Sunday, January 10, 2010

Chinese officials have said that their country’s exports surged last December to edge out Germany as the world’s biggest exporter.

The official Xinhua news agency reported today that figures from the General Administration for Customs showed that exports jumped 17.7% in December from a year earlier. Over the whole of 2009 total Chinese exports reached US$1.2 trillion, above Germany’s forecast $1.17 trillion.

Huang Guohua, a statistics official with the customs administration, said the December exports rebound was an important turning point for China’s export sector. He commented that the jump was an indication that exporters have emerged from their downslide.

“We can say that China’s export enterprises have completely emerged from their all-time low in exports,” he said.

However, although China overtook Germany in exports, China’s total foreign trade — both exports and imports — fell 13.9% last year.

Wednesday, April 18, 2007

Bell Canada Enterprises (BCE), one of Canada’s largest telecommunications companies, announced Tuesday that it is in talks with a consortium of Canadian pension funds to explore the possible sale of the company.

If successful in their bid, the consortium would take the publicly-traded company private, which would mean an end to the trading of BCE shares on the Toronto (TSX: BCE), New York (NYSE: BCE) and the Swiss (SWX: BCE) stock exchanges. BCE is one of the most widely held stocks in Canada.

BCE revealed that the potential takeover group includes the Canada Pension Plan Investment Board, the Caisse de dépôt et placement du Québec, and Canada’s Public Sector Pension Investment Board. Each of the pension funds involved have signed non-disclosure and standstill agreements with BCE. It was also revealed that New York-based private equity firm Kohlberg Kravis Roberts (KKR) would join the Canadian-led consortium as a minority partner.

“We are pleased to be a partner with this consortium of leading Canadian institutional fund managers and look forward to working closely together in this transaction.” said Henry Kravis, co-founding member of KKR. “Our experience in large, complex transactions of comparable size will be of significant value to this process,” continued Kravis.

BCE is also leaving the door open to rival bids, “taking into consideration the need to meet all legislative and regulatory requirements, including ensuring the Company remains Canadian to meet existing foreign ownership restrictions,” the company stated. In addition, BCE may retain the status quo if it does not receive a bid that it feels would enhance shareholder value.

One other pension fund that has expressed interest is the Ontario Teachers’ Pension Plan (OTPP). “We are pleased that this process is not exclusive and we will continue to review our options, including leading an alternative Canadian consortium,” said Jim Leech, Senior Vice-President, Teachers’ Private Capital. OTPP is currently BCE’s largest single shareholder, with an approximate ownership stake of 5.3 percent.

BCE, as Bell Canada, has been in business for 127 years. It provides phone service, satellite television, Internet access, wireless services, and other technologies to residential and business customers.

If analyst estimates are accurate, the sale of BCE could be worth about CA$32 billion or roughly $40 per share. On Tuesday, BCE shares were up CA$2.34 to close at $38.60 on the TSX, and up US$2.03 to close at $34.10 on the NYSE.

Friday, November 30, 2007

A major oil pipeline in Minnesota exploded and caught fire, killing two workers. The pipeline carries oil from Saskatchewan, Canada to close to Chicago, United States, representing 16% of America’s total oil imports.

The section of the pipe that exploded was undergoing maintenance at the time to address a pinhole leak first identified three weeks earlier, and patched at the time with a metal sleeve. On Wednesday, the entire section was removed and replaced with a new one. When oil was reintroduced on Thursday morning, oil leaked where the new section joined the pre-existing pipe, triggering the fatal explosion.

The fire was extinguished later the same day.

The line is split between four separate pipes. After the explosion, all four pipes were shut down, resulting in the global price surge, but this subsided for the most part after it became clear that the three undamaged pipelines had returned to normal operation, restoring 80% of the line’s capacity, and that the accident pipe is expected to be back in use in a matter of days.

“There were no problems found in that area where the leak occurred,” reporters were told by Larry Springer, spokesman for Enbridge, the Canadian company that owns the line. High-tech equipment had been through the line in 2006 to check for any signs of problems.

Enbridge identified the deceased as Dave Mussati Jr. and Steve Arnovich, both of whom were contract workers based in Superior, Wisconsin. The damaged section of pipe is in Clearbrook, which is approximately 350 miles Northwest of Minneapolis.

Enbridge metallurgists have been sent to examine the failed section in an effort to determin the cause of the accident. Other Enbridge workers are working to clear spilled oil from the site. It is expected that once this is complete, the pipe will return to service.

Global crude oil prices temporarily spiked by over US$4 per barrel but closed yesterday slightly above original prices.

Friday, February 17, 2006

MPs at the British Parliament have voted by large majority of 200 to bring in legislation banning smoking in all pubs, clubs and workplaces in a landmark free vote. The ban is expected to come into force from summer 2007.

The originally proposed fine of £200 was raised to £2500 for failing to stop people smoking in banned areas in the late stages of the parliamentary process. Other fines include a fixed penalty notice of £50 for lighting up in banned areas and spot fines of £200 for failing to display no smoking signs in banned areas.

Smoking may also be banned in “substantially enclosed” venues such as railway stations and football stadiums; this may also include cars carrying passengers but no decision has been taken on this as yet. Ministers will finalise precise regulations after a three month consultation.

The vote was politically fraught, as the Labour Party in government had proposed a ‘compromise’ bill, in line with their election manifesto, which would allow pubs not serving food to be exempt from the ban. With many Labour MPs threatening to rebel against this compromise however, in favour of a full ban, Labour granted its members a free vote. MPs then voted for the full ban by a margin of 453 votes to 125,­ a majority of 328.

MPs then debated a last-minute amendment to exempt private members clubs, which was also rejected, by 384 votes to 184,­ a majority of 200. The Prime Minister, Tony Blair, voted for a complete ban along with his health secretary, Patricia Hewitt.

The ban will bring England in line with Scotland, Northern Ireland and Wales, which will all be introducing a full smoking ban for pubs and clubs. The bill also gives ministers powers to increase the age for purchasing cigarettes from 16 to 18 which ministers will begin the consultation process upon shortly.

Friday, June 1, 2007

A former mailman who proposed to paint the town hall pink, turn the local town square into a nudist pool, and to plant a marijuana field in the local park has been elected to the Reus, Spain town council.

Ariel Santamaria promised to show up to the town’s council meetings dressed up as Elvis Presley if he was elected and kept his word at the town’s first meeting on Thursday.

Before being elected, Santamaria who is a member of the Reus Independent Coordination, had also promised the town’s 100,000 residents that he would install a GPS system at the police department that would allow officers to track people who are smoking marijuana and provide them with a light if they need one.

An unnamed media consultant who works for Santamaria set up a website for his campaign and followed Santamaria wherever he went, dressed as a pirate.

Thursday, May 7, 2015

On Tuesday, the New Zealand government announced the start of a public process to suggest designs for a new national flag, and determine whether their citizens would prefer a different national flag over the current one.

The current New Zealand flag is partially based on the United Kingdom’s flag; the new one would be unique to New Zealand. The government’s Flag Consideration Project has planned a number of conferences and roadshows as part of this process, with the first meeting set to take place in Christchurch on May 16. According to the New Zealand Herald, Emeritus Professor John Burrows, the chairman of the project’s panel of twelve, said New Zealand’s flag has never before been open to public choice.

Professor Burrows also said resources and kits would be accessible for schools and communities, “For example, schools can run their own flag discussions and referendums to mirror the formal process as part of their own learning exercise”. People were encouraged to submit their designs online at www.flag.govt.nz and suggest what the flag should mean on www.standfor.co.nz. Names of participants would be engraved, at their option, on a flag pole monument to be built in the nation’s capital, Wellington.

New Zealand’s Prime Minister John Key said he believes redesigning the flag now has a “strong rationale”. Mr Key promoted the campaign for a unique New Zealand flag on Waitangi Day — February 6 — this year. Of the public process, he said, “In the end I’ll have one vote in each referendum just like every other New Zealander on the electoral roll”.

The New Zealand government intends to hold two referendums to reach a verdict on the flag, at an estimated cost of NZ$26 million, although a recent poll found only a quarter of citizens favoured changing the flag. This is a decrease from the year before, when it was forty percent. The first referendum is to be held from November 20 to December 11, selecting a single new flag design out of about four finalists. Voters would then choose between the new flag and their current flag early in 2016.

Monday, June 18, 2007

Police in Melbourne, Australia are on the hunt for a gunman who killed a man and injured two others in the city’s central business district this morning.

Officials warned all office workers to remain indoors, and train services to Flinders Street Station were temporarily on hold, as investigations were carried out on the intersection of Flinders Lane and William Street.

Malcom Bates, who witnessed the shootings at around 8:15 a.m., said the gunman grabbed a woman from inside a taxi. “The lady got away and he turned and shot three people basically point blank,” Mr Bates said. “I was right across the road”. He said that the incident took no longer than the “wink of an eye”.

Paramedics struggled to revive the one victim for almost an hour before declaring him dead at the scene. The two injured people have been taken to the Royal Melbourne Hospital in a critical condition.

Police believe the incident began at the Bar Code 24-hour bar in King Street, when a woman attempted to get into a taxi. She was apparently grabbed by the hair by the gunman who then shot her and two men who attempted to come to her aid.

Police have identified the gunman as Christopher Wayne Hudson, aged 29. They believe him to be a member of the Hells Angels bikie gang. Police have described Hudson as about 180 cm tall, with short brown hair and wearing a dark tracksuit top and dark denim jeans.

A building worker on a construction site on the corner of Queen and Flinders Streets has reportedly discovered a handgun. It is understood the gunman may have thrown the weapon into the site as he fled the scene.