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.

Tuesday, February 23, 2010

Toyota has been accused by a U.S. House of Representatives committee with misleading the public and investigators over its recent recalls.

The accusations, in a statement from the House Energy and Commerce Committee, claim that Toyota both relied on a flawed study in its assessment of the issue of sticking accelerator pedals at the heart of the recalls, and then made misleading statements about its response. According to the authors of the letter, Henry Waxman and Bart Stupak, Toyota dismissed, rather than investigated, the idea that the cars’ computers were at fault. In a statement, James Lentz, the president of Toyota’s American division, claimed that hardware issues were to blame, and that dealers were repairing the faulty part. Toyota also released a study commissioned from the research firm Exponent that said electronic systems were not to blame.

According to the House committee, however, the study involved only six vehicles, none of which had problems with their electrical systems, and was insufficient to produce an accurate result. “Our preliminary assessment is that Toyota resisted the possibility that electronic defects could cause safety concerns, relied on a flawed engineering report and made misleading public statements concerning the adequacy of recent recalls to address the risk of sudden unintended acceleration.”

The company is under a criminal investigation, and has received two subpoenas for documents from two House committees relating to the recalls, although whether they are directly related to the letter is unclear. The documents are related to accelerator issues in several models, as well as brake problems with the Prius hybrid car, and were served earlier in in February by a federal grand jury and the Securities and Exchange Commission. Toyota has released upwards of 75,000 pages of documents under the requests.

In a separate, though related, development, it has emerged that Toyota last year negotiated a limited recall for two models, the Toyota Camry and Lexus ES, that were affected by the accelerator recalls, saving the company an estimated $100 million. A confidential internal presentation in July 2009 made the claim, and a month later, a Lexus ES, one of the models under the limited recall crashed in California, killing four people. The claims apparently referenced a September, 2007 recall of floor mats that could trap gas pedals, the same problem that triggered a full recall of numerous Toyota cars to fix the same problem. In the same presentation, the company claimed to have avoided recalls of another model related to rust, as well as delaying new federal safety regulations.

Friday, February 1, 2008

United States software giant Microsoft has launched an unsolicited bid to buy Internet search giant Yahoo! for US$44 billion or approximately US$31 per share.

The deal, which is half in cash and half in stock, if accepted by Yahoo!’s shareholders, could create a major competitor to Google, the search giant which currently dominates the Internet search market.

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Scarborough-Agincourt (Ward 39). Two candidates responded to Wikinews’ requests for an interview. This ward’s candidates include Wayne Cook, Mike Del Grande (incumbent), Samuel Kung, Lushan Lu, Sunshine Smith, and John Wong.

For more information on the election, read Toronto municipal election, 2006.

Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.

Sunday, June 12, 2005

In Oshkosh, Wisconsin, the Democratic Party of Wisconsin adopted the following resolution at their state convention:

CALLING ON THE UNITED STATES CONGRESS TO INITIATE IMPEACHMENT PROCEEDINGS AGAINST PRESIDENT BUSH, VICE PRESIDENT CHENEY AND DEFENSE SECRETARY RUMSFELD FOR HIGH CRIMES AND MISDEMEANORS

WHEREAS, the Downing Street Memo shows that Bush, Cheney and Rumsfeld began planning and executing the war on Iraq before seeking Congressional and UN approval;

WHEREAS, UN weapons inspectors showed prior to the invasion that there were no weapons of mass destruction in Iraq; and

WHEREAS, there is further mounting evidence that the Administration lied or misled about “mushroom clouds,” “connections to 9/11,” and “war as a last resort” as they sought UN, Congressional, and public approvals;

THEREFORE, RESOLVED, the DPW asks Congress to immediately begin impeachment proceedings against President Bush, Vice President Cheney and Defense Secretary Rumsfeld.

The resolution alleges that the Bush administration “lied or misled” Congress and the American people concerning the justification for the war. The “Downing Street memo” and reports from U.N. weapons inspectors are mentioned as evidence of deception.

Newly elected state party Chairman Joe Wineke said, “Democrats, not only in Wisconsin but throughout the U.S., have been outraged by what we believe has been a clear cover-up of why the U.S. went into Iraq,” and that the resolution expresses “the sense of frustration that Democrats in Wisconsin have over fighting a war for the wrong reasons.”

Charles Franklin, a University of Wisconsin-Madison professor does not think the resolution will be successful and said that even if the House of Representatives began impeachment proceedings against the president and vice president, “I don’t think you can impeach the secretary of defense”.

Saturday, April 26, 2014

Ahead of Sunday’s scheduled canonization of Pope John Paul II, in the Italian village of Cevo, a massive stone and wood crucifix dedicated to the late pontiff collapsed, instantly crushing a man to death and landing another in the hospital. Reports variously say the collapse took place on Wednesday or Thursday.

Marco Gusmini, 21, died after part of the wood of the crucifix splintered and broke, sending it, along with the attached statue of Jesus Christ, toppling to the ground. He was reportedly posing for a photograph under the monument.

The mayor of Cevo, Silvio Citroni, termed the incident “an unexplainable tragedy. A young life, so many hopes destroyed this way”. Describing the tragedy, he elaborated, “The young people were making a snack for lunch and when they heard the crunching noises coming from the cross they fled in all directions. Unfortunately Marco ran in the wrong direction.” Citroni also said the crucifix had undergone maintenance work last summer. “This is a place for pilgrimages and family visits. We never imagined that something like this could happen.” In light of the untimely tragedy, he said, plans for any further celebrations to commemorate the late pontiff’s impending canonization have been scrapped.

Sculptor Enrico Job designed the crucifix, which stood 100 ft (30 m) tall; curved unusually to symbolize, reportedly, the scars of World War II; mounted with a 20 ft (6 m) tall statue of Jesus Christ weighing 1,320 lbs (600 kg). Commissioned to commemorate Pope John Paul II’s 1998 visit to Brescia, and reportedly originally erected at a stadium there, the crucifix was moved to its present location in nearby Cevo in 2005.

Gusmini and his parents reportedly lived on Via Papa Giovanni XXIII, a street in Lovere named after another late pontiff to be canonized alongside Pope John Paul II, Pope John XXIII. In celebration of this double canonization, Rome is expected to play host to 19 heads of state, 24 heads of government, and some 800,000 Catholic pilgrims, visiting from around the world, according to the Interior Ministry of Italy.

Monday, November 28, 2005

Legendary musician Sir Paul McCartney has boycotted China in response to a preview of BBC news footage that was filmed undercover at a fur market in Guangzhou, China. The footage, some of which is to air during BBC’s Six O’Clock News at 18:00 GMT on November 28, 2005, shows animals (particularly dogs and cats) being thrown from the top of buses and being dropped into boiling water. McCartney’s wife, Heather, also watched the footage and alleged that some footage she had seen clearly showed that the animals were alive when they were skinned. The footage, which was filmed by an investigator connected to the animal rights group PETA, shows cats squirming in a bag before being thrown into boiling water, and then skinned in a laundrette drier-like machine.

McCartney slammed the practices, saying, “It’s like something out of the Dark Ages. And they seem to get a kick out of it. They’re just sick, sick people,” referring to the apparent smiles and laughter of the workers handling the animals as they are killed.

He and his wife called for a boycott of Chinese goods, adding that this was unacceptable behaviour from the nation to host the next Olympics.

However, the Chinese Ambassador to London’s spokesperson said that China is not to blame. “The fur trade mostly feeds markets in the US and Europe. This fur is not consumed in China. So the Americans and Europeans should accept the blame.”