Tuesday, May 3, 2005

Swiss banking giant UBS today reported better than expected first-quarter results – but warned investors that full year results could be hit by weaker investment banking revenues.

First-quarter net profit stood at 2.625bn Swiss francs (US$2.19bn; €1.7bn) up 15% from last year’s 2.28bn Swiss francs. Assets under management grew to 2.36 trillion Swiss francs (US$1.97 trillion; €1.53 trillion); an increase of 21.2bn Swiss francs on last year.

Despite the solid performance, CFO Clive Standish told the media “Clearly we have seen a slowing of the markets over the quarter, particularly in March… There is a perceptible slowdown in markets as we speak.”Reacting to the pessimism, UBS shares dropped 1.5%.

Sunday, June 11, 2017

While Theresa May remains Prime Minister of Britain, her party, the Conservative Party, won Thursday’s general election but lost its majority in Parliament.

The next scheduled general election was not until 2020. May requested this general election, called a snap election, in April, when polls indicated it would strengthen the then-slight majority the Conservatives held in Parliament. Talks to establish the specifics of Britain’s departure from the European Union are set to begin June 19. Last year, British voters decided to leave the EU, but many of the specifics of the United Kingdom’s new relationship with the rest of Europe have yet to be established. May and the other Conservatives favor a “hard Brexit”, in which Britain would lose its current level of access to Europe’s single market and have to deal with higher tariffs and more complicated customs processes but it would regain full control of its borders with respect to trade and immigration. An increase in the number of Conservative Parliamentary seats would have supported this plan.

“Officially Theresa May is still the partner in Brexit negotiations,” said senior German MP Stephan Meyer, “but the political reality is different after this disastrous defeat. I can’t imagine that May will be able to remain prime minister.”

Jean-Claude Juncker of the European Commission said, “As far as the Commission is concerned we can open negotiations tomorrow morning at half past nine […] First we have to agree on the divorce and exit modalities, and then we have to envisage the architecture of our future relations. I do hope that the result of the elections will have no major impact on the negotiations we are desperately waiting for.”

A Parliamentary majority requires 326 of the organisation’s 650 seats. The Conservative Party holds 318 outright, including May’s own seat in Maidenhead, and the Labour Party holds 262, having gained about 30 in this election. In Britain, the leader of whichever political party has the most seats becomes Prime Minister, though they are also formally appointed by the monarch. Theresa May became leader of the Conservative Party on July 11 of last year and was appointed by Queen Elizabeth II two days later. Cases in which no political party wins outright are called a hung Parliament, and then two or more parties rule together in coalition. Britain had a coalition government from 2010 to 2015. Northern Ireland’s Democratic Unionist Party has pledged an unofficial alliance with the Conservatives, which would bring them up to 328.

This would make May the second Prime Minister in a row to call an election with unexpected results. David Cameron called for a referendum on Britain’s EU membership, not expecting the voters would reject it.

May’s current ministry said most of her senior officials, including Treasurer Philip Hammond, Foreign Secretary Boris Johnson, and Home Secretary Amber Rudd, will remain in the Cabinet.

May met with Queen Elizabeth II yesterday to request her permission to form a government in her name, a traditional formality.

Thursday, July 3, 2008

A German shepherd who recovered the last survivor of the September 11, 2001 attacks is to be cloned. His owner, James Symington, a former police officer from Halifax, Nova Scotia, Canada entered an essay writing contest about why his dog should be cloned.

Trakr, the 15 year old German shepherd suffering from degenerative neurological disorder, was the subject of a contest-winning essay about why Trakr should be cloned that was written by Symington. Trakr and Symington received Humanitarian Service Awards from Jane Goodall for their heroics at Ground Zero. Symington is now an actor of film and television, sometimes credited as Peter James.

BioArts International sponsored the essay-writing contest. Five more dogs are to be cloned by its Best Friends Again program. While Trakr will receive free replication, the other dogs will have to participate in an auction with a starting bid of US$100,000.

BioArts is going to send the DNA of the 6 dogs to Sooam Biotech Research Foundation in Seoul, South Korea. A Sooam researcher said that the dog should be born in November.

Sunday, April 1, 2012

Pichilemu, Chile – Incumbent mayor of the Chilean commune of Pichilemu, Roberto Córdova Carreño (Socialist Party) won the primary elections —qualified as “historic” by local newspaper Expreso de la Costa— to choose a unique candidate for mayor representing the Concertación de Partidos por la Democracia (Concert of Parties for Democracy) coalition of left-winged parties in the next municipal elections of October 28. The elections were held in the Digna Camilo Aguilar School. Córdova ran against incumbent councillor Andrea Aranda (Party for Democracy).

Anyone inscribed in the poll registry before November 30, 2011 and without membership in non-Concertación parties can participate in the election. Simultaneously, similar elections are were held in thirteen other communes of the O’Higgins Region, including regional capital Rancagua and Santa Cruz.

Both Aranda and Córdova participated on Saturday night in a televised debate hosted by municipal worker Fabricio Cáceres Jorquera in his program Cóctel de Sábado, broadcasted by Canal 3 Pichilemu.

Roberto Córdova

Roberto del Carmen Córdova Carreño is the current mayor of the commune of Pichilemu. He was elected during a city council meeting in September 2009, after Mayor Marcelo Cabrera Martínez was forced to leave office permanently. Córdova is a Performance Engineer in Public Management.

Amongst other things, Córdova had to face the emergency triggered by the 2010 Chile earthquake and the subsequent Pichilemu earthquake. He also inaugurated the renovated Agustín Ross Cultural Centre with then-President Michelle Bachelet.

During his primary campaign, he reportedly visited rural areas such as Rodeíllo with a small group of people. His slogan is “Pichilemu, better every day.” (“Pichilemu, cada día mejor.”)

As reported by El Expreso de la Costa, he is supported by the regional president of the Party for Democracy (Aranda’s party) Leandro Sánchez, and senator Juan Pablo Letelier.

“In this voluntary but necessary election, I invite everyone [to vote] for Pichilemu to be better every day,” Córdova said to El Expreso.

Andrea Aranda

Andrea Natalia Aranda Escudero currently is one of the five councillors of Pichilemu, elected in 2008. She is married to Jorge Vargas, former Mayor of Pichilemu, with whom she has three daughters: Camila, Alicia, and Emilia. She is, by profession, a midwife.

She has been criticized by local media as following in the footsteps of her husband, Jorge Vargas, currently prohibited from active politics following his arrest for bribery.

Additionally, an anonymous editor of El Expreso de la Costa nicknamed Bellaco wrote: “[Aranda] assures her contender is campaigning with municipal funds, somebody asked, does she forget her husband made the same thing years before when he was elected for three terms?”

During her campaign, she visited places such as Cardonal de Panilonco, and organized several meetings with local leaders. Her slogan is “With woman’s strength.” (“Con fuerza de mujer.”)

Aranda wrote in an open letter published in El Expreso de la Costa: “As a woman, I’m sensitive to human necessity, and brave to defend the cause of family. My commitment is to work, providing all my capacities, for concrete works and materialization of dreams with you.”

At 19:12 local time (22:12 UTC), regional newspaper El Pulso reported Córdova won the election, on Twitter.

The final results, as published by local TV channel Canal 3 Pichilemu on Twitter, are the following:

• Roberto Córdova – 1,903 (73.1%)
• Andrea Aranda – 699 (23.9%)
• Total votes – 2,602 (100%)

Andrea Aranda said she “will continue to work for the people” and accused she was “the victim of a campaign of terror” against her. She later personally congratulated Roberto Córdova, who said “the election leaves several morals to local democracy,” and announced he would make an appeareance in Los Navegantes “to thank those who voted for him and those who did not.”

Friday, February 13, 2009

A Continental Connection flight from Newark to Buffalo crashed into a house about four to six miles from Buffalo Niagara International Airport on Thursday night, killing 50 people, officials said.

Continental Airlines Flight 3407 is a daily commuter flight from Newark Liberty International Airport in Newark, New Jersey to Buffalo, New York, operated under the Continental Connection brand by Virginia-based regional airline Colgan Air.

The Buffalo News has reported that the plane, a Bombardier Dash 8 turboprop with tail number N200WQ has crashed into a home located at 6038 Long Street, not far from the Clarence Center Fire Hall in the Buffalo suburb of Clarence Center approximately 10:17 p.m. EST (03:20 UTC), Thursday, February 12, 2009. Three people were inside the house.

According to Becky Gibbons of New York State Police and Chris Collins County Executive in Erie County, New York, the total number of fatalities is 50, including 45 passengers, four crew members and a person on the ground, while a woman and daughter on the ground were injured, near the edge of farmland, about seven miles from Buffalo Niagara International Airport.

Karen Wielinski, age 57, and her daughter, Jill, age 22 were brought to Millard Fillmore Suburban Hospital in Williamsville where they are in stable condition in the emergency room. The father, Douglas C. Wielinski, 61 died from his injuries. Two volunteer firefighters are also being treated for smoke inhalation and minor injuries. They are expected to be released later Friday morning.

The crew member names have been released as of 8:20 AM EST, and are listed as: Captain Marvin Renslow, First Officer Rebecca Shaw, Flight Attendant Matilda Quintero, Flight Attendant Donna Prisco, and Captain Joseph Zuffoletto who was an off-duty crew member.

One of the crash victims, Beverly Eckert, of Stamford, Connecticut and widow of 9/11 terror attack victim, Buffalo native, Sean Rooney, was coming home for her husband’s 58th birthday celebration. Her sister, Sue Bourque noted to The Buffalo News, “We know she was on that plane and now she’s with him.” Chris Kausner has said his sister Elise, age 24, a law student, was on board the plane. “I’m thinking about the fact that my mother has to fly home from Florida and what I’m going to tell my two sons,” he said.

The plane, which was carrying over 2.5 tonnes (5,000 pounds) of fuel, impacted a residence that was completely destroyed. Amid rain and sleet, the ill-fated plane exploded into a huge orange fireball, sparking a large fire which emergency crews had to contain. Twelve houses near the crash site were evacuated.

The aircraft in question was on approach to land at the nearby Buffalo Niagara International Airport when it disappeared from radar.

According to recordings from air traffic control, the pilot did not report any problem to approach control, and could not be contacted by the Buffalo tower after handoff. “Can other planes see anything?” asked the traffic controller, but no one has responded. The pilot’s last comment was “Colgan Flight 3407,” but there were no sounds of distress.

The Buffalo News has reported that crew members aboard the flight from Newark Airport reported mechanical problems as they approached Buffalo. Weather conditions were reported to be a wintry mix in the area, with light snow, fog, and 17 mile per hour winds.

In the 31-minute audio-recording there are conversations between the cockpit, air traffic control and other aircraft in the vicinity. Following take-off from Newark Airport, a female voice (pilot) in the 3407 plane’s cockpit is heard informing air authorities that her aircraft was turning on approach to landing. The pilot stopped communicating at 2,300ft.

“This aircraft was 5 miles out, all of a sudden we have no response from that aircraft,” the controller declares. 21 minutes and 45 seconds into the recording, the control tower informs a JetBlue Airlines: “…apparently we have an emergency, I’ll have to get back to you,” reported The Daily Telegraph.

“It was cold, snowing and dark but these planes are designed to fly in icy conditions. However, those conditions can be very fickle and if ice builds up on a plane it can be very difficult. At this time of year, when a pilot crashes approaching an airport that they will know well, the first thing you look at is the weather,” said David Learmount, of Flight International.

Continental Airlines Inc. said Colgan Air was in the process of collecting information. “Continental extends its deepest sympathy to the family members and loved ones of those involved in this accident. We are providing our full assistance to Colgan Air so that together we can provide as much support as possible for all concerned,” said Larry Kellner, CEO of Continental Airlines since December 2004.

The Bombardier Dash 8 a 74-seat is a twin-engined, medium range, turboprop airliner.

According to the Ascend Online Fleets database, Colgan, a company of about 1,100 employees has a fleet of 15 Bombardier Dash 8’s, along with 3 Hawker Beechcraft 1900D and 38 Saab 340B turboprops. Flight 3407’s airplane was less than one year old and had flown for only about 1,500 hours, said Kieran Daly, of the online aviation news service Air Transport Intelligence, saying that the doomed turboprop plane is one of the safest of its type.

Scandinavian Airlines (SAS) has permanently grounded its Dash 8s fleet after three crash landings during a two-month period in 2007 caused by faulty landing gear. “Confidence in the Q400 has diminished considerably and our customers are becoming increasingly doubtful about flying in this type of aircraft,” said Mats Jansson, SAS president and CEO. “I have decided to immediately remove Dash 8 Q400 aircraft from service,” he added.

“There is ‘no indication of any security related event’ that brought the plane down,” said FBI spokesman Richard Kolko. Conditions of freezing drizzle, known as hard rime, were the most likely cause of the tragedy.

The National Transportation Safety Board (NTSB) has announced that they would send a team to the crash site on Friday to begin the investigation. Lorenda Ward will serve as chief investigator with the assistance of NTSB Commissioner Steven Chealander and public affairs officer Keith Holloway. Ward has investigated several other plane crashes — including the 2006 New York City plane crash that claimed the life of New York Yankees pitcher Corey Lidle.

“We are deeply shocked and saddened by the tragic accident that occurred tonight in Clarence. Our focus right now is on supporting the first responders on the ground and their efforts to ensure the health and safety of people in the area,” said Chris Lee, an Republican politician from Corning, New York, representing the 26th Congressional District of New York.

The tragedy is the nation’s deadliest disaster since the Comair Flight 191 crashed in Lexington, Kentucky in August 2006. Delta Air Lines Flight 5191 was a scheduled U.S. domestic passenger flight from Lexington, Kentucky, to Atlanta, Georgia. On the morning of August 27, 2006, the Bombardier Canadair Regional Jet 100ER that was being used for the flight crashed while attempting to take off from Blue Grass Airport in Fayette County, Kentucky, four miles (6 kilometers) west of the central business district of the City of Lexington.

Financially, Continental is faced with volatile fuel prices amid a slowdown from the weak economy. It has posted losses of $585 million for 2008.

Saturday, April 17, 2010

US bank Goldman Sachs has been accused of fraud by the American regulator Securities and Exchange Commission (SEC).

According to the SEC, Goldman Sachs failed to inform investors of a conflict of interest in the banks’ marketing of sub-prime mortgage investments, which were being sold at a time of uncertainty in the US housing market. The SEC says that a Goldman subsidiary, Paulson & Co, had been involved in the selection of securities included in the mortgage investments. It had not been disclosed to investors that Paulson had bet that the value of the investments would fall, benefiting Paulson but not those who bought the investments.

The securities, which were combined into a package called Abacus that was sold to investors, lost over $1 billion during the collapse of the US housing industry. According to the SEC, Goldman, Paulson, and the creator of Abacus, a vice-president of Goldman Sachs named Fabrice Tourre, all knew that the housing market was going to collapse, but continued to sell Abacus despite the risks.

Tourre had been in command of selecting the investments within Abacus, and then was the person responsible for selling it to investors. He had told those who invested in Abacus that its components had been selected by an independent party, ACA Management.

In all, 99% of the investments within Abacus were downgraded, and investors lost upwards of a billion US dollars.

The SEC alleged that “Goldman Sachs arranged a transaction at Paulson’s request in which Paulson heavily influenced the selection of the portfolio to suit its economic interests.” In a short response from Goldman, the bank said that “The SEC’s charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation.”

Wednesday, July 7, 2010

In light of an oil spill that occurred off the coast of southeast Queensland in 2009, a captain of a cargo ship and four companies are set to appear in court.

In March of last year, the cargo ship Pacific Adventurer, with Filipino national Bernardino Gonzales Santos at the helm, encountered bad weather, which resulted in its fuel tank being damaged by loose cargo, leading to the spillage 270,000 litres of oil into the Pacific Ocean. The oil later washed up on Sunshine Coast beaches as well as Moreton and Bribie islands and was dubbed “one of Australia’s worse environmental disasters” by the media.

Santos and four companies behind Pacific Adventurer face individual counts of discharging oil into the ocean and can be fined a maximum of AU$1.75 million in the case of the companies, while Santos faces a $350,000 fine if found guilty.

Santos is also charged with not taking reasonable action following the incident.

Richard Kendall, an executive of one of the involved companies, Swire Shipping LTD, said today that “[w]e are deeply regretful. But we will vigorously defend the charges […] We stand by Captain Santos, who is a first-class captain”.

Like Swire Shipping, China Navigation Company LTD and Bluewing Shipping LTD, who are both joint owners of Pacific Adventurer, pleaded not guilty to all charges.

However, prosecutor Peter Davis stated that “[t]he prosecution’s case is that the cause of the cargo going overboard was due to faulty lashings […] By failing to maintain the lashings, the defendants acted recklessly,” an act that prosecutors say should see the companies and captain pay.