Sunday, January 24, 2021

The World Trade Organization (WTO) ruled in favour of South Korea on Thursday over what it deemed excessive US tariffs on some of its products.

The eight duties, covering large power transformers and four grades of steel, were enacted in 2012 and 2016, during the Barack Obama administration. The US Department of Commerce defended the high rates, ranging from 9.49 to 59.72% on steel and 60.81% on transformers, by citing the “adverse facts available” (AFA) provision.

The AFA calls on accused companies to provide comprehensive information, or otherwise face significant anti-dumping and countervailing tariffs. After negotiation failed, South Korea formally filed a suit with the global trade body in February 2018.

A three-person WTO panel concluded the US Commerce Department had failed to specify in detail what information South Korean companies were to supply, and improperly ignored or rejected some of what was submitted. The tariffs imposed on Hyosung Heavy Industries, Hyundai Electric & Energy Systems, Hyundai Steel, and POSCO, therefore, were considered inconsistent with WTO guidelines.

However, the panel did not uphold South Korea’s claim US authorities had an “unwritten measure” encouraging its use of adverse facts to justify higher duties.

The United States may appeal within 60 days. However, due to restrictions imposed by former President Donald Trump on the Appellate Body, it has less than a quorum.

The European Union joined the case, citing as justification the plight of British, Dutch, and Italian steelworkers under US practice.

A 2018 ruling between the United States and Canada also found evidence of negligence involving the provision.

Monday, May 8, 2006

The Beatles’ label Apple Corps lost its court case against Apple Computer today in the High Court. Apple Corps argued that the iTunes Music Store was a breach of the 1991 settlement reached between the two parties. The 1991 agreement was that Apple Computer would not sell music branded with an apple. Mr Justice Anthony Mann agreed with Apple Computer’s defence that, while the iTunes Music Store is branded, the music it sells is not – “I conclude that the use of the Apple logo … does not suggest a relevant connection with the creative work.” During the case Apple Corps showed the court just how many times the Apple Computer logo appeared during a typical download. The song purchased during the demonstration was Le Freak by Chic.

After the case closed Apple Computer CEO Steve Jobs extended an invitation to the record label, “we have always loved the Beatles, and hopefully we can now work together to get them on the iTunes Music Store”. Apple Corps have decided to take the case to the Court of Appeal. Speaking for Apple Corps, manager Neil Aspinall said, “with great respect to the trial judge, we consider he has reached the wrong conclusion.”

Monday, October 27, 2008

On Monday, stock markets across Asia resumed their downward slide, and Japan’s Nikkei stock index fell to lows not seen since October 1982 as the Japanese government’s former measures to stop the credit and stock crisis have been seen by stockholders as not sufficient.

Japan’s prime minister, Taro Aso, spoke to government officials and asked them to make new tentative plans to save Japan from more damage inflicted by the worldwide recession. For the day, the Nikkei closed down 6.4 percent, or 486.18 points, to close at 7,162.90.

The U.S. dollar rose against the yen after six straight days of losses, trading at 92.27 yen to the dollar. On Friday, the trading value for the yen fell to 90.89, its worst showing for the currency since August 1995.

The Hang Seng Index in Hong Kong was in a freefall for the most of the day, ending down 12.7 percent, or 1,602.54 points, to 11,015.84. Before a late session rally, the index was trading below 11,000 points, which has not occurred since 2004.

The Shanghai Composite Index lost 6.3 percent, or 116.27 points, to close the day at 1,723.35. In the past year, the Shanghai Index, which is the most valued in mainland China, has lost nearly three quarters of its value. Other Asian markets fell sharply on fears echoed by Japan and China. Singapore’s Straits Times Index, which fell 8.3 percent on Friday, was not open today for a holiday.

Indian shares on the Sensex index in Mumbai fell ten percent, below the crucial 8,000-point level earlier in the day before rallying to a more modest two-percent decline. Australia’s stock losses were also marginally lower, still pushing the All Ordinaries in Sydney to their lowest levels since autumn 2004, at 3,768.

Tuesday, November 21, 2006

Buffalo, New York —Buffalo, New York developers have been stymied by old real estate deeds.

The prospective Elmwood Village Hotel may be scuttled and businesses now located there may be forced to move.

Frustrations over property located in an area once known as “Granger Estates” circulate around a clause in the original deeds over land divided by then-owner Erastus Granger in the early 1800’s.

According to the documents, “no business establishment of any kind whatsoever” shall ever be constructed on the property, and they shall forever be exclusively for residential use only. Also prohibited are barns, farms and stables.

Sam Savarino, CEO of Savarino Companies, the prospective hotel developer, announced that his legal research team found the restrictions on properties located between 1109 and 1121 Elmwood Avenue which also stated in part that “no businesses, hospitality establishment of anykind whatsoever” shall ever be permitted to be built on the property.

Savarino, whom is expected to contest the restrictions, said that his company could have ignored the findings, but that, “we can’t risk the future of a multimillion-dollar project on the hope they wouldn’t be discovered. Our opponents would have had a field day if they’d surfaced after the fact.”

Savarino said his attorneys and researchers are anticipated to determine “exactly what weight the restrictions carry and if there’s a way for the courts to negate them.”

Existing businesses are also jeopardized.

Hans Mobius, owner of some of the restricted properties upon which a carriage house is built, said, he wasn’t aware of any restrictions, and “never had a reason to research the deed and title documents.” He confidently added that, “the lawyers can get this taken care of.”

Other threatened businesses include Don Apparel, H.O.D. Tattoo, Forest Plaza Art Gallery and Allentown Music.

Friday, July 15, 2011

On Tuesday, the Euro fell to a new record low in relation to the Swiss Franc, and to multi-month lows against the U.S. Dollar and Japanese yen; all considered by investors to be safe currencies during times of economic turmoil.

The Wall Street Journal reported earlier that recent comments from the newly installed head of the International Monetary Fund, France’s Christine Lagarde, resulted in a sell-off of the Euro. At a roundtable discussion in Washington, Lagarde noted that the IMF had not yet reached discussion of terms and conditions of a second Greek bailout plan. In fact, a representative from the IMF is currently meeting with Eurozone policymakers to draft such a new proposal. The yield differential between Italian bonds and German bonds has spread to more than 300 basis points, something not seen in over a decade and evidence of investors’ concern.

Adding to the Euro’s woes is the upcoming release of the bank stress tests on Friday. The European Bankers Association said that they expect the data release to shed new light on the Eurozone’s banking situation. Representatives of several of the Eurozone’s governments, including Germany, have requested that the association consider releasing fewer specific details for fear that investor panic will ensue. The inadequacy of the capitalization rates has been an issue with the European Central Bank, whose president recently called upon Eurozone banks to make every effort to put their balance sheets in order.

For the time being at least, an unsubstantiated rumor reported by the Wall Street Journal states that the Eurozone’s central banks’ purchase of periphery debt has helped to quell the downward momentum of the Euro.

Wednesday, December 5, 2007

On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs‘s Permanent Subcommittee on Investigations held a hearing titled “Credit Card Practices: Unfair Interest Rate Increases.” The hearing examined the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. It was a follow-up to a March 2007 hearing.

Subcommittee Chairman Carl Levin said in his opening statement: “Today’s focus is on credit card issuers who hike the interest rates of cardholders who play by the rules — meaning those folks who pay on time, pay at least the minimum amount due, and wake up one day to find their interest rate has gone through the roof — again, not because they paid late or exceeded the credit limit, but because their credit card issuer decided they should be ‘repriced’.”

Present to testify on behalf of credit card issuers were Roger C. Hochschild of Discover Financial Services, Bruce L. Hammonds of Bank of America Corporation, and Ryan Schneider of Capital One Financial Corporation.

Much of the 90 minute hearing focused on specific cases where interest rates were raised, allegedly because credit scores of the debtor dropped, and not because they were delinquent or otherwise behind on payments. According to Levin, this practice made it so that almost all payments went towards finance charges with almost none toward repaying the principal. This, he felt, is an unfair practice, as the credit card companies were negligent in informing their customers of the rate hikes and the reason for such hikes.

The collective credit card debt of Americans totals an estimated US$900 billion. Issuers have come under pressure to disclose their policies in regards to setting fees and interest rates. The US Truth in Lending Act requires that terms of a loan be set forth up front. Fluctuating interest rates on credit cards would, on the surface, appear to violate this act.

Roger C. Hochschild disagreed, arguing that “every card transaction is a new extension of credit … This makes it difficult — and risky — to underwrite, and price, the loan based solely on the borrower’s credit-worthiness at the time of application [for the card].”

Ryan Schneider, agreed: “The ability to modify the terms of a credit card agreement to accommodate changes over time to the economy or the credit-worthiness of consumers must be preserved.”

“Attempts to interfere with the market here … will inevitably result in less credit being offered,” warned Bruce Hammonds. “Risk-based pricing has democratized access to credit,” he added.

All three credit card executives also mentioned an ongoing Federal Reserve System review of credit card rules that already proposes a 45-day notification ahead of any rate changes.

Committee members criticized the industry for varying practices. Included in the criticism was the practice of mailing checks to card-holders, failing to notify applicants that obtaining additional cards could lower their credit score and raise their rates, and “ambushing” card-holders with raised rates.

Ranking minority member of the subcommittee, Norm Coleman said, “families find themselves ensnared in a seemingly inescapable web of credit card debt. They particularly report being saddled with interest rates that skyrocketed on them seemingly out of the blue.”

Thursday, February 8, 2007

Anna Nicole Smith, who was born as Vickie Lynn Hogan, was found unconscious in the Seminole Hard Rock Hotel and Casino in Hollywood, Florida in her 6th floor hotel room. One of her attorneys has confirmed that she was pronounced dead at a hospital less than an hour later. She was 39.

Paramedics are reported to have performed CPR on the actress and had to have breathing equipment inserted into her chest after a nurse found her passed out in her hotel room and witnesses say that Smith was receiving CPR while the ambulance took her to the hospital around 2:00 p.m. [EST]. Smith’s bodyguard is reported to have given Smith “cardiopulmonary resuscitation” before paramedics arrived.

“I can confirm that she is deceased. It’s as shocking to me as to you guys. I don’t know what the cause was. This is just tragic and that’s all you can say right now and I don’t know anything further,” said one of Anna Nicole’s lawyers, Ron Rale.

Smith was taken by ambulance to Memorial Regional Hospital and “checked in Monday [to the hotel] at 8 p.m. as a guest. She was due to check out tomorrow,” said cafe spokeswoman, Danielle Giordaano.

“Our rescue crews got there, and they were escorted to a bedroom, where they found a female alone in her room and unresponsive. We then began our normal protocol for dealing with a non-breathing individual. The victim never regained consciousness and we continued with CPR and all life-support methods right up until the time we delivered her to the hospital and then the hospital takes over,” said a spokesman for the responding paramedics team. Smith was pronounced dead at the hospital at 2:49 p.m. [EST].

According to Broward County Medical Examiner’s Office investigator, Edwina Johnson, an autopsy will be performed on Smith on Friday and that her death is currently being investigated. Authorities are not yet treating her death as a crime.

One of Smith’s attorneys, Howard K. Stern, is reported to have been staying with Smith in her room, but authorities have yet to locate Mr. Stern. Mr. Stern is identified by TRIMSPA as Smith’s husband.

“He was here with her. I don’t know where he’s at right now,” said Charlie Tiger the chief of the Seminole Police Department also adding that Smith’s 5 month old baby was not with them.

Smith was a spokeswoman for the company TRIMSPA when she passed, and TrimSpa has removed all content from their site for now, shutting it down and posting only a message in response to her death.

“Today, Anna Nicole Smith’s grief stricken and tumultuous personal life came to an end. Anna came to our Company as a customer, but she departs it as a friend. While life for Anna Nicole was not easy these past few months, she held dear her husband, Howard K. Stern, her daughter, Dannielynn Hope, her most cherished friends, beloved dogs, and finally, her work with TRIMSPA. Anna knew both the joy of giving life, and the heartache of losing a child. We pray that she is granted the peace that eluded her more recent days on earth, and that she find comfort in the presence of her son, Daniel,” said the statement on TRIMSPA’s website posted by Alex Goen, CEO and Founder of TRIMSPA.

Smith was rushed to the hospital in November of 2006 after she was suffering from symptoms of pneumonia. Smith’s son, Daniel Smith, died on September 10, 2006 shortly after Anna gave birth to a baby girl 5 months ago.

Smith was shopping for a new boat in Florida and reports say she felt ill and had a fever for at least a day.

Friday, April 22, 2005

Ireland’s National Pensions Reserve Fund (NPRF) has posted a 2.4% return for the first quarter (9.6% annualized). On March 31, the funds value stood at €12.3bn, a rise of €290m (excluding state contributions) since December 31.

Donal Geaney, the fund’s chairman, told the press that growth in the past quarter had been driven by the Fund’s European equity investments.

Mr Geaney, former Élan CEO, has pursued a policy of diversification since February of this year, with the stated aim of placing a larger amount of the funds assets in companies with small market capitalizations and in property funds.

The fund was set up by the National Pensions Reserve Fund Act, 2000 to partially meet the expected rise in Irish pension costs from 2025 onwards.