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Wednesday, November 26, 2008

Australian Prime Minister Kevin Rudd has told the House of Representatives that the federal budget may need to fall into “temporary deficit” if the global economic crisis impacts upon Australia further. The Prime Minister said it would draw upon its budget surplus to stimulate growth and jobs.

The Prime Minister said the Australian economy had changed significantly over the past few months and warned that there were hard times to come for many people. Mr Rudd said the situation will worsen before it gets any better.

Mr Rudd said that the government will go into temporary deficit and spend on infrastructure to stimulate growth if required and not to do so would be irresponsible.

“If Australian economic growth slows further because of a further deepening of the global crisis then it follows that Australian Government revenues will reduce further,” he said.

“Under those circumstances, it would be responsible to draw further from the surplus and if necessary to use a temporary deficit to begin investing in future infrastructure needs including hospitals, schools, TAFEs, universities, ports, roads, urban rail and high speed broadband.” He added, “Such action would support growth would support families and jobs and would be undertaken in the national interest.”

If the budget fell into deficit, it would be first time the federal budget has gone into deficit since 2001. Previously, the government has refused to concede the budget would go into deficit, contrary to predictions by economists.

The admission by the government follows claims on the weekend by the Prime Minister that he did not expect the budget would go into deficit “in the current circumstances.” Today Mr Rudd told parliament that the global economic crisis is accelerating.

“The world economy is deteriorating rapidly,” Mr Rudd told parliament.

“The impact of the global financial crisis … has grown from a trickle to a flood. It is now sweeping across the world from China to Chile, from Germany to Japan.”

The government slashed its budget surplus forecast earlier this month by AUD15 billion to $5.1 billion and revised down revenue for the next four years by a further $40 billion. Mr Rudd blamed part of the downgrade to falling commodity prices.

Figures recently released by the OECD predict that Australia will manage to avoid a recession this year; economic growth is predicted to be 1.7%.

Opposition leader Malcolm Turnbull used the Prime Minister’s announcement to attack the Rudd government’s economic credentials. He said any deficit would be regarded by voters to be a failure in economic management.

Mr Turnbull asserted that it is unlikely that any deficit would be temporary. “Experience and history tell us that Labor deficits are never temporary,” he told parliament. “The last Labor deficit lasted for six years. It only came to an end with the election of a coalition government.”

Mr Turnbull said the government had remained focused on inflation for longer than they should have.

“It was the only government in the developed world that was ignoring the global financial crisis…and was declaring its own war on inflation, when much darker storm clouds were on the horizon.”

The Liberal leader took aim at comments made by Finance Minister Lindsay Tanner and Prime Minister Rudd on the weekend that said the budget would not be allowed to fall into deficit.

“Forty-eight hours [later] and that has been completely abandoned,” said Turnbull.

Tuesday, September 13, 2005

US-based Oracle Corporation announced earlier today that they are buying rival US-based Siebel Systems for $10.66 USD per share. Siebel shareholders have the option to receive the $10.66 per share in cash or in Oracle stock. This deal is valued at approximately $5.85 billion USD. Siebel Systems’ Board of Directors has already voted in favour of the acquisition. Founder Thomas Siebel has also given his support. A special meeting will soon be held for Siebel stockholders to vote on the acquisition. If all goes well the deal should close in the early part of next year.

After acquiring Siebel; Oracle, which specializes in database applications, will become the second largest software company. Oracle has offices in more than 145 countries, and employs over 50,000 people. This acquisition will make Oracle the largest customer relationship management (CRM) applications company in the world. CRM applications include accounting, inventory management and customer management software. “Siebel’s 4,000 applications customers and 3,400,000 CRM users strengthen our number one position in applications in North America and move us closer to the number one position in applications globally”, said Oracle CEO Larry Ellison.

“Today is a great day for Siebel Systems’ customers, partners, shareholders, and employees,” said Thomas M. Siebel, Chairman and Founder of Siebel Systems. Many analysts predicted the acquisition of Siebel after Oracle bought competitor PeopleSoft for $10 billion USD, last December.

Friday, December 21, 2007

A delegation claiming to represent the Lakota Indian Tribe, an Indian nation within United States borders, have signed a document stating that the tribe withdraws and or cancels all treaties with the U.S. and formally establishes independence from the country. The letter was hand delivered by activists for the tribe to Deputy to the Public Liaison at the State Department, Daniel Turner.

“We are no longer citizens of the United States of America and all those who live in the five-state area that encompasses our country are free to join us. This is according to the laws of the United States, specifically article six of the constitution. It is also within the laws on treaties passed at the Vienna Convention and put into effect by the US and the rest of the international community in 1980. We are legally within our rights to be free and independent,” said Russell Means, an activist for Native American rights to reporters at a press conference on Wednesday in Washington, D.C..

“Today is a historic day and our forefathers speak through us. Our Forefathers made the treaties in good faith with the sacred Canupa and with the knowledge of the Great Spirit. They never honored the treaties, that’s the reason we are here today,” said Garry Rowland who is also known as Wounded Knee.

The delegation wrote a formal letter to the Department of State which was hand-delivered by activists of the tribe announcing their secession. So far, the U.S. has not issued a public response regarding their decision. Wikinews attempted to contact the State Department, but in an e-mail Director of the Office of Media Affairs Kirsten Petree stated that “this is not an issue for the State Department” and referred us to the Department of the Interior.

Under the declaration, the tribe, which consists of people from Nebraska, North Dakota, Montana, South Dakota and Wyoming, would create and issue its own driver’s licenses and passports. According to a report by Agence France-Presse, all residents who currently live within Lakota borders can continue to reside there without paying taxes, as long as they renounce their U.S. citizenship.

The attempt to gain independence began in 1974 when activists wrote up a draft declaration of independence, which was modeled after the 1776 Declaration of Independence that the U.S. signed in declaring freedom from England.

Many of the treaties the tribe signed with the U.S. are over 150 years old.

“We have 33 treaties with the United States that they have not lived by. They continue to take our land, our water, our children,” said activist Phyllis Young, who was one of the individuals who helped to organize a 1977 conference in Geneva on “indigenous rights.”

The other members of the activist delegation were Duane Martin Sr., Gary Rowland and Phyllis Young. Duane Martin Sr. is a leader of a group called the Strong Heart Society. Gary Rowland is a leader of a group called the Big Foot Riders. Phyllis Young is the founder of a group called Women of All Red Nations.

Means’ group is based in Porcupine, South Dakota on Pine Ridge Indian Reservation. Means’ group is not an agency or branch of any Lakota tribe, although he ran unsuccessfully for president of the Oglala Sioux tribe in 2006.

Tuesday, November 21, 2006

The International Watch Company (IWC) is organizing an on-line auction to take place in the period from December 13 to December 20, 2006. The proceeds of the auction will be used for offering support to a charitable organization – Association Vol de Nuit/Vuelo Nocturno. The main task and responsibility of the association lies in taking care of Buenos Aires children who live in reduced circumstances.

Association Vol de Nuit/Vuelo Nocturno, a humanitarian institution, was established in 2003. The Foundation has built close cooperation with the city’s schools, homes and other organizations helping street children. The proceeds of the IWC on-line auction are to be benefited to the major projects carried out by the Foundation.

Da Vinci is the name of a rarity timepiece chosen by the IWC to be put for auction. The watch itself was developed back in 1990 as a part of a limited edition of just 110 pieces. It represents a stainless steel model featuring a white dial in English which is provided with a perpetual calendar function. The exclusive watch is on the list of the most sought-after items among connoisseurs of High Horology.

This is the ninth time the IWC is holding an auction for charitable purposes and every time dozens of watch collectors and enthusiasts take part in the event. The bidders are invited to visit the official site of the Company.

Monday, June 13, 2011

In a unanimous decision, a US federal appeals court issued a ruling Friday against the federal government, in favor of Massey Energy Co, owner of the Upper Branch Mine in West Virginia, the location of last year’s mine disaster that killed 29 workers. The court ruled the company may appeal the restrictions placed on it by a government order hindering the company’s ability to conduct its own internal investigation of the disaster.

The order controlling Massey’s investigations into the disaster was placed on Massey immediately after the incident by the Mine Safety and Health Administration (MSHA) when it seized control of the coal mine six hours after the blast on April 5.

MSHA’s controls prohibited Massey from “taking or retaining photographs, collecting and preserving mine dust samples, employing mine mapping technology, and participating in or objecting to any destructive testing of materials gathered underground.” Massey said MSHA’s restrictions prevented the company from evaluating the accident site before it was altered by investigators, and denied Massey the chance to gather evidence to use in the company’s defense.

Massey’s appeal to the Federal Mine Safety and Health Review Commission (the commission that decides disputes over mining regulations) to void the order by MSHA was denied by the commission. It based its decision on its interpretation of the Mine Act that it had no authority to consider Massey’s appeal. The United States Court of Appeals for the District of Columbia Circuit set aside this decision, finding the commission’s interpretation of the act was “simply untenable” and the government’s actions had denied Massey the opportunity to gather “potentially important exculpatory evidence”.

The court rejected the commission’s position that the Mine Act’s language was ambiguous, allowing the government flexibility in its implementation. Rather, the court said, “No matter how you parse it, [the act] is a model of near-perfect clarity. Indeed, it is hard to imagine a clearer expression of congressional language.” It also rejected the commission’s position that the case was moot: “This case is not moot. Indeed, even the [Labor] Secretary’s counsel recognized the near-frivolity of this argument, and made only a half-hearted attempt to persuade us.”

The court’s ruling comes after a state government-comissioned report issued on May 19 by investigators found Massey Energy responsible for the deaths of the 29 workers. The workers were killed in an explosion that could have been avoided, the report said, if Massey had put in place standard safety procedures.

“The story of Upper Big Branch is a cautionary tale of hubris. A company that was a towering presence in the Appalachian coal fields operated its mines in a profoundly reckless manner, and 29 coal miners paid with their lives for the corporate risk taking,” the report read. “The company’s ventilation system did not adequately ventilate the mine. As a result, explosive gases were allowed to build up.” The report detailed claims Massey threatened miners with termination if they stopped work in areas that lacked adequate oxygen levels and listed numerous other state and federal safety standards that Massey failed to follow. Also blamed in the report was MSHA for failing to enforce federal regulations.

The report was considered by the those in the mining industry as especially direct and “hard hitting”. It firmly rejected conclusions reached by Massey officials that the incident was caused by an unexpected, massive, and uncontrollable methane bubble eruption, an occurrence that Massey said it could neither predict nor manage.

The company immediately challenged the report and issued its own report on June 3, blaming the blast on an act of nature and denying the company’s safety culture was at fault. MSHA also have an as-yet unreleased report in the works.