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Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.

Thursday, November 7, 2019

On Monday, Hungarian daily newspaper Magyar Nemzet revealed a deal whereby, on October 29, Hungarian state-owned enterprise HDT Védelmi Ipari Kft. (HDT Limited) acquired Austrian mortar and shell manufacturer Hirtenberger Defence Group. Hirtenberger Defence Group also acknowledged the deal.

In the deal, Austrian, United Kingdom and New Zealand production sites are to be kept, with market sales expected to cover for the price in the long run. A government-guaranteed loan covered the costs, but the exact figure was kept secret.

The November 4 issue of Magyar Nemzet published an interview with Gáspár Maróth, the Hungarian Government commissioner responsible for defence, defence industries and coordinating defence modernization, in which the deal was announced. On the same day, the Hirtenberger Defence Group issued a corresponding press release.

While not naming any other bidders, Maróth said the Hungarian bid won after lengthy negotiations, out of mulitple competing offers. He said he expects no political turmoil between the neighboring Austria and Hungary over the sale. He also noted the acquisition fits into the Hungarian “outward investment” ^{((hu))Hungarian language: ?t?kekihelyezési} strategy of Prime Minister Viktor Orbán.

The Austrian partner asked for the price to be kept secret, but the commissioner stated the purchase was financed by a loan, so it is not a burden on the state budget. With government resolution No. 1430/2019, the state issued an indemnity bond to cover for HDT’s 38.8 million euro loan, and daily Népszava covered the story with a headline pointing out that amount as the presumed price. The creditor Hungarian Development Bank is state-owned as well. Already-queued orders won’t leave idle capacity for some years, Maróth said, and paying back this loan seems realistic; unnamed industry experts called this dubious to Népszava, as the market is saturated and margins are thin, while noting this kind of equipment is needed by the Defence Forces.

The company structure remains unchanged and all sites continue to operate, but Hungarian engineers are to join the research and development team. Maróth pointed out it would have been much more costly and time-consuming to research mortar technology than to acquire it this way. He noted, “the army modernization does not just cover buying ‘hardware’ but technology transfer as well.” ^{((hu))Hungarian language: ?a hader? modernizációja a „vas” megvétele mellett a tudástranszferre is kiterjed.}

Népszava noted the purchase appeared to circumvent the Ministry of Defence. HDT Limited was registered on August 6, 2019 and is under the aegis of Hungarian National Asset Management, Inc.

To modernize its military, in 2018, Hungary licensed Czech firearm technology and started assembling firearms in Kiskunfélegyháza, then agreed with Airbus to open a helicopter parts factory as a joint venture in Gyula.

US President Trump has called for NATO members to increase military spending. According to a March 14, 2019 NATO press release, Hungary spent an estimated 1.15% of its GDP on military expenditures in 2018; NATO guidelines call for 2%. Maróth noted the military had been “effectively disarmed” ^{((hu))Hungarian language: ?gyakorlatilag lefegyverzett} by 2010, when Viktor Orbán regained the prime ministry of Hungary for his second term. Hungary launched a military development program dubbed “Zrínyi 2026” in 2017 to address structural and financial challenges faced by the Defence Force and to renew its equipment.

Wednesday, March 29, 2006The Australian House of Representatives today acknowledged the impact of the recent devastating Cyclone Larry and the efforts of the support given to the residents and communities of north Queensland in order to restore normal life.

Phillip Ruddock (Liberal, Berowra) moved a motion expressing this after Question Time today, which included a description of the devastation wrought on the area, the response by the Australian Government and the Australian Defence Force, and thanked the efforts of people for their “willingness to roll up their sleeves and get on with the job of cleaning up and rebuilding their towns and centres.”

The Leader of the Opposition, Kim Beazley (Labor, Brand) supported the motion, and congratulated the move to put General Peter Cosgrove in charge of operations, stating that soldiers “know how to work through logistics issues…how to work around officialdom or blockages”, praised both local federal and state members of Parliament, and especially the Labor Queensland state premier, Peter Beattie.

Bob Katter (Independent, Kennedy) was more critical in his speech. Katter thanked Beattie for his immediate response, but also described his confrontation with him and said how first responses were “simply not working”, but also praised Beattie’s decision on Cosgrove. Katter also described how the incident was “the worst natural disaster inAustralian history” and how the banana industry in north Queensland was decimated. Katter went on to describe the financial problems of the people in the region, the “huge gap” between the cost of rebuilding and insurance payouts, also asking “Are we going to pay people virtually nothing to sit on their backsides to do nothing or are we going to pay them a decent wage and have them rebuilding our communities for us?”

The debate is set to continue in the Main Committee, as an opportunity for many more members of the House of Representatives to speak to the motion, without taking up further time in the Chamber.

Tuesday, January 16, 2018

A car accident involving the car occupants and a dentist’s office happened on Sunday night in Santa Ana, California. A white Nissan sedan which was apparently driving too fast hit the raised concrete median on the road, after which it was launched into the air, slamming straight into the wall of the second floor of a two-story dental practice building, where the car got wedged.

According to the police, the car approached from a side street. The room of the dental office penetrated by the sedan was used as a storage space. A fire department crane was used to extract the vehicle from the building, which took several hours.

There were two people in the sedan. One of them managed to escape from the hanging vehicle on his own, while the other one remained trapped inside it for over an hour. They were both hospitalized with minor injuries, according to the Orange County Fire Authority (OCFA). According to the police, the driver of the car admitted narcotics use, and after toxicology tests the case is to be submitted to the Orange County District Attorney’s Office.

The moment of the accident was captured by surveillance video from a bus which the car narrowly missed when becoming airborne.

According to OCFA spokesperson Captain Stephen Horner, there was a small fire after the crash, which was extinguished quickly.

A compilation of brief news reports for Thursday, May 14, 2009.

Two travelers returning from Mexico to Thailand tested positive for the H1N1 swine influenza on Tuesday. According to Thailand’s health minister, this marks the first case of Southeast Asia.

On Wednesday, Chinese Ministry of Health officials reported a man had the disease. Currently, the officials are searching for people the man may have come into contact with.

Sources

• Xuequan, Mu. “China seeks passengers with exposure to new A/H1N1 flu case” — China View, May 14, 2009
• Kwok, Vivian Wai-yin. “Asian Swine Flu Risk Rises” — Forbes.com, May 13, 2008

The pope’s recent visit to the Middle East was expected to meet political “minefields”, according to the New York Times.

While in the Middle East, Pope Benedict XVI told the Prime Minister of Palestine, “It is understandable that you often feel frustrated. Your legitimate aspirations for permanent homes, for an independent Palestinian state, remain unfulfilled. Instead, you find yourselves trapped in a spiral of violence.”

The pope was speaking about the Palestinian housing, and how there are refugee camps.

Sources

• Hider, James. “Pope Benedict XVI calls for Palestinian state on visit to refugee camp” — Times Online, May 14, 2009
• “The Pope in the Mideast’s Minefields” — The New York Times, May 13, 2009

After the controversy over the “Erotic Services” section on Craigslist, the Web service will require manual posting and a $5 – $10 USD fee.

Craigslist will delete the “Erotic Services” section to replace it with “Adult Services.”

Attorney General Richard Blumenthal of Connecticut claims that state investigators will monitor the section as well for extra insurance.

Sources

• Stone, Brad. “Craigslist Plans to Monitor ‘Adult’ Ads” — The New York Times, May 13, 2009
• Raphael, J.R.. “Craigslist’s ‘Erotic Services’ Shutdown Could Backfire” — PCWorld, May 13, 2009

Saturday, September 19, 2009

Final August unemployment data was released yesterday with states indicating continued nonfarm payroll contraction going into the fall.

The Labor Department indicated an overall increase in unemployment in 27 states, a decrease in 16 and no change in 7. Record high jobless rates were reached in California (12.2%), Nevada (13.2%) and Rhode Island (12.8%); the highest since widespread state data was first reported in 1976. California’s rate was influenced by the state budget passed in July which closed a US$24 billion shortfall by cutting many state-provided programs which included many state jobs. Michigan, again, had the highest unemployment rate in August at 15.2% which is nearly double its August 2008 unemployment rate of 8.6%. North Dakota, again, had the lowest unemployment rate at 4.3%. The current national unemployment rate is 9.7%.

On the jobs-front, forty-two states lost jobs last month led by Texas, Michigan, Georgia, and Ohio, totalling over 216,000 jobs; eight states recorded increases in job positions. The biggest job gains were in North Carolina and Montana. Since the recession began in December of 2007, there have been nearly 7 million jobs lost nation-wide.

Data for September will be released in the first week of October.