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Monday, June 1, 2009

United States automobile manufacturing firm General Motors filed for bankruptcy and Chapter 11 protection from its creditors at 12:00 UTC Monday, in a Manhattan, New York federal bankruptcy court. This was the largest bankruptcy filing for a U.S. manufacturing company, and with declared assets of $82.29 billion and a debt of $172.81 billion, and the fourth largest bankruptcy filing in recent U.S. history — after the bankruptcies of {{w|Lehman Brothers|| ($691.06 billion), Washington Mutual ($327.91 billion), and WorldCom ($103.91 billion).

The filing, expected to be the first of many, was for a New York GM affiliate, Chevrolet-Saturn of Harlem Incorporated. Numbered 09-50026, it named GM as a debtor in possession, and was filed before judge Robert Gerber.

GM is to be represented throughout the filing process by Weil Gotshal & Manges, a New York law firm specializing in bankruptcy.

The chief restructuring officer, named in the filing, is to be Al Koch, a managing director at AlixPartners LLP in New York, who will report directly to Fritz Henderson, the Chief Executive Officer of General Motors.

In its bankruptcy petition, GM listed its primary creditors as:

The amount owed to UAW excludes “approximately $9.4 billion corresponding to the GM Internal VEBA”. USD22,760 millions are owed to bondholders.

Analysts have observed that the effect of the bankruptcy filing on the U.S. economy is not expected to be as major as it once would have been. One such voice, Mark Zandy, an economist at Moody’s Economy.com, commented that “Bankruptcy now is irrelevant in terms of the economic consequence of what’s happening to GM.” Such analysts believe that the economic impact of GM’s problems has already been felt, with its effects on parts suppliers and employment. They also believe that GM’s programme of accelerated payments, and its participation in a U.S. Treasury program to ensure prompt payments to parts manufacturers, will have cushioned the effect of the bankruptcy itself.

Speaking on Bloomberg Radio, David Cole, chairman of the Center for Automotive Research in Ann Arbor, stated that the fragility of the parts suppliers, the loss of whom would threaten the entire automobile manufacturing industry, was of more immediate concern than the GM bankruptcy.

Also filing for chapter 11 protection today were Saturn LLC and Saturn Distribution Corporation, subsidiary companies of General Motors.

As a consequence of the bankruptcy, General Motors Corporation (GM.N) was removed from the Dow Jones Industrial Average, and was replaced by Cisco Systems (CSCO.O), these changes scheduled by Dow Jones & Company to take effect from the opening of trading on June 8.

Sunday, February 24, 2008

In the year 2000, Dries Buytaert created Drupal, a freely licensed and open source tool to manage websites, as a bulletin board for his college dorm. Since Dries released the software and a community of thousands of volunteer developers have added and improved modules, Drupal has grown immensely popular. Drupal won the overall Open CMS Award in 2007, and some speakers in Drupal’s spacious developer’s room at FOSDEM 2008 were dreaming aloud of its world domination.

Buytaert (now 29) just finished his doctoral thesis and has founded the start-up Acquia. The new company wants to become Drupal’s best friend, with the help of an all-star team and US$7 million collected from venture capitalists. Wikinews reporter Michaël Laurent sat down with Dries in Brussels to discuss these recent exciting developments.

Sunday, November 28, 2004

A more efficient way to produce useable hydrogen has been demonstrated by researchers. It uses very high-temperature electrolysis to separate hydrogen from water, so that hydrogen may be used for energy production.

Electrolysis is one method by which laboratories and factories produce hydrogen. An electrical current is passed through water, breaking it down into hydrogen and oxygen gas, which are then collected above the water reservoir.

Researchers in Salt Lake City, Utah, at Ceramtech Incorporated, in collaboration with workers at The Idaho National Engineering and Environmental Laboratory report that when water is superheated to 800 degrees Celsius, far less electricity is required to produce the same volume of hydrogen. The researchers envision that future nuclear fission plants could be used both to heat the water as part of their cooling system, and generate the needed electricity.

Concerns have been raised regarding the safety of such arrangements, however. Jeremy Desterhoft, an independent consultant on nuclear energy safety, warns the “elevated levels of radiation required to sufficiently lower the atomic separation point is beyond the current capabilities of any recent cooler.” He does not believe that economically viable cooling technology will be available for at least four to six more years.

See the discussion page for instructions on adding schools to this list.Tuesday, September 13, 2005

NAICU has created a list of colleges and universities accepting and/or offering assistance to displace faculty members. [1]Wednesday, September 7, 2005

This list is taken from Colleges offering admission to displaced New Orleans students, and is intended to make searching easier for faculty, graduate, and professional students.

In addition to the list below, the Association of American Law Schools has compiled a list of law schools offering assistance to displaced students. [2] As conditions vary by college, interested parties should contact the Office of Admissions at the school in question for specific requirements and up-to-date details.

The Association of American Medical Colleges is coordinating alternatives for medical students and residents displaced by Hurricane Katrina. [3]

ResCross.net is acting as a central interactive hub for establishing research support in times of emergency. With so many scientists affected by Hurricane Katrina, ResCross is currently focused on providing information to identify sources of emergency support as quickly as possible. [4]

With so many scientists affected by Hurricane Katrina, ResCross is currently focused on providing information to identify sources of emergency support as quickly as possible.

Physics undergraduates, grad students, faculty and high school teachers can be matched up with housing and jobs at universities, schools and industry. [5] From the American Association of Physics Teachers, the Society of Physics Students, the American Institute of Physics and the American Physical Society.

If you are seeking or providing assistance, please use this site to find information on research support, available lab space/supplies, resources, guidelines and most importantly to communicate with fellow researchers.

The following is a partial list, sorted by location.

Alabama |Alaska |Arizona |Arkansas |California |Colorado |Connecticut |Delaware |District of Columbia |Florida |Georgia |Hawaii |Idaho |Illinois |Indiana |Iowa |Kansas |Kentucky |Louisiana |Maine |Maryland |Massachusetts |Michigan |Minnesota |Mississippi |Missouri |Montana |Nebraska |Nevada |New Hampshire |New Jersey |New Mexico |New York |North Carolina |North Dakota |Ohio |Oklahoma |Oregon |Pennsylvania |Rhode Island |South Carolina |South Dakota |Tennessee |Texas |Utah |Vermont |Virginia |Washington |West Virginia |Wisconsin |Wyoming |Canada

Monday, November 20, 2006

Otaki, a small town located in the North Island of New Zealand, has been subject to vandals who have smashed around 70 windows in the local primary school, Otaki Primary School.

The smashed windows resulted in the closure of the primary school today. It is expected that the school will be open tomorrow.

The primary school was not the only property damaged. The police are reporting that the library, memorial hall, law offices, tyre factor, butchery and the citizen’s advice bureau were all attacked, with other attacks possible.

The police say that the damage was done on Saturday night. Business owners are still reporting property damage. Sergeant Mark Toms said: “The damage seems to be widespread, and has not been confined to the school. Mr Toms said that they “are following strong leads as to who is responsible for the vandalism.”

Monday, September 27, 2010

Fatmir Sejdiu, the President of Kosovo, has resigned from his post. He resigned after a court ruled that he had breached the constitution by holding the post of president and being the leader of a political party at the same time. President Sejdiu is also the leader of the Democratic League of Kosovo (LDK).

Sejdiu announced his resignation during a press conference. He said “I presented my resignation for the post of Kosovo president today. I was convinced that keeping the function of the president of the Democratic League of Kosovo without exercising it did not violate the constitution, the court had a different opinion and I respect the ruling.”

A complaint against Sejdiu had attracted the support of 32 members of parliament. Today the constitutional court of Kosovo ruled that Sejdiu breached the constitution by holding the posts of president of Kosovo and of the LDK.

Sejdiu became president in February 2006 after the death of Ibrahim Rugova and the nation declared independence from Serbia in 2008, subsequently becoming recognised by over 70 countries. At the time of his resignation Sejdiu was preparing for talks with Serbia over the possibility of joining the European Union.

Thursday, October 9, 2008

Stock markets across the world fell dramatically this week on worries that recent government moves might not prevent a global recession. The largest drop was with the Dow Jones (DJIA), which fell 678 points or more than 7.3% to below 9,000, closing at 8,579.19. The index fell over 2,000 points in the past nine days to reach its lowest level since 2003. The S&P 500 was down more than 7%.

The U.S. markets opened on the positive side, but with bad news coming from several different areas such as uncertainty over whether the 700 billion USD bank bailout bill passed by the United States House of Representatives and the Senate will be effective. Concerns over the lack of trading within the credit market was a primary cause of the drop.

This was the seventh straight day of markets closing in severely negative numbers.

One of the biggest stocks to drop was General Motors, which lost more than 33% of its value.

In the UK, the FTSE 100 dropped from a day high of 145 points to 52.9 points lower, at a 4 year low. The biggest drop was Barclays, which dropped 13.1%.

The only major world indexes that gained any value were the Hang Seng in Hong Kong, which closed up 511.51 points or 3.31%, and the Russian RTS, which partly recovered from yesterday’s fall with a 10.91% increase.

“Markets are still sceptic with regards to the international coordination to face the problems of the financial system,” explained Barclays Capital economists, and they predicted stocks would continue to be volatile.

Investors are awaiting the outcome of several meetings that will be held this weekend. Finance ministers from the G7 will be gathering in Washington, and the International Monetary Fund and the World Bank will be holding their autumn meetings.

In response to the financial tsunami, the European Central Bank (ECB) opened an unlimited emergency credit line on Thursday to stimulate liquidity in the institutions that are facing bankruptcy. Through six-day credits, the ECB plans to financially aid the 15 countries which are part of the Eurozone. Furthermore, it injected $100 billion dollars into the market, duplicating the figure it had originally offered.

Iceland nationalized Kaupthing Bank, the most important bank in the country. The Nordic state – whose economy is highly dependent on the banking system – is having great financial problems after the government nationalized the three most important banks, and could face bankruptcy.

Central banks in Argentina, Brazil and Mexico also decided to intervene in the market to stop the rapid devaluation of their currencies, fearing a capital flight out.

Germany’s Chancellor Angela Merkel did not rule out nationalizing banks.