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Friday, July 1, 2011

Hundreds of thousands of British public sector workers went on strike across the country yesterday to protest planned changes to pensions. As industrial action swept the country, half of all schools were hit when teachers walked out, thousands of emergency service responders did not arrive at work, and there were warnings of immigration delays at Heathrow airport.

Police arrested 26 people as protesters picketed on a march in London, and riot police kettled demonstrators as clashes broke out. Reports vary, but it is thought that up to half of British state schools have been affected as employees did not turn up to work.

Mark Serwotka, the leader of the Public and Commercial Services Union (PCS), said the strikes would serve as a “wake-up call” to the coalition government. “It’s a very, very clear signal to the government that they have been rumbled,” Serwotka said. “This is not about pensions, this is about making public sector workers pay for the economic problems, and we are determined to keep going until they change direction.”

Government officials condemned the strike and said the planned changes to pensions, which would see teachers work until age 68 and get less from their pensions, were “fair to taxpayers” as Britain attempts to deal with a large budget deficit. A spokesperson for Downing Street insisted the strike was having a “minimal” impact and said the turnout suggested many public sector workers supported the pension changes.

Christine Blower, the general secretary of one of the striking unions, the National Union of Teachers (NUT), said the strike demonstrated “the anger and distress that this government is causing teachers.” She said the “unjustified attacks” on the pensions of teachers “are nothing short of disgraceful.” Speaking on BBC television programme Question Time, she added: “Much of this has already been imposed on teachers without negotiation, and when we say there are talks going on it’s perfectly true that the government is talking but it isn’t actually listening.”

But despite government claims that the strike was having little impact, 5,679 schools were closed and another 4,999 were affected as teachers did not turn up for work. Michael Gove, the education secretary attacked the walkouts as “disappointing and unnecessary”. Thousands of staff handling emergency 999 calls also striked and pickets were held outside courts as members of the PCS walked out in protest.

Francis Maude, the cabinet office minister, also maintained that the strikes were wrong and said the low number of people walking out showed many supported the government’s plans. “What today has shown is that the vast majority of hard-working public sector employees do not support today’s premature strike and have come into work today,” he said.

Senior Labour party figures including Ed Miliband, Tessa Jowell and John Denham said the strikes were unjustified until negotiations with the government had concluded. Mary Bousted of the NUT criticised Labour’s lack of support for the striking workers: “The response of Ed Miliband has been a disgrace – he should be ashamed of himself. If our strike is a mistake, what has he done to oppose this devastating attack on our pensions? If the opposition will not defend our pensions, we will.”

A largely peaceful march by 30,000 protesters took place through London, and the atmosphere was reported to be largely peaceful, but Metropolitan Police officials said 26 people had been arrested. At a meeting in Westminister, many left wing figures attacked the government plans. Ken Livingstone, a former mayor of London who is running for the job again next year, said the coalition government had “mishandled” the issue of pensions. “The government must end its attacks and negotiate on the core issues under contention,” he added.

Wednesday, June 2, 2010

The Supreme Court in Lausanne, Switzerland has ruled that Texas hold ’em poker is a game of luck, rather than a game of skill. As a result, only casinos can host poker tournaments in Switzerland. Private games with friends, even where money is at stake, are still permitted under the ruling.

Poker tournaments had been growing in popularity in the country, with many events held in hotels and bars. Such venues do not have to pay the 50% tax on profits levied on licensed casinos, nor comply with regulations combating money laundering and gambling addiction. Poker is now categorised alongside roulette and slot machines, which as games of luck can only be played inside casinos. Mathematics, strategy, and bluffing were less important in determining the result than chance, said the judges, overturning a lower court ruling to the opposite effect, and disagreeing with the stance of the country’s Federal Gaming Commission.

Before the ruling, it had been estimated by the Swiss Federation of Casinos that there were about 100 unlicensed poker tournaments every weekend. A Swiss poker website, SwissPokerTour.ch, has described the result as “a black day for all amateur poker players in Switzerland.”

Tuesday, March 15, 2005A federal jury found Bernard Ebbers guilty on all nine counts in an indictment for fraud, conspiracy and false regulatory filings. The verdict was handed down by a New York jury after 8 days of deliberation on the former WorldCom CEO and mastermind behind the accounting scandal that brought down the telcom giant.

AP writer Erin McClam reported that when the verdict was announced, “Ebbers’ face reddened.”

Sentencing is set for the second Tuesday of next week when he could receive 85 years in prison for the conviction.

Ebbers who took the stand in his own defence, said he left the details of the company’s accounting to others and that he had no knowledge of shady practices. But Scott Sullivan, the ex-chief financial officer of the company and key prosecution witness, directly linked Ebbers to the fraud. Sullivan agreed to co-operate with prosecutors in the hopes of receiving a lenient sentence for his own involvement in the scandal.

The fall of WordCom sparked a massive class action law suit by investors. The plunge in WorldCom’s stock changed the capitalized value of the company in the range of $11 billion as the scandal unravelled. Secuities fraud cases stemming from the suits will probably break new legal ground where the involvement of investment banks and public accounting firms who would normally check company irregularities will be called into legal question.

Tuesday, April 4, 2006

Iran has successfully tested the Kowsar land-to-sea missile, and a “flying boat”, Iran state media report.

According to the country’s state television service, “A super-modern flying boat was successfully tested in the ‘Great Prophet’ war game in Persian Gulf waters. Because of its hull’s advanced design, no radar at sea or in the air can locate it. It can lift out of the water. It is wholly domestically built and can launch missiles with precise targeting while moving.”

Iran says that the Kowser missile can be used to sink enemy ships in the Gulf. Iran also announced that the missile’s onboard systems could not be scrambled by enemy action.

Brian Whitman, a spokesman for the Pentagon in the United States, said, “We know that the Iranians are always trying to improve their weapons system by both foreign and indigenous measures. It’s possible that they are increasing their capability and making strides in radar-absorbing materials and technology. [However] the Iranians have also been known to boast and exaggerate [in] their statements about greater technical and tactical capabilities.”

On Friday, Iran tested its Fajr-3 missile, which Iran says can evade radar and can carry many warheads. On Monday, Iran tested in the Straits of Hormuz a torpedo that the country claims can evade sonar.

It is estimated that at least 1500 ships and aircraft, and at least 17,000 Iranian Revolutionary Guard troops, are participating in a week-long war games exercise in the Gulf.

Sunday, January 16, 2022

United Kingdom-based pharmaceutical giant GlaxoSmithKline (GSK) confirmed January 15 it had rejected three “unsolicited, conditional and non-binding proposals” by Unilever to acquire its Consumer Healthcare division, including one bid of GBP50 billion in value made on December 20, believing Unilever “fundamentally undervalued” the business and its potential.

News that Unilever attempted to buy GSK Consumer Healthcare for 50 billion pounds, split between GBP41.7 billion in cash and 8.3 billion in Unilever shares, was first reported by The Sunday Times, and subsequently confirmed by both companies. Had the latest acquisition offer gone through, it would have been the largest deal since the beginning of the Covid-19 pandemic, and one of the biggest ever among companies listed on the London Stock Exchange.

A deal would likely mean integrating the GSK division into Unilever’s own beauty and personal care business, which has seen profit margins struggle under Covid-19 lockdowns and higher costs for plastics and petrochemicals.

A brief response on the Unilever website confirmed it “had approached GSK and Pfizer about a potential acquisition”, and adds GSK Consumer Healthcare “would be a strong strategic fit” as the company looks to rework its portfolio. GSK indicated the proposals were “carefully evaluated” by its board of directors, but unanimously rejected under the conclusion they “were not in the best interests of GSK shareholders” and “failed to reflect the intrinsic value of the business and its potential”.

The Sunday Times have indicated the latest deal did not include an acquisition premium or recognition of corporate synergies; the joint venture between GSK and healthcare firm Pfizer, which holds a minority stake in the company, was initially projected to generate GBP500 million in cost savings by this year and realise “substantial cost synergies”. The BBC’s business editor Simon Jack wrote that a standard takeover premium would be about 30%, but could be reduced over the GBP10 billion in debt GSK was predicted to “leave on the books”, of the GBP22 billion net debt GSK reported for Q3 2021.

The deals were assessed by the Board respective of a proposed demerger of GSK Consumer Health into a separate PLC in the middle of this year. Jack wrote GSK “always” had “an open mind to a trade sale to another party if the price was right.” Unilever did not take into account the standard takeover premium, the value of cost savings and Board confidence Consumer Health could deliver “superior organic sales growth” of between four and six per cent in the medium term. This was despite valuations of about GBP50 billion by Goldman Sachs and Barclays analysts, and a lower GBP45 billion valuation by Jeffries Group.

There are no current talks between Unilever and either Pfizer or GSK, and the Unilever statement reads: “There can be no certainty that any agreement will be reached.” Under CEO Alan Jope, Unilever has focused its investments and marketing on brands which “communicate a strong environmental or social purpose” by streamlining its holdings in items like beauty products and tea. Jope previously said Unilever would concentrate on smaller takeovers in industries like luxury beauty and wellness.

However, Russ Mould, investment director at AJ Bell, told the BBC this would be a “high risk deal” at a time investors are cautious about GSK’s performance, but also a time of rising inflation he says encourages “consumer goods with loyal customers”. Mould added despite strong cashflow, Unilever had recently missed targets on sales and profit margins, putting pressure on the CEO.

Pressure by activist shareholders Elliott Management Corporation and Bluebell Capital Partners have also mounted against GSK CEO Emma Walmsley over the unit’s failure to develop a Covid-19 vaccine and Walmsley’s own lack of scientific experience. GSK has been involved in the ongoing development of a Covid-19 vaccine with French biopharmaceutical company Sanofi, and announced preliminary results from Phase 3 trials last month.

In 2018, Unilever bought several consumer nutritional products from GSK, including its flagship product Horlicks, and merged its Indian subsidiary, Hindustan Unilever, with GSK Consumer Healthcare India.

Thursday, March 23, 2006

The new book Game of Shadows: Barry Bonds, BALCO, and the Steroids Scandal that Rocked Professional Sports, by Mark Fainaru-Wada and Lance Williams of The San Francisco Chronicle, is being released today. The authors not only implicate professional baseball celebrity Barry Bonds in the use of performance-enhancing drugs, but also say Gary Sheffield received human growth hormone and testosterone from Greg Anderson, Bonds’s personal trainer.

The book goes on to claim that Jason Giambi also took performance-enhancing drugs from Anderson. Bonds continues to insist that he did not realize his trainer was giving him steriods. He claimed in his grand jury testimony that he thought he was receiving flaxseed oil and an arthritis salve. Sheffield’s response to the claims was quite simple: when asked if the allegations made against him were true, his response was “Nope.”

Despite the book’s accusations of Sheffield and Giambi, it centers around Bonds and the founder of the Bay Area Laboratory Co-Operative or BALCO, Victor Conte Jr. Conte is currently serving four months in prison for distribution of steriods and money laundering. It appears that the steroid controversy concerning Bonds will only intensify as he continues to march on towards the career home runs record, one of baseball’s most sacred records.