US Senate committee investigates credit card practices

Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

Families find themselves ensnared in a seemingly inescapable web of credit card debt.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

Football: German goalkeeper Manuel Neuer sidelined until 2018 after leg injury

Thursday, September 21, 2017

On Tuesday, German football club Bayern Munich announced Manuel Neuer, their goalkeeper and captain, had surgery on his left foot and is expected to miss footballing action for the rest of the year. The club announced it via their website.

31-year-old Neuer suffered injury from Monday’s training for their match against Schalke 04. His hairline fracture of the metatarsal of his left foot was treated on Tuesday by Doctor Ulrich Stöckle in Tübingen.

Bayern Munich AG’s CEO Karl-Heinz Rummenigge said, “Manuel Neuer has sustained another injury and we’re incredibly sorry for him. The operation went perfectly, whch is the most important thing for now. We and our captain are now looking to the future. Manuel will be back to his previous best and available to us again in January.”((de))German language: Dass Manuel Neuer sich erneut eine Verletzung zugezogen hat, tut uns wahnsinnig leid für ihn. Die Operation ist optimal verlaufen und das ist jetzt das Wichtigste. Wir sehen jetzt gemeinsam mit unserem Kapitän nach vorne. Manuel wird uns im Januar in alter Stärke wieder zur Verfügung stehen.

Former Stuttgart goalie Sven Ulreich, who played only twelve games since joining Bayern in 2015 until Monday, is likely to fill Neuer’s place until Neuer returns. Baryern faces Celtic as well as Paris-Saint Germain in the group stage of UEFA Champions League. FC Barcelona’s shotstopper Marc-André ter Stegen is expected to guard the German nets for the upcoming FIFA World Cup qualifiers for next year’s tournament in Russia.

Neuer suffered a toe injury in March, and a fracture after the second leg of UEFA Champions League quarter-final against Real Madrid in April. Neuer recovered from the original fracture from April, and joined the team late last month. His club and national teammates including Robert Lewandowski, Thomas Müller, Franck Ribéry, Jerome Boateng, Mario Götze, and Toni Kroos wished him a speedy recovery via Twitter.

Toothpaste fills cavities without drilling

Thursday, February 24, 2005

A paste containing synthetic tooth enamel can seal small cavities without drilling. Kazue Yamagishi and colleagues at the FAP Dental Institute in Tokyo say that the paste can repair small cavities in 15 minutes.

Currently, fillers don’t stick to such small cavities so dentists must drill bigger holes. Hydroxyapatite crystals, of which natural enamel is made, bond with teeth to repair tiny areas of damage.

Yamagishi and colleagues have tested their paste on a lower premolar tooth that showed early signs of decay. They found that the synthetic enamel merged with the natural enamel. The synthetic enamel also appears to make teeth stronger which will improve resistance to future decay. As with drilling, however, there is still the potential for pain: The paste is strongly acidic to encourage crystal growth and causes inflammation if it touches the gums.

The paste is reported in the journal Nature.

Samuels Jewelers to be acquired by a DTC sightholder

Monday, December 11, 2006

A major purchase transaction is being prepared in the diamonds’ industry: Samuels Jewelers started a discussion with a sightholder from Diamond Trading Company (DTC). The latter is to acquire the majority part of retailer’s shares.

There is still not much information about this particular sightholder, except for the fact that it is based in India. The present majority shareholder of Samuels Jewelers is DDJ Capital Management. The representatives of the company do not give any information concerning the potential buyer.

Randy McCullough, the President and CEO of Samuels Jewelers, stated that it would be a great opportunity for the retailer to start a partnership with a DTC sightholder, thus Samuels would be able to re-capitalize its balance sheet, to acquire newer inventory and guarantee itself stable growth in the future.

As for Samuels Jewelers, which is officially called “Samuels, Schubach and Samuels Diamonds”, possesses a network of 97 jewelry stores in 18 US states since October 1 this year. The incomes of the retailer at the end of the previous year are estimated to be around $100,000,000.

The current shareholder of Samuels Jewelers, DDJ Capital Management, is a company, which specializes itself in private equity and debt financings. This managing firm began its activity in 1996 and since then has grown to operate capitals of 79 institutional clients (estimated in approximately 3 billion dollars).

[edit]

Fire strikes Slovak Academy of Sciences

Saturday, July 17, 2010

The Virology Institute of the Slovak Academy of Sciences (SAS) in Bratislava was severely damaged by fire. The flames reportedly reached as high as one hundred meters. The fire most likely started from the gas tank used for oxy-fuel welding during the building’s restoration process, SAS speaker Viera Rosová said.

Firefighters from all Bratislava fire-stations took part in the fire-fighting operation. The situation was complicated by dense smoke, necessitating the use of gas masks.

Thanks to a quick evacuation of SAS employees and construction workers, none were injured. However, some equipment of the top-level scientific facility was damaged and various research projects will be affected as well, Rosová admitted. The “software unit containing information of incalculable value” was rescued in time, reports say.

There is no danger of toxic spills or leak of viruses. The micro-biotic organisms studied in the institute are safely stored and infected animals were not held in this building. The institute owns about two thousand animals. The virology samples will be destroyed as the coolers went out of service after the power supply was cut for security reasons during fire-fighting. The SAS vice-chairman Albert Beier estimated the value of the cooler boxes to be close to two million Euros. “They often contain a life-long work of our researchers,” he added.

Surveyors

How To Purchase A Home In The State Of Arizona}

Submitted by: Shane Smith

The most important step in purchasing a home in the State of Arizona is by choosing a lending agency that will loan money on terms that will cut costs without cutting corners. The purchaser should get a pre approved and pre qualified credit rating. This will enable the purchaser to have the necessary documentation to submit to the best lending agency that will give the best deal.

Once the purchaser has assessed credit worthiness it is important that a Realtor be hired. The Realtor will be able to give the purchaser the best options in the home hunt. A Realtor who is a member of the National Association of Realtors will have access to the multi listing service provided by the association. The multi listing service will help the purchaser choose a home according to his budget and according to his needs.

[youtube]http://www.youtube.com/watch?v=-7HJ1c5fmys[/youtube]

When the purchaser identifies the property an offer is made to the seller in an Arizona State Approved Purchase Contract formatted document. The seller is given time to answer the offer and is required under the laws of the State of Arizona to give full disclosure of the defects and possible hazards of the property with regard to location structure and the like. When the seller accepts the agreement and signatures of both parties are affixed, the agreement becomes a binding purchase agreement.

The purchaser will now conduct inspection of the property by engaging approved inspectors for defects in structure, pest control, radiation and lead paint usage. Inspection of sewer facilities and an evaluation report of improvements made on the property by the seller is also required. The purchaser should also engage an attorney, a real estate title company or a title and trust company to search for possible defects in title recorded in public departments or courts. The American Land Title Association has a list of approved title search companies for the reference of the purchaser.

Possible title defects will include implied easements arising out of necessity and liens arising out of unpaid taxes, money due on judgments and unpaid mechanics or workers. The purchaser should buy a title insurance policy which usually has a one time premium to insure the property against any possible but unseen title claims. A list of amenities and other portables that are being sold with the house is also required. Mortgage companies require ownership and encumbrance reports to ensure that the property is adequate security for the amount loaned.

The mortgage company will approve the title report within 5 days of receipt. The purchaser can then deposit the down payment or earnest money to the seller. The purchaser is required to change the names in all utility connections 3 to 5 days before the closure of the contract.

On the date of closure the purchaser should bring identification papers such as a driving license and a home owners insurance with the proof of one years paid premium and any other documents required by the lender company. Once the deed is signed the transaction is closed and the purchaser has purchased a home in the state of Arizona.

About the Author:

Arizona Title Settlement

Source:

isnare.com

Permanent Link:

isnare.com/?aid=209717&ca=Real+Estate}

Copiapó, Chile mining accident: in depth

Wednesday, October 13, 2010

The rescue of the Chilean miners trapped in the San José Mine in Copiapó, codenamed Operación San Lorenzo (San Lorenzo Operation), began on Tuesday night, at around 20:00 local time (23:00 UTC).

Florencio Ávalos was the first miner to be rescued, at 00:12 local time (03:12 UTC) on Wednesday. He was wearing a shirt signed by all his fellow miners. “The first miner is already with us. We saw it all, him hugging his wife Monica and his son Byron,” said President Piñera shortly after the first rescue. “We still have a long journey.”

“This will be recorded on every single Chilean heart forever,” Piñera added. “I hope the miners’ hope stay with us, just like the [February] earthquake victims’ [hope] and what the earthquake took off. We know that the disasters unite us all.”

All the 33 miners were rescued. The last miner, Luis Urzúa, was rescued at 21:55 Chile time (00:55 UTC). “It is a pleasure to be Chilean, [I’m] proud,” said Luis Urzúa to President Piñera. “In honour of the miners, their families, the rescuers […] let’s sing our national anthem. Viva Chile Mierda!,” said Piñera. Urzúa thanked Mining Minister Golborne and the First Lady Cecilia Morel for “fighting for their lives.” “I’m proud of my fellow miners,” Urzúa added.

Six rescuers, including a miner and a paramedic, descended to the miners’ shelter using the Fénix 3 capsule which was specially constructed for the rescue. They performed check-ups and talk with the miners before taking them back to the surface. The rescuers still don’t leave the mine.

The Fénix 3 capsules are 3.95 metres in height and weigh about 460 kilograms. They have an armour, an oxygen tube and a microphone. The occupants helmets contain an intercom to keep them in contact with the rescue team on the surface.

President of Chile Piñera assisted to the rescue. Bolivian President Evo Morales could not attend Carlos Mamani’s rescue. Mamani is the only Bolivian miner in the group.

A mass for the miners was conducted at 18:00 local time (21:00 UTC). The rescue takes between 15 and 20 minutes for each miner.

On Tuesday, Mayor of Copiapó Maglio Cicardini announced that the municipal schools in the city will have no classes this Wednesday “to transform the rescue of the Atacama’s 33 in a familiar meeting,” Radio Cooperativa reported.

“The miners will be taken to the Copiapó Regional Hospital for medical checkup, where they will have to stay for 48 hours,” Health Minister Mañalich said to Televisión Nacional de Chile.

Celebrations are taking place in several Chilean cities. In Santiago de Chile, people gathered in one of the most important points of the city, Plaza Italia. In Pichilemu, tens of cars are passing over its most important streets. In Copiapó, people gathered in its main square to assist a massive concert.

On August 5, 33 miners were trapped more than 700 meters (2,300 ft) underground, in the San José copper–gold mine, located about 40 kilometers north of Copiapó, Chile.

The youngest trapped miner is 19 years old, and the oldest is 63. There were several rescue attempts before reaching the miners’ shelter on August 22. The National Emergencies Office of Chile (ONEMI) released a list of the trapped miners on August 6, which included Franklin Lobos Ramírez, a retired footballer.

Chile is the worlds top producer of copper, according to The Economist. The San José Mine is owned by the San Esteban Mining Company (Empresa Minera San Esteban). The mine was closed down in 2007, after relatives of a miner who had died sued the company executives, but the mine was re–opened in 2008.

It was originally estimated that “it would take three to four months to complete the rescue of the trapped miners”. There were three plans to reach the miners: “Plan A” using a Strata 950 drill, “Plan B” using a Schramm T130XD drill, and “Plan C” using a RIG-422 drill. The first to reach the miners was “Plan B”, early on Saturday 9.

The last step of their rescue, announced by Health Minister Jaime Mañalich, was originally due to begin on Tuesday. Laurence Golborne, Minery Minister said “If it is possible, and the cement sets before and we don’t have any impediments to doing it, it would be wonderful,” in a press conference on Monday. The men will be extracted in a steel rescue capsule 54 cm (21 inches) in diameter.

On September 4, Chilean filmmaker Rodrigo Ortúzar announced plans to film a movie about the accident, called “Los 33” (“The 33”). The film will be released in 2011.

One miner is Bolivian, and the other 32 are Chilean.

Raúl Bustos, 40 years old, is an hydraulics engineer. He left his job in Talcahuano after the February 27 earthquake to work in the mine.

Daniel Herrera, 27 years old, is a lorry driver. He has acted as paramedic assistant in the mine. He said to La Tercera “the miners were unhappy with the psychologist in the rescue team.”

Claudio Acuña, miner, is fan of the Colo-Colo football club. The BBC reports he is aged 56, but El Comercio says he is 44.

Pedro Cortez is aged 24. He joined the mine with his friend Carlos Bugueño. Cortez is an electrician, and lost a finger in the mine a year ago.

File:Juan Aguilar with President Piñera.jpg

A native of Los Lagos, Juan Aguilar is 49 years old. Aguilar is married to Cristy Coronado, according to El Comercio. Aguilar works as a supervisor.

Mario Sepúlveda is a 39 years old electrician native of Parral; he is married. He has been the spokesman of the most of the miners’ videos. Mario Sepúlveda was the second miner to be rescued, on Wednesday at 01:10 local time (04:10 UTC).

Víctor Zamora is a 33 years old auto mechanic. Zamora is married to Jéssica Cortez, who confirmed she was pregnant while he was in the mine.

Osman Araya is 30 years old, and married. He began working as miner four months before the accident.

Florencio Ávalos is 31 years old. He is the brother of Renán Ávalos, who is also trapped in the mine. He worked as driver in San José. Ávalos filmed videos, sent later to his relatives.

Ávalos was the first miner to be rescued, on Wednesday at 00:10 local time (03:10 UTC).

Jorge Galleguillos, 56 years old, has worked all his life in the mine. He said in one video he was feeling unwell; he takes medication for hypertension.

Carlos Barrios is a 27 years old miner. His father, Antenor Barrios, told Agence France-Presse: “I find he’s very strong and has enthusiasm. He spoke loud and clear. I was excited.”

Franklin Lobos Ramírez is a 53 years old retired footballer. He played for Cobresal, Deportes Antofagasta, Club de Deportes Santiago Wanderers and Unión La Calera, and briefly for the Chile national football team. Lobos had worked as a truck driver in the mine.

Yonni Barrios, called “The Doctor”, is a 50 years old electrician. He has knowledge of first aid, and was given responsibility for monitoring the health of his colleagues. “I felt I was in hell,” Barrios said in a letter to his wife.

Carlos Bugueño, 27 years old, joined the mine with Pedro Cortez. Previously, he worked as a watchman.

Alex Vega Salazar is a 31 years old heavy machinery mechanic. He is married to Jessica Salgado, and celebrated his birthday in the mine on September 22.

Ariel Ticona is a 29 years old miner. His wife, Margarita gave birth to his daughter on September 14. She was named Esperanza (Hope), at Ticona’s request.

Richard Villarroel is a 27 years old mechanic from Coyhaique.

Edison Peña is a 34 years old miner. “I want to go out soon,” he said on his first contact with his relatives. “I want to be free, I want to see the sun,” he added. He is a fan of Elvis Presley.

Claudio Yáñez is 34 years old, and works as drill operator.

José Ojeda, 46 years old, is the master driller. Ojeda is widowed and diabetic.

Luis Urzúa is a 54 year old topographer. He is the shift-leader, and was the first miner to talk with authorities. He is known as Don Lucho among the miners. He draw plans of the area of the mine where they are trapped.

Urzúa will be the last miner to leave the mine.

José Henríquez is a 54 years old drill master. He is also an evangelical preacher, and has worked in mines for 33 years.

Víctor Segovia is a 48 years old electrician. He is in charge of writing down everything that happens in the mine.

Pablo Rojas is a 45 years old explosives loader. Married, he had been working less than six months in the mine.

Juan Illanes is a 51 year old miner. He was a sergeant in the Beagle border conflict between Chile and Argentina in 1978, the incident which almost provoked a war between the countries.

Illanes was rescued on Wednesday, at 02:07 local time (05:07 UTC).

Jimmy Sánchez, 19, is the youngest miner. He had been working in the mine for five months before the accident. His role is to check the temperature and humidity in the mine.

Samuel Ávalos is a 43 years miner. His wife Ruth said “he was addicted to the cocaine.” His role in the rescue is to check air quality in the area the miners are living. According to the BBC, “Ávalos has worked in the mine for five months.”

Mario Gómez, aged 63, is the oldest of the miners. He has worked 51 years as miner. His father was also a miner, and is nicknamed “El Navegao” (“The Sailed One”). He was thinking of retiring in November.

Gómez also wrote the message “Estamos bien en el refugio los 33” (“We are fine in the shelter the 33 [of us]”).

Segovia is 48 years old. He is married to Jessica Chille, who said “To hear his voice was a confort to my heart,” after talking with him for the first time in 24 days. His sister María, was nicknamed “La Alcaldesa” (“The Mayoress”) for her leading role at Campamento Esperanza. His father, Darío Senior, was trapped in a mine for a week, and suffered serious injuries after two other mining accidents, according to the BBC.

Carlos Mamani is a 23 years old heavy equipment operator. He is also the only non-Chilean miner; Mamani is Bolivian. He began working in the mine just five days before the accident.

He was rescued at 03:11 local time (06:11 UTC) on Wednesday.

Renán Ávalos is a 29 years old miner, single, who had been working for five months in the mine before the accident. Florencio Ávalos is his brother.

Omar Reygadas is a 56 year old electrician. He began working in the mine shortly before the accident.

Esteban Rojas is a 44 years old miner. Rojas is married to Jessica Yáñez.

UK government stops compulsory testing of fourteen-year-olds

Wednesday, October 15, 2008

The UK Government has stated that children in Britain will no longer be required to take compulsory, externally marked tests at the age of fourteen.

The change takes effect immediately, meaning that children who were due to take the test this year no longer have to do so.

Secretary of State for Children, Schools and Families Ed Balls yesterday announced his plans to radically change the UK testing system, in parliament.

Currently, almost ten million tests are sat each year by British pupils. This change is expected to cut the number of tests taken in half, according to The Guardian.

The tests for seven and eleven year olds are not being abolished. A review group is being set up, however, to research the effect of these tests on eleven-year-olds.

Instead of league tables showing test results, the government will produce report cards for secondary schools. According to Ed Balls, the results from GCSEs will be adequate to judge the performance of schools by their test results.

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The decision to abolish the tests for fourteen year olds came as a result of a situation earlier this year, when there were long delays with the delivery of test results to students of this age.

According to Christine Blower, acting general secretary of the National Union of Teachers, the government is admitting that the previous test system failed by making this move.

“For too long English, mathematics and science teachers in secondary schools have found themselves skewing everything to enable their pupils to jump through a series of unnecessary hoops,” she claimed, while Chris Keates, general secretary of the National Association of Schoolmasters Union of Women Teachers, said that “the sound of a deep collective sigh of relief will emanate from secondary schools across the country.”

Both major UK opposition parties welcomed this move. Conservative Shadow Secretary of State for Children Michael Gove stated that his party have “argued for fewer national tests and more rigor and we want to work constructively to improve the assessment and qualifications regime.”

David Laws, Shadow Secretary of State for Children for the Liberal Democrats, said that “the Sats tests taken by 14-year-olds are not only a waste of time but have been highly unreliable over the last few years.”

Accidental email brings product placement agency under fire

Sunday, September 21, 2008

An email accidentally sent to Jeff Crouse of the Anti-Advertising Agency recently brought the controversial techniques of the advertising firm Kluger Agency under fire.

“I’m writing because we feel you may be a good company to participate in a brand integration campaign within the actual lyrics of one of the worlds most famous recording artists upcoming song/album,” the email read, offering to place Jeff Crouse‘s fake brand, Double Happiness Jeans, into the songs of popular artists. It was posted on his blog along with a reply that mocked Kluger and brought ridicule and criticism against Adam Kugler and his agency. According to Crouse, Kluger emailed him once again to claim it had been an automated email, and later requested that Crouse remove the post and comments criticizing himself and his agency, threatening a $150,000 lawsuit against Crouse for defamation.

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Is the use of product placement in popular music degrading to the artists?
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Kluger Agency is known for advertising brands like Abercrombie & Fitch, Mercedes-Benz, and Nike by inserting the brand names in the songs of popular artists like Mariah Carey, Black Eyed Peas, Fall Out Boy, Pink, Lady GaGa and Ludacris. Kluger, founded in 2006, represents over 170 corporations and focuses on well-known record labels.

Kluger and his PR team have come forward defending the advertising techniques, stating that they do not have songs made just for the products in question and do not infringe on artistic integrity. “Now, we don’t want an artist to write a song specifically to promote a brand, we just feel that if it’s a product that’s admired by the artist and fits his/her image, we now have the capability of leveling out the playing field and making things financially beneficial for all parties involved,” he was quoted saying to Wired.

However, the agency’s website shows video examples of its product placement, with brand images and names often being repeated, pointed at, praised, or being the basis of the song. The website also advertises that “a successful ‘brand-dropping’ campaign will imprint [the] brand name and product into your market’s subconscious”.