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Monday, March 17, 2008

Indonesian budget airline Adam Air has been given a three-week ultimatum by the authorities to prove its economic stability or its license will be revoked, said Transportation Minister Jusman Djamal. This is because major financial difficulties have become apparent today, with two major shareholders pulling out of the company.

PT Global Transport Service (GTS) and Bright Star Perkasa, who between them own a 50% stake in the company, have decided to sell back all their shares to their original owners, who control the other 50%. These are the family of founder Adam Suherman and Sandra Ang.

The companies invested in the airline last year, when the company was struggling after the New Year’s Day disappearance of Adam Air Flight 574 with 102 on board. The Boeing 737 (B737) was ultimately determined to have crashed into the sea near Sulawesi, and all on board are presumed dead. Shortly afterwards, Adam Air Flight 172, another B737, snapped in half during a hard landing, but held together preventing fatalities. These were not the first serious accidents for the company, as in February 2006 Flight 782 became lost for several hours after navigation systems failed and the plane entered a radar blackspot, forcing a subsequent emergency landing many miles from the intended route. The given reasons for the withdrawal are a lack of improvement in safety and financial irregularities.

The company has now also defaulted on debt payments to aircraft lease firms, resulting in 12 of their 22 planes being seized, and has cut the number of routes served from 52 to 12. The remaining ten planes are also in default and at risk of seizure. Adam Air owes leasing companies US$14 million compared to free capital of $4.8 million of free capital. They have agreed to buy back shares gradually for $11 million (100 billion rupiah), $6 million less than the investment firms paid for them. The cost difference will be borne by Harry Tanoesoedibyo’s family, the founder of PT Bhakti Investama, of which GTS is a wholly owned subsidiary. The companies have also lost 157 billion rupiah worth of investment in the company since the April 2007 deal. 9,325 Rupiah are currently worth US$1.

GTS director Gustiono Kustianto said that “Since we joined, our priority has been safety” but that Adam Air’s management had been unresponsive to pressure from the new investors to improve its poor record. Last weeek another company B737 shot off the runway during landing, damaging the plane and injuring five.

Lawyer Marx Andryan of Hotman Paris Hutapea, representing the investment firms, said they have documents proving the company has not adequatly seen to pilot recruitment, maintenance and insurance.

Suherman said “We have defaulted and the investors have done nothing about it. We’ll continue to operate as long as we have planes,” adding that there are no current plans to declare bankruptcy.

“Out of 22 planes, now we only have 10 because 12 of them have been declared in default. The other 10 have been declared in default as well, but I’m still trying to work out a way to restructure the payments,” he told Reuters. He went on to say that a cash injection is required, and that “There is a possibility starting on March 21 Adam Air will temporarily cease operations until there is a decision from the shareholders regarding the insurance premium.”

Wednesday, October 5, 2016

The Singaporean branch of the World Wildlife Fund (WWF) published a guide yesterday critiquing the practices employed to catch seafood destined for sale in the country. According to the publication, three-quarters of the more than 40 species of seafood commonly consumed by Singaporean residents were obtained in a manner detrimental to environmental sustainability.

The guide, titled the Singapore Seafood Guide, lists fish species such as Indian threadfin, silver pomfret, and yellowbanded scad, all frequently used in Singaporean dishes, under its “Avoid” category. Highlighting the high rates at which these species are being fished and consumed, the WWF said, “Without collective and decisive action, these popular fish could disappear from Singapore’s menus within our lifetime.”

On her organization’s reasons for publishing the guide, WWF-Singapore CEO Elaine Tan stated, “We are squandering one of our greatest natural resources by failing to manage our fish stocks sensibly. As one of the biggest consumers of seafood in the world per capita, Singaporeans have a big role to play in protecting our oceans. The Seafood Guide empowers everyone in the supply chain to make conscious choices that prevent the further exploitation of fish stocks.” According to the WWF, an average Singaporean eats 22kg (about 48.5lb) of seafood annually, versus 20kg (44lb) average per person globally.

In conjunction with the launch of the guide, the WWF started the Sustainable Seafood Business Forum on Tuesday to promote action on the topic among seafood purveyors. An initiative which emerged from the forum was the Responsible Seafood Group, which counts amongst its members supplier Global Ocean Link and integrated resort Marina Bay Sands. All organizations involved in the group agree to standards on the sustainable sourcing of seafood as outlined by the WWF.

On Marina Bay Sands’ commitment to seafood sustainability, Kevin Teng, the resort’s Executive Director of Sustainability, said, “Since 2014, we have eliminated sharks fin from the restaurants we own and operate. At that time, we also started serving selected seafood sourced from suppliers that fish or farm responsibly, based on global seafood standards.”

Lucas Glanville, Executive Chef of Grand Hyatt Singapore, stated, “Our customers are demanding to know where their seafood comes from. Finding alternatives to endangered species on the red list and choosing to work with sustainable suppliers and their products has gone beyond being a corporate responsibility, and become a commercially viable decision for us”. According to the WWF, the hotel chain serves seafood compliant with its sustainability standards.

The WWF has compared Singapore’s population to that of Finland, whilst also highlighting the discrepancy in seafood sustainability practices in both countries. According to a report by the organization, 98% of seafood consumed in Finland meets WWF standards on sustainability.

Matti Ovaska, conservation officer for the WWF’s Finnish branch, elaborated on the country’s sustainability practices where seafood consumption is concerned, “Sustainability has become an everyday element in Finland’s seafood trade, and companies are very familiar with the origin of the fish they purchase. In addition, over one third of Finns use the seafood guide consciously to make better decisions”.

Tuesday, June 27, 2006

Australian Minister for Vocational Education and Training, Gary Hardgrave has announced the government will provide AU$15.8 million to establish an Australian Technical College in North Adelaide. The minister said the government was entering into a partnership with the Archdiocese of Adelaide and consortium of industrial and manufacturing companies.

The North Adelaide college will be located in Elizabeth and be operated as an independent non-government school. The college is one of 25 to be established across the country.

Enrolments at the college will begin in 2007 and will offer courses in areas where identified skills shortages exist in the North Adelaide region, specifically – engineering, construction, electronics and cooking.

Mr Hardgrave said that the proposed college had been popular among the North Adelaide business community. “This important initiative has been well received by North Adelaide business and industry, and will help to address skills needs and provide opportunities for those in greatest need, including a lot of Indigenous students in the region,” Mr Hardgrave said.

“The fact that this College is being led by local employers, local government and other key stakeholders, means it will be truly industry and community driven,” he said.

Australian Technical Colleges were established to cater for year 11 and 12 students who wish to do an apprenticeship as part of their school education.

The Australian Education Union has expressed a number of concerns about the model put forward by the government. In a report, they claim that trade facilities at TAFE colleges (operated by state governments) will deteriorate as funding is diverted to the ATCs. The union is also concerned that ATCs are supposed to be selective VET schools. According to the union they will have selective entry and preferential funding. It is feared that teachers will be lured away from schools and TAFE colleges to higher paid positions in ATCs.

The Education Union suggested that the government invest in schools that already offer vocational education programs.

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Saturday, April 23, 2005

Rogers Cadenhead, the American owner of BenedictXVI.com, has made a few requests in his blog. Mr. Cadenhead registered the valuable domain on April 1 along with ClementXV.com, InnocentXIV.com, LeoXIV.com, PaulVII.com and PiusXIII.com; all in anticipation of the recent Papal conclave 2005.

After Cardinal Ratzinger’s election as Pope Benedict XVI, international media swooped on the domain speculating that it may be owned by a pornographer or casino company. However amid the wild speculation, Mr. Cadenhead dismissed these and promised not to sell the domain to any such enterprises.

However today in a humorous manner the prolific computer guide writer posted on his blog a few requests, namely:

1. Three days, two nights at the Vatican hotel they built for the conclave
2. One of those hats
3. Complete absolution, no questions asked, for the third week of March 1987
4. A back-cover blurb from the Pope for the next edition of Movable Type 3 Bible Desktop Edition. But only if he uses the book to create his own weblog, and
5. World peace.

However he was keen to stress that the requests are not demands and the whole thing was written in a witty humorous manner.

Monday, February 27, 2006

Buffalo, New York —Wikinews was the first to tell you that the Elmwood Village Hotel development in Buffalo, New York was to undergo “significant changes”.

The Elmwood Village Hotel is a proposed project that would be placed at Elmwood and Forest Aves. in Buffalo. In order for the development to take place, at least five buildings that house both businesses and residents, must be demolished.

To confirm and to get more information about the changes, Wikinews interviewed Eva Hassett, Vice President of Savarino Construction Services Corporation, the development company in charge of building the hotel.

Wikinews: The hotel proposal is being redesigned. Could you comment on that? What changes are being made? Are they significant?

Eva Hassett: The hotel has been resized as a 72-room, four story building. This is 10% smaller in number of rooms and a full story lower. We are also redesigning the facades in a way that will minimize the mass – more of a vertical feeling than horizontal. Different materials, windows, details. The smaller size of the hotel also makes the number of on-site parking spaces more appropriate and hopefully represents less of a challenge to an already difficult parking situation.

WN: Will you still be going before the city’s planning board as scheduled on February 28? Same for the Common Council?

Hassett: We will be on the Planning Board agenda this Tuesday morning but I do not expect that the Board will vote on the item that morning. I think we will be mainly explaining the new design and hearing input/questions.

WN: Will there be anymore public meetings?

Hassett: We would be happy to do one more big public meeting. We will be talking to Forever Elmwood about that on Monday (February 27, 2006). We would like to see if there is support for the new design and we also want to honor the public’s request for another meeting. I am hopeful that meeting can take place the week of March 6th.

WN: Is Savarino considering Mr. Rocco Termini’s design/proposal? If no, do you (Savarino) support/oppose?

Hassett: We are hopeful that we can build the hotel as redesigned. We think it would be a great addition to the Elmwood Ave. area, a good way for out-of-towners to see what Buffalo offers and a big help to the businesses there.

WN: Are you considering more time for the community to make a judgment?

Hassett: As I mentioned above, we expect to have one more meeting to get public reaction to the new design, and I think the Planning Board may want an additional meeting to make their determination. We do however, have constraints that will limit the amount of extra time. We still think it is a great project for the City and Elmwood; and we still want it to be something that the community wants as well.

So far, the City of Buffalo’s City Planning Board is still scheduled to meet at 8:00 a.m. (Eastern) on February 28, 2006 followed by the Common Council meeting at 2:00 p.m. on the same day.

Images of the design are not yet available. “We are working on the renderings this weekend, but I will likely have some early in the week,” stated Hassett.

Monday, March 21, 2011

Sales of existing homes in the U.S. fell 9.6% in February, the National Association of Realtors (NAR) said today, in a sign that the U.S. housing market is still depressed. The figure was worse than the 3.9% decline anticipated by the economists surveyed by Dow Jones Newswires and questions whether the U.S. housing market is beginning to recover or will continue to fall.

A combination of foreclosures and short sales, where the mortgage holder sells the house for less than owed on the mortgage, accounted for almost 40% of the sales.

Millions of foreclosures have forced down home prices and the number of foreclosures are predicted to rise this year. The inventory of existing homes listed for sale rose 3.5% at the end of February, a 8.6-month supply at the current sales rate. As more homes are listed in the spring, the inventory of houses for sale will probably increase. A five or six month inventory is usually considered a healthy balance between supply and demand.

According to Moody’s Analytics, another 3.6 million bank-owned homes and possible foreclosures will be added to the inventory by 2013, adding to the 6.7 million home foreclosures since 2006. Thus housing inventories will probably continue to remain high, delaying the point when prices stabilize. The median sales price in February fell 5.2%, down to a price level not seen since April 2002.

“We have an uneven, choppy recovery,” said NAR’s chief economist Lawrence Yun. “Hopefully it is a recovery that is taking place.”