All posts by : Admin

Thursday, March 25, 2010

The government of Dubai announced that it intends to provide $9.5 billion to Dubai World to allow the government-owned investment company to restructure its debt.

The announcement comes as part of Dubai World’s plan to restructure more than $23 billion of debt, including converting nearly $9 billion of debt into equity, after its collapse last fall. The package includes $8 billion of funding to Nakheel, Dubai World’s real estate subsidiary, as well as $1.5 billion to Dubai World as a whole. The restructuring plan also seeks to, within eight years, repay all of Dubai World’s creditors.

According to the government of Dubai, $5.7 billion of the aid was from a former $10 billion loan to Dubai World, with the remainder being internally funded. The plan would transfer ownership of Nakheel, formerly a subsidiary of Dubai World, to the direct control of the Dubai government.

Response to the deal was largely positive, with one analyst saying the move “boosts sentiment because this is a strong commitment.” Christopher Davidson, author of books on Dubai and Abu Dhabi, said that while the new funding would “keep the wolves outside the gates a little longer,” the government could not be the sole funder of Dubai World and Nakheel.

Thursday, June 12, 2008

A major storm suspected to be a tornado has reportedly killed four Boy Scouts camping at the Little Sioux Scout Ranch in Little Sioux, Iowa. Roughly ninety-five Scouts aged thirteen to eighteen and twenty-five adult staff members were believed to be camping at the time the alarm was raised. Most of the scouts were from Omaha-Metro Area, including Omaha and Bellevue, Nebraska and Council Bluffs, Iowa. It is believed that the scouts had as little as twelve minutes to seek shelter from the time the alarm began to the time the storm hit. Early reports stated that thirty to forty scouts had been injured, that number was later reduced to twenty.

A spokesman for the Boy Scouts of America‘s Mid American Council, the region in which the camp was situated, has stated that the storm activated sirens but she couldn’t confirm whether the scouts were staying in tents or buildings.

The Scouts were participating in a training exercise at the 1,800 acre ranch roughly 40 miles northeast of Omaha. Julie Tack, a spokesperson for Iowa Homeland Security, stated that the camp was littered with debris and downed tree branches after being struck by a tornado at or around 7:00 PM Central Daylight Time. Tack went on to say that a search and rescue team had been deployed to the area.

Camp counselors have stated that they were aware of the possibilities that storm was coming and they had heard the tornado sirens going off. There was no underground shelter for the scouts, however they had shelters designated and emergency plans had been discussed the first day of camp. Officials said most of the boys were on a hike when storms moved in.

A camp staff member said that many scouts were injured when a fireplace in one of the shelters collapsed. Most of the injured scouts were treated at hospitals in Sioux City and Missouri Valley, Iowa. Six scouts were brought to the Missouri Valley hospital, most treated for minor injuries and broken bones. One scout suffered a broken hip and was transferred to Creighton University Medical Center in Omaha.

Mercy Medical Center, in Sioux City, have reported two patients arriving by helicopter at 8:13 PM with a third arriving by ambulance. A fourth patient arrived later, again by helicopter. A spokesman for the hospital said the victims are all juveniles and all have serious injuries. Mercy does not expect to receive more camp victims. The names of the victims have not been released.

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Thursday, September 27, 2007

A Siberian woman, Tatyana Barabanova, 43, residing in Russia was shocked, after giving birth to her twelfth child, to see a 17-pound (7.75 kg) baby.

Nadia, born on September 17, 2007, by Caesarean section at a maternity clinic in Aleisk, Russia, weighed in at a massive 17 pounds 1 ounce. “We were all simply in shock,” the mother stated. When asked what the father said, she answered “He couldn’t say a thing – he just stood there blinking.”

Barabanova said they did not have the money for “special foods”, so she “ate everything”. Nadia’s eight sisters and three brothers all weighed in at more than 11 pounds (5 kg), according to a local news reported, quoted by the Reuters news agency.

This is the second time this has happened, a Brazilian woman gave birth to a 17lb (7.73kg) baby in January 2005.

Friday, June 16, 2006

Former American Idol winner Ruben Studdard has won a lawsuit and $2 million against his ex-manager Ronald W. Edwards and Edwards’ promotions company, Sez Inc. The lawsuit was for misappropriating the singer’s money and credit cards. The suit claimed Edwards misused more than $246,000 of the singer’s money. According to the judge’s ruling, Edwards stole money from Studdard’s checking and other bank accounts, improperly used his credit cards and even used Studdard’s money to repay a $10,000 bank loan.

Jefferson County Circuit Judge Scott Vowell awarded Studdard $500,000 for actual losses and another $1.5 million in punitive damages. Vowell dismissed Edwards’ promotions company from the suit because it was bankrupt and had no money or assets. Edwards filed a petition for Chapter 7 bankruptcy on June 17, 2005. Studdard has sold 2.2 million records, but because of the damage done to his credit by Edwards, it is now even hard for Ruben to buy a home, said Vowell.

Friday, January 16, 2009

American politician Roland Burris of the United States Democratic Party was sworn in Thursday as US president-elect Barack Obama’s replacement in the United States Senate.

Burris was initially not admitted into the Senate, even though Governor of Illinois Rod Blagojevich appointed him to the position, due to allegations that the governor tried to sell the seat. Blagojevich was arrested and has been impeached for the alleged crime. Burris was denied his position on January 6 by other Democratic members of the Congress because his appointment papers were not signed by Jesse White, the Illinois Secretary of State, who had refused to sign his name due to the charges faced by Blagojevich.

Burris was officially sworn in by United States Vice President Dick Cheney with no objections from other members of the Congress. Harry Reid, the senior Democratic senator from Nevada and majority leader, who had led the opposition to Burris being appointed, welcomed him into the Senate.

“On behalf of all senators, Democrats and Republicans, we welcome you as a colleague and a friend,” Reid said.

“No one’s ever had anything against Sen. Burris. Like any other senator, he’ll have to learn the ropes and not get lost getting to committee hearings, like I have. I think he’ll come in with people open to meeting with him and getting to know him. I think it will be just fine,” said Senator Amy Klobuchar of Minnesota on the matter. Most other comments by senators stated that they were not against Burris as a person, but were against his appointment by Rod Blagojevich.

With the appointment, Burris becomes the only African-American member of the United States Senate. This makes the count of Democrats to Republicans in the Senate 58 Democrats and 41 Republicans, with the final seat waiting on a vote recount ordered by Norm Coleman in his loss to Al Franken of Minnesota.

Friday, January 21, 2005

Seeking to “bring together a select group of thoughtful bloggers and journalists”, at Harvard today opened a two-day, by-invitation only, Blogging, Journalism and Credibility: Battleground and Common Ground conference.

Held at the Kennedy School of Government, the conference was an initiative of the American Library Association’s, Berkman Center for Internet and Society and the Joan Shorenstein Center on the Press, Politics and Public Policy.

“One of the problems [with blogs],” said Dan Gillmor of Grassroots Media Inc., “is that any random website can look as good as any other website. We’re going to be working this through for a long time. We’re going to have to tell people, be skeptical.”

Addressing the question of credibility, both in mainstream media and in the new media self-publishing “blogosphere”, is one of the goals of the conference. The rapid transformation of the blogging media, its acceptance and repudiation as a form of journalism, is also a topic slated for discussion.

Corporate media has flirted with, disputed, and been directly affected by, bloggers. Future possible interactions between the new, blogging media, and mainstream media, provide topics for discussion.

Attendees and speakers included both established and new media names, academics and professionals, and amateurs. Topics covered ranged from jargon and terminology, through business models, and on to more esoteric subjects like “podcasting” and “vlogging”.

UPDATE: The conference wound up with a session covering issues identified during the conference and an open session of free-ranging discussion.