Author: Admin

Saturday, May 9, 2009

The five largest United States banks need a total of US$74.6 billion in extra funds to increase their cash reserves, according to so-called “stress tests” conducted by regulators to determine whether the banks have enough capital to survive the ongoing recession.

“Our hope with today’s actions is that banks are going to be able to get back to the business of banking,” said Timothy Geithner, the US Treasury Secretary.

The results of the stress-test determined that Bank of America was the bank most at risk, needing $33.9 billion. Wells Fargo will require an additional $13.7 billion, while GMAC needs $11.5 billion.

Seven other banks failed the “stress test”, including: Citigroup, Morgan Stanley, Regions Financial, SunTrust Banks, KeyCorp, Fifth Third Bancorp, and PNC Financial Services.

Nine other banks that underwent stress tests, such as Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, MetLife, American Express, State Street, BB&T, US Bancorp and Capital One Financial, were found to have enough capital in case the recession deepens.

Those banks that need extra money will be set a June 8 deadline to draw up their plans to raise the additional capital and have regulators approve them.

Saturday, March 3, 2018

On Wednesday, French sports clothing brand Lacoste announced producing a limited edition of polo shirts featuring top-ten endangered animal species as the logo, instead of the company’s usual crocodile logo, in a measure to protect those animals, partnering with the International Union for Conservation of Nature (IUCN).

Lacoste announced partnering with IUCN at the Paris Fashion Week. Proceeds from the sale would be donated to the IUCN, online magazine Dezeen reported. The collaboration was a part of IUCN’s “Save our Species” (SOS) programme.

The endangered animals to feature on the polo shirts were: vaquita, Burmese roofed turtle, northern sportive lemur, Javan rhino, Cao-vit gibbon, kakapo, California condor, saola, Sumatran tiger, and Anegada ground iguana.

The limited edition polos were to be produced in the count of the endangered animals, meaning 30 shirts featuring the vaquita, a mammal found near the Californian Gulf, would be produced as only 30 vaquitas are believed remaining. In total, 1775 polos featuring an endangered animal as the logo would be produced.

Lacoste was founded by tennis player René Lacoste and André Gillier in 1933 and their crocodile logo was never changed until now, in the 85-year-history of the clothing brand.

The limited edition shirts were to be available in only some European countries and the United States.

Note: Statistics from Lacoste’s website

Saturday, July 17, 2010

A car bomb that exploded at about 20:00 MDT Thursday (01:00 Friday UTC) in a violent area of Ciudad Juárez, Mexico killed several people and injured more.

Police spokesman Jacinto Seguro said Friday that Mexican federal police received a call that an officer was dead. Seguro went on to say, “When they went to check the car, there was a dead body in there, dressed up like a police officer, but it wasn’t one of ours. They put him in a civilian car but dressed him up in a municipal police uniform. That’s when the bomb went off. It’s like an act of terrorism.”

Federal police spokesman Ramon Salinas said the blast killed two officers, a paramedic, and one civilian, although Mayor Jose Reyes said that only three died. At least six others were injured, although reports have said the total injured may be as high as sixteen. Four remain in the hospital, including three paramedics and one civilian.

Mexican authorities say it was a car bomb, but counter-terrorism experts are still unsure as to what caused the vehicle to explode. Intelligence expert Fred Burton said, “For this to be an improvised grenade attack, in some capacity, it doesn’t surprise me.”

The Juárez Cartel, one of the two drug-traffickers in the area, claimed responsibility for the bombing in a graffiti message. “We have more car bombs,” the graffiti said.

Ciudad Juárez has a history for trafficking drugs to the United States, especially into Texas.

Before the explosion, the police arrested a suspected leader of the Juarez cartel, Jesus Armando Acosta Guerrero.

This year more than 7,000 people have died as a result of drug-related violence in Mexico since this year began. Attorney General Arturo Chavez on Friday said nearly 25,000 people have died in the last three and a half year period.

Sunday, October 29, 2017

In a quarterly news release on Thursday, state-owned Canada Mortgage and Housing Corporation (CMHC) said Canada’s housing market is highly vulnerable, especially in Toronto and Hamilton in Ontario, Vancouver and Victoria in British Columbia, and Saskatoon in Saskatchewan. It also identified a growing concern of overbuilding in Calgary and Edmonton in Alberta.

The release said Calgary and Edmonton, the largest and second largest cities in Alberta, have a large inventory of unsold homes. The CMHC expressed concern this may drive down prices of homes in the area.

Vancouver, which is now reportedly less affordable than Manhattan in the US; Toronto; Victoria; and Hamilton were all assessed by the CMHC’s quarterly report as highly overvaluated.

The housing markets of Winnipeg in Manitoba, Ottawa in Ontario, Montreal and Quebec in Quebec, Moncton in New Brunswick, Halifax in Nova Scotia, and St. John’s in Newfoundland, were all assessed as low or moderate risk.

Thursday, March 13, 2008

Family First Senator Steve Fielding arrived at Parliament today, dressed as a beer bottle to raise awareness of a bill he intends to move in the Senate today. Senator Fielding will introduce a bill to establish a nationwide refund scheme for bottles and cans.

A similar scheme has operated in South Australia since 1977.

Family First wants a rebate of 10 cents per container, while the Australian Greens want 20 cents.

Speaking to reporters outside parliament dressed as a beer bottle, the Senator said the legislation would reduce litter by 25 per cent. “There’s a message in this bottle.”

“I am no longer trash, I’m cash.”

“We should get the litter off the streets and off the creeks and into recycling – that’s good for the environment and good for the community”

“It’s a win-win and I can’t understand why nationally we don’t have a scheme,” said Senator Fielding.

Senator Fielding said that recycling not only reduced litter, but also consumes less energy than making new containers from scratch. “Recycling a plastic bottle saves more than 80 per cent of the energy used to make a bottle from scratch and recycling aluminium cans uses just five per cent of the energy used making a can from scratch,” said the Senator.

Senator Bob Brown, leader of the Greens said while there were environmental benefits from recycling, it would also create thousands of new jobs.

“This is a very good way of recycling and reducing energy because a lot of energy goes into making cans and bottles,” Senator Brown told reporters.

“It will employ tens of thousands of people across Australia.”

Thursday, September 20, 2007

It was an awkward birthday gathering; as the family and supporters of Omar Khadr gathered in Toronto to try and explain why the Canadian youth was still being held at Guantanamo Bay.

Khadr, who turned 21 on Wednesday, has become a rallying point for groups who say the Canadian government isn’t doing enough to ensure he receives a fair trial. “Neither Liberals nor Conservatives have done anything,” railed Khadr’s defence attorney Dennis Edney, who is flying down to meet with his client on Monday.

“Comparatively, Canada is behind the curve,” chastised Human Rights Watch spokesmen Nehal Bhuta, pointing out that Khadr has received “almost no support from his government” and therefore remains the only Western citizen still held in the detainment camp after nearly six years. HRW colleague and attorney Jennifer Daskal repeated the condemnation, calling on Canada to “step up, put pressure on the United States government.”

“He is a victim of circumstance, not ‘the worst of the worst'” explained Daskal, who was echoed by U.S. military counsel Lt. Cmdr. Bill Kuebler “in other circumstances, we would have called him a child soldier.”

Alleged to have thrown a grenade that killed an American soldier, Khadr was only 15 years old at the time of the firefight that left him with three bulletholes in his chest. His sister Zaynab pressed Kuebler for answers, demanding to know if “the right to defend onself [is] exclusive to the US Army, because by all reports, that what Omar was doing”.

Perhaps International Law professor Darryl Robinson phrased the conundrum most succinctly; “When we shoot at you, that’s just war. When you shoot at us, it’s a crime.”

Quoting Richard Baxter of the Harvard Law School, Robinson challenged the Bush administration‘s claims of operating outside of international law, stating that “the first step in sidestepping humanitarian law, is denying its applicability.” He further amused listeners by expanding on the catch-22 “you don’t fall under the Third Geneva Convention because you’re not a combatant, you’re a criminal – and you don’t fall under the Fourth Geneva Convention because you’re not a criminal, you’re a combatant…so I guess there are no rules”.

Referencing the fact that even a legal acquittal could still leave Khadr in Guantanamo indefinitely, Bhuta summarised his continued detention as “sadly, something of an icon of everything that’s gone wrong in the U.S. War on Terror.”

Wednesday, November 15, 2006

In an unexpected move, US Airways has placed a $8 billion bid for Delta in the morning of November 15, 2006, rallying the Dow Jones Industrial Average, which closed at 12,251.71, a record high.

The offer to buy Delta once the Atlanta-based airline emerges from bankruptcy protection by the middle of 2007 would give Delta’s unsecured creditors $4 billion in cash and 78.5 million shares of US Airways stock. Delta has yet to file its own plan of reorganization.

If completed, the deal would combine two of the oldest and most storied airlines in the United States. Delta started as a crop duster in the 1920s and grew to make its base at Atlanta-Hartsfield the nation’s largest airport. US Air started as a mail carrier in the 1930s and has gone through several mergers and two bankruptcies.

“Consumers will have more choice and more reach, and a carrier that has a cost structure of a low-fare carrier,” US Air CEO Doug Parker said in a phone interview.

The last airline deal of this magnitude, United Airline’s proposed purchase of US Airways, was blocked by the Justice Department on antitrust grounds in 2001, just before the Sept. 11 terrorist attack.

Management of Delta have not endorsed the deal, stating they wish to prevail as independent. On Wall Street, however, US Air (up $6.64 to $57.57) investors welcomed the proposal, sending the carrier’s stock soaring more than 12 percent in midday New York Stock Exchange trading. Investors also were pleased with Delta, with shares soaring 19 percent but then going back to modest gains. If the deal is completed the airline would operate under the name of Delta but nothing is set in stone.

Friday, November 10, 2006

The New Zealand government has said that it prefers building a new stadium at Auckland’s waterfront to host the grand final of the 2011 rugby world cup, instead of upgrading Auckland’s current stadium, Eden Park.

The preference was made public by the Honourable Trevor Mallard who is the minister for the rugby world cup that will be hosted in New Zealand in 2011.

The new stadium hasn’t yet been confirmed and is awaiting November 24, which is the date when the Auckland council will give the government their views on the two options available to them; waterfront or upgrade.

According to Mr Mallard the waterfront will cost altogether around NZ$497 million compared to the cost of an upgrade of Eden Park of $385 million. However that pricing is only based on concept drawings at this point in time. The government will provide half of the funding for the waterfront stadium but they will only provide funding for the Eden Park upgrade if it was considered to be for regional purposes and not a national stadium.

Mr Mallard said: “The government has decided that a waterfront location is the option that can most meaningfully contribute to the Government’s vision for Auckland as a truly world-class, international city. This has been a finely balanced call with little difference between the two options in terms of cost and construction timelines. Advice from the experts shows that both can be delivered on time.”

The greatest concern facing the government is if they will be able to build the new stadium in time but construction will being in December 2007 to be finished by 2010, and also investigators said that it would be possible. “We have had advice from Australasia’s leading stadium designers, engineers, architects and construction experts. There is a unanimous view that the waterfront stadium is a challenge, but eminently achievable,” Mr Mallard said.

“In making its decision, the government believes that a sports stadium has the ability to contribute to the identity of Auckland and New Zealand. A national stadium will be as much a focal point of Auckland’s landscape as Rangitoto or the Sky Tower. We also believe the construction of an iconic facility such as this will help drive Auckland’s aspirations for the development of the waterfront and CBD.”

Referring to the upgrade of Eden Park, Mr Mallard said: “One of the greatest concerns is that its application for consents has unacceptable uncertainty as to the timing and outcome of the consents within the construction time available. There is also risk around the lack of flexibility in a residential area around construction times, should delays or problems with construction arise.”

The government will also need to pass a special bill that will enable them to build the required options because of consent issues.

The government had also considered these following options: Eden Park (various options), CBD waterfront (various options), North Harbour Stadium, Manukau Harbour (adjoining Westfield station), The former Carlaw Park, Mt Smart Stadium, Avondale Racecourse, The Auckland Domain and Jade Stadium.