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Wednesday, April 1, 2009

According to reports, a man protesting the G20 Summit in London, England has died after collapsing at a protester camp.

Sky News says the man collapsed on the street inside a camp close to the Bank of England and when found he was still breathing, but efforts by paramedics to rescue him failed and he was pronounced dead at an area hospital. The name of the person and cause of death are not yet known, but several people were injured earlier in the day. The police claim that protestors threw bottles at them while trying to rescue the protestor.

The London Ambulance Service reported that “we received a 999 call at 7:24 pm from a member of the public reporting that a man had fallen over and was unconscious, but was breathing. [They] made extensive efforts to resuscitate him both there and on the way to hospital.”

Earlier in the day a minimum of 20 protesters broke into the bank and according to reports vandalized furniture, broke windows and cut the telephone lines to the building.

Friday, April 3, 2009

General Motors (GM) and Chrysler will receive bridge loans from the government of Canada and the provincial government of Ontario, however no more will be forthcoming from either Canadian or US governments unless the companies can reinvent themselves.

“This is a regrettable but necessary step to protect the Canadian economy. We are doing this on the assumption that we obviously cannot afford either in the United States or Canada a catastrophic short-term collapse.” said Stephen Harper, Prime Minister of Canada.

“We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America’s success,” said Barack Obama, President of the United States. “These companies – and this industry – must ultimately stand on their own, not as wards of the state.”File:Sinsheim quer.jpg

Chrysler will receive CA$1 billion and may in fact be eligible for as much as CA$4 billion. If Chrysler succeeds in the next 30 days with a restructuring plan it would be eligible for a US$6 billion loan. A part of Chrysler’s restructuring plan must include a partnership with Fiat within 30 days to appease the US administration. Fiat is a supplier of smaller fuel-efficient vehicles, and the merger will help Chrysler to be viable in the North American market. A Chrysler court bankruptcy would inevitably lead to it being sold off.

As a part of Chrysler’s restructuring plans, Tom LaSorda, the president of Chrysler announced that Canadian operations would fold if it does not receive both the US commitment of $2.3 billion of aid and a new Canadian Auto Workers CAW contract to reduce all-in costs by CA$19 per hour. As a result of this announcement Chrysler’s auto sales volume in Canada dropped 23% compared to March of 2008.

GM has until the end of May to restructure its company to receive up to CA$7.5 billion. As part of the companies restructuring, General Motor’s chief executive Rick Wagoner was replaced Sunday with Fritz Henderson, the current chief operating officer. Henderson spoke out on Tuesday that GM has submitted a restructuring plan which would close five plants, and this may be increased to meet the requirements for financial aid. He is in full compliance with Obama’s auto task force to seek bankruptcy if GM cannot negotiate with their unions, bondholders and others.

GM recently brought forward the “GM Total Confidence” program providing consumer purchase protection for customers who lose their job for economic reasons within the first two years from purchase. As a result of Chrysler’s restructuring announcement in Canada, GM’s Canadian vehicle sales volume fell only 17.3% compared to 2008, an increase from the previous month.

GM must reduce some of its legacy costs which include its pensions and union health care costs. A part of GM’s ailments arose from investing in supplying truck and SUVs during an economy of high gas prices when consumers were demanding fuel efficient vehicles.

Tony Clement, Canada’s Minister of Industry, is hoping that the CAW will support the restructuring process and re-negotiate their agreement. Whereas a United Auto Workers negotiator has said, “I don’t see how the UAW will do anything until they see what the bondholders will give up.”

The Obama administration is looking toward bankruptcy proceedings for the automakers, “as a mechanism to help them restructure quickly and emerge stronger. [It will] quickly clear away old debts that are weighing them down. What we are asking is difficult. It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognise that they cannot hold out for the prospect of endless government bailouts.” said Obama.

The auto parts suppliers and IT software exporters in India have already been affected by the declining auto sales. GM and Chrysler software contracts provide US$300 to 350 million a year to vendors in India. As well these two major automakers usually award US$1 billion contracts to auto parts suppliers. “We are worried and closely watching the developments in the US to gauge the impact. The decline in auto sales in the US has already hit the order books of Indian suppliers,” said a Delhi auto parts supplier.

“Going forward, the industry will undoubtedly be smaller, but if our efforts are successful it will be viable and it will support good jobs for Canadians,” said Clements.

Betty Sutton, Ohio’s Congresswoman put forward the CARS act which provides a US$3,000 to 5,000 incentive for those who trade in their vehicle for a fuel-efficient car. “It clearly stimulates the economy, and it gets the consumer into the showroom and gets them buying again. But importantly — and this is what I particularly like about it — it really helps the environment quite a bit in two respects.” said William Clay Ford Jr., executive chairman of Ford Motor Co.

Ford Motor Company has not come forward with requests for assistance.

Since December GM and Chrysler have received US$17.4 billion government loans.

Sunday, March 4, 2007

Tottenham Hotspur travelled to Upton Park earlier today to face West Ham United, currently the bottom team in the table. West Ham were 10 points adrift of relegation safety at kickoff, and desperately needed points to secure a stay in the Premiership for next season. Tottenham on the other hand have been enjoying a good run of play as of late, and had a chance to jump above Portsmouth into 8th position in the Premiership.West Ham started strongly in the match, desperately trying to bring the game to Tottenham with the support of their home fans urging them on. West Ham’s first effort came in the second minute, but keeper Paul Robinson was able to beat away the shot of Mark Noble. Things took a downturn for the Hammers several minutes later, when Matthew Upson was forced off the pitch after aggravating a calf injury, and was replaced by Calum Davenport. Dimitar Berbatov then had two great chances for Tottenham, as he went one on one with keeper Robert Green, but Green was able to stop the Bulgarians attempts both times. West Ham continued to press, and were rewarded with a goal on 16 minutes. Paul Konchesky’s pass was chested down by Argentinian Carlos Tevez, and Mark Noble half-volleyed the ball into the back of the net. Tottenham nearly got an equilizer only minutes later after a defensive error by West Ham, but Berbatov’s shot was again saved by Green. More chances came for both sides in the forms of Defoe for Tottenham and Harewood for West Ham, but the next goal would come through the young Carlos Tevez. Michael Dawson fouled the Argintinian on the outside of the 18 yard box, and Tevez curved the ensuing free kick in under the crossbar. The goal was Teves’ first since joining West Ham at the beginning of the season. He was booked for his goal celebration as he ripped off his shirt and ran into a group of cheering fans.Tottenham made a change to start the second half, substituting Tom Huddlestone for Hossam Ghaly, and Huddlestones prescence helped Tottenham to control the midfield. They used their control to its potential, and Aaron Lennon was able to earn a penalty after being brought down by Lee Bowyer in the area. Jermain Defoe stepped up and slotted the ball past Green to cut the Hammers lead in half. Spurs continued to press for an equilizer, and got it in the 63 minute as Lennon flicked a Berbatov cross into the path of Tainio, and the Finnish international volleyed the ball past Green. The tying goal seemed to wake West Ham up, and Bobby Zamora and Keppa Blanco were added to the mix to try and save the 3 points for the home side. West Ham got their goal, and Tevez was involved again as his cross was headed home by substitute Zamora. As 90 minutes approached, Tottenham won a free kick on the edge of the box, and Dimitar Berbatov stepped up to the plate. Several of Berbatov’s attempts had been blocked by keeper Green already, but he would not be denied this time as he curled the ball into the top left corner, leaving the goalie helpless. Tevez again threatened Tottenhams goal, but his shot flew just wide. West Ham would be left to rue their missed chances when Defoe’s shot was parried by Green, but the ball was tapped in by Canadian Paul Stalteri, giving the visitors their first lead of the game, and soon earning them all 3 points. The goal came just over 5 minutes into stoppage time, and there was no chance left for West Ham to equilize.West Ham will continue their battle to stay in the Premiership in two weeks time against Blackburn, while Tottenham is due for an UEFA cup battle against Braga.