• Markets hover around even
  Home prices in the United States have plunged a record 17.4% compared to last year but consumer confidence has moderately improved over the last month. This, along with news that more bailouts are coming for the economy, markets survived another day without any terrible dives. Currently: 

  Dow – 8 363 points (-95)
  FTSE100 – 4 171 points (+18)
  CAC40 – 3 209 points (+37)
  DAX – 4 560 points (+6)
  IBEX – 8 696 points (+74)
  Nikkei – 8 323 points (+413)
  TSX – 8 319 points (-121)

• US gets another cash injection
  The US Federal Reserve and Treasury Department on Tuesday announced a plan to pump $800 billion into the economy in order to encourage consumer lending. The intricate plan involves over $500 billion of mortgage backed security of Fannie Mae, Freddie Mac, and Finnie Mae to be bought by the Fed. Coming after a $700 billion bailout plan for Wall Street firms last month, Treasury Secretary Paulson said that this plan is not related to the success of the previous bailout, but a necessary additional step to revive other sectors of the economy. However, a large part of the new program is aimed at ending the current mortgage crisis, which was the main goal of the last bailout. If a whole bunch of money doesn’t fix the problem, just throw more money at it!

• Obama names OMB director, plans another bailout
  Speaking of throwing more money, aides of President-Elect Barack Obama have announced that a new stimulus plan in the range of $500 billion is being worked out and will be passed soon after his inauguration in January. That brings the potential total cost for the bailout to around $2 trillion. Obama also announced Peter Orszag as the next director of of the Office of Management and Budget. Orszag, 39, is currently the director of the Congressional Budget Office and his main task will be to eliminate current government programs that “do not work”. His deputy will be Rob Nabors, who worked in the OMB office during the Clinton administration. Does it seem like this will be Bill Clinton’s 3rd term? Not only will a large part of his staff be back in the White House, but so will his wife. Did the American people not reject another Clinton term when they voted for “change”?

• French Socialists declare winner
  The French Socialist Party has unveiled Martine Aubry as its new leader defeating rival Segolene Royal. Amid a vast rift within the party and a official split, Aubry is the first woman to lead the French Socialists and is best known for being the architect of the 35-hour work week. She takes over from Francois Hollande, Royal’s former partner and the father of her four children. The close election and inner party conflicts have only strengthened Sarkozy’s UMP party. 
  

• NASA urine machine operational
  Extending Endeavour’s mission for an extra day, NASA is proudly reveling in its latest successful mission to the International Space Station that has added an extra toilet, two living quarters, and fixed broken solar panels. Furthermore, NASA has managed to successfully operate a new machine that transforms urine, sweat, and bath water into potable drinkable water. The machine had some issues when first installed but is now deemed fully operational as it is a centre piece for the space station as its crew is being expanded to 6 people from 3 in May 2009. A machine that turns urine into drinking water? Luckily, my dreams of being an astronaut quickly faded when I was young because I wouldn’t want to drink that water!

• Sex-on-the-beach couple spared jail time
  A British couple residing in Dubai who had been sentenced to 3 months in jail for engaging in sex on a public beach have been spared jail-time and will simply have to pay a small fine before being deported back to England. The case has drawn international renown and while not for certain, some believe that was a factor in the decision of the judges who are trying to protect the country’s faltering tourist industry currently affected by the worldwide economic slowdown. 

• Markets, oil soar
  Oil jumped dramatically today as OPEC announced it will once again cut production by more than 1 million barrels per day in order to support the oil market. Furthermore, news that the US government will bailout Citigroup sparked an early Wall Street rally. Funnily enough though, Dana Perino, the White House Press Secretary, said that she is unaware of any negotiations between the Federal government and Citigroup for a potential bailout. More good news out of England and Europe as well as more bargain hunting drove up most indices. Currently: 

  Oil: $54/barrel
  Dow: 8 279 points (+232)
  FTSE100: 4 152 points (+372)
  CAC40: 3 172 points (+290)
  DAX: 4 554 points (+426)
  IBEX: 8 622 points (+648)
  Nikkei: 7 910 points (+207)
  TSX: 8 447 points (+291) 

• Britain to borrow record sums
  Britain’s Finance minister Alistair Darling has told parliament that Britain will need to borrow record sums of money in order to revive is economy. His plan includes a cut in the sales tax, help for small businesses, low earners and households in a package worth around 20 billion pounds. Britain would borrow 118 billion pounds next financial year and the cuts in sales tax will result in an increase in income tax for high earners as well as an increase in payroll tax on employers and workers. This bold move by the Labour party is seen as a key move in establishing economic stability ahead of predict elections in mid 2010. 

• Obama introduces economic team
  Timothy Geithner, 47 and current president of the New York Federal Reserve Bank, will become Treasury secretary under the new Obama administration. Lawrence Summers, 53 and a former Treasure secretary under Bill Clinton, will be the director of the National Economic Council. Also, Christina Romer, current professor at Berkeley University in California, will be the head of his Council of Economic Advisors. Melody Barnes, a former chief counsel on the Senate Judiciary Committee, will head his Domestic Policy Council. This is the team named by President-Elect Barack Obama today that will tackle the current global economic crisis. Lawrence Summers is also seen as a possible replacement for Ben Bernanke, the Federal Reserve Chairman whose term ends in 2010.

• Annan and Carter call for Zimbabwe intervention
  Kofi Annan has called for more involvement from African nations to help Zimbabwe end its current political and economic turmoil. Speaking with former US President Jimmy Carter and human rights campaigner Graca Machel, wife of Nelson Mandela, Annan said that the “SADC should have done more”. After being barred entry into the country only last week, the three who are part of a group called the Elders, met in South Africa to discuss available options. They will also meet with the leader of Zimbabwe opposition party Morgan Tsvangirai.

• SADC sends mission in Congo
  In other African news, the SADC has reported that it has sent a fact-finding mission in Congo after a recent lull in fighting between the rebels and government soldiers. A recent break in the fighting which has resulted in rebel forces withdrawing across territories it took only last month has given the UN a chance to provide much needed humanitarian aid. The UN has added 3 000 additional troops to its already 17 000 strong peace-keeping mission and the SADC has also dispatched a Millitary Monitoring Commission to monitor the border with Burundi, Rwanda, and Uganda. 

• Venezuela election results
  In local elections in Venezuela, President’s Hugo Chavez’s left wing party suffered a small defeat as the multi-party opposition took over some positions of key importance. Chavez’s socialist allies won a clear majority of state races, 17 out of 22 in fact, but the fact some of the party’s support has diminished does not bode well for Chavez who is up for re-election in 2012. 

• WTO agreement soon?
  Following the G20 meeting last week and the recent APEC discussions, there is increased pressure on the WTO to table another ministerial meeting on the Doha round. Encouragement from the G20 and APEC suggesting that an agreement on the long disputed free trade talks would significantly ease economic pressures on struggling countries. WTO Director General Pascal Lamy has not yet proposed a date for the meeting but there is increased speculation that a meeting in mid-December will take place where a deal regarding trade-hampering tariffs and subsidies should be reached. We can only hope. 

• Obama to delay promise?
  Obama aides are already suggesting that the President-Elect will have to delay the proposed roll-back on tax-cuts to high-earning Americans. David Axelrod, a future senior White House adviser, said that all possibilities will be taken into consideration as the President-elect will first focus on stabilizing the current economic crisis before he carries out any campaign promises. I wonder how this will play out with his voters. Only if his strategy works will people see this as a smart move. In other Obama news, the announcement of his economic team is expected tomorrow as Geithner and Summers are both expected to be granted significant roles. 

• Thai “final battle” begins
  Thousands of protesters have gathered in Bangkok to protest against the current government. In what they dub the “final battle” in a 5 month street campaign, the protesters hope to oust current Prime Minister Somchai Wongsawat who they claim is only a puppet for former Prime Minister Thaksin Shinawatra. Police have put over 3 000 riot soldiers on stand-by and have erected barricades and positioned trucks with water cannons around the parliament building. There have been rumours that the social unrest will give way to a military coup if the Prime Minister does not resign voluntarily. 

• Korean tensions mount
  Tensions between North and South Korea have intensified recently as the South has co-sponsored a UN resolution in the General Assembly’s human rights committee criticizing North Korea’s human rights abuses. The North responded by threatening to shut down its border with the South because of Seoul’s antagonistic approach to relations between the two countries. It seems tensions between the two sides will not die down anytime soon as general antipathy exists between the two sides. Further US nuclear talks with North Korea are expected to take place on December 8th. 

• Dalai Lama rules out retirement
  The Dalai Lama has ruled out retirement and reaffirmed his support for his “Middle Way” approach to China. Hospitalized earlier this year, many have raised questions about his continuity as the spiritual leader of Tibet. However, he confirmed he will not relinquish his position and his “Middle Way” approach, a policy that does not mean total independence but a greater autonomy within China. There has been much frustration regarding his approach since there has been no significant progress recently with Chinese officials and the Dalai Lama ordered a review of his own policy. After a 6 day meeting, Tibetan exiles have confirmed this policy is the best option for the country and should be continued to be pursued. 

• GM considering bankruptcy
  Several news sources have stated that General Motors, the largest car manufacturer in North America and one of the largest in the world, is contemplating filing for Chapter 11 Bankruptcy protection. This shocking admission by the Board of Directors of GM is a shocking reality check for everyone doubting the seriousness of this current financial crisis. Personally, I do not see how they will go through with it unless they will have some promises by the government and a clear plan of action once the filing is complete. Only time will tell. 

• Obama adds more names
  President-Elect Obama has announced more names that will make up his White House staff when January rolls around. Robert Gibbs, who served as a spokesperson for his campaign was announced as press secretary and Ellen Moran, current director of women’s organization Emily’s List will be the Communications director. Dan Pfeiffer, current head of the transition communication office will serve as her deputy. More cabinet names are expected to follow this weekend with the main economic advisers also expected to be announced soon. 

• Palinmania all around
  Sarah Palin is the new darling of the US media it seems. Her spokesman, Bill McAllister has said that she is considering over 800 requests for appearances form December through 2009 with 75% of them coming out of state. He also said that there are book deals, movie deals, and requests to appear on popular television shows. Big names who want Palin include Barbara Walters, Letterman, Leno, Daily Show and even Oprah. It seems everyone wants a piece of Sarah Palin as she also has invitations for appearances in 20 foreign countries. Well, at least if she runs for office in 2012 she can’t play the celebrity card on Obama anymore. 

• Annan and Carter banned from Zimbabwe
  Former UN Secretary General Kofi Annan and former US President Jimmy Carter have been denied a visa to enter Zimbabwe on a humanitarian mission. Both had hoped to travel to the country to assess the humanitarian situation and to help provide solutions to the country’s current dire economic, social, and political turmoil. Zimbabwe has denied it rejected visas for the the two saying it has simply asked them to come back at another “mutually agreed” time. 

• APEC leaders to take action
  The Asia-Pacific Economic Cooperation forum, APEC, has met in Lima, Peru today with leaders from the US, China, Canada, Japan and 17 other countries promising swift actions to tackle the current global economic crisis. The 21 nations agreed not to raise trade barriers and encourage free trade and higher government spending in an effort to ease economic hardship. Furthermore, the countries pledged to push a revival of stalled global trade talks regarding farming and manufactured goods. Similar to last weekend’s G20 meeting, a lot of talk and promises. Will action follow?

After a longer than expected hiatus, the Daily Verdict is back! Here is the latest:

• Financial apocalypse ahead?
  After a horrific last few days where all national indices have taken a massive beating reaching stunning new lows, it seems we are on the brink of a financial apocalypse! However, today things slowed down slightly. Currently:   

  Oil – $49/barrel
  Dow Jones – 7 666 points (+113)
  FTSE100 – 3 780 points (- 94)
  CAC40 – 2 881 points (-99)
  DAX – 4 127 points (-92)
  IBEX – 7 974 points (-14)
  Nikkei – 7 910 points (+207)
  TSX – 7 788 points (+63)

  This comes following news that Citi financial is in a swift downward spiral, no bailout decision for the Big 3, and even more global forecasts of a long recession. Apocalypse or just a dark, long, and gloomy period? Let’s hope for the latter!

• Obama progresses with Cabinet nominations
  Obama’s cabinet nominations seem to be progressing swiftly with Clinton seeming almost a certainty for the country’s top diplomat as Secretary of State. After Eric Holder for Attorney General, Arizona Governor Janet Napolitano seems to be the front runner for Homeland Security. Current Defense Secretary Robert Gates looks to be a hold-over and Tom Daschle seems a certainty for Secretary of Health and Human Services. Most of these nominations are Clinton alumni which has caused a stir among Republicans questioning Obama’s promise of change. Many are hailing his appointments as good decisions but nothing is certain until these people are seen in action. 

• EU opens massive online library
  The EU has launched an online library, the Europeana, offering people across the world access to material from all 27 member nations. Some have dubbed it a 21st century version of the Alexandria library as users will have access to books, manuscripts, sound recordings, newspapers, and other materials from the EU. The objective is to have 10 million digitized items in 23 different languages by 2010 in an increased effort to highlight the cultural heritages of the European Union. The library had over 10 million hits an hour right after it opened and has since crashed but will be back online soon. Here is a link to Europeana. 

• Glaciers on Mars
  NASA reports that is has discovered massive glaciers on the surface of Mars. One of the glaciers is reported to be 3 times the size of Los Angeles. This significant discovery begs the question whether there is/was life on the planet. The scientists will now try to answer how the ice got there and what they can learn from it. Well, a few months ago there was much excitement about the only a few small patches of ice so you can only imagine what this discovery will mean to the scientific community. 

• Internet socializing is GOOD for teens
  Ha! Tell that to your parents next time they bug you about spending too much time on Facebook or Myspace! A new 3.3 million dollar study by the MacArthur Foundation in the US has found that teenagers who spend time on social networking websites actually develop new useful skills that will help them as adults. “It might surprise parents to learn that it is not a waste of time for their teens to hang out online” states Mizuko Ito, lead researcher on the project. Once again, Ha!

• Wall Street rallies, other indices follow
  Bargain hunters drove Wall Street to perform what can be best described as a revival after a huge end of the day rally resulted in the Dow closing a massive 552 points above its opening mark. It is not at 8 835. The FTSE100 didn’t follow suit and dropped a respectable 12 points, holding at 4 169 points. Most major European indices also reported slight gains, all under 100 points. However, Asian stocks took a steep climb upward as the Nikkei is currently at 8 589 points. Oil rose only slightly, back up to $50/barrel. 

• One Million could Obama’s inauguration
  Many Washington officials suspect that well over 1 million people will attend President Obama’s inauguration in January. They have begun hammering out the security arrangements already as many people are still desperate for overnight accommodation in the city. Demand for the event is unprecedented. If I was on the same continent as Obama on January 20th, I would’ve gone to see the event as well! In other Obama news, NBC reports that he is considering, wait for it, Hilary Clinton as his Secretary of State. Peace offering?

• US calls Russia’s bluff
  Robert Gates, the current US Defense Secretary has announced that his country will not give in to Russian demands of withdrawing from the proposed missile shield plan in Europe. Russia’s Medvedev has said his country is willing to discuss withdrawing missiles from near Poland’s border if the States is willing to give up the missile shield. Rising adversarial conflicts between the two nations have been much more frequent recently. Are we on the brink of Cold War II?

• Iranian diplomat kidnapped in Pakistan
  A new controversy has arisen in Pakistan, where an Iranian diplomat has been kidnapped. Nobody has claimed responsibility for the kidnapping yet but many officials believe the Taliban are behind it. Yesterday, a US aid worked was shot dead in the same city, Peshawar. Rising tensions in the country following dire economic problems and a rocky transition of government have caused many concerns form foreign nations over the political stability of the country. It appears the diplomat, Heshmatollah Attarzadeh Niyaki, was targeted as his guard was shot and killed during the kidnapping. 

• Japan offers $100 billion to IMF
  Japan is coming to the rescue of the IMF it seems. The Prime Minister of the country, Taro Aso, has put an offer of a $100 billion loan to the IMF for it to help out other struggling economies throughout the world. It seems that the Premier believes his country is in a safe enough economic position, with over %1 trillion in foreign currency reserves, to make such an offer. Impressive. 

• Other planets within our sights
  We may not be colonizing planets anytime soon but at least we can look at them closely now. Drastic improvements in observational technology and techniques have resulted in the first pictures ever of other planets circling around other stars. While these pictures may look like nothing out of the ordinary to regular observers, astronomers are dancing with glee following this latest milestone; many believe this is just the beginning of many other more detailed pictures to follow in a few very short years. Anyone bold enough to 

• Anything goes Down Under
  This global economic crisis is leading businesses all over the world to go to extreme measures to stay alive. Take this: an Australian resort will host a month-long nude “anything goes” party! Yes, you read that right! Religious leaders are fuming about this and questioning the morals of possible attendants. However, increasing fuel prices have had a harsh impact on Australian tourism, making resort owners try different methods of attracting customers. This seems to have worked as the owner of the resort says it is almost fully booked for the month long party already! 

Random: A Russian church has been stolen, missing since July. If you see it around, please contact Russian authorities.

• Markets take another fall
  International stock markets took another dive today with across the board losses. Intel announced a cut to its 4th quarter revenue forecast by 14%, sending a lot of tech stocks for a plunge. The Dow closed down 411 points while the FTSE100 was down only 64 points. The CAC40 was down 102 points, DAX 140 points, and the IBEX 265 points. The Nikkei was also battered, down another 410 points. Oil also dropped again reaching even $54/barrel. Are things going to get much worse before they get better?

• Israel within Iran’s reach
  Iran claims it has tested a new surface-to-surface missile whose range makes it possible for the missile to reach most US bases in the Gulf and even Israel. Iranian Defence Minister Mostafa Mohammad Najjar said that the new missiles are part of his country’s deterrent doctrine and will be used only as a defensive measures. This comes after months of tensions between Iran and western nations over its nuclear program. A show of strength on behalf of the Islamic nation is a clear sign to the world that it will not back down in the face of threats. 

• Darfur truce
  President Omar Hassan al-Bashir of Sudan announced has declared a ceasefire in Darfur. The announcement was quickly rebuffed by one of the rebel groups who vowed to continue fighting. Al-Bashir, who faces a possible indictment for war crimes in Darfur by the International Criminal Court, pledged to launch a disarming campaign to ensure the violence stops. Since 2003, recent estimates suggest that 2.5 million people have been displaced and over 200 000 people killed but other estimates put that number much higher. The UN Secretary General Ban ki-Moon lauded the ceasefire as a step in the right direction but it is not up to the parties to implement the agreement. 

• Zimbabwe progress?
  The Zimbabwe ruling party has asked President Mugabe to continue with the formation of an inclusive government with immediate effect. A member of the ruling party also mentioned that Tsvangirai’s opposition party will also be invited to submit nominations for a power-sharing government proposed by the SADC. This does seem to signal an end to the political stalemate but any true progress will not be made until the government resumes all its duties without any political problems or squabbling between the two parties. 

• EA to debut Fit rival
  Electronic Arts has unveiled a rival to the Fit game for the Wii. Called “EA Active”, the game is exclusively available for the Wii and will cost only $60. Known more for its big titles like Madden and Fifa, EA is looking to capitalize on the success of Fit and tap into an emerging market where video games serve just as useful as the going to the gym, but at a lower cost. Diverse game titles such as “Allen Carr’s Easyway to Stop Smoking” are becoming more and more popular as video games are turning into more than simple entertainment. 

• Microsoft copies Facebook
  Microsoft will update its online social network, Windows Live with features made popular by Facebook. Adding “friends” and seeing what their current activities as well as email notifications are among the new changes coming to Live. It will also partner with many other websites such as Flickr, Twitter, Photobucket, and many more in an effort to make it very interactive and inclusive. One noticeable absence from that list is Facebook, in which Microsoft has bought a $240 million stake. There is confirmations that there have been discussions with Facebook but they are not a partner yet. No wonder! With these changes, Windows Live just became direct competition!

• Markets dip
  Global markets took a tumble today as gloomy news from worldwide economies emerged. Foreign car sales dipped in Russia, GM suffered its lowest share price in 65 years, and the World Bank slashed growth forecasts. The Dow closed down 176 points, FTSE100 down 157 points, the CAC40 down 169 points and the DAX down 263 points. The IBEX also tumbled a whopping 381 points as did the Nikkei, dropping over 200 points. Oil also dropped and hit $55/barrel as demand estimates of demand dipped. 

• Obama tugged in all directions
  President-Elect Barack Obama’s attention is being pulled in many directions as he prepares to be sworn in to duty as president in January. Transition rumours about potential friction with between the Bush camp and the Obama camp were thrown around the media, as were requests from the UN Secretary General to ensure that Mideast peace is first on agenda. There were also stories that reported a new strategy in Afghanistan is being looked at as well as speculation about how he will shut down Guantanamo due to many legal issues. He wanted the job and boy does he have a lot to do. 

• Putin comeback?
  As Russia’s current president followed up on his promise from last week and proposed to the his Parliament a draft of legislation extending the presidential term to 6 years, there were many suggestions by opposition parties that when the law will pass, as it is expected to do so with Medvedev’s party in full control of the Duma, new elections will be called and Vladimir Putin will once again run for the presidency. This comes as a shocking development that is very troubling to many world leaders. However, little can be done as Russian constitutional law does not prohibit a former president from seeking re-election after his two-term limit if it is done after a “period” of time. Not only would this event undermine everything democratic, but it will serve as a worrisome eye-opener for other nations, particularly the United States. 

• Former Taiwan president arrested
  Former Taiwanese president Chen Shui-bian has been detained and charged with money laundering and illegally using a presidential fund. Chen, a supporter of Taiwanese independence, claims he is being prosecuted by the current administration as a sign of good faith toward Beijing. Corruption charges are not new in the Chen household with his son-in-law having been previously convicted  in 2006 of insider trading and sentenced to 7 years in jail.  

• Looting and rapes in Congo
  Reports of mass rapes and looting in Congo have surfaced after a fresh round of fighting between rebel forces and government soldiers. The UN Children’ Fund announced that 29 tons of emergency aid had arrived in Goma and more are expected. However, the UN claims that over 100 000 people have been cut off from relief workers due to the fighting. The UN is still debating a resolution to send an additional 3 000 troops to the region. 
   
• Google adds video to Gmail
  Skype has new competition. Google announced today that it will outfit Gmail with video and audio capabilities. With Yahoo and Microsoft Messengers as well as eBay’s Skype having separate video and audio capabilities, Google will incorporate these features in its free e-mail service directly. Gmail currently has 113 million users, falling behind Microsoft and Yahoo, each with 283 and 274 million users respectively.