Monday, November 28, 2011

The death toll from the weekend suspension bridge collapse on the Indonesian island of Borneo has risen from four to eleven. Search and rescue teams continue to look for bodies in the Mahakam River.

The number of wounded is currently 39 injured; reports from locals suggest 33 people remain missing at the scene in East Kalimantan’s Kutai Kartanegara district, where “Kalimantan’s Golden Gate Bridge” linked the towns of Tenggarong and the regional capital, Samarinda. A six-month-old baby is among the dead.

Cars, motorbikes, and buses all fell into the Mahakam River when the bridge came down during repairs. Another car was left overturned and balanced upon wreckage over the water. State-owned builders PT Hutama Karya completed the bridge about a decade ago in the image of California’s Golden Gate Bridge. A cable on the 720-metre structure is thought to have failed as workers dealt with it; six of the repair crew were reported missing yesterday. It had been the longest suspension bridge in Borneo.

Eyewitnesses described heavy traffic at the time of the collapse, and one survivor said he left his truck to investigate a traffic jam. Some people were left trapped by debris as the bridge came down. “It happened so fast, only about 30 seconds,” according to National Disaster Management Agency spokesman Sutopo Nugoroho.

National search and rescue head Daryatmo said yesterday cranes will attempt to move debris today, with new reports saying echo-sounding equipment will be used to check it is safe to begin lifting. It is believed the bodies of more victims will be found trapped in vehicles beneath the water, which is 35-40 metres deep. Visibility is poor, and one official explained authorities are still unsure how many vehicles are on the riverbed.

“The above-water search is continuing, but underwater operations have not been carried out because we’re worried that the bridge’s pylons are unstable and could collapse any time,” said Nugoroho today. He explained that bodies had washed onto the riverbanks overnight and were recovered today.

The president, Susilo Bambang Yudhoyono, has sent three ministers to the site to investigate the accident, while Bambang Widaryatmo, head of East Kalimantan’s police, promised “parties found to be negligent will be prosecuted”. The government has promised a replacement ferry service. The river is closed to boats as rescue operations continue, and a 22-strong team has been dispatched from the national police, comprising six forensics experts, five disaster victim identification specialists, and eleven investigators. They are there to augment the East Kalimantan Police. Health Minister Endang Rahayu Sedyaningsih yesterday visited survivors in Parikesit Hospital and promised them medical treatment at government expense.

Some people swam ashore after falling, with the aftermath filled with screams. Survivor Syakrani, 24, yesterday asserted “The authorities should have closed the bridge if it was under repair.” His words were followed by a Jakarta Globe editorial declaring the accident “unacceptable”.

The Globe went on to comment upon suggestions corruption may have played a role; “It is too early to point fingers and look to place blame, but if shoddy materials were used in the building of the bridge, those responsible must answer to the public.” Another suggestion is coal barges striking the bridge may have weakened it. Local coal company Harum Energy lost five percent of its share value today amid fears the river blockage will hamper their ability to ship coal.

Samarinda’s seen a population and construction boom lately. A few years have seen the population triple and the construction of a large mosque, and a sports stadium; an airport and port are set to follow. However, the Corruption Eradication Commission warns 70% of the corruption it investigates concerns government contracts and up to 40% of money earmarked for infrastructure ends up stolen.

Thursday, September 21, 2017

On Monday night, New Jersey, US-based toy retail giant Toys R Us filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US$2 billion.

According to the filing, the retail chain owns US$6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. Kohlberg Kravis Roberts, Bain Capital, and Vornado Realty Trust acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and Target are some of the competitors for the conventional ‘brick and mortar’ toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO Dave Brandon said “very, very aggressive pricing online” was causing problems. He also said the company was experiencing “significant weakness in demand for their products globally”. Toys R Us are to clear a debt of US$400 million by May 2018.

Toys R Us said they would continue to operate for the holiday season. Bankruptcy lawyer Jeff Gleit said Toys R Us “need to do both a financial restructuring as well as an operational restructuring” and “needs to modernize with the times”. Last holiday season, Toys R Us made sales around US$4.5 billion. Overall, the company reported a US$29 million loss in 2016. CEO Brandon said, “Our objective is to work with our debt holders and other creditors to restructure the US$5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business”.

Toys R Us employs more than 60 thousand people in 38 countries around the world in more than 1600 stores. The company’s stocks fell by six percent after filing for Chapter 11 protection. US bankruptcy code Chapter 11 allows the company to restructure under a plan approved by the court. The company would also be shielded from creditors’ claims during the process. For the stores located in Canada, Toys R Us filed bankruptcy in Ontario and are to undergo reorganisation. However, 259 stores located outside the US or Canada will not undergo reorganisation, the company said.

Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.

Saturday, June 28, 2008

Louisiana Republican Governor Bobby Jindal signed a controversial bill hailed by intelligent design supporters, such as the Discovery Institute, and Louisiana Family Forum, a creationist group. Critics of the bill, including several major science organizations, say it allows for the teaching of “creationism” in public schools.

The law, Louisiana Science Education Act, allows teachers to use “supplemental materials” when discussing evolution, but it does not state what the materials would be.

Citing the 1987 Supreme Court ruling in Edwards v. Aguillard, “Louisiana has a long and unfortunate history of trying to substitute dogma for science in classrooms,” said Reverend Barry W. Lynn, an executive director for Americans United for Separation of Church and State. In addition, the American Association for the Advancement of Science, National Center for Science Education, and the Louisiana Coalition for Science opposed the bill arguing it would cause detriment to students’ education by letting in unapproved curriculum.

According to Reuters, Jindal’s office declined to comment on Friday.

Similar Academic Freedom bills have been promoted by the Discovery Institute in other states, but so far they have failed.

Saturday, August 19, 2006

Ford has announced sweeping cuts of 21% (168,000 units) in its US and Canadian production, resulting in the partial closure of ten of its plants during the fourth quarter. The measure comes on top of existing turnaround plans announced in January, in which 25,000 to 30,000 positions should be cut and 14 plants closed by 2012.

Ford is the world’s third-largest automaker and the U.S.’s second-largest. However it has in recent years been struggling with poor profitability and shrinking market shares. In 2005 it lost $1.6 billion and recently the company reported a second quarter loss of $254 million and a 34% year-year decline in sales for the month of July.

George Pipas, director of sales analysis at Ford, points to rising gas prices having negative impact on the sale of the companies SUV lines as well as its sales leader, the F-series pickup truck as being the direct cause of the latest initiative.

So far the following plants are thought to be affected:

• St. Thomas Assembly of St. Thomas, Ontario, Canada
• Chicago, Illinois
• Wixom Assembly Plant of Wixom, Michigan, Michigan
• Louisville Assembly of Louisville, Kentucky
• Michigan Truck Plant of Wayne, Michigan
• St. Paul, Minnesota
• Kansas City Assembly of Kansas City, Missouri
• Norfolk Assembly of Norfolk, Virginia
• River Rouge Plant of Dearborn, Michigan

Ford’s stock fell 17 cents (2.1%) to $8 on the New York Stock Exchange.

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”.

Saturday, December 11, 2004

VIENNA –Doctors from the Rudolfinerhaus clinic in Vienna say “there is no doubt” Ukrainian opposition leader Victor Yushchenko was poisoned with Dioxin.

Yushchenko’s body had about 1,000 times more than the normal concentration of the toxin. It is unknown if there were any other poisons in his system.

Although it has not yet been proven that the poisoning was deliberate, doctors suspect it was. “We suspect a cause triggered by a third party,” said Michael Zimpfer, head doctor at the Rudolfinerhaus clinic. He suggested the poison may have been administered orally, through food or drink.

Today’s announcements are a follow-up of an earlier press conference, where Dr. Korpan that there were three hypotheses under consideration, one of them involving dioxin. He did not reveal what the other two hypotheses were. Dr. Michael Zimpfer, director of the Rudolfinerhaus clinic emphasized that time there was no proof yet to specify the substance causing the illness.

Yushchenko left Kiev on Friday (2004-10-12) for further examination in Vienna. When Yushchenko fell ill on October 6th, Ukrainian doctors had initially diagnosed food poisoning, leading to speculation that he had been poisoned deliberately. The illness has disfigured Yushchenko’s body and face which doctors say could take up to two years to heal.

He fell seriously ill on the September 6th, during his presidential campaign. Yushchenko was taken to the Rudolfinerhaus clinic of Vienna, where he stayed for four days under Dr. Korpan’s care. He was diagnosed with “acute pancreatitis, accompanied by interstitial edematous changes.” These symptoms were said to be due to “a serious viral infection and chemical substances which are not normally found in food products” as his campaign officials put it. In laymans terms, he developed an infection in the pancreas and got a bad skin condition that disfigured his face with cysts and lesions. The skin condition has similarities with the chloracne associated with dioxin posioning according to a British toxicologist John Henry.

• Viktor Yushchenko (left) as he appeared in July 2004 and (right) as he appeared in November after the poisoning(Gleb Garanich/Vasily Fedosenko/Reuters)

Earlier, doctor Nikolai Korpan of Rudolfinerhaus clinic confirmed today that the illness of Ukrainian presidential candidate Viktor Yushchenko was caused by an attempt to kill him.

Friday, March 20, 2009

In the United States, a suspended Pennsylvania state trooper has been convicted of first-degree murder for killing his girlfriend’s estranged husband.

Kevin Foley, 43, faces a mandatory life sentence without parole for slashing to death John Yelenic, a Blairsville dentist who was in the final stages of divorcing his wife, Michele. Foley’s attorney said he plans to appeal the decision. Prosecutors did not seek the death penalty.

Foley previously said he “loathed Dr. Yelenic” and asked another fellow trooper to help kill him. During his testimony, which lasted several hours, Foley claimed he was joking and had no true intention of carrying out the threat, but the Indiana County jury rejected that defense after about six hours of deliberations.

John Yelenic was found dead in his home on April 13, 2006, one day before he was planning on signing his divorce papers. Charges were brought against Foley in September 2007, more than 17 months after the murder.

Foley, who had been on suspension from the Pennsylvania State Police, was himself the final witness to take the stand Wednesday in the trial. Foley insisted he was innocent during his testimony, and even made jokes that the jury laughed at on a few occasions.

“I never made a threat with the intention of carrying it out,” Foley said under cross-examination by the prosecution.

When Senior Deputy Attorney General Anthony Krastek pressed Foley for what was funny about asking another state trooper to help him kill Yelenic, Foley answered, “There isn’t any joke. It’s just my personality, my behavior (with co-workers).”

Prosecutors said Foley killed Yelenic after going to the dentist’s house to confront him over the terms of the divorce. Prosecutors claim Foley slashed Yelenic several times with a knife and pushed his head through a small window. Yelenic bled to death.

“John has his justice tonight,” Mary Ann Clark, a cousin of Yelenic, told MSNBC. “John deserved this; he was the most wonderful person in the world. He died the most horrible death and tonight, this is his night. The system worked.”

Foley had been living with Michele Yelenic for two years at the time of the homicide. Prosecutors previously said Foley and Michele helped perpetuate rumors that Dr. Yelenic molested their son. John and Michele Yelenic had been separated in 2002. Michele Yelenic stood to collect Dr. Yelenic’s estate and a US$1 million life insurance policy, and could lose about $2,500 a month in support if the divorce was finalized, a Pennsylvania grand jury previously determined.

Michele Yelenic, who has not appeared at the trial, may face legal action herself, media reports indicated. A sentencing hearing for Foley is scheduled for June 1.

Sunday, February 13, 2005

LONDON – The big-budget Hollywood movie The Aviator and the low-budget Brit flick Vera Drake have scooped the main prizes at the 2005 Orange BAFTA Film Awards. Four gongs went to The Aviator with the top ones being Best Film and Cate Blanchett for Best Supporting Actress. Vera Drake got three gongs with Best Director, Best Actress & Costume Design. Jamie Foxx got Best Actor with Ray and Clive Owen got Best Supporting Actor with Closer.