Day: October 26, 2008

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After banks and Iceland, Ukraine goes bankrupt! Hungary, Pakistan and Belarus next.

The International Monetary Fund – IMF has agreed to lend $16.5 billion (in loan) to Ukraine to help it sustain its economy and financial stability, after the international credit crunch rendered the country’s currency and stock markets plunging.

“The authorities’ program is intended to support Ukraine’s return to economic and financial stability, by addressing financial sector liquidity and solvency problems, by smoothing the adjustment to large external shocks and by reducing inflation,” Dominique Strauss Kahn, the Managing Director of IMF said. “At the same time, it will guard against a deep output decline by insulating household and corporations to the extent possible.”

In recent times, Ukraine’s capital city Kiev had seen an expansion boom thanks to availability of loans or mortgages for properties. It was coming up as one of the best markets for international investment. Now, because of credit crunch that originated in the United States, very less or no banks are willing to lend money, resulting in decline of property prices.

Ukraine’s currency Hryvnia has taken a massive dip in the last 2 weeks and because of the country’s reliance on steel and price reductions, Ukraine is now in desperate need of of the 16 and a half billion dollars.

World economy lowdown – Help IMF!

After the recent USA government’s intervention of 700 Billion US dollars to help the American economy led by Neel Kashkari, followed by a 2.1 billion dollars’ loan to Iceland by the International Monetary Fund (IMF) –  Pakistan, Hungary and Belarus are on the verge of major economic collapses. All three countries are at advanced stages of talks with the IMF.

Countries least affected are those with least economic interactions with the United States. Except for India and China, there aren’t many.

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What’s the time change? daylight saving times 2008 – country wise

Worldwide schedule for DST (Daylight saving time)

The clocks went back 1 hour in the UK today (midnight, 26th of October 2008).

In the US, day light saving time (or time change) ends this fall, on the 2nd of November this year (2008). Day light saving time changes every year and depends mostly on earth’s rotation.

If you have questions regarding your local time, just do the following:
Go to Google.com and search for “Time YourCity”. For example, to check out the present time in London, click here.

What is daylight saving time?

In layman’s words, because winters have shorter days and longer nights (especially in Europe and America), in order to have maximum day light when you’re awake, the clocks are moved back an hour. Because of this time change, you start work at 8, when normally you’d have started at 9, and finisish at 5 when normally you’d finish by 6. This lets you spend more time awake when the sun’s out. Daylight savings time was created to let afternoons have more daylight and mornings have less daylight.  In the start of spring, clocks are adjusted 1 hour ahead (obviously because the summer has longer days) and adjusted 1 hour back just after autumn. Intelligent time change!

Which countries use DST? (daylight saving time)

DST was proposed by William Willett, an english architect/builder to make best use of sunshine. Many countries have tried using the DST (daylight saving time) but at present most countries, except ones in the American continents and Europe, don’t use day light savings.

The world over, countries that do use DST move their clocks by a maximum of 1 hour forward or backward. List of countries that use the Daylight Saving time:

1. All countries in Europe except Iceland. Iceland has moved its clock backward 1 hour permanently, so you can say that the country is in permanent DST (and I guess it has to, considering it is one of the coldest countries with very scarce sunshine.

2. USA (United States of America) – This year in fall, 2008, the daylight saving time begins on the 2nd of November 2008 when all states move their clocks back an hour. Well, if you use Windows XP, Vista, IPhone or any other new phone, you phone or computer or laptop should do that for you automatically. If you do, however rely on a wrist watch, better tune into the radio once a day 😉 For exact details for each state and city in the United States, please go to: Wikipedia

3. Australia – Australian Capital Territory, New South Wales, Victoria, South Australia, Western Australia will observe it on the last Sunday of October 2008, whereas Tasmania has started on the first Sunday of October 2008.

4. New Zealand – Last Sunday of September each year, daylight saving time begins in New Zealand and end on April’s first Sunday.

5. Canada – Most Canadian states conform to the US DST rules. (pretty obvious to me)

6. Greenland

7. Mexico