Thursday, September 21, 2017

On Monday night, New Jersey, US-based toy retail giant Toys R Us filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US$2 billion.

According to the filing, the retail chain owns US$6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. Kohlberg Kravis Roberts, Bain Capital, and Vornado Realty Trust acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and Target are some of the competitors for the conventional ‘brick and mortar’ toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO Dave Brandon said “very, very aggressive pricing online” was causing problems. He also said the company was experiencing “significant weakness in demand for their products globally”. Toys R Us are to clear a debt of US$400 million by May 2018.

Toys R Us said they would continue to operate for the holiday season. Bankruptcy lawyer Jeff Gleit said Toys R Us “need to do both a financial restructuring as well as an operational restructuring” and “needs to modernize with the times”. Last holiday season, Toys R Us made sales around US$4.5 billion. Overall, the company reported a US$29 million loss in 2016. CEO Brandon said, “Our objective is to work with our debt holders and other creditors to restructure the US$5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business”.

Toys R Us employs more than 60 thousand people in 38 countries around the world in more than 1600 stores. The company’s stocks fell by six percent after filing for Chapter 11 protection. US bankruptcy code Chapter 11 allows the company to restructure under a plan approved by the court. The company would also be shielded from creditors’ claims during the process. For the stores located in Canada, Toys R Us filed bankruptcy in Ontario and are to undergo reorganisation. However, 259 stores located outside the US or Canada will not undergo reorganisation, the company said.

Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.

Saturday, May 5, 2007

Despite expressing personal sympathy for the Middleton family, Bermuda’s chief justice Richard Ground dismissed, on Friday, an application to re-examine the 1996 killing of Rebecca Middleton.

Seventen-year old Rebecca Middleton, of Belleville, Ontario, Canada had been in Bermuda on vacation when she was raped and murdered. At the time, police had identified two suspects in the crime, 21 year-old Kirk Mundy and 19 year-old Justis Smith. Before DNA test results had been tabled, the attorney general made a plea deal with Mundy in exchange for his testimony against Smith. It turned out that prosecutors didn’t have enough hard evidence to connect Smith to the crime and the murder charges against him were dropped. Mundy served 5 years for being an accessory to the crime.

The murder case had garnered significant worldwide attention, even drawing in Cherie Booth QC, lawyer and wife of British Prime Minister Tony Blair. Booth had advocated on behalf of the Middleton family during the recent two-day hearing in front of justice Ground.

In his ruling, Chief Justice Ground explained that new charges would amount to double jeopardy and would violate current law, as there were no errors in a previous review. “I have to declare the law as it is,” said Ground in his written ruling. “The [double jeopardy] rule is well established and straightforward…it would require legislation, or possibly the intervention of a higher court to change it.”

Since the ruling went against the Middletons, the lawyers representing Mundy and Smith called for their legal fees to be paid by Dave Middleton, Rebecca’s father. However, Justice Ground rejected the request. “The applicant has suffered a terrible loss, for which he can never be compensated. He has also suffered a wrong, in the way that this matter was mishandled at the outset,” said Ground. “In my view [Middleton] is entitled to explore every reasonable avenue in an attempt to put that right, and I am not going to order him to pay the costs of doing so.”

Dave Middleton, revealed that with his own legal bill approaching CA$100,000, an appeal of the latest ruling may be out of reach financially. “The cost just keeps going up. So far we are covering our bills, but will we be able to continue to do that? I don’t know,” he told CBC News from his home in Belleville. The Middletons have received financial support in the past by fundraising through the Rebecca Middleton Foundation.

For the next stage in the process, Middleton revealed that the case would reach the Court of Appeal in Bermuda, possibly in November. Should that appeal prove unsuccessful, the case could be brought before the UK Privy Council or the European Court of Justice.

Dave Middleton also suggested that the Middletons would like to retain the services of Cherie Booth for the upcoming appeals. “She’s a big part of how we progress, and I’m very hopeful of that,” said Middleton.

Sunday, March 15, 2009

200,000 litres of oil leaked into waters off the coast of Brisbane from the Pacific Adventurer when their fuel tanks were damaged in rough seas on Wednesday. The figure is about ten times higher than the original estimate of twenty thousand litres of oil. The devastating diesel oil spill has spread along 60 kilometres (37 miles) of the Queensland coast. In addition, 31 containers with 620 tonnes of ammonium nitrate fertiliser flew overboard during the violent storm.

Questions are being asked why the Hong Kong cargo ship was out in seas with nine meter waves caused by Cyclone Hamish, a Category 5 tropical cyclone, as well as why the fertiliser containers were not properly secured. One of the overboard containers ruptured the hull of the Pacific Adventurer, causing between 30 to 100 tonnes of oil to spew from the severely damaged ship.

If the ammonium nitrate mixes with the heavy oil, an explosion could occur. None of the containers have been recovered. Some of these may float, but it is believed that they may have sunk which then may cause algal blooms.

Disaster zones have been declared at Bribie and Moreton Islands, and along the Sunshine coast.

The vessel’s owner, Swire Shipping, reported that a second leak began on Friday, when the ship began listing after docking at Hamilton for repairs. “As full soundings of the vessel’s tanks were being taken at the port to determine how much oil had leaked from the vessel, a small quantity of fuel oil escaped from the Pacific Adventurer,” it stated. The ship was brought upright, and a recovery vessel was used to suck up the oil from the water. The leak produced a 500m-long oil slick down the Brisbane River. Booms were placed around this oil spill so that a skimmer could clean up the second spill.

Swire Shipping could face clean up costs of AU$100,000 a day as well as fines up to AU$1.5million (US$977,000; £703,000) if found guilty of environmental breaches or negligence.

Sunshine Coast beaches are slowly starting to be reopened. The beach of Mooloolaba was still closed following reports of burning sensations from swimmers. 12 beaches remain closed; however, 13 have been reopened.

Over 300 state government and council workers are using buckets, rakes and spades in the clean up effort. Sunshine Coast Mayor Bob Abbott says the majority will be gone by Sunday afternoon. The full environmental impact on wildlife is not yet known. One turtle and seven pelicans have been found covered in oil.

There are concerns that the drinking water of Moreton Island is at risk, as the island uses water from the underground water table near the oil spill site.

“Every bucketload of contaminated sand has to be removed from the island by barge, and each bucketload from a front-end loader weighs about one tonne. It’s just an impossible task,” said Mr Trevor Hassard of the Tangalooma Dolphin Education Centre.

The commercial fishing industry has suffered from the incident. Trawlers won’t resume operations until Sunday evening, and any catches will be tested for human consumption.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.

Saturday, September 19, 2009

A study carried out in the United Kingdom revealed that the life expectancy for men could be reduced by 10–15 years after the age of 50 due to smoking.

The British Medical Journal carried out a study over a time period of 38 years in the United Kingdom which examined the health of 19,000 men aged 40–69. They were examined between 1967–1970. After tracing the history of the men, the survey revealed that smoking, high blood pressure and high cholesterol reduced the life expectancy of men by 10–15 years after they reached the age of 50. The research was published on the BMJ‘s website on Friday.

The researchers from the University of Oxford in England were focussing on smoking, high blood pressure and cholesterol due to the fact that they are the main cardiovascular risk factors. Dr. Robert Clarke from the university said: “We’ve shown that men at age 50 who smoke, have high blood pressure and high cholesterol levels can expect to survive to 74 years of age, while those who have none of these risk factors can expect to live until 83. It is precisely this kind of very prolonged follow-up study that is necessary to get these results — that modest differences in heart risk factors can accurately predict significant differences in life expectancy.”

“The results give people another way of looking at heart disease risk factors that can be understood more readily. If you stop smoking or take measures to deal with high blood pressure or body weight, it will translate into increased life expectancy.”

Thursday, January 4, 2007

Bicycle sales in Australia have recorded record sales of 1,273,781 units for 2006, exceeding car sales by 32 percent. It is the fifth year in a row that the bicycle industry has sold more than one million units, a figure yet to be realised by car manufacturers.

The Cycling Promotion Fund (CPF) spokesman Ian Christie said Australians were increasingly using bicycles as an alternative to cars. Sales rose nine percent in 2006 while the car market stalled. Mr Christie said people were looking to cut their fuel costs and improve their fitness.

Mr Christie said organisations were beginning to supply bicycles as a company vehicle. “There is an emerging trend towards people using bikes as their official company-supplied vehicle in place of the traditional company car,” he said.

“Some of Australia’s biggest corporations now have bicycle fleets, and when you add in government organisations, we now know of at least 50 organisations which operate fleets of bikes.”

“Although the company bicycle is a long way from taking over from the company car, it’s an important trend when you consider that nearly half of all cars sold are to company fleets.”

The CPF claims most commutes to work are less than 5 kilometres (3 miles) making bicycle travel a viable alternative.