africanonlinechurch.com

Saturday, September 20, 2008

The parliament of Indonesia has approved government plans to make an Initial Public Offering (IPO) of shares in three major state-owned firms, privatising them. They are steelmaker Krakatau Steel, Bank Tabungan Negara (BTN) and national flag carrier Garuda Indonesia.

The parliament has left the process fully in the hands of the government, and has set the maximum stake to be sold at 30% for BTN and Krakatau, and 40% for Garuda. Although Indonesia has been known to fund budget deficits with privatisation, the intention is for the funds from this scheme to go to the businesses themselves to allow expansion.

Krakatau expects 3.2 trillion Rupiah (IDR) from the sale, while the estimated price for their stock is between IDR3 and IDR4 trillion (321 – 428 million USD). Both ArcelorMittal SA, the biggest steelmaker in the world, and BlueScope Steel Ltd, the largest in Australia, have expressed an interest in the IPO. Krakatau will use the funds to help finance an expansion scheme which aims to have production doubled to five million tonnes in 2011.

BTN, which focuses on home owner loans, has set itself a target income of IDR36.12 trillion (3.86 billion USD) in 2010 compared to a projected IDR22.9 trillion ( 2.45 billion USD) this year. Net profit for this year is projected at IDR472 billion (50.5 million USD)and is hoped to rise to IDR1.39 trillion (148.7 million USD) in 2010. The bank’s loan to deposit ratio is predicted to rise from 105.05% this year to 144.93% in 2012. BTN hopes to conduct its IPO before the end of 2008.

Garuda is not quite 100% state-owned to start with, unlike the other two, but is very close with 95.44% of the company belonging to the government. Like all of Indonesia’s 51 airlines, Garuda is on the list of air carriers banned in the EU due to safety concerns raised after a string of air accidents in the nation. Garuda expects to raise IDR4.2 trillion (449.4 million USD) in funds from the IPO, and will use IDR2.5 trillion (267.5 million USD) to pay off its debts and invest IDR1.7 trillion (181.9 million USD) in new aircraft.

The government is still working to get a deal to make IPOs for architectural firm Yodya Karya and three plantation firms called Perkebunan Nusantara III, IV and VII.

Thursday, August 25, 2016

North Korea test fired a ballistic missile from a submarine yesterday, which landed in the Sea of Japan after traveling approximately 500 km (about 300 miles), according to officials of South Korea and the US.

The missile was fired from a submarine off North Korea’s east coast near Sinpo, officials said, and was reportedly North Korea’s first successful launch after missiles only traveled a small distance in previous tests. The South Korean military accused the North Korean government of using the test to increase military tension during the annual South Korean–US joint military drills, which involve 80,000 South Korean and US troops. North Korea has threatened a preemptive nuclear strike saying the drills were practice for an invasion.

This came on the same day as a meeting between the leaders of China, Japan, and South Korea where, according to Foreign Minister Fumio Kishida of Japan, they “urge[d] North Korea to exercise self-restraint regarding its provocative action, and to observe the UN Security Council’s resolutions”. Japanese Prime Minister Shinzo Abe called the test’s intrusion into Japan’s air defense identification zone “a grave threat to our country’s security.”

Tuesday, October 26, 2021

On Monday, United Kingdom Chancellor of the Exchequer Rishi Sunak revealed in a media briefing that he will confirm in his Budget, scheduled for half-noon Wednesday, an end to the partial pay freeze on 2.6 million public sector employees introduced last November, alongside a 6.6% increase to the National Living Wage.

Sunak used the fall in wages during COVID-19 to justify his “pause” in public sector employees’ pay that exempted 2.9 million National Health Service workers and those earning under GBP24 thousand per year, but applied to 2.6 million teachers, police, civil servants and members of the British Armed Forces. While a pay rise is in order from spring next year, the precise details are pending consultation by independent advisers and pay review bodies, according to the i. The Guardian writes some 5.7 million public sector employees could see a pay rise.

In addition, about two million on minimum wage, including some from the above 5.7 million, could benefit from an increase in the national minimum and national living wages. According to the i and The Guardian, the National Living Wage applicable for over-23s will increase by 59p to GBP9.50 an hour from next April, about GBP1000 for a full-time worker, in line with recommendations from independent advisory board the Low Pay Commission. The National Minimum Wage for those aged 21 to 22 will rise 82p to GBP9.18 an hour, and the Apprenticeship Rate will go up 51p to GBP4.81 an hour.

However, according to senior research economist at the Institute for Fiscal Studies Tom Waters: “While this boosts earnings for full-time minimum wage workers by over £1,000 a year, those on universal credit will see their disposable income go up by just £250 because their taxes rise and benefit receipt falls as their earnings increase.” Shadow chief secretary to the Treasury and Labour MP Bridget Phillipson said the offer was “underwhelming”, and “[m]uch of it will be swallowed up by the government’s tax rises, universal credit cuts and failure to get a grip on energy bills”. UK inflation rose 2.9% the year to September, according to the Office of National Statistics.

Phillipson contrasted Sunak’s measures with those of a Labour government, according to The Independent: “With a new deal for workers, exploitative practices like zero hours contracts banned, Fire and rehire outlawed, a minimum wage of at least £10 an hour and fair pay agreements, a Labour government will transform work and raise standards.”

However, the Daily Mirror says Mr Sunak is considering a rise to GBP10.50 an hour, and the qualifying age for the National Living Wage lowered from 25 to 21 by the next election in 2024. This would match or exceed Labour’s pledge of “a decent income that you can raise a family on”: an increase of the “minimum wage to at least £10 an hour”.

Mr Sunak said during the media briefing that Speaker of the House of Commons Sir Lindsay Hoyle would later call “riding roughshod” over parliamentarians, that it was “[t]he economic impact and uncertainty of the virus” that led to the “difficult decision to pause private pay”, which “[a]long with our Plan for Jobs, this action helped us protect livelihoods at the height of the pandemic. And now, with the economy firmly back on track, it’s right that nurses, teachers and all the other public-sector workers who played their part during the pandemic see their wages rise.”

Prime Minister Boris Johnson had announced at the Conservative Party conference his intent to create a “high-pay, high-skill economy” after Brexit, but it may take years for salary growth to catch up with mounting financial pressures, according to the i.

According to The Guardian, analysis by the Resolution Foundation indicates those impacted by the freeze earned nearly 8% less than their private sector counterparts. The differential widened to 0.6% for all public sector employees, including those exempt. The Office of National Statistics writes total private sector pay grew 8.3% from June to August 2021, while public sector pay grew only 2.5%.

Monday, August 6, 2007

At least six miners are trapped approximately 1700 feet underground in a coal mine in Utah after portions of the shaft collapsed. The mine is owned by Utah American Energy and is close to the town of Huntington, Emery County, 160 km south of Salt Lake City.

Robert Murray, The CEO, President, Director and owner of Murray Energy and the owner of Utah American Energy, said during a press conference at 5:00 p.m. (eastern time), an “earthquake caused the collapse at about 3:00 a.m. (mountain time).”

The United States Geological Survey (USGS) recorded what is allegedly a magnitude 3.9 earthquake at 2:48 a.m. (mountain time) on Monday morning 21 km (13 miles) east, southeast of Mount Pleasant, Utah, but the director of the USGS seismology stations Walter Arabasz, says that no earthquake caused the collapse.

Murray states that at least “two mining machines will be brought in to clean out the debris” at the beginning of the collapse and that he will “spare no expense” in rescuing the men.

“We have four rescue teams working to free the trapped miners. We will try four ways to get to the miners which include drilling 1,700 feet from the top of the mountain. We will also drill a hole” in a neighboring mine shaft sealed in 2004 after it was finished being mined that is “about 100 feet from the miners.”

Sunday, June 1, 2008

A couple from Vancouver, British Columbia, Canada has been arrested on charges of public mischief after listing their seven day old baby girl on the popular Internet classified ads website Craigslist.

The listing claimed that the baby was unexpected, “healthy and very cute”. It asked CAN 10 000 for the baby. It also listed a phone number belonging to a stolen cellphone, which was used to find the couple.

It was first noticed by a 62-year old grandmother browsing the website for furniture, who said “I was shaking, and I thought, ‘Come on, how did this even get through?'” The couple claimed that the listing, which has since been removed, was a hoax.

The father, Jeremy Pete, had a history of car thefts and evasion of police, while the mother, 23-year-old Bethany Granholm, had convictions of property theft, fraud and impersonation. The parents have now been released, but charges are still being considered. The baby has been placed in provincial care.

A suspected copycat incident occurred just four days later, also offering a seven-day-old baby girl for CAN 10 000 on Craigslist. This incident turned out to be a hoax, and no child was in danger.

Last week saw a similar incident in Germany, where a couple listed a seven month old baby on eBay. In this case the police have launched a child trafficking investigation, despite the parents’ assertion that the listing was a joke.

Wednesday, February 3, 2010

A compilation of brief news reports for Wednesday, February 3, 2010.

The Nigerian man accused of trying to blow up a Detroit-bound jetliner on Christmas day with hidden explosives is cooperating with investigators and providing fresh intelligence after the U.S. enlisted the help of his family, an administration official said. His family persuaded him to cooperate.

Umar Farouk Abdulmutallab has been providing information to Federal Bureau of Investigation agents questioning him, the official told reporters on the condition of anonymity.

The official declined to provide details on what kind of information Abdulmutallab was providing.

Related news

• “Failed bomb aboard Delta flight” — Wikinews, December 26, 2009

Sources

• Evan Perez. “Abdulmutallab Resumes Talking to Federal Agents” — The Wall Street Journal, February 2, 2010
• “Bomb plot accused ‘co-operating'” — UKPA, February 2, 2010

One person died and 41 were injured, including three nurses who are critically injured, in a major fire at Park Healthcare Hospital in Somajiguda, a suburb of the Indian city Hyderabad, on Tuesday morning.

The fire engulfed a major portion of the five-storey hospital’s first floor, along with some medical equipment and furniture on the other floors.

City police commissioner A K Khan said that a criminal case had been registered against the hospital management. “It is also being determined whether safety standards were followed by the hospital,” he said.

Sources

• “Major fire at city hospital; one patient dead” — The Hindu, February 2, 2010
• “Major fire at Hyderabad hospital; one patient dead” — PTI, February 2, 2010

Chinese authorities say they are preparing to launch a crackdown on melamine-laced milk after the scandal over tainted products, which made hundreds of thousands of children ill two years ago and damaged China’s brand reputation overseas, resurfaced.

China has dispatched inspectors to sixteen provinces to urge local governments to thoroughly investigate cases concerning food safety.

The decision comes after milk products tainted with the industrial chemical melamine were removed from sale in Shanghai and the provinces of Shaanxi, Shandong, Liaoning and Hebei, the state-run Xinhua News Agency said.

Related news

• “Contaminated baby’s milk induces wave of child illness in China” — Wikinews, September 22, 2008

Sources

• Edward Wong. “China Begins Emergency Check of Dairy Products” — The New York Times, February 2, 2010
• Cara Anna. “Beijing begins emergency sweep for tainted milk products” — The Boston Globe, February 3, 2010

At least twenty-six people have been killed in Karachi, Pakistan after four days of ethnic killings, according to police officials. The officials said that nine people were killed on Monday in the city’s Orangi western neighbourhood, which has a majority ethnic Pashtun community.

The Sindh government has awarded special powers to the Pakistan Rangers under Section 5 of the Anti-Terrorism Act 1997 and imposed Section 144 in the limits of 26 police stations for a month.

At least forty people were killed as ethnic clashes erupted across the city in early January.Home minister of Sindh province, Dr Zulfiqar Mirza has called upon the Army to restore peace and order.

Sources

• Salis bin Perwaiz. “Rangers given control of 26 police stations” — The News International, February 3, 2010
• “Deadly ethnic violence hits Karachi” — Al Jazeera, February 2, 2010
• Zamir Sheikh and Nisar Mehdi. “Army asked to take over Karachi” — The Nation, February 3, 2010