Author: Admin

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, September 17, 2014

The International Organization for Migration (IOM) said on Monday about 500 migrants may have been killed in a deliberate sinking in the Mediterranean Sea last week. The unverified claim comes after IOM debriefed two Palestinian survivors.

In a statement, IOM said, “If this story, which police are investigating, is true, it would be the worst shipwreck in years”. The organization added, if the story would be revealed as true it would be “not an accident but a mass murder, perpetrated by criminals without scruples or any respect for human life”.

IOM Spokesperson in Italy Flavio Di Giacomo told AFP, “Two survivors brought to Sicily told us that there had been at least 500 people on board. Nine other survivors were rescued by Greek and Maltese ships, but all the rest appear to have perished”.

According to the two survivors, the boat, which departed on September 6 from Damietta, Egypt bound for Malta, sank in the Mediterranean Sea last Wednesday when people smugglers rammed it; drowning the vast majority of its 500 plus passengers, including refugees from Egypt, Sudan, Syria and Palestine. They said the smugglers had become angry when the passengers refused transfer to a smaller vessel that they doubted could carry them.

The Palestinian ambassador to Malta, Jubran Tawil, said three Palestinians who had been on board the boat have been rescued with aid from Panamanian ships and flown to Malta by a Maltese helicopter together with some of the dead.

According to UN data, this year the number of migrants by sea to Europe exceeds 130,000, up by 50,000 from last year. Many people from North Africa and the Middle East attempt to reach Europe on overcrowded, unsafe boats. Over 2,500 people on this journey have drowned or disappeared this year, 2,200 of them since June.

Thursday, April 30, 2020

In findings published last month in the journal Current Biology, neuroscientists from the Netherlands Institute for Neuroscience examined harm aversion in laboratory rats for conspecifics — rats not wanting to hurt other members of the same species — and reported which region of the brain was crucial for it. Wikinews caught up with Dr Christian Keysers and Dr Valeria Gazzola, two of the authors who contributed to the paper.

For the experiment, the rats were put in a container with two levers. The rats were trained to develop a preference for one of the two levers: each delivering one pellet of sucrose. One of the two levers was harder to press.

After developing a preference, the preferred lever was wired to deliver a shock to another rat in a neighbouring compartment, while delivering a single pellet of sucrose. The study showed the actor rat, which pressed the lever tend to switch the lever to avoid shocking the other rat. The rat receiving the shock was called a victim rat.

Aversion of harm to fellow rats was reported to be equal in both male and female rats. If the actor rats were previously exposed to the shocks, their degree of harm aversion for others was heightened, the study revealed.

The investigation reported the rats avoided pressing the preferred lever to shock another rat, even if that lever delivered two sucrose pellets and the no-harm lever delivered only one. However, this was not the case when the rats were given three pellets by the shock lever. Most of the actor rats did not switch when they received three pellets pressing the lever, which also delivered an electric shock. Dr Gazzola called it a “tipping point” and said it was a “cost-benefit” function.

The study also revealed the importance of the anterior cingulate cortex (ACC) region of the rat’s brain for harm aversion. The scientists tested harm aversion for conspecifics in the rodents after deactivating the ACC using muscimol. Muscimol was injected in the rats belonging to the test group, while saline water was injected to rats in the control group. The observations showed without the active ACC due to muscimol, the active rats in the test group were no longer averse to harming the victim rats, but degree of harm aversion did not drop in the control group rats.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”

Monday, June 18, 2007

Police in Melbourne, Australia are on the hunt for a gunman who killed a man and injured two others in the city’s central business district this morning.

Officials warned all office workers to remain indoors, and train services to Flinders Street Station were temporarily on hold, as investigations were carried out on the intersection of Flinders Lane and William Street.

Malcom Bates, who witnessed the shootings at around 8:15 a.m., said the gunman grabbed a woman from inside a taxi. “The lady got away and he turned and shot three people basically point blank,” Mr Bates said. “I was right across the road”. He said that the incident took no longer than the “wink of an eye”.

Paramedics struggled to revive the one victim for almost an hour before declaring him dead at the scene. The two injured people have been taken to the Royal Melbourne Hospital in a critical condition.

Police believe the incident began at the Bar Code 24-hour bar in King Street, when a woman attempted to get into a taxi. She was apparently grabbed by the hair by the gunman who then shot her and two men who attempted to come to her aid.

Police have identified the gunman as Christopher Wayne Hudson, aged 29. They believe him to be a member of the Hells Angels bikie gang. Police have described Hudson as about 180 cm tall, with short brown hair and wearing a dark tracksuit top and dark denim jeans.

A building worker on a construction site on the corner of Queen and Flinders Streets has reportedly discovered a handgun. It is understood the gunman may have thrown the weapon into the site as he fled the scene.

Friday, March 25, 2011

Two weeks after a disastrous earthquake and tsunami hit Japan, the situation at the severely damaged Fukushima I Nuclear Power Plant has been described by the Prime Minister as “very grave and serious”. In a nationally televised report to the nation on Friday, Naoto Kan said the Japanese government was “not in a position where we can be optimistic.”

Radiation is reported to still be leaking from the plant, in Fukushima prefecture. “The source of the radiation seems to be the reactor core,” said Nuclear and Industrial Safety Agency official Hidehiko Nishiyama, adding that radiation was “more likely” coming from the core than from the reactor’s spent fuel pool.

On Thursday three workers stepped into contaminated cooling water in the reactor’s turbine room while trying to replace cables at reactor No. 3, Nishiyama said. The water seeped into the the boots of two of the workers, touching their skin and causing lesions; the third worker’s clothing protected him from the water. The two workers with skin lesions were hospitalized for radiation exposure. The radiation level of the contaminated water measured 10,000 times the level of cooling water in an undamaged reactor.File:Fukushima I by Digital Globe 2.jpg

Work has been stopped on attempts to reattach a permanent power line to the cooling system in reactor No. 3, and the building has been evacuated. Nishiyama could give no predictions of when work would resume. The possibility that water is leaking from the core of reactor No. 3 increases the danger for workers who attempt to cool the crippled plant. The reactors must be cooled before more safety work can begin.

Japan had been using seawater for cooling since the disaster crippled the power plant’s cooling systems, but U.S. officials were concerned that saltwater could harm the equipment, causing it to seize up and corrode, thereby worsening the situation.

Sunday, January 24, 2021

The World Trade Organization (WTO) ruled in favour of South Korea on Thursday over what it deemed excessive US tariffs on some of its products.

The eight duties, covering large power transformers and four grades of steel, were enacted in 2012 and 2016, during the Barack Obama administration. The US Department of Commerce defended the high rates, ranging from 9.49 to 59.72% on steel and 60.81% on transformers, by citing the “adverse facts available” (AFA) provision.

The AFA calls on accused companies to provide comprehensive information, or otherwise face significant anti-dumping and countervailing tariffs. After negotiation failed, South Korea formally filed a suit with the global trade body in February 2018.

A three-person WTO panel concluded the US Commerce Department had failed to specify in detail what information South Korean companies were to supply, and improperly ignored or rejected some of what was submitted. The tariffs imposed on Hyosung Heavy Industries, Hyundai Electric & Energy Systems, Hyundai Steel, and POSCO, therefore, were considered inconsistent with WTO guidelines.

However, the panel did not uphold South Korea’s claim US authorities had an “unwritten measure” encouraging its use of adverse facts to justify higher duties.

The United States may appeal within 60 days. However, due to restrictions imposed by former President Donald Trump on the Appellate Body, it has less than a quorum.

The European Union joined the case, citing as justification the plight of British, Dutch, and Italian steelworkers under US practice.

A 2018 ruling between the United States and Canada also found evidence of negligence involving the provision.