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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.

Thursday, May 11, 2006

The Australian House of Representatives heard the traditional right-of-reply to the Budget released May 9, from the Australian Labor Party, led by Kim Beazley (Labor, Brand), plus Budget replies from minor parties in the Australian Senate.

While the Budget is politically popular, having as one of its main features significant tax reform, Beazley focused on the omissions in the Budget, such as the failure to address a skills shortage.

Tuesday, August 6, 2013

This past Sunday, Illinois Governor Pat Quinn signed into law a bill known as “Rocky’s Law” that requires Illinois high schools, through the local school district, to buy catastrophic injury insurance up to US$3 million or medical costs for up to five years, whichever one comes first, that covers student athletes. The insurance must cover student athletes while they are competing.

The legislation was named after Rasul “Rocky” Clark. In 2000, the Eisenhower High School football player became paralyzed from the waist down as a result of a tackle during a game. His school based health insurance covered the costs of his medical treatment. A legislator sponsoring the bill noted that the need for this type of insurance is rare. Clark’s mother attended the legislation signing. Her son died last year.

Before parents can claim money from school insurance, they first must pay out US$50,000. Schools have until January 1, 2014 to comply with the law. Schools cannot charge students more than US$5 to defray the cost of insurance. If a school district already requires student to be covered through private health insurance, they are exempted from this law.

Saturday, July 1, 2006

California Gov. Arnold Schwarzenegger signed a bipartisan state budget Friday that invests a record $55.1 billion in education – an increase of $3.1 billion this year and $8.3 billion over the last two years – and allocates $4.9 billion to create a budget reserve and to pay down the state’s debt early.

Schwarzenegger credited bipartisan cooperation in coming up with a budget he was willing to sign, and do it on time, a rarity in recent California politics.

“It’s amazing what can be accomplished when Democrats and Republicans work together in Sacramento,” said Schwarzenegger. “I want to thank the legislative leadership – Senators Don Perata and Dick Ackerman, Speaker Fabian Nunez and Assembly Republican Leader George Plescia – for all their hard work on the budget. We put politics aside and were driven by the overwhelming desire to do what’s best for the people of California.

“I am especially proud that the budget expands preschool, and returns art, music and physical education classes to our children,” he said.

State Superintendent of Public Instruction Jack O’Connell said he is pleased by the budget. “The budget passed by the Legislature brings welcome support to education in California, making good on past debts to our schools and investing in sorely needed classroom programs,” he said.

He had his own budget favorites: “I’m particularly pleased that the budget includes increased funding for school counselors, teacher professional development, programs targeted to helping students pass the high school exit exam, and expanded and improved student nutrition programs.

“While there are some priorities over which we may disagree, I applaud the Governor and the Legislature for a budget that makes education a top priority.”

Barbara E. Kerr, president of the 335,000-member California Teachers Association, also likes the direction of the new budget.“The timely approval of the new state budget is good news for our public schools and students,” she said. “School districts and teachers can now plan ahead. The nearly six percent cost-of-living-adjustment will allow local schools to restore funding to education programs that have been cut over the past few years and provide for salary increases.”

Still, Kerr, said, the budget doesn’t go far enough. “This budget is a down payment on the debt owed to our schools. Teachers will continue to work with the governor and the Legislature to ensure repayment of the $3 billion still owed to our schools under Proposition 98 and the lawsuit settlement agreement announced last month. That money will help our schools of greatest need reduce class sizes, improve teacher training and increase parental involvement.”

How the budget affects the New Haven Unified School District and James Logan High School, or the James Logan Courier, specifically is not yet clear.

State Treasurer Phil Angelides, who is running for governor against Schwarzenegger, liked the increased education funding, and praised his fellow Democrats in the legislature for that, but criticized the entire budget for being out of balance.

“On higher education, Democrats in the Legislature did the right thing, when the governor would not, and gained a $6 per unit rollback in community college fees,” he said in a statement. “That is a start. But the governor’s budget will still leave community college fees nearly double what they were just three years ago. And the budget will also leave untouched the fees at CSU and UC, which have increased by $2,000 and $5,000 respectively under Governor Schwarzenegger.”

Missing from the budget, Angelides said, is funding to expand health care for low-income children. Schwarzenegger “failed to get members of his own party to agree to a budget that funds health care for more kids from low-income families on the Healthy Families program regardless of the families’ immigration status. Compassion requires – and intelligent public health practice demands – that all people residing in California have access to adequate health care,” Angelides said.

Schwarzenegger credited a strong economy that increased state revenues for providing the cash to cover the increased expenditures and set aside a $2.1 billion reserve and an additional $2.8 billion for debt prepayment. Included in that is $1.42 billion for repaying borrowed funds earmarked by the voters for transportation projects aimed at reducing traffic throughout the state. The early debt payment and the reserve account for nearly 4.7 percent of the overall budget – the highest in 25 years.

Still, Angelides said, the budget is out of balance and the state is running up more debt. “Despite his repeated pledges to ‘cut up the credit card’ Governor Schwarzenegger has produced a budget that still leaves a $3.3 billion structural budget deficit for 2006-07 and more deficits for years to come,” Angelides said, “It is a budget thatwill continue to shift the burden of today’s deficits onto the backs of futuregenerations.”

The budget largely mirrors the May Revise, which has since prompted all three Wall Street credit rating agencies to upgrade the state credit rating, reducing the cost of state borrowing. One of the agencies, Fitch, Inc., cited “California’s continuing economic recovery, strong revenue performance and continued progress in reducing fiscal imbalance” when upgrading their rating on the state’s general obligation debt from A to A+ last month. Standard and Poor’s also raised its rating from A to A+ in May. Moody’s Investors Service raised its rating from A2 to A1 the same month.

Despite the improved credit ratings, Angelides said, the three rating agencies still have reservations about the state’s fiscal future. The agencies “have corroborated my warning and that of the Legislative Analyst that while state revenues have improved, California’s fiscal condition will remain insecure until the state produces balanced budgets,” he said.

Highlights of AB 1801, the Budget Act of 2006 by Assembly member John Laird (D-Santa Cruz), include:

Preschool through High School Education – The budget includes $100 million for the Governor’s targeted preschool initiative, which will make preschool available to every four year old living in a low-performing school district. $50 million of this funding will be used to build and improve preschool facilities. The budget also includes $645 million to fund physical education, arts and music programs. Overall, $11,264 will be spent on each student, an increase of $516 from the current year.

Higher Education – The budget allocates $19.1 billion from all sources for higher education and eliminates tuition and fee increases at UC and CSU. California, which already has the lowest community college fees in the nation, will further lower student fees from $26 per unit to $20, effective Spring 2007.

Law Enforcement – The budget includes an additional $196 million to support law enforcement efforts, including money to fund Sexual Assault Felony Enforcement teams, 500 GPS devices to track and monitor the highest-risk parolees and four new Gang Suppression Enforcement Teams. The budget also proposes the addition of 235 California Highway Patrol positions, includes $56.4 million to replace the CHP’s existing radio system and allocates $6.4 million to handle the increasing number of wireless 9-1-1 calls. Additionally, the budget includes a $20 million investment to strengthen efforts to fight methamphetamine trafficking and $6 million to create three new California Methamphetamine Strategy program teams.

Disaster Preparedness – The budget provides $220 million to enhance California’s ability to prepare for, mitigate and respond to emergencies, including money to strengthen public health response during a disaster. This includes preparations to prevent a pandemic influenza outbreak and expanding efforts to help local governments develop disaster preparedness plans.

Public Health – The budget includes $22.6 million for counties to perform outreach and enrollment activities to reach the 428,000 children who are eligible for Medi-Cal or the Healthy Families program but are not enrolled. The budget for the Healthy Families program also covers enrollment growth for 78,200 additional children.

Transportation – In addition, the Budget makes a substantial investment in improving California’s transportation system. It provides $1.4 billion to fully fund Proposition 42 for the second consecutive year, and it provides an additional $1.4 billion for the early repayment of past loans from Proposition 42, for a total of $2.8 billion. Of the $1.4 billion repayment, $440 million is designated for cities and counties for local road and street maintenance that would otherwise not be funded.

The budget is the first on time budget since 2000 and the fourth in the last 20 years. The 2006-07 budget’s general fund is $101.3 billion and total is $131.4 billion. For a more detailed overview of the budget, please visit www.dof.ca.gov.