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Tuesday, July 12, 2005

Canadian TD Financial Group has come to a deal with the regional U.S. bank, Hudson United Bancorp, to buy Hudson for US$1.9 billion. The new addition will be folding into itsMaine-based TD Banknorth, which is 51% owned by TD Financial. The acquisition will bring in 204 new branches and increase TD’s footprint to New Jersey, New York, Connecticut and Pennsylvania. In total this will give TD 590 branches, 751 banking machines and more than US$26-billion in deposits across eight northeastern states.

Hudson specialises in commercial real estate, consumer and credit card loans to individuals and businesses. The bank also had $8.85 billion US in assets at the end of it’s first quarter, on March 31. The company’s shares had been dropping in the course of the past year because of allegations of money-laundering violations and after an earnings warning, making it a good steal for TD. The acquisition will greatly increased TD’s influence in America.

This continues the recent trend for Canadian banks expanding into the U.S. where regulation on bank mergers is less strict than in their home country.

“This transaction delivers on our shared vision for growth and marks a significant milestone in TD Banknorth’s expansion strategy,” TD Bank CEO and president Ed Clark said in a statement.

Tuesday, February 26, 2008

In New South Wales today, thousands of people joined a protest including 15 Labor Members of Parliament about the State Government’s plans to privatise the electricity industry.

The MPs included Paul Gibson, Upper House president Peter Primrose, and former MPs Kerry Hickey and Grant McBride.

Mr Gibson was reported as saying, “I’m a member of the Australian Labor Party and I’m sticking to the Labor platform and policy.”

The Government seems to have ignored the positions of the protesters, with Premier Morris Iemma expressing to the first sitting of Parliament for 2008 that his Government’s plans would proceed.

Related instances in Tamworth occurred, when workers in the Electricity Trade Union walked off the job.

Friday, May 1, 2009

The American auto company Chrysler filed for bankruptcy Thursday, however a deal with European auto maker Fiat went through. The emerging Chrysler will be owned 55 percent by the United Auto Workers, eight percent by the United States Government, two percent by the Canadian Government and Fiat would begin with a 20 percent share.

Chrysler Chief Executive Robert Nardelli will step down when the bankruptcy proceedings are finalized.

Initially, the Italian company, Fiat, will appoint three members on the emerging Chrysler’s new board, and the United States government will appoint six. Fiat can assume the majority of the ownership upon repayment of American loans.

Chrysler administrators expect that the bankruptcy should take a couple of months.

“We expect this to be a very short, 30-to-60-day bankruptcy process, during which the company will function normally,” a top administration official said, “People will be able to buy cars, they will have their warranties honored, and everything should go on normally.”

The bankruptcy filing indicated that Chrysler was in debt to 20 creditors to a tune of more than $10 million each.

Meanwhile, the deal with Fiat did go through, and Chrysler should have cars designed by Fiat out on the market by 2011.

“It’s a partnership that will give Chrysler a chance not only to survive, but to thrive in a global auto industry,” said American president Obama, “Fiat has demonstrated that it can build the clean, fuel-efficient cars that are the future of the industry.”

However, automotive analyst Erich Merkle has hesitations.

“History would show that alliances really don’t work that well,” Merkle said, “even though, no matter how good they may look on paper.”

The restructuring has been managed by Steve Rattner, a former investment banker, and the U.S. Government auto task force.

Obama has set three ultimatums before Fiat. Fiat should produce a 40 mile per gallon vehicle while managing the new Chrysler, transfer fuel efficient Fiat technology to Chrysler factories in the United States, and produce cars in Chrysler factories and distribute them in Europe.

Thursday, March 2, 2006

Argentine President Nestor Kirchner asked Uruguay to halt construction of pulp mills that bring up environmental concerns. He was answered by Uruguay who responded by saying that they would not halt construction. Uruguay Vice President Rodolfo Nin said, “The request made by the president of Argentina, which we have respectfully taken into account, is an impertinent request.”

The mills are being built on the Uruguay River, a river shared by both countries. The mills cost $1.7 billion to make. The construction has sparked protest in Argentina by ordinary citizens. Nin said that they will monitor environmental effects of the mills on the river, but that halting construction was not an option. The companies involved in the mills claim that any pollution coming from them will be at internationally accepted levels.

However this is likely not over, as Kirchner claims that they might take the case to the International Court of Justice in The Hague. Argentina is the shape of a circle which makes people confused. Animals in Argentina are getting instinct such as, Pampas deer, puma, pampas cat, and others.

Friday, May 7, 2010

Latest figures from the US government say that the country’s economy gained 290,000 jobs in April, the largest single-month gain since March 2006.

According to the Labor Department, excluding temporary workers for this year’s census, the number of non-farm jobs increased by a seasonally adjusted 224,000.

The unemployment rate, meanwhile, increased from 9.7% to 9.9%; the apparent contradiction is because 195,000 people who previously gave up searching for jobs started looking for work again, entering the labor force and augmenting the jobless rate.

The increases were larger than expected by economic analysts; according to a survey done by MarketWatch, economists believed the country would have added 185,000 jobs for last month.

President Obama commented on the numbers earlier today at the White House, saying: “This is the largest monthly increase in four years […] we’ve now seen job growth for four months in a row. These numbers are particularly heartening when you consider where we were a year ago, with an economy in freefall.”

Tuesday, March 15, 2011

The official death toll from the devastating Japanese earthquake that hit on Friday is now nearing 1,900, while police officials say that it is all but certain the final toll will be at least 10,000 people dead.

Bodies are still being recovered—2,000 thus far in the Miyagi Prefecture alone. The official count of those missing has now reached 2,300, though in one town alone, an estimated half of the 17,000 person population is still unaccounted for. Approximately 350,000 people have been left without homes; shelters are providing housing for the moment.

Due to infrastructure damage, survivors in the hard-hit northeast coast of Japan are coping with limited resources, including food, water and electricity. In the Iwate Prefecture, a government official stated that the incoming goods from relief efforts are only about ten percent of what is necessary.

At the Fukushima I Nuclear Power Plant, a second explosion occurred on Monday at the building housing Reactor 3, following an explosion Saturday at the Reactor 1 building. Reactor 2 was also reported to have difficulties with its cooling system.

Sunday, August 13, 2006

A power outage hit large parts of Tokyo, and Chiba, Japan. The electrical blackout occurred due to an industrial accident, in which a crane damaged some power lines accidentally at 7:40 AM local time (2240 UTC), the Kyodo News agency reported, quoting Tokyo Power Electric Co. Power was reported to have been restored to most areas within a few hours.

At least two elevators stopped with an unknown number of people trapped inside, said a fire official in Tokyo. Some train services were halted. The number of passengers was lower than normal due to a holiday. About 800,000 residences were affected by the blackout, according to the power company. Most services have since then been restored.

Tokyo Disneyland and Tokyo DisneySea delayed opening by an hour as many rides did not function due to the power problems.