Friday, May 6, 2005

Romania’s new road traffic laws have been approved by the Senate, with the laws being in accordance with European Union legislation and updating a previous law from 1999. Romania is currently going through the process of aligning its legislation with EU standards, as it is set to become a member of the European Union on January 1, 2007. The Senate approved the law with several amendments from the original draft drawn up by the government and approved by the Chamber of Deputies.

The new traffic laws include many important changes. Firstly, car drivers with a concentration of 0.80 grams or more of alcohol per litre of blood can receive penalties of between one to five years in jail. In the case of public transport drivers, the punishment can increase to seven years in jail. Additionally, constructions of any kind will be banned on sidewalks, and traders will not be allowed on roads and parking lots.

Another important change is that pedestrians injured while crossing the street in an unauthorised manner, such as at a red light, will “bear full responsibility” for their actions, according to the law.

Before being implemented, the law must be approved by the President, Traian B?sescu.

Tuesday, March 13, 2007

Just two weeks after China sent global markets into a tumble, growing worries about sub-prime mortgage lenders in the United States are sending jitters through stock exchanges around the globe. The three major US stock market indices each fell two percent from Monday’s closing price, marking the second-biggest loss of 2007. London’s FTSE 100, Paris’ CAC 40 and Frankfurt’s DAX 30 indices each closed down more than 1 percent.

As the Mortgage Bankers Association reported that late payments on mortgages and home foreclosures in the US homes rose in the fourth quarter to their highest level in years, investors are concerned that not only US banks but also multi-national banks around the globe could have exposure.

More than two dozen sub-prime lenders have closed or sold operations as defaults on those mortgages have risen. “The delinquencies and defaults have started to soar,” said Nicolas Retsinas, director of Housing Studies at Harvard University. “A lot of these lenders started to make loans and lost track of some of the fundamentals.”

New Century Financial Corporation, the second largest sub-prime lender in the US, has recently revealed that its creditors were no longer providing funds and, further, it has become subject of an SEC investigation. The New York Stock Exchange has said it will delist New Century. Accredited Home Loan Lending, another major sub-prime mortgage specialist, said it was seeking fresh capital and waivers on its lending covenants.

Sub-prime lenders provide mortgages to people who do not qualify for loans from mainstream lenders, typically due to their credit histories. The lenders then bundle these mortgages as collateral for loans that they obtain from other financing firms, such as GMAC. Such firms can then repackage these loans and sell them as mortgage-backed securities. These securities may end up in the hands of major multi-national banks such as Citibank, HSBC, and Commerzbank. Each level of lending assumes a level of financial risk, but trouble can arise when the risk tolerances are exceeded. If too many homeowners default on their mortgages, the sub-prime lender can end up defaulting. If too many of these lenders default, as it is feared may be happening now, the defaults can cascade upward. While no one is predicting major bank failures at this point, it is feared that their profits could be hurt.

A compilation of brief news reports for Saturday, December 6, 2008.

The global monthly sales of German car maker BMW have fallen by more than a quarter, as consumers are spending less due to the economic slowdown.

According to the company, BMW sales have fallen 26.2% in November from a year ago, whilst sales of its Mini subsidiary, which is based in the United Kingdom, were 20.8% lower. Sales in November for BMW’s luxury Rolls-Royce branch were also down 18.5%.

From the period of January to November, the company sold 1.32 million cars, 1.8 percent fewer than last year, when it sold 1.34 million vehicles.

Sources

• “BMW sales dip more than a quarter” — BBC News Online, December 5, 2008
• “BMW’s November sales slide 25 percent” — The Miami Herald, December 5, 2008

The United States space agency NASA has put off the launch of Mars Science Laboratory rover mission. It was scheduled to fly next year, but the mission has been delayed by testing and hardware problems.

According to agency officials, the launch of the rover would be postponed until 2011. The delay could add US$400 million to the cost of the mission, which is likely to be higher than $2 billion.

“We will not lessen our standards for testing the mission’s complex flight systems, so we are choosing the more responsible option of changing the launch date,” said Dough McCuistion, the director NASA’s Mars program.

Sources

• “Nasa delays its next Mars mission” — BBC News Online, December 5, 2008
• “NASA delays next Mars rover mission” — The Earth Times, December 5, 2008

Three Canadian soldiers were killed by a bomb in southern Afghanistan Friday, bringing the number of Canadian military casualties in the war to 100.

Canada’s top commander in Afghanistan, Brigadier General Denis Thompson, said that his troops were bringing “peace and stability” to the country. 2,500 Canadian troops are based in southern Afghanistan as part of NATO’s mission to defeat the Taliban.

Canada’s military presence in Afghanistan is due to end in 2011.

Sources

• “Canada Afghan death toll hits 100” — BBC News Online, December 5, 2008
• Agence France-Presse. “Afghanistan deaths bring Canada troops’ toll to 100: military” — Google News, December 5, 2008

Armed robbers pulled off a record jewelery heist in Paris, France when they on Thursday robbed the Harry Winston store near Avenue des Champs-Élysées.

Four male thieves, two of whom where dressed as women, stole most of the inventory of the high-profile boutique. The loot has been valued at €85 million (US$107 million).

The robbers brandished firearms and forced fifteen customers and staff into a corner of the store. No shots were fired and no one is reported hurt. Police have no immediate leads.

Sources

• “Robbers in drag steal $100M in jewel heist” — CNN, December 5, 2008
• Agence Press-France. “Diamond thieves pull off 100-million-dollar Paris heist” — Google News, December 5, 2008

Wednesday, April 1, 2009

According to the payroll services company ADP, United States private sector employers cut 742,000 jobs in in March. The figures were almost 80,000 more than the average analyst prediction of 663,000 losses. This is the largest monthly payroll decline since January 2001, when the ADP began tracking job activity.

ADP also updated its job loss statistics for February, from 697,000 to 706,000.

“The sharp employment declines among medium- and small-size businesses indicate that the recession continues to spread aggressively beyond manufacturing and housing-related activities to almost every area of the economy,” said Joel Prakken, the chairman of the company that conducts the ADP survey, Macroeconomic Advisors LLC.

“Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months,” he added.

The US Labor Department‘s report for employment statistics for March is due to be out on Friday. Analysts predicted that the department will announce the unemployment rate increased to 8.5% with 660,000 jobs eliminated in March. However, the bad news from ADP has prompted some to think that the current forecasts are too optimistic.

Thursday, September 20, 2007

A highly dynamic Bluetongue (or catarrhal fever) infection of sheep herds is underway in Germany. From August 2006 till September 9, 2007, 1,833 farms had reported the presence of the infection. From Sept 9. till September 14, 2007, the number of farms reporting infections has grown to 5,686. The number of deaths is estimated around 15,000 sheep.

Bluetongue infection is of viral origin and is harmless to humans. It is an insect-borne viral disease of ruminants, mainly sheep and less frequently of cattle, goats, buffalo, deer, dromedary camels and antelope. There are no reports of human transmission.

The origin of the infection is not clear but it is one of the diseases which is still feared to invade Northern Europe as a consequence of global warming. No official sources are as yet available as the affected sheep farmers have tried to get the news on the media but to no avail.

The disease has also been found in Belgium, France, the Netherlands and Luxembourg. The United Kingdom Department for Environment Food and Rural Affairs says the virus could spread from Northern Europe to the UK, but is unlikely.

Wednesday, November 21, 2007

As “Brand International Promotion Association” and “Taiwan Excellent Manufacturers‘ Association” merged to “Taiwan Excellent Brand Association” (TEBA), “2007 Taiwan Brands’ Trend Forum”, with the slogan of “Winning Global Economic with Taiwan Brands”, held yesterday and invited professionals from governmental, financial, and IT industries to share experiences on marketing MIT (Made in Taiwan) brands and encourage MIT brands market to the world by innovations.

Newly-elected Chairman of TEBA Andy Tzu-jen Hsieh remarked in the opening: “A product with MIT brand didn’t mean ‘cheap’ but ‘value’ of its good quality.” With Hsieh’s words, Minister of Economic Affairs of Taiwan Steve Ruey-long Chen echoed and said: “Self-made (MIT) brands were progressively refined with its innovations, R&D, and new ideas. Lots of good MIT brands became notable world-wide in the presence. But it’s uncertain to determine success or failure when a company manages its brand because companies with small-business scale were grown up. A brand needs a long-period management to keep it in a good image.”

Many participants and local media focused on the keynote speech by the founder of Multitech Stan Shih. He compared brands trend between Taiwan and other world-wide countries with “The World Is Flat“ and proved the trend of optimization on global companies with his “Smiling Curve” theory. “We (the public) should determine a brand good or failure by its quality, nature, and notability but not its scale.” Shih said and stressed, “Companies with MIT brands (OBMs) can’t always be ODMs or OEMs because some (people) often confused on conceptions and basis of ‘Branding Taiwan’ and ‘Taiwan Brands’. If a company need a good brand, it (a brand) should has its (brand owner’s) creations and management strategies to mark it into the world in a good position.”

“The brand trends in Taiwan is from ODM in the past to OEM commonly in the presence. But after some products by MIT companies were presented to the public, lots of MIT brands became world-class brands such as BenQ, Giant, Acer so that Taiwan can enter into the OBMs’ era. If Taiwan can still be in the OBMs’ era, the global market competitiveness and world-wide media exposure of MIT brands will be improved. ‘OBMs in Taiwan’ will help companies from several industries keep their headquarters retain in Taiwan.” Tracy Chun-fang Hsu (Vice Director-general of the Bureau of Foreign Trade, Ministry of Economic Affairs of R.O.C.) mentioned in the forum.

Before the Panel Discussion, Jerry Wang (Vice Chairman of BenQ) corrected the difference between “Values” and “Value” with some quotes from Wikipedia. He said: “Value of a brand include values and consumers’ value. A factor who determine consumers to buy a product or not is emotion or self-need. A brand’s or a product’s nature can be known with differences on consumers’ population. Of course, in Taiwan or other world-wide countries, every self-made brand or product has its style, nature, and characteristics.”

In the final of Panel Discussion, 3 main speakers think that “Smiling Curve” theory is a key factor to determine a company pursue its “brand value” success or failure. If a MIT brands wants to become world-class and notable, a company (brand owner) should not only have its creations, images, and innovations but also consider feelings from consumers.