Tuesday, May 15, 2007

The online payment service PayPal has received a banking licence in Luxembourg, promoting it to the status of a bank. As a consequence PayPal will move their headquarters to Luxembourg.

Since 2004 PayPal had the status of an Electronic Money Issuer supervised by the U.K. Financial Services Authority. Having an official bank status opens new prospects for the company: “This will allow us to actively scout retailers in different European countries. With our British licence, we could only do that in the U.K. itself, and in other countries we could only react to requests of the retailers themselves,” Christopher Coonen, General Manager of PayPal Southern Europe and Benelux, explained.

The change will not affect existing customers dramatically, says Coonen: “We are going to inform them of the new status, and they will have to accept our terms of service again.” He also said that for now, there were no plans to use the new licence to offer traditional banking services, but the possibility was being evaluated by PayPal. Working with local partners would be an option to accomplish this, according to Coonen.

The British newspaper The Daily Telegraph speculates that the move is part of a strategy to compete with Google’s payment service Google Checkout, which launched in the U.K. last month.

PayPal has 130 million users worldwide, and 35 million customers in Europe. Payments via its mother company eBay continue to make up 60% of PayPal’s revenues. More than half of Britain’s internet users have a PayPal account.

Sunday, August 8, 2010

Five hundred people are missing and as many as 150 are reported to have been killed by flash floods in India, caused by a sudden cloudburst that hit Indian-controlled Kashmir on Friday. The downpour struck the town of Leh and several surrounding villages, and reportedly caused a mud slide that hit the refugee-populated village of Choglamsar.

Associated Press reported that at least five foreign tourists were among those killed. Their nationalities are not known but New Delhi Television (NDTV) reported that 110 tourists, half of them foreigners, were being looked after at an Army transit camp on the Leh-Manali road. NDTV also said that the tourists had been given food, medicine and phone connections to their embassies. Flights have been arranged by the Indian government to bring affected foreign tourists back home.

Massive relief efforts are continuing; Farooq Ahmad, who is Inspector General of Police in Kashmir reported on Sunday today that “63 bodies had been identified so far and that rescue teams were fanning out to six villages near Leh that had not yet been reached during relief operations.” Believed to contain 5000 people, Choglamsar, on Leh’s outskirts, is one of the villages that rescuers have been clearing roads to reach.

The army has been called in to assist in rescue work. Thousands of troops, police and paramilitary soldiers were clearing roads in order to reach isolated villages. Those living in the upper reaches, whose housing was not adequate to provide protection, will have borne the full impact of the mud slides caused by the 12 mm of rain that fell on Friday in just a few minutes.

Officials said that rescuers were digging through crushed homes and piles of mud to search for survivors. The hundreds of reported injured are being treated at an army hospital and several makeshift clinics. Mohammed Deen Khan, a social activist who has been assisting in rescue work, said the mud was 15 feet high in some places. Heavy earth-moving equipment has been brought in to move the tonnes of mud and boulders blocking roads.

The rescue officials have faced a serious problem due to the severe damage of the Bharat Sanchar Nigam Limited (BSNL) office, a telecommunication enterprise, leading to the complete disruption of communication in the Leh region. The general manager of BSNL reports that the damage has caused a loss of 120 million INR. Another telecommunication enterprise, Airtel, has provided SIM cards to local administration for setting up hotlines that people can call for assistance.

Pashi Tsetan, a local administration development wing (deputy director) said, “The major problem is due to the communication breakdown. If communication is restored it will help in co-ordination of rescue operations in a better way.” Other institutions like Defence Institute of High Altitude Research (DIHAR), the ITBP camp, the Central Reserve Police Force (CRPF) and others have also been affected.

1,314 people, mostly tourists, have been airlifted from Leh to Delhi. Three additional Indian Airlines flights from Jammu and Delhi have been planned. Three IL-76 and four AN-32 aircraft carried relief material to Leh this morning, and four more by Jet Airways and Air India and three by Kingfisher Airlines will carry relief material and doctors to Leh.

The ITBP has sent water tankers containing drinking water to affected areas. Medical camps have been set up in villages like Saboo. The bodies of eleven persons were transported to Jammu and Kashmir, Punjab, and Rajasthan this morning.

India’s crisis comes as Pakistan is experiencing the worst floods in the country’s history.

Monday, December 11, 2006

There are suppositions that the US Democratic Congress may re-establish the luxury taxes, which were already once introduced in the 1990s. The suppositions resulted in the National Association of Watch and Clock Collectors commissioning a report on various tax issues.

Material goods such as jewelry, watches, expensive furs, jet planes, boats, yachts, and luxury cars had already been subjected to additional taxes back in 1990. After 3 years these taxes were repealed, though the luxury automobiles tax was still active for the next 13 years.

Rodderick A. DeArment, a representative of law firm and lobbyist Covington and Burling, guided the report. The report outlined the fact that, in 1993, the Congress did not collect as much money from the luxury taxes as it had predicted. It also stated that although its ravaging effect on employment in several industries was sensible, “the turnover that occurred in Congress made it possible for the new group to learn the same lessons again”.

The luxury tax could produce unpredictable effects for the watch industry and the report was meant to inform the members of this branch about the effects of these taxes on this luxury goods’ industry.

Friday, December 14, 2007

Reggie Bibbs is a 43-year-old-man living in Houston, Texas. Mr Bibbs was born with a genetic disease called neurofibromatosis (NF), which causes him to develop tumors on his body (see infobox on the right). NF can be a subtle disease, but in Bibbs’ case it has left him with a disfigured face and deformed leg. But he is happy with the way he looks, and doesn’t want to change his appearance to please other people. He has launched a successful campaign entitled “Just Ask”, and that’s just what Wikinews did in a video-interview.

The interview was prepared by Wikinews reporter Michaël Laurent with the help of Bertalan Meskó (who has a popular genetics and web 2.0 blog). Their questions were sent to a close friend of Mr. Bibbs, Lou Congelio, who kindly conducted the interview.

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Friday, July 22, 2005

Administrators PriceWaterHouseCoopers (PWC) have announced that the British car company MG Rover and its engine manufacturer Powertrain Ltd has been sold to Chinese company Nanjing Automobile for an unknown sum of money. The company beat bids from Shanghai Automotive (SAIC), despite being the smaller of the two.

MG Rover collapsed this Spring, after struggling to make a profit for several years.

SAIC had tried to buy only the engine plant and then transfer it to China, but in June Nanjing Automobile approached PWC with a combined bid for both the car manufacturing company and Powertrain. This Monday SAIC bid for both but the offer was inferior to Nanjing’s.

Nanjing has indicated that it too will move the engine production plant to China, along with some car manufacturing. However it also intends to continue building cars in Britain, and establish an engineering research and design centre there in an effort to expand its sales globally. Nanjing intends to start hiring at once.

Wednesday, February 7, 2018

Early on Sunday morning, Amtrak’s passenger train number 91, the Silver Star, bound for Miami from New York, slammed into a stationary CSX freight train in Cayce, about ten miles (16 km) south of Columbia, capital of the US state of South Carolina. Two Amtrak employees were killed and at least 116 were injured, some seriously.

The two killed were 54-year-old engineer Michael Kempf of Savannah, Georgia, and 36-year-old conductor Michael Cella of Orange Park, Florida. Robert Sumwalt, chairman of the National Transportation Safety Board, told a press conference the passenger train had been diverted into a siding by a switch left “literally locked, with a padlock” in that position.

The collision happened at about 2:35 am local time (0735 UTC) at a switching yard in the small city of Cayce. The Amtrak train, with reportedly 139 passengers and eight employees aboard, collided head on with the freight train, which was parked with no one on board. The Amtrak locomotive and the leading locomotive on the freight train were destroyed; the Amtrak locomotive and some of its passenger cars derailed, and one of those cars was folded in half. Several freight cars were crumpled, Reuters reported. In a press conference, the state governor, Henry McMaster, said the Amtrak locomotive was “barely recognizable” and described it as “a horrible thing to see, to understand the force involved”.

Harrison Cahill, a spokesman for Lexington County, gave a count of 116 injured, up from an initial report of 70; according to Derrec Becker, public information officer for the South Carolina Emergency Management Division, injuries ranged “from cuts and bruises to severe broken bones”. On Monday a Palmetto Health spokesperson said two patients were in serious and two in critical condition at their facilities. A spill of approximately 5,000 gallons of fuel from the freight train posed no safety hazard, according to officials.

Passenger Derek Pettaway told the CNN network that like most others, he had been sleeping when the collision happened. He said Amtrak staff cleared the passengers from the train rapidly, and there was no panic; “I think people were more in shock than anything else”, he said.

“Key to this investigation is learning why the switch was lined that way”, Sumwalt said. Amtrak’s CEO, Richard Anderson, speaking to reporters on Sunday, held CSX responsible; he stated the track in that area is operated by CSX and the signals, which CSX operates, were not working at the time of the collision and a CSX dispatcher was therefore directing the Amtrak train’s movements. Sumwalt noted an automatic monitoring and braking system called positive train control, which was not in use on the stretch of line, could have forestalled the collision.

Several fatal incidents involving Amtrak trains have occurred in the past three months. On December 18, the inaugural train on a new route in Washington state derailed at high speed while crossing above a highway, killing three; on January 31, the driver of a garbage truck was killed in Virginia when he collided with an Amtrak train chartered to take Republican lawmakers to a retreat.