sales, but increasingly it looks like nothing ever will; that the record business’s richest years are behind it. Yet there are still rays of hope. If Apple – and every other mobile phone maker – are moving to an app-based economy, where you pay to download games or timetables, why shouldn’t recording artists do the same?”

Well, apparently they are. British singer Peter Gabriel has released a ‘Full Moon Club’ app, which is updated every month with a new song. Arthur also notes that “the Canadian rock band Rush has an app, and the industrial rock band Nine Inch Nails, led by Trent Reznor – who has been critical of the music industry for bureaucracy and inertia – released the band’s first app in April 2009.” It is thought that such a system will be an effective method to reduce online piracy—”apps tend to be tied to a particular handset or buyer, making them more difficult to pirate than a CD”, he says—and in the music industry, piracy is a very big problem. In 2008, the International Federation of the Phonographic Industry estimated that 95% of downloads were illegitimate. If musicians can increase sales and decrease piracy, Robert says, it can only be a good thing.

“It’s early days for apps in the music business, but we are seeing labels and artists experimenting with it,” Jacob said. “You could see that apps could have a premium offering, or behind-the-scenes footage, or special offers on tickets. But I think it’s a bit premature to predict the death of the album.” Robert concluded by saying that it could be “premature to predict the death of the iPod just yet too – but it’s unlikely that even Steve Jobs will be able to produce anything that will revive it. And that means that little more than five years after the music industry thought it had found a saviour in the little device, it is having to look around again for a new stepping stone to growth – if, that is, one exists.”

Wednesday, November 30, 2011

Dr. Conrad Murray, the doctor of the deceased singer Michael Jackson, has been given a four year prison sentence by a judge in the US city of Los Angeles, California, based on a charge of involuntary manslaughter, the maximum sentence he could receive for this offense. Steve Whitmore, a spokesperson for Los Angeles County Sheriff’s Department, told CBS News that Assembly Bill 109 would automatically halve the sentence to two years.

In November of this year, after a six week trial, a jury found Murray guilty of providing Jackson with an excessive amount of propofol, which caused his death in 2009. Judge Michael Pastor condemned Dr. Murray’s actions, calling his behavior a “continuous pattern of lies and deceit” and him a “danger to the community”, having committed a “horrific violation of trust”. Murray may also lose his medical license.

In the aftermath of the sentencing, Katherine Jackson, the mother of Michael Jackson, told KTLA: “Four years is not enough for someone’s life. It won’t bring him back but at least he got the maximum.” Jackson expressed thanks to the prosecutors and the judge, calling the latter “very, very fair”. Meanwhile, Jermaine Jackson, Michael Jackson’s brother, said “[o]ne hundred years is not enough”.

The defense had requested probation as Murray already faced “a lifetime sentence of self-punishment” and life-long reputation as “the man who killed Michael Jackson”. The judge refused to allow probation, saying it wasn’t justified by Murray’s actions.

Saturday, December 2, 2017

The Federal Court of Appeal has ruled against the Toronto Real Estate Board (TREB ) on Friday, saying that the board must allow members to provide online sales data to the public. The TREB has vowed to appeal the decision.

The decision was the result of an appeal filed by TREB fighting a decision of the Competition Tribunal. TREB represent 45,000 realtors selling real estate in the Toronto area. Previously the realtors were not permitted to disclose data to the public regarding completed sales of homes, pending sales and realtor commissions.

If upheld by the Supreme Court, the decision would provide a precedent to all real estate boards in Canada to allow their agent to disclose sales information to clients.

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Wednesday, November 30, 2005 File:Turing1.jpg

More than 50 programmers, scientists, students, hobbyists and fans of the A.L.I.C.E. chat robot gathered in Guildford, U.K. on Friday to celebrate the tenth birthday of the award winning A.I. On hand was the founder the Loebner Prize, an annual Turing Test, designed to pick out the world’s most human computer according to an experiment laid out by the famous British mathematician Alan Turing more then 50 years ago. Along with A.L.I.C.E.’s chief programmer Dr. Richard S. Wallace, two other Loebner prize winners, Robby Garner and this year’s winner, Rollo Carpenter, also gave presentations, as did other finalists.

The University of Surrey venue was chosen, according to Dr. Wallace, not only because it was outside the U.S. (A.L.I.C.E.’s birthday fell on the Thanksgiving Day weekend holiday there, so he expected few people would attend a conference in America), but also because of its recently erected statue of Alan Turing, who posed the famous A. I. experiment which inspired much of the work on bots like A.L.I.C.E. University of Surrey Digital World Research Centre organizers Lynn and David Hamill were pleased to host the event because it encourages multi-disciplinary interaction, and because of the Centre’s interest in interaction between humans and computers. File:ALICE Birthday Cake.jpg

Dr. Wallace gave a keynote address outlining the history of A.L.I.C.E. and AIML. Many people commented on the fact the he seemed to have moved around a lot in the last ten years, having lived in New York, Pennsylvania, San Francisco, Maine, Amsterdam and Philadelphia, while working on the Alicebot project. The A.L.I.C.E. and AIML software is popular among chat robot enthusiats primarily because of its distribution under the GNU free software license. One of Dr. Wallace’s PowerPoint slides asked the question, “How do you make money from free software?” His answer: memberships, subscriptions, books, directories, syndicated ads, consulting, teaching, and something called the Superbot.

Rollo Carpenter gave a fascinating presentation on his learning bot Jabberwacky, reading from several sample conversations wherein the bot seemed amazingly humanlike. Unlike the free A.L.I.C.E. software, Carpenter uses a proprietary learning approach so that the bot actually mimics the personality of each individual chatter. The more people who chat with Jabberwacky, the better it becomes at this kind of mimicry.

In another interesting presentation, Dr. Hamill related present-day research on chat robots to earlier work on dialog analysis in telephone conversations. Phone calls have many similarities to the one-on-one chats that bots encounter on the web and in IM. Dr. Hamill also related our social expectations of bots to social class structure and how servants were expected to behave in Victorian England. He cited the famous Microsoft paperclip as the most egregius example of a bot that violated all the rules of a good servant’s behavior.

Bots have advanced a long way since philanthropist Hugh Loebner launched his controversial contest 15 years ago. His Turing Test contest, which offers an award of $100,000 for the first program to pass an “audio-visual” version of the game, also awards a bronze medal and $2000 every year for the “most human computer” according to a panel of judges. Huma Shah of the University of Westminster presented examples of bots used by large corporations to help sell furniture, provide the latest information about automotive products, and help customers open bank accounts. Several companies in the U.S. and Europe offer customized bot personalities for corporate web sites.

Even though Turing’s Test remains controversial, this group of enthusiastic developers seems determined to carry on the tradition and try to develop more and more human like chat bots. Hugh Loebner is dedicated to carry on his contest for the rest of his life, in spite of his critics. He hopes that a large enough constituency of winners will exist to keep the competition going well beyond his own lifetime. Dr. Wallace says, “Nobody has gotten rich from chat robots yet, but that doesn’t stop people from trying. There is such a thing as ‘bot fever’. For some people who meet a bot for the first time, it can pass the Turing Test for them, and they get very excited.”

Tuesday, May 23, 2006

An internal government committee has been created to look at Australia’s nuclear energy role. The Federal Government has admitted it has set up a “secret committee” to examine the economics and science of nuclear power. During a Senate estimates committee, the Department of Prime Minister and Cabinet’s deputy secretary, Duncan Lewis confirmed that the committee had been formed following statements by US President George W Bush to create a global nuclear energy partnership. He told the Senate estimates that the committee would effectively try to develop an Australian perspective on the American proposal.

Labor Opposition environment spokesman, Anthony Albanese, says the information has not been made public because of the sensitivity of the issue. “This hasn’t been announced, the work’s been done behind-the-scenes because the Government knows that this is indeed a very dangerous path for Australia to go on,” he said.

Greens Senator Christine Milne said that the establishment of a secret committee to look at nuclear power was deeply troubling: “Prime Minister John Howard says he wants a full public debate on whether Australia should adopt nuclear power, yet his government has set up a secret committee to examine the matter,” Senator Milne said.

“The latest evidence about climate change supports the Greens’ position that nuclear power is no solution to climate change, as the government claims. As well as being dangerous it is too slow to mobilise,” Senator Milne said in a media release.

Democrats Leader Lyn Allison says it is extraordinary that the Government did not make the details of the committee public. “It’s very clear… that we’re looking here at a very secret, narrow and possibly a biased inquiry,” she said. “If that’s where it is going, in fact we’ll be moving as soon as we can to establish a Senate inquiry into this, we think it needs to be open, it needs to be public.” Senator Allison said in a media release that Howard’s push for nuclear power “is greed and glow in the dark politics…”

“The Government has no plan for power generation into the future that doesn’t add to greenhouse emissions or produce intractable waste. The enrichment process is energy-intensive and Australia is already the world’s highest per capita greenhouse gas emitter. We cannot afford another energy guzzling industry, especially when this government has abandoned renewable energy,” she said. “Enriching uranium concentrates the isotopes making the uranium more hazardous, more polluting, and makes Australia a greater target for nuclear terrorism.”

Senator Milne said on the Democrats website: “Australians want leadership on this issue, not knee jerk reactions to what George Bush thinks is a good idea. They want a debate that isn’t set up to merely justify selling enriched uranium and nuclear power.”

Anthony Albanese says John Howard’s push for a nuclear energy debate would become “Australia’s nightmare.” Mr Albanese said Mr Howard’s views were retrospective and not in Australia’s best interests: “This is classic John Howard whether it be the GST, whether it be the extreme industrial relations agenda, or whether it be this nuclear fantasy which will become Australia’s nightmare – John Howard always returns to the past,” Mr Albanese said in a News Limited article.

“For John Howard to say that there hasn’t been a debate on nuclear energy would suggest that he went to sleep in the 50s and he’s just woken up.” Mr Albanese said the dangers and costs of nuclear energy outweighed the energy benefits. “The problems of cost, safety, waste disposals and nuclear proliferation in the climate of terrorism are more acute today than they’ve ever been.”

Sunday, April 17, 2011

Australian Prime Minister Julia Gillard’s plans to implement a carbon tax in Australia have hit a roadblock today with the national secretary of the Australian Workers Union Paul Howes demanding that exemptions be made to certain heavy polluting industries including steel production as well as concerns about whether jobs will be lost.

Steel producing companies within Australia including BlueScope Steel and OneSteel have supported the move by the union claiming that a carbon tax would affect Australian Jobs. Paul O’Malley, managing director and Chief Executive of BlueScope, said that “the tax threat is still real for the Australian Steel industry and for our customers.”

Paul Howes told The Australian newspaper that “if one job is gone, our support is gone.” Mr. Howes is a powerful figure within the Australian Labor Party who is believed to have been instrumental with the removal of PM Gillard’s predecessor Kevin Rudd. Support for the Gillard Labor Government has dropped to an all time low earlier this year, with only a 30% approval rating.

The move by the AWU has been supported by other unions in Australia, including the Transport Workers Union as well as Opposition Leader Tony Abbott.

Friday, December 22, 2006

The New Zealand government has announced that the new minimum purchasing age to buy fireworks in New Zealand is 18-years instead of the current age of 14-years. Also the amount of time fireworks are available for sale during Guy Fawkes has been restricted to three days before Guy Fawkes night instead of ten days. The New Zealand Fire Service has welcomed the new restrictions despite them calling for a complete ban.

The Environment minister, Honourable David Benson-Pope, said: “This aims to restrict young teenagers from purchasing these potentially harmful explosives, and to make the Guy Fawkes season less taxing for the Fire Service and Police. We want to see fireworks users behaving responsibly, being aware of and avoiding fire risk, guarding the personal safety of themselves and others, and being aware of the effect the noise has on animals.”

Further restrictions have also been announced which will ban the separate sale of sparklers. Sparklers will only be available for purchase in packs contained with other fireworks. This restriction is to try and prevent the dangerous, home-made “sparkler bombs.”

Mike Hall, chief executive of the New Zealand Fire Service, said that he is pleased with the new restrictions around the sale of fireworks. “I met with the minister in November and expressed the Fire Service’s concerns, and it’s good to see that some action has come out of that.”

In response to why the government had not banned the complete sale of fireworks, Hon Benson-Pope said: “I have listened to the various groups that do want a ban, and I am still open to that possibility in the future, but I believe the best approach at this stage is to tighten up the laws around sale.”

The government has asked the Environmental Risk Management Authority to investigate the fireworks available for purchase in regards to the style, design and the construction of the various fireworks. “…and next year government will consult with industry about new regulations in this area,” Hon Benson-Pope said.

Mr Hall said: “Obviously we won’t know whether or not the measures Mr Benson-Pope has introduced will go far enough until the Guy Fawkes period in 2007, but we certainly hope they will limit the chaos we have seen in the past couple of years.”

Hon Benson-Pope said: “Guy Fawkes is a fun event for thousands of families, and fireworks-related damage is caused by a small group of mostly young people. I don’t feel it’s fair on New Zealanders to ban fireworks sales at this stage because of the actions of a minority.”

“I understand the frustration the Police and Fire Service teams feel when faced with problems over Guy Fawkes, and I hope these new restrictions will send a message that deliberate harm or damage is criminal and is being clamped down on,” Mr Benson-Pope said.

The next Guy Fawkes day is November 5, 2007.