Author: Admin

Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.

Monday, January 31, 2005

Metlife announced on 01/31/05 that they were going to acquire Travelers Life and Annuity from Citigroup. Travelers Life and Annuity is an insurance underwriter. MetLife is a large life insurance and annuities underwriter. MetLife will have to borrow a lot of money to pay for the company, so rating agencies like S&P warn that the AA credit rating of MetLife might be lowered. This would cause the interest rates at which all of MetLife’s debt must be repaid to increase.

Citigroup committed to continue distributing Travelers life insurance and annuities through its Smith Barney stock brokers, Primerica agents, and Citibank branches.

Citigroup was previously known as Travelers Insurance before it bought Citicorp. First the Property and Casualty business of Travelers was spun off, and now the life insurance division has been sold off. This is primarily because insurance underwriters get a lower price to earnings multiple from the stock market because of the cycles and uncertainty associated with the insurance business. Also, having an insurance underwriter and a bank together does not usually create “cross-sell” opportunities, because consumers and businesses almost always buy life insurance and annuities through brokers who have a duty to give them other options. Citigroup will continue to sell insurance through its brokers as before.

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Thursday, March 4, 2010

Two passengers on a Mediterranean cruise ship were killed by a rogue wave on Wednesday. The incident occurred off the north-east coast of Spain. The ship, named the Louis Majesty, had left from Barcelona, Spain and was headed for Genoa, Italy.

The giant wave broke the windows on deck five of the ship, resulting in two fatalities as well as another fourteen injuries. The two victims were German and Italian citizens. Following the incident, the ship returned to Barcelona. The ship, carrying over 1300 passengers, is expected to continue its journey after the injured are moved from the ship for treatment.

According to French officials, there had been no previous trouble with the ship. The waves were believed to have been 26 feet (8 meters) high. The ship is 660 feet (200 meters) long, and had 732 cabins onboard.

Wednesday, March 31, 2010

The World Health Organization (WHO) is a program of the United Nations and a global authority on human health. In an interview with Wikinews, the WHO tells about the current H1N1 pandemic.

The organization’s 93rd update as of March 26, 2010 states 213 countries, territories, and other communities have laboratory-confirmed cases and there have been at least 16,931 confirmed deaths, including 4,653 deaths in Europe and 7,673 in the Americas.

Wikinews reporter Mike Morales talks with Karen Mah, a media relations representative for the WHO, and asks her several questions.

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ^{((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????.} He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ^{((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.}

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

Thursday, August 30, 2012

London, England — When Wikinews interviewed Oceania Paralympic Committee (OPC) President Paul Bird, the day before the start of this year’s Summer Paralympics, he shared the idea that whilst Oceania may not be the first place one thinks of in connection with “Paralympics” or even “developing countries”, Oceania is represented at the Games in London by athletes who have overcome many obstacles in order to compete.

According to Bird, two athletes from Oceania are regarded as medal prospects. One, Fijian high-jumper Iliesa Delana, missed out in Beijing due to his event being cancelled. He is currently ranked number two in the world, having won silver at the World Championships. The other is Francis Kompaon, a sprinter from Rabaul in Papua-New Guinea competing in the 100 and 200 metre sprints. These athletes qualified under the standard Paralympic processes. Other Oceania athletes are “wildcards”, selected by the International Paralympic Committee (IPC) to broaden the number of nations taking part. Countries do not always get their preferred choices of wildcards; for a variety of reasons, the IPC may select a less-favoured athlete. In particular, women are more likely to be chosen to address the games’ gender imbalance.

It’s not easy being an athlete, or an official, from a developing country says Bird. Often people are confronted with a host of unfamiliar situations. For example: many of the required forms are now online; officials with little technology experience have to navigate an unfamiliar landscape of browsers, buttons and passwords.

The OPC consists of eight countries: Australia, New Zealand, Fiji, Samoa, Tonga, Vanuatu, the Solomon Islands, and Papua-New Guinea. Papua-New Guinea and Samoa are sending two athletes each to the London Games. Fiji, Tonga, Vanuatu, and the Solomon Islands are sending one each.

Bird says, in attempting to promote Paralympic sport in Oceania, the region’s Paralympic Committee puts a priority on training local officials, coaches and classifiers. This helps member countries conduct their own events, without assistance from Australia and New Zealand. Additionally, the Committee organizes the Arafura Games, a regional competition.

Countries in the region are encouraged by the OPC to assemble teams, get athletes into work rankings, and plan ahead for the 2016 Paralympics to be held in Rio. Efforts are being made to strengthened ties between the region and international bodies such as the International Tennis Federation.

Bird, as head of the OPC, has been a member of the Australian Paralympic Committee since 1993. He won gold and silver medals in swimming at the 1984 Paralympics where he was the Australian Team Captain. He was the Australian Chef de Mission in Sydney in 2000 and Athens in 2004, and the Assistant Chef de Mission in Barcelona in 1992, Atlanta in 1996, and Beijing in 2008. He also currently sits on the Australian Paralympic Committee’s board.

Thursday, March 21, 2013

Anonymous people submitted a video depicting employees of Inghams Enterprises, an Australian poultry producer, to Animal Liberation. The video displays animal cruelty at an Inghams plant in Tahmoor, Macarthur Region, south-west of Sydney. The video was recorded without the employees’ knowledge over a two-week period in February. Animal Liberation maintains that the footage is legitimate.

Spokesperson for Animal Liberation Emma Hurst stated to Sydney Morning Herald, “You can see a total disrespect of these animals. There are scenes where they’ve put the music up very, very loud, the workers are screaming, jumping about, dancing, picking up the turkeys, dancing while holding onto the turkeys, throwing them onto the shackles, and just that whole mentality as though these animals don’t have feelings, that they’re objects.”

Using CCTV, over 140 hours were recorded, depicting 136 incidences of animal cruelty as well as aggravated animal cruelty, resulting in the animals’ death or severe conditions. Ms. Hurst said, “Hanging upside down, their legs are already brittle, and we’ve got footage as well where their legs have actually ripped off from their bodies … and the legs have been tossed around.”

Animal Liberation and the Royal Society for the Prevention of Cruelty to Animals (RSPCA) are again calling for the mandatory installation of CCTV cameras in all Australian abattoirs. RSPCA New South Wales chief inspector David O’Shannessy told the ABC that surveillance and inspections of abattoirs should be commonplace in Australia. “The CCTV would certainly send a strong signal to those people working with animals that their welfare is of the highest priority.”

Inghams CEO Kevin McBain released a statement saying that an investigation had been launched into the “intolerable incidents”. “We condemn the animal abuse we have seen in the footage and will — as a matter of urgency — work to review, retrain and reinforce our animal welfare standards throughout our organisation”

The New South Wales Police and the New South Wales Food Authority are continuing to investigate the video.