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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.

Friday, March 20, 2009

Two buildings have been damaged in a bombing in Athens, Greece on Thursday. The target was a building owned by an agency that manages state real estate.

Nobody was injured in the blast, but the building’s entrance was damaged. A nearby store and a parked car also sustained damage. The homemade device, which consisted of explosives placed inside a plastic bag and tied to a pole close to the target, damaged the Hellenic Public Real Estate Corporation building.

The area was cordoned off by police after the explosion, which occurred at 9:30 p.m. local time yesterday. Bomb disposal experts checked the area following the explosion, while anti-terrorism officers began their investigation. The building is about 250 yards from the Athens police headquarters, and is also close to the Supreme Court.

No claim of responsibility has yet been made, but the Greek conservative government has been attempting to control left-wing terrorism in recent months. One group, the Revolutionary Struggle, was responsible for a failed car bombing against an Athens Citibank office on February 28, and also bombed a Citibank branch in the city on March 9. Greece has been receiving advice from police in London after the increase in terrorist activity and rioting last year throughout the nation.

Monday, December 8, 2008

More details have emerged over the weekend after the surprise announcement last week of Honda‘s intention to sell its Formula One racing team, Honda Racing F1. The team management, Nick Fry and Ross Brawn, have already announced confidence in their ability not only to find a buyer for the team but also to deliver the performance expected of Honda’s 2009 car. Prices as low as £1 have been put forward as possible prices tags for the Northampton based team, with Honda CEO Takeo Fukui stating that “Just to make the team possible to exist, a small price tag is acceptable”.

On Saturday the Japanese car giant said that before selling the team it was going to offer British driver Jensen Button, who had given the Honda team its only victory, a way out of his recently signed multi-million pound contract with the team so he could try to get a drive with other teams. However, Ross Brawn appears eager to retain the Briton and either retain Brazilian Rubens Barrichello or sign GP2 driver Bruno Senna, nephew of legendary racer Ayrton Senna. At an industry awards dinner, Button indicated his desire for a buyer to be found for Honda, saying any buyer would get “… a great team with excellent facilities. And with the leadership of Ross Brawn, and the whole team as they are, we can come through this and be on the grid in 2009”. Button has also spoken of his shock and pain at Honda’s decision.

Ross Brawn, who was brought into the Honda team with much fan fare before the 2008 season, has spoken of his shock at finding out about the sale of the team. Brawn, who is credited with helping Michael Schumacher and Ferrari dominate Formula One for much of the last decade, indicated he was expected funding cuts and had prepared a reduced budget but hadn’t expected the full withdrawal of support that Honda announced. Brawn has also indicated understanding of Honda’s reasoning, with their sales down 40% in some markets and Honda F1’s £200m+ budget a cost they were unwilling to bear.

Though Honda has committed to providing a budget for the team until March, the budget is lower than that which had been expected and so the team has had to pull out of the crucial winter tests at Jerez. This has denied Formula One hopeful Bruno Senna another test with the team and has combined with the engine implications of Honda’s withdrawal to push the new car’s final testing from January to March, just weeks before the first Grand Prix in Australia. Ross Brawn however remains confident of competing with new Formula One frontrunners BMW Sauber and Formula One supremo Bernie Ecclestone has tipped the team as a great buy, saying “I’ve no doubt Honda would have been in top four next year without any problems. They’ve spent a lot of money to put themselves in that position so if anyone does want to be in F1 this is a team they should look to buy. It’s a big opportunity for any company that’s run efficiently to benefit”.

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, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Friday, March 23, 2007

In a press release earlier today, New York State Agriculture Commissioner Patrick Hooker, along with Dean of Cornell University’s College of Veterinary Medicine Donald F. Smith, confirmed that scientists at the New York State Food Laboratory identified Aminopterin as a toxin present in cat food samples from Menu Foods.

Menu Foods is the manufacturer of several brands of cat and dog food subject to a March 16, 2007 recall.

Aminopterin is a drug used in chemotherapy for its immunosuppressive properties and, in some areas outside the US, as a rat poison. Earlier reports stated that wheat gluten was a factor being investigated, and officials now state that the toxin would have come from Chinese wheat used in the pet food, where it is used for pest control. Investigators will not say that this is the only contaminant found in the recalled food, but knowing the identity of the toxin should assist veterinarians treating affected animals.

The Food Laboratory tested samples of cat food received from a toxicologist at the New York State Animal Health Diagnostic Center at Cornell University. The samples were found to contain the rodenticide at levels of at least 40 parts per million.

Commissioner Hooker stated, “We are pleased that the expertise of our New York State Food Laboratory was able to contribute to identifying the agent that caused numerous illnesses and deaths in dogs and cats across the nation.”

The press release suggests Aminopterin, a derivative of folic acid, can cause cancer and birth defects in humans and can cause kidney damage in dogs and cats. Aminopterin is not permitted for use in the United States.

The New York State Food Laboratory is part of the Federal Food Emergency Response Network (FERN) and as such, is capable of running a number of unique poison/toxin tests on food, including the test that identified Aminopterin.

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.

Friday, August 25, 2006

Israel has purchased two more Dolphin class submarines which have the capacity to carry nuclear warheads. Israel already has three older nuclear weapons-capable Dolphin submarines but the new Dolphins have propulsion systems that allow them to remain submerged for longer periods of time, according to the Jerusalem Post, making it harder for them to be tracked by satellite. Experts view the purchase as a clear signal to Iran that Israel can retaliate if subjected to a nuclear attack.

“The Iranians would be very foolish if they attacked Israel,” said Paul Beaver, a British based defence analyst, speaking to the Washington Post. According to Beaver, the submarines would provide Israel with both first strike and second strike capability.

Israel already has land-based nuclear-capable ballistic missiles in the form of the Jericho I and II missiles.

German officials confirm that the contracts for the new submarines was signed July 6. The Jerusalem Post reports that they will be operational shortly.

Israel has never confirmed nor denied that it has nuclear weapons but is believed to have the world’s sixth largest stockpile of the devices, with most outside estimates putting their stockpile in the low hundreds. Israel’s possession of nuclear arms has often been a locus of bitter controversy in the Middle East, especially among countries who believe that the world community, and especially the United States, is hypocritical in its tolerance of Israeli nuclear arms while decrying the efforts of other Middle Eastern nations to develop their own nuclear capabilities.

Meanwhile, the Jerusalem Post reports there is a growing mood among Israel’s defence establishment that the country will have to act independently to stop Iran from obtaining nuclear weapons as the United States is unlikely to do so.

“America is stuck in Iraq and cannot go after Iran militarily right now,” according to an unnamed official quoted by the paper.

A report by the US House of Representatives’ Intelligence Committee released on Wednesday asserts that if Iran arms itself with nuclear weapons, Israel would be pressed to respond militarily. “A nuclear armed Iran would likely exacerbate regional tensions. Israel would find it hard to live with a nuclear armed Iran and could take military action against Iranian nuclear facilities,” the report states. Iran has continually maintained that it seeks only to develop nuclear technology for the production of electrical power, though this has been disputed by many nations.

Wednesday, November 3, 2010

Space Shuttle Discovery’s final launch on the STS-133 mission to the International Space Station has been delayed at least an additional day. Launch is now targeted for 3:29 PM EDT on Thursday.

The launch was originally scheduled for this past Monday, but was delayed two days because of helium and nitrogen leaks on board the shuttle.

Technicians are now working to repair technical glitches discovered yesterday on a main engine control computer.

The weather outlook, however, appears to be unfavorable for the new targeted launch day; there is an 80 percent chance of undesirable weather, according to the NASA space shuttle weather officer Kathy Winters.

The mission management team (MMT) is meeting today to discuss and troubleshoot Discovery’s newfound electrical problems.

STS-133 is scheduled to be an 11-day mission to the International Space Station to ship supplies to the crew, as well as additional components for the orbital outpost’s construction, including the Permanent Multipurpose Module and the third of four ExPRESS Logistics Carriers. The mission is the 133rd of the Space Shuttle Program and the 39th of Discovery.