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Thursday, June 4, 2009

In a New York press conference at 16:15 UTC, June 1st, Fritz Henderson, the Chief Executive Officer of General Motors, which filed for bankruptcy and Chapter 11 protection from its creditors earlier today, outlined a plan for what he called a “New GM”.

Speaking to the press under safe harbor provisions of U.S. law, Henderson described the events of today as a “defining moment” in the history of General Motors. Speaking to the public he said that “The GM that let you down is history,” and described a “New GM” that he expected to result from the bankruptcy process.

Henderson stated that he envisioned the bankruptcy process would take between 60 and 90 days. He stressed several times his view that the process would be one that is executed quickly, saying that not just a sense of urgency but “pure unadulterated speed” was his expectation of the process. He emphasized that “GM remains open for business” during the bankruptcy period, continuing to sell and to support its products, and that day one motions had been filed in the bankruptcy court in order to allow this.

Regarding the bankruptcy process he said, “We will do it right. And we will do it once.”

He stated that the plan for General Motors had the support of the United Auto Workers union, the Canadian Auto Workers union, the GM VEBA, and a majority of the unsecured bondholders of GM. He also mentioned that GM had already received €1.5 million in bridge financing from the German government.

In response to questions about the possibility of the United States federal government, a majority shareholder in the restructured company, dictating future product development and strategy, such as the sale of more fuel-efficient and green vehicles; he first observed that the federal government had already stated to him that it had “no real interest in running our business” and that he expected that still to be his job. Of the specific hypothetical scenario where the management of GM wants to make one type of car, because it thinks that it is the right thing for the business, and the U.S. government wants to make another type of car, he stated that “I don’t think it’s going to happen.” Expanding on that point he stated that he expected the “New GM” to focus upon “highly fuel-efficient and green technology”, and that operating both in accordance with U.S. environmental laws and in response to customer demand would naturally result in the New GM producing the types of vehicles that the U.S. government would encourage.

The “New GM” he also expected to focus on “four core brands”, and will size its dealership to match that. He stated that GM would offer a “deferred termination” package to dealers, to allow them to cease dealing in GM vehicles in a managed and gradual way.

He stated that the bankruptcy filings did not cover General Motors’ businesses in Latin America, Europe and the Middle East, and Asia and the Pacific. Of GM’s profitable ventures in China, specifically, he stated that they were “a critical part of the New GM”. In response to questions of whether the New GM would import cars from China to the U.S., he stated the formative company’s core principle that “We build where we sell” applied in both directions, with GM building in China to sell in China and building in the U.S. to sell in the U.S., stating that this shortened supply chains.

He declined to predict when the New GM would return to profitability, stating that the goal was rather to lower the break-even EBIT point for the company. He also declined to speculate upon when the U.S. government would sell its stake in the company, saying that that was a question “better addressed to the U.S. Treasury”, and merely saying that he expected it to be “years, not months” when the U.S. Treasury felt it would give “the right return for taxpayers.”

Friday, February 10, 2012

Standard & Poor’s downgraded Egypt’s currency rating for the second time in four months based on the country’s shorfall in foreign reserves and shaky political transition. It’s the latest development for a nation facing mounting economic diffuclties.

Egypt’s foreign reserves fell by over 50 percent last year to about US$16 billion. Egypt has requested US$3.2 billion from the International Monetary Fund to bolster its reserves and prevent a devalation but that could take months.

Experts say that Egypt’s problem of attracting foreign investment and tourists, which are two sources that would increase reserves, has already caused the Egyptian pound to lose 1 percent of its value and if the country doesn’t solve the shortfall in foriegn currency, it could even lead to a further currency devaluation within the next two to three months.

The long-term solution is to restore tourism and foreign investments but both are suffering because of the continuing unrest.

Friday, June 6, 2014File:Queen Elizabeth II delivering 2013 Queen’s Speech.jpg

Queen Elizabeth II formally reopened Parliament on Wednesday and announced the legislative agenda of the UK government for the final year of the Coalition’s five year term. New measures introduced covered crime, the economy, energy and house building.

1 Business and economy
2 Crime and law
3 Fracking
4 Reaction
5 Sources

The next year of legislative changes would, the speech claimed, “deliver on [the government’s] long-term plan to build a stronger economy and a fairer society”. On economics, it promised the government would continue to lower taxes, produce an updated Charter for Budget Responsibility to “ensure that future governments spend taxpayers’ money responsibly”, and continue reduction of the deficit.

On employment law, the Queen’s Speech announced reduction in employment tribunal delays and plans to try and “improve the fairness of contracts for low paid workers” — a response to “zero-hours” contracts. The Institute of Directors support reforms to zero-hours contracts, specifically by removing “exclusivity” clauses. The speech also announced the introduction of a “collective pension” system similar to schemes in use in the Netherlands.

The government is also to increase penalties on companies that do not pay employees minimum wage, and reform National Insurance contributions by self-employed people. The government also plans to extend the ISA and Premium Bond savings schemes and abolish the 10% tax rate on savings. The speech also promised more house building, and also to introduce legislation to reduce the use of plastic bags.

The speech announced the government would seek to pass a new Serious Crime Bill “to tackle child neglect, disrupt serious organised crime and strengthen powers to seize the proceeds of crime”. Another bill will be introduced to deal with modern slavery and human trafficking and to support victims of these offences. The speech also said the government “will lead efforts to prevent sexual violence in conflict worldwide”.

The Serious Crime Bill would also include an increase in the sentence for those who bring about “cyberattacks which result in loss of life, serious illness or injury or serious damage to national security, or a significant risk thereof”. Under the Computer Misuse Act 1990, these are currently subject to a ten year prison sentence, but the punishment would now risk imprisonment for life. Punishment for cyberattacks that cause “a significant risk of severe economic or environmental damage or social disruption” would increase from the current ten year maximum tariff to fourteen years.

Jim Killock from the Open Rights Group said existing laws already allow effective prosecution of those engaging in cyberattacks.

The speech also announced legislation would be introduced “to provide that where a person acts heroically, responsibly or for the benefit of others, this will be taken into account by the courts”.

Constituents would be able to “recall” an MP who had been found guilty of misconduct under a proposed law that will be debated. The Conservative MP Zac Goldsmith described the current plans as “meaningless” and said voters had been “duped”. The Bill would force a by-election if 10% of voters signed a petition within eight weeks, but only if a Commons committee had decided the MP could be recalled. This latter requirement will make it “impossible to recall anyone” according to Goldsmith.

Business minister Michael Fallon defended the recall proposals: “we have to protect MPs from being recalled by people who just disagree with them[…] What you have to ensure is an MP can’t be hounded out just because people disagree with them back in their constituency.”

Deputy Prime Minister Nick Clegg said he agreed with Goldsmith the bill was not perfect, and he wanted “a radical California-style recall” system, but he had settled for a “modest” bill to satisfy “Conservative Party resistance”. Goldsmith claimed Clegg had been “the architect of the current Recall Bill”.

Tim Aker, head of policy for the UK Independence Party, said: “The decision to only offer recall voting on a signed-off-by-Parliament-basis reflects a political class that does not know, does not trust and certainly does not represent its people.”

The speech included measures to make it easier for businesses to engage in hydraulic fracturing (“fracking”) of shale gas. The Institute of Directors said laws “must be updated if the UK is to enjoy the benefits of our shale potential”, specifically by scrapping laws on trespass to allow the gas extraction to occur. The British Chamber of Commerce also support such a reform: “While fracking may be unpalatable to some, it is absolutely essential, and business will support legislative measures to exploit Britain’s shale gas deposits”. Activists from Greenpeace fenced off Prime Minister David Cameron’s home in Oxfordshire with a sign reading “We apologise for any inconvenience while we frack under your home”, and delivered a £50 cheque — identified as the maximum compensation suggested for property owners.

Simon Clydedale from Greenpeace UK said of the fracking proposals: “The prime minister is about to auction off over half of Britain to the frackers, including national parks and areas of outstanding natural beauty like the Cotswolds. Fracking won’t deliver energy on a meaningful scale for years, if ever, by which time we’ll need to have moved away from dirty fossil fuels and towards high-tech clean power if we’re to head off dangerous climate change.”

Caroline Lucas, Green Party MP, spoke in opposition to the fracking proposals after the Queen’s Speech: “Not only does this bill defy public opinion, it denies people a voice. To allow fracking companies to drill under people’s homes and land without their permission is to ignore public interest in pursuit of the vested interests of a few.” A poll conducted by YouGov found 74% of respondents opposed the plans.

Following the Queen’s Speech, politicians from all parties debated the direction of the government in the year ahead.

Prime Minister David Cameron said that the Queen’s Speech showcased “a packed programme of a busy and radical government”, whose “long-term economic plan is working but there is much, much more to do”, and it would “take the rest of this Parliament and the next to finish the task of turning our country around”.

Labour leader Ed Miliband said: “We would have a Queen’s Speech with legislation which would make work pay, reform our banks, freeze energy bills and build homes again in Britain. A Queen’s Speech which signals a new direction for Britain, not one which offers more of the same.”

Cameron described Miliband as having a “rag bag, pick-and-mix selection of statist Seventies ideas [… a] revival of Michael Foot’s policies paid for by Len McCluskey’s money” — a reference to controversies surrounding the substantial funding Labour gets from trade union Unite.

Liberal Democrat president Tim Farron said of the Queen’s Speech: “I suspect the pensions proposals will be around for a generation or more and will be remembered. It’s about making sure they are fairer, cheaper, more secure, more reliable and potentially better for people.”

Plaid Cymru MP Elfyn Llwyd said: “This was an uninspired Queen’s Speech delivered by a government that has well and truly run out of steam.”

Angus Robertson, the leader of the Scottish National Party in Westminster, said the Queen’s Speech barely mentioned Scotland: “The absence of any mention at all of the Westminster parties’ plans for Scotland in the Queen’s Speech is extraordinary. […] In this – the year of the biggest opportunity in Scotland’s history – Scotland hardly even gets a nod at Westminster, and not a single mention of future plans for improving government in Scotland.”

The speech made brief mention of Scotland: “My government will continue to implement new financial powers for the Scottish Parliament and make the case for Scotland to remain a part of the United Kingdom.”

Saturday, January 29, 2011

U.S. Prohibition Party presidential candidate Jim Hedges of Thompson Township, Pennsylvania took some time to answer a few questions about the Prohibition Party and his 2012 presidential campaign.

The Prohibition Party is the third oldest existing political party in the United States, having been established in 1869. It reached its height of popularity during the late 19th century. The party heavily supported the Eighteenth Amendment to the United States Constitution, which banned the sale of alcohol, and resulted in the US period known as Prohibition (1919–33). It was repealed in 1933. The party has declined since this period, but has continued to nominate candidates for the presidential election.

In 2003, the party split into two factions. Preacher Gene Amondson and perennial candidate Earl Dodge were nominated for the presidency by their respective factions. After Dodge’s death in 2007, the party reunified and named Amondson as its sole presidential nominee for 2008. During the election, Amondson was interviewed by Wikinews. He died in 2009, leaving an opening in the party for 2012.

Jim Hedges is a longtime Prohibition activist, who holds the distinction of the first individual of the 21st century (and the first since 1959) to be elected to a political office under the Prohibition Party banner. In 2001, he was elected as the Thompson Township tax assessor, and was re-elected to the post in 2005. He served until his term expired in 2010. Hedges declared his intent to run for the Prohibition Party presidential nomination on February 18, 2010. This marks his first run for the presidency.

Wednesday, April 23, 2008

Buffalo, New York —According to police in Buffalo, New York, no one was injured after a semi-trailer truck carrying paper from Ontario, Canada hit a railroad viaduct, tearing the truck in half.

At approximately 11:00 p.m. EDT (UTC-4) on April 21, an unidentified man driving the truck westbound on Walden Avenue between Wasmuth and Roetzer streets hit the viaduct which tore his truck in half sending debris and cargo over most of the road.

Police describe the truck’s cabin as a “can of sardines.”

“He made it all the way through, but his truck looks like a can of sardines,” said officers on police radio communications who were on scene.

The driver was given a traffic citation and admits he did not notice signs posted along Walden which state the bridge’s clearance.

The street and the viaduct remained closed into the early morning hours of Tuesday April 22. According to Don Poleto of the city’s Public Works office, the bridge was not damaged.

Thursday, July 31, 2008

Catherine Mullany, a newly married British woman, and her husband, Ben Mullany, have been shot while on honeymoon in Antigua. Catherine died on the scene, while Ben is in a critical condition in Hospital.

The families of the Mullanys have described themselves as “deeply shocked and devastated.”

The incident occurred at 05:00 Antigua time (09:00 GMT) on Tuesday, and it is being treated by police as a robbery. A police spokesperson described the incident. “Shortly after 5am this morning officers from the Bolans Police station responding to a call, arrived at Cocos Hotel and Restaurant in the Valley Church area, the scene of a murder.” UK police have been asked to help in the inquiry.

Catherine Mullany was a doctor, who, before her death, planned to become a GP. Ben was a physiotherapy student at the University of the West of England (UWE), which is located in Bristol, England. Mary Price, the Media Relations and Internal Communications Manager for UWE, gave Wikinews the following statement:

Ben Mullany is a third year physiotherapy student at the University of the West of England. Ben is a very good student who is greatly valued by staff and his peers. Staff and fellow students are deeply shocked to hear of this tragic incident. Our condolences go to his wife’s family and our thoughts are with his family at this difficult time.

This story has updates See British man dies five days after wife in honeymoon shooting

Wednesday, March 9, 2005File:Plastic bag stock sized.jpg

They are cheap, useful, and very plentiful, and that is exactly the problem, according to researchers. A report issued on Feb. 23 by a cadre of environment and economics researchers suggested that Kenya should ban the common plastic bag that one gets at the checkout counter of grocery stores, and place a levy on other plastic bags, all to combat the country’s environmental problems stemming from the bags’ popularity.

Thursday, December 13, 2007

Victoria Wyndham was one of the most seasoned and accomplished actresses in daytime soap opera television. She played Rachel Cory, the maven of Another World‘s fictional town, Bay City, from 1972 to 1999 when the show went off the air. Wyndham talks about how she was seen as the anchor of a show, and the political infighting to keep it on the air as NBC wanted to wrest control of the long-running soap from Procter & Gamble. Wyndham fought to keep it on the air, but eventually succumbed to the inevitable. She discusses life on the soap opera, and the seven years she spent wandering “in the woods” of Los Angeles seeking direction, now divorced from a character who had come to define her professional career. Happy, healthy and with a family she is proud of, Wyndham has found life after the death of Another World in painting and animals. Below is David Shankbone’s interview with the soap diva.

1 Career and motherhood
2 The politics behind the demise of Another World
3 Wyndham’s efforts to save Another World
4 The future of soap operas
5 Wyndham’s career and making it as a creative
6 Television’s lust for youth
7 Her relationship today to the character Rachel Cory
8 Wyndham on a higher power and the creative process
9 After AW: Wyndham lost in California
10 Wyndham discovers painting
11 Wyndham on the state of the world
12 Source

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Categories

CEO of GM outlines plan for “New GM” after auto company declared bankruptcy

Egypt struggles to recover tourism, investment

Queen’s Speech sets out Coalition government’s final year agenda

Contents

Wikinews interviews Jim Hedges, U.S. Prohibition Party presidential candidate

Semi truck crashes into viaduct in Buffalo, New York

British doctor killed while on honeymoon

Customized Promotional Gifts All In One Location

Report urges Kenya to ban plastic bags

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Victoria Wyndham on Another World and another life

Contents