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.

Saturday, February 11, 2006

Alan Shalleck, 76, associate in the children’s book series Curious George, was found dead in his driveway 8 February 2006. Covered in black garbage bags, his body had been disregarded by neighbors and passersby who presumably mistook it for a collection of refuse.

Speculation has risen around the case due to the seemingly odd coincidence of Shelleck’s death with the Curious George film’s Friday release. As of yet, investigators are not releasing any solid information involving the case.

A Boynton Beach, Florida Border’s Book and Music store employee, Shelleck had been missing from work for two days prior to the discovery of the body by Burt Venturelli, a maintenance worker at the retirement complex Shelleck called home.

Venterelli told Sun-Sentinel reporters “I went to drag it this morning and said, ‘This is a body, this isn’t garbage.”’ He also stated that Shelleck’s body was naked from the waist up and that there was “blood all over the place.”

Tuesday, May 15, 2007

Software giant Microsoft’s chief lawyer Brad Smith claimed in an interview published in the magazine Fortune on Monday that open-source software products violate 235 of Microsoft’s patents. The main transgressors are claimed to be Linux (107 patents) and OpenOffice.org (45), with e-mail programs infringing 15 patents. Microsoft wants royalties to compensate for the patent breaches.

According to Microsoft’s Vice-President of intellectual property and licensing, Horacio Gutierrez, the company wants to negotiate with the open-source companies rather than sue them. “If we wanted to litigate we would have done that a long time ago. Litigation is not an effective way of going about solutions,” Gutierrez said. According to him, Microsoft has over the last years tried to work towards a “constructive” solution to the alleged problem of patent violation.

Microsoft in the past has used the strategy of cross-licensing to get royalties from companies who infringe their patents, for example in their deal with Novell. On a company blog, Novell reiterated that their deal “is in no way an acknowledgment that Linux infringes upon any Microsoft intellectual property.”

“We don’t think that customers will want to continue on without a solution to the problem,” Gutierrez said about Microsoft’s approach to guaranteeing companies that they won’t get sued because they use the allegedly patent-infringing Linux operating system.

The upcoming third version of the GPL licence, the licence under which Linux is released, will prohibit Linux distributors to agree to patent royalty deals. Microsoft called these “attempts to tear down the bridge between proprietary and open-source software that Microsoft has worked to build with the industry and customers.”

A related U.S. Supreme Court ruling from April 30th showed how software patents can be subject to court challenges; basically, if the innovations patented are “obvious”, the patent is weakened. Joe Lindsay, information officer for a mortgage company, pointed out that the Unix code that Linux is based upon preceded Microsoft Windows, which might also be a reason for some patents to be invalid.

Red Hat, the biggest Linux distributor, said in a statement on Monday:

Larry Augustin, former CEO of a company called VA Linux (now VA Software), responsible among other things for launching SourceForge.net, an open-source software development community, posted a message on his blog under the title “It’s Time for Microsoft to Put Up or Shut Up”:

According to the Fortune report, more than half of the Fortune 500 companies are estimated to use Linux in their data centers.

Friday, August 3, 2007

The Dow Jones Industrial Average fell more than 280 points, Friday, to 13181.91, just two weeks after soaring to a historic record of 14,000. Two other major indexes, the Nasdaq and the Standard and Poor 500, fell more than 2% in a widespread market sell-off.

Shares of Bear Stearns, the largest United States underwriter of mortgage bonds, fell 6.3% today, resulting from Standard and Poor’s altering its outlook toward the company to “negative” from “stable”. The investment banking firm recently saw two of its major hedge funds sink after exposure to the sub-prime mortgage decline. Standard and Poor’s report said the firm may have problems, including its hedge funds, that could hurt the firm “for an extended period.”

The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in the rest of the financial sector. Chief Financial Officer Sam Molinaro remarked that the credit market was in the worst condition he had seen in 22 years.

American Express shares fell 5.6%, while homebuilder Hovnanian Enterprises fell 9.4% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07% in the session after announcing plans to close most operations and lay off over 6000 employees. The company has also lost its lending license in four states including New York.

“It is with great sadness that American Home has had to take this action,” Chief Executive Michael Strauss said in a statement. “Unfortunately, the market conditions in both the secondary mortgage market as well as the national real estate market have deteriorated to the point that we have no realistic alternative.”

Analysts say that the weakness in the stock markets and economy in general could prompt the Federal Reserve to lower interest rates, consequently allowing inflation to rise, but that it would also support stocks and ease borrowing. The Fed has not changed interest rates since June 2006.

Friday, November 6, 2009

The Centers for Disease Control and Prevention (CDC) is a US government agency. In an interview with Wikinews, Jeff Dimond, a member of the Division of Media Relations for the CDC, answered a few question regarding the current situation of the H1N1 swine flu pandemic.

The CDC reported that during week 42 (October 18–24) of this year, the swine flu activity increased in the United States with 19 confirmed deaths by swine flu, while week 43 (Oct. 25–31) faced 15 confirmed deaths.

((Wikinews)) How does the CDC feel the media has handled the H1N1 flu pandemic?

((Jeff Dimond)) Media coverage has been quite good.

((WN)) What measures are the CDC taking to combat the swine flu?

((JD)) Public health information is being distributed nationwide, scientists worked hard to identify the H1N1 virus and produce a vaccine in record time.

((WN)) What areas around the world are affected most by the swine flu?

((JD)) This is a question for the WHO (World Health Organization).

((WN)) Are the current anti-flu vaccines effective and how sufficient is the current supply?

((JD)) All current anti-flu vaccines are effective. Manufacturers are producing doses as fast as possible. Spot shortages may occur, but there is not an overall shortage of vaccine. For the most severe cases, a drug called Peramivir has been authorized for emergency use by the FDA.

((WN)) How can one avoid infection and how deadly is this disease?

((JD)) Proper hand sanitation and avoidance of individuals who have flu-like symptoms is the best way to avoid becoming ill. To date more than 1000 Americans have died from LABORATORY CONFIRMED cases of H1N1 and of those 129 are under the age of 18. The most at-risk populations are pregnant women, younger people in the 18–49 age group and those with other complicating conditions such as asthma, COPD, diabetes and morbid obesity.

((WN)) What efforts have the CDC made to insure vaccines are available for those with no or poor health-care?

((JD)) Distribution of vaccine is up to the state health departments. CDC is not a regulatory agency.

((WN)) If someone suspects they have swine flu what would the best course of action be?

((JD)) They should seek medical attention.

((WN)) When will the swine flu die down and cease being a pandemic?

((JD)) No idea.

((WN)) Besides the CDC, what other entities, governmental and private, are involved in stopping this disease and how?

((JD)) All public health and medical agencies with a stake in H1N1 are cooperating to control the spread of H1N1.

((WN)) Is there a significant risk of H1N1 mutating and becoming more deadly?

((JD)) Flu viruses are unpredictable so there is no way of answering this question. The CDC is constantly monitoring these viruses.