Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Tuesday, April 7, 2009

American President Barack Obama made an unannounced visit to Iraq today, The New York Times reported Tuesday. This is Obama’s first visit to Iraq since he became president.

Air Force One touched down at 4:42 p.m. local time (1:42 p.m. UTC, 9:42 EDT), amid heavy security at Baghdad International Airport.

White House spokesman Robert Gibbs told reporters that the trip to Iraq was due to Iraq’s proximity to Turkey — where Obama was finishing a week-long visit to Europe — and that American soldiers in Iraq deserved the attention and appreciation of their president.

“Our men and women who are in harm’s way, either in Iraq or Afghanistan, deserve our utmost respect and appreciation,” Gibbs told the New York Times. CNN reports that Iraq’s proximity to Turkey was the reason behind choosing Iraq over Afghanistan.

Gibbs also said that Obama planned to meet with Iraqi Prime Minister Nouri al-Maliki, but poor weather in Baghdad means that Obama will likely talk to the prime minister and Iraqi President Jalal Talibani by telephone.

American troops are slated to leave Iraq by August 2010, with The New York Times reporting that troop levels will continue to be high until Iraq’s federal elections in December.

Obama told a group of university students in Turkey that despite his original opposition to the war in 2003, he realized that the troop withdrawal must be done carefully.

“I have a responsibility to make sure that as we bring troops out, that we do so in a careful enough way that we don’t see a complete collapse into violence,” Mr. Obama said, according to The New York Times. “So some people might say, wait, I thought you were opposed to the war, why don’t you just get them all out right away? Well, just because I was opposed at the outset it doesn’t mean that I don’t have now responsibilities to make sure that we do things in a responsible fashion.”

Tuesday, October 2, 2007

Dan McCreary is running for the Progressive Conservative in the Ontario provincial election, in the Brant riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Saturday, November 7, 2009

BBC television programme Strictly Come Dancing is to be broadcast from the Blackpool Tower in the county of Lancashire in England.

The ballroom in the famous tower, which is located in the city of Blackpool, is where the show will be broadcast from on Saturday night on BBC One. The show was previously broadcast from there in 2004, at the end of series two. There are currently nine couples remaining in the current series. All of the celebrities — including actor Craig Kelly, actresses Laila Rouass and Ali Bastian — arrived in the city of Blackpool on Wednesday.

Speaking to Manchester Evening News journalist Dianne Bourne, actor Craig Kelly said: “A few of them [the contestants] have asked whether I’ll show them around, and of course if we get time I’m happy to take everyone sightseeing. We’ve got a dress rehearsal on Friday night, but if we get any time off, I’m sure I can show them a good time in Blackpool.

“I can’t believe I’m there, it hasn’t sunk in yet. It will hit me once I get inside the ballroom. It’s going to be so much fun, and I’m going to go out there and give it my all. The pressure is off for me now because I’ve achieved my main goal to get to Blackpool. Anything from here is a bonus.”

The programme, popular in the United Kingdom, has been exported around the world under the title “Dancing with the Stars.”

Saturday, January 30, 2010

The automobile manufacturer Toyota has said that it will recall up to 1.8 million cars across Europe, after a problem with the accelerator pedal was discovered.

According to the firm, eight models were affected by the problem — AYGO, iQ, Yaris, Auris, Corolla, Verso, Avensis, and RAV4 — after it was discovered that the accelerator may become stuck in a depressed position, resulting in uncontrollable speeding.

On Thursday, Toyota said it would recall 1.1 million cars in the US; a day previous, it had suspended eight models from sales. Last week, 2.3 million cars in the US were recalled due to the pedal issues.

The chief executive of Toyota Motor Europe commented on the recall. “We understand that the current situation is creating concerns and we deeply regret it,” said Tadashi Arashima. The firm, however, noted that it wasn’t aware of any accidents resulted by the malfunctioning accelerator pedals, and not many pedal problem incidents were reported in Europe. “The potential accelerator pedal issue only occurs in very rare circumstances,” Arashima added.

The National Automobile Dealers Association, meanwhile, commented that Toyota showrooms could lose as much as US$2.47 billion worth of revenue due to the incident.

“Toyota veterans will likely hear the news with disbelief and keep faith in the brand, but new customers could definitely be scared off,” remarked Robert Rademacher, who is the president of the trade group ZDK, as quoted by Business Week. “This recall has a dimension which we’ve never seen before.”

There are concerns that the problem may result in reduced consumer trust in Toyota. Hans-Peter Wodniok, an analyst for Fairesearch GmbH & Co. in Germany, noted: “If this is a one-time event, huge as it is, Toyota may be forgiven. But if something happens again in the next months and years, they will have gambled away customer trust in Europe as well.”

Analysts for Morgan Stanley, however, said they believed Toyota would not suffer much from the incident. “The company’s actions to correct the situation are timely enough to avoid major brand damage,” they remarked in a note to investors.

Friday, July 7, 2017

On Wednesday, automobile company Volvo announced all of its cars to be released in 2019 onwards are to use some form of battery-powered engine, leaving conventional petrol-only vehicles altogether. The decision comes after Volvo announced in May their intent to cease production of diesel vehicles.

The chief executive of Volvo Cars, Håkan Samuelsson, said, “People increasingly demand electrified cars”. Volvo aims to release five new electric vehicle models between 2019 and 2021. While little has yet been revealed about them, the company has stated two of them are to be high-performance electric vehicles, branded as Polestars.

Other car models from 2019 may be plug-in hybrid or 48-volt “mild hybrid” systems. Audi and Mercedes-Benz are also releasing mild hybrid cars for the European market.

“This announcement marks the end of the solely combustion engine-powered car. Volvo Cars has stated that it plans to have sold a total of 1m electrified cars by 2025. When we said it we meant it. This is how we are going to do it,” Samuelsson said. Volvo is owned by Chinese automotive giant Geely, and China’s Ministry of Industry and Information Technology has said by 2025 they want new vehicle sales to be 20 percent “new energy vehicles”.

Saturday, May 21, 2005

In an effort to ease complaints by the U.S. and Europe about a heavy influx of low priced Chinese goods, China will raise export tariffs on 74 categories of textile products in June. This follows plans from the U.S. to impose quotas on Chinese textiles and clothing.

Products likely to see an increase from the Chinese move include synthetic fiber shirts, trousers, knit shirts and blouses, cotton shirts, and combined cotton yarn. Last week, similar restrictions were imposed by the U.S. on cotton trousers, knit shirts, and underwear. Currently, a 2.5 cent charge per item is imposed; the new tariff will raise this to the equivalent of 12 cents per piece now. While this is a fourfold increase, it is not expected to affect consumer prices. Because of this, some doubt the tariff will have any effect on correcting the trade imbalance.

This move is in response to U.S. trade quotas imposed due to concerns that increased Chinese goods would put U.S. textile manufacturers out of business. According to Auggie Tantillo, executive director of the American Manufacturing Trade Action Coalition, a textile industry group in the U.S., the move will preserve 10,000 U.S. jobs. The new U.S. trade quota will limit the growth of Chinese textile imports to 7.5 percent compared with shipments over the past year.

Prior to January 1, a global quota system helped regulate the trade. With the quota system gone, fears have arisen that a flood of Chinese goods could undercut U.S. competitiveness in the market. China is able to market its goods cheaply due to an artificially weak yuan. The U.S. Treasury criticized the China yuan policy as “highly distortionary”, posing a major risk to China’s economy itself and to global economic growth. They challenged China to revalue its currency to bring it to a level they believe will allow fairer competition between global manufacturers.

China has disputed the charges of the U.S. Treasury. Chinese Commerce Minister Bo Xilai said, “I believe they are not reasonable”.

Laura Jones, a representative of large retailers, also criticized the move, saying “These restrictions on imports from China will do absolutely nothing to help the U.S. textile industry — and the government knows it.”

China has seen a boom in economic growth in recent years due to growing trade surpluses with the West, but economists worry that the trade gap will cause longer term global economic problems. China’s textile and apparel exports are the most noteworthy example, with exports up over 1,000 percent in some categories this year and the rapid loss of marketshare and jobs by U.S. textile manufacturers.

Beginning in 1978, the Chinese economy has been transforming from a Soviet-style centrally planned economy to more of a free market style system, under the rigid political control of Communist Party of China.

To this end, the government has leveraged foreign trade to stimulate economic growth. The result has been a fourfold increase in GDP, making China the sixth largest economy in the world. By 2012 the People’s Republic of China may have the highest GDP in the world.

According to U.S. statistics, from 1999 to 2004 China’s trade surplus with the U.S. doubled to $170 billion. Wal-Mart is China’s seventh largest export partner, just ahead of the United Kingdom.

However, the gains from their “socialist market economy” have not been without problems. The Chinese leadership has often experienced the worst results of socialism and capitalism: bureaucracy, lassitude, corruption, and inflation. Inflation rates have been an on-going challenge, reaching as high as 17% in 1995.

Environmental deterioration is a longer-term threat to economic growth. In 1998, the World Health Organization reported that China had seven of the 10 most-polluted cities on Earth. Another concern among some economists is that China’s economy is over-heating, and due to its global economic expansion this could have major repercussions among other nations.

Typically, wages have been low and working conditions poor, with workers living in restrictive dormitories and working at boring factory jobs. However, recent labor shortages have started improving conditions, and raising the minimum wage towards the equivalent of 100-150 US dollars per month. The labor shortages are in part a result of a demographic trend caused by strict family planning.

• “Economy of the People’s Republic of China” — Wikipedia, May 22, 2005
• “China raises tariffs on textile exports. Beijing hoping to counter criticism from U.S., Europe.” — CNN, May 21, 2005
• “China to increase export tariffs” — CNN, May 19, 2005