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Wednesday, December 21, 2011

Yesterday, the United States House of Representatives voted to effectively reject the Senate version of a bill, passed with bipartisan support, to extend a payroll tax cut two months past its year-end expiration date. The House voted instead to create a conference committee to settle differences between members of both bodies.

Although the tax cut extension itself has support among Republicans and Democrats, lawmakers disagree on how Congress should go about compensating for the cost of extending the cut and the policy changes it would entail.

During an appearance yesterday, President Obama condemned opposition to the Senate-passed version of the bill, accusing Republicans in the House of trying to negotiate on matters unrelated to the bill. Republicans, in response, say there is still time to negotiate the bill, insisting that lawmakers ought to concentrate on a year-long plan rather than a two-month extension. Senate Democratic leader Harry Reid, however, says he will not agree to negotiate the tax cut extension until the Senate-approved bill is passed by the House.

If the tax cut is not extended and instead expires on December 31, approximately 160 million Americans will be affected by the tax increase; President Obama insists the only way to prevent the tax hike beginning January 1 is for the House to pass the Senate bill. In response, House Speaker and Republican John Boehner wants Obama to “call on the Senate to return” to negotiate. The Senate, shortly after passing the bill, adjourned for the Holiday break.

Also included in the bill is a provision that would require President Obama to make a decision regarding the construction of the Keystone XL pipeline, a pipeline that would transport oil from Canada to Texas.

House Democratic leader Nancy Pelosi blamed the congressional year-end impasse on “Tea Party Republicans.” In a letter to President Obama, Speaker Boehner requested he galvanize the Senate to negotiate on the bill’s provisions, writing “The differences between the two different bills can be quickly reconciled to provide the American people the certainty of a full-year bill. There are still 11 days before the end of the year, and with so many Americans struggling, there is no reason they should be wasted. You have said many times that Congress must do its work before taking vacation”.

Tuesday, October 7, 2008

The Icelandic internet bank, Icesave, has suspended all 300,000 of its UK customer accounts, leaving account holders in the United Kingdom unable to withdraw or deposit any funds. A message on its website posted this morning states:

“We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.”

The internet bank, owned by the Icelandic bank, Landsbanki (Landsbankinn), which was recently nationalised in an attempt to rescue it, has been hit by the global financial crisis. Reports from the United Kingdom suggest that the traders and city are preparing for the parent company to be declared insolvent, leaving customers to recover their monies through a financial compensation scheme being backed by the Icelandic Government. The plan will cover the first € 20,887 (Approx £16,300 / $28,720), the remainder of the customers funds being recovered through the UK’s own financial compensation system.

Following the decision to nationalise Landsbanki, the Icelandic Prime Minister, Geir Haarde, who introduced and signed the emergency legislation into law, stated:

In describing and explaining its actions in nationalising the bank, the Icelandic Financial Supervisory Authority issued this brief statement:

In response to the deepening world financial situation, the Dutch government has this afternoon increased its savers protection from €38,000 to €80,000 effective immediately, to help secure the financial status of its savers within Holland. Icesave also has a Dutch branch, icesave.nl – their website was unreachable at the time of this article.

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.

Saturday, September 8, 2007

Ford Motor Company, the U.S. car maker, will reportedly pay €57 million (US$78 million) for a 72.4 percent stake in the Romanian assembly plant Automobile Craiova, a Romanian official said Friday.

“The offer of Ford Motor Company for a 72.4 percent stake is €4.1556 per share or €57 million overall,” said Sebastian Vladescu, head of the State Property Agency (AVAS), after opening Ford’s improved offer. Vladescu added that the contract may be signed on September 12, during the auto show in Frankfurt.

The Romanian government bought back the Craiova-based car maker from Daewoo Motors, in late 2006 for US$51 million. As the Korean company was bankrupt, the government had to pay another $10 million for debts stemming from past loans. Ford is the only bidder for the purchase of the factory.

According to Washington Post, many auto-part makers have set up in the new European Union member country, attracted by cheap labor, favourable tax rates and the rising output of Renault’s Dacia plant. The vice president of Dacia, Constantin Stroe, said that the price Ford offers is not important. “It’s important to have the factory working as soon as possible”, he added. “With this production facility, Romania will become an important auto production center in Europe”, concluded Stroe, cited by HotNews.

Tuesday, June 27, 2006

France came from a goal down to win their round of sixteen game 3-1 against Spain in Hanover, Tuesday.

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The win was a tactical triumph for the French coach Raymond Domenech whose team gave up 61 per cent of ball possession yet restricted their opponents to seven shots – two on target – and ran out three goal winners.

Nor did the French have many chances as for the majority of the game Spain patiently passed the ball around them. When they did have the ball they constantly pried at the Spanish offside line and therein found the weakness that lead to victory.

Though the French were offside eight times the crucial equaliser came from a Franck Ribéry run on to a Patrick Viera pass that beat the line of Spaniards close to half time. At speed Ribéry rounded Iker Casillas to slot home.

So solid were the French in defence intercepting passes, blocking shots and making tackles the only goal conceded – which put them behind – was from a penalty kick. This was slammed in low by David Villa on 27 minutes after Pablo had been clattered from behind by Liliam Thuram.

Ten minutes into the second half the score was at 1-1 but the French continued to test the Spanish offside trap. A worried Luis Aragonés brought on two substitutes and changed his system from 4-3-3 to 4-2-3-1. The Spanish defence sat closer to their penalty area so there was less room to pass balls behind them.

But still the Spanish line was caught on 82 minutes when Thierry Henry was fouled by Puyol as he attempted to connect with another through ball. Henry fell as if hit in the face by Puyol although this could not be confirmed with television evidence. Zinedine Zidane floated the resultant free kick into the box, there was an inadvertent flick on from a Spanish player and Viera nodded in at the far post off Sergio Ramos.

As the Spanish pressed for a last minute score the French broke through again, Zidane this time cut back to lose Puyol, and with the keeper off balance he reversed his shot to the near post to put the game out of reach.

So efficient was the French performance FIFA statisticians logged the team with just 19 minutes actual playing time. Brazil, who the French will play in the quarter-finals, too conceded the majority of possession in their game but in comparison beat Ghana 3-0 with 27 minutes actual playing time, Tuesday.

Thursday, August 21, 2008

On Thursday, 15-year-old student, Ryan McDonald, was shot and killed. The shooting occurred at just after 8:00am (UTC-5), at Central High School, in Knoxville, Tennessee.

According to Deputy Chief of Police of the Knoxville police department, William C. Roehl stated that the shooting was not “random” and that “they had contact with one another”. The shooting which occurred 8:11am (UTC-5), followed a confrontation in the cafeteria. Police arrived on the scene at 8:13am, and the suspect was taken into custody at 8:17am. McDonald was taken to the University of Tennessee Medical Center where he died at 8:57am, according to the police.

Police have arrested Jamar B. Siler, also 15, and charged him with first-degree murder. Judge Tim Irwin set September 17, 2008 as the trial date. Siler is being held at a juvenile detention center.

Kevin Perry, a pastor at Word of Life Ministries, said he had spoken to a student who witnessed the shooting.

“He saw them when they were arguing and pushing and shoving,” Perry said, recounting what the student had told him. “He didn’t see the guy shoot him. What he did see was the guy fall.”

Another high school student, Chad Griffin, was ten feet away from where the confrontation occurred and said that “he [McDonald] got shot and started walking and he was holding his chest. There was blood everywhere. And then he fell and his arm hit me.”

The school was preparing to release students, and bring them to a local church were they could be picked up by their guardians. Central High School has around 1,400 students.