Gini Olom

Senin, 07 Oktober 2019

GE freezes pension plan for 20,000 employees - Fox Business

General Electric is still trying to defend itself against accusations of accounting issues. SEC said they are monitoring the situation.

General Electric is making sweeping changes to its pension plan for approximately 20,000 employees, sending shares higher ahead of Monday’s opening bell.

Ticker	Security	Last	Change	Change %
GE	GENERAL ELECTRIC COMPANY	8.57	-0.14	-1.61%

Seven hundred employees who became executives before 2011 will have their supplementary benefits frozen, and no changes will be made for retired employees. The changes will reduce GE’s pension deficit by about $5 billion - $8 billion and net debt by approximately $4 billion - $6 billion.

“Returning GE to a position of strength has required us to make several difficult decisions, and today’s decision to freeze the pension is no exception,” Kevin Cox, chief human resources officer at GE, said in a press release.

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“We carefully weighed market trends and our strategic priority to improve our financial position with the impact to our employees. We are committed to helping our employees through this transition.”

The company said it will use some of the money it has received from the sale of its BioPharma, BHGE and Wabtec transactions to pre-fund up to $5 billion of its Employee Retirement Income Security Act payments for 2021 and 20212. Retired employees who have not started receiving monthly payments will have the option to receive a one-time lump-sum payout.

General Electric, once an industrial icon, is in the midst of trying to engineer a turnaround after shares lost more than half their value amid a slew of problems last year. The battered company has undertaken a massive restructuring plan aimed at reducing debt by selling off non-core assets. In August, the company was accused by whistleblower Harry Markopolos, who alerted authorities about Bernie Madoff's Ponzi scheme, of hiding its problems through fraudulent accounting.

GE's Troubled Timeline:

2019:

January: GE altered its agreement with the rail-transport company Wabtec in order to receive $2.9 billion of cash in exchange for giving up more equity.
March: Warns it could have a negative free cash flow of up to $2 billion this year.
June: Reports strong first-quarter results, bolstered by its aviation unit.

2018:

June: GE was booted from the Dow Jones Industrial Average and announced a massive restructuring, shifting its focus to aviation, power, and renewables.
October: CEO John Flannery gets the boot and was replaced by Larry Culp. The company then took a $23 billion goodwill charge for its power business. Culp said he would sell assets to raise cash and pay down debt. The SEC and the Justice Department said they would investigate the writedown. The investigation is ongoing.
End of the year: GE sold a $4 billion stake in the oil-services provider Baker Hughes and announced it would sell a majority stake in the software provider ServiceMax to the private-equity firm Silver Lake. It was able to bring down debt by $21 billion in the fourth quarter.

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2019-10-07 10:45:53Z
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Amsterdam-bound flight makes emergency landing in Maine - Fox News

BANGOR, Maine -- A United Airlines flight with more than 200 people aboard has made an emergency landing in Maine.

A United spokesman says a cabin pressure issue diverted the Amsterdam-bound Flight 986 that had left San Francisco on Sunday afternoon to land in Bangor early Monday, local time.

WOMAN BOARDS FLIGHT WITH NO ID, BOARDING PASS

The spokesman says the 13 crew members helped the 197 passengers safely deplane and the airline was working with passengers to provide accommodations overnight.

He said customers would fly on Monday afternoon to Newark, New Jersey, and from there to Amsterdam, arriving Tuesday morning. Details about the cabin pressurization issue weren't available.

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A 2005 AP story exploring the Bangor airport's role as a haven for diverted planes said the airport created from the former Dow Air Force Base is the last U.S. airport for outgoing flights to Europe.

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2019-10-07 07:38:53Z
CBMiVmh0dHBzOi8vd3d3LmZveG5ld3MuY29tL3RyYXZlbC9hbXN0ZXJkYW0tYm91bmQtZmxpZ2h0LW1ha2VzLWVtZXJnZW5jeS1sYW5kaW5nLWluLW1haW5l0gFaaHR0cHM6Ly93d3cuZm94bmV3cy5jb20vdHJhdmVsL2Ftc3RlcmRhbS1ib3VuZC1mbGlnaHQtbWFrZXMtZW1lcmdlbmN5LWxhbmRpbmctaW4tbWFpbmUuYW1w

China to narrow scope for trade deal ahead of talks - Fox Business

FOX Business' Jack Otter, who hosts the new 'Barron's Roundtable,' commented on the upcoming interview with Blackstone CEO Stephen Schwarzman.

The next round of talks between U.S. and China trade representatives is scheduled for later this week in Washington.

A major result from the upcoming meeting may fall short of expectations.

Chinese officials are signaling they’re reluctant to agree to the kind of broad trade deal that President Trump wants, according to Bloomberg.

People familiar with recent meetings say senior Chinese officials have indicated the range of topics they’re willing to discuss has narrowed considerably.

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Vice Premier Liu He will lead the Chinese contingent in high-level talks that begin Thursday.

The Chinese delegation reportedly won’t be looking to include commitments on reforming Chinese industrial policy or the government subsidies, according to Bloomberg.

That offer would take one of the Trump administration’s core demands off the table.

People close to the Trump administration say the impeachment inquiry isn’t affecting trade talks with China.

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China’s markets will return to trading on Tuesday following a weeklong holiday.

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2019-10-07 07:21:41Z
52780403124226

Minggu, 06 Oktober 2019

Number of police officers in Canada at lowest level in 10 years - CTV News

TORONTO -- The number of police officers in Canada has fallen to its lowest level since 2009 – and after adjusting for population, the police presence per capita is at an 18-year low.

Statistics Canada released data Thursday taking a comprehensive look at police personnel and spending.

The agency found that there were 68,562 sworn police officers working in the country in 2018, 463 fewer than one year earlier.

More than 60 per cent of those officers were based in either Ontario (25,327) or Quebec (15,884).

Per capita, this meant Canada had 185 officers for every 100,000 people – the lowest rate since 2001. The three territories have the most police officers per capita, with the Northwest Territories boasting one police officer for every 240 residents, while Prince Edward Island has the lowest rate, at one officer for every 709 residents.

The decline came during the same year as the fourth straight increase in Canada's crime rate, although that number remains well below where it was a decade ago.

The total number of people employed by Canadian police agencies, meanwhile, rose to an all-time high of 99,612, thanks to a record number of 31,050 civilian employees.

More than 70 per cent of civilian police employees are women, while men make up 78 per cent of the sworn officer population.

That latter figure is the closest Canadian police have ever come to gender parity. StatCan started tracking the number of female police officers for the first time in 1986, when they made up 4 per cent of the total number. Women reached 10 per cent of the total police population in 1996 and 20 per cent in 2013.

According to StatCan, women make up 36 per cent of all special constables in Canada and 24 per cent of new police recruits.

Eight per cent of police officers reported that they belong to a visible minority group. Four per cent identified as Indigenous.

Advocates for justice reform have held up the overwhelming whiteness of the Canadian policing ranks as one factor explaining racial profiling phenomena such as non-white Canadians being far more likely to be stopped for 'carding' street checks.

The Ontario Human Rights Commission recommended last month that the collection of race-based data on police interactions be made mandatory and that police officers found to have discriminated against a citizen on the basis of race face penalties up to and including dismissal.

By age, StatCan reported that the proportion of police officers over 50 is increasingly steadily, and 11 per cent of officers are now eligible to retire with full pensions.

The data also looked at police expenses, finding that they increased by two per cent year-over-year to $15.1 billion, including $12.5 billion in salaries and benefits. The average salary of a Canadian police officer in 2018 was $99,298.

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October 07, 2019 at 01:45AM

Liberal's cargo plane inefficient, 1960s era gas guzzler - CANOE

It’s a fine example of late 1960s aviation technology — hard at work helping Justin Trudeau earn his second term as prime minister.

The Liberal leader raised eyebrows earlier this week after admitting his campaign consists of a second airplane — a Boeing 737-200 cargo freighter chartered from Montreal-based Nolinor Aviation — prompting Conservative Leader Andrew Scheer to label Trudeau a “climate hypocrite” during the French language debate on Oct. 2.

Manufactured in 1975, the aircraft spent most of its life with Aer Lingus in Ireland before being purchased by Nolinor in 2017.

Considered one of the least efficient and worst polluting airliners in current service, the 737-200 was among the first generation of Boeing’s venerable 737 family of narrow-body airliners.

The 737-200 was manufactured in 1966 and 1988, and only 58 remain in service today — largely by charter companies and airlines in developing nations such as Zimbabwe, Democratic Republic of the Congo and Central African Republic as they’re the only airliner still capable of taking off and landing on gravel airstrips.

Technical specifications for the 737-200 list a 4,899 kilometre range and, according to data provided by Nolinor, the craft burns an average 3,691 litres of fuel per hour with its Pratt & Whitney JT8D engines, introduced on the Boeing 727 in 1962.

Trudeau’s primary plane — a next-generation 737-800 chartered from Air Transat — has a published range of 7,400 km and consumes nearly 500 less litres of fuel per hour than the 200.

Liberal Leader Justin Trudeau boards his campaign plane in Ottawa on Sept. 29, 2019. Ryan Remiorz / The Canadian Press

Using publicly available data from flight tracking websites, the Sun determined the Liberal’s cargo plane embarked on 35 trips between the beginning of the campaign on Sept. 11 and Oct. 4. logging over 27,000 km — nearly three-quarters the circumference of the earth.

While the plane’s longest flight was Sept. 19 between Halifax and Saskatoon — 3,239 km — many of the trips were under 200 kilometers.

The shortest flight was a 31 km hop between Mirabel — Nolinor’s home airport — and Montréal–Trudeau on Oct. 3.

That came a day before another series of short flights — 233 km from Montréal–Trudeau to Quebec City, 313 km to Mont-Joli a few hours later, 675 km to Ottawa International that evening, followed almost immediately by a 136 km return to Montréal-Mirabel by 8:30 p.m.

On Sept. 25, the plane departed Vancouver at 12:30 PDT on a 3,100 km flight to Sudbury ahead of his infamous ‘canoe’ campaign stop.

Federal Liberal leader Justin Trudeau canoes around Lake Laurentian during a campaign stop at the Lake Laurentian Conservation Area in Sudbury, Ont. on Thursday, Sept. 26, 2019. (John Lappa/Postmedia Network) John Lappa / Postmedia Network

After landing in Sudbury, the plane almost immediately took off again for Peterborough, Ont., a 327 km trip south.

The plane departed for Sudbury at 12:10 p.m. the next day, returning to Peterborough about two hours later.

It then flew to Toronto on the 27th — an 18 minute, 118 km hop.

Other short flights include Charlottetown to Halifax on Sept. 18 (160 km), five trips between Mirabel and Ottawa (136 km), and a 12 minute, 62 km journey from Toronto Pearson to Hamilton.

Advances in aviation over the past few decades, says Asia Times aviation journalist D.M. Chan, have largely concerned reducing weight and improving fuel efficiency.

“Engines are far, far better,” he told the Sun, particularly between modern aircraft and those built prior to the 1970s oil crisis.

“They’re more efficient, not to mention quieter.”

Winglets, a relatively new innovation on commercial airliners intended to reduce wake turbulence behind aircraft, have resulted in significant fuel savings for airlines, Chan said, describing the savings from flared or curved wingtips equalling about 10 billion gallons of jet fuel — or a global emissions reduction of over 105 megatons of CO2.

The Toronto Sun contacted the Trudeau campaign requesting specific details about the plane’s short trips — specifically regarding the multiple flights between Sudbury and Peterborough.

Liberal party spokesperson Pierre-Olivier Herbert dismissed the Sun’s inquiries as a “ridiculous distraction” and criticized the Conservative Party for not purchasing carbon credits during the campaign.

The Trudeau campaign has promised to offset emissions during their campaign by purchasing carbon credits.

bpassifiume@postmedia.com

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October 06, 2019 at 10:11AM

HSBC To Cut Up To 10,000 Jobs In Drive To Slash Costs: Report - NDTV News

HSBC Holdings is planning to cut up to 10,000 jobs as interim Chief Executive Officer Noel Quinn seeks to reduce costs across the banking group, the Financial Times reported on Sunday.

The plan represents the lender's most ambitious attempt in years to cut costs, the newspaper said , citing two people briefed on the matter. It said the cuts will focus mainly on high-paid roles.

HSBC could announce the beginning of the latest cost-cutting drive and job cuts when it reports third-quarter results later this month, the FT said, citing one person briefed on the matter.

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address "a challenging global environment."

Flint's exit was a result of differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses, a person familiar with the matter told Reuters in August.

The reported job cuts come after the lender said it would be laying off about 4,000 people this year, and issued a gloomier business outlook with an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market and Brexit.

HSBC declined to comment.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

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October 07, 2019 at 04:48AM

Ground beef and burger products served in Alberta recalled - Global News

Posted October 6, 2019 8:52 pm

The Canadian Food Inspection Agency (CFIA) says that ground beef products served in hotels and restaurants in Alberta are being recalled due to possible E. coli contamination.

The products in question were produced by Beef Boutique Ltd., an Ontario company.

They include:

six-ounce beef burgers, product number 2530450, packed 19/06/12
lean ground beef, product number 2614850, packed 19/06/14
lean ground beef 17 per cent fat, product number 266250, packed 19/06/12

The CFIA said in its warning that food service establishments, retailers, distributors and manufacturers should not serve, use or sell the recalled products.

Any business or person who has the recalled products should return them to the location they were purchased.

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There have been no reported illnesses associated with the products, but the agency said food contaminated with E. coli may not look or smell spoiled.

The Beef Boutique Ltd. products were also distributed to B.C., Ontario and possibly nation-wide.

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October 07, 2019 at 07:52AM