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.

Sunday, January 3, 2010

At least sixty people have been confirmed dead after mudslides in southeastern Brazil, mostly on Ilha Grande, caused by torrential rainfall.

Rescue efforts are still continuing in the state of Rio de Janeiro for people feared to be buried under houses, which collapsed due to the deluge of mud and rain. Rescuers used shovels and heavy machinery to dig through the rubble.

Colonel Jerri Andrade, who is supervising the rescuers, commented on the current status of rescue efforts. “The weather is improving, which helps us with the search, but we won’t rest as long as we suspect that there are more bodies underneath the remains.”

More rain is forecast in the days ahead, making additional mudslides a possibility. The authorities have warned that the death toll could increase as more bodies are found. Three days of mourning were declared in the Rio de Janeiro greater area, and celebrations scheduled for January 6 were called off.

Saturday, December 8, 2007

Before the Ministry of Education removed the title the “Gate of Great Centrality and Perfect Uprightness” along the Chiang Kai-shek Memorial Hall, members of the public and politicians from Pan-Greens and Pan-Blues battled and demonstrated there, but 5 reporters were hit by a truck near the National Central Library when they made a SNG live report.

According to witnesses and Chien-chiang Wang from Formosa Television, they witnessed the driver deliberately stepping on the accelerator after he hit a reporter and braked. Even though the suspect, Sheng-lou Peng was under arrested by the police, he caused the public indignations and was punched by a protester.

Due to the incident, politicians from Pan-Greens and Pan-Blues argued for the responsibilities again. Eventually, a legislative candidate named Feng Mei maliciously said: “It’s a show, SO WHAT?!” This behavior without respects on hurt reporters caused outrages from voters from Pan-Greens and Pan-Blues and Mei’s neighborhoods.

Politicians from two coalitions like Premier of the Republic of China Chun-hsiung Chang, KMT 2008 Presidential Candidate Ying-jeou Ma, Magistrate of Taipei County Hsi-wei Chou, Minister of the Government Information Office Chih-wei Hsieh, and current President of the Republic of China Shui-bian Chen all criticized on this incident and hoped 5 hurt reporters can recover soon.

Tuesday, September 26, 2006

Safia Ahmed-jan, the director of the Afghan Ministry of Women’s Affairs for the Khandahar province and an advocate of women’s rights and a strong critic of the Taliban‘s repression of those rights, was shot dead by unidentified gunmen outside her home in Khandahar city in southern Afghanistan on Monday.

Safia Ama-jan, as she was known locally, is the first woman official to be targeted by the Taliban-led insurgency since it was deposed in 2001.

Safia Ahmed-jan taught at a girls’ school and was a high-school principal in Khandahar prior to the Taliban’s 1996 rise to power in Afghanistan. When the Taliban regime banned education for girls and forbade women from working outside the home, she ran an underground school for girls at her home, said her son Naqibullah, speaking to the Associated Press.

After the Taliban government was overthrown in 2001, Ahmed-jan became the provincial chief for women’s affairs in 2002, when the ministry was established and has since then held that position, worked for women’s rights and particularly, championed the cause of educating girls. Her secretary, Abdullah Khan told Associated Press that among her most successful projects were the vocational training schools she opened in Khandahar, where almost 1000 women were taught baking, tailoring and other skills.

Ahmed-jan has also been fiercely critical of the repression of women during the Taliban rule, in a region that has remained conservative and emerged as a hotbed of the Taliban’s insurgent activity. Her requests for personal security guards and transport went unheeded by the government, according to local media reports, though her nephew, Muhammad Asif told the New York Times that Ahmed-jan preferred to keep a low profile and used a taxi or public transport even though her office maintained cars and drivers.

Ahmed-jan was shot dead outside her house at about 7:30 a.m. local time (UTC+4:30) on Monday, as she left for work in a taxi. The gunmen are believed to have left scene on a motorcycle, and tyre marks have been found by the police, said the provincial governor Asadullah Khaled, who visited the scene of the attack.

Ahmed-jan was shot four times with a pistol, Muhammad Haidar, who worked in her office told the New York Times. Mohammad Nader, the head nurse at Khandahar’s main hospital where Ahmed-jan was taken to, confirmed to the Chicago Tribune that she was shot four times, including once in the head.

She was about 65 years old.

Accounts of the shooting are sketchy, several reports suggesting no one witnessed it. However, one man, identified as Allaudin told Al Jazeera that he saw two men on motorcycles waiting on the road, who attacked Ahmed-jan as she left her house.

A spokesman for the Khandahar governor, Daud Ahmadi confirmed the death and said that Ahmed-jan had died on the spot. An investigation into the attack has begun, and local officials have blamed the Taliban.

Hundreds of men and women, including the Governor Asadullah Khaled were present at Ahmed-jan’s funeral on Monday evening, which took place in Khandahar’s main Shia mosque.

The killing has been strongly condemned by the Afghan President Hamid Karzai as well as aid and human rights organisations in Afghanistan.

Aleem Siddique, a spokesman for the United Nations Assistance Mission in Afghanistan (UNAMA), said that UNAMA was “appalled at the senseless murder” of a woman who was working to ensure a full and equal part in the future of Afghanistan for its women. He added, “We share the sentiment of the majority of Afghan people who are appalled at this killing.”

Abdul Quadar Noorzai, head of the Afghan Independent Human Rights Commission (AIHRC) for the Khandahar region told IRIN News that Ahmed-jan’s death will have a “serious impact on women’s activities in the south where women are already suffering from … the deteriorating security and conservative traditions,”.

Fariba Ahmedi, a woman MP from Khandahar who was present at Ahmed-jan’s funeral told the Associated Press, “The enemy of Afghanistan killed her, but they should know it will not derail women from the path we are on. We will continue on our way,”.

Sonja Bachmann, a U.N. political officer who knew Ahmed-jan well told the New York Times that Ahmed-jan “did a good job, she worked in a very low-key way and worked hard to raise awareness about women’s issues.”

Reuters and Associated Press received phone calls, claiming responsibility for the attacks on behalf of Mullah Sadullah, a regional Taliban commander, but no confirmation of the claim has been possible.

Another caller, who identified himself as Taliban commander Mullah Hayat Khan told Al Jazeera that Ahmed-jan was killed because she worked for the government.

The Taliban-led insurgency has stepped up attacks in recent months, killing hundreds of people this year.

Last week, 19 Afghans working for reconstruction projects in the region were killed after their bus was ambushed.The Governor of Paktia province, a close associate of President Karzai, was killed in a suicide bombing on September 10.

Attacks on schools have also been stepped up. According to the Afghan education ministry, there have been 158 attacks on schools this year, compared to 146 last year. The attacks on schools are believed to be due partly to the Taliban’s opposition to educating girls, as well as a way to undermine the Afghan government and it’s reconstruction efforts.

Twelve suspected militants and two Afghan police officers were reported killed on Monday in separate incidents which also left eight others and a U.S. soldier wounded.

“People are scared, of course,” Ahmad-jan’s co-worker Haidar said, “How can we feel secure when the head of our department is killed in front of her house?”

Saturday, October 21, 2006

Evangelist Kent Hovind and his wife, Jo, are trying to convince a federal jury that their money from video and amusement park admission sales belong to God and cannot be taxed. The trial began at United States District Court for the Northern District of Florida on Tuesday October 18, 2006 after twelve jury members and two alternates were selected to decide on the 58 federal courts against Hovind and his wife. The trial was expected to take at least two weeks to complete with the prosecution hoping to rest its case Tuesday, but a defense attorney became ill and the Judge delayed the trial until October 30th.

Hovind is a Young Earth creationist who does many speaking engagements and debates. He also sells videos giving a pro-creationism perspective, which he receives income for. Hovind, who calls himself “Dr. Dino”, received a Ph.D in “Christian education” from the unaccredited correspondence school Patriot Bible University in 1991.

Prosecutor Michelle Heldmeyer said from 1999 to March 2004, the Hovinds took in more than $5 million. Heldmeyer charged Hovind on 12 counts for failing to pay about $470,000 in federal income, Social Security and Medicare taxes for his ministry employees between March 31, 2001, and Jan. 31, 2004. Counts 13 through 57 include Hovind’s wife for making 45 transactions in a little more than a year, sometimes taking out as much as $9,500 at a time. Banks are required to report cash withdrawals that exceed $10,000.

In count 58 against Kent includes filing a frivolous lawsuit against the IRS, demanding damages for criminal trespass, filing an injunction against an IRS agent, making threats against investigators and those cooperating with the investigation, and filing false complaints against the IRS for false arrest, excessive use of force and theft.

In July with his attorney, Public Defender Kafahni Nkrumah, Hovind stated that he did not recognize the government’s right to try him on tax-fraud charges.

This is not the first time Hovind has found himself in legal trouble. In 2002 he refused to get a $50.00 building permit for his Dinosaur Adventure Land, and after three years of legal battles the court ruled that he get a permit or the building would be razed. The park, which depicts dinosaurs as coexisting with humans in the last 6-4,000 years with the more recent “dinosaurs” being the Loch Ness monster, is reportedly open after Hovind paid for the permit and fines totaling $10,402.64.

More directly, M.C. Powe, an IRS officer who investigates people who have unpaid tax returns or unpaid tax liabilities, testified at Hovind’s current trial on October, 19, 2006 that she first attempted to collect taxes from the Hovinds in 1996. She noted Hovind tried several “bullying tactics” that included suing her at least three times. These resulted in each case being thrown out.

Assistant U.S. Attorney Benjamin Beard handled Hovind’s bankruptcy in 1996 testified on Wednesday that in 1996 after Hovind’s vehicles were seized by the IRS, he filed under the Chapter 13 “wage-earner plan,” available only to those who have a regular source of income. However, Hovind wrote that he had no form of income, that he rejected his Social Security number and that his employer was God, Beard testified.

In a 2005 affidavit, the Hovinds argue that Social Security is essentially a “Ponzi scheme.” The Hovinds referred to the United States Government as “the ‘bankrupt’ corporate government” and said they were renouncing their United States citizenship and Social Security numbers to become “a natural citizen of ‘America’ and a natural sojourner.”

On Thursday an employee of AmSouth Bank explained that the Currency Transaction Reports requires the bank to report any time a cash amount of $10,000 or more is withdrawn or deposited. This employee noted that various records demonstreated Jo Hovind had made transactions up to $15,000 at a time.

Also on Thursday Hovind’s former neighbor testified regarding Hovind’s purchasing of her Palafox Street home. On the stand she said Hovind paid her $30,000 in cash as part of the $155,000 sale.

In this week’s trial two of Hovind’s workers testified in federal court that they didn’t consider where they worked to be a church. In court Hovind maintains he does not have to pay the taxes because his employees were “volunteers,” “missionaries” or “ministers” and his business was a ministry.

However, Brian Popp, Hovind’s employee for at least eight years, said he considered himself a minister at the time of his employment, but said Hovind’s ministry isn’t a church. Popp also testified that Hovind knew about the bank’s requirement to report transactions over $10,000 and said it was “not safe to carry large sums of cash.”

Further, Popp said Hovind told his workers not to accept mail addressed to “KENT HOVIND” because Hovind told the workers the government created a corporation in his “all-caps name” and if the mail was accepted, Hovind claimed, it would be accepting the responsibilities associated with that corporation.

Diane P. Cooksey, served as a sales representative for the ministry from January 2003 to June 2005, and said Hovind expected to pay her own taxes. Cooksey said, “He explained what his belief was, right up front in the interview, that I would pay my own taxes.” As told’s worker, she received $10 an hour in a weekly paycheck, punched a time clock, was given 10 paid vacation days a year, and considered herself an employee, not a missionary as a few others called themselves.

The IRS raided Hovind’s Dinosaur Adventure Land in April 2004, after which Hovind required his employees to sign nondisclosure agreements. “I was uncomfortable signing it, I guess, because of not having a full understanding,” Cooksey said.

Rebekah Horton, vice president of the unaccredited Pensacola Christian College, took the stand on the second day of the trial and testified that “We know the Scriptures do not promote (tax evasion)”. “It’s against Scripture teaching.”

Horton was given a videotape in the mid 1990s from a woman who worked for Hovind. The video contained “another evangelist advocating tax evasion,” Horton explained. The woman who gave the tape to Horton claimed Hovind’s philosophy as “You were giving a gift with your work, and they were giving a gift back to you.”

Pensacola Christian College decided to disallow its students from working with Hovind’s Creation Science Evangelism and reported Hovind’s scheme to the IRS.

On Friday, attorney David Charles Gibbs testified that Hovind claimed he had no obligation to pay employee income taxes and explained with “a great deal of bravado” how he had “beat the tax system.” Gibbs is an attorney with the Gibbs Law Firm, also is affiliated with the Christian Law Association, a nonprofit organization founded by his father that offers free legal help to churches nationwide in a suburb of St. Petersburg, Florida. Gibbs attended the Marcus Pointe Baptist Church when Hovind was a guest speaker at the church on October 17, 2004. Hovind invited Gibbs and others to Hovind’s home for pizza and soda.

Gibbs testified they talked for many hours, and Hovind “tried to stress to me that he was like the pope and this was like the Vatican.” Also Gibbs explained Hovind also told him he preferred to deal in cash because “dealing with cash there is no way to trace it, so it wasn’t taxable.”

Later on Friday, Special IRS Agent Scott Schneider took up the remainder of the day and is expected to resume Monday. Schneider told the jury his investigation revealed that Hovind “hadn’t filed tax returns ever, to my knowledge.”

Hovind tried suing the IRS and Schneider several times to avoid providing information required by the IRS. Each filing was thrown out by the judges.

Schneider’s discussed documents seized during the 2004 raid of Hovind’s property. These documents, Schneider explained, indicated Hovind ran his ministry as a business with “meticulous” payroll documents and a time clock employees had to punch in and out.

In the raid cash was found “all over the place.” Ultimately, $42,000 in cash was seized along with half-dozen guns (including a SKS semiautomatic) at the Hovinds’ home.

The Pensacola News Journal noted that “in one memo, Jo Hovind informed her daughter, who works at the park, that her pay would be docked $10 for talking too long on the telephone when she should have been working.”

Thursday, November 16, 2006

Currently, there are blackouts, heavy rain, and high winds in British Columbia. Over 220,000 BC Hydro customers have no power. Buildings have already collapsed and trees have been knowed down. Five Vancouver rivers were in danger of flooding, which rain fell at 10 mm an hour for more than six hours at midday.

The steel frame of a four-storey building under construction in Vancouver collapsed. Construction workers escaped injury, luckily they were on a coffee break at the time of the incident. The steel frame crushed cars in a parking lot and missed a truck driver.

Citizens had to evacuate a subdivision of 30 homes. The winds smashed trees into houses in West Vancouver.

“We have some real fears here with electrical problems,” said Captain Rob Jones Cook of the Vancouver Fire Department. “This is impinging on electrical poles and lamp standards. We also have hydro bus lines running down two sides of the building.” The Vancouver Fire Department says they have no idea as to why the building collapsed.

Winds are gusting at more than 100 kilometres an hour (62 mph) in some areas and rainfall amounts of 50 to 130 millimetres.

According BC Hydro spokeswoman Elisha Moreno, the hardest-hit areas are Vancouver, Surrey, Langley, Abbotsford and Mission, B.C. “We’re trying to be optimistic and hoping it’s by end of day today, but there may very well be customers that are into the early-morning hours before restoration,” Moreno said.

Extensive ferry cancellations, road closures, and massive power outages are in effect until the storm ends.

The RCMP have advised people to stay home and off the highway.

The same heavy weather has also affected nearby Washington State, USA.

Friday, May 26, 2006

In February of 2006, the Savarino Services Construction Corp. proposed the construction of a seven million dollar hotel on Elmwood and Forest Avenues in Buffalo, New York. In order for the hotel to be built, at least five properties containing businesses and residents would have to be destroyed. It was not certain whether the properties were owned by Savarino or by the landlord Hans Mobius. The hotel was designed by Karl Frizlen of the Frizlen Group, and is planned to be a franchise of the Wyndham Hotels group.

Elmwood Avenue is known by the community as a popular shopping center, and Nancy Pollina of Don Apparel (who is “utterly against” the construction) claims it’s the only reason why students from Buffalo State College leave campus. Additionally, Michael Faust of Mondo Video said he did not want to “get kicked out of here [his video store property].”

In 1995, a Walgreens was proposed to be built on the same land, but Walgreens later withdrew its request for a variance because of pressure from the community. More recently, Pano Georgiadis tried to get the rights to demolish the Atwater House next to his restaurant on Elmwood Avenue, but was denied a permit due to the property’s historical value. He has since been an opponent to the hotel construction.

In the process of debating the hotel, it was thought that a hotel had previously existed on the proposed site, however; research done at the Buffalo and Erie County Historical Society had shown that no hotel had previously existed on the site.

Sunday, September 15, 2019

Yesterday, oil facilities belonging to Saudi Arabia’s state-owned Saudi Aramco were hit by multiple drone strikes in a pre-dawn raid. The attacks triggered major fires at a processing plant and an oil field, which state media said were under control. The Yemen-based Houthi movement claimed responsibility for the attacks.

According to the Saudi Press Agency, the attacks occurred at 4:00 A.M. local time (0100 UTC) and struck the largest processing plant at Abqaiq and the Khurais oil field. The oil field is about 160 km (100 miles) east of the capital, Riyadh. The agency did not mention if there were casualties, but said exports were continuing.

Reuters, citing anonymous sources, reported both production and export of oil had been disrupted. Saudi officials subsequently said 5.7 million barrels of per-day production had been disrupted. This would be nearly half of Saudi Arabia’s entire production and around five percent on a global basis.

Speaking on al-Masirah TV in Yemen, Houthi military spokesperson Yahya Sarea said it had carried out the attack using ten drones. According to him, it was among the largest Houthi operations inside of Saudi Arabia and was accomplished with the help of “honourable people inside the kingdom”.

“These attacks are our right, and we warn the Saudis that our targets will keep expanding”, Saree said. “We have the right to strike back in retaliation to the air strikes and the targeting of our civilians for the last five years.”

US Secretary of State Mike Pompeo posted a message on Twitter blaming Iran for the attacks, saying there was “no evidence the attacks came from Yemen.” BBC’s Jonathan Marcus said questions remain how much direct Iranian assistance is received by the Houthis who are ideologically aligned with Iran.

In 2015, Saudi Arabia started supporting the government of Abdrabbuh Mansur Hadi against the Houthi rebellion, providing airstrikes with the Royal Saudi Air Force. The United Nations called the resulting humanitarian crisis the worst in the world.

In 2006, Abqaiq was the target of an Al-Qaeda suicide attack.

Wednesday, April 16, 2008

American animator Ollie Johnston, the last of Disney’s so-called “Nine Old Men”, has died at the age of 95.

Johnston died of natural causes on Monday in Sequim, Washington, according to Walt Disney Studios Vice President Howard E. Green.

Johnston worked on many of the Disney’s classic films, including Snow White and the Seven Dwarfs (1937), Pinnochio (1940), Fantasia (1940), Bambi (1942), and many others.

Johnston worked extensively with his best friend Frank Thomas, a fellow “old man” who died in 2004. The pair met at Stanford University in the 1930s and worked together until Thomas’ death. They retired from animation in 1978, but remained popular speakers and authors about Disney and animation.

“Ollie was part of an amazing generation of artists, one of the real pioneers of our art, one of the major participants in the blossoming of animation into the art form we know today,” said Roy E. Disney.

Johnston devoted much of his retirement to writing and lecturing, but perhaps even more to model trains, a field in which he became considered one of the world’s foremost experts.

Ollie Johnston’s last film was The Fox and the Hound (1981) on which he worked as a supervisor.

Friday, April 22, 2005

Ireland’s National Pensions Reserve Fund (NPRF) has posted a 2.4% return for the first quarter (9.6% annualized). On March 31, the funds value stood at €12.3bn, a rise of €290m (excluding state contributions) since December 31.

Donal Geaney, the fund’s chairman, told the press that growth in the past quarter had been driven by the Fund’s European equity investments.

Mr Geaney, former Élan CEO, has pursued a policy of diversification since February of this year, with the stated aim of placing a larger amount of the funds assets in companies with small market capitalizations and in property funds.

The fund was set up by the National Pensions Reserve Fund Act, 2000 to partially meet the expected rise in Irish pension costs from 2025 onwards.