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Wednesday, February 18, 2009

The United States auto manufacturer Chrysler, which has been badly affected by the ongoing recession, has asked the US government for an additional US$5 billion in aid on top of the four billion it has already received, saying that it plans to fire three thousand employees. At the end of last year, the auto maker had just over 54,000 employees, meaning that the layoffs will equal about six percent of its total workforce.

In addition, Chrysler will cut the Chrysler Aspen, PT Cruiser, and Durango from production.

Another automaker, General Motors (GM), announced that it seeks $16.6 billion in loans from the government, in addition to the $13.4 billion that it has already received. GM plans to lay off 47,000 employees and close five factories. GM says that it might need as much as $30 billion from the US Treasury Department, an increase over their previous estimate of $18 billion. The company has warned that it might run out of money by March if more aid was not given.

Rick Wagoner, GM’s chief executive, described the firm’s plan as “comprehensive, responsive, achievable, and flexible”. “We have a lot of work in front of us, but I am confident it will result in a profitable General Motors,” he said, adding that “today’s plan is significantly more aggressive because it has to be.” GM says that it could be profitable in two years’ time, and might be able to repay all its loans by 2017.

A third US car manufacturer, Ford Motor Company, has said that it can make it through this year without any government aid.

The US Treasury Department will review the car makers’ survival plans for several weeks before a decision is made on whether or not to extend the loans. That decision is due by the end of next month.

Thursday, September 2, 2010

An oil platform owned by Mariner Energy has exploded in the Gulf of Mexico throwing thirteen people into the water, reports indicate. All thirteen men who fell into the water have been accounted for, according to the U.S. Coast Guard. No injuries were reported. Smoke was billowing from the oil rig named Vermilion 380, which is reported to still be on fire.

The blast occurred at around 9:19 a.m., approximately 80 miles south of Vermilion Bay off the coast of Louisiana. The Coast Guard confirms the platform was producing oil and gas at the time it exploded. They earlier reported a one mile long and 100 foot wide oil sheen which was spotted at the site of the explosion shortly after authorities responded to the scene, but later backtracked saying they could not confirm the presence of a sheen. Coast Guard chief petty officer John Edwards of the US Coast Guard earlier said that the platform, “was not actively producing any product.” Mariner Energy also released a statement earlier saying no oil sheen was spotted.

“In an initial flyover, no hydrocarbon spill was reported,” said Mariner Energy in a press release following the explosion. “The cause is not known, and an investigation will be undertaken. During the last week of August 2010, production from this facility averaged approximately 9.2 million cubic feet of natural gas per day and 1,400 barrels of oil and condensate.” According to Bureau of Energy Management Regulation and Enforcement spokesperson Melissa Schwartz, the platform was authorized to produce natural gas and oil at those depths, but “there were ongoing maintenance activities underway” which caused it to stop producing. The platform sits in about 2,500 feet of water, though some reports put the platform in 340 feet of water.

As a result of the explosion and fire, Bobby Jindal, the governor for the state of Louisiana said that the Vermillion 380 platform had been “shut” and that oil flowing from the bottom of the Gulf has been stopped. At least 6 other platforms are said to be connected to the well that Vermilion 380 was part of. Jindal also said the fire was burning due to flammable materials on the platform.

Apache Corporation, which has agreed to, but has not yet completed a merger with Mariner Energy, did not comment on whether the explosion would have any effect on the deal. The vice-president Bob Dye told Wikinews that “Apache and Mariner agreed to merge in April, 2010, however, the transaction has not yet closed so Mariner remains the operator of this platform”.

All 13 people have been rescued by an oil support vessel and have been transported to a nearby platform. Edwards earlier told MSNBC that all those who were in the water were “wearing some sort of an immersion suit that protects them from the water. Right now we’re focused on search and rescue and then, ultimately, as this thing progresses we’re going to be looking into the cause.”

The explosion comes only four months after the Deepwater Horizon oil rig run by BP exploded in April, resulting in a massive oil spill. The platform is located about 200 miles west of the Deepwater incident.

Sunday, April 24, 2005

New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ®, which independently announced a definitive agreement to purchase Instinet Group.

Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.

Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.

These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.

The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Thursday, April 7, 2005

At an information technology conference in Addis Ababa, Prime Minister Meles Zenawi of Ethiopia vowed to offer universal Internet connectivity in the country within three years. The government is working with a United States technology company Cisco Systems to fulfill this promise.

The government will invest US$40 million in the venture, which will lay nearly 10,000 km of fibre optic cable. Ethiopia currently ranks low in Internet penetration, with just 30,000 connections available for its 71 million inhabitants. Part of the program is the installation of Internet access at 450 secondary schools throughout the country.

Zenawi explained the change of heart that led to the decision to invest in this infrastructure project. “Not long ago many of us felt that we were too poor to seriously invest in information and communication technology,” he said at the conference. “We were convinced that we should invest every penny we have on securing the next meal for our people. We did not believe serious investment in ICT had anything to do with facing the challenges of poverty that kills. Now I think we know better,” he explained to the delegates.

Not everyone thinks that the government knows better. Giovani Peri, Assistant Professor of Economics at University of California, Davis, specializes in macroeconomics and growth theory. Peri believes that the Ethiopian government may be misguided in its direct investment in the build-up of information technology, and should instead create incentives for the private sector to build such infrastructure.

Professor Peri likened the Internet access project to previous failed attempts by African governments to stimulate growth via large-scale projects. “[African governments] in the past tried to build airports … in the middle of desolation.” — but people need to know that the environment is right for business, he said, not just a good airport. He said that the investment in Internet access might be too early for that country, and that before it is built, the country needs a good educational system to get the scientific community involved in the process of building technology infrastructure.

Ethiopia’s population is mostly rural, and over half of the population is illiterate. The country’s GDP per capita is US$560.

Thursday, December 10, 2009

American and European scientists say the upgraded Hubble space telescope has spotted the oldest galaxies ever seen. The images were taken with the telescope’s new Wide Field Camera 3 (WFC3) in August this year.

The galaxies are about 13 billion light years from Earth, meaning they formed less than one billion years after the Big Bang — the cosmological model of the initial conditions and subsequent development of the universe.

WFC3 was installed in May this year, during a mission by the space shuttle Atlantis to repair and upgrade Hubble. Experts say the new instrument will let them peer even further back in time, to when the universe was in its infancy. The more distant a galaxy is, the more its light is “redshifted” due to expansion of the universe. Light from the furthest galaxies is shifted to infrared wavelengths invisible to the human eye, but WFC3 can detect these.

The new image was taken in August, in the same region as a 2004 visible light image known as the Hubble Ultra Deep Field. The 2004 photo previously showed the most distant galaxies, but the new infrared pictures from the WFC3 allow even more remote galaxies to be seen.

Capturing the image took four days, and the total exposure lasted 173,000 seconds. In the three months since, twelve scientific papers have been submitted on it. On Tuesday one of these confirmed the galaxies as the furthest ever seen.

They are also the oldest, with the light from them having taken around 13 billion years to reach Earth.

“At these distances, you’re really looking back in time, like you have a time machine,” said Ray Villard, of the Space Telescope Science Institute in Baltimore. “Those things don’t exist anymore.”

The photo could be one of the ultimate achievements of the Hubble telescope, now almost twenty years old.

“These new observations are likely to be the most sensitive images Hubble will ever take,” said Professor Jim Dunlop of the University of Edinburgh.

The servicing mission in May extended the telescope’s life by around five years, but it is scheduled to be replaced by the James Webb Space Telescope in 2014. This will use infrared imaging and have a greater collecting area than Hubble, and it is thought that it may be able make out objects from just 100 million years after the Big Bang.

“We’ve really pushed Hubble to its limits,” said Villard, “and we need a bigger space telescope to go back even farther. It shows us there are really exciting things to look for with the Webb telescope.”

Saturday, September 15, 2007

Five civilian contractors have been injured after an explosion and fire onboard the Ticonderoga-class guided missile cruiser USS Leyte Gulf at 9:25 a.m. today.

A large explosion erupted from the ship’s berthing area where welding work was being conducted during a stop in Norfolk, Virginia. A fire broke out two decks below main deck, but was quickly extinguished. The injured were taken to Norfolk General Hospital for treatment to injuries not believed to be life-threatening, according to John Kowalczyk, a spokesman for BAE Systems Ship Repair, who were conducting the work.

He added that the fire appeared to be an isolated incident. The ship has been laid up for repairs and modernizing since May.