Saturday, September 20, 2008

The parliament of Indonesia has approved government plans to make an Initial Public Offering (IPO) of shares in three major state-owned firms, privatising them. They are steelmaker Krakatau Steel, Bank Tabungan Negara (BTN) and national flag carrier Garuda Indonesia.

The parliament has left the process fully in the hands of the government, and has set the maximum stake to be sold at 30% for BTN and Krakatau, and 40% for Garuda. Although Indonesia has been known to fund budget deficits with privatisation, the intention is for the funds from this scheme to go to the businesses themselves to allow expansion.

Krakatau expects 3.2 trillion Rupiah (IDR) from the sale, while the estimated price for their stock is between IDR3 and IDR4 trillion (321 – 428 million USD). Both ArcelorMittal SA, the biggest steelmaker in the world, and BlueScope Steel Ltd, the largest in Australia, have expressed an interest in the IPO. Krakatau will use the funds to help finance an expansion scheme which aims to have production doubled to five million tonnes in 2011.

BTN, which focuses on home owner loans, has set itself a target income of IDR36.12 trillion (3.86 billion USD) in 2010 compared to a projected IDR22.9 trillion ( 2.45 billion USD) this year. Net profit for this year is projected at IDR472 billion (50.5 million USD)and is hoped to rise to IDR1.39 trillion (148.7 million USD) in 2010. The bank’s loan to deposit ratio is predicted to rise from 105.05% this year to 144.93% in 2012. BTN hopes to conduct its IPO before the end of 2008.

Garuda is not quite 100% state-owned to start with, unlike the other two, but is very close with 95.44% of the company belonging to the government. Like all of Indonesia’s 51 airlines, Garuda is on the list of air carriers banned in the EU due to safety concerns raised after a string of air accidents in the nation. Garuda expects to raise IDR4.2 trillion (449.4 million USD) in funds from the IPO, and will use IDR2.5 trillion (267.5 million USD) to pay off its debts and invest IDR1.7 trillion (181.9 million USD) in new aircraft.

The government is still working to get a deal to make IPOs for architectural firm Yodya Karya and three plantation firms called Perkebunan Nusantara III, IV and VII.

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.

Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.

Wednesday, January 19, 2005

A video provided by the American Enterprise Institute intends to show tortures committed by the soldiers of Saddam Hussein during his rule.

The film shows extremely graphic scenes and it is NOT SUITABLE FOR CHILDREN. It depicts Iraqi soldiers singing and praising Saddam, beating prisoners and cutting prisoners’ fingers and hands off.

During Saddam Hussein’s regime, about a quarter of a million Iraqis were executed. Many individual Iraqis of all faiths and ethnicities were tortured and killed for real or perceived opposition to Iraq’s government. Torture during Saddam’s regime was characterized by: medical experiments, crucifixions, genital amputations, hot iron marking, tongue fixing with a nail, teeth extraction with pincers, public beheadings, etc.

The four minute video (27.4 MiB) can be downloaded from the AEI website.

This video was released in June 2004. Most of the American and international media didn’t show it until now, despite the fact that channels of mass communication regularly released Abu Ghraib’s torture photos.

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Don Valley West (Ward 26). Four candidates responded to Wikinews’ requests for an interview. This ward’s candidates include Muhammad Alam, Bahar Aminvaziri, Orhan Aybars, Michele Carroll-Smith, Mohamed Dhanani, Abdul Ingar, Geoff Kettel, Debbie Lechter, Natalie Maniates, John Masterson, John Parker, David Thomas, Csaba Vegh, and Fred Williams.

For more information on the election, read Toronto municipal election, 2006.

Tuesday, January 24, 2017

On Sunday, the Bryan brothers announced their retirement from the United States’ Davis Cup team. Twins Bob and Mike Bryan have participated in the tennis tournament representing the US for almost fourteen years.

Mike and Bob Bryan hold the record of winning sixteen grand slam titles together. The 38-year-old duo made the announcement via Instagram with Bob saying, “Mike and I want to formally announce our decision to step down from our role as active members of the U.S. Davis Cup team”. They won the Davis Cup for the USA in 2007 calling it “one of the greatest highlights” of their career and first represented the country in 2003.

The duo defeated their compatriot Brian Baker and his Croatian partner Nikola Mekti? 6–3, 7–6 in the Australian Open’s Round of 16 today. They have won six Australian Open together. They have won an Olympics gold medal in London in 2012 and one bronze medal in Beijing in 2008. In mixed-doubles, Bob betters the two winning seven Grand Slams as compared to Mike’s four.

The United States is to play against Switzerland in the upcoming Davis Cup tournament next month.

Monday, December 31, 2018

A minibus overturned on the A6089 road between Gordon and Carfraemill in the Scottish Borders on Saturday night. The rural accident killed one man and injured 23 more.

The bus was reportedly carrying an all-male group from Newtongrange to Kelso. Following the accident, local authorities declared a major incident, with Police Scotland, the Scottish Ambulance Service, the Scottish Fire and Rescue Service, NHS Scotland, and Scottish Borders Council all collaborating on the response.

Per the reports, an air ambulance ferried one survivor to Glasgow’s Queen Elizabeth University Hospital; fourteen casualties were taken to Borders General Hospital in Melrose; and eight were taken to Edinburgh Royal Infirmary. The minibus held 23 passengers plus a driver. Authorities closed the road after the crash at around 10:50am, reopening it at 9:00pm.

59-year-old East Lothian man Ross Jones Barker has been identified as the man killed at the accident location. Barker and some other passengers were traveling to Kelso to attend the Kelso Races, a local horse race. Images of the bus showed it upended in a field perpendicular to the road, with extensive crush damage to the roof. BBC reported the minibus left tyre marks on the road.

Traffic Scotland took to Twitter on the day of the accident to warn of strong wind gusts affecting driving in the area. The road has a poor safety reputation among locals, who know it for its multiple blind summits. Police Scotland’s Road Policing Unit carried out on-site investigations and was working to establish the circumstances. The vehicle has since been righted and recovered.

Reverend Malcolm Muir of Newtongrange described “a solemnity across the village at the moment” in the “tight-knit community” which “has a very strong sense of identity.”

Saturday, September 3, 2005

Grammy award-winning rapper/producer Kanye West appeared on a live on-air telethon simulcast on NBC, MSNBC, CNBC and PAX for Hurricane Katrina victims. Live on air, West said “George Bush doesn’t care about black people,” after saying “America is set up to help the poor, the black people, the less well-off as slow as possible.” He also said “the Red Cross is doing everything they can,” and stated that he was going to see what the maximum amount of money he can donate is. West criticized government authorities and stated that “They’ve given them permission to go down and shoot us.”

West first deviated from the script he and comedian Mike Myers were using by commenting on the recent uproar over differently captioned photos for black and white people in the aftermath of the hurricane: “I hate the way they portray us in the media. If you see a black family, it says they’re looting. See a white family, it says they’re looking for food.”

Though a several-second delay was in place, the comments were let through uncensored on the EST live broadcast as the person in charge “was instructed to listen for a curse word, and didn’t realize he had gone off-script,” according to an NBC spokeswoman.

NBC has released a statement after the broadcast: “Tonight’s telecast was a live television event wrought with emotion. Kanye West departed from the scripted comments that were prepared for him, and his opinions in no way represent the views of the networks. It would be most unfortunate if the efforts of the artists who participated tonight and the generosity of millions of Americans who are helping those in need are overshadowed by one person’s opinion.”

The sponsor of the event, the American Red Cross, also issued a statement on the telethon, stating: “During the telecast, a controversial comment was made by one of the celebrities. We would like the American public to know that our support is unwavering, regardless of political circumstances. We are a neutral and impartial organization, and support disaster victims across the country regardless of race, class, color or creed.”