Author: Admin

Monday, March 12, 2007

24 of 26 Swiss Cantons rejected the proposal for a single health insurance system, in which premiums would be based on income and wealth. The vote on Sunday was the latest in a series of attempts to cut rising costs and ease the financial burden on citizens.

Around 71% of voters rejected the reform. Turnout was at about 46%, slightly above the Swiss average.

As expected, voters in the main German-speaking part of the country turned down the planned reform, which was supported by the centre-left but opposed by the centre-right as well as the business community, parliament and the government.

Opposition in the French and Italian speaking regions was less pronounced. The cantons Jura and Neuchâtel in the French speaking regions voted in favor of the proposed reforms.

Health insurance premiums are higher in southern and western Swiss cantons than in German-speaking areas.

The Swiss Interior Minister Pascal Couchepin said an important part of the Swiss Population appeared to be opposed to “a revolution” in health insurance but he said that he wanted current reforms currently under discussion in the Swiss Parliament to go ahead. He called on all sides, especially health insurers and the cantonal authorities, to make efforts to reduce spending on health insurance and aim for a greater cost efficiency. Currently Switzerland has 87 private insurers providing mandatory basic health care coverage for Swiss residents under a 1996 law. But costs have sky-rocketed. Over 100,000 people are not covered by health insurance due to non payment.

Opponents to the initiative argued that a single insurance system would lead to complacency and create a two-tier system, in which the wealthy would be the only ones available to afford to have additional private insurance coverage.

Supporters of the initiative said a single health insurer would increase the system’s efficiency and allow for annual savings of at least 300 million Swiss Francs (about $245 million) in administrative costs. Currently, the funding system is unbalanced, since many clients on low incomes use state subsidies to pay their premiums, according to the Green Party and the Social Democrats.

The initiative to unite all the insurance companies and introduce premiums based on wealth and income was the most recent in a series of attempts over the past ten years to reduce the public spending on health care. A proposal, similar to this recent proposal, to modify the funding system of the health insurance companies was rejected by 73% of voters in 2003.

Switzerland has the most expensive health system in Europe. Switzerland’s expenditure on health care was 11.6% in 2005, in front of Germany and France but behind the United States.

Saturday, July 12, 2008

Michael Ellis DeBakey, world renowned heart surgeon, has died in Houston, Texas at the age of 99.

He was born Michel Dabaghi on September 7, 1908 in Lake Charles, Louisiana, to Lebanese immigrants Shaker and Raheeja DeBakey.

DeBakey was the chancellor emeritus of Baylor College of Medicine in Houston, Texas, and director of The DeBakey Heart Center of Baylor and the Methodist Hospital.

DeBakey pioneered the use of Dacron grafts to replace or repair blood vessels. In 1958, to counteract narrowing of an artery caused by an endarterectomy, DeBakey performed the first successful patch-graft angioplasty. This procedure involved patching the slit in the artery from an endarterectomy with a Dacron or vein graft. The patch widened the artery so that when it closed the channel of the artery returned to normal size. The DeBakey artificial graft is now used around the world to replace or repair blood vessels.

Wednesday, June 4, 2008

A pipeline rupture and fire at Apache Corporation‘s Varanus Island facility in Western Australia has reduced the supply of natural gas to Western Australia by 30%. 153 employees have been evacuated and 13 employees remain on the island to monitor the situation.

Steven Farris, Apache’s president and CEO said “No one was injured, all personnel are safe, and the rupture and fire appear to be contained on the island…At this time, we cannot estimate when throughput will be resumed.” The facility was producing approximately 330 million cubic feet(MMcf) of natural gas and 8,000 barrels of crude oil per day, this has been reduced to 200 MMcf and 5,000 barrels per day.

Western Australian Minister for Energy Fran Logan said that residential supplies were unlikely to be affected but has called on Western Australians to conserve the use of natural gas. Minister Logan said that Apache supplies primarily large volume users like Alinta Gas and Alcoa, and the major industrial users will be hit the hardest. The aluminum refineries owned by Alcoa, which are dependent on natural gas, have switched to diesel to maintain production.

Apache representatives, including its managing director Tim Wall and fire experts from Singapore, are heading to the site to extinguish the fire and assess the damage. Wall said during a news conference in Perth today that a small fire on a vent had already been extinguished. Apache has invoked a clause in its supply contracts to remove liability for unavoidable catastrophes that prevent them from fulfilling obligations under the contract.

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.”