Monday, October 15, 2007
So far, three people (including a baby) have been killed, and at least ten others were injured when two semi trucks collided in a tunnel on Interstate 5 (Newhall Pass) between Los Angeles and Santa Clarita California, United States in the late evening of October 12, setting off a chain reaction pileup that involved between 28 and 30 semi trucks and one passenger car. The wreck caused a massive fire that burned for over six hours. It was previously believed that only 13 semi trucks were involved.
“The fire burned in a very intense state for approximately four hours and basically consumed everything that was burnable,” said John Tripp the Fire Chief for L.A. county.
As a result of the crash, the Governor of California, Arnold Schwarzenegger issued a declaration of a state of emergency for Los Angeles County.
The debris has been removed and officials say that a full inspection will have to be done on the tunnel before it can be used again because the structure of the tunnel has been compromised. The tunnel passed inspection in June of 2006.
“The walls of the tunnel are fairly heavily damaged. None of the rebar appears to be melted, damaged at this point in time. But it’s completely separated from the walls in a number of areas, so we lose vertical support when that happens,” said California Department of Transportation official, Doug Failing.
Tripp added that more bodies could be buried in the wreckage, saying “…we’re going to have to do a very methodical search. There could be unfortunately more people that were not able to escape.” So far authorities have yet to identify the three people who were killed.
A full investigation is being conducted into what caused the crash.
October
19
Iceland nationalises Kaupthing Bank
Thursday, October 9, 2008
Iceland’s Financial Services Authority has nationalised the Kaupthing Bank as a response to the financial crisis which may result in a total collapse of the nation’s economy.
Kaupthing, together with Glitnir Bank and Landsbanki, owe a total of US$61 billion, which is twelve times the estimated size of the economy of the Nordic country. The Financial Services Authority says Iceland will guarantee all domestic deposits and aims to provide a “functioning domestic banking system” by management of the banks.
Iceland has asked for aid to Russia and the International Monetary Fund for loans to help guarantee these deposits. Icelandic equity markets have been closed until October 13 due to “unusual market conditions” and the Icelandic krona now appears to have itself failed after the collapse of an attempt to fix the exchange rate at 131 Krona to the euro.
According to Nordea Bank, Scandinavia‘s biggest lender, there was no trading of krona on the spot market today. The most recent figure for exchange is 340 to the euro, compared to 122 last month. Thomas Haugaard Jensen, an economist of Svenska Handelsbanken in Copenhagen, indicated the Icelandic economy seems to be at the verge of a “total collapse,” and predicted it will take several years before Iceland’s economy recovers enough for it to return to growth.
Kaupthing itself requested the national takeover, which leaves most of the nation’s banking sector under state control. The bank’s board have resigned and left the authorities in control of the bank. The bank also has affiliates both in Sweden and Finland. Swedish Kaupthing Bank Sverige claimed to be unaffected, but Finland’s Financial Services Authority temporarily shut down the Finnish affiliate.