Friday, July 30th, 2010

Daily Verdict: October 29th, 2008

Markets rise, US and China cut rates
Oil rose to $66/barrel and most international markets had a good day. The Dow closed down only 70 points, but the FTSE100 was up 316 points, the CAC up 287 points, IBEX up a whopping 744 points and the Nikkei up 289 points. The DAX dropped slightly by 14 points but the TSX rose almost 350 points, closing over 9 500 points. This followed the announcement that the US and Chinese central banks cut their lending interest rate with more cuts expected to follow from other countries, furthering a global effort to help financial institutions weather the current crisis.

Obama pays $5 million for ad, gains in electoral map
It is estimated that Barack Obama will fork out nearly $5 million for a 30-minute for a primetime spot on major American broadcasting agencies to help him deliver his “closing argument”. The 30-minute piece, labeled by many as an infomercial or a very expensive ad, will air on CBs, NBC, Msnbc, Fox, etc with CNN and ABC choosing not to air it. This is viewed by many analysts as a brilliant political move by Obama to ensure he stays in the news-cycle and reaches many independent voters still looking for a reason to cast their ballot for him. CNN also reported that Obama’s lead in many swing-states has increased, further increasing his lead in electoral votes. History is only a few days away.

Earthquake kills 170 in Pakistan
170 have been reported dead and over 15 000 left homeless after a strong earthquake of 6.2 on the Richter scale hit a southwestern region of Pakistan. Relief efforts were underway but the death toll is expected to climb within the coming days. Adding to the economic crisis the country is in, the earthquake has left many people without homes with the government is asking for international aid and relief to help manage the humanitarian consequences.

US closes embassy in Syria
Amid anti-US protests and security threats, the United States has decided to close down its embassy in Syria, according to CNN. Following last week’s incursion in Syrian territory following a terrorist raid, Syria has filed a protest with the UN. It has also fueled anti-American sentiments within the country prompting protests, demonstrations and even direct threats to American institutions within the country. Crossing international borders without permission in the aggressive manner the US has done throughout the Bush presidency is one of the many reasons the US is not popular on the international stage.

UN urges peace in Congo conflict
As rebel leaders in Goma, a region of Congo, declared a temporary ceasefire, UN’s Secretary General Ban Ki-moon has called for an end to the crisis, stating that it was creating a “humanitarian catastrophe”. France, who holds the EU rotating presidency, has pledged 1 500 troops within 10 days in Europe’s name. Other countries within the EU have also stepped up and said they will try to help put an end to the conflict but have stopped short of offering troop support. The UN is attempting to ensure history will not repeat itself by playing a more active role compared to the Rwandan crisis from 1994.

Office 14 to include internet applications
The new edition of Microsoft’s Office suite, aptly named Office 14 rumoured to be out sometime next year, will include many web-features, and possible a web-based version of the entire suite. This follows the success of other web-based applications introduced by Google and will further entice the competition between these two tech giants.