Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Tuesday, May 9, 2006

The two miners who had been trapped almost one kilometer beneath the surface in Beaconsfield, Tasmania in a collapsed gold mine for 14 days have now been rescued.

The men, Brant Webb and Todd Russell, were well enough to walk out from the lift onto the surface and threw their arms up in exultation. They then walked to a board and removed their location tags to indicate that they were no longer underground at approximately 5:59 a.m. AEST before embracing family and friends and making their way to the waiting ambulances. The vehicles slowly made their way through the crowds with a police escort and the miners waved to the crowds through the open rear doors. They will undergo medical supervision at Launceston Hospital for a period of time before being confirmed well enough to return home.

The last stages of the rescue, cutting the final sections of the escape tunnel had proceeded very slowly because very hard rock was encountered and work had to proceed gently to minimize the chances of further rock collapses.

The escape tunnel was completed at 4:47 a.m. AEST and it took another hour for the men to be transported to the surface via a “crib room” at “Level 375” (375 metres underground) where they were medically examined and were also able to shower.

A bell at Beaconsfield’s Uniting Church pealed just after 5 a.m. AEST to celebrate the rescue, and an air raid siren was sounded. This was the first time the church bell had been rung since the end of World War II. A local fire engine drove through Beaconsfield’s streets sounding the siren to wake residents for the good news.

A funeral will be held later today for a third miner, Larry Knight, who was killed in the collapse that trapped the miners on April 26.

Tuesday, March 22, 2011

0 A.D. is a historical, open source, strategy game, published by Wildfire Games. It focuses on the period between 500BC and 500AD. The game will be released in two parts: the first covering the pre-AD period, and the second running to 500AD. With development well underway, Wikinews interviewed the development team.

Aviv Sharon, a 24-year-old Israeli student responsible for the project’s PR, compiled the below Q&A, which the full team approved prior to publication.

Saturday, June 13, 2009

Yesterday, Norwegian news outlets reported that Defense Security Service (Forsvarets sikkerhetstjeneste [FOST]) had conducted illegal surveillance against the prime minister’s office and other government offices.

Kripos, a division of the Norwegian Ministry of Justice and the Police, did a police search of the Norwegian Ministry of Defence’s top-secret intelligence agency’s computer equipment in Jørstadmoen, after a request by the Ministry of Defense.

While remaining confident that the case will be investigated in a correct way, Norwegian Prime Minister Jens Stoltenberg stated to Aftenposten late Wednesday that “it’s important that the police now find out what actually has happened.”

Verdens Gang reported that to their knowledge, the surveillance happened in connection with FOST, having the responsibility for the computer security of key personnel within the prime minister’s office and other government offices. For practical reasons these people have been connected to the military secure lines. Sources with insight to the surveillance process explained to Aftenposten that when a possible breach of computer security is detected its protocol that the person be given a notice that he may be in process off or already have broken the security rules. A person, possible within the Prime minister’s office has most likely received such a note and has reacted to the fact that the computer traffic had been under surveillance.

Vice admiral Jan Eirik Finseth told Verdens Gang that the Defense security agency’s computer security section, reported that computer communication lines had been put under surveillance by military communications lines. Vice admiral Finseth stated to Verdens Gang that “the circumstances is of such a nature that the police [were] asked to investigate if anything of this may be illegal.”

When Wikinews contacted State attorney Petter Mandt, who leads the investigation, we received confirmation that a search in Jørstadmoen took place, but he would not comment on what was confiscated, if anything. Mandt also stated that they would not comment on any specifics or give any details on the investigation, but explained that for use of a police search there has to be more than 50% probable suspicion that something illegal may have happened. When asked if suspicion was that the prime minister’s office had been put under illegal surveillance, Mandt refused to comment and stated that he will comment on neither how many nor who the individuals involved are.

Defense political spokesperson for Socialistic left (Sv) Bjørn Jacobsen, told Wikinews that “it’s important to find out what, if anything has happened,” but that “it’s shocking that there even exist[s] a reason for a police search.” When asked what will happen if anything illegal is found to have taken place, Jacobsen responded by pointing out that in this case the prosecutors will have to decide on what to do next, but stated that “parliament will have to see if the law and regulations ha[ve] to be changed. It’s important to stop an eventual bad culture before it sticks to the walls.”

This is the second investigation of illegal government surveillance in Norway since the Lund commission’s report uncovered illegal surveillance of communist, socialist, and other persons, which the Norwegian Police Security Service deemed to be dangerous.

Wikinews was unable to get any comments from the Norwegian Military Defense when contacted.