Sunday, July 5, 2009

The United Kingdom’s Serious Fraud Office is to launch an investigation into the collapse of car manufacturer MG Rover. The move follows the conclusion of a four-year enquiry started immediately after the firm became insolvent.

The group of four who owned MG Rover — John Towers, Nick Stephenson, Peter Beale and John Edwards — have been accused of asset stripping. The quartet, known as the Phoenix Four, paid a symbolic £10 (approximately €15) for Rover in 2000. At that time the company received an interest-free loan from former owner BMW for £427 million (approximately €700 million) and came with a large amount of unsold stock.

Between then and Rover’s April 2005 bankruptcy, by which time there were unpaid debts of £1 billion (approximately €1.5 billion), the Phoenix Four had removed an estimated £40 million worth of assets including pensions and salaries. An enquiry was launched by ministers that was expected to take a year, but the final report was not delivered to business secretary Lord Mandelson until three weeks ago.

The government used taxpayer’s money to fund a £6 million loan to MG Rover and attempted to negotiate a deal with a Chinese company, but these efforts failed. MG Rover’s collapse caused the loss of an estimated 15,000 jobs, including with various suppliers. A former MG Rover factory does still build a small number of MG sports cars in Longbridge by Shanghai Automotive Industry Corporation, who bought most of the designs.

The Phoenix Four released a statement criticising the criminal investigation. “There has never been any suggestion of improper conduct by the directors and this was confirmed in a report by the administrators PWC six months after they took over the running of the company. Four years on, any suggestion [of] another further investigation is frankly ridiculous and smacks of kicking this issue into the long grass. If the government has been so concerned to get to the heart of the matter why has it flatly refused more than 30 requests under the Freedom of Information Act which would have revealed correspondence and documents the directors believe would have shed some light on the government’s role in the affair?”

Saturday, March 1, 2008

While nearly all coverage of the 2008 United States Presidential election has focused on the Democratic and Republican candidates, the race for the White House also includes independents and third party candidates. These parties represent a variety of views that may not be acknowledged by the major party platforms.

Wikinews has impartially reached out to these candidates, throughout the campaign. We now interview independent Presidential candidate Jon Greenspon, a veteran and small business executive.

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Tuesday, September 30, 2008

George W. Bush vowed to get the USD 700 billion economic rescue plan through congress in a statement to the media made today.

“Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by Congressional leaders of both parties and my administration,” Bush reminded the audience. “Unfortunately, the measure was defeated by a narrow margin. I’m disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process.”

“Producing legislation is complicated, and it can be contentious. It matters little what a path a bill takes to become law,” he continued. “We’re at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”

Market Data

“I recognize this is a difficult vote for members of Congress. Many of them don’t like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.”World and US markets today are up after severe declines yesterday. Most have recovered 30% of their previous losses, meaning that the potential government expenditure was similar to the market losses.

Bush then said that he knows “many Americans are especially worried about the cost of the legislation.” He then attempted to justify the cost. “The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money. We’re also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.”

If passed, the bailout plan would have allowed for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. The US Treasury Secretary Henry Paulson said the plan could cost up to $700 billion.

Wednesday, October 17, 2007

Methicillin-resistant staphylococcus aureus (MRSA), a drug-resistant strain of bacteria, killed nearly 19,000 Americans in 2005 alone, according to a new study in the Journal of the American Medical Association. That is more people than were killed by AIDS in the United States. More than 94,000 Americans were afflicted with MRSA infections in 2005.

Although the supergerm, or superbug, is primarily found in hospitals, a growing number of cases have been contracted at public gyms and schools. In Moneta, Virginia, a high school senior died from an infection that spread to his kidney, liver, lungs and heart. In Bedford County, where Moneta is located, school officials have reported five cases of the Methicillin-resistant strain of the Staph bacteria. County officials closed the schools to clean them.

“Certainly, MRSA now has to be viewed as a very important target for prevention and control,” said Dr. David A. Talan, an infectious diseases specialist at Olive View-UCLA Medical Center.

Friday, September 26, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. Christian Heritage Party candidate John M. Wierenga is standing for election in the riding of Yellowhead. A journeyman welder with a company in Neerlandia, Alberta, John is an active member of the Neerlandia Canadian Reformed Church. Serving on his church council, he actively volunteers in the community, serving a partial term on the Pembina Pro-Life Board.

Wikinews contacted John, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Since 2000, the riding has been represented by Conservative Rob Merrifield, originally a Canadian Alliance member. Besides Wierenga, other challengers for the riding include Melissa Brade (Canadian Action), Mohamed El-Rafih (Liberal), Ken Kuzminski (NDP), and Monika Schaefer (Green).

For more information, visit the campaign’s official website, listed below.

Monday, September 24, 2007

Russ Aegard is running for the Green Party of Ontario in the Ontario provincial election, in the Thunder Bay-Atikokan riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Sunday, April 29, 2012

China has pledged US$10 billion in credit to back joint projects with Central and Eastern European countries. Visiting Chinese Premiere Wen Jiabao announced the deal at a business forum in Warsaw, Poland, and said he hopes the deal will facilitate the two sides’ cooperation.

To boost business and trade, Wen said that China wants to help with infrastructure projects, including new technologies and green economy sectors. Also discussed at the Economic Forum was a new investment cooperation fund which would initially boast US$500 million to assist Chinese investments in the region. He also announced a plan to expand the Chinese market with other countries with hopes to build trade exchange to US$100 billion before the year 2015.

“China will work with countries in Central and Eastern Europe to mutually open the markets and to increase the trade exchange to $100 billion before 2015,” Wen said.

He said trade volume between China and central and eastern European countries reached 52.9 billion US dollars in 2011 and had grown 27.6 percent a year on average since 2001, when it was only 4.3 billion US dollars.

Thus far, the largest Chinese investment has been a €1.2 billion (US$1.6 billion) deal made by China’s Wanhua Industrial Group that gained full control of Borsodchem, a Hungarian chemicals firm. Other recent investments were made in Serbia, where a €170 million (US$225 million) bridge was built over the Danube river in Belgrade.

Prime Minister Donald Tusk of Poland happily welcomed the Chinese investment, noting the country’s uprising economy and European leadership role. Both Wen and Tusk enthused about the potential they say their partnership has and encouraged others in the region to form similar agreements.

The Chinese are “very pragmatic” in business, Andrzej Pawelec of Agrihortus company said, who is seeking new partners in China to sell its beverages. “If they see a good and honest business proposal, they are always open.”

Wen started his official visit to Poland on Wednesday. Poland is the last leg of a four-nation Europe tour that included visits to Iceland and Sweden and the opening ceremony of the Hannover Fair in Germany.