Netta wins Eurovision Song Contest for Israel

Tuesday, May 15, 2018

On Saturday, Israel won its fourth victory, first since 1998, at the Eurovision Song Contest, held at Lisbon’s Altice Arena in Portugal. Netta Barzilai’s song Toy won 529 points from public and professional judges. Cyprus and Austria finished second and third respectively with 436 and 342 points.

Out of 43 countries participating this time, 26 countries including hosts Portugal and the Big Five — France, Germany, Italy, Spain and the United Kingdom — competed in the finals. The competition began on May 8. Spain and United Kingdom finished in the bottom five while the hosts and last year’s winners, Portugal, ended up at the bottom of the vote ranking; collecting respectively 61, 48, and 39 points.

Israel won the first semi-final round with 283 points. The 25-year-old Netta won the HaKokhav HaBa competition earlier this year to represent the country in this contest. Netta performed Toy, written by Doron Medalie and Stav Beger, with a Chicken Dance and chicken noises. With a lot of scat singing involved, the song lyrics included, “I’m not your toy; you stupid boy”. Her performance included 112 Maneki-nekos, Japanese beckoning cats used as lucky charms, which were placed in two shelves.

Apart from the Japanese Maneki-neko dolls, Netta wore a kimono; a Japanese dress, styled her hair in two buns as well as referenced Pokémon, a Japanese anime and video game, in her song, which led to some people including Portuguese writer Joana Ramiro to point out cultural appropriations in her performance. “Can I, however, ask if anyone here has already commented on the quite shocking Japanese cultural bastardisation-appropriation going on in Netta’s song?”, Ramiro tweeted.

Shortly after the contest began, last year’s winner Salvador Sobral called Toy “a horrible song”. In an interview with Wiwibloggs, Sobral said, “YouTube thought I would like the Israeli song. I opened it and a horrible song came out of it.” After winning the contest in Ukraine last year, Sobral had said, “We live in a world of disposable music; fast food music without any content. I think this could be a victory for music with people who make music that actually means something […] Music is not fireworks; music is feeling. So let’s try to change this and bring music back.” Toy’s performance used strobe lighting and quirky noises.

After Netta was declared the winner, she said, “Thank you so much for choosing different. Thank you so much for accepting differences between us. Thank you for celebrating diversity. Thank you. I love my country. Next year in Jerusalem.” Previously, Israel won the contest in 1978 and 1979, and 1998.

UK’s artist SuRie, who performed Storm, was interrupted in her performance when a stage invader snatched her microphone. UK was given another chance to perform, but SuRie declined after discussing with her team. SuRie said, “We had that conversation, but I was really proud of that performance.” “You don’t get to do the 100m sprint at the Olympics again because your shoelace is untied or something. You had that one shot and that was my moment, and we didn’t need to repeat that […] We had those conversations backstage, I saw the reaction and faces of my team, who were very proud of the recovery and the power of that, and we didn’t need to go again”, the British singer added.

As the winner of this edition of the competition, Israel is to host next year’s competition. Last year, then 27-year-old Salvador Sobral won the competition, receiving 758 points for the song Amar Pelos Dois, a ballad written by his sister.

For the preparations of next year’s contest, Israeli Deputy Health Minister Ya’akov Litzman wrote a letter to Culture and Sport Minister Miri Regev asking shabbat, the Jewish holy day to rest, not to be violated. In the letter, he wrote, “In the name of hundreds of thousands of Jewish citizens from all the populations and communities for whom Shabbat observance is close to their hearts, I appeal to you, already at this early stage, before production and all the other details of the event has begun, to be strict [in ensuring] that this matter does not harm the holiness of Shabbat and to work in every way to prevent the desecration of Shabbat, God forbid, as the law and the status quo requires”. Last year, he submitted resignation after Jewish workers were made to undertake railway work on shabbat. That time, both Israeli welfare minister Haim Katz and Israeli transportation minister Yisrael Katz expressed potential threat to passengers if the railway work was postponed.

Order Country Artist(s) Song Music & lyrics Total points Ranking
01 ?? Ukraine Mélovin Under the Ladder Mélovin & Mike Ryals 130 17
02 ?? Spain Amaia & Alfred Tu canción Raul Gomez Garcia, Sylvia Ruth Santoro Lopez 61 23
03 ?? Slovenia Lea Sirk Hvala, ne! Lea Sirk, Tomy DeClerque & Lea Sirk 64 22
04 ?? Lithuania Ieva Zasimauskait? When We’re Old Vytautas Bikus 181 12
05 ?? Austria Cesár Sampson Nobody but You Sebastian Arman, Cesár Sampson, Joacim Persson, Johan Alkenäs, Borislav Milanov 342 3
06 ?? Estonia Elina Nechayeva La forza Mihkel Mattinsen, Timo Vendt & Elina Nechayeva, Ksenia Kuchukova 245 8
07 ?? Norway Alexander Rybak That’s How You Write a Song Alexander Rybak 144 15
08 ?? Portugal Cláudia Pascoal O Jardim Isaura 39 26
09 ?? United Kingdom SuRie Storm Nicole Blair, Gill Lewis, Sean Hergreaves 48 24
10 ?? Serbia Sanja Ili? & Balkanika Nova deca Aleksandar Sanja Ili?, Tatjana Karajanov Ili? & Danica Krstaji? 113 19
11 ?? Germany Michael Schulte You Let Me Walk Alone Michael Schulte, Thomas Stengaard, Katharina Müller, Nisse Ingwersen 340 4
12 ?? Albania Eugent Bushpepa Mall Eugent Bushpepa 184 11
13 ?? France Madame Monsieur Mercy Emilie Satt, Jean-Karl Lucas 173 13
14 ?? Czech Republic Mikoláš Josef Lie to Me Mikoláš Josef 281 6
15 ?? Denmark Rasmussen Higher Ground Niclas Arn, Karl Eurén 226 9
16 ?? Australia Jessica Mauboy We Got Love Anthony Egizii, David Musumeci & Anthony Egizii, David Musumeci, Jessica Mauboy 99 20
17 ?? Finland Saara Aalto Monsters Saara Alto, Joy Deb, Linnea Deb, Ki Fitzgerald 46 25
18 ?? Bulgaria Equinox Bones Borislav Milanov, Joacim Persson, Brandon Treyshun Campbell, Dag Lundberg 166 14
19 ?? Moldova DoReDoS My Lucky Day Philipp Kirkorov & John Ballard 209 10
20 ?? Sweden Benjamin Ingrosso Dance You Off MAG, Louis Schoorl & K Nita, Benjamin Ingrosso 274 7
21 ?? Hungary AWS Viszlát nyár Dániel Kökényes, Bence Brucker, Áron Veress, Soma Schiszler & Örs Siklósi 93 21
22 ?? Israel Netta Barzilai Toy Doron Medalie, Stav Beger 529 1
23 ?? Netherlands, The Waylon Outlaw in ‘Em Waylon, Ilya Toshinskiy, Jim Beavers 121 18
24 ?? Ireland Ryan O’Shaughnessy Together Ryan O’Shaughnessy, Mark Caplice, Laura Elizabeth Hughes 136 16
25 ?? Cyprus Eleni Foureira Fuego Alex Papaconstantinou, Geraldo Sandell, Anderz Wrethov, Viktor Svensson, Didrick 436 2
26 ?? Italy Ermal Meta and Fabrizio Moro Non mi avete fatto niente Ermal Meta, Fabrizio Moro, Andrea Febo 308 5

Rescue teams try to save London whale

Saturday, January 21, 2006

Wikipedia has more about this subject:

Rescue teams are attempting to save the life of the whale which has been swimming in the London Thames river over the past few days. The northern bottle-nosed whale, which had gotten weaker and weaker, became beached this afternoon. Rescue teams quickly moved the whale onto an inflatable pontoon, keeping the whale in water but with its blowhole above the surface.

Experts then tried to evaluate the condition of the whale by performing ultrasound checks to see how much blubber and blood the whale has, and by taking some blood tests. The breathing rate of the whale was around four inhalations per minute.

The pontoon is currently being towed by a barge slowly downstream.

The British Divers Marine Life Rescue team lead the rescue effort. They hope to be able to release the whale in as deep water as possible, but only if it is in good enough health. If the whale is considered to be in too weak a condition to survive, it may be euthanised, experts have said.

The rescue mission is being filmed by television crews, including from helicopters, and broadcast live onto rolling news channels. Mark Stevens, a member of the British Divers Marine Life Rescue team reported on the situation live on TV using a mobile phone, direct from the scene where he was standing in the water. At one point he asked the BBC to tell their helicopter to fly higher, as the noise made the whale’s breathing rate temporarily go up.

The whale sightings have captivated the British public, with spectators lining the banks of the Thames to take photographs and try and spot the whale. However, the inital surprise at seeing the whale soon turned to concern as experts fear for the whale’s long term health. Initial plans to transfer the whale from the barge “Crossness” to a deep-sea ship have been abandoned as the condition of the whale deteriorates, but it is still hoped to release the whale in the Thames estuary.

An Overview Of Various Types Of Hot Water Systems Hills District}

Submitted by: Kate Cullough

Installing a hot water system at home is not really an easy task. Most people remain confused about the functionalities of hot water systems Hills District. Little do they understand the functions of various types of hot water systems and hence they cannot assess the advantages and disadvantages of each of those. Before installing any one of them you should have a clear idea about the various options you have at hand. This way it will be easier for you to decide which among these deserves your investment. Let us have a quick look at the various systems of heating water.

Types of Hot Water Systems

Electric Heater: The electric hot water system is also called the hybrid water heater. This system combines the latest technology with the power of electricity to develop a water heater unit which is operated by a compressor and an evaporator installed within. The major benefit of this system is that it reduces the heating expenses substantially. But all that is good comes at a great price. This one requires a higher initial investment in the form of purchase price and cost of installation.

[youtube]http://www.youtube.com/watch?v=rfblJT6aDFQ[/youtube]

Storage Tank Heater: Any plumbing company Norwest will suggest you to install a storage tank heater as this is the most common and popular type of water heater. The primary advantage of this heater is that in this system the water gets heated inside the storage tank itself and the flow is maintained constantly. Hence, the household can never run out of hot water. However, owing to the constant heating process, your power bill goes up significantly.

Gas Condensing Heater: The function of this heater is rather prominent in its nomenclature. This heater uses gas to heat the water. The best part about this heater is that the used gas is not released immediately; instead, they are returned to the system to be recycled and used for another course of heating. This obviously cuts down your energy bill quite impressively. Nevertheless, the purchase cost and expense for installation are much higher than the other conventional heater.

Tankless System: This is a very effective hot water system Norwest if you want to limit your expenditure on energy bill as this heating system stores gas or electricity and use them only as and when required. It has its limitation as it is not always capable of producing adequate hot water for the entire household. So, installing one heater is not enough for all the requirements of your household (washing machine, shower, bathtub and other taps).

Solar: These heaters are powered by the solar energy, energy drawn from the sun. It has panels installed which help to produce energy for heating water. Even though it is cheap and pollution free, the main disadvantage of this heater is that the installation cost of these heaters is quite high.

While choosing one from the different hot water systems Hills District, it is important to have the basic knowledge about each of these to ease out the selection process.

About the Author: Hi, this is Kate McCullough, a professional on plumbing business. I write articles and blogs regarding the entire plumbing services. One by one I will enrich your knowledge with improved services and use of new tools for the service.

cpcplumbing.com.au/hot-water-systems-hills-district/

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Cold as ice: Wikinews interviews Marymegan Daly on unusual new sea anemone

Tuesday, January 21, 2014

In late 2010 a geological expedition to Antarctica drilled through the Ross Ice Shelf so they could send an ROV under it. What they found was unexpected: Sea anemones. In their thousands they were doing what no other species of sea anemone is known to do — they were living in the ice itself.

Discovered by the ANDRILL [Antarctic Drilling] project, the team was so unprepared for biological discoveries they did not have suitable preservatives and the only chemicals available obliterated the creature’s DNA. Nonetheless Marymegan Daly of Ohio State University confirmed the animals were a new species. Named Edwardsiella andrillae after the drilling project that found it, the anemone was finally described in a PLOS ONE paper last month.

ANDRILL lowered their cylindrical camera ROV down a freshly-bored 270m (890ft) hole, enabling it to reach seawater below the ice. The device was merely being tested ahead of its planned mission retrieving data on ocean currents and the sub-ice environment. Instead it found what ANDRILL director Frank Rack of the University of Nebraska–Lincoln, a co-author of the paper describing the find, called the “total serendipity” of “a whole new ecosystem that no one had ever seen before”.

The discovery raises many questions. Burrowing sea anemones worm their way into substrates or use their tentacles to dig, but it’s unclear how E. andrillae enters the hard ice. With only their tentacles protruding into the water from the underneath of the ice shelf questions also revolve around how the animals avoid freezing, how they reproduce, and how they cope with the continuously melting nature of their home. Their diet is also a mystery.

What fascinates me about sea anemones is that they’re able to do things that seem impossible

E. andrillae is an opaque white, with an inner ring of eight tentacles and twelve-to-sixteen tentacles in an outer ring. The ROV’s lights produced an orange glow from the creatures, although this may be produced by their food. It measures 16–20mm (0.6–0.8in) but when fully relaxed can extend to triple that.

Genetic analysis being impossible, Daly turned to dissection of the specimens but could find nothing out of the ordinary. Scientists hope to send a biological mission to explore the area under the massive ice sheet, which is in excess of 600 miles (970km) wide. The cameras also observed worms, fish that swim inverted as if the icy roof was the sea floor, crustaceans and a cylindrical creature that used appendages on its ends to move and to grab hold of the anemones.

NASA is providing funding to aid further research, owing to possible similarities between this icy realm and Europa, a moon of Jupiter. Biological research is planned for 2015. An application for funding to the U.S. National Science Foundation, which funds ANDRILL, is also pending.

The ANDRILL team almost failed to get any samples at all. Designed to examine the seafloor, the ROV had to be inverted to examine the roof of ice. Weather conditions prevented biological sampling equipment being delivered from McMurdo Station, but the scientists retrieved 20–30 anemones by using hot water to stun them before sucking them from their burrows with an improvised device fashioned from a coffee filter and a spare ROV thruster. Preserved on-site in ethanol, they were taken to McMurdo station where some were further preserved with formaldehyde.

((Wikinews)) How did you come to be involved with this discovery?

Marymegan Daly: Frank Rack got in touch after they returned from Antarctica in hopes that I could help with an identification on the anemone.

((Wikinews)) What was your first reaction upon learning there was an undiscovered ecosystem under the ice in the Ross Sea?

MD I was amazed and really excited. I think to say it was unexpected is inaccurate, because it implies that there was a well-founded expectation of something. The technology that Frank and his colleagues are using to explore the ice is so important because, given our lack of data, we have no reasonable expectation of what it should be like, or what it shouldn’t be like.

((Wikinews)) There’s a return trip planned hopefully for 2015, with both biologists and ANDRILL geologists. Are you intending to go there yourself?

MD I would love to. But I am also happy to not go, as long as someone collects more animals on my behalf! What I want to do with the animals requires new material preserved in diverse ways, but it doesn’t require me to be there. Although I am sure that being there would enhance my understanding of the animals and the system in which they live, and would help me formulate more and better questions about the anemones, ship time is expensive, especially in Antarctica, and if there are biologists whose contribution is predicated on being there, they should have priority to be there.

((Wikinews)) These animals are shrouded in mystery. Some of the most intriguing questions are chemical; do they produce some kind of antifreeze, and is that orange glow in the ROV lights their own? Talk us through the difficulties encountered when trying to find answers with the specimens on hand.

MD The samples we have are small in terms of numbers and they are all preserved in formalin (a kind of formaldehyde solution). The formalin is great for preserving structures, but for anemones, it prevents study of DNA or of the chemistry of the body. This means we can’t look at the issue you raise with these animals. What we could do, however, was to study anatomy and figure out what it is, so that when we have samples preserved for studying e.g., the genome, transcriptome, or metabolome, or conduct tests of the fluid in the burrows or in the animals themselves, we can make precise comparisons, and figure out what these animals have or do (metabolically or chemically) that lets them live where they live.
Just knowing a whole lot about a single species isn’t very useful, even if that animal is as special as these clearly are — we need to know what about them is different and thus related to living in this strange way. The only way to get at what’s different is to make comparisons with close relatives. We can start that side of the work now, anticipating having more beasts in the future.
In terms of their glow, I suspect that it’s not theirs — although luminescence is common in anemone relatives, they don’t usually make light themselves. They do make a host of florescent proteins, and these may interact with the light of the ROV to give that gorgeous glow.

((Wikinews)) What analysis did you perform on the specimens and what equipment was used?

MD I used a dissecting scope to look at the animal’s external anatomy and overall body organization (magnification of 60X). I embedded a few of the animals in wax and then cut them into very thin slices using a microtome, mounted the slices on microscope slides, stained the slices to enhance contrast, and then looked at those slides under a compound microscope (that’s how I got the pictures of the muscles etc in the paper). I used that same compound scope to look at squashed bits of tissue to see the stinging capsules (=nematocysts).
I compared the things I saw under the ‘scopes to what had been published on other species in this group. This step seems trivial, but it is really the most important part! By comparing my observations to what my colleagues and predecessors had found, I figured out what group it belongs to, and was able to determine that within that group, it was a new species.

((Wikinews)) It was three years between recovery of specimens and final publication, why did it take so long?

MD You mean, how did we manage to make it all happen so quickly, right? 🙂 It was about two years from when Frank sent me specimens to when we got the paper out. Some of that time was just lost time — I had other projects in the queue that I needed to finish. Once we figured out what it was, we played a lot of manuscript email tag, which can be challenging and time consuming given the differing schedules that folks keep in terms of travel, field work, etc. Manuscript review and processing took about four months.

((Wikinews)) What sort of difficulties were posed by the unorthodox preservatives used, and what additional work might be possible on a specimen with intact DNA?

MD The preservation was not unorthodox — they followed best practices for anatomical preservation. Having DNA-suitable material will let us see whether there are new genes, or genes turned on in different ways and at different times that help explain how these animals burrow into hard ice and then survive in the cold. I am curious about the population structure of the “fields” of anemones — the group to which Edwardsiella andrillae belongs includes many species that reproduce asexually, and it’s possible that the fields are “clones” produced asexually rather than the result of sexual reproduction. DNA is the only way to test this.

((Wikinews)) Do you have any theories about the strategies employed to cope with the harsh environment of burrowing inside an ice shelf?

MD I think there must be some kind of antifreeze produced — the cells in contact with ice would otherwise freeze.

((Wikinews)) How has such an apparently large population of clearly unusual sea anemones, not to mention the other creatures caught on camera, gone undetected for so long?

MD I think this reflects how difficult it is to get under the ice and to collect specimens. That being said, since the paper came out, I have been pointed towards two other reports that are probably records of these species: one from Japanese scientists who looked at footage from cameras attached to seals and one from Americans who dove under ice. In both of these cases, the anemone (if that’s what they saw) was seen at a distance, and no specimens were collected. Without the animals in hand, or the capability of a ROV to get close up for pictures, it is hard to know what has been seen, and lacking a definitive ID, hard to have the finding appropriately indexed or contextualized.

((Wikinews)) Would it be fair to say this suggests there may be other undiscovered species of sea anemone that burrow into hard substrates such as ice?

MD I hope so! What fascinates me about sea anemones is that they’re able to do things that seem impossible given their seemingly limited toolkit. This finding certainly expands the realm of possible.

Car maker DeLorean dies at 80

Monday, March 21, 2005

Automobile industry pioneer, John DeLorean, died Saturday in a New Jersey hospital by complications from a stroke.

DeLorean was born in 1925 in Detroit, Michigan to European immigrant parents. He received an education in automotive engineering and quickly rose through the ranks of Packard and later General Motors (GM). DeLorean was credited with the development of the Pontiac GTO, which helped introduce the era of “muscle cars”. By 1965, DeLorean led the entire Pontiac division, and four years later was promoted to the prestigious position of leading GM’s Chevrolet.

In 1973, DeLorean quit General Motors and started his own company, the De Lorean Motor Company. The company’s product was the DMC-12, an unusual car featuring an unpainted, stainless-steel exterior and gull-wing doors. The company started production in 1981 but failed less than two years later, having produced under 9,000 vehicles. Despite the company’s failure and the car’s dismal sales, the car itself gained a cult following after the release of the 1985 movie Back to the Future which featured the car as a time-travel machine.

DeLorean himself was in nearly as much trouble as his company. In 1982 he was arrested for attempting to sell $24 million worth of cocaine to undercover police, and after his company’s failure, he became involved in a multitude of lawsuits alleging investor fraud. Though DeLorean successfully resolved the cocaine case after claiming entrapment, his other legal cases would drag on until 1999, when he declared bankruptcy.

Florida’s Walt Disney World launches revamped attractions

Tuesday, November 16, 2004

ORLANDO, Florida – Alien Encounter and The Living Seas at the Walt Disney World Resort are to open today with a makeover.

The Alien Encounter attraction at Tomorrowland in the Magic Kingdom has been revised to include Experiment 626 from the movie Lilo & Stitch. Now called Stitch’s Great Escape!, the dog-like blue creature will lash out of its tube and terrorise the audience. The Galactic Federation’s Grand Councilwoman, Captain Gantu and Agent Pleakley appear in this show, essentially a prequel to the movie.

At the Living Seas, Crush the sea turtle from the Disney/Pixar movie Finding Nemo will host a new exhibit called Turtle Talk, joining smaller Nemo exhibits, a mainstay at the attraction for several months. Vegetarian shark Bruce will soon become part of a shark education exhibit.

According to publicity, the Turtle Talk show will run every 15 minutes, from 10:00 am to 7:00 pm. A sign language interpreted performance will run on Fridays at 10:30 am.

Disney is holding the Stitch’s Great Escape! Sweepstakes, with prizes including a five-day, four night trip for four to Walt Disney World Resort.

2012 Olympics clash with Ramadan

Sunday, October 15, 2006

Muslim groups from across the world are criticising the organisers of the 2012 Olympics in London after it was revealed that the games will take place over Ramadan. The most holy month in the Muslim calendar, which will take place from the 21 July to 20 August in 2012, involves fasting during daylight hours and will affect an estimated 3,000 athletes.

Joanna Manning Cooper, spokesman for the games said: “We did know about it when we submitted our bid and we have always believed that we could find ways to accommodate it.”Nevertheless, this will come as a huge embarrassment for the organisers who have tried to ensure the event involve all of Britain’s ethnic communities.A quarter of the athletes who took part in the 2004 Athens Olympics were from predominantly Muslim countries and the fast will put any athletes involved at a clear disadvantage.

The chairman of the Islamic Human Rights Commission, Massoud Shadjared said: “This is going to disadvantage the athletes and alienate the Asian communities by saying they don’t matter. It’s not only going to affect the participants, it’s going to affect all the people who want to watch the games.”

The president of the National Olympic Committee of Turkey, Togay Bayalti, said: “This will be difficult for Muslim athletes. They don’t have to observe Ramadan if they are doing sport and travelling but they will have to decide whether it is important to them. “It would be nice for the friendship of the Games if they had chosen a different date.”

The games will run from the 27 July to 12 August to coincide with the British Summer holidays. The summer holidays are a six week period running from mid July to early September. During this time, public transportation is generally less crowded and it will be easier to find the 70,000 volunteers needed to keep the games running. The International Olympics Committee has specified that the games must take place between July 15 to August 31. Giselle Davies, IOC spokesperson said, “We give a window to the five bid cities. The host city selects the dates within that window.”

The organisers are working with the Muslim Council of Great Britain to find ways around the problem.

Despite passage of bailout bill, two US states may need loans

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

IMF prepares to help Hungary and Ukraine

Friday, October 17, 2008

The International Monetary Fund (IMF) is preparing a series of loans to both Hungary and Ukraine as financial problems are hitting the two countries. Hungary has already received a €5 billion credit line from the European Central Bank (ECB). Ukraine is seeking a loan of up to US$14 billion.

The credit line to Hungary will be used to cover banks’ shortage of euros. Hungary has a severe debt problem with them posting an account deficit of €5.3 billion or 4.9% of GDP this year. As a result of this, Hungary is unable to find suitable credit to store up its supply of euros.

“We are in close dialogue with the Hungarian authorities and the EU to discuss further responses to the current challenges, including possible technical and financial support by the IMF”, said Dominique Strauss-Kahn, Managing Director of the IMF. “I have informed the authorities that the IMF stands ready to assist their efforts. We will provide technical assistance as needed and, in the context of a supportive policy setting, are ready to undertake [decisions] on possible financial assistance, responding rapidly.”

Ukraine’s Finance Minister Viktor Pynzenyk met with an IMF team on Thursday. In a statement, Pynzenyk said “the parties discussed a situation of influence the world financial crisis had on the economy of Ukraine.” It is not yet known how much the IMF is expected to lend to Ukraine but it is expected to be between $3 billion to $14 billion. It is also not known what type of conditions might be placed on the loan.

In addition to financial uncertainty, Ukraine is suffering from political turmoil with the current President, Viktor Yushchenko, calling a snap parliamentary election for December. The Prime Minister, Yulia Tymoshenko, has made moves to stop the election. Ukraine’s yearly trade deficit has increased by almost $7 billion since last year.

The credit line by the European Central Bank is the first time publicly that it has extended help to countries other than the 15 that make up the Eurozone.

According to Reuters, Hungary might be able to start the process of joining the euro quicker then expected. Currently, Hungary is on track to join the euro in 2011 or 2012, but if sped up, it is possible it could join as early as 2010. This might protect Hungary from further financial problems.

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