News ArticlesExcerpts of Key News Articles in Major Media
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Micro-asset financing is a relatively recent innovation in micro-finance - which is best known for small loans issued to people trying to escape poverty by starting a business - and is an example of how the field has explored different loan models. Kiva, celebrating its fifth anniversary on [October 13], took that experimentation to a new level in 2005 when it coupled the Internet and large numbers of individual lenders with needy borrowers. Using a Web portal, Kiva facilitates loans from individuals who can log onto its site and read borrowers' stories. Kiva partners with lending organizations in developing countries, which take the no-interest loans from Kiva and distribute them locally. Kiva lenders are paid back if the borrower succeeds, but do not earn interest. In recent years, with the help of Kiva, micro-finance as an anti-poverty tool has quickly grown in popularity. Economist Muhammad Yunus and his Grameen Bank in Bangladesh are credited with pioneering the micro-finance movement in the mid-1970s by lending small amounts of money to basket weavers. He won the Nobel Peace Prize in 2006 for his efforts. But the concept received much broader exposure in the United States after Kiva came along. Described by some as "the Internet generation's answer to charity," Kiva became the philanthropy du jour for a time, and in the United States, was endorsed by celebrities and academics alike.
Note: For our excellent essay on building a better world through microlending, please visit this link.
A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos as Bank of America [today] became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states. The move ... adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers, without verifying the information in them. Bank of America Corp., the nation’s largest bank, said [its decision] applies to homes that the bank takes back itself and those that it transfers to investors such as mortgage giants Fannie Mae and Freddie Mac. The bank did so in reaction to mounting pressure from public officials inquiring about the accuracy of foreclosure documents. A document obtained last week by The Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically didn’t read them. The official, Renee Hertzler, said in a February deposition that she signed up to 8,000 such documents a month.
Note: For any who might be facing home foreclosure, don't miss the CNN News clip with important advice from a courageous congresswoman available here. For many key reports from reliable sources on the corrupt practices of major banks, click here.
The Bill and Melinda Gates Foundation ... is being heavily criticised in Africa and the US for getting into bed not just with notorious GM company Monsanto, but also with agribusiness commodity giant Cargill. Trouble began when a US financial website published the foundation's annual investment portfolio, which showed it had bought 500,000 Monsanto shares worth around $23m. Seattle-based Agra Watch - a project of the Community Alliance for Global Justice - was outraged. "Monsanto has a history of blatant disregard for the interests and well being of small farmers around the world… [This] casts serious doubt on the foundation's heavy funding of agricultural development in Africa," it [said]. South Africa-based watchdog the African Centre for Biosafety then found that the foundation was teaming up with Cargill in a $10m project to "develop the soya value chain" in Mozambique and elsewhere. Who knows what this corporate-speak really means, but in all probability it heralds the big time introduction of GM soya in southern Africa. The fact is that Cargill is a faceless agri-giant that controls most of the world's food commodities and Monsanto has been blundering around poor Asian countries for a decade giving itself and the US a lousy name for corporate bullying. Does the foundation actually share their corporate vision of farming and intend to work with them more in future?
Note: To read how WantToKnow.info manager Fred Burks was blacklisted by Monsanto for reporting on its blatant disregard of the dangers of genetically modified foods, click here.
When Chief Albert Luthuli made a call for the international community to support a boycott of apartheid South Africa in 1958, the response was a widespread and dedicated movement that played a significant role in ending apartheid. One significant move was the resolution taken by 150 Irish academics not to accept academic posts or appointments in apartheid South Africa. Almost four decades later, the campaign for boycott, divestment and sanctions is gaining ground again in South Africa, this time against Israeli apartheid. Earlier this month, more than 100 academics across South Africa, from over 13 universities, pledged their support to a University of Johannesburg initiative for ending collaboration with the Israeli occupation. The campaign has since grown to include up to 200 supporters. The nationwide academic petition calling for the termination of an agreement between the University of Johannesburg and the Israeli Ben-Gurion University of the Negev has attracted widespread attention. With the recent endorsement of some of the leading voices in South Africa ... the statement confirms the strength of the boycott call in South Africa. Israeli universities are not being targeted for boycott because of their ethnic or religious identity, but because of their complicity in the Israeli system of apartheid. As the academics who have supported the call clearly articulate in their statement, Ben-Gurion University maintains material links to the military occupation.
A new photonic chip that works on light rather than electricity has been built by an international research team, paving the way for the production of ultra-fast quantum computers with capabilities far beyond today’s devices. Future quantum computers will, for example, be able to pull important information out of the biggest databases almost instantaneously. As the amount of electronic data stored worldwide grows exponentially, the technology will make it easier for people to search with precision for what they want. Jeremy O’Brien, director of the UK’s Centre for Quantum Photonics, who led the project, said many people in the field had believed a functional quantum computer would not be a reality for at least 25 years. “However, we can say with real confidence that, using our new technique, a quantum computer could, within five years, be performing calculations that are outside the capabilities of conventional computers,” he told the British Science Festival, as he presented the research. The immense promise of quantum computing has led governments and companies worldwide to invest hundreds of millions of dollars in the field. Big spenders, including the US defence and intelligence agencies concerned with the national security issues, and governments ... see quantum electronics as the foundation for IT industries in the mid-21st century.
The number of chronically hungry people in the world dipped considerably below the 1 billion mark - the first drop in 15 years - thanks partly to a fall in food prices after spikes that sparked rioting a few years ago, U.N. agencies said [on September 14]. Still, an estimated 925 million people are undernourished worldwide, and the latest figures don't reflect the repercussions from the massive flooding in Pakistan. The Rome-based Food and Agriculture Organization's report suggested some progress in the battle to end hunger, but stressed the world is far from achieving the U.N. promoted Millennium Development Goal of halving the proportion of undernourished people from 20 percent in 1990-92 to 10 percent in 2015. The report estimated there are 98 million fewer chronically hungry people than in 2009, when the figure just topped 1 billion. The drop in the chronically hungry is partly because ... cereal and rice harvests have been strong. Cereal production this year was the third-highest ever recorded, despite a drought-fueled wheat shortfall in Russia, said FAO director-general Jacques Diouf. Also heartening, Diouf noted, is that cereal stocks are high - some 100 million tons more than the low levels of 2007-2008, when some 38 countries shut down their food export markets in reaction.
If the workplace review site Glassdoor is to companies what Yelp is to restaurants, then Hewlett-Packard Co. employees gave former chief executive Mark Hurd only two stars, but remain hopeful of a four- or five-star successor. In the past, those kinds of inside insights into employee morale at any corporation could be locked away behind closed doors. But in the open world of the Web, sites like Glassdoor have moved those sentiments into the open market, giving voice to rank-and-file workers in a way that no company suggestion box ever could. "In a world with Glassdoor and Facebook and Twitter and LinkedIn, there's a tsunami of transparency washing over the employment space," Glassdoor Inc. CEO Robert Hohman said. The Sausalito company lets any employee post reviews about the overall workplace environment, both the pros and the cons of working there and "advice for senior management." The reviews are posted anonymously, to encourage openness without fear of retribution. In the two years since its launch, the site has grown from having reviews for about 3,000 companies to now having about 90,000 companies, including Bay Area giants like Chevron Corp., Intel Corp., Oracle Corp., Wells Fargo & Co., Facebook Inc. and, of course, HP.
Note: The transparency offered by the Internet is making a big difference.
While the world was focused on the oil spill in the Gulf of Mexico, a BP refinery [in Texas City, Texas] released huge amounts of toxic chemicals into the air that went unnoticed by residents until many saw their children come down with respiratory problems. For 40 days after a piece of equipment critical to the refinery’s operation broke down, a total of 538,000 pounds of toxic chemicals, including the carcinogen benzene, poured out of the refinery. Rather than taking the costly step of shutting down the refinery to make repairs, the engineers at the plant diverted gases to a smokestack and tried to burn them off, but hundreds of thousands of pounds still escaped into the air, according to state environmental officials. Neither the state nor the oil company informed neighbors or local officials about the pollutants until two weeks after the release ended, and angry residents of Texas City have signed up in droves to join a $10 billion class-action lawsuit against BP. The state attorney general, Greg Abbott, has also sued the company, seeking fines of about $600,000. Scores of Texas City residents said they experienced respiratory problems this spring, and environmentalists said the release of toxic gases ranked as one of the largest in the state’s history. Neil Carman of the Lone Star Sierra Club said the release was probably even larger than BP had acknowledged.
Note: For lots more from reliable sources on government and corporate corruption, click here and here.
A device designed to control unruly inmates by blasting them with a beam of intense energy that causes a burning sensation is drawing heat from civil rights groups who fear it could cause serious injury and is "tantamount to torture." The mechanism, known as an "Assault Intervention Device," is a stripped-down version of a military gadget that sends highly focused beams of energy at people and makes them feel as though they are burning. The Los Angeles County sheriff's department plans to install the device by Labor Day, making it the first time in the world the technology has been deployed in such a capacity. The American Civil Liberties Union of Southern California criticized Sheriff Lee Baca's decision ..., saying that the technology amounts to a ray gun at a county jail. The ACLU said the weapon was "tantamount to torture," noting that early military versions resulted in five airmen suffering lasting burns. It requested a meeting with Baca, who declined the invitation. [ACLU attorney Peter Eliasberg noted that] the sheriff was creating a dangerous environment with "a weapon that can cause serious injury, that is being put into a place where there is a long history of abuse of prisoners. That is a toxic combination."
Note: For revealing and reliable reports on so-called "non-lethal" weapons used by police and military, click here.
Scientists on [August 19] reported results from the first detailed study of a giant plume of oily water near the blown-out BP well — stating that it measured at least 22 miles long, more than a mile wide and 650 feet tall. While other scientists earlier found evidence of plumes in the area, the new data is the first peer-reviewed study about oil lurking in the water, in this case at some 3,000 feet below the surface. It's also the first to offer some details about the size and characteristics of a plume not only vast in size but which remained stable and intact during a 10-day survey last June. Moreover, the study adds to the controversy over how much oil is still in the Gulf ecosystem from the spill. The U.S. government earlier this month estimated that 75 percent of the oil that spewed from the Macondo well had been skimmed, burned or broken up by chemical dispersants and natural microbes in the water. The plume ... shows the oil "is persisting for longer periods than we would have expected," lead researcher Rich Camilli said in a statement issued with the study. "Many people speculated that subsurface oil droplets were being easily biodegraded. Well, we didn’t find that. We found it was still there."
Note: Yet another major media report states an oil eating microbe has made this plume "undetectable." Is this true, or could it be just pro-oil company propaganda?
With more and more ways to take pictures or images, police departments are lobbying state legislatures to pass laws which in effect allow them to operate without public oversight. "It's not right," said Colorado Attorney General, John Suthers. "We think that allows police agencies, who are public employees, working for tax payers, to operate outside the First Amendment." Defense attorneys also claim the laws give the impression police are above the law. Police work is done in public and if they are being photographed in public that gives the public the ability to judge their work (unlike people in the private sector). Many say that getting prosecuted for taking pictures of police is the [purpose] of police and official intimidation, and when people are ordered to stop taking pictures of police, few want to test the veracity of those threats; most will comply. Those who don't will be arrested, but attorneys say it makes little sense to say the government can take our pictures without letting us take pictures of them. One attorney said, "At last check, they work for us, we don't work for them."
Note: For key reports from reliable souces on increasing government threats to civil liberties, click here.
Recalls of prescription and over the counter drugs are surging, raising questions about the quality of drug manufacturing in the United States. The Food and Drug Administration reported more than 1,742 recalls last year, skyrocketing from 426 in 2008, according to the Gold Sheet, a trade publication on drug quality that analyzes FDA data. One company, drug repackager Advantage Dose, accounted for more than 1,000 of those recalls. Even excluding Advantage Dose, which has shut down, recalls jumped 50% last year. "We've seen a trend where the last four years are among the top five for the most number of drug recalls since we began tallying recalls in 1988," said Bowman Cox, managing editor of the Gold Sheet. "That's a meaningful development." The fast pace of drug recalls seems to be continuing in 2010. Drug recalls totaled 296 from January through June of this year, said Cox. "If we continue at this same rate, we could get 600 or more recalls by the end of the year," he said. "That's still a very high rate of recalls." High-profile recalls of Tylenol and other products by McNeil Consumer Healthcare, a unit of Johnson & Johnson, have drawn attention to quality concerns in manufacturing. The spike in recalls, especially of generic and over-the-counter drugs, is being driven by manufacturing lapses, experts say. Some of the biggest culprits: the quality of raw materials, faulty labeling and packaging and contamination.
Note: For lots more on corporate corruption from major media sources, click here.
Occasionally, a large solar storm can rain energy down on the earth, overpowering electrical grids. About once a century, a giant pulse can knock out worldwide power systems for months or even years. It’s been 90 years since the last super storm, but scientists say we are on the verge of another period of high solar activity. Significant storms have hit earth several times over the last 150 years, most notably in 1859 and 1921. Those occurred before the development of the modern power grid; recovering from a storm that size today would cost up to $2 trillion a year for several years. Storms don’t have to be big to do damage. [A] storm in 2003 caused a blackout in Sweden and fried 14 high-voltage transformers in South Africa. The storm was relatively weak, but by damaging transformers it put parts of the country off-line for months. That’s because high-voltage transformers ... are the most sensitive part of a grid; a strong electromagnetic pulse can easily fuse their copper wiring, damaging them beyond repair. Even worse, transformers are hard to replace. They weigh up to 100 tons, so they can’t be easily moved from the factories in Europe and Asia where most of them are made; right now, there’s already a three-year waiting list for new ones.
Note: The 1859 solar storm knocked out sturdy telegraph machines. An equivalent storm today could do unbelievable damage and conceivalby knock out the Internet for a time. For more on the 1859 storm and its implications, click here. and here.
In roughly a dozen countries — from the deserts of North Africa, to the mountains of Pakistan, to former Soviet republics crippled by ethnic and religious strife — the United States has significantly increased military and intelligence operations, ... using robotic drones and commando teams, paying contractors to spy and training local operatives. The White House has intensified the Central Intelligence Agency’s drone missile campaign in Pakistan, approved raids ... in Somalia and launched clandestine operations from Kenya. The administration has worked with European allies ... in North Africa, efforts that include a recent French strike in Algeria. And the Pentagon tapped a network of private contractors to gather intelligence ... in Pakistan. While the stealth war began in the Bush administration, it has expanded under President Obama, who rose to prominence in part for his early opposition to the invasion of Iraq. Virtually none of the newly aggressive steps undertaken by the United States government have been publicly acknowledged. In contrast with the troop buildup in Afghanistan, which came after months of robust debate, for example, the American military campaign in Yemen began without notice in December and has never been officially confirmed.
Note: For many revealing reports on the secret operations of the US military and intelligence services in its "global war on terrorism", click here.
The growing use by the police of new technologies that make surveillance far easier and cheaper to conduct is raising difficult questions about the scope of constitutional privacy rights. The issue is whether the Fourth Amendment’s protection against unreasonable searches covers a device that records a suspect’s movements for weeks or months without any need for an officer to trail him. The GPS tracking dispute coincides with a burst of other technological tools that expand police monitoring abilities — including ... the widely discussed prospect of linking face-recognition computer programs to the proliferating number of surveillance cameras. Some legal scholars ... have called for a fundamental rethinking of how to apply Fourth Amendment privacy rights in the 21st century. Traditionally, courts have held that the Fourth Amendment does not cover the trailing of a suspect because people have no expectation of privacy for actions exposed to public view. On [August 12], five judges on the San Francisco appeals court dissented from a decision not to re-hear a ruling upholding the warrantless use of GPS trackers. Chief Judge Alex Kozinski characterized the tactic as “creepy and un-American” and contended that its capabilities handed “the government the power to track the movements of every one of us, every day of our lives.”
Note: For lots more on threats to civil liberties and privacy, click here and here.
The Navy plans to increase ocean warfare exercises, conduct more sonar tests and expand coastal training areas by hundreds of square miles — activities that could harass, injure or disturb the habitats of hundreds of thousands of marine mammals, federal records show. The Navy is seeking federal permits to broaden an existing range off the Pacific Northwest and dramatically expand exercises and sonar use in the Gulf of Alaska. The Navy's plans have ignited a debate with environmental groups that say the service underestimates the long-term impact of its activities and fails to restrict training sufficiently in marine sanctuaries and other areas where it is likely to affect sensitive species. The plans to expand training off the Pacific Northwest, where the service's exercise areas reach into the Olympic Coast National Marine Sanctuary, have drawn about 3,500 public comments, most in opposition. Critics of the Navy's plans point to its use of new sonar systems that can disrupt marine mammals' brain function and behavior, noting that even brief disorientation or other "temporary" effects can have serious consequences, such as changes in reproductive activity. Among the most serious concerns is the potential for whales to strand themselves on beaches: Since 2000, there have been at least four instances in which mass strandings of whales have been associated with the Navy's sonar use, federal records show.
Note: For many reports on the wonderful abilities of and the terrible threats to marine mammals, click here.
It is just a technical matter, the Obama administration says: We just need to make a slight change in a law to make clear that we have the right to see the names of anyone’s e-mail correspondents and their Web browsing history without the messy complication of asking a judge for permission. It is far more than a technical change. The administration’s request, reported [on July 29] in The Washington Post, is an unnecessary and disappointing step backward toward more intrusive surveillance from a president who promised something very different during the 2008 campaign. To get this information, the F.B.I. simply has to ask for it in the form of a national security letter, which is an administrative request that does not require a judge’s signature. The F.B.I. used these letters hundreds of thousands of times to demand records of phone calls and other communications, and the Pentagon used them to get records from banks and consumer credit agencies. Internal investigations of both agencies found widespread misuse of the power, and little oversight into how it was wielded. President Obama campaigned for office on an explicit promise to rein in these abuses. But instead of implementing reasonable civil liberties protections, like taking requests for e-mail surveillance before a judge, the administration is proposing changes to the law that would allow huge numbers of new electronic communications to be examined with no judicial oversight.
Note: For key reports on the growing government and corporate threats to privacy, click here.
Our biggest gadget makers — including HP and Apple — may inadvertently get their raw ingredients from murderous Congolese militias. A new movement wants them to trace rare metals from ‘conflict mines.’ [It] stands on the cusp of going mainstream. It’s the push to make major electronics companies (manufacturers of cell phones, laptops, portable music players, and cameras) disclose whether they use “conflict minerals”—the rare metals that finance civil wars and militia atrocities, most notably in Congo. Congo raises especially disturbing issues for famous tech brand names that fancy themselves responsible corporate citizens. Congo is a classic victim of the resource curse. Its bountiful deposits—in everything from copper to diamonds—are brazenly plundered by corrupt governments and regional warlords while the population goes without basic services. Today, most violence—including mass rape, slavery, mutilation, and possibly even forced cannibalism—is concentrated in the war-ravaged eastern Kivu provinces, where the Congolese Army and ethnic militias bludgeon each other over the right to trade in mineral ore.
Six months after a devastating earthquake struck Haiti, most governments that promised money to help rebuild the country have not delivered any funds at all. Donors promised $5.3 billion at an aid conference in March, about two months after the earthquake -- but less than 2 percent of that money has been handed over so far to the United Nations-backed body set up to handle it. Only four countries have paid anything at all: Brazil, Norway, Estonia and Australia. The United States pledged $1.15 billion. It has paid nothing, with the money tied up in the congressional appropriations process. Venezuela promised even more -- $1.32 billion. It has also paid nothing, although it has written off some of Haiti's debt. Altogether, about $506 million has been disbursed to Haiti since the donors' conference in March, said Jehane Sedky of the U.N. Development Program. That's about 9 percent of the money that was pledged. But about $200 million was money that had been in the pipeline for aid work before the earthquake, and about another $200 million went directly to the government of Haiti to help it get back on its feet, Sedky explained. That has left the commission with about $90 million in donations since the conference, Sedky said.
Bank of America Corp. admitted to making six transactions that incorrectly hid from view billions of dollars of debt. The disclosure, made in a letter to the Securities and Exchange Commission, comes as the agency prepares to unveil the results of an inquiry into banks' accounting for borrowing deals known as repurchase agreements, or "repos." BofA's letter was sent in April in response to the inquiry, but this is the first time the details of the six trades in question have been disclosed. The bank had acknowledged in its last quarterly report that its accounting for the transactions, made at the ends of quarters from 2007 to 2009, was incorrect. The bank's disclosure also suggests the trades may be an example of end-of-quarter "window dressing" on Wall Street, in which banks temporarily shed debt just before reporting their finances to the public. The practice ... suggests the banks are carrying more risk most of the time than their investors or customers can easily see, and then juggling it during quarter-end reporting of financials.
Note: For key reports on many deceptive strategies used by banks and other Wall Street corporations, click here.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.