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Monday, June 1, 2009

In a televised speech from the White House at 16:00 UTC today, President of the United States Barack Obama presented a reorganization plan following the 12:00 UTC announcement by General Motors that it had filed for bankruptcy and Chapter 11 protection from its creditors, the largest bankruptcy of a U.S. manufacturing company.

Describing the problem with the company as one that had been “decades in the making,” Obama explained the rationale behind his proposed reorganization plan for General Motors. He stated that his intent was not to “perpetuat[e] the bad business decisions of the past,” and that loaning General Motors money, when debt was its problem, would have been doing exactly that. His plan, he stated, was for the United States government, in conjunction with the governments of Canada and Ontario (which he thanked for their roles alongside the government of Germany which he thanked for its role in selling a corporate stake in GM Europe), to become shareholders in General Motors. The United States government would hold a 60% stake. The government will give GM a capital infusion of US$30 billion in addition to the funds it has already received.

Of the government ownership he stated that he refused “to let General Motors and Chrysler become wards of the state”, and described the bankruptcy of Chrysler, and the bankruptcy of General Motors that he envisioned as being “quick, surgical, bankruptcies”. He pointed to the bankruptcy of Chrysler as an example of what he envision for General Motors, but stated that General Motors was a “more complex company” than Chrysler.

Responding to challenges voiced by political opponents, before the speech, that the federal government would actively participate in the affairs of the restructured company, he stated that he had “no interest” in running GM, and that the federal government would “refrain from exercising its rights” as a corporate shareholder for the most part. In particular, he stated that the federal government would not exercise its rights as a shareholder to dictate “what new type of car to make.” He stated that he expected the restructured GM to make “high quality, safe, and fuel-efficient cars of tomorrow,” and several times described what he anticipated as “better” and “fuel-efficient” cars, after a streamlining of GM’s brands.

He said to the general public that “I will not pretend that the hard times are over.” He described the financial hardship that some — shareholders, communities based around GM plants, GM dealers, and others — would undergo as a “sacrifice for the next generation” on their parts, so that their children could live in “an America that still makes things,” concluding that one day the United States might return to a time when the maxim (a widely-repeated mis-quotation of what Charles Erwin Wilson once testified before the U.S. Senate when nominated for the position of Secretary of Defense) would once more be true that “what is good for General Motors is good for the United States of America.”

Tuesday, March 30, 2010

Miami of Ohio beat the Michigan Wolverines 3–2 at the finals of the NCAA Midwest regional ice hockey tournament Sunday night at the Allen County War Memorial Coliseum in Fort Wayne, Indiana. Miami sophomore forward Alden Hirschfeld scored at 1:54 into the second overtime when his shot from the top of the left face off circle deflected into the goal off the skate of the Michigan goaltender Shawn Hunwick.

Pat Cannone led the scoring with two power play goals for Miami during regulation. It looked as though Michigan had won the game in the first overtime when Michigan’s forward Kevin Lynch appeared to score. Unfortunately for Michigan the referee blew the whistle calling a penalty just before the puck went in the net. The Miami goaltender Connor Knapp who made 53 saves in the game was named the most outstanding player of the midwest regional tournament.

This was the first multiple overtime game for the Miami of Ohio RedHawks in their 23 years. Miami will be going to the Frozen Four for the second straight year.

The Boston College Eagles advanced to the Frozen Four in a shoot out with the Yale Bulldogs. BC defeated Yale 9–7 last night at the finals of the NorthEast regionals in front of 6,054 fans at the DCU Center in Worcester, Massachusetts.

BC forward Cam Atkinson had a hat trick and an assist. Mark Arcobello of Yale also had a hat trick. In an attempt to find a way to stop the Eagles scoring Yale played three different goalies during the game. The sixteen total goals is a NCAA record for a regional tournament game. The previous record was thirteen.

This will be the 22nd time that Boston College has made it to the Frozen Four, it is the ninth for coach Jerry York and their third trip in the past four seasons. BC will face Miami of Ohio in the semifinals on April 8 at Ford Field in Detroit, Michigan.

Thursday, August 18, 2005

“Total chaos” is how many described the melee that resulted from a sale of used Apple iBook laptop computers at the Richmond International Raceway (RIR) by the Henrico County, Virginia school system.

Officials estimated nearly 5,000 people thronged the sale for the $50, four-year-old computers. Among them were 17 injured, four requiring hospitalization – one for a leg injury, and three for heat-related illness, said Henrico County Police. Reports of trampling in the stampede were not uncommon, and one driver reportedly tried to drive through the throng of prospective buyers.

Alice Jemerson, an elderly customer said, “They bum rushed the gates and I was knocked over, fighting for my life. All these people were on top of me.”

Shortly after 7am EST officials opened the gates and many residents ran hysterically toward the building where the sale was to occur at 9am.

At a post sale press conference, Henrico County Police spokesman Lieutenant Doug Perry told reporters, “A few bad apples found their way inside. It looked worse than it was.”

Apple iBooks are the preferred computer for Henrico County schools, and Director of General Services of Henrico County Paul Proto, said changes were made to the event after tremendous interest was generated, some as far away as Europe and California. Officials closed and moved the sale from the Henrico county school warehouse to the RIR, after residents complained that their tax dollars were used to buy the computers, and they ought to have first right to repurchase them. The Henrico County Board of Supervisors voted to amend the County Code so that only residents could purchase the laptop computers.

Although officials had prohibited camping out and overnight parking, some in attendance reported that people began arriving at midnight.

Henrico Police Chief H.W. Stanley, Jr. said five patrol officers were originally planned for the event, a customary presence for an event the size authorities had estimated. But by 6 am, an enormous crowd was assembled at the front gate.

Officials present before opening told the crowd that automobiles would be allowed to enter first, which prompted many to run to their cars. But while some were running back to their cars, others rushed the gate. The resulting confusion created much anger, and guards closed the gates shortly thereafter.

Long lines encircling the sale building were commonplace, and one observer noted, “They’re going to see themselves on the news tonight, and see what fools they are.”

Some citizens, however, considered their wait worthwhile. Hairstylist and mother of two Sheress Blunt was one of the first hundred to buy one of the iBooks; she came with her mother and said they sneaked into the raceway through a side gate.

Tonya Vaughan arrived at 5:30 a.m., also bought one of the first iBooks and said three people offered to buy it from her for as much as $200. She declined however, saying, “I told them no way! I had worked too hard for it.”

Lt. Perry said many officers were complimented on the way they handled the crowd, adding that police were seen letting children who had been pushed aside, into the building.

Mr. Proto said, “There are no plans right now to have another iBook sale.”

Henrico County Battalion Police Chief Steve Wood said no arrests were made and the iBooks were sold out by 1pm EST.

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.

Thursday, October 1, 2009

A tsunami that was generated in the South Pacific by a powerful undersea earthquake has killed at least 110 people, according to authorities.

The majority of the fatalities occurred in Samoa, where rescue workers say at least 84 people were killed. Another 24 people are confirmed dead on American Samoa, while at least seven fatalities have been reported in nearby Tonga.

The US Geological Survey says an 8.0 magnitude earthquake struck early Tuesday local time. It generated waves that devastated coastal areas, knocked down buildings and sent cars floating out to sea.

Strong aftershocks followed the initial earthquake, with at least one measuring a magnitude 5.6. Tsunami alerts were issued for the entire South Pacific region but were later canceled. Survivors fled to high ground and stayed there for hours.

Several villages were destroyed on the southern Samoan coast of Upolu, which is also home to many tourist resorts.

During a flight on from Auckland, New Zealand to Apia, Samoa, Samoan Prime Minister Tuilaepa Sailele Malielegaoi told reporters he was shocked by the disaster. “So much has gone. So many people are gone. I’m so shocked, so saddened by all the loss.”

“The situation is very bad,” said Marie-Francoise Borel, a spokesperson for the International Red Cross, to the CTV News Channel by telephone. “This massive wave has swept across – it’s destroyed villages, it’s destroyed homes, people are in shock.”

The assistant chief executive of Samoa’s disaster management predicted that the death toll in the country could surpass one hundred, saying that searches for bodies in the region are still ongoing.

“They are still continuing the searches for any missing bodies in the area. Some areas have been flattened and the tsunami had brought a lot of sand onshore, so there have been reports the sand has covered some of the bodies. So we need specialised machines to search for bodies that are buried under the sand,” he said.

The communications head for the International Federation of the Red Cross, Jason Smith, told the Al Jazeera news agency that the Red Cross “[…] is working hard through five evacuation centres to provide people with safe places to stay and access to clean water,” estimating that up to 15,000 people in sixty villages were affected by the tsunami.

At the capital of American Samoa, Pago Pago, the tsunami measured 1.57 meters in height. The superintendent of the National Park of American Samoa Mike Reynolds reported four waves as high as six meters. People who experienced the quake said it was long, lasting from 90 seconds to three minutes.

Pago Pago city streets were strewn with overturned vehicles, cars, and debris. Some buildings located only slightly above sea level were completely destroyed by the waves, and power in some locations is not expected to be restored for up to a month. FEMA administrator Craig Fugate said that “we’re focused on bringing in the assistance for people that have been injured, and for the immediate needs of the tens of thousands of survivors down there.”

“The first federal team members are currently en route to American Samoa aboard a Coast Guard plane and will be providing on the ground assessments once they arrive on the island,” Fugate said. “FEMA, who has provisions pre-positioned in a distribution center in Hawaii, is also preparing to send supplies as needed to help meet the immediate needs of the survivors.”

Didi Afuafi, 28, who was riding on a bus in American Samoa when the tsunami struck, described her experiences. “I was scared. I was shocked. All the people on the bus were screaming, crying and trying to call their homes. We couldn’t get on cell phones. The phones just died on us. It was just crazy,” she said. “This is going to be talked about for generations.”

US President Barack Obama declared a major disaster in American Samoa, and has sent federal aid to support local recovery efforts in the US territory.

“My deepest sympathies are with the families who lost loved ones and many people who have been affected by the earthquake and the tsunami,” Obama said. He had earlier pledged in a written statement to give a “swift and aggressive” government response to the disaster.

“I am closely monitoring these tragic events, and have declared a major disaster for American Samoa, which will provide the tools necessary for a full, swift and aggressive response,” Obama said.

During a Wednesday appearance near Washington, D.C., the president said the US was ready to help its “friends” in neighboring Samoa and throughout the region.

In Tonga, seven people were confirmed dead and another three missing, after waves struck Niuatoputapu, a northern island.Acting prime minister Lord Tuita said in a statement that “according to information gathered from Niuatoputapu so far, seven people are confirmed dead, three missing and four with very serious injuries,” Lord Tuita, the acting prime minister, said in a statement. “It is reported that the tsunami did serious damage to the village of Hihifo, which is like the capital of the island.

“The hospital on the island is reported to have suffered major damage; telephone communication has been cut as a result of damage to equipment and facilities on the island; homes and government buildings have been destroyed,” he said.

An airplane was reportedly chartered by Tongan authorities to determine the amount of damage done to Niuatoputapu, but wasn’t able to land.

Thursday, September 27, 2007

Canada has a budget surplus of CA$13.8 billion for the 2006–2007 fiscal year, totaling 1% of Canada’s gross domestic product (GDP), Finance Minister Jim Flaherty announced today. The record surplus was boosted by revenue from government corporations to $14.2 billion, far exceeding the government’s projections of $9.2 billion and surpassing the record set by the previous year’s $13.2 billion surplus.

By federal law, all surplus must be used to pay down Canada’s debt, and is not available for spending. $90 billion in debt payments over the last ten years have reduced its debt to $467 billion or 32.3% of national GDP, its lowest level in a quarter century. The announced debt payment is the largest in Canadian history.

The payment also reduced Canada’s annual interest payments by $725 million, which the government pledged to pass on to taxpayers through tax returns and reduced income taxes. The Conservative’s “Tax Back Guarantee”, proposed in the March budget, promises that money saved on interest payments will be deducted from Canadians’ taxes. The Globe and Mail predicts the tax returns will be 30–40 dollars per taxpayer.

Canada has posted ten consecutive budget surpluses in the last decade. The Canadian economy, the 8^th largest in the world, has benefited from rising global demand for its export commodities, particularly oil and copper, as well as record corporate profits. This surplus was further increased by a $700 million drop from expected government spending.

Prime Minister Stephen Harper cautioned that the Canadian economy is still facing “tough times” in its forestry, manufacturing, and some export industries. Critics point out that the Conservative government had said Canadians were overtaxed when they took office, and had vowed to eliminate “surplus surprises”.

Friday, October 30, 2009

Mobile phone and computer manufacturer Nokia is filing a lawsuit against Apple over patent infringements. The infringements include speech coding, wireless data, security and encryption technology Nokia claims is used in Apple iPhones.

According to a Nokia press release, 40 other companies are paying royalties to them in return for the use of their patented technology. Therefore, Nokia wants Apple to also pay for its usage.

“The basic principle in the mobile industry is that those companies who contribute in technology development to establish standards create intellectual property, which others then need to compensate for,” Ilkka Rahnasto, Nokia’s Vice President of Legal & Intellectual Property, said in the press release. “Apple is also expected to follow this principle. By refusing to agree appropriate terms for Nokia’s intellectual property, Apple is attempting to get a free ride on the back of Nokia’s innovation.”

One industry analyst told PC World that that he believes Nokia is seeking 1–2% royalties per device. Based on the number of iPhones sold since its 2007 release date, that figure would amount to approximately 400 million USD.

Ben Wood, research director at CCS Insight, said, “It is almost inconceivable that someone can produce a mobile phone without using Nokia patented technologies,” showing how widespread Nokia’s mobile technology is.

In Apple’s SEC 10-K, Apple responded to Nokia claims. “The complaint alleges that these patents are essential to one or more of the GSM, UMTS and 802.11 wireless communications standards, and that the Company [Apple] has the right to license these patents from plaintiff [Nokia] on fair, reasonable, and non-discriminatory terms and conditions. Plaintiff seeks unspecified FRAND compensation and other relief. The Company’s response to the complaint is not yet due. The Company intends to defend the case vigorously,” said Apple.

The Nokia v. Apple lawsuit is set to take place in a Delaware District Court.