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Friday, January 28, 2005

New York —American manufacturing giant Proctor & Gamble (P&G) plans to acquire Gillette Co. for US$57 billion in stock. The purchase plan calls for P&G to swap 0.975 shares of its stock per share of Gillete Co. P&G also announced a stock buyback program in which they would purchase up to US$22 billion of shares over the next 18 months. Including the stock buyback program, the merger is being financed by 60 percent stock and 40 percent cash.

P&G is known for brands such as Ariel and Tide washing powder, Max Factor cosmetics, Pringles potato crisps (chips) and Hugo Boss and Lacoste perfumes.

Gillette, known for brands such as Gillette razors, Oral B dental care, and Duracell batteries, has had growing problems with the growth of private labels and price cuts demanded by large supermarkets.

After the acquisition is completed, Gillette’s CEO James Kilts will be P&G’s vice-chairman. Kilts said that he expects that this acquisition will cause additional mergers to take place.

“I believe the consumer product industry needs to consolidate,” said Kilts, “we believe we can bring these companies together and create a juggernaut.”

P&G and Gillette have a combined market capitalization of about $185 billion US, which will make it the largest in the sector.

The early morning announcement states that 6,000 employees will be eliminated. Most of the layoffs will result from reducing overlapping management positions and other supporting positions within the combined company.

Antitrust regulators in the US and Europe plan to review the acquisition, to determine whether the combined company will have too much power over pricing and shelf space.

P&G plans to provide additional details about the merger Friday morning (East Coast time) in New York.

Wednesday, October 6, 2021

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After almost two months of radio silence over the telephone and fax lines that serve as a hotline between North Korea and South Korea, communication was restored between the two countries on Monday.

In a speech made at a Workers’ Party of Korea (WPK) meeting, North Korean leader Kim Jong Un called for the North-South communication lines to be reopened, wishing for an “early recovery of the present inter-Korean relations and settlement of durable peace on the Korean peninsula.”

The state-run Korean Central News Agency (KCNA) released a statement where Kim Jong Un’s wishes were expressed, and closed the short article with a cautionary statement directed at the South Korean government. This statement warned authorities in South Korea they “should keep in mind the meaning of reopening of the communication lines and make active efforts to solve pending important issues for saving the inter-Korean relations and opening its bright prospect.”

The communication lines had been severed on the North’s order in August as a method of protest exercised during US-South Korea joint military drills. The KCNA had previously stated communication would be re-established 9 AM on Monday KST (UTC midnight). In an article by CTV News, it is said officials exchanged greetings over telephone lines and discussed fishing activities in their disputed western maritime border.

This thawing of Korean relations comes at a heated time, with the North having conducted multiple missile tests last week. One of the said launches was confirmed by Japanese and South Korean defense ministries to be an early-stage hypersonic missile, launched only minutes before the representative of North Korea spoke before the UN General Assembly, heavily criticizing the US.

Friday, February 5, 2010

Global stock markets fell steeply on Thursday on investor concerns about the growing sovereign debts of European Union member states Greece, Portugal, and Spain. A report of a rise in weekly jobless claims in the United States contributed to the market gloom. The MSCI World index fell the most in over nine months. Currency and commodities markets also posted major moves.

The euro fell more than one percent against the US dollar to an eight-month low; against the yen it fell 2.2%, approaching a one-year low. The price of crude oil fell 5% to US$73.14 per barrel and gold slid 4.4% to US$1,063 per ounce.

Greece’s Prime Minister, George Papandreou, announced an austerity program, but that is now threatened by plans by the largest trade union for a national strike. In 2009, Greece’s budget deficit was 12.7% of the nation’s gross domestic product (GDP). Papandreou’s plan called for that to drop to 3% by 2012.

Gary Jenkins of Evolution Securities told the Financial Times, “[t]he risk aversion trade is back on as the debt problems of Europe are for the first time bringing down global markets. Corporate earnings may come in strongly [in the US], but investors are more concerned about the possible default of a sovereign European nation.”

“This is a sovereign problem, and it’s hitting everything,” said Keith Springer of Capital Financial Advisory Services to Reuters. “If other European countries are having trouble like Greece, then it’s a big problem for banks, and the banks are the foundation for everything. European banks will be in trouble and that will carry over to all stocks.”

“The focus is shifting toward Spain and Portugal, where the deficit-reduction plans have been far less ambitious than Greece,” said Kornelius Purps of UniCredit Markets & Investment Banking to Bloomberg.

Concerns in Portugal centered on political tension surrounding a regional spending bill. In Spain, the source of worry was reportedly because the government backed down from promised pension reform.

European Central Bank President Jean-Claude Trichet sought to ease investor fears, in part by noting that the deficit in the US is expected to hit 10% of GDP in 2010, compared with about 6% in the eurozone. He said that he was “confident” that Greece is moving in the right direction.

Trichet did admit that it is of “paramount importance” for Greece, Portugal and Spain to get their public finances under control.

Saturday, October 14, 2006

An American inventor has patented a pair of new time formats with a footprint less than 50% of that of conventional four-digit time. The more unusual of the two new formats, called “TWELV”, dispenses with numerals altogether. In place of clock hands or digits, the new clock uses color to convey the hour and a moon image to convey the minute, which moon slowly grows throughout the course of an hour from a narrow crescent to a full-fledged circle.

The second and more approachable of the new formats retains numerical digits to indicate the minute but uses colors to convey the hour.

Early critics question whether the aesthetic benefits of the moon-clock will be sufficient to encourage users to learn the color-based time-telling system. However, the size advantages of the new system may make it particularly suitable for mobile applications, particularly cell phones, wearable computers, and head-mounted displays.

Tuesday, January 26, 2010

The health department in Guizhou province, China has ordered three batches of milk products to be removed from sale after the discovery they contain melamine. In 2008 six children were killed by milk contaminated with the chemical and 300,000 fell ill.

The department has suspended all sales from the three companies involved. Last November, two men were executed for their roles in selling milk tainted with the chemical, which was largely distributed by Samlu Corp, a company that has since been liquidised. The executed convicts mixed up batches totalling hundreds of tonnes of melamine-tainted milk, and were among 21 people successfuly prosecuted over the contamination. Chinese dairy products were withdrawn around the world.

The latest finds have gone unreported for nearly a year before a provincial news service reported on the tainted products from Shandong Zibo Lusaier Dairy Co., Liaoning Tieling Wuzhou Food Co. and Laoting Kaida Refrigeration Plant. This was then picked up today by China Daily, meaning it has only now come to the world’s attention. No specifics are available other than that popsicles are involved.

Early 2009 would place the discoveries and recalls shortly after the government anounced a crackdown on malpractice in the dairy industry. Recently, two other reports have emerged of tainted milk being discovered elsewhere in China, including Shanghai.

It is uncertain why this is only now becoming public knowledge, althought the Shanghai case was said to be complicated by crossing provincial borders. There, reports emerged on New Year’s Eve although the actual news dated back to April.

After the 2008 milk scandal new food safety legislation was passed. These new laws made room for more vigourous testing and stronger recall arrangements. The government made it clear that coverups were intolerable. At the time, 22 companies were indentified as being involved in melamine-contamination in milk.

Two dairies recently named in state media as behind more recent incidents were on that original list, including Laoting Kaida and Shanghai Panda Dairy Co. Media reports suggest that the newer problem may have been that milk containing melimine that was never destroyed from the original discovery was then repackaged.

The companies involved have stated that they bought in raw milk without realising it contained the poisonous chemical. China Daily quoted an official as saying the same thing. It also stated an ex-dairy industry official had said that it was probable that further milk containing illegally high levels of the substance remained available to the Chinese consumer.

News organisations have tried contacting the companies involved and authorities in Guizhou province but with little success. This trend was bucked by the Agence France-Presse, who reached Guizhou’s health department, only to be told the reports were not correct.

Melamine has a high nitrogen content which can make watered-down milk seem to contain extra protein. It is intended for use in manufacturing industries, in products such as concrete, plastic and fertiliser. Large quantities can cause kidney stones and kidney failure.

Saturday, October 6, 2007

Torbjorn Zetterlund is running for the Green Party of Ontario in the Ontario provincial election, in the Willowdale riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.