Monday, June 1, 2009

In a televised speech from the White House at 16:00 UTC today, President of the United States Barack Obama presented a reorganization plan following the 12:00 UTC announcement by General Motors that it had filed for bankruptcy and Chapter 11 protection from its creditors, the largest bankruptcy of a U.S. manufacturing company.

Describing the problem with the company as one that had been “decades in the making,” Obama explained the rationale behind his proposed reorganization plan for General Motors. He stated that his intent was not to “perpetuat[e] the bad business decisions of the past,” and that loaning General Motors money, when debt was its problem, would have been doing exactly that. His plan, he stated, was for the United States government, in conjunction with the governments of Canada and Ontario (which he thanked for their roles alongside the government of Germany which he thanked for its role in selling a corporate stake in GM Europe), to become shareholders in General Motors. The United States government would hold a 60% stake. The government will give GM a capital infusion of US$30 billion in addition to the funds it has already received.

Of the government ownership he stated that he refused “to let General Motors and Chrysler become wards of the state”, and described the bankruptcy of Chrysler, and the bankruptcy of General Motors that he envisioned as being “quick, surgical, bankruptcies”. He pointed to the bankruptcy of Chrysler as an example of what he envision for General Motors, but stated that General Motors was a “more complex company” than Chrysler.

Responding to challenges voiced by political opponents, before the speech, that the federal government would actively participate in the affairs of the restructured company, he stated that he had “no interest” in running GM, and that the federal government would “refrain from exercising its rights” as a corporate shareholder for the most part. In particular, he stated that the federal government would not exercise its rights as a shareholder to dictate “what new type of car to make.” He stated that he expected the restructured GM to make “high quality, safe, and fuel-efficient cars of tomorrow,” and several times described what he anticipated as “better” and “fuel-efficient” cars, after a streamlining of GM’s brands.

He said to the general public that “I will not pretend that the hard times are over.” He described the financial hardship that some — shareholders, communities based around GM plants, GM dealers, and others — would undergo as a “sacrifice for the next generation” on their parts, so that their children could live in “an America that still makes things,” concluding that one day the United States might return to a time when the maxim (a widely-repeated mis-quotation of what Charles Erwin Wilson once testified before the U.S. Senate when nominated for the position of Secretary of Defense) would once more be true that “what is good for General Motors is good for the United States of America.”

Wednesday, August 31, 2011

Wikileaks today announced via twitter that its website has crashed under an apparent cyber-attack; this following the recent release of tens of thousands of US State Department cables. Sources in the US say the mass-disclosure of cables is causing diplomatic setbacks, and embarrassment, for the administration of Barack Obama.

These previously unreleased cables are said to contain the names of sensitive sources that the authors asked higher bodies to “strictly protect”. The authenticity of the latest documents has not been confirmed but, US State Department spokeswoman Victoria Nuland said, “the United States strongly condemns any illegal disclosure of classified information”.

After more than 2,000 cables were reviewed by the Associated Press, they were found to contain dozens of sources who had sought identity protection. 125,000 sensitive documents have been disclosed in the past week, and their rapid release is said to be causing complications and endangering US foreign policy goals.

“In addition to damaging our diplomatic efforts, it puts individuals’ security at risk, threatens our national security and undermines our effort to work with countries to solve shared problems. We remain concerned about these illegal disclosures and about concerns and risks to individuals”, Nuland said.

The first series of leaks began last November. With each release, officials from the State Department crisis management team went through the leaked documents, informing sources that had been named, and – where possible – warning those in authoritarian countries their identities may have been exposed.

Wikileaks responded via twitter to the criticism as the cyber attack occurred, “Dear governments, if you don’t want your filth exposed, then stop acting like pigs. Simple”.

News organisations were previously cooperating with Wikileaks in exchange for copies of documents, including uncensored State Department messages; the new flood of publishing in recent weeks reflects the collapse of those relationships between Wikileaks and the mainstream media.

“We continue to carefully monitor what becomes public and to take steps to mitigate the damage to national security and to assist those who may be harmed by these illegal disclosures to the extent that we can”, said Nuland.

Thursday, October 20, 2005

Australian shadow minister for work, family, youth, and community, Tanya Plibersek, gave a speech today on poverty as part of Anti-Poverty Week 2005. During the speech she criticised the government in a number of areas, including not committing to the UN Millennium Development Goals, the proposed industrial relations legislation, and the governments funding of services for the homeless.

Anti-Poverty Week runs from Monday 17th to Friday 21st October, and is derived from the United Nations International Day for the Eradication of Poverty on October 17th. Shaun Mortimer, the coordinator of Anti-Poverty Week at UNSW, said that the week was about “creating awareness and finding solutions to the plight of those living in poverty all around the world.”

Ms Plibersek said that Australia is not doing enough to help those in poverty overseas. She said that Australia currently gives 0.28% of its Gross National Income in foreign aid, however this is far short of the United Nations target of 0.7%.

“The Australian government is refusing to commit to the 0.7% target,” she said.

The UN development goal states that governments should reach the target by 2015. Labor has committed to meet the target, but the government has not.

“Labor is committed to the 0.7% target. In the interim, the government should be spending 0.5% of GNI,” Ms Plibersek said.

Shadow Minister Plibersek accused the government of weakening Australias commitment to the Millennium Development Goals. The goals were agreed to in 2000 by all 191 member states of the United Nations. There are 8 goals, which signatory states have committed to work towards. The eight goals are:

1. Eradicate extreme poverty and hunger
2. Achieve universal primary education
3. Promote gender equality and empower women
4. Reduce child mortality
5. Improve maternal health
6. Combat HIV/AIDS, malaria, and other diseases
7. Ensure environmental sustainability
8. Develop a global partnership for development

Ms Plibersek said that Australia signed on to the goals, but is now not honouring that commitment, and is attempting to reduce the impact of the goals in an attempt to win the favour of the United States.

“We signed on to the millennium goals,” she said.

“In it’s rush to be popular with the US the government went along with watering down the millennium goals”

Shadow Minister Plibersek strongly criticised the governments proposed industrial relations legislation. She argued that the proposed changes will disproportionately affect already vulnerable people such as single mothers, and push working people into poverty.

“Industrial relations changes will see poverty worsen. It will increase the number of working poor,” she said.

Speaking about the governments hypthetical worker, “Billy”, used in promotional material, Ms Plibersek said individual workplace agreements will result in lowered working conditions for all workers. She also claimed that if a working person is paid a wage that does not provide them with enough resources to live, they will need to depend on government services such as income support, and therefore taxpayers will be subsidising the low wages.

“If Billy can not earn enough to live, then taxpayers are effectively subsidising business,” she said.

“If the system has no minimum standards it will drag everyone down. Unions have fought against this for over a century”

Ms Plibersek spoke about the problem of poverty in Australia. She said that 2.4 million people in Australia are living below the poverty line, and 1 million of them have jobs. She also argued that wealth inequality is getting worse.

“We have a nation now more divided than ever. The rich are getting richer and the poor are getting poorer,” she said.

Ms Plibersek felt that this situation was unnaceptable, and that the solution was only a matter of will.

“I don’t think we have to accept that people will always be poor. It is a situation we allow,” she said.

She also criticised the government for inadequately funding services for the homeless, and said that many homeless people who wanted help were unable to find any. Ms Plibersek argued that women escaping domestic violence were especially affected by this situation.

“We turn away 1 in 2 people who approach homeless services for help,” she said.

Ms Plibersek also condemned what the government describes as the “skills shortage”, saying that there are lots of Australians willing to gain skills, but are unable to get places in training institutions.

“We turn 20,000 people away from TAFE and University each year,” she said.

Saturday, November 27, 2010

Australian airline Qantas has returned the first of its fleet of Airbus A380s to service, after all six of the “superjumbo” aircraft were grounded three weeks ago following one aircraft’s engine sustaining extensive midair damage; it landed safely in Singapore without injury. The airline stated that all of the aircraft have undergone extensive safety inspections and they are satisfied they are safe.

Alan Joyce, CEO of Qantas, said: “It’s great that we can reintroduce the aircraft. We are 100 percent comfortable with it. If we weren’t, we wouldn’t be restarting the operations today.” A spokesperson confirmed that tests had been performed “in close consultation with Rolls-Royce and Airbus” on the model’s Trent 900 engines. Qantas has replaced at least 14 engines, and modifications have been made to Trent 900s used by two other companies, Lufthansa and Singapore Airlines.

Experts said that the incident was embarrassing for Airbus; the airline’s shares have dropped by 7% since. Aviation journalist Tom Ballantyne said that the failure earlier this month was “certainly the most serious incident that the A380 has experienced since it entered operations.” The A380 made its first commercial flight in 2007, and is now in service with several other airlines, including Air France. It is the largest commercial passenger airliner in the world, with an 840-passenger maximum capacity, though Qantas’s can carry 450. There are reportedly plans to build a cargo version of the plane, which, aviation experts have suggested, would be the world’s first “triple-decker” freight aircraft; Airbus has not confirmed that this variant will be built.

Friday, January 10, 2020

At about 15:30 local time (1430 UTC) on Tuesday a fire was reported in the “Kiss & Fly” section of a parking structure at Stavanger Airport, Sola in Norway. The structure has over 3000 parking spaces; reports said more than half of those were filled. The airport was quickly closed to air traffic.

It was initially reported the fire started in an electric vehicle, but news broadcaster NRK later reported the fire started in a recalled 2005 Opel Zafira. The car was recalled after a similar fire in Cork, Ireland in August last year, causing damage to about 60 cars. Police said they questioned the car’s owner.

The fire produced heavy smoke, and local officials said there was danger the building might collapse. Nils-Erik Haagenrud of Rogaland Fire and Rescue said late on Tuesday no personnel would be sent into the building. Rogaland Fire and Rescue requested support and equipment from other fire departments. The airport and nearby hotel were both evacuated and local police warned people in the general vicinity to stay inside and close exterior vents and windows. Through Tuesday evening the fire was reduced and the order for a fire extinguisher robot from Oslo Fire and Rescue was canceled.

The airport closure also led to Norwegian Prime Minister Erna Solberg being stranded after a visit to the Johan Sverdrup oil field. Solberg posted on Twitter asking for places to eat for the seven hour drive from Stavanger to the capital of Oslo.

Reports as of Wednesday said an estimated two to three hundred vehicles had been damaged or destroyed, but no humans had been hurt.

By about 22:00 local time (2100 UTC) on Tuesday the flames were under control. Local firefighters planned to continue to monitor the situation and work to prevent further damage. It was also discovered the structure was built without sprinklers. Stavanger Airport, Sola was to open on Wednesday morning, but returning to normal service was expected to take longer. Affected travelers were advised to contact their airlines for rebooking.

Saturday, January 9, 2010

Pakistani intelligence officials said today that at least four people have been killed in a suspected US drone strike in the North Waziristan province.

Officials say missiles hit a house and a vehicle near the town Miranshah. The region is near Pakistan’s border with Afghanistan.

“The US drone fired two missiles on a house. The house was completely destroyed,” said an unnamed security official.

The attack comes a day after Pakistani president Asif Ali Zardari warned that US drone strikes were undermining Pakistan’s “national consensus” in his country’s war against rebel groups in the area. However, visiting US lawmakers told Pakistani officials the US could not afford to abandon the controversial missile strikes.

Friday, April 3, 2009

The G20 Summit held in London, England concluded Thursday with an injection into the economy of US$5 trillion by the end of 2010.

Global trade would be supported by $250 billion (169.5 billion pounds). “We are going to act decisively to kickstart international trade. We will ensure availability of at least $250 billion over the next two years,” said Gordon Brown Prime Minister of the United Kingdom.

The International Monetary Fund IMF will have access to $750bn in resources of which $250bn will support special drawing rights.

Developing countries received $100bn which will be dispensed via Multilateral development banks. Towards this end, the IMF will sell off gold reserves.

China will support the IMF fund by $40bn, the European Union by $100bn, and Japan by $100bn.

There will be increased regulation on banking and credit ratings agencies. There was a commitment to clamp down on hedge funds, tax havens and toxic assets. To restore consumer confidence in the financial sector, a new Financial Stability Board will be initiated internationally. There would be new policies implemented to control pay and bonuses paid to the heads of banks and corporations.

The G20 leaders were adverse to protectionism and rallied to support international trade and investment.

The Leaders’ statement said, “We reaffirm the commitment made in Washington: to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports.”

Eoin O’Malley, senior adviser on international trade at BusinessEurope, said “The measure also needs to be part of wider package to avoid protectionism and conclude the Doha round which will stimulate trade growth. The key point now is to move forward with Doha. The key now is implementation. G20 governments must act quickly to provide this finance to companies that need it urgently.”