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Wednesday, February 27, 2008

Visa, Inc. announced on February 25, 2008 that it would soon go ahead with a much-anticipated initial public offering (IPO) of about half its shares. This would make it the single biggest IPO in United States history, according to the regulatory filing the company made. Visa hopes to raise about US$17-19 billion, emulating its main rival, MasterCard Inc., which successfully put out an IPO in 2006.

Shares are expected to range from $37 to $42 each. Visa is banking on a changing global economy which relies less on liquid cash and more on credit. Revenue at both Visa and MasterCard has climbed as consumers pay for more purchases with credit and debit cards, instead of cash. Cards are expected to be used for 55 percent of all U.S. consumer transactions by 2011, up from 40 percent in 2005.

Analysts have suggested that current economic conditions, the sub-prime mortgage crisis and the weakening dollar, may leave investors skeptical about Visa’s potential earnings. However, as both Visa and MasterCard charge fees for transactions made with their cards and do not actually give credit, they avoid the current credit crunch and possible defaulted loans. Nonetheless, a slowdown in consumer spending would hurt the revenue stream of both Visa and MasterCard.

The two other main competitors, American Express and Discover, operate their own credit-lending networks and could therefore be vulnerable to credit risks.

Saturday, January 14, 2017

A fighter jet crashed, killing the pilot, at Hat Yai International Airport, Songkhla?, Thailand this morning during an annual Children’s Day airshow.

The JAS 39C Gripen crashed onto a runway at around 9:30 am local time (0230 UTC) and exploded, closing the airport to commercial flights. The pilot was identified as Squadron Leader Dilokrit Pattavee. Local media reports an airport fire vehicle rolled over while responding.

Children screamed in video footage of the crash. The Royal Thai Air Force asked that images of the accident not be shared, but this has not deterred the press. Air Force spokesperson Pongsak Semachai said an investigatory commission would be formed. Prime Minister Prayut Chan-o-cha offered his sympathies to Pattavee’s relatives.

Thailand began purchasing the Swedish-built Gripen jets in 2008 and has twelve. None of its neighbours have similar aircraft, which cost the nation around 2.5 billion baht (US$70 million) each.

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.

Friday, May 1, 2009

At approximately 06:00 a.m. (00:30 GMT) Wednesday, between four and seven people were killed when an Electric Multiple Unit (EMU) passenger train crashed into a stationary freight train at Vyasarpadi Jeeva station, in Chennai, India. Between eleven and twenty persons were injured, and rushed to General Hospital in Chennai.

Officials are unsure of the number of persons aboard the passenger train, which was operated by an unknown person. “It is not clear who operated (it),” said S. Jayanth, acting general manager of Southern Railway. The operator of the EMU train was not in the train when it left 15 minutes to half an hour before the scheduled departure time. It is said some passengers did board the passenger train.

The EMU train ignored all signals, and drove about 7 kilometers (4 mi) at high speed, jumping tracks, before colliding with the goods train.

The driver of the goods train, Arumugam, has been confirmed as one of those who has died. The goods train was traveling between Arakkonam to Chennai. The motorman, guard and assistant jumped from the goods train sustaining fractures.

“We heard a loud noise and saw several compartments in flames. The smell emanating from bodies from the mangled coaches was nauseating,” said M.N. Selvi, a nearby resident.

The platforms at the Vyasarpadi Jeeva station were destroyed, and electrical cables were torn down. The EMU train caught fire in the collision destroying two compartments completely. The other compartments were thrown from the tracks. The freight train was loaded with oil tanks, however reports indicate that only the EMU train was set ablaze.

All train services were canceled for a time on one of the busiest rail lines of India. “Train services are disrupted due to the mishap but we hope to restore the services in two to three hours time,” an Indian Railways spokesperson.

Railways Minister Lalu Prasad announced that an inquiry will be held.

Thursday, May 18, 2006

Today the New Zealand Finance Minister, Hon. Dr Michael Cullen, presented the 2006 New Zealand Budget to the House of Representatives. There is a NZ$8.5 billion OBERAC surplus and a NZ$1.5 billion cash surplus.

It has been labelled as the “Bondi Budget” by National leader Don Brash, “Helen Clark and Michael Cullen believe there is a place for tax cuts – it’s called Australia” he said.

The budget allocates new operating spending of $9.6 billion and capital of $2.7 billion over the next four years.

Key issues in the budget includes:

• The Telecom New Zealand local loop unbundling (released earlier due to leak).
• $1.3 billion extra for transport.
• $3 billion extra for health care, over the next four years.
• $361 million extra for schooling
• $166 million extra for tertiary education and skill training
• $162 million extra for early childhood education

Friday, November 20, 2009

The Football Association of Ireland (FAI), Irish Minister for Sport, Taoiseach and Facebook social network groups are requesting a replay of the controversial FIFA World Cup play-off between Ireland and France in the interests of Fair Play. The FAI lodged an appeal with FIFA and also contacted the French Football Federation (FFF), it appears FAI hopes FFF may agree that a replay is fair play. Both captians, Thierry Henry and Robbie Keane, have called for a replay.

The Irish supporters, who in the past have won the FIFA Fair Play Award, are angry after a blatant double handball by Thierry Henry enabled France to score the extra-time goal that cost Ireland entry to next year’s FIFA World Cup finals in South Africa. Most Irish anger has been directed at FIFA, although French captain Thierry Henry has admitted handling the ball.

FAI has argued that there is a strong precedent; in 2005 where FIFA invalidated the result of a FIFA World Cup qualification match between Uzbekistan and Bahrain on the basis of a technical error by the match referee. However, Law 5 of the Laws of the Game state that: “The decisions of the referee regarding facts connected with play, including whether or not a goal is scored and the result of the match, are final.” and a source at Fifa headquarters in Switzerland said that “there is no way the game can be replayed”. The generic concept of fair play is a fundamental part of the game of football and the Fair Play Campaign was conceived largely as an indirect result of the 1986 FIFA World Cup in Mexico, when the handball goal by Diego Maradona.

The referee Martin Hansson and (referee’s assistants) Stefan Wittberg and Fredrik Nilsson were unable to see the incident but didn’t ask Thierry Henry if he handled the ball. Its hoped the mistake won’t cost the Swedish referee’s a place in South Africa. FIFA’s Fair play policy is playing by the rules, using common sense and respecting fellow players, referees, opponents and fans. The French union representing the nation’s gym teachers declared outrage at what it called “indisputable cheating.”

Minister for Sport Martin Cullen wrote to FIFA president Sepp Blatter urging him to call a rematch in the interests of fair play. Taoiseach Brian Cowen raised the issue with French president Nicolas Sarkozy on the fringes of last night’s EU summit. French Prime minister François Fillon said “neither the French government nor the Irish Government should interfere in the functioning of the international federation”.

Saturday, August 26, 2006

The Green Party of Canada will elect a new leader today. The new leader will replace Jim Harris, who stepped down after holding the position since 2003.

The candidates are:

• Elizabeth May, a former Sierra Club executive director
• David Chernushenko, the party’s deputy leader
• Jim Fannon, a real estate agent from St. Catharines, Ontario who is a four-time Green candidate, and founder of Nature’s Hemp food company.

May and Chernushenko, have emerged as frontrunners of the leadership race.

“We draw pretty much equally from across the entire political spectrum,” Jim Harris told CBC News. “If you were a Progressive Conservative, as I was, where do you go? The Green party supports Kyoto. We were opposed to the war in Iraq and yet at the same time we’re fiscally responsible. This is something that’s attractive to people.”

The Green party didn’t get any member elected in the January 23 general election, but the party did get about 4.5 per cent of the vote, enough to secure $1 million a year in federal funding.Chernushenko, an environmental consultant in Ottawa, got the most votes of any Green candidate.

Most Green party members have already cast their ballots by mail for the next leader.

May says that “her national profile and background as an adviser to the environment minister during Conservative Brian Mulroney‘s government are important for getting more Canadians interested in the party”. May referred to tackling climate change, urging electoral reform and ending Canada’s military mission in Afghanistan.

“I don’t really understand yet what she stands for. It’s a lot of rhetoric,” Globe and Mail columnist Jane Taber told CTV Newsnet.

“We will elect MPs by continuing to gain the trust and confidence of Canadians, and by reaching out to Canadians outside of our traditional base of support,” said Chernushenko. Chernushenko said the party should parachute star candidates into key ridings.

“Chernushenko sees a need for government regulation but wants to involve the private sector a bit more, and that’s consistent with Jim Harris’s ideas,” said Jonathan Malloy, political science professor at Ottawa’s Carleton University.

Jim Fannon, who spoke casually to the audience about his talents as a mediator, capable of bridging political gaps between the Greens, Liberals, Conservatives and New Democrats. Chernushenko says though he may not always be able to “wow” a crowd, he remains a strong communicator and team player. “I can’t do the rah-rah motivational thing, like Jim (Harris) did an incredible job at, but I can go very deep on complex issues and explain them in plain language,” he said Friday.

Josh Matlow of Earth Roots said: “Elizabeth May is someone I would want to lock myself to a tree with; David Chernushenko is someone I would want to discuss policy with; and Jim Fannon is someone I would go for a beer with”.

Political analysts consider May, a veteran envirnomental activist but also a newcomer to the party, to be the strong favourite to win the race against party stalwart Chernushenko.