Author: Admin

Friday, April 24, 2009

According to Mexican health officials, an epidemic of swine flu has killed at least 68 people and infected a further one thousand inside the country.

Mexican health minister José Ángel Córdova said that the casualty rate appeared to be slowing down, and that there would be no plans to block off Mexican borders. “We’re dealing with a new flu virus that constitutes a respiratory epidemic that so far is controllable,” Córdova stated. He said that the disease had mutated from pigs and was transferred to humans at some point.

Museums and schools for seven million students near Mexico’s capital were closed down in an effort to curb the epidemic, and the government has encouraged people with symptoms of the disease to take leave from work.

The outbreak has spread north to the United States, and US health authorities have reported that eight people were diagnosed with swine flu in Texas and California. However, these people have recovered.

“We are worried. We don’t know if this will lead to the next pandemic, but we will be monitoring it and taking it seriously,” said Dr. Richard Besser, the acting head of the Centers for Disease Control and Prevention (CDC). Dr. Besser suggested “containment is not very likely” in a telephone briefing on Friday.

Tests conducted by the World Health Organisation (WHO) found that the virus from a dozen patients was genetically similar to a new outbreak of swine flu, designated as H1N1.

Thursday, March 31, 2005

In an interview broadcast on Russian state-run Channel One television, deposed Kyrgyz president Askar Akayev, when asked whether he was prepared to resign as president, replied, “Of course, of course – if I am given the relevant guarantees and if it is in full accordance with the current legislation.”

He added that he had “the desire to help so that the newly elected president is legitimate.”

While acting president and prime minister Kurmanbek Bakiyev and former acting minister of securities Felix Kulov have offered him immunity, he said he would only return if parliament offered him “personal safety guarantees.”

Bakiyev warned that Akayev’s return could “give rise to mass unrest.”

In related news, acting minister of securities Felix Kulov has been removed from parliament on his own will, RIA Novosti reported the parliamentary press service as saying.

He was reported as saying that “The set goal has been achieved: the situation in our republic has stabilized.”

Wednesday, February 9, 2011

Only weeks before the Canadian government in Ottawa is expected to table a budget which may trigger a national election, the announcement of a proposed 3.2 billion CAD merger between the Toronto (TSX:X) and London (LSE:LSE) stock exchanges to produce the largest single exchange.

Even as news was beginning to leak about the mega-merger, Deutsche Börse AG (FWB:DB1) and NYSE Euronext (NYSE:NYX) announced deep negotiations under way regarding a merger between the third and second, respectively, largest exchange groups by total revenues. The proposed TMX-LSE group merger would produce the largest market in terms of listings – approximately 6,700 companies are traded between the two groups – but total annual receipts would likely not make it the largest in dollars.

Technically the merger is a takeover of Toronto-based TMX by the LSE Group, with LSE shareholders owning 55% of the new company. TMX head Thomas Kloet would become CEO of the new firm, while LSE’s executive would take chairmanship of a new board consisting of 8 members from LSE and 7 from TMX.

Canadian Industry Minister Tony Clement has said the government will review the merger, which raises the spectre of a government rejection of a deal which would see yet another large Canadian corporation under foreign ownership. The ruling conservatives have been dogged by the issue, and have blocked two other foreign ownership bids during the current government’s terms – last year’s Potash Corp. (TSX:POT) takeover bid from BHP Billiton (BHP.AX) and the earlier Alliant Techsystems Inc. (NYSE:ATK) bid for MacDonald (TSX:MDA) space technologies branch, the only two such blocks ever made by a Canadian government.

Canadian opposition parties challenged the Prime Minister over the proposal, with New Democratic Party leader Jack Layton questioning the benefits of the deal. “Of course, Canadian companies need access to foreign capital, but not at the expense of our own capital markets,” he said. Canadian Prime Minister Stephen Harper refused to comment on the proposal, having been criticised for involving his office in the Potash bid.

Both the Quebec and Ontario regulatory commissions are also involved in reviewing the deal, which is set for October 2011, as their provincial exchanges are in Montreal and Toronto respectively.

Wednesday, April 13, 2005

Hassan Hashash, a Palestinian aged 15, was detained by the Israeli military on Tuesday, April 12, at the Hawara checkpoint south of Nablus in the West Bank. Hashash had been hiding five explosive charges under a winter coat before attempting to ignite one in the presence of Israeli soldiers, the military said. In the sweltering 26°C (78°F) heat, the teenager’s incongruous attire caught the attention of an IDF paratrooper nicknamed Muli.

“The boy pulled out a matchbox, held up a pipe bomb, and attempted to detonate it,” said Muli. “We aimed our weapons at him and told him to move away from us” (Ynet).

The military reported that after taking the youth to an isolated area they searched him and found another four explosives.

“You could see it’s a young child who was sent [by someone],” said Muli. “I looked into his eyes: he was on the brink of tears and scared to death.”

The Hawara checkpoint has seen this kind of trouble before. In April 2004, soldiers there arrested a 16-year-old, also Palestinian, with a suicide bomb strapped to his body. The teenager, Hussam Abdo, later told an Israeli newspaper he was on a mission to kill Israeli soldiers. [1]

Israeli radio noted that this is the third Palestinian child in the past two months caught attempting to transfer explosives past Israeli checkpoints.

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.”

Wednesday, July 8, 2009

Thailand’s fugitive ex-premier, Thaksin Shinawatra is in the news again today, phoning supporters in the country and appealing for no celebration of his sixtieth birthday at Sanam Luang outside the royal palace in Bangkok. This follows some red-shirted United front for Democracy against Dictatorship (UDD) supporters vowing to go ahead with the party despite Bangkok‘s Governor, Sukhumband Paribatra, saying he will deny any request.

According to Thailand’s English-language Bangkok Post, UDD leader Shinawat Haboonpad expressed determination to see the July 26 celebration go ahead, “… we will show our civil disobedience and ignore his order”.

The divisive impact of the populist Thaksin stretches back prior to him being ousted by a bloodless military coup in September 2006. As far back as 2005 figures within the Thai establishment were speaking against him; Thaksin used the courts to try and prevent dissemination of negative material, including the publication of a sermon by a respected Buddhist monk who compared him to Phra Devadhat, the Thai Buddhist equivalent of the devil. Bangkokians formed into the yellow-shirted anti-Thaksin People’s Alliance for Democracy (PAD) accusing the Prime Minister of corruption. Following the military intervention in 2006, and a groundswell of support among rural poor voters, the opposing pro-Thaksin groups formed into the UDD. Despite conviction in-absentia, Thaksin colours Thai politics, and has derailed efforts to stabilise the country’s political institutions.

This past week it has been the lead-up to the December 2008 dissolution of the pro-Thaksin People’s Power Party (PPP) government that has resurfaced. The then-Prime Minister, Somchai Wongsawat was barred from politics and his PPP dissolved by the country’s Constitutional Court following anti-Thaksin yellow shirts occupying Bangkok’s international airport and stranding as many as 300,000 tourists in the country. Now the country’s Foreign Minister, Kasit Piromya, a PAD leader, is facing pressure to step down for his part in the airport siege and blockade.

A report in Monday’s Bangkok Post indicates that Thai authorities continue to pursue Thaksin. The Interior Minister said that an attempt had been made to arrest Thaksin in Malaysia’s capital, Kuala Lumpur, but he had evaded capture and managed to return to Fiji where he remains in exile and a fugitive.

Friday, July 21, 2006

Microsoft Corporation (NASDAQ:MSFT, HKSE:4338) has announced plans to buy back US$40 billion of its stock between now and 2011.

(All further figures in this article are in U.S. Dollars.)

Microsoft, the world’s largest maker of computer software, will make a tender offer to repurchase $20 billion of its own stock by August 17, and will purchase another $20 billion by 2011. This is in addition to a previous $30 billion stock buyback offer it completed two years ago.

The company plans to accept offers in the form of a modified Dutch or “reverse auction”, and based on those offers for stock, come up with a price no less than $22.50 and no more than $24.75, that allows it to buy up to about 8.1% of the common shares outstanding, up to either 808,080,808 shares, or $20 billion. The company stated that it will not purchase shares below a price stipulated by a shareholder, and in some cases, may actually purchase shares at prices above a shareholder’s indication under the terms of the modified Dutch auction. Prior to the announcement, Microsoft shares were trading at $22.75, with the announcement causing share prices to rise $1.32, or 5.8%, to $24.17.

Microsoft has been criticized in the past for “sitting on” huge reserves of cash without making additional purchases of companies or technology.

The company expects to sell more units of its Xbox 360 game console, which currently is unprofitable, helping to shore up weaker earnings from its Office flagship software package, of which a new version is not expected until sometime next year.

On July 20 the company said profit for the year will be $1.43 to $1.47 a share, an increase from an April forecast of $1.36 to $1.41. For the quarter ending September, expected profit will be 30-32c/share on revenue of between $10.6-$10.8 billion. For fiscal 2006, earnings were 11% higher than the previous year, at $12.6 billion on revenues of $44.28 billion, or $1.20 per share. In the year-ago quarter, Microsoft reported net income of $3.70 billion, with legal expenses of 5 cents per share plus tax benefits of 9 cents per share. This produced a net income of 34 cents per share for the quarter, opposed to the 31 cents which would have occurred without the tax benefits. For the previous fiscal year, income was $12.25 billion on revenue of $39.79 billion, or $1.13 per share.

Microsoft held an audio web-cast at 2:30 p.m. PDT (5:30 p.m. EDT) July 20 with Chris Liddell, senior vice president and chief financial officer, Frank Brod, corporate vice president and chief accounting officer, and Colleen Healy, general manager of Investor Relations. The session may be accessed at the Microsoft website. The web-cast will be available for replay through the close of business on July 20, 2007.