Overshadowed by other stories in the news cycle this week was chaos in the global currency markets as a result of the Swiss National Bank’s decision to remove the currency ceiling on the price of the Swiss franc. While resulting in a 30 percent surge in the value of the Swiss franc against the euro, the move has caused massive losses in currency trading markets worldwide, with disastrous consequences for institutional and retail currency traders shorting the Swiss Franc on bets the Swiss franc was overvalued and scheduled for a price reduction. The magnitude of the crisis for U.S. currency traders became clear Friday when New York-based FXCM, a publicly traded U.S. currency broker, and the largest so far to announce it was in financial trouble after suffering a 90-percent drop in the firm’s stock price, reported the firm would need a $200-$300 million bailout to prevent capital requirements from being breached. Highly leveraged currency traders, including retail customers, were unable to come up with sufficient capital to cover the losses suffered in their currency trading accounts when the Swiss franc surged. Read Full Article
The residents of Russia’s Amur region woke up Sunday morning to notice an unusual celestial phenomenon – a shining object flying through the sky, leaving a white trail that some social media users compared to the Nike logo. “[The trace of the alleged meteorite] looked like a trace of the plane, only bigger and much brighter,” an eyewitness from the city of Belogorsk in the Amur region in Russia’s Far East told the local Amur.info website. The swoosh was seen near one of the military units in the city. Read Full Article
Have you ever pursued something that you believed was God’s will, yet obstacles seemed to keep you from doing what you thought you were supposed to do? If you have, don’t feel alone, because many people have been in that same position! Even the apostle Paul felt this way from time to time! But what should you do in times like these?
The first comprehensive study of its kind has determined that ocean life is facing mass extinction from human activity. But the record damage is still reversible – unlike our impact on land. American scientists say the effects can be mitigated. We’ve known for a while that achieving sustainability would be impossible with our lifestyles. Although the majority of Earth is covered in water we are vastly reliant on, many of our practices are causing unprecedented damage to marine biology: coral reef damage, resource mining, fish farming, construction work, chemical pollution, the depletion of bio resources, unintended species migration, global warming, military drills – to name just a few. Read Full Article
Two leading US climate research bodies have declared that 2014 was the warmest year since records began in 1880, with surface temperatures about 0.68 Celsius (33 °F) higher than the historic average. The data was announced jointly by two separate teams working to interpret measurements collected from 6,300 weather stations dotted around the world – NASA’s Goddard Institute of Space Studies (GISS) and the National Oceanic and Atmospheric Administration (NOAA). “This is the latest in a series of warm years, in a series of warm decades,” declared GISS Director Gavin Schmidt. “While the ranking of individual years can be affected by chaotic weather patterns, the long-term trends are attributable to drivers of climate change that right now are dominated by human emissions of greenhouse gases.” Read Full Article