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Wednesday, March 18, 2009

United States President Barack Obama stated Monday that insurance giant AIG is in financial trouble due to “recklessness and greed,” and called for legal action to stop the company from giving out millions of dollars in bonuses to its executives.

“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay,” Obama said. “How do they justify this outrage to the taxpayers who are keeping the company afloat.”

Obama’s statement comes after reports surfaced last weekend saying the insurance agency, which is in deep financial trouble, had paid US$165 million to executives in bonuses, after receiving $170 billion as part of a government bailout plan.

AIG has said that the bonuses have to be given out, as the company is legally required by contract to do so. A representative with the National Economic Council, Lawrence H. Summers, also said that the bonuses were required to be given out. If AIG had refused to give out the bonuses, employees could file a lawsuit against the company for the money.

“We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” AIG CEO Edward M. Liddy said in a letter addressed to Treasury Secretary Timothy F. Geithner on Saturday.

Liddy said that he asked Geithner “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”

“I want everybody to be clear that Secretary Geithner’s been on the case,” Obama said. “He’s working to resolve this matter with the new CEO, Edward Liddy, who, by the way, everybody needs to understand, came on board after the contracts that led to these bonuses were agreed to last year.”

If the bonuses cannot be stopped, the U.S. Congress says they want AIG to reimburse the government. Congress is looking to impose stiff new taxes on the pay, or ordering the company to return the money which was originally granted from a government bailout. In a letter to House Speaker Nancy Pelosi on Tuesday, senator Richard Shelby promised that the treasury will recover all of the money. Several U.S. senators along with Liddy have sent letters to AIG asking for the bonuses to be renegotiated, something AIG agreed to and says they will reduce future bonuses by 30%. Senators state that if Libby does not respond by renegotiating the bonuses, the Senate Finance Committee will propose an excise tax. Not only will an excise tax be proposed on AIG, but all companies receiving bailout money and their employees who receive bonuses.

Numerous House Democrats have introduced legislation which would place a 100% tax on any bonuses of over $100,000 from companies that are receiving government bailout funds. Meanwhile in the Senate, a bipartisan proposal by Max Baucus (D-Montana) and Charles Grassley (R-Iowa) would levy a special 90% excise tax on AIG’s bonuses. Asked Senator Baucus, who chairs the Senate Finance Committee: “What is the highest excise tax we can impose that will stand up in court? Let’s find out.”

Tuesday, January 18, 2005

Toulouse, FRANCE – In a ceremony attended by several European political leaders and 5,000 VIP guests, Airbus unveiled plans for the A380, a twin-deck aircraft that can carry up to 840 people in all-economy class (550 for a Boeing 747), or 555 people in typical three mixed classes layout.

The new aircraft will take the world’s-largest title away from rival Boeing’s 747. Boeing’s upcoming new design, the 7e7, does not attempt to compete directly with the A380 but instead is aimed at a more efficient and comfortable flight at 200-250 seats.

Airbus chief executive Noel Forgeard stated that he expected sales of the aircraft to exceed the 250 required for the project to break even. To date, 149 confirmed orders for the aircraft have been received. Airbus has hopes that sales will exceed 700. The company is currently in talks with China regarding possible sales there.

The first test flight of the aircraft may take place as early as March, and the first commercial flight is expected to take off in mid-2006 from Singapore’s Changi Airport.

British and American airline Virgin Atlantic has purchased six of these aeroplanes and intend to fit them with gyms and bars as well as seats.

Tuesday, April 8, 2014

The death of Scottish artist Alan Davie was announced on Sunday. Davie, 93, was known for his colourful abstract paintings.

Davie’s career also saw turns as a jeweler, a jazz musician, a lecturer, and a poet. Born in Grangemouth, near Falkirk, in 1920, he studied painting from 1938 to 40 at Edinburgh College of Art.

His father was a teacher who dabbled in art and his mother’s family was musically inclined. Upon seeing Coleman Hawkins performing in a music shop in Edinburgh, Davie borrowed £600 from his father to buy himself a saxophone. After serving in the Second World War, at which time he wrote much poetry later transcribed by his father, Davie toured with Scottish jazz bands.

Davie’s work was admired by the likes of Jackson Pollock, Mark Rothko and David Hockney. Davie himself collected non-Western art and liked tattoos, graffiti, and ‘outsider art’. His final interview before death, with The Telegraph, gave an insight into how he viewed art: “It’s an urge, an intensity, a kind of sexual need[…] something I do from an inner compulsion, that has to come out.”

He initially avoided painting as a career at all, then spent several years earning money by other means whilst his paintings failed to sell. His exhibitions in the late 1950s, however, were highly successful and launched his career. He was in the habit of choosing titles for his art only after completion.

Despite a strong presence owing to his lengthy red beard and off-beat humour, he was shy; his international fame waned. Recent years have seen a revival of interest with price increases for his early art. London alone is host to three exhibitions this month including at the Tate.

Tate Britain calls Davie “one of the first British artists after the war to develop an expressive form of abstraction” producing “kaleidoscopic canvases[…] that the artist relates to his love of jazz”.

Sunday, June 5, 2016

Legendary boxing great Muhammed Ali died on Friday aged 74 in a hospital in Phoenix, Arizona in the United States. A family spokesperson said Ali had been admitted with respiratory problems. The former heavyweight champion lived with Parkinson’s disease for decades, diagnosed in 1984.

Born on January 17, 1942 as Cassius Marcellus Clay, he changed his name to Muhammed Ali after his 1964 conversion to Islam. In his professional career, Ali won 56 out of 61 fights — including 31 consecutive wins. He won the World Heavyweight Championship three times and had also won an Olympic gold medal in the light-heavyweight category.

Often considered the greatest boxer of all time, Ali was the world heavyweight champion in the 1960s and 1970s. His famous fights with George Foreman in 1974 when he won his title back and against Joe Frazier are considered by many as two of the greatest fights in the sport’s history. Ali had also defeated Sonny Liston to claim the championship title.

Ali was also known as a political activist. He came under considerable controversy after his decision to refuse the Vietnam War draft.

He lit the flame in the 1996 Olympics hosted in Atlanta.

His funeral is to be in Kentucky.

Thursday, July 31, 2008

From the middle of July, Sony Corporation refreshed their senior laptop brand VAIO from “Video Audio Integrated Operation” to “Visual Audio Intelligent Organizer”. According to Sony Taiwan Limited, this refreshment is an attempt to relocate the laptop consuming market for business and entertainment factors.

In the “VAIO Experience 2008” press conference in Europe, Sony promoted their new product series for different populations including BZ for business, FW for home entertainment, Z for ultra-slim, and SR for complex applications.

Different with past series, Sony added “Clear Bright” screening technology for high-definition display, and “full-carbon production” features. BD-burning and Intel Centrino 2 processing technologies will be featured in all the new models. For security issue, Sony also embedded fingerprint system to prevent personal data to be stolen. Continued from TZ series, innovative designs including “Green Power Button”, “Situational Switch” are also added in newly-launched series.

“Due to consuming market differences, Sony only promoted BZ series in Europe and America but not included Asia. Although the TICA Show in Taipei will be different, functionality will be the greatest issue when a consumers choose a notebook [computer] before buying.” addressed by executives from Sony Taiwan Limited, during the “VAIO Experience 2008” press conference in Taiwan.

Monday, November 26, 2012

An 18-year-old man, Travis Hawkins Jr., was charged yesterday by police in Mobile County, Alabama, for allegedly beating a woman who is romantically involved with his sister. Hawkins was bailed following a charge for second-degree assault.

Mallory Owens, 23, the victim of the attack, is in the USA Medical Center in Mobile, recovering from the injuries. Owens has had to have facial reconstructive surgery and had a broken nose from the assault during Thanksgiving. Owens’ family have told reporters they believe it to be a hate crime and called for the prosecutors to upgrade the charges against Hawkins.

The father of the arrested man, Travis Hawkins Sr., has said they have hired a lawyer for his son, Hawkins Jr.

Monday, November 26, 2007

In the 18 months since Andrea Muizelaar was crowned winner of the reality TV series Canada’s Next Top Model, her life has been a complete whirlwind. From working in a dollar store in her hometown of Whitby, Ontario, to modeling haute couture in Toronto, she had reached her dream of becoming a true Top Model.

But at what cost? Unknown to casual television viewers, Muizelaar had been enveloped in the eating disorder anorexia nervosa, which inevitably became too much for her to bear. She gave up modeling and moved back to Whitby, where she sought treatment for her disorder, re-entered college, and now works at a bank. Where is she now? Happy and healthy, she says.

Recently Andrea Muizelaar sat down with Wikinews reporter Mike Halterman in a candid interview that stretched to nearly two hours, as she told all about her hopes and aspirations, her battle with anorexia, and just what really happened on Canada’s Next Top Model.