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Monday, December 8, 2008

More details have emerged over the weekend after the surprise announcement last week of Honda‘s intention to sell its Formula One racing team, Honda Racing F1. The team management, Nick Fry and Ross Brawn, have already announced confidence in their ability not only to find a buyer for the team but also to deliver the performance expected of Honda’s 2009 car. Prices as low as £1 have been put forward as possible prices tags for the Northampton based team, with Honda CEO Takeo Fukui stating that “Just to make the team possible to exist, a small price tag is acceptable”.

On Saturday the Japanese car giant said that before selling the team it was going to offer British driver Jensen Button, who had given the Honda team its only victory, a way out of his recently signed multi-million pound contract with the team so he could try to get a drive with other teams. However, Ross Brawn appears eager to retain the Briton and either retain Brazilian Rubens Barrichello or sign GP2 driver Bruno Senna, nephew of legendary racer Ayrton Senna. At an industry awards dinner, Button indicated his desire for a buyer to be found for Honda, saying any buyer would get “… a great team with excellent facilities. And with the leadership of Ross Brawn, and the whole team as they are, we can come through this and be on the grid in 2009”. Button has also spoken of his shock and pain at Honda’s decision.

Ross Brawn, who was brought into the Honda team with much fan fare before the 2008 season, has spoken of his shock at finding out about the sale of the team. Brawn, who is credited with helping Michael Schumacher and Ferrari dominate Formula One for much of the last decade, indicated he was expected funding cuts and had prepared a reduced budget but hadn’t expected the full withdrawal of support that Honda announced. Brawn has also indicated understanding of Honda’s reasoning, with their sales down 40% in some markets and Honda F1’s £200m+ budget a cost they were unwilling to bear.

Though Honda has committed to providing a budget for the team until March, the budget is lower than that which had been expected and so the team has had to pull out of the crucial winter tests at Jerez. This has denied Formula One hopeful Bruno Senna another test with the team and has combined with the engine implications of Honda’s withdrawal to push the new car’s final testing from January to March, just weeks before the first Grand Prix in Australia. Ross Brawn however remains confident of competing with new Formula One frontrunners BMW Sauber and Formula One supremo Bernie Ecclestone has tipped the team as a great buy, saying “I’ve no doubt Honda would have been in top four next year without any problems. They’ve spent a lot of money to put themselves in that position so if anyone does want to be in F1 this is a team they should look to buy. It’s a big opportunity for any company that’s run efficiently to benefit”.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Sunday, December 13, 2015

Macomb, New York Councilman Steve Burke took some time to speak with Wikinews about his campaign for the U.S. Democratic Party’s 2016 presidential nomination.

Burke, an insurance adjuster and farmer, was elected councilman in Brookhaven, New York in 1979. He left the town after being accused and found not guilty of bribery in the 1980s. Since 1987 he has served as Macomb councilman off-and-on and currently holds the post. From 1993 to 1996 and 1999 to 2002 he worked as chairman of the Democratic Party of St. Lawrence County, New York. Among his many political campaigns, Burke unsuccessfully sought the Democratic Party’s presidential nomination in 1992 and recently attempted to run for U.S. Congress in 2014 but too many of his ballot petition signatures were found invalid. Burke filed with the Federal Election Commission to run for president in the 2016 election on September 18, 2015 and has qualified for the first-in-the-nation New Hampshire Primary.

With Wikinews reporter William S. Saturn?, Burke discusses his political background, his 2016 presidential campaign, and his policy proposals.

Sunday, September 8, 2013

File:Prof. Scott Lucas 1.jpg

The United States President Barack Obama announced last Saturday he was seeking Congressional authorisation for military intervention in Syria.

Looking for more-qualified input, Wikinews interviewed: professor Scott Lucas, an expert in American Studies, from the UK’s University of Birmingham; the President of the International American Council on the Middle East, Majid Rafizadeh; and, professor Eyal Zisser, a Syrian expert, from Tel Aviv University.

Discussing the risks involved with US military intervention in Syria, Wikinews posed a range of questions to these experts on the region’s political climate.

((Wikinews)) Is it possible for the US to take military action to deter further use of chemical weapons without getting dragged into the civil war?

• Prof. Scott Lucas: The US is already involved in the civil war — the question is to what extent.

The US has given political support to the opposition and insurgency since late 2011, and from summer 2012, it has pursued covert support to the opposition fighters.

However, the Obama Administration has been hesitant about overt support for insurgents throughout the conflict, and that has affected co-ordination of covert efforts. In June, the Administration finally said it would provide overt military assistance, but then pulled back and failed to deliver any public aid.

Had it not been for the August, 21 chemical weapons attack, that position would have persisted.

• Majid Rafizadeh: It depends on the scope of the military operation. If United States conducts limited military operation, as the adminstration argues, and if US only targets some of the Syrian government’s military installments, it is less likely that United States will be drawn into the Syria’s civil war. It would be a political suicide for Syria, Iran or Hezbollah to respond.

On the other hand, if Assad observes that the balance of power is tilting against him inside the country, he might use chemical weapons in the future despite US limited strikes.

• Prof. Eyal Zisser: Yes, it[sic] the attack is limited. And If the Americans only use missiles. They can cause severe damage, but leave Assad in his palace, and not being dragged into the civil war.

((WN)) Will military intervention from the US affect long term relations between the United States and Russia?

• SL: Of course, significant military intervention by Washington will affect relations between the US and Russia, but the long-term effect cannot be predicted.

It is dependent on Russia’s reaction — so far, Moscow has been able to pressure the US into caution, but a decision for intervention by the US might call Russia’s bluff, so to speak, and force some caution by the Russians. Already, Moscow has said it will not join a fight against any US military action.

And, of course, the long-term relationship is dependent on the political and military success of any US intervention.

• MR: Military intervention, in the classic sense of putting troops on the ground, will definitely affect US-Russian long term political relationships. It might heighten the diplomatic tensions. However, the limited military operation is less likely [to] change US-Russian long term economic, geopolitical, and political relationships.
• EZ: No. They need each other in many other places of the world. Russia knows that the US is a super power and will not be interested in a real conflict with Washington.

((WN)) The British Parliament voted against military intervention in Syria, do you think this has affected their relations with the United States?

• SL: No — had the Obama Administration been united and decisive for intervention, there might have been some effect. But the Obama Administration’s divisions mean its first priority is getting some coherence in Washington, rather than blaming London.
• MR: I don’t think so. I believe that [the] UK has been [the] staunchest ally of the United States for decades. One instance of opposing parliamentary vote will not have impact on US-UK relations.
• EZ: Maybe. But Britain is not an important power any more, so the affect will be only in the symbolic field.

((WN)) Russian President Vladimir Putin has said Russia could back Syrian intervention if there was conclusive proof of regime guilt. What sort of evidence would be needed and can this level of assurance be given?

• SL: This is not a scientific question — we already have extensive evidence establishing the near-certainty of major regime attacks with chemical weapons on 7 towns on August 21.

Putin’s statement was a political move: it ostensibly re-confirmed the Russian opposition to US intervention while giving Moscow a way to step back if the UN inspectors return a damning report.

• MR: It is difficult, if not impossible, to provide Moscow with the evidence that they are looking for. In order to provide that specific information several criterions should be met. First of all, the soil of the location where the alleged chemical weapons are used, should immediately be examined after the incident. The Syrian government has not allowed immediate access to these places and usually reports come out days after. Second, and more fundamentally, a concrete and observable evidence is needed for Russia showing that Assad’s government has used it as opposed to the rebels.
• EZ: No the Russians are not after the truth but after their interests even if Assad admits that he used such weapon the Russians will be against any intervention.

((WN)) Would US military intervention on Syria be a violation of International law?

• SL: This is a grey area, especially as there will not be an endorsement by the United Nations Security Council. Supporters of the action say it can be justified under the recent doctrine of humanitarian intervention, but that is more a political rather than legal judgement.
• MR: Legally speaking, it is [in] violation of [the] United Nations Charter. According to [the] UN Charter, use of force is permitted only in case of self-defense or UNSC’s [United Nations Security Council] approval. Neither of these two cases apply for US use of military force against Syria. However, this does not mean that our current international law is devoid of any shortcomings. The International system has some shortcomings because of the structure of the UNSC, where one member can veto a resolution and block actions.
• EZ: Technically — yes because they did not get an approval from the UN.

((WN)) Does the United States seem to be wanting to engage in regime change in Syria as opposed to preventing further chemical attacks?

• SL: No, the Obama Administration has been uncertain about — and many of its members opposed to — regime change, and that is still the situation. The military, in particular, is opposed to significant, long-term intervention because of its concerns over a fragmented, diverse opposition and what happens if Assad falls.
• MR: If there was an efficient alternative to Assad, US would have seen the regime change to its political benefits and interests. However, United States does not seem to have articulated any precise agenda towards Syria yet. The policy is more ” Wait and See” policy; observing and reacting as things unfold in Syria and the region.
• EZ: No Obama does not want it, he finds himself being dragged into a war he has no interest in.

Tuesday, September 13, 2005

US-based Oracle Corporation announced earlier today that they are buying rival US-based Siebel Systems for $10.66 USD per share. Siebel shareholders have the option to receive the $10.66 per share in cash or in Oracle stock. This deal is valued at approximately $5.85 billion USD. Siebel Systems’ Board of Directors has already voted in favour of the acquisition. Founder Thomas Siebel has also given his support. A special meeting will soon be held for Siebel stockholders to vote on the acquisition. If all goes well the deal should close in the early part of next year.

After acquiring Siebel; Oracle, which specializes in database applications, will become the second largest software company. Oracle has offices in more than 145 countries, and employs over 50,000 people. This acquisition will make Oracle the largest customer relationship management (CRM) applications company in the world. CRM applications include accounting, inventory management and customer management software. “Siebel’s 4,000 applications customers and 3,400,000 CRM users strengthen our number one position in applications in North America and move us closer to the number one position in applications globally”, said Oracle CEO Larry Ellison.

“Today is a great day for Siebel Systems’ customers, partners, shareholders, and employees,” said Thomas M. Siebel, Chairman and Founder of Siebel Systems. Many analysts predicted the acquisition of Siebel after Oracle bought competitor PeopleSoft for $10 billion USD, last December.

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, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.