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Tuesday, October 4, 2005

Reliant Energy and CenterPoint Energy–two local utilities in Houston, Texas–plan to increase consumer rates in response to increased demand and recent disasters.

Reliant Energy is expected to raise rates to effect a 14% increase on a 1,000 kilowatt-hour bill. A typical customer could see an increase up to $20 per month. Reliant has reached an agreement with the Texas Public Utilities Commission to raise rates in two steps, once at the end of October, and again on 1 January 2006.

CenterPoint Energy must increase charges for services such as meter-reading and customer service. The Texas Public Utilities Commission prohibits natural gas companies from buying wholesale product, raising rates, and reselling. Wholesale prices of natural gas also continue to rise due to increased demand and declining domestic supply. Natural gas cannot be easily shipped to other regions like oil.

Consumer energy prices are expected to rise across the state, in some cases as much as 20%.

The Texas Public Utilities Commission must approve rate increases before they go into effect, but approval is expected.

Wednesday, February 18, 2009

On Tuesday, the US state of California announced it is ready to notify approximately twenty thousand state workers that they are being laid off. The announcement was made by a spokesman for California’s governor Arnold Schwarzenegger. The cuts would begin at the start of the fiscal year on July 1.

This comes after California lawmakers voted down a budget worth US$40 billion last weekend.

“In the absence of a budget, the governor has a responsibility to realise state savings any way he can,” said Aaron McLear, Schwarzenegger’s spokesman. “This is unfortunately a necessary decision.”

The state is also planning to put all remaining public work projects on hold, which could cost thousands of construction workers their jobs.

California has the world’s eighth largest economy. It has suffered from unemployment and the housing crisis, with Schwarzenegger declaring a fiscal emergency last December.

“We are dealing with a catastrophe of unbelievable proportions,” said Alan Lowenthal, a Democratic state senator from Long Beach.

The budget plan consisted of $11.4 billion in borrowing, $14.4 billion for temporary increases in taxes, and $15.1 billion dedicated for program cuts. The package initially appeared to have enough support to reach the two-thirds majority needed to make the bill a law, but fell short by a single vote. The Assembly was at one point in session for thirty hours, breaking the record for the longest legislative session in the history of the state.

Many Republican lawmakers say they disagree with the tax increases that are included as part of the budget package.

“People don’t realize where California is at — people are losing homes, people are losing jobs,” said Republican state senator Abel Maldonado.

“You’re not going to go back to the people’s pocketbooks to fuel that spending,” added Republican state senator Dennis Hollingsworth from Temecula.

Senate leader Darrell Steinberg wants another session on Tuesday, saying that he would put up the tax provisions of the budget proposal for a vote. “Bring a toothbrush, bring any necessities you want to bring, because I will not allow anyone to go home to resume their lives […] as long as we know […] that 20,000 people will be laid off,” he warned.

Sunday, July 5, 2009

The United Kingdom’s Serious Fraud Office is to launch an investigation into the collapse of car manufacturer MG Rover. The move follows the conclusion of a four-year enquiry started immediately after the firm became insolvent.

The group of four who owned MG Rover — John Towers, Nick Stephenson, Peter Beale and John Edwards — have been accused of asset stripping. The quartet, known as the Phoenix Four, paid a symbolic £10 (approximately €15) for Rover in 2000. At that time the company received an interest-free loan from former owner BMW for £427 million (approximately €700 million) and came with a large amount of unsold stock.

Between then and Rover’s April 2005 bankruptcy, by which time there were unpaid debts of £1 billion (approximately €1.5 billion), the Phoenix Four had removed an estimated £40 million worth of assets including pensions and salaries. An enquiry was launched by ministers that was expected to take a year, but the final report was not delivered to business secretary Lord Mandelson until three weeks ago.

The government used taxpayer’s money to fund a £6 million loan to MG Rover and attempted to negotiate a deal with a Chinese company, but these efforts failed. MG Rover’s collapse caused the loss of an estimated 15,000 jobs, including with various suppliers. A former MG Rover factory does still build a small number of MG sports cars in Longbridge by Shanghai Automotive Industry Corporation, who bought most of the designs.

The Phoenix Four released a statement criticising the criminal investigation. “There has never been any suggestion of improper conduct by the directors and this was confirmed in a report by the administrators PWC six months after they took over the running of the company. Four years on, any suggestion [of] another further investigation is frankly ridiculous and smacks of kicking this issue into the long grass. If the government has been so concerned to get to the heart of the matter why has it flatly refused more than 30 requests under the Freedom of Information Act which would have revealed correspondence and documents the directors believe would have shed some light on the government’s role in the affair?”

Thursday, April 15, 2010

Hundreds of thousands of air travelers had their travel plans disrupted in Europe by volcanic ash from the Eyjafjallajökull eruption.

Tens of thousands of air travelers were stranded when all flights into and out of the United Kingdom were grounded, as it became one of the first nations to be affected. The grounding was even more extensive than that following the September 11 attacks of 2001 when only trans-Atlantic flights were canceled.

Eurocontrol released a statement saying “…most air traffic in the United Kingdom, Ireland, Denmark, Norway and Sweden is suspended.”

The grounding is because the volcanic ash drawn into the jet stream is of a particle size which allows it to remain aloft in the atmosphere. Ingestion of this foreign matter, because of its distribution, would lead to flame outs in all aircraft engines. The composition of the ash also means that it would first melt into glass if it were to enter the engine of an aircraft before solidifying again as it cooled. This could lead to damage to the compressors and fan blades, which would make it impossible to restart the engines, even if the aircraft were to exit the cloud.

The current contingency is informed by the experience of British Airways Flight 9, which on June 24, 1982 suffered just such complete engine flame outs when it flew through the plume of Mount Galunggung in Indonesia. In that case, the flight crew after many efforts was able to restart the engines, though one failed shortly after, and the aircraft landed without casualties.

The UK National Air Traffic Services (NATS) has stated that “restrictions will remain in place in UK controlled airspace until 1300 (UK time) tomorrow, Friday 16 April, at the earliest,” and that “We will review further Met Office information and at 0230 (UK time) tomorrow we will advise the arrangements that will be in place through to 1800 (UK time) tomorrow.” The NATS statement concluded “…the situation cannot be said to be improving”.

In addition to Northern Europe, the ash is drifting south; Berlin and Hamburg airports in Germany are closed, and airports in the Netherlands, Belgium and Northern France are described as now being closed or closing. Some flights from Spain and Portugal, together with upwards of 4,000 flights across Northern Europe, have been affected, and the knock-on effect of aircraft and crews out of position could disrupt air travel worldwide for up to 72 hours.

One affected group are British musicians booked to play at this weekend’s Coachella Festival in California. Amongst those stranded are Frightened Rabbit, Gary Numan, The Cribs and Bad Lieutenant.

Thursday, October 6, 2005

The British Assets Recovery Agency is investigating £30 million / €44 million of assets believed to be owned by senior members of the Provisional Irish Republican Army (PIRA or IRA), using information provided by the Irish Criminal Assets Bureau and British and Irish law enforcement agencies. The money is believed to represent a small fraction of the wealth obtained by the organisation. This move follows the recent decommissioning of IRA weapons. Most of the assets are believed to have been owned by the IRA chief of staff, Thomas Murphy and businessman Dermot Craven. Now that negotiations over weapons decommissioning are over, it is believed that other IRA members who have become rich through running protection rackets or other criminal activities may also be stripped of their illegal assests in the forthcoming weeks.

Irish Justice Minister Michael McDowell said: “An Garda Síochána and the PSNI (Police Service of Northern Ireland) and the Criminal Assets Bureau and the ARA are co-operating in every possible way to ensure that on this island those who have control of the proceeds of crime are deprived of those proceeds”. Businesses and organisations paying money towards protection rackets are hoping that the structure of the IRA will now begin to unravel.

Thursday, August 2, 2007

The Interstate 35W Mississippi River eight-lane bridge in Minneapolis, Minnesota has collapsed on both sides of the highway over the Mississippi River during rush hour.

Previous reports indicated at least nine people had died, but Minneapolis police revised this to four during a 7:30 a.m. (local time) press conference. Tim Dolan, the Minneapolis Police Chief later stated that “several [adding to the four] people are confirmed dead at the scene,” but would not elaborate on how many. At least 79 have been injured and at least 8 are still missing, still believed to be in the rubble.

The road was busy with bumper-to-bumper traffic in four lanes when the entire 1907 foot (581 m) steel arch bridge collapsed. At least 50 cars were traveling on the bridge, including a school bus. The Red Cross said that 60 children were aboard a school bus, and that ten of those were admitted to a hospital.

The entire length of the bridge over the river collapsed at 6:05 p.m. CDT (UTC-5). The bridge, built in 1967, cleared the water level by 64 feet; the deck surface and pavement were considerably higher.

Reports say that people may be trapped in the water. Further, “many voids may contain survivors, but we cannot search those voids until it’s safe,” said Jim Clack, Minneapolis Fire Chief, during a press conference.

“One has died from drowning,” said a doctor from the medical center during an 8:00 pm press conference, who also said that so far 22 are in “yellow condition” and at least six are in “critical condition.”

Minneapolis officials have stated during an earlier press conference that “people are being sent downtown and all survivors are off the bridge. We are seeking help from the Red Cross.” and “[…]at least 60 children are receiving trauma care some with severe injures, some with minor injuries.”

Most of the injured have been received by Hennepin County Medical Center in downtown Minneapolis for medical treatment. Area hospitals are requesting all off duty staff and all Minneapolis ambulances to report. Residents are being encouraged to stay away from the area to let emergency crews do their work.

It is not known what caused the collapse, but there was construction being performed on the bridge’s road surface which included the use of jackhammers and the FBI has ruled out terrorism.

“Although it is much too early to make any determination of the cause, we have no reason at this time to believe there is any nexus to terrorism,” said Paul McCabe, an FBI spokesman.

In 2001 a stress inspection was done and Minnesota Department of Transportation stated that the bridge “should not have any problems with fatigue cracking in the foreseeable future.”

Typically an eight-lane bridge, the bridge was reduced to four lanes (two in each direction) during the current construction. The Minnesota Department of Transportation (Mn/DOT) had just announced overnight lane reductions on the bridge to one lane in each direction for the late evening hours of July 31 and August 1.

Friday, January 20, 2006

Iran, has decided to pull its finances out of European banks and into different foreign banks. A senior Iranian official stated that this is an attempt to pre-empt possible U.N. sanctions over its resumption of nuclear fuel enrichment activities.

Comments by Iran’s central bank governor Ebrahim Sheibani, carried on air by the ISNA student news agency, confirmed that Iran had started transferring funds.

“We transfer foreign reserves to wherever we see as expedient. On this issue, we have started transferring. We are doing that,” Sheibani told the ISNA agency.

Ebrahim Sheibani also told the agency that the assets were being moved to an “undisclosed” location.

It is unknown exactly how much money is involved or whether or not Iran’s investments in Europe would be affected by the move. Traders have said that they had already factored such a possibility into the market.

Gary Samore, an expert on Iran and vice president for international programs at the McArthur Foundation in Chicago, said “the move reflected concern by Tehran that the Europeans might take unilateral measures amid the crisis over its nuclear program.” He also added that its decision to pull its assets from Europe “makes sense in terms of preparing for the possibility that Europe might take some measure to impose some financial sanctions. I don’t know that it changes the diplomatic formula. The key issue is still the question of whether or not the Western group can engineer a formal referral to the Security Council.”

It is unclear if an asset freeze or other punishment is imminent in Iran, but it has happened before. The country’s assets in the United States have been frozen since Iranians seized the U.S. Embassy in Tehran and held its staff hostage after the 1979 Islamic revolution.

An Italian court last year had ordered an Iranian bank account to be frozen at the request of U.S. plaintiffs who were seeking compensation for terrorist acts they believe were supported by the country (Iran).

Earlier the EU drafted a resolution that calls for referring Iran to the 15-nation council. But it is said to stop short of asking for punitive measures against Iran. The IAEA is expected to meet on February 2, 2006 to discuss Europe’s draft.