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Sunday, April 24, 2005

New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ®, which independently announced a definitive agreement to purchase Instinet Group.

Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.

Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.

These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.

The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.

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Saturday, March 21, 2009

According to officials, an Airbus A340 jetliner registered to the Emirates airline struck its tail upon the runway as it took off from Melbourne Airport in Melbourne, Australia Saturday. More than 225 people were on board.

Flight EK407, which had departed for Dubai, United Arab Emirates, had to circle around the airport for 45 minutes, dumping fuel, before making an emergency landing.

There were no reports of injuries, although some of the runway lights were knocked out during the incident.

“It [the aeroplane] took off very steeply, the tail touched the end of the runway, and it went up, stabilised and came back,” a Melbourne Airport spokesman told the Agence France-Presse news agency.

One passenger, Catherine Edmunds, described the event at terrifying while speaking to the Australian Broadcasting Corporation.

“We did land successfully, thankfully, and the plane was surrounded by paramedics and fire engines. It was terrifying,” Edmunds said. “I’d hate to go through it again.”

The Emirates airline stated that they had dispatched a safety team to Melbourne to investigate the accident.

Aviation authorities from Australia also launched their own investigation. Ian Brokenshire, a spokesman for the Australian Transport Safety Bureau, announced that “we will be looking at the flight data records, getting data off that, interviewing the crew, interviewing the company representatives, inspecting the runway and aircraft.”

The plane’s passengers were given alternate flights to Dubai.

Monday, November 30, 2009

The world’s Large Hadron Collider accelerated its protons to an energy of 1.18 TeV at 00:44 GMT+1 today. This set a new world record, surpassing the 0.98 TeV record set at the Fermi National Accelerator Laboratory‘s Tevatron collider, which was commissioned in Chicago in 2001. The event came ten days after the LHC collider restart.

Yesterday at 20:48 UTC, one proton beam was accelerated to 1050 GeV (1.05 TeV) in LHC. Three hours later, the next record was set by two beams of opposite direction, 1.18 TeV each.

The CERN researchers are delighted with the quick progress and are happy with the excellent performance of the machine. Steve Myers, director of accelerators and technology at the Cern particle physics laboratory near Geneva, commented on LHC optimistically, comparing it with the twenty-year old Large Electron-Positron Collider (LEP): “I was here 20 years ago when we switched on Cern’s last major particle accelerator, LEP. I thought that was a great machine to operate, but this is something else. What took us days or weeks with LEP, we’re doing in hours with the LHC. So far, it all augurs well for a great research programme.”

High proton beam energy is needed to get many proton-proton collisions. However, all elements of the system need to be monitored carefully, and sudden energy increases are undesirable to ensure that the machine operates within normal parameters, in order to avoid a repeat of the superconductive magnet quench and consequent six-tonne liquid helium leak catastrophe on September 19, 2008, nine days after the first start. The damage caused by the leak, and the subsequent repairs and upgrades to the LHC that were needed, caused a delay of more than a year in the commissioning of the collider.

“We are still coming to terms with just how smoothly the LHC commissioning is going. It is fantastic. However, we are continuing to take it step-by-step, and there is still a lot to do before we start physics in 2010” said Cern’s director general Rolf Heuer.

Friday, August 24, 2007

Part of the M5 in England, United Kingdom has been closed after shots were fired at a police car in the early hours of this morning.

A blue, L-registered BMW 3 Series car was parked in a lay-by just off the motorway on the B4008 near Junction 12. As the police car approached the vehicle it drove off and at least two shots were fired at the police car from the back of the BMW.

Kate Nelmes from Gloucestershire Police said, “As the vehicle drove onto the carriageway, someone believed to be in the back of the vehicle then fired two shots in the direction of the police vehicle.”

The motorway between Junction 12 and 13 was closed causing major traffic problems however since then the northbound carriageway has been reopened. The southbound carriageway is expected to be open around 13:00 BST.

Wednesday, December 17, 2008

Two more vessels have been hijacked in Somalia. Pirates have captured an Indonesian tugboat with a barge that was working for French oil firm Total and a Turkish container ship.

The Turkish vessel’s seizure was confirmed by a US Fifth Fleet spokesman. MV Bosphorus Prodigy is a 330 ft (100 m) container vessel flagged in Antigua and Barbuda. It is owned and operated by Isko Marine Company based in Istanbul.

The Fifth Fleet could not confirm the tugboat’s seizure, but an anonymous official with Total in Yemen could. He explained the boat and barge were headed to Malaysia from the Yemeni port of Mukalla. He said the crew consisted of both Indonesians and other nationalities, and that the vessels, which had been hired by a subcontractor, were not carrying any oil at the time.

The new hijackings came as the United Nations Office on Drugs and Crime asked for greater policing in the area by international bodies, and for the signing of agreements that allowed the arresting officer to take pirates back to the officer’s country for prosecution.

“Pirates cannot be keelhauled or forced to walk the plank, nor should they be dumped off the Somali coast,” said the office’s head Antonio Maria Costa. “They need to be brought to justice”.

Thursday, March 17, 2011

Owsley Stanley, mass-producer of LSD, the drug underlying much of the culture of the 1960s California hippie era, died Sunday in a car accident in Australia at the age of 76, his family announced on Tuesday.

According to The New York Times, “Mr. Stanley lent the ’60s a great deal of its color — like White Lightning, Monterey Purple and Blue Cheer, the varieties of his LSD that were among the most popular.”

Stanley, a talented, self-taught chemist who was known for the purity of his LSD, supplied the drug to such music groups as the Grateful Dead, the Beatles, and Jimi Hendrix, and provided the acid for Ken Kesey and his Merry Pranksters, whose antics were recorded by Tom Wolfe in the The Electric Kool-Aid Acid Test. The Rolling Stones once called his acid “the best LSD in the world … the genuine Owsley.”

He was also an early sound engineer and designed the high-fidelity sound system for the live rock concerts of the Grateful Dead, known as the “wall of sound”. It was essentially a massive public address system made up of 600 speakers that enabled musicians to mix their sound from the stage and reduce distortion. His recordings of Grateful Dead live performances, some having been commercially released, are valued as a documentary of their early music.

Sam Cutler, formerly the tour manager of the Rolling Stones, said of Stanley: “He was a very sophisticated man, an amalgam of scientist and engineer, chemist and artist.”

Stanley was born in Kentucky and studied engineering briefly at the University of Virginia before dropping out and joining the Air Force. In 1958, he moved to California and worked at a wide variety of jobs, before enrolling at the UC at Berkeley in 1963, at a time when drug use was pervasive. He got his first taste of LSD in April 1964 which transformed him. “I remember the first time I took acid and walked outside, and the cars were kissing the parking meters,” he said in an interview with the Rolling Stone Magazine in 2007.

Deciding to provide his own LSD to ensure its quality, Stanley created his own lab to produce it. According to The Washington Post, “Working at first from a makeshift bathroom laboratory in Berkeley, Mr. Stanley produced at least 1 million doses of LSD between 1965 and 1967.” His LSD was widely distributed. The lab was raided and he spent two years in prison.

Stanley moved to Australia in the 1980s when he become convinced the Northern Hemisphere would be destroyed in the coming of a new ice age. He lived in the Australian bush near Cairns, Queensland.