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Monday, January 1, 2007

A crowd of approximately 1 million has welcomed the new year in Sydney overnight. Many of the crowd had camped out since 6 AM AEDT (7PM UTC) to ensure they had the best vantage point for the fireworks displays at 9 PM and 12 AM. Earlier predictions of rain failed to dampen enthusiastic revellers and fortunately did not eventuate.

According to police, vantage points were Circular Quay and Sydney Opera House closed around 7 PM.

This year’s theme was “A diamond night in Emerald City” and celebrated the Sydney Harbour Bridge’s diamond anniversary of 75 years which will fall in March.

As usual, the bridge became the centre piece of Sydney’s celebrations with a question mark turning into a coat hanger during the 9 PM fireworks show before a diamond appeared at 11 PM.

Entertainment was held in the city throughout the day, culminating in a spectacular fireworks display at midnight. Revellers counted down the final seconds of 2006 with numbers on the side of the Sydney Harbour Bridge.

The festivities are estimated to have cost AUD $4 million and organisers claim their fireworks display is “the largest in the world”. Sydney’s celebrations were broadcast on television live around the world as other countries prepared their New Year’s Eve celebrations.

Despite the large crowd, police made only 58 arrests for offences including offensive conduct, stealing, assaulting police, goods in custody, assault, drink driving and affray.

Ambulance officers were called to 1,139 incidents in Sydney with another 900 in country areas.

April 9, 2005

A bid topping $17.7 billion was jointly proffered by Time Warner Inc. and Comcast Corporation on Thursday to buy beleaguered Adelphia Communications Corporation in an industry consolidation move. Adelphia is the fifth largest cable service provider in the United States with nearly 5 million subscribers.

The market-share grabbing bid trumps the previous Cablevision offer of $16.5 billion. The bid is under scrutiny by the presiding judge over the Adelphia’s Chapter 11 bankruptcy filing, and must also be approved by the company’s creditors owed in the range of $20 million.

The acquisition race to gain dominance in the cable service provider market is driven by the high cost of installation and maintenance of cable lines. Fiber optic networks deliver traditional entertainment programming over a cable wire and is becoming increasingly popular for broadband internet content. The growing trust and recognition of Voice over Internet Protocol (VoIP) suggests phone service subscribers will eventually migrate to cable voice communication as opposed to keeping with traditional copper land lines. Telephone company operators are scrambling to keep up.

The largest percentage of the bid would be put up by Time Warner (TW), who could gain by getting subscribers from the valuable Los Angeles market currently owned by Comcast and Adelphia. TW can also simultaneously divest itself of a stake owned by Comcast in TW by making a tax-free swap using some of the newly garnered Adelphia subscribers.

While the consolidation would likely get a look by the government with an eye towards a growing monopoly in the market, it would doubtfully be blocked considering the existence of competing technologies. Competition exists in the form of still numerous television by airwaves usage, satellite providers, radio content companies, and telecom providers.

Adelphia suffered a corporate scandal in 1992 with similarities to the WorldCom fall. Members of the Rigas family, founders of the company, were alleged to have siphoned off millions of dollars and hidden $2.3 billion leading to the bankruptcy filing. John Rigas and son Timothy were convicted July of 2004 and await sentencing.

Thursday, March 15, 2018

This morning, United States-based toy retail giant Toys “R” Us filed for liquidation with United States bankruptcy court. The company had about 735 stores in the country which may be closed as a result of the liquidation.

The motion came after the US holidays, after which the company said its revenue fell short of expectations. Toys “R” Us was seeking cooperation with its Canadian business to leave 200 stores open, the court papers said. The company said it would be unable to realize an earlier goal to leave as many as 400 stores open.

The papers filed in the court indicated that the United States holiday sales produced revenue US$250 million short of the expectations. In the report to the court, Toys “R” Us blamed in part its weakened e-commerce business. It wrote, “The stark reality is that the debtors are projected to run out of cash in the U.S. in May 2018.”

Toys “R” Us chief executive officer Dave Brandon said, “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”

Toys “R” Us said it was preparing to sell its businesses in Asia and Central Europe, including Germany, Austria, and Switzerland.

In September 2017, Toys “R” Us filed for bankruptcy in the US and Canada, and a judge allowed a US$2 billion loan.

Kohlberg Kravis Roberts, Bain Capital Partners, and Vornado Realty Trust purchased Toys “R” Us for US$6.6 billion in 2005. According to CNBC, the company had US$4.9 billion in debt at that time, which made it difficult for the company to adapt to the changing market.

Friday, October 26, 2007

The United States Federal Emergency Management Agency (FEMA) is under fire after the agency held a fake press conference with fake news reporters in regards to individuals affected by the California wildfires and the assistance they could receive.

The agency called a press conference on Tuesday, giving the press only 15 minutes to show up. When many did not, FEMA brought in agency officials to pose as fake reporters and ask questions. The option for reporters to call into the conference was also available, but the ones who did call in only got to listen to the press conference, and could not ask questions. No reporters were actually present during the conference, parts of which were carried live on Fox News and MSNBC.

During the briefing, FEMA employees asked Deputy Administrator Harvey Johnson a series of what The New York Times called “decidedly friendly questions” such as “What type of commodities are you pledging to California?”, “What lessons learned from Katrina have been applied?” and “Are you happy with FEMA’s response so far?”. The briefing followed the format of a press conference, with FEMA’s press secretary at one point cautioning that he would allow just “two more questions”, then calling later for a “last question”. Officials who posed as fake reporters included the deputy director of public affairs Cindy Taylor and Director of External Affairs John “Pat” Philbin.

White House officials said that they do not condone FEMA’s actions and also state that they had no idea that the conference was taking place.

“FEMA has issued an apology, saying that they had an error in judgment when they were attempting to get out a lot of information to reporters, who were asking for answers to a variety of questions in regard to the wildfires in California. It’s not something I would have condoned. And they — I’m sure — will not do it again,” said Dana Perino, the White House’s press secretary in a statement.

FEMA apologizes for the mishap and says that their intentions were only to get the information to the citizens of California.

“[The purpose was] to get information out as soon as possible, and in trying to do so we made an error in judgment. Our intent was to provide useful information and be responsive to the many questions we have received. We can and must do better,” said Harvey E. Johnson, the agency’s vice administrator. “The real story — how well the response and recovery elements are working in this disaster — should not be lost because of how we tried to meet the needs of the media in distributing facts,” a FEMA statement said.

FEMA is currently deciding whether or not any officials should face punishment for the incident. One of the officials responsible, Pat Philbin, is going on to be the new head of public relations for the Office of the Director of National Intelligence.

This is not the first time that the Bush administration has come under fire for planting reporters at press conferences. In February of 2005, White House reporter Jeff Gannon was accused of being planted to ask softball questions to President Bush. FEMA itself had earlier undergone criticism during Hurricane Katrina for using disaster workers for public relations in 2005.

Saturday, January 21, 2006

Rescue teams are attempting to save the life of the whale which has been swimming in the London Thames river over the past few days. The northern bottle-nosed whale, which had gotten weaker and weaker, became beached this afternoon. Rescue teams quickly moved the whale onto an inflatable pontoon, keeping the whale in water but with its blowhole above the surface.

Experts then tried to evaluate the condition of the whale by performing ultrasound checks to see how much blubber and blood the whale has, and by taking some blood tests. The breathing rate of the whale was around four inhalations per minute.

The pontoon is currently being towed by a barge slowly downstream.

The British Divers Marine Life Rescue team lead the rescue effort. They hope to be able to release the whale in as deep water as possible, but only if it is in good enough health. If the whale is considered to be in too weak a condition to survive, it may be euthanised, experts have said.

The rescue mission is being filmed by television crews, including from helicopters, and broadcast live onto rolling news channels. Mark Stevens, a member of the British Divers Marine Life Rescue team reported on the situation live on TV using a mobile phone, direct from the scene where he was standing in the water. At one point he asked the BBC to tell their helicopter to fly higher, as the noise made the whale’s breathing rate temporarily go up.

The whale sightings have captivated the British public, with spectators lining the banks of the Thames to take photographs and try and spot the whale. However, the inital surprise at seeing the whale soon turned to concern as experts fear for the whale’s long term health. Initial plans to transfer the whale from the barge “Crossness” to a deep-sea ship have been abandoned as the condition of the whale deteriorates, but it is still hoped to release the whale in the Thames estuary.