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Dubai receives bailout from Abu Dhabi
Monday, December 14, 2009
The government of Abu Dhabi in the United Arab Emirates has agreed to give US$10 billion to its neighboring emirate, allowing the state-owned Dubai World conglomerate to repay its immediate debt obligations. Dubai says more than $4 billion of the injection will be given to Dubai World’s property firm, Nakheel, to repay its Islamic bond that matures Monday. The remaining funds will go towards additional expenses.
News of the last-minute bailout caused Asian stocks to rebound and pushed European shares up, which saw gains for a third straight session. Markets in the UAE also rose, with Dubai’s index moving up by 10 percent and Abu Dhabi’s jumping by seven percent. Despite the good news, Algebra Capital Managing Director Dino Kronfol says Dubai is not out of the woods yet. “This is not something that is going to be resolved in a matter of weeks. It’s going to take some time,” Kronfol said. “It’s going to involve restructuring and we’ll have to see how that transpires. But nonetheless, this is a positive development today.”
The situation is completely different from just a few weeks ago, when Dubai World shook up global markets by asking for a standstill on its $26 billion debt. The government of Dubai made matters worse when it announced it would not guarantee the state-owned company’s bills.
Dubai World’s creditors still need to approve the standstill and effectively have until December 28 to make a decision. That is when the grace period of Nakheel’s bond ends. The government of Dubai has issued a new law allowing the conglomerate to file for bankruptcy if its restructuring is not successful. But Kronfol says, if the process focuses on necessary aspects, it will succeed.
“If the restructuring actually deals with Dubai’s contingent liabilities,” Kronfol said, “as a long-term solution, this actually really will help put the whole debt situation of Dubai behind us and really allow the markets to look more positively at 2010 and beyond.”
Government sources say Dubai World’s restructuring process could include asset sales, but they would be limited to the Nakheel and Limitless companies and not include Istithmar World, which owns U.S. Luxury retailer Barneys.
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Copiapó, Chile mining accident: in depth
Wednesday, October 13, 2010
The rescue of the Chilean miners trapped in the San José Mine in Copiapó, codenamed Operación San Lorenzo (San Lorenzo Operation), began on Tuesday night, at around 20:00 local time (23:00 UTC).
Florencio Ávalos was the first miner to be rescued, at 00:12 local time (03:12 UTC) on Wednesday. He was wearing a shirt signed by all his fellow miners. “The first miner is already with us. We saw it all, him hugging his wife Monica and his son Byron,” said President Piñera shortly after the first rescue. “We still have a long journey.”
“This will be recorded on every single Chilean heart forever,” Piñera added. “I hope the miners’ hope stay with us, just like the [February] earthquake victims’ [hope] and what the earthquake took off. We know that the disasters unite us all.”
All the 33 miners were rescued. The last miner, Luis Urzúa, was rescued at 21:55 Chile time (00:55 UTC). “It is a pleasure to be Chilean, [I’m] proud,” said Luis Urzúa to President Piñera. “In honour of the miners, their families, the rescuers […] let’s sing our national anthem. Viva Chile Mierda!,” said Piñera. Urzúa thanked Mining Minister Golborne and the First Lady Cecilia Morel for “fighting for their lives.” “I’m proud of my fellow miners,” Urzúa added.
Six rescuers, including a miner and a paramedic, descended to the miners’ shelter using the Fénix 3 capsule which was specially constructed for the rescue. They performed check-ups and talk with the miners before taking them back to the surface. The rescuers still don’t leave the mine.
The Fénix 3 capsules are 3.95 metres in height and weigh about 460 kilograms. They have an armour, an oxygen tube and a microphone. The occupants helmets contain an intercom to keep them in contact with the rescue team on the surface.
President of Chile Piñera assisted to the rescue. Bolivian President Evo Morales could not attend Carlos Mamani’s rescue. Mamani is the only Bolivian miner in the group.
A mass for the miners was conducted at 18:00 local time (21:00 UTC). The rescue takes between 15 and 20 minutes for each miner.
On Tuesday, Mayor of Copiapó Maglio Cicardini announced that the municipal schools in the city will have no classes this Wednesday “to transform the rescue of the Atacama’s 33 in a familiar meeting,” Radio Cooperativa reported.
“The miners will be taken to the Copiapó Regional Hospital for medical checkup, where they will have to stay for 48 hours,” Health Minister Mañalich said to Televisión Nacional de Chile.
Celebrations are taking place in several Chilean cities. In Santiago de Chile, people gathered in one of the most important points of the city, Plaza Italia. In Pichilemu, tens of cars are passing over its most important streets. In Copiapó, people gathered in its main square to assist a massive concert.
On August 5, 33 miners were trapped more than 700 meters (2,300 ft) underground, in the San José copper–gold mine, located about 40 kilometers north of Copiapó, Chile.
The youngest trapped miner is 19 years old, and the oldest is 63. There were several rescue attempts before reaching the miners’ shelter on August 22. The National Emergencies Office of Chile (ONEMI) released a list of the trapped miners on August 6, which included Franklin Lobos Ramírez, a retired footballer.
Chile is the worlds top producer of copper, according to The Economist. The San José Mine is owned by the San Esteban Mining Company (Empresa Minera San Esteban). The mine was closed down in 2007, after relatives of a miner who had died sued the company executives, but the mine was re–opened in 2008.
It was originally estimated that “it would take three to four months to complete the rescue of the trapped miners”. There were three plans to reach the miners: “Plan A” using a Strata 950 drill, “Plan B” using a Schramm T130XD drill, and “Plan C” using a RIG-422 drill. The first to reach the miners was “Plan B”, early on Saturday 9.
The last step of their rescue, announced by Health Minister Jaime Mañalich, was originally due to begin on Tuesday. Laurence Golborne, Minery Minister said “If it is possible, and the cement sets before and we don’t have any impediments to doing it, it would be wonderful,” in a press conference on Monday. The men will be extracted in a steel rescue capsule 54 cm (21 inches) in diameter.
On September 4, Chilean filmmaker Rodrigo Ortúzar announced plans to film a movie about the accident, called “Los 33” (“The 33”). The film will be released in 2011.
One miner is Bolivian, and the other 32 are Chilean.
Raúl Bustos, 40 years old, is an hydraulics engineer. He left his job in Talcahuano after the February 27 earthquake to work in the mine.
Daniel Herrera, 27 years old, is a lorry driver. He has acted as paramedic assistant in the mine. He said to La Tercera “the miners were unhappy with the psychologist in the rescue team.”
Claudio Acuña, miner, is fan of the Colo-Colo football club. The BBC reports he is aged 56, but El Comercio says he is 44.
Pedro Cortez is aged 24. He joined the mine with his friend Carlos Bugueño. Cortez is an electrician, and lost a finger in the mine a year ago.
File:Juan Aguilar with President Piñera.jpg
A native of Los Lagos, Juan Aguilar is 49 years old. Aguilar is married to Cristy Coronado, according to El Comercio. Aguilar works as a supervisor.
Mario Sepúlveda is a 39 years old electrician native of Parral; he is married. He has been the spokesman of the most of the miners’ videos. Mario Sepúlveda was the second miner to be rescued, on Wednesday at 01:10 local time (04:10 UTC).
Víctor Zamora is a 33 years old auto mechanic. Zamora is married to Jéssica Cortez, who confirmed she was pregnant while he was in the mine.
Osman Araya is 30 years old, and married. He began working as miner four months before the accident.
Florencio Ávalos is 31 years old. He is the brother of Renán Ávalos, who is also trapped in the mine. He worked as driver in San José. Ávalos filmed videos, sent later to his relatives.
Ávalos was the first miner to be rescued, on Wednesday at 00:10 local time (03:10 UTC).
Jorge Galleguillos, 56 years old, has worked all his life in the mine. He said in one video he was feeling unwell; he takes medication for hypertension.
Carlos Barrios is a 27 years old miner. His father, Antenor Barrios, told Agence France-Presse: “I find he’s very strong and has enthusiasm. He spoke loud and clear. I was excited.”
Franklin Lobos Ramírez is a 53 years old retired footballer. He played for Cobresal, Deportes Antofagasta, Club de Deportes Santiago Wanderers and Unión La Calera, and briefly for the Chile national football team. Lobos had worked as a truck driver in the mine.
Yonni Barrios, called “The Doctor”, is a 50 years old electrician. He has knowledge of first aid, and was given responsibility for monitoring the health of his colleagues. “I felt I was in hell,” Barrios said in a letter to his wife.
Carlos Bugueño, 27 years old, joined the mine with Pedro Cortez. Previously, he worked as a watchman.
Alex Vega Salazar is a 31 years old heavy machinery mechanic. He is married to Jessica Salgado, and celebrated his birthday in the mine on September 22.
Ariel Ticona is a 29 years old miner. His wife, Margarita gave birth to his daughter on September 14. She was named Esperanza (Hope), at Ticona’s request.
Richard Villarroel is a 27 years old mechanic from Coyhaique.
Edison Peña is a 34 years old miner. “I want to go out soon,” he said on his first contact with his relatives. “I want to be free, I want to see the sun,” he added. He is a fan of Elvis Presley.
Claudio Yáñez is 34 years old, and works as drill operator.
José Ojeda, 46 years old, is the master driller. Ojeda is widowed and diabetic.
Luis Urzúa is a 54 year old topographer. He is the shift-leader, and was the first miner to talk with authorities. He is known as Don Lucho among the miners. He draw plans of the area of the mine where they are trapped.
Urzúa will be the last miner to leave the mine.
José Henríquez is a 54 years old drill master. He is also an evangelical preacher, and has worked in mines for 33 years.
Víctor Segovia is a 48 years old electrician. He is in charge of writing down everything that happens in the mine.
Pablo Rojas is a 45 years old explosives loader. Married, he had been working less than six months in the mine.
Juan Illanes is a 51 year old miner. He was a sergeant in the Beagle border conflict between Chile and Argentina in 1978, the incident which almost provoked a war between the countries.
Illanes was rescued on Wednesday, at 02:07 local time (05:07 UTC).
Jimmy Sánchez, 19, is the youngest miner. He had been working in the mine for five months before the accident. His role is to check the temperature and humidity in the mine.
Samuel Ávalos is a 43 years miner. His wife Ruth said “he was addicted to the cocaine.” His role in the rescue is to check air quality in the area the miners are living. According to the BBC, “Ávalos has worked in the mine for five months.”
Mario Gómez, aged 63, is the oldest of the miners. He has worked 51 years as miner. His father was also a miner, and is nicknamed “El Navegao” (“The Sailed One”). He was thinking of retiring in November.
Gómez also wrote the message “Estamos bien en el refugio los 33” (“We are fine in the shelter the 33 [of us]”).
Segovia is 48 years old. He is married to Jessica Chille, who said “To hear his voice was a confort to my heart,” after talking with him for the first time in 24 days. His sister María, was nicknamed “La Alcaldesa” (“The Mayoress”) for her leading role at Campamento Esperanza. His father, Darío Senior, was trapped in a mine for a week, and suffered serious injuries after two other mining accidents, according to the BBC.
Carlos Mamani is a 23 years old heavy equipment operator. He is also the only non-Chilean miner; Mamani is Bolivian. He began working in the mine just five days before the accident.
He was rescued at 03:11 local time (06:11 UTC) on Wednesday.
Renán Ávalos is a 29 years old miner, single, who had been working for five months in the mine before the accident. Florencio Ávalos is his brother.
Omar Reygadas is a 56 year old electrician. He began working in the mine shortly before the accident.
Esteban Rojas is a 44 years old miner. Rojas is married to Jessica Yáñez.
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Prisons in New Zealand to introduce mobile phone jamming technology
Wednesday, August 22, 2007
A successful 12-month trial of mobile phone blocking technology in New Zealand prisons has just been completed, according to the Minister of Corrections, Vodafone and Telecom.
Corrections Minister, Damien O’Conner, described this technology as a world first and a significant milestone for the Department of Corrections.
The mobile phone blocking technology is being implemented to help prevent the growing problem of inmates using mobile phones which they are currently prohibited from. One case included a Mt Eden prisoner using a mobile phone to organise NZ$1 million worth of methamphetamine (commonly known in New Zealand as P) being smuggled in. Other cases at Mount Eden Prison included posting of pxts on the Internet, and ordering meals of KFC.
Vodafone, Telecom and the Department of Corrections signed a Memorandum of Understanding (MoU) stating that they will help prevent the use of mobile phones inside prisons. In a joint statement Greg Patchell, Group Technology Officer for Telecom, and Tom Chignell, Corporate Affairs General Manager for Vodafone, said, “With the technical trials completed, and the MoU Agreement in place, work can now begin to apply the most effective technologies to combat unauthorised cellphone use in each prison site in New Zealand.”
Hawke’s Bay Prison will be the first prison to get the new technology due to its high level of gang members. The technology will be implemented in the next six weeks.
However, some prisons, including Mt Eden Prison, might not have this technology implemented due to different characteristics of each prison. Simon Power, Corrections Spokesperson for the National Party, said, “The technology won’t work around all prisons, the most notable being Mt Eden, which has had significant contraband problems.” Patchell and Chignell said, “…we have now identified a package of technical solutions which the Department of Corrections believes could be deployed with effectiveness in some of its facilities.”
The prison and if the mobile phone service of anyone living near a prison will be affected, will determine the type of mobile phone jamming technology used.
As well as the new mobile phone jamming technology, new legislation is being written which will mean if an inmate, prison contractor, or staff member is found carrying a mobile phone, they will face either a fine of $5,000 or a year in jail. As well as tighter security of prisons, including only one point of access into them.
