Sunday, September 9, 2007

At least 20 people have died and 20 more are injured after a partially constructed flyover (overpass) in Hyderabad, India collapsed onto traffic.

The disaster occurred at the Panjagutta junction, near Nagarjuna Circle. Two large concrete sections dropped onto oncoming cars and motorised rickshaws, damaging several severely.

A large emergency effort was immediately activated, but experienced severe difficulties in reaching the site due to congested traffic resulting from the collapse. Ambulances from the 108 EMRI Service and Appollo Hospitals attended the scene, and rushed the injured to a variety of nearby hospitals. All the region’s major hospitals, particularly the nearby Nizam Institute of Medical Sciences, have placed their medical staff on emergency alert. Rescuers are now using cranes and cutting equipment in an effort to reach anyone who may still be trapped. It is expected that the death toll could rise further as many vehicles remain trapped under tons of debris.

Various politicians also attended the scene, including the local district collector, Chief Minister of Andhra Pradesh Dr. YS Rajasekhara Reddy, Senior Congress Leader and MLA from Khairathabad P Janardhan Reddy and several other ministers.

Police have asked both the public and the press to keep away from the area, in order to prevent further collapse of the unstable structure. Preliminary investigations suggest the flyover had been been poorly constructed. The construction project had been carried out by leading contractor Gammon India Limited. It had been delayed, the original foundations having been built in 2005. After a successful request by the company to have the deadline for the project extended, work was slated to cease in November of this year, with the flyover entering operation by December. It is believed heavy rains in the area a few hours prior to the collapse may have contributed to the disaster.

Monday, March 21, 2005

Automobile industry pioneer, John DeLorean, died Saturday in a New Jersey hospital by complications from a stroke.

DeLorean was born in 1925 in Detroit, Michigan to European immigrant parents. He received an education in automotive engineering and quickly rose through the ranks of Packard and later General Motors (GM). DeLorean was credited with the development of the Pontiac GTO, which helped introduce the era of “muscle cars”. By 1965, DeLorean led the entire Pontiac division, and four years later was promoted to the prestigious position of leading GM’s Chevrolet.

In 1973, DeLorean quit General Motors and started his own company, the De Lorean Motor Company. The company’s product was the DMC-12, an unusual car featuring an unpainted, stainless-steel exterior and gull-wing doors. The company started production in 1981 but failed less than two years later, having produced under 9,000 vehicles. Despite the company’s failure and the car’s dismal sales, the car itself gained a cult following after the release of the 1985 movie Back to the Future which featured the car as a time-travel machine.

DeLorean himself was in nearly as much trouble as his company. In 1982 he was arrested for attempting to sell $24 million worth of cocaine to undercover police, and after his company’s failure, he became involved in a multitude of lawsuits alleging investor fraud. Though DeLorean successfully resolved the cocaine case after claiming entrapment, his other legal cases would drag on until 1999, when he declared bankruptcy.

Monday, May 21, 2012

Bruce, Canberra — This past week, an overstocked Australian Opals, the women’s national basketball team, prepared for the 2012 Olympic Games in London with a weeklong training camp at the Australian Institute of Sport (AIS) to be used to help narrow the nineteen member Opals squad down to the twelve that go to the Games, and provide players who rarely play together an extended period of time to play together in order to improve on court dynamics.

Camp started on Sunday, with players arriving from hometowns around Australia including Cairns, MacKay, Gladstone, Brisbane, Adelaide, and Melbourne.

The defending champions, the United States women’s national basketball team, are perceived as the Australian Opals’ main competitors. In the last three Olympic Games the Opals got silver medals. In each of these cases the United States got first place. Coach Carrie Graf said “thinking about the US too soon in inappropriate”, “Our focus is first and foremost, game by game winning our pool”. Amongst the Australian Opals’ competitors in the pool are Brazil, Russia, and Great Britain. Carrie Graf said Great Britain “will put up a fight on home turf” but there is a “world class [AIS] facility” and “world class medical support staff” supporting the team.

Australian Opal player Penny Taylor recently suffered injury from a torn anterior cruciate ligament, meaning she cannot play Olympics this year. In regards to the situation player Lauren Jackson, who is going into her fourth Olympics, said “you would never wish that upon anybody.” She says as a team they have to “move on, move through that” and “come together” to pick up their offence and defense. Despite the loss of one of their key players she says “we definitely have the talent there” and the team is all “on the same page.” She feels “pretty confident” and speaks of “very exciting” times ahead. Jenna O’Hea is going into her first Olympics with the team. She is still “pinching” herself and says she is taking it “day by day”.

A typical day at the camp might start with a 7.00am – 8.30am breakfast at the AIS Dining hall, before one and a half or two hours of court, gym, or swimming training. The middle of each day might consist of media meetings, medical checks, team meetings, and time to practise shooting. Around 12.00pm, the players meet to eat lunch and recover from the morning. The afternoon typically consists of more training, and some scrimmage games. Players usually finish around 7.00pm for dinner, and perhaps a massage.

The nineteen players in attendance this week at training camp were Suzy Batkovic, Abby Bishop, Elizabeth Cambage, Rohanee Cox, Cayla Francis, Kristi Harrower, Laura Hodges, Natalie Hurst, Lauren Jackson, Rachel Jarry, Kathleen MacLeod, Jenna O’Hea, Samantha Richards, Jennifer Screen, Belinda Snell, Marianna Tolo, Kristen Veal, Carly Wilson, and Hanna Zavecz. Basketball Australia has named fifteen players that are to attend the second phase of the camp: Suzy Batkovic, Abby Bishop, Elizabeth Cambage, Kristi Harrower, Laura Hodges, Lauren Jackson, Rachel Jarry, Kathleen MacLeod, Jenna O’Hea, Erin Phillips, Samantha Richards, Jennifer Screen, Belinda Snell, Marianna Tolo, and Hanna Zavecz.

Thursday, June 4, 2009

The fourth annual Maker Faire took place this past weekend at the San Mateo Fairground in San Mateo, California located in the United States. The first Maker Faire, which took place in 2006, had approximately 20,000 people in attendance. This year, more than 80,000 people were expected to attend; quadruple the attendance of just four years prior. On Saturday night, it was reported that attendance was up considerably over last year’s event.

Maker Faire, the self-declared “World’s Largest DIY Festival”, offers a forum where hundreds of makers and crafters alike man booths where they display their work. In the main halls alone, there were hundreds of booths. Outside the expo halls, the surrounding area was also filled with many interesting projects, some of which were mobile. In addition to all of the projects on display, there were a number of on-stage presentations. The biggest presentation of the weekend was given by Adam Savage who spoke on the topic of his “Colossal Failures”. During his talk, the Fiesta Hall was filled to capacity.

The theme for this year’s fair was “Remake: America” after President Obama‘s call to “begin again the work of remaking America”. In addition, “going green”, alternative fuel vehicles, crafting, steampunk and sciences for the young, were common themes found throughout the fair.

Wednesday, July 12, 2006

Police have arrested Lord Levy, chief fundraiser to the Labour Party and close associate of Tony Blair. Lord Levy was arrested by the Specialist Crime Directorate of London’s Metropolitan police as part of an on-going investigation into the cash-for-peerages row which has troubled the Labour government since the start of the year. He was bailed on Wednesday afternoon without charge pending further enquiries.

In a statement, Lord Levy said the arrest was “totally unnecessary”. A spokesman also said: “He has not been charged and does not expect to be, as he has committed no offence.”

The cash-for-peerages affair erupted earlier this year, after an independent body reported that Tony Blair had sold peerages (the title of Lord) to businessmen in exchange for secret donations to the Labour Party. This potentially breaks the Honours (Prevention of Abuses) Act of 1925 which was originally introduced after Prime Minister Lloyd George was caught selling peerages for personal funds.

The ruling Labour Party admitted soon after that it had borrowed over £14 million before the last general election in 2005. The opposition Conservative Party also admitted it had been loaned £16 million by wealthy businessmen. It’s believed that as chief fundraiser, Lord Levy arranged the Labour Party’s loans.

All political parties deny any wrong-doing, although the arrest of one of the Prime Minister’s closest allies is going to provide yet more scandal for the already troubled party.

Downing Street has so far declined to comment on what they call a “party matter” and Levy himself has accused the police of “over-reacting”. Some politicians have commented that the situation could be very serious for Mr. Blair.

Thursday, September 21, 2017

On Monday night, New Jersey, US-based toy retail giant Toys R Us filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US$2 billion.

According to the filing, the retail chain owns US$6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. Kohlberg Kravis Roberts, Bain Capital, and Vornado Realty Trust acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and Target are some of the competitors for the conventional ‘brick and mortar’ toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO Dave Brandon said “very, very aggressive pricing online” was causing problems. He also said the company was experiencing “significant weakness in demand for their products globally”. Toys R Us are to clear a debt of US$400 million by May 2018.

Toys R Us said they would continue to operate for the holiday season. Bankruptcy lawyer Jeff Gleit said Toys R Us “need to do both a financial restructuring as well as an operational restructuring” and “needs to modernize with the times”. Last holiday season, Toys R Us made sales around US$4.5 billion. Overall, the company reported a US$29 million loss in 2016. CEO Brandon said, “Our objective is to work with our debt holders and other creditors to restructure the US$5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business”.

Toys R Us employs more than 60 thousand people in 38 countries around the world in more than 1600 stores. The company’s stocks fell by six percent after filing for Chapter 11 protection. US bankruptcy code Chapter 11 allows the company to restructure under a plan approved by the court. The company would also be shielded from creditors’ claims during the process. For the stores located in Canada, Toys R Us filed bankruptcy in Ontario and are to undergo reorganisation. However, 259 stores located outside the US or Canada will not undergo reorganisation, the company said.

Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.

Tuesday, February 13, 2007

Former Massachusetts Governor Mitt Romney formally announced his presidential candidacy yesterday outside of Detroit.

“I don’t believe Washington can be transformed from within by lifetime politicians, there’ve been too many deals, too many favors, too many entanglements — and too little real world experience managing, guiding, leading,” said Romney, who was a successful businessman before entering politics. Romney focused on his leadership experience outside of government.

Romney made the announcement at the Henry Ford Museum, something which the National Jewish Democratic Council heavily criticized saying that they were, “deeply troubled by Governor Romney’s choice . . . to kick (off) his presidential campaign on the former estate of a well-known and outspoken anti-Semite and xenophobe.” A spokesman for Romney said, “Governor Romney believes our country needs to put innovation at the forefront if we are to ensure a stronger, safer and more prosperous America, the Ford Museum embodies that bold, innovative spirit.”

Romney’s record as a moderate and his Latter-day Saint faith are expected to be his primary campaign challenges.

Romney, born in Detroit, the son of former Michigan Governor, Republican Presidential candidate, and automotive pioneer George Romney, attended Cranbrook School of Michigan and Harvard Business and Law Schools. Romney ran against senior Massachusetts senator and Kennedy family member, Ted Kennedy. Romney won 41% percent of the vote against Kennedy in the closest election in Kennedy’s entire tenure in the United States Senate. Romney was also CEO of the Salt Lake Organizing Committee which was in charge of planning the 2002 Winter Olympics from 1999 to 2002, he took charge after the 2002 Winter Olympic bid scandal. He also sat on the board of Massachusetts-based office supply giant, Staples, Inc.