Finance Blog number 1

January 19, 2012

German woman is alive, cruise ship missing at 21

Filed under: business, news — Tags: , , , — Sun @ 7:44 am

Officials say a German woman who was listed among the missing from the cruise ship grounding off Italy has been located alive in Germany, bringing the number of people still unaccounted for to 21.

The Grosseto prefect’s office says Gertrud Goergens identified herself to police. Her name was removed from the official list of missing late Wednesday.

Italian authorities released the names of the missing Wednesday as the search for passengers and crew aboard the Costa Concordia was suspended because the ship shifted slightly from its perch on rocks off the Tuscan island of Giglio.

So far eleven bodies have been recovered; 21 people remain unaccounted for.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

ROME (AP) _ The first victim from the Costa Concordia diaster was identified Wednesday _ a 38-year-old violinist from Hungary who had been working as an entertainer on the stricken cruise ship.

Sandor Feher’s body was found inside the wreck, and identified by his mother who traveled to the Italian city of Grosetto, according to Hungary’s foreign ministry.

The $450 million Costa Concordia cruise ship was carrying more than 4,200 passengers and crew when it slammed into a reef Friday off the tiny Italian island of Giglio after the captain made an unauthorized maneuver. The death toll stands at 11, with 22 people still missing.

Italian rescue workers suspended operations Wednesday after the cruise ship shifted slightly on the rocks near the Tuscan coast, creating deep concerns about the safety of divers and firefighters searching for the missing.

Jozsef Balog, a pianist working with Feher on the ship, told the Blikk newspaper that Feher was wearing a lifejacket when he decided to return to his cabin to pack his violin. Feher was last seen on deck en route to the area where he was supposed to board a lifeboat.

According to Balog, Feher helped put lifejackets on several crying children before returning to his cabin.

Italian authorities earlier released the names of 24 passengers and 4 crew still missing, a list that includes six bodies which have been pulled from the ship since Monday. The missing included 13 Germans, six Italians, four French, two Americans and one person each from Hungary, India and Peru.

Instruments attached to the ship detected the movements early Wednesday even though firefighters who spent the night searching the area above water for the missing could not detect any movement.

“As a precautionary measure, we stopped the operations this morning, in order to verify the data we retrieved from our detectors, and understand if there actually was a movement, and if there has been one, how big this was,” said Coast Guard Cmdr. Filippo Marini.

By late afternoon, officials still did not have enough data to reassure them that the ship had stopped resettling. The latest victims were discovered after navy divers exploded holes in the hull of the ship to allow easier access.

Premier Mario Monti offered his first comment on the disaster Wednesday, telling a press conference in London that it “could and should” have been avoided.

Monti also thanked the residents of Giglio, which has a wintertime population of about 900, for opening their doors to the 4,200 refugees who struggled ashore with nothing and were given clothes, food and shelter.

And he acknowledged concerns about the 500,000 gallons of fuel still aboard the ship.

“Everybody can be assured that the Italian authorities are both taking care of the prevention and limitation of any environmental negative implications of this accident, as well as in the first place providing all the necessary help to those affected.”

Passengers were still making their way home, with consistent claims that crew members were ill-prepared to handle an emergency evacuation.

“The crew members had no specialized training _ the security man doubled as the cook and bartender, so obviously they did not know what to do,” passenger Claudia Fehlandt told Chile’s Channel 7 television after being embraced by relatives at Santiago’s airport.

“In fact, the lifeboats, even the ones that did get lowered, they did not know how to lower them and they cut the ropes with axes,” she said.

Much of the focus has been on the cruise ship captain’s actions.

In a dramatic phone conversation released Tuesday, a coast guard official was heard ordering Capt. Francesco Schettino, who had abandoned the ship with his first officers, back on board to oversee the evacuation. But Schettino resisted, saying it was too dark and the ship was tipping dangerously.

“You go on board! Is that clear? Do you hear me?” the Coast Guard officer shouted as the Schettino sat safe in a life raft and frantic passengers struggled to escape after the ship rammed into a reef off the Tuscan coast. “It is an order. Don’t make any more excuses. You have declared ‘Abandon ship.’ Now I am in charge.”

The officer confronted him with an expletive-laced order to get back on board, which has quickly entered the Italian lexicon. The four-word phrase has become a Twitter hashtag and Italian media have shown photos of T-shirts bearing the command.

Schettino, later in the same exchange, denied having abandoned the ship, replying that he had tripped and fell.

“I did not abandon a ship with 100 people on board, the ship suddenly listed and we were thrown into the water,” Schettino said, according to a transcript published Wednesday in the Corriere della Sera paper.

Jailed since the accident, Schettino appeared Tuesday before a judge in Grosseto, where he was questioned for three hours. The judge ordered him held under house arrest _ a decision that federal prosecutors are planning to challenge.

Schettino’s lawyer, Bruno Leporatti, told a news conference Wednesday in Grosetto that house arrest made sense given there was no evidence the captain intended to flee. He cited the fact that the captain coordinated the evacuation from the shore after leaving the ship.

“He never left the scene,” Leporatti said. “There has never been a danger of flight.”

Leporatti added the captain was upset by the accident, contrary to depictions in the Italian media that he did not appear to show regret.

“He is a deeply shaken man, not only for the loss of his ship, which for a captain is a grave thing, but above all for what happened and the loss of human life,” the lawyer said.

Criminal charges including manslaughter and abandoning ship are expected to be filed by prosecutors in coming days. Schettino faces a possible 12 years in prison if convicted of the abandoning ship charge alone.

_____

Barry reported from Milan.

Source

Apply for our overnight cash loan from $100 to $1500, deposited instantly in your bank account.

December 25, 2011

Toronto stock market opens higher on rising commodities, positive economic data

Filed under: Crisis, business — Tags: , , , — Sun @ 11:40 am

+%3Cp%3ETORONTO%97The+Toronto+stock+market+opened+higher+as+oil+and+gold+prices+rose+and+traders+digested+positive+economic+news.%3C%2Fp%3E+%3Cp%3EThe+S%26P%2FTSX+composite+index+was+up+25.01+points+at+11%2C660.39.%3C%2Fp%3E+%3Cp%3EThe+Canadian+dollar+added+0.24+of+a+cent+to+96.67+cents+US%2C+with+gains+accelerating+after+the+release+of+statistics+showing+wholesale+trade+grew+more+than+expected+in+October.%3C%2Fp%3E+%3Cp%3EWall+Street+also+opened+higher%2C+with+the+Dow+Jones+up+46.7+points+11%2C913%2C+the+Nasdaq+ahead+12.4+points+at+2%2C567.73+and+the+broader+S%26P+500+up+4.7+points+at+1%2C224.34.%3C%2Fp%3E+%3Cp%3EAnd+commodities+were+mostly+higher%2C+with+the+January+oil+contract+up+85+cents+to+%2494.38.%3C%2Fp%3E+%3Cp%3EThe+February+gold+contract+added+US%245.70+to+US%241%2C603.60+per+ounce%2C+while+copper+shed+a+penny+to+US%243.32+per+pound.%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.thestar.com%2Farticle%2F1104172%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

November 9, 2011

Greece waits for new PM amid party bickering

Filed under: Uncategorized, business — Tags: , , , — Sun @ 5:04 pm

Pressure mounted on Greece’s two main political parties on Wednesday to wrap up three days of critical power-sharing talks and name a new prime minister to take over at the helm of an interim government.

Over the past couple of days, attention has focused more on Rome than on Athens amid increasing concerns that Italy’s economy was heading the same way as Greece’s. The fear that Italy is running out of time to get a handle on its debts hit markets in Europe hard Wednesday even though Italy’s Premier Silvio Berlusconi pledged to stand down, echoing a similar decision from Greek Prime Minister George Papandreou.

Greek officials defended the time it was taking for the new unity government to be established. Greece’s big two political parties, the Socialist PASOK party and the conservative New Democracy, are renowned for their opposition to each other and have rarely worked together since the rejection of the monarchy in 1974.

Papandreou was due to hold with Greece’s president at 5:00 p.m. (1500 GMT), a possible indication that a conclusion may have been reached.

Papandreou’s office said the premier spoke by telephone with French President Nicolas Sarkozy Wednesday morning and discussed “the developments in Europe and the eurozone,” as well as the power-sharing negotiations in Athens.

Sarkozy’s office said Papandreou informed the French president “of the imminent (formation) of a new government in Greece supported by the majority and the opposition.”

Former European Central Bank vice president Lucas Papademos had been tipped to become the interim prime minister, but it was unclear whether he remained the favored candidate by Wednesday.

By early afternoon, the conservative opposition was issuing angry statements demanding a swift conclusion to the talks, and blaming the embarassing delay on the current government.

“The solution is in the hands of Mr. Papandreou,” said a statement from the New Democracy party. “No further delay is conceivable. We must finally finish this.”

Earlier, deputy government spokesman Angelos Tolkas had said the new government would be announced later in the day, but gave no indication who the new prime minister would be. Similar comments had been made on Tuesday, too.

“This process is new to the country,” Tolkas told television channel Skai in the morning cash advance companies. “So I think three days was a reasonable time for the consultations to be made and for each side to make the necessary concession.”

On Tuesday, Papandreou’s ministers offered their resignations as part of the process of creating the new government, which is only expected to last until February when early elections are to be held.

The new government will be tasked to secure the country’s new euro130 billion ($179 billion) European rescue package and then get it through parliament. That approval will allow the release of a euro8 billion ($11 billion) loan installment from its existing bailout. Without the funds, Greece will go bankrupt before Christmas, potentially wrecking Europe’s banking system and sending the global economy back into recession.

The political crisis erupted last week, when Papandreou said he would put the new European rescue package to a referendum. Other eurozone nations were horrified by the delay, markets around the world tanked and Greece’s international creditors froze the payment of the next bailout installment.

On Monday, eurozone finance ministers said the heads of the two main parties had to commit in writing to the terms of the country’s bailouts before Athens can receive the next loan installment.

Government officials in Greece say the written agreement requires the signatures of Papandreou, New Democracy leader Antonis Samaras, the Bank of Greece governor, the new coalition prime minister and the new finance minister _ a demand that has prompted an angry response from Greece’s conservatives.

Greece has survived since May 2010 on a euro110 billion ($150 billion) bailout package from its eurozone partners and the International Monetary Fund. The second rescue package involves private bondholders voluntarily agreeing to cancel 50 percent of their Greek debt.

In return for the rescue funds, Greece has endured 20 months of punishing austerity measures. The efforts by Papandreou’s government to keep the country solvent have prompted violent protests, crippling strikes and a sharp decline in living standards for most Greeks.

Source

October 29, 2011

Business Digest

Filed under: business, management — Tags: , , , — Sun @ 8:36 am

More area foreclosures

September 15, 2011

Express Scripts sues Walgreen, alleging false advertising

Filed under: Canada, business — Tags: , , , — Sun @ 8:24 am

Adding fuel to a contract dispute, Express Scripts Inc. has accused Walgreens drugstores of launching a false advertising campaign to steer patients away from the St. Louis-based pharmacy benefit manager.

In a court filing last week, Express Scripts asked a federal judge in Chicago to grant an injunction to stop Walgreen Co. from making what it calls false and misleading statements that are designed to persuade Express Scripts members to switch over to health plans that include Walgreens in their networks.

The lawsuit, filed in U.S. District Court for the Northern District of Illinois, accuses Walgreens of breach of contract and of staging an aggressive promotional campaign in the wake of stalled contract talks between the two companies.

“Walgreens has crossed a line and is not negotiating in good faith,” Express Scripts spokesman Thom Gross said Wednesday in a written statement. “We are appalled by Walgreens’ reckless effort to mislead and manipulate clients and members.”

As part of that campaign, the suit alleges, Walgreens launched a website on or about Sept. 1

August 25, 2011

Suburban Journals to cut some print editions, 20 staffers

Filed under: business, technology — Tags: , , , — Sun @ 5:24 am

The Suburban Journals on Wednesday announced the layoff of 20 staffers, the elimination of some print editions and a shift in emphasis to online coverage.

The Journals, along with the Post-Dispatch, are owned by Lee Enterprises, which could face bankruptcy unless it can refinance about $1 billion in debt by an April deadline.

The Journals will discontinue publication of full Sunday Journals in St. Charles County and Illinois after Aug. 28. The Wednesday editions in North St. Louis County and Monroe, St. Clair and Jefferson counties will also be discontinued after the Sept. 7 issue.

The Journals will continue to publish six Wednesday print editions in western and eastern St. Charles County, West and South St. Louis County, Collinsville and Granite City.

In addition, both news and sports stories will be updated more frequently online at stltoday.com/neighborhoods and stlhighschoolsports.com, said Publisher Dave Bundy in a written statement.

“Focusing more on digital news delivery in some areas frees us from the weekly print cycle and allows us to continue providing the best community coverage available to the Greater St. Louis area,” according to Bundy’s statement. “Our print Journals, digital coverage and niche products provide a full array of ways to serve readers and advertisers, and we can use the medium or combination that works best for the message.”

The announcement comes on the heels of a layoff of 23 workers at the Post-Dispatch in June. Those cuts included production, technology and marketing employees, but no journalists. This month, however, the company announced that it would seek to cut up to 10 newsroom employees through a voluntary severance offer. 

Source

August 10, 2011

This company offers unlimited vacations

Filed under: business, economics — Tags: , , , — Sun @ 3:00 pm

It doesn’t matter how many weeks of vacation you have, it never seems like enough. By the time you book off a summer week, March break, plus time for your childrens’ soccer tournament and parent-teacher interviews, you’ve run out of paid time off. But employees of the Toronto-based Social Media Group don’t have that problem. In October, 2010, CEO Maggie Fox did away with tracking vacation days and introduced an unlimited paid vacation policy for her 20 employees.

The company helps organizations develop strategies around the effective use of social media tools like Facebook, Twitter and Linked in. Clients include Fortune 500 organizations like 3M, Ford, CNN, Thomson Reuters and a top global bank. Fox says, “We’re playing with the “big boys” and our incredible team has to deliver their A+ game – Every. Single. Day. What shouldn’t an employee be able to taking an afternoon off to play with her kids?”

The “golden rule” is that each employee is responsible for his own mental health, his colleagues and his clients. Time off has to be cleared with supervisors, but it’s an informal process. “Obviously if you said I want to take six weeks off starting tomorrow, it would not be feasible. But if you gave us a couple of months notice and a plan for structuring your work, it is not impossible.” The company doesn’t keep formal statistics, but Fox believes people are taking more time off overall, and she says that’s a good thing. “It’s not so much that people are saying let me take a week or a month four times a year. But they are taking more long weekends in addition to scheduled family vacations.” The only negative she can think of is that often when offers are extended to new employees, they don’t believe her. She explains that the starting point is the minimum vacation required by law, and that’s what staff are paid  if they leave the company with unused time off. But while they are working for the company, the unlimited paid vacation policy applies. Fox agrees that unlimited vacation would be impossible in a manufacturing company or where essential services are provided, but she says the size of her organization isn’t really a factor. Netflix in the U.S. introduced open-ended vacations for over 500 salaried employees in 2004 and IBM Canada has eliminated tracking of vacation days (except in their Quebec manufacturing plant). IBM Guidelines say employees get a three week vacation to start but there is no policing and employees are empowered to take vacation whenever they want. While unlimited vacation appears to be the ultimate perk, a 2010 Expedia Survey reveals that almost half of Canadian employees do not fully take advantage of the number of vacation days they have now. Top reasons cited are they do not schedule a vacation long enough in advance, they are too busy to get away, or their significant other can’t get away. Do people at the Social Media Group abuse the program? Not at all, says Fox. “We work hard and play hard. I hire people who do great work. If I hire someone who takes advantage of the program, it’s my problem, because I’ve made a bad decision.” Also see: Top civil servants lose their perks  and 13 things to know about your benefits plan .

Source

August 9, 2011

Feds probe marketing of 3 Merck drugs

Filed under: business, legal — Tags: , , , — Sun @ 12:00 am

Drugmaker Merck says it has received a subpoena from federal prosecutors investigating the company’s marketing of three drugs acquired through its 2009 acquisition of Schering Plough.

Merck & Co. Inc. disclosed the request for information from the Department of Justice in a regulatory filing Monday morning. The government is investigating marketing and selling of the brain cancer drug Temodar and hepatitis C drugs PegIntron and Intron A. The probe involves company activities between 2004 and today. Merck, based in Whitehouse Station, New Jersey, said it is cooperating with the government.

Merck and Schering Plough completed their merger in November 2009.

Source

August 5, 2011

Rupert Murdoch foam attacker has sentence reduced

Filed under: business, mortgage — Tags: , , , — Sun @ 6:08 pm

A judge has cut the sentence of an activist who hit Rupert Murdoch with a shaving foam pie as the mogul testified to British lawmakers.

Jonathan May-Bowles was sentenced Tuesday to six weeks in jail for assaulting the 80-year-old media tycoon as he gave evidence to the House of Commons Culture, Media and Sport Committee on July 19.

A judge on Friday rejected his attempt to overturn the sentence, but reduced it to four weeks.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

LONDON (AP) _ Several alleged victims of tabloid phone hacking in Britain will soon file lawsuits against a second newspaper group, Piers Morgan’s former employer Trinity Mirror PLC, their lawyer said Friday.

Mark Lewis said the claims would be filed in “a few weeks,” but would not disclose identities of his clients or say precisely when the papers would be lodged at court.

Lewis represents the family of Milly Dowler, a 13-year-old girl abducted and murdered by a pedophile in 2002. The revelation a month ago that her voicemail messages had been accessed by the News of the World while she was still missing outraged British opinion, and triggered a crisis for Rupert Murdoch’s News Corp.

The phone hacking scandal centers on allegations that journalists eavesdropped on private phone messages, bribed police for information and hacked email accounts.

So far the crisis has centered on Murdoch’s media empire, leading him to shut down the News of the World tabloid and abandon a bid to take over British Sky Broadcasting. Several former executives of the newspaper have been arrested by police investigating the eavesdropping.

But there have also been allegations of hacking by other newspapers. This week Paul McCartney’s ex-wife, Heather Mills, claimed in a BBC interview that she was hacked by a Trinity Mirror journalist in 2001.

McCartney said Thursday that he planned to contact police over the claim.

“I will be talking to them about that,” McCartney told the U.S. television journalists by videolink from Cincinnati, Ohio.

The BBC did not identify the journalist cited by Mills, but said it was not Piers Morgan, who was editor of the group’s flagship tabloid, the Daily Mirror. between 1995 and 2004.

Morgan has repeatedly denied ordering anyone to spy on voicemails or knowingly publishing stories obtained through hacking.

But in an article published by the Daily Mail in 2006, Morgan said that he had been played a tape of a message McCartney had left on Mills’ cell phone in the wake of one of their fights.

“It was heartbreaking,” Morgan wrote. “He sounded lonely, miserable and desperate, and even sang ‘We Can Work It Out’ into the answerphone.”

Questions over how Morgan came to hear the message have led several British lawmakers to call on him to return to the U.K. and explain himself.

Lawmaker John Whittingdale, chairman of a parliamentary committee that is investigating hacking by the News of the World, said Thursday that Morgan “absolutely should” come to Britain to answer questions.

Whittingdale said “there is evidence to suggest that other newspapers were involved in phone hacking” _ and that police should investigate.

Both Trinity Mirror and the publisher of Britain’s Daily Mail newspaper, keen to stop the scandal spreading to them, have announced reviews of editorial procedures in the wake of the revelations about the scale of wrongdoing at the News of the World.

Meanwhile, an activist who hit Murdoch with a shaving foam pie as the mogul testified to British lawmakers last month was appealing Friday against a six-week jail sentence.

Jonathan May-Bowles was sentenced Tuesday for assaulting the 80-year-old media tycoon as he gave evidence to the House of Commons Culture, Media and Sport Committee.

___

Frazier Moore and Noaki Schwartz in Los Angeles and David Stringer and Raphael G. Satter in London contributed to this report.

Source

August 4, 2011

Liberals release Samsung energy details

Filed under: business, management — Tags: , , , — Sun @ 3:24 am

Ontario

Newer Posts »

Powered by WordPress