Top 10 Best and Worst Paying Jobs
The smart thing, to do if you really want to get rich these days, is become a CEO and demand an enormous bonus for running a company into the ground. But if, like most Americans, you expect to be a wage slave for the majority of your working life, you might as well select [...]
Solar panel manufacturer Solyndra files for bankruptcy
Vittorio Hernandez – AHN News Wilmington, DE, United States (AHN) – American solar panel maker Solyndra has filed for bankruptcy. It is the third solar firm since August to seek court protection from creditors. Solyndra filed a Chapter 11 petition with a U.S. Bankruptcy Court in Wilmington, DE, after it amassed debts of $1 billion. However, it still has assets of about the same amount. The California-based company shuttered on Aug. 31 and laid off its 1,100 workers. It suffered from losses due to competition from larger, foreign manufacturers that flooded the American market with solar panels, causing prices to drop. On Labor Day, U.S. Rep. Pete Stark appealed to Solyndra to compensate the 1,100 dismissed employees. Stark, in a letter to Solyndra Chief Executive Officer Brian Harrison, said the summary dismissal of the workers without warning was reckless, irresponsible and heartless. The legislator hinted the layoffs could be illegal. Solyndra, which did not give the mandatory 90-day warning for layoffs, said the law provides exemption from compliance with that requirement for companies that continue to attempt to line up financing to the day they closed. The sudden dismissal prompted a former research engineer of the solar-panel maker to file a lawsuit on Friday against Solyndra. Solyndra borrowed $535 million from the Energy Department loan guarantee program. The loan was criticized by Republican lawmakers, leading to an investigation this year by a subcommittee of the U.S. House Energy and Commerce Committee of the loan guarantee. Solyndra retained 113 workers to help the debtors with restructuring efforts. With the reduction of its workforce, Solyndra’s payroll will be drastically reduced to $650,000 bi-weekly from $3.5 million. Article © AHN – All Rights Reserved
Comcast-NBC Universal merger gets judge approval
Vittorio Hernandez – AHN News Washington, D.C., United States (AHN) – U.S. District Judge Richard Leon approved on Thursday the merger of Comcast Corporation and NBC Universal. However, the approval is based on the condition that the merged firm will allow to court to keep oversight over it for two more years. Leon particularly wants to keep track of arbitration action initiated by online video distributors and the result of the proceedings. The approval was based on a U.S. Department of Justice recommendation to okay the agreement between Comcast and NBC which outlined the conditions for the Comcast takeover of NBC Universal. Leon previously expressed concern that an arbitration process to be supervised by the DOJ would not allow appeals by online video distributors. Earlier this week, the DOJ blocked the proposed $39-billion merger between technology giants AT&T and T-Mobile because the deal violated U.S. antitrust laws. The DOJ said the AT&T takeover of T-Mobile would result in lesser competition in the wireless sector and hike phone bills for subscribers. Article © AHN – All Rights Reserved
Obama to address Congress on Sept 7, outlines priorities today
Tejinder Singh – AHN News Correspondent Washington, D.C., United States (AHN) – The White House was on an overdrive on Wednesday requesting a joint session of Congress at 8 p.m. on September 7 (next Wednesday) for a joint address by President Barack Obama who after addressing a select audience at the Rose Garden, issued a Presidential Memorandum to identify high impact, job-creating infrastructure projects.” President Obama in the letter from the White House to House Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nevada), said, “It is my intention to lay out a series of bipartisan proposals that the Congress can take immediately to continue to rebuild the American economy by strengthening small businesses, helping Americans get back to work, and putting more money in the paychecks of the middle class and working Americans, while still reducing our deficit and getting our fiscal house in order.” The request for a joint session was confirmed by the offices of the leaders of both the houses but they did not issue any response immediately and the political pundits noted that the September 7 night is the same as a scheduled debate in California among the 2012 Republican presidential candidates. Addressing journalists in Brady briefing room, Jay Carney, the White House press secretary called it, “coincidental,” adding, “There are a lot of factors that go into scheduling a joint session of Congress for a speech … You can never find a perfect time.” On the opportunities to watch both the events, Carney said, “There are many channels to watch the president and to watch the debate.” Earlier the President addressed a select audience in the Rose Garden calling on Congress to move forward in a bipartisan way to pass “a clean extension” of the Surface Transportation Bill (STB), which expires at the end of September, and “a clean extension” of the Federal Aviation Administration Reauthorization, which expires in mid-September. Flanked by Secretary of Transportation Ray LaHood, AFL-CIO President and member of the President’s Council on Jobs and Competitiveness Richard Trumka, U.S. Chamber of Commerce COO David Chavern, and some of the workers who would be affected if Congress fails to act, President Obama said, “This bill (STB) provides funding for highway construction, bridge repair, mass transit systems and other essential projects that keep our people and our commerce moving quickly and safely.” Obama cautioned, “If we allow the transportation …
Justice sues to block takeover of T-Mobile by AT&T
Diane Alter – AHN News Reporter New York, NY, United States (AHN) – AT&T shares fell Wednesday by more than 4 percent after the Department of Justice sued to block the telecom giant’s takeover of T-Mobile. The DOJ maintains AT&T’s $39 billion takeover of T-Mobile would hurt competition and raise prices. The combination would join the U.S.’ second and fourth largest cell phone companies. The proposed deal faced opposition early on from consumers and the No. 3 U.S. carrier, Sprint. AT&T argues that the deal would provide better service for scores of telecom customers all across the country. In a move to garner support, AT&T noted it would add jobs by moving 5,000 outsourced call center jobs back to the United States. In the suit, the Justice Department charged, “AT&T’s elimination of T-Mobile as an independent, low-priced rival would remove a significant force from the market.” Shortly before noon, AT&T was off 1.55 at 28.04; Deutsche Telekom, owner of T-Mobile, was down 1.01 at 12. 82, and Sprint was up 4.51 percent at 3.70. Article © AHN – All Rights Reserved
Federal probe on San Bruno blast blames PG&E pipeline management
Kris Alingod – AHN News Contributor Sacrmento, CA, United States (AHN) – Failures on the part of Pacific Gas and Electric to test its pipeline and to respond to emergencies caused the massive explosion in San Bruno last year, the National Transportation and Safety Board ruled Tuesday. Concluding its probe of the blast that killed eight people and injured 58 others, the agency said “multiple and recurring deficiencies in PG&E operational practices indicate a systemic problem.” Poor quality control by PG&E allowed a welded pipe with a visible defect to be installed in 1956, according to the agency, and an inadequate integrity management program kept the flawed pipe in use for half a century until it ruptured. In addition, the company lacked a “defined command structure that clearly assigns a single point of leadership and allocates specific duties to supervisory control,” resulting in delays in identifying the source of the leak, the NTSB said. The explosion occurred in the early evening of Sept. 9 last year. San Bruno police were on site one minute after the blast, while firemen took two minutes to arrive. In contrast, PG&E took 95 minutes to plug the leak and isolate the rupture site. PG&E president Chris Johns said in a statement his company “fully embrace[s]” the findings. “Because we firmly share the Board’s commitment to seeing that such a terrible accident never happens again, we are grateful for its meticulous review of evidence, finding of facts and thoughtful recommendations,” he said. Johns recognized that the NTSB found fault with the company’s record-keeping, control room procedures, pipeline management, emergency response and company culture. “We have spent the past year making fundamental changes to our operations and management,” he assured. Among those reforms were the creation of a separate gas operations unit under a new executive with 30 years of experience in old pipelines. The company also hired more than 90 engineers and mappers to boost stronger pipeline management standards. The NTSB also cited federal and state regulators for allowing the “grandfathering” of pipes that lets companies operate older lines without performing hydrostatic pressure tests that expose defects. The California Public Utilities Commission permitted grandfathering beginning in 1961 while the U.S. Department of Transportation did the same in 1970. The NTSB previously found that PG&E had listed the San Bruno line as constructed of seamless pipe when in fact the line was…
U.S. factory orders up 2.4 percent in July
Jupiter Kalambakal – AHN News Reporter Washington, DC, United States (AHN) – U.S. factory orders in July rose, bolstered by demand for autos and aircraft. The Commerce Department reported Wednesday that July’s factory report performance showed a 2.4 percent increase from the previous month to $453.17 billion. Earlier, economists forecast orders growing 1.9 percent, from June’s reported 0.8 percent. The Commerce Department report stated orders for transportation equipment grew 14.8 percent in July, the largest improvement since January. It said the upsurge was the biggest gain since January 2003. Supply chain disruptions following Japan’s earthquake last March may already be lessening. Meanwhile, orders for civilian aircraft climbed 43.4 percent, against the previous month’s 24 percent drop. Orders excluding transportation posted an upsurge of 0.9 percent in July after gaining 0.4 percent in June. Article © AHN – All Rights Reserved
Pacific Cycle Recalls Chinese Manufactured Swing Sets Due to Fall Hazard; Sold Exclusively at Toys R Us
Madison, WI, United States (AHN) – The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Consumers should stop using recalled products immediately unless otherwise instructed. It is illegal to resell or attempt to resell a recalled consumer product. Name of Product: Playsafe Dartmouth Swing Set Units: About 5,500 Importer: Pacific Cycle Inc., of Madison, Wis. Hazard: The sling-style swing seats can crack or split prematurely, posing a fall hazard to consumers. Incidents/Injuries: Pacific Cycle has received five reports of the sling-style swing seats breaking during use, including reports of minor injuries involving bruises and scrapes. Description: This recall involves Playsafe’s Dartmouth Swing Set, model number 22-PS340, with date codes FSD0115AA and FSD0315AA. The model number and date code can be found in the owner’s manual. The swing set has six metal legs and includes two swings with yellow plastic sling-style seats, a yellow plastic sliding board, a two-person glider with yellow plastic seats, yellow plastic trapeze hanging rings and a four-person lawn swing with yellow plastic seats and footboard. Sold exclusively at: Toys R Us stores nationwide from January 2011 through May 2011 for about $270. Manufactured in: China Remedy: Consumers should immediately stop using the sling-style swing seats, remove the seats from the swing set and contact Pacific Cycle to obtain free replacement seats. Consumer Contact: For additional information, contact Pacific Cycle toll-free at (877) 564-2261 between 8 a.m. and 5 p.m. CT, Monday through Friday, or visit the firm’s website at www.pacific-cycle.com or email [email protected] Article © AHN – All Rights Reserved
ExxonMobil, Rosneft ink deal for joint oil drilling in Russian Arctic, Black Sea
Vittorio Hernandez – AHN News Moscow, Russian Federation (AHN) – American oil giant ExxonMobil and Russian oil firm Rosneft inked on Tuesday an agreement to jointly search for black gold in the Arctic Sea shelf and Black Sea. The deal was signed before Russian Prime Minister Vladimir Putin, who said the agreement would permit the Russian state-owned company to develop oil fields in the Gulf of Mexico and Texas. In turn, Exxon will invest $3.2 billion in opening oil and gas production in the Kara Sea, which is part of the Arctic Ocean. The ice in Kara Sea made drilling in the past difficult, but higher Arctic temperature made the area more attractive to oil firms. According to Rosneft’s estimate, the East-Prinovozemelsky field of Kara Sea has 35.8 billion barrels of oil and 10.3 trillion cubic meters of natural gas, while it placed oil at the Tuapse field at 2.2 billion to 7.2 billion barrels. Since majority of oil fields in West Siberia are declining, Russia is seeking new sources of unconventional oil resources of the Arctic. However, because of the harsh environment, Russian oil firms have to tap into the expertise of western oil firms such as Exxon, which had drilling experience in Canada’s arctic regions. Rosneft previously had an arctic exploration proposal with British Petroleum, but the deal did not push through in May because of a legal challenge from co-investors in another BP existing Russian joint venture, despite the planned agreement having the blessing of Putin. Reports said the total value of the projects could be between $200 and $500 billion. Article © AHN – All Rights Reserved
Riots spur British retailers to hike insurance coverage
Vittorio Hernandez – AHN News London, England, United Kingdom (AHN) – The London riots, which spread to other cities in Britain earlier this month, have caused retailers to increase and widen their insurance coverage. One insurance firm said that requests for new insurance premium quotes doubled a week after the anarchy, sparked by the shooting of a motorist in Tottenham. Among the retailers that have sought new quotes are mobile phone shops and grocers. According to an estimate by the Association of British Insurers, the cost of the riots will hit $150 million (GBP 100 million). Days after the riots, the British Retail Consortium warned that the chaos could harm London’s reputation as a major shopping and tourist destination, particularly as the city prepares to host the 2012 Olympic Summer Games. David Frost, director general of the British Chambers of Commerce, added that the violence affected not only individual business owners but also destroyed the very fabric of society. Frost said that the impact of the riots would be felt on the long term. Richard Dodd of BRC said that some retailers may never reopen and it would cost jobs. To help business owners who were affected by the riots with the insurance claims and contracts, as well as property and employment issues, the Law Society opened a free advice helpline manned by volunteer lawyers and full-time case workers. Article © AHN – All Rights Reserved