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Monday, March 21, 2005

Automobile industry pioneer, John DeLorean, died Saturday in a New Jersey hospital by complications from a stroke.

DeLorean was born in 1925 in Detroit, Michigan to European immigrant parents. He received an education in automotive engineering and quickly rose through the ranks of Packard and later General Motors (GM). DeLorean was credited with the development of the Pontiac GTO, which helped introduce the era of “muscle cars”. By 1965, DeLorean led the entire Pontiac division, and four years later was promoted to the prestigious position of leading GM’s Chevrolet.

In 1973, DeLorean quit General Motors and started his own company, the De Lorean Motor Company. The company’s product was the DMC-12, an unusual car featuring an unpainted, stainless-steel exterior and gull-wing doors. The company started production in 1981 but failed less than two years later, having produced under 9,000 vehicles. Despite the company’s failure and the car’s dismal sales, the car itself gained a cult following after the release of the 1985 movie Back to the Future which featured the car as a time-travel machine.

DeLorean himself was in nearly as much trouble as his company. In 1982 he was arrested for attempting to sell $24 million worth of cocaine to undercover police, and after his company’s failure, he became involved in a multitude of lawsuits alleging investor fraud. Though DeLorean successfully resolved the cocaine case after claiming entrapment, his other legal cases would drag on until 1999, when he declared bankruptcy.

Wednesday, December 17, 2008

Two more vessels have been hijacked in Somalia. Pirates have captured an Indonesian tugboat with a barge that was working for French oil firm Total and a Turkish container ship.

The Turkish vessel’s seizure was confirmed by a US Fifth Fleet spokesman. MV Bosphorus Prodigy is a 330 ft (100 m) container vessel flagged in Antigua and Barbuda. It is owned and operated by Isko Marine Company based in Istanbul.

The Fifth Fleet could not confirm the tugboat’s seizure, but an anonymous official with Total in Yemen could. He explained the boat and barge were headed to Malaysia from the Yemeni port of Mukalla. He said the crew consisted of both Indonesians and other nationalities, and that the vessels, which had been hired by a subcontractor, were not carrying any oil at the time.

The new hijackings came as the United Nations Office on Drugs and Crime asked for greater policing in the area by international bodies, and for the signing of agreements that allowed the arresting officer to take pirates back to the officer’s country for prosecution.

“Pirates cannot be keelhauled or forced to walk the plank, nor should they be dumped off the Somali coast,” said the office’s head Antonio Maria Costa. “They need to be brought to justice”.

Friday, November 7, 2008

Anders Fogh Rasmussen, the Prime Minister of Denmark, said on Tuesday that he will seek broad parliamentary support for a national referendum on joining the euro, the common currency of the Eurozone.

“I’m convinced that we need broad support in parliament to hold a referendum, because it’s about the Danish currency and about stability and safety,” he said, speaking at his weekly press conference. “Recent events have shown the necessity to give the population the opportunity to vote on Denmark joining the euro.”

Berlingske Tidende is reporting that Rasmussen is meeting with political leaders to negotiate support for the referendum.

In 1992, Danish voters rejected the Maastrict Treaty in a referendum. It was only able to pass the following year after the Edinburgh Agreement granted Denmark an opt-out of the third stage of the Economic and Monetary Union of the European Union (EMU).

In 2000, Denmark again rejected the common currency in a euro referendum. The current currency of the Scandinavian country is the Danish krone. As part of stage two of the EMU, the exchange rate of the krone is allowed to fluctuate within a ±2.25% range to the euro.

In order to maintain this peg Danmarks Nationalbank, the central bank, adjusts interest rates and performs foreign exchange operations by buying and selling currency. To do this, Danmarks Nationalbank has had to raise rates twice, even as other central banks, including the European Central Bank (ECB), were lowering rates to deal with the current economic crisis.

As a result, interest rates in Denmark are now 175 basis points higher than the ECB’s rates. As recently as May, the difference was only 25 basis points.

Rasmussen heads the Venstre party which leads a minority coalition government. The main opposition party, the Social Democrats, also support adopting the euro as the nation’s currency.

While there has long been support among the politicians, the euro has failed when it has been put before the voters. However, recent opinion polls have shown a growing support for the euro among Danes. The most recent of these have seen those in favor just topping the 50% level needed to pass a referendum.

Rasmussen has said he wants a referendum put before voters before 2011. His government had originally planned to hold a referendum this past September to abolish the EMU opt-outs, but that was scrapped when Ireland voted down the Treaty of Lisbon.

On October 30, while in Stockholm, Sweden, Rasmussen said: “The euro ensures political and economical stability in Europe and the current financial turmoil makes it evident that Denmark has to join the Euro.”

Analysts consulted by Berlingske Tidende have said that an endorsement from the Socialist People’s Party (SF) could prove to be the tide-turner.

“If there was a vote, then I would vote Yes. But I am of the opinion that it is stupid to hold a vote unless we first have a real debate. We haven’t had a debate in eight years and all arguments need to be tested,” said Margrete Auken of SF.

Saturday, January 30, 2010

According to local police chief Craig Van Breugel there were no injuries or loss of life to animals or local residents in the recent fire in the rural Australian town of Toongabbie. “There was no injury to persons or animals. That is all I have for you,” Detective Acting Sergent Van Breugel said in response to queries from Wikinews.

The fire began about 2:20 pm local time (UTC+11) between Humphrey and Eagle Hawk roads, north of the township proper. The local Country Fire Authority brigade managed to contain the blaze to approximately three to five hectares.

Victoria Police have recently indicated that the area around where the fire was started is only accessible by four wheel drives (4WD) or off-road motorcycles; it is popular with dirt bike riders and 4WD enthusiasts.

The local Country Fire Authority brigade managed to contain the blaze to approximately three to five hectares between Humphrey and Eagle Hawk roads.

Det.Act.Sgt Van Breugel confrimed that there wer some off road motor cyclists in the are that day. “[Police] know there was a number of off road motorcyclists in the area on the day. Some of [them] have already been spoken to by the Police” Det.Act.Sgt Van Breugel said.

The fire is being treated as suspicious and people with infomation that may help the investigation are encouraged to contact Crime Stoppers or the local police.

Wednesday, March 9, 2005File:Plastic bag stock sized.jpg

They are cheap, useful, and very plentiful, and that is exactly the problem, according to researchers. A report issued on Feb. 23 by a cadre of environment and economics researchers suggested that Kenya should ban the common plastic bag that one gets at the checkout counter of grocery stores, and place a levy on other plastic bags, all to combat the country’s environmental problems stemming from the bags’ popularity.

Saturday, October 18, 2008

The Indian aviation sector looks set to shrink amid financial turmoil, with the nation’s air carriers in schemes to try and ride out the problems and domestic air traffic at a five year low.

Air traffic has fallen by 19% in September, the fourth month in a row of negative growth. The news comes as a joint result of the current financial crisis and high jet fuel prices, with Indian airlines in debt to the tune of Rs1,800 crore after surpassing their credit limits with oil companies, who are themselves making losses due to government controls on the price of jet fuel.

Kingfisher Red – originally known as Air Deccan, India’s first budget carrier, until Kingfisher Airlines bought the company out – suffered the biggest drop in passenger numbers at 20% of their load factor. Flag carrier Air India is running at 53% of capacity after a 10% fall, and the average for airlines is now 55% as opposed to 65% this time last year.

Kingfisher Airlines has decided to enter an alliance with Jet Airlines that will see them collectively control half the Indian aviation market. Both airlines are in debt over fuel payments with Jet owing Rs850 crore while Kingfisher refused to disclose the amount they needed to pay. The money is owed mainly to the Indian Oil Corporation, with the rest owed to the Hindustan Petroleum Corporation and the Bharat Petroleum Corporation. 45% of costs for Indian carriers is fuel, which is 70% more expensive than abroad due to multiple taxes.

Air India’s head Raghu Menon expressed concern about what the Kingfisher-Jet alliance meant for his own airline. “We were competing with both these airlines separately. Now we’ll be competing with them perhaps as one entity. It’ll be a challenge,” he said.

Kingfisher have cancelled an order for three A340 aircraft from European airframer Airbus. Airbus executive John Leahy said that Airbus had discussed the issue with Kingfisher before the choice was made and that this was the only cancellation from India. He also maintains that India will be an important area for Airbus, with the firm predicting Indian aviation growth will be at 9.7% compared to a global rate of 5.4%. Airbus predict that 1,000 new aircraft will increase the Indian fleet fivefold by 2026. Airbus have also welcomed the partnership between Jet and Kingfisher, saying it will help consolidate the carriers.

Airlines are cutting capacity to reduce costs, with around 20% gone already. Average flight movements are down to 8,000 a week compared to 10,500 in the period from April to June. The aviation industry in India is expected to post a collective loss of US$2 billion.

One executive at Boeing, Dinesh Keskar , predicted the downfall to be brief. “The current downturn in the sector is temporary and may not prolong for more than 6 to 9 months,” he said. Airlines, however, feel that the risk is very much immediate; Jet and Kingfisher are requesting a government bailout package worth Rs 40.7 billion. They are currently losing a combined US$1.3 billion.

Sunday, September 12, 2010

The Finnish communications corporation Nokia announced that its Head will change on September 21. The previous chief executive Olli-Pekka Kallasvuo will continue to chair in non-executive capacity. The head of Microsoft Business division Stephen Elop will take the position. It is the first time a non-Finn becomes Nokia president and chief executive.

The change follows Nokia’s fall in world markets. It includes a decrease in Nokia’s American market share to less than ten percent after failed negotiations with a number of leading American phone providers. An analyst at a market analyst company Canalys, Pete Cunningham, said, “Despite holding 38 percent market share of the smartphone market, Nokia’s failure to compete with the iPhone and high-tier Android devices, combined with its lack of progress in gaining significant traction in the United States, has led to press and investor dissatisfaction.”

Some commenters suggested that Nokia chose Mr. Elop partly because he is a Canadian, following criticism of American candidates by the Finnish press. However a Nokia spokesman rejected this, saying, “Nationality was not a selection criteria.”

Stephen Elop was president and CEO of the graphics and web-development software house Macromedia prior to its acquisition by Adobe in 2005. He then joined Microsoft as President of Microsoft’s Business Division in January, 2008. Commenting on his new role he said, “Nokia has a unique global position as well as a great brand upon which we can build. The Nokia slogan clearly states our key mission: Connecting People, which will acquire new dimensions as we build our portfolio of products, solutions and services.”

In the announcement the Chairman of the Nokia Board of Directors Jorma Ollila stressed an expected shift of focus from hardware to software. “His [Stephen Elop’s] strong software background and proven record in change management will be valuable assets as we press harder to complete the transformation of the company. We believe that Stephen will be able to drive both innovation and efficient execution of the company strategy in order to deliver increased value to our shareholders”.

Nokia stated in an official blog post, “Nokia is transitioning from a hardware manufacturer of mobile devices to a software and solutions business. …Stephen’s background in the software industry is one of his key strengths.”