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Thursday, March 17, 2005

A letter and motion to be debated by Italian Parliament this week calls for action to address speculative bubbles and potential future financial crashes in the global economy. The motion asks for a global summit similar to the 1944 Bretton Woods United Nations Monetary and Financial Conference, which gave us the IMF and World Bank.

The letter raises questions about the sustainability of current financial trends, based on the highly speculative nature of today’s markets. For example, according to the letter, “It is estimated that the entire financial bubble, counting all financial derivatives and all other forms of existing debt, is equal to about $400 trillion, compared to a worldwide GDP of slightly more than $40 trillion”.

Last years collapse of Italian dairy company Parmalat, with “14.3 billion euros that must still be accounted for”, is given as evidence for “a lack of effective tools and controls regarding financial operations”. Enron, which famously collapsed in November 2001 revealing faudulent accounting practices from previously respected accounting firm Arthur Andersen, is given as another example.

Oddly, the largest collapse on record, that of WorldCom, is not mentioned, though the set of examples is not purported to be exhaustive. A number of other crashes are mentioned: the LTCM fund, Argentine bonds, Cirio, and Finmatica.

The motion, linked to supporters of the Lyndon LaRouche movement, is signed by Parliamentarians Lettieri, Soro, Delbono, Tolotti, Widmann, Villani Miglietta, Rosato, Albertini, Morgando, Diana, Luigi Pepe, Damiani, Ostillio, De Brasi, Maccanico, Carbonella, Paola Mariani, Grandi, Pistone, Giovanni Bianchi, Giacco, Benvenuto, Piscitello, Camo, Realacci, Squeglia, Rocchi, Iannuzzi, Intini, Meduri, Santino Adamo Loddo, Boccia, Villari, Chianale, Siniscalchi, Sandi, Cusumano, Cennamo, Annunziata, Rotundo, Bonito, Buemi, Pennacchi, Fanfani, Tarantino, Rodeghiero, Angioni, Detomas, and Nesi.

Debate was scheduled for March 14-18.

Saturday, August 17, 2013

Irish budget airline Ryanair have added newspaper publishers Associated Newspapers and Mirror Group to their legal targets in a High Court defamation action filed yesterday in Dublin that also targets Channel 4.

The move confirms the carrier’s expression of intent to sue Channel 4 after the UK broadcaster screened Secrets of the Cockpit, a documentary about safety at the airline, on Monday night. Part of the Dispatches series, the show reported on an incident in Spain last year where three Ryanair jets declared fuel emergencies after being diverted to Valencia. Fuel policy was a strong focus for the documentary.

Pilots interviewed for the programme said they felt pressured to save fuel, the cost of which has hit Ryanair’s profits. The Spanish Air Authority described Ryanair flights usually landing with a bare minimum of fuel, in a report the airline dismissed as “manifestly inaccurate and factually untrue”.

Ryanair have also sacked veteran pilot John Goss for appearing on the show, the only pilot interviewed who did not seek anonymity. Ryanair have stated intent to sue Goss and claim he confirmed in the weeks before the show that he had no issues with his employer’s safety. Goss is a member of Ryanair Pilots Group (RPG), which the airline call a union front.

Channel 4 previously promised when threatened with legal action to see Ryanair in court. “We stand by our journalism, and will robustly defend proceedings if they are initiated,” a spokesperson said. The Belfast Telegraph was also sued but the action has been dropped after the Northern Irish publication issued an apology. The paper had published a story titled “Are budget airlines like Ryanair putting passengers at risk?”.

Associated Newspapers are behind The Daily Mail and its online and Sunday variants. Mirror Group publish The Daily Mirror, its Sunday sister, and The People.

Secrets of the Cockpit also examined an RPG poll of 1,000 Ryanair flight crew, dismissed by the airline as part of unionisation efforts. According to the RPG survey almost 90% of respondents said the safety culture was nontransparent. Two-thirds said they felt uncomfortable raising safety issues, with a pilot interviewed by Channel 4 accusing Ryanair of “threats and bullying”. Ryanair had told pilots anybody signing a “so-called safety petition” might be dismissed.

Over 90% of those surveyed wanted a regulatory inquiry, with RPG saying the survey results were passed to the airline and the Irish Aviation Authority (IAA). The IAA has already called the programme a “misguided attack” on Ryanair, saying “Ryanair Plc fully complies with all European and international regulations in all areas of its operations”.

The IAA itself was accused of failing to respond to concerns from Ryanair pilots and one interviewee said his “personal belief is that the majority of Ryanair pilots do not have confidence in the safety agencies and that is a pretty critical issue”. The authority responded “The IAA has responded to personal letters and reports from Ryanair pilots, this included several meetings and face-to-face interviews with pilots and their legal and professional representatives.”

Ryanair makes heavy use of zero-hour contracts, which do not guarantee work and which the Irish Airline Pilots’ Association describe as offering some of aviation’s worst employment conditions. RPG chairman Evert van Zwol, also a recent Dutch Airline Pilots Association president, said zero-hour contracts tended to make pilots choose to fly when unwell and keep quiet if they had safety concerns. In 2005 a Polish Ryanair pilot became lost near Rome a few days after attending his son’s funeral, while his Dutch co-pilot was seeing his first experience of navigating severe weather.

In the 2005 incident air traffic control intervened to keep the flight safe from midair collisions. The Polish pilot told Italian investigators he feared losing his job if he took extra time off work. The investigation concluded in 2009 he had been unfit to fly. Ryanair denied he would have been fired for taking time off to recover.

Secrets of the Cockpit also reported that in twelve separate serious incidents data from cockpit voice recorders had been wiped before investigators could access it, which the carrier says is a common occcurrence in aviation and attributed to pilot error.

In Sweden a report into a Ryanair emergency landing concluded this week an airline employee wiped the cockpit voice recorder and flight data recorder to prevent the investigation accessing them. The aircraft had returned to an airport near Stockholm shortly after takeoff suffering electrical malfunctions. Ryanair reject the Swedish Accident Investigation Authority’s take on the missing data, telling newspaper Södermanlands Nyheter recordings were reset by a technician trying to repair the aircraft after consultation with Ryanair’s technical department, who did not think the recordings needed saving.

Ryanair, which has never suffered a fatal accident, says the documentary is “false and defamatory”, and the IAA says it is “based upon false and misleading information”. “We have been instructed to vigorously prosecute these libel proceedings,” said a statement from Ryanair’s lawyers, who promised “other litigation is pending”.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”

Tuesday, March 1, 2005

Aylesbury, England — The Arsenal F.C. midfielder Jermaine Pennant, currently on loan to Birmingham City, has today pleaded guilty to drink-driving, driving while disqualified, and driving without insurance by Aylesbury magistrates court. Pennant received a sentence of three months imprisonment. Pennant’s lawyer, Bary Warbutton, has said that the footballer will appeal against the severity of the sentence.

The incident occurred on January 23 of this year, Pennant was arrested after crashing teammate Ashley Cole’s car into a lamppost. The 22-year-old claimed that he crashed the car after attempting to operate the car’s Satellite navigation system.

Despite the claim by Warbutton that imprisonment “could completely destroy his career”, Birmingham City have said that they will stand by the player, and help to rehabilitate him. Arsenal released a statement saying that the sentence would not impact the player’s future with the club; his contract with club expires in the summer, at the same time as his loan-spell with Birmingham ends.

Wednesday, March 31, 2010

Skyservice, a Canadian charter airline, has cancelled several flights from Toronto’s Pearson International Airport, with reports that the airline has ceased operations.

The company cites debt levels and changes in the vacation travel market with its decision to shut down operations and file for receivership. At the time of the filing in Ontario Superior Court, Skyservice is said to owe almost $9 million CAD to long-term partner and Thomas Cook subsidiary Sunquest Vacations. This situation exacerbated the debt load already put on the airline by a leveraged buyout in 2007 by Vancouver-based private equity firm Gibralt Capital Corporation. That placed more debt than was workable on the troubled airline, along with Roynat Capital calling in their loans to Skyservice earlier in the year.

Skyservice has stated that it will work with its partner companies and other providers to ensure customers stranded by the airline’s sudden shutdown are dealt with effectively, according to a company representative. In addition to customers impacted by the cancellation of flights for the month of April, approximately 860 jobs are expected to be lost as a result of this shutdown.

Tour operator Signature Vacations, under a contract with Skyservice until 2013, has stated that they were prepared for the airline’s receivership, having joined forces with rival service Sunwing Airlines.

Last year, operator Conquest Vacations declared bankruptcy, allegedly due to the economic downturn and reduced revenues throughout the industry.

Sunday, December 13, 2015

Macomb, New York Councilman Steve Burke took some time to speak with Wikinews about his campaign for the U.S. Democratic Party’s 2016 presidential nomination.

Burke, an insurance adjuster and farmer, was elected councilman in Brookhaven, New York in 1979. He left the town after being accused and found not guilty of bribery in the 1980s. Since 1987 he has served as Macomb councilman off-and-on and currently holds the post. From 1993 to 1996 and 1999 to 2002 he worked as chairman of the Democratic Party of St. Lawrence County, New York. Among his many political campaigns, Burke unsuccessfully sought the Democratic Party’s presidential nomination in 1992 and recently attempted to run for U.S. Congress in 2014 but too many of his ballot petition signatures were found invalid. Burke filed with the Federal Election Commission to run for president in the 2016 election on September 18, 2015 and has qualified for the first-in-the-nation New Hampshire Primary.

With Wikinews reporter William S. Saturn?, Burke discusses his political background, his 2016 presidential campaign, and his policy proposals.

A compilation of brief news reports for Friday, March 2, 2007.

United States fast-food chain Popeyes Chicken and Biscuits has filed a $20 million dollar lawsuit against competitor Church’s Chicken.

Popeyes Chicken says fast-food chain Church’s Chicken was trying to steal customers.

AFC owned both companies for 12 years, till it sold Church’s in 2004. AFC claims that Church bought all 10 Popeyes restaurants owned by franchisee CVI. Popeyes Chicken says the sale of the 10 restaurants violated its franchise agreement with CVI.

The sudden buy-out in December 2006 led the restaurants to close in early January 2007.

“What Church’s chose to do, I do believe, was not honest competition,” said Ken Keymer, CEO of AFC Enterprises Inc., the parent company of Popeyes.

Church’s spokesperson chose not to comment on the issue.

Sources

• Kyle Arnold. “Popeyes file suit over Churchs’ buyout” — The Monitor, March 1, 2007
• Associated Press. “Popeyes Chicken sues Church’s Chicken” — BusinessWeek, February 28, 2007

The national body for scientific research in Australia, the CSIRO has announced that 93 species of shrubs and small trees of the w:genus Dryandra have been been merged into the genus Banksia in the series Dryandra. This increased the number of Banksia species from 80 to 173.

The plants are endemic to the southwestern corner of Western Australia and the former genus was named in honour of the Swedish botanist Jonas C. Dryander.

Sources

• A.Mast and K.Thiele. “The transfer of Dryandra R.Br. to Banksia L.f. (Proteaceae)” — CSIRO, February 26, 2007