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Saturday, September 8, 2007

Ford Motor Company, the U.S. car maker, will reportedly pay €57 million (US$78 million) for a 72.4 percent stake in the Romanian assembly plant Automobile Craiova, a Romanian official said Friday.

“The offer of Ford Motor Company for a 72.4 percent stake is €4.1556 per share or €57 million overall,” said Sebastian Vladescu, head of the State Property Agency (AVAS), after opening Ford’s improved offer. Vladescu added that the contract may be signed on September 12, during the auto show in Frankfurt.

The Romanian government bought back the Craiova-based car maker from Daewoo Motors, in late 2006 for US$51 million. As the Korean company was bankrupt, the government had to pay another $10 million for debts stemming from past loans. Ford is the only bidder for the purchase of the factory.

According to Washington Post, many auto-part makers have set up in the new European Union member country, attracted by cheap labor, favourable tax rates and the rising output of Renault’s Dacia plant. The vice president of Dacia, Constantin Stroe, said that the price Ford offers is not important. “It’s important to have the factory working as soon as possible”, he added. “With this production facility, Romania will become an important auto production center in Europe”, concluded Stroe, cited by HotNews.

Wednesday, November 22, 2006

The 1999 and 2000 year model Honda Civic SiR tops the list of Canada’s most stolen cars.

Consumer popularity also assures the cars will be popular with thieves. Its the second year in a row the Honda SiR has topped the list.

Rick Dubin Vice President of Investigations for the Insurance Bureau of Canada said “The Civics are easy targets.”

Dubin said that once stolen, the cars are most often sold to “chop shops” where thieves completely dismantle the vehicles. The automobile’s individual parts are worth more than the entire car.

The sheer numbers of the cars and their lack of theft deterrent systems make them thieves’ preferred choices.

1999 and 2000 Honda Civics do not come with an electronic immobilizer, however all Hondas from 2001 and onward are equipped with an immobilizer. Immobilizers will be mandatory on all new cars sold beginning September 2007. The devices enable an engine computer to recognize an electronic code in the key. If the code in the key and the engine don’t match exactly, the vehicle can’t be started.

In third place was the 2004 Subaru Impreza, while the 1999 Acura Integra came in fourth, with the 1994 Honda Civic rounding out the top five.

In sixth place, the 1998 Acura Integra, and the 1993 Dodge Shadow completed seventh.

When asked why early model vehicles are selected, he said that, “auto thieves continue to find it easier to steal older vehicles lacking an IBC-approved immobilizer. We’ve seen this trend developing for several years, and these results confirm it.”

Another Honda automobile, the 1996 year model Civic filled eighth place, with the 2000 German Audi TT Quattro in ninth.

The American 1996 Chevrolet/GMC Blazer rounded out the top ten.

None of the above cars had an electronic immobilizer.

Tuesday, July 18, 2006

Michael Byers, who holds the Canada Research Chair in Global Politics and International Law at the University of British Columbia, revealed in Sunday’s Toronto Star that while he was in Tel Aviv in 2004, he met with a lawyer who advises the Israel Defence Force about rules of engagement. Scenarios which were unfolding were discussed.

The Toronto Star reported a conversation between Byers and an IDF colonel / lawyer during a luncheon. According to Byers, the colonel felt that attacks on southern Lebanon and civilian targets as well as Lebanese infrastructure would be justified under specific interpretations and in certain circumstances. She asked Byers for his opinion on these matters.

The lawyer Byers met with is a colonel with a Harvard doctorate. He met with her by an invitation that came while he was a visiting professor at the University of Tel Aviv. After just a few minutes, the Harvard graduated colonel got to the point of their meeting:

“There have been a number of missile attacks along our northern border,” she said. “We’re going to respond with air strikes against some Hezbollah installations in southern Lebanon next week. What do you think?”

Byers said he was taken aback as governments rarely consult foreign academics about their military plans. Though it was not clear whether the colonel was engaged in private conversation or asking for the professor’s services on behalf of the military.

Byers responded; “Well, for starters, any act of self-defence has to be necessary and proportionate.”

Byers advised the colonel, “Also, you must never target civilians or facilities such as water-filtration or electrical plants relied upon by civilians.”

“Ah, here we disagree!” the colonel exclaimed. “Collateral damage is allowed in situations of military necessity. And dual-use facilities are legitimate targets.”

“What constitutes military necessity depends on the relative capabilities of the opposing forces,” Byers responded, “And the dual-use argument is a slippery slope.”

“Perhaps.” the Israeli colonel said.

“There’s a second reason you should do everything possible to protect civilians,” Byers advised. “Israel has to work particularly hard to maintain the moral high ground. Your reputation has suffered because of your treatment of the Palestinians.”

“We’re completely justified in our treatment of the Palestinians,” the colonel said.

“We can disagree on that,” Byers said, “but do me a favour, as someone who wants to sympathize with Israel. If you do launch air strikes, please limit yourself to Hezbollah facilities. Leave civilians — and the Lebanese government — alone.”

Two years ago, Byers’ IDF advisor suggested considering southern Lebanon a failed state was justification for incursions and air strikes. In contrast, speaking about the current crisis, Israel’s Prime Minister Ehud Olmert said the recent cross-border attack by Hezbollah was an “act of war” committed by the government of Lebanon and that, “The events this morning are not terror attacks but actions of a sovereign state that attacked Israel for no reason. The Lebanese government, of which Hezbollah is a member, is trying to destabilize regional stability. Lebanon is responsible and it will bear responsibility.”

Israel’s defense ministry confirmed it held Lebanon “directly responsible” for their fate and safe return of the two soldiers captured by Hezbollah. The Israeli Defense Ministry issued a statement which said; “The Lebanese government is responsible for the fate of the Israeli soldiers, and must take immediate action to locate them without harming them and return them to Israel.”

Thursday, October 12, 2006

The office of Gerald Ford said Thursday that the former United States President was admitted to Eisenhower Medical Center for tests in Rancho Mirage, California.

“President Gerald Ford has been admitted to Eisenhower Medical Center in Rancho Mirage, California for medical tests. He is doing well,” Ford’s spokeswoman Penny Circle said. The statement didn’t release any information about the tests.

Ford has been hospitalized twice this year. In January, he was hospitalized to treat pneumonia. In July, he was hospitalized at Colorado’s Vail Valley Medical Center due to shortness of breath.

Ford was also hospitalized in August at the Mayo Clinic in Minnesota for heart procedures. Ford received a pacemaker to regulate his heartbeat. Ford also underwent angioplasty to increase blood flow in his arteries. Ford also suffered a small stroke five years ago.

Gerald Ford became the 38th United States President on August 9, 1974 after Richard Nixon resigned due to the Watergate scandal. At the age of 93, Ford is the oldest living U.S. President and could next month become the longest living U.S. President ever.

Saturday, January 31, 2009

A local Swiss government has shown some bare cheek and has taken action, after hordes of German naked hikers rambling across the Swiss alps au naturel, caused indignation amongst locals.

Authorities in Swiss canton of Appenzell Innerrhoden have warned that starting from February 9, the government will impose hefty fines of 200 Swiss Francs (£122, €135) on naturists found walking or hiking in the nude without clothes in the picturesque mountains because of a recent influx of visiting German nudists.

The new ordinance is expected to be passed this spring. If it is approved by the local parliament on February 9 it should be effective on April 26. The Swiss canton aims to stop spread of ‘indecent practice’ by minimally-clad German climbers.

The problem started with a group of “boot-only hikers” who were stopped by the police in the Alpine region last autumn. They had wandered there regularly, proudly marching through nature with bare bums, and had also advertised what they thought was a naked paradise on the internet. But it was all too much for the Swiss.

A nude rambler dressed in nothing more than a rucksack and walking boots in the eastern Appenzell region was arrested and detained in the canton, but authorities were unable to file lawsuit because the act was not punished by law or ordinance at the time.

“We were forced to introduce the legislation against this indecent practice before the warm weather starts,” Melchior Looser, the canton’s justice and police minister, said. “Ultimately, in the summer lots of kids stay in our mountains,” he added.

In the guidelines imposed, arrested offenders who cannot pay the fine, will face legal action. The new enabling ordinance has, however, been met with protests by nude hikers. “We simply try to tune into nature. It’s the most harmless pursuit possible,” said Dietmar, age 58, a German lawyer.

German tabloid Bild Zeitung has editorially attacked Swiss intolerance and even suggested nudist alternatives worldwide, after hinting a Swiss tourism boycott. Local authorities of Harz mountain range in central Germany have also announced the openness to any visitor of an “official naked walking route” in nature’s outdoors.

Freikörperkultur (“FKK”), or “free body culture”, is a popular pastime in Germany. It is a German movement which endorses a naturistic approach to sports and community living. Behind that is the joy of the experience of nature or also on being nude itself, without direct relationship to sexuality. The followers of this culture are called traditional naturists, FKK’ler, or nudists.

The naked ramblers have hoped it doesn’t lead to another naturist-clothed ‘war’, like the one at a beach between German and Polish holidaymakers in 2008. Naturism has roots traced from the start of the 20th century. “Abandoning unpractical clothes enables a direct contact with the wind, sun and temperature”, naked hiker website nacktwandern.de stated.

But Markus Dörig, a spokesman for Appenzell Innerrhoden canton has defended the law, explaining that the “public nuisance” was a foreign import. “We have been receiving many complaints. The local people are upset and we in the government share their concern. How would one feel if one was to go walking in nature and suddenly came across a group of naked people? They are definitely not people from the area, and I think many of them come from Germany,” he noted.

“We are a small and orderly community and such things are simply out of place here. Perhaps in vast mountain areas naked people would not be much of a problem but here they simply stick out,” Dörig added. “I can understand that we all have to live in this world together,” said Barbara Foley, International Naturist Foundation member of the central committee. “But I would certainly enjoy doing the hike in the nude and I wouldn’t want to be deprived of it. It’s nice to feel the sun on your skin. Maybe they should designate a couple of trails and people would know they might come across naturists there,” she added.

Appenzell Innerrhoden (Appenzell Inner Rhodes) is the smallest canton of Switzerland by population and the second smallest by area, Basel-City having less area. The population of the canton was 15,471 as of 2007, of which 1,510 (or 9.76%) were foreigners. The canton in the north east of Switzerland has an area is 173 km². It was divided in 1597 for religious reasons from the former canton Appenzell, with Appenzell Ausserrhoden being the other half.

Appenzell is the capital of this canton. The constitution was established in 1872. Most of the canton is pastoral, this despite being mountainous. Cattle breeding and dairy farming are the main agricultural activities: Appenzeller cheese is widely available throughout Switzerland. Due to the split of Appenzell along religious lines, the population (as of 2000) is nearly all Roman Catholic (81%), with a small Protestant minority (10%).

The town, however is far from liberalism: the canton granted women the right of suffrage only in 1990 under pressure from the Federal Supreme Court of Switzerland and international human rights groups. The Alpine village of Appenzell Innerrhoden, being known for its beautiful landscape, has recently been declared a “naked rambler paradise” by a German mountaineering website, which was created by a lobby group of hikers.

Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.

Sunday, January 16, 2022

United Kingdom-based pharmaceutical giant GlaxoSmithKline (GSK) confirmed January 15 it had rejected three “unsolicited, conditional and non-binding proposals” by Unilever to acquire its Consumer Healthcare division, including one bid of GBP50 billion in value made on December 20, believing Unilever “fundamentally undervalued” the business and its potential.

News that Unilever attempted to buy GSK Consumer Healthcare for 50 billion pounds, split between GBP41.7 billion in cash and 8.3 billion in Unilever shares, was first reported by The Sunday Times, and subsequently confirmed by both companies. Had the latest acquisition offer gone through, it would have been the largest deal since the beginning of the Covid-19 pandemic, and one of the biggest ever among companies listed on the London Stock Exchange.

A deal would likely mean integrating the GSK division into Unilever’s own beauty and personal care business, which has seen profit margins struggle under Covid-19 lockdowns and higher costs for plastics and petrochemicals.

A brief response on the Unilever website confirmed it “had approached GSK and Pfizer about a potential acquisition”, and adds GSK Consumer Healthcare “would be a strong strategic fit” as the company looks to rework its portfolio. GSK indicated the proposals were “carefully evaluated” by its board of directors, but unanimously rejected under the conclusion they “were not in the best interests of GSK shareholders” and “failed to reflect the intrinsic value of the business and its potential”.

The Sunday Times have indicated the latest deal did not include an acquisition premium or recognition of corporate synergies; the joint venture between GSK and healthcare firm Pfizer, which holds a minority stake in the company, was initially projected to generate GBP500 million in cost savings by this year and realise “substantial cost synergies”. The BBC’s business editor Simon Jack wrote that a standard takeover premium would be about 30%, but could be reduced over the GBP10 billion in debt GSK was predicted to “leave on the books”, of the GBP22 billion net debt GSK reported for Q3 2021.

The deals were assessed by the Board respective of a proposed demerger of GSK Consumer Health into a separate PLC in the middle of this year. Jack wrote GSK “always” had “an open mind to a trade sale to another party if the price was right.” Unilever did not take into account the standard takeover premium, the value of cost savings and Board confidence Consumer Health could deliver “superior organic sales growth” of between four and six per cent in the medium term. This was despite valuations of about GBP50 billion by Goldman Sachs and Barclays analysts, and a lower GBP45 billion valuation by Jeffries Group.

There are no current talks between Unilever and either Pfizer or GSK, and the Unilever statement reads: “There can be no certainty that any agreement will be reached.” Under CEO Alan Jope, Unilever has focused its investments and marketing on brands which “communicate a strong environmental or social purpose” by streamlining its holdings in items like beauty products and tea. Jope previously said Unilever would concentrate on smaller takeovers in industries like luxury beauty and wellness.

However, Russ Mould, investment director at AJ Bell, told the BBC this would be a “high risk deal” at a time investors are cautious about GSK’s performance, but also a time of rising inflation he says encourages “consumer goods with loyal customers”. Mould added despite strong cashflow, Unilever had recently missed targets on sales and profit margins, putting pressure on the CEO.

Pressure by activist shareholders Elliott Management Corporation and Bluebell Capital Partners have also mounted against GSK CEO Emma Walmsley over the unit’s failure to develop a Covid-19 vaccine and Walmsley’s own lack of scientific experience. GSK has been involved in the ongoing development of a Covid-19 vaccine with French biopharmaceutical company Sanofi, and announced preliminary results from Phase 3 trials last month.

In 2018, Unilever bought several consumer nutritional products from GSK, including its flagship product Horlicks, and merged its Indian subsidiary, Hindustan Unilever, with GSK Consumer Healthcare India.