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Friday, April 18, 2014

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.

Thursday, February 13, 2014

Friday, December 23, 2011

Retail store group Walmart has removed an infant formula from over three thousand of their stores in the United States. The decision was taken in the aftermath of the death of a baby who suffered from Cronobacter sakazakii, an infection which is extremely rare but poses a significant risk to babies born recently and those born prematurely should they contract it. A second newborn baby has also contracted the infection, which is most frequently discovered in plants like rice and wheat.

Ongoing tests are now attempting to establish whether or not the powdered infant formula is connected to the bacterial infection the two babies suffered from in the US state of Missouri. A statement from Walmart says that the company is taking the product Enfamil Newborn Formula off their shelves “out of an abundance of caution”. Speaking on behalf of Walmart, Dianna Gee stated that the group express their “deepest condolences” to the family of Avery Cornett, who died after removal from life support. Gee informed Agence France-Presse that lot number ZP1K7G had been removed and “Walmart customers who may have purchased the item at our stores can return it for a full refund or exchange it for another brand of formula”.

The manufacturer of Enfamil Newborn Formula has also stated that tests made before shipment of the product came back as negative. Chris Perille, a spokesperson for Enfamil manufacturer Mead Johnson Nutrition, has said: “The batch of our product used by the child’s family tested negative for Cronobacter when it was produced and packaged, and that has been reconfirmed from our batch records following this news”. Mead Johnson are “highly confident in the safety and quality of our products — and the rigorous testing we put them through” and is “working with the health authorities to support their efforts to identify the source or cause of this infant’s infection,” according to Perille. The U.S. government has reportedly made no recall of the product.

The Missouri Department of Health and Senior Services has referred the infant formula to the Centers for Disease Control and Prevention and the Food and Drug Administration for examination and has advised parents that “powdered infant formulas are not commercially sterile products” and destroying bacteria amongst the production process may not be possible, while “no exclusively breastfed infants have been reported to have” contracted Cronobacter sakazakii. Pending test completion, “it cannot be determined whether the illness is linked to Enfamil Newborn Formula 12.5 oz. cans lot #ZP1K7G or an outside source”, according to a statement from the Missouri Department of Health and Senior Services. The department has also suggested that parents observe the World Health Organisation’s ‘Guidelines for the safe preparation, storage and handling of powdered infant formula’, which recommends “washing your hands with soap and water, thoroughly sterilizing all feeding equipment in hot, soapy water and preparing enough formula for only one feeding at a time”.

Tuesday, July 17, 2007

An Amtrak passenger train de-railed after hitting a pickup truck in Plant City, Florida, in the United States. The driver of the pickup truck was killed on impact. The crash occurred at a marked railroad crossing inside of an industrial area, according to an Amtrak spokesperson.

None of the 133 passengers were seriously hurt, however, the train’s engineer and five passengers were taken to a local hospital after suffering minor injuries. The remaining passengers were taken to a local bowling alley. Although the train’s two locomotives and nine cars de-railed, they remained upright.

Witnesses report the train sounded its horns at the appropriate times. It was reported the pickup truck simply drove in front of the train.

The crash is the second to occur this week with a train; on Monday, a driver in a Pontiac Grand Am deliberately ignored the lights and crossing arms at another railroad crossing in the area, and drove around them, into the path of a different Amtrak train on the same route. The impact caused the car to go airborne. All four people in the car were killed; no one on the train was injured.

Friday, December 11, 2009

Somali pirates released a Greek-owned cargo ship and its 24 Ukrainian crew members earlier today, after seven months in captivity.

The director of Greek shipping firm Alloceans Shipping, Spyros Minas, announced that pirates freed the Ariana, after the company paid a ransom. The released sailors were in good health, Minas noted.

Ukrainian president Victor Yushchenko also announced the crew’s release from Kiev. “I congratulate the nation, and I congratulate the families on the successful operation to free our sailors,” he commented.

The shipping company did not reveal the size of the ransom, but pirates told reporters the amount was more than US$2.5 million. The pirates claimed it was worth US$3 million.

The Ariana, reported to be carrying several thousand tons of soya, was en route from Brazil to the Middle East when it was seized by pirates.

Pirates have continued to hijack vessels off the eastern coast of Africa despite the presence of foreign naval patrols in the area. They are still believed to be holding around 260 crew members on nearly a dozen captured ships.

Wednesday, March 2, 2005

Bucharest, Romania — The city centre of Bucharest, the capital of Romania, is set to get a major facelift due to a real estate project called Esplanada (The Esplanade), which will be constructed by TriGranit Development Corporation. The total investment in the project will be greater than 800 million euro and aims to build a modern commercial pedestrian area in downtown Bucharest, with several shopping malls, office buildings, hotels and dwellings. It will be the largest real estate program in Romania since the fall of Communism in 1989.

Bucharest is currently looking at possibilities to improve its appearance and rebrand itself as a lively, creative and vibrant city. Many initiatives have sprung up to improve the city, including the organisation of CowParade later this year. Additionally, the old town centre will be restored. Due to Romania’s current economic boom, several other major construction projects are taking place.

Bucharest City Hall has blocked traffic in the city center due both to the old town restoration and to the Esplanada project.