Wednesday, July 12, 2006

Canadian media company CHUM Limited has announced that it has agreed to be acquired by larger rival Bell Globemedia Inc. for $1.7 billion CAD cash, bringing the CTV and Citytv broadcast-television networks and such specialty channels as MuchMusic, TSN and Bravo! under the same corporate umbrella.

Shareholders will receive $52.50 per common share of CHUM and $47.25 per Class B (non-voting) share. The estate of the late Allan Waters, who died late last year, has agreed to tender all its shares to the bid, netting the Waters family nearly $450 million.

In a joint statement, CHUM’s chairman, Jim Waters, said, “In Bell Globemedia’s offer, we not only found value for shareholders, but confidence that we would be placing CHUM in the hands of an owner with the financial resources and track record to continue to grow and build on our collective legacy.”

Globemedia CEO Ivan Fecan added, “We are able to make this premium offer because Bell Globemedia is clearly the most logical buyer of CHUM. There is a unique strategic fit to our operations that can make the united company a stronger national champion in broadcasting. We intend to maintain and build the valuable CHUM brands and develop more opportunities for Canadian programming.” He added that CTV and Citytv will remain separate networks and “will maintain separate and independent news divisions in order to ensure a continued diversity and competition in news coverage.”

In a separate release, CHUM announced it would be cutting 281 jobs at its stations across the country, particularly at its Citytv stations in western Canada. Effectively immediately, evening newscasts at CKVU-TV Vancouver, CKEM-TV Edmonton, CKAL-TV Calgary and CHMI-TV in the Winnipeg market are being eliminated, with plans for a new newsmagazine tentatively titled In Your City at the three Prairie stations, and more resources being put into each station’s local version of Breakfast Television. Less drastic changes are planned for its A-Channel stations in smaller markets. The company said these changes will result “in a significant reduction in staffing and operating costs.”

The companies said that they expect to sell CHUM’s A-Channel stations, as well as Alberta educational broadcaster Access, to third parties, despite CTV’s historical ties to several of them. Many of the A-Channel stations were originally acquired by CHUM from Baton Broadcasting, the predecessor of Bell Globemedia, in 1997, as part of a trade that sent CHUM’s ATV and ASN assets in Atlantic Canada to Baton and allowed Baton to acquire the CTV network itself.

Despite CHUM’s ownership of MuchMusic and CTV’s recent launch of MTV Canada, the companies claim their specialty channels are “complementary” and did not indicate any sale plans.

Bell Globemedia is currently majority-owned by BCE Inc. but is awaiting regulatory approval for a restructuring involving the Ontario Teachers Pension Plan, Torstar Corp., and the Thomson family. In the interim, the takeover offer will be made by a new company owned by the proposed new shareholder structure.

Sunday, May 18, 2014

The governor of the Bank of England, Mark Carney, has warned that the state of the housing market in the United Kingdom is the current biggest domestic threat to the country’s economy, due to lack of house building, and regulatory issues.

In an interview to be aired on Sky News today, he said the housing market is the “biggest risk” to the economy and has “deep, deep structural problems”. Of house building he said: “There are not sufficient houses built in the UK. To go back to Canada, there are half as many people in Canada as in the UK, twice as many houses are built every year in Canada as in the UK and we can’t influence that.”

“We’re not going to build a single house at the Bank of England. We can’t influence that. What we can influence […] is whether the banks are strong enough. Do they have enough capital against risk in the housing market?”

Carney also said the Bank of England would look into the procedures used to issue loans and mortgages to see if they were being granted appropriately: “We’d be concerned if there was a rapid increase in high loan-to-value mortgages across the banks. We’ve seen that creeping up and it’s something we’re watching closely.”

Kris Hopkins responded to Carney on behalf of the government, saying the government “inherited a broken housing market, but our efforts to fix it are working”. “We’ve scrapped the failed top-down planning system, built over 170,000 affordable homes and released more surplus brownfield sites for new housing. We’ve also helped homebuyers get on the housing ladder, because if people can buy homes builders will build them. Housebuilding is now at its highest level since 2007 and climbing. Last year councils gave permission for almost 200,000 new homes under the locally-led planning system and more than 1,000 communities have swiftly taken up neighbourhood planning. It’s clear evidence the government’s long-term economic plan is working.”

Earlier this month, the Organisation for Economic Co-operation and Development called on the UK government to “tighten” access to the ‘Help to Buy’ scheme introduced by George Osborne and the coalition government in 2013. ‘Help to Buy’ has also recently been criticised by three former Chancellors of the Exchequer — the Conservatives Norman Lamont and Nigel Lawson, and former Labour Chancellor Alistair Darling. Darling said: “Unless supply can be increased substantially, we will exacerbate that situation with schemes like Help to Buy.”

Monday, December 19, 2005

A number of rallies were held in Sydney on Sunday to protest against what they describe as racism in the community. The National Union of Students organised an event at Town Hall, and the Ted Noffs Foundation held an event in Belmore Park later in the day. About 2,000 people marched through Sydney, and there were also gatherings in Newcastle, Brisbane, and Melbourne.

Lebanese Australian student Chadi Sankary rejected alcohol as an excuse for racist and violent behaviour. “People are not willing to admit that this is about racism,” he said. “You can’t be under the influence of alcohol and paint your massive banners with racial slogans on them or you can’t make t-shirts while you’re drunk so it can’t be accepted as an excuse.”

Matt Noffs, of the Ted Noffs Foundation, said that the solution to racism lies with the people, not politicians. He also criticised the weeks police operation, saying that it will not provide a long-term solution. “I don’t feel that the responses that have been made during the week have actually helped the situation,” he said. “They might have suppressed some of the violence that is sure to happen in these situations anyway but they certainly don’t look at the solutions.”

Tim Longhurst, one of the organisers, said that the rally showed the true nature of Sydney as a tolerant city. “What we saw today wasn’t new. Sydney has always been a place where people do get along, and today they came out in force to show that,” Mr Longhurst said.

In a statement supporting the rally, Socialist Alliance linked the Cronulla riots to government policies and actions. “The riots reflect the rising racism in Australia, a tide that has been fostered by the Howard government’s policies and propaganda that criminalise and lock up refugees, dehumanise and bomb the Iraqi people, and define all Muslims and Middle-Eastern Australians as potential terrorists.”

One Sydney blogger criticised the rallies because they focused on racism against minority groups such as Lebanese, instead of racism in general. “They’re picking on only one face of the disgusting racism that has come to a boil in this city recently, and tried to say they’re taking a stand against racism,” he said, calling the rally “the racist anti-racism protest.”

Saturday, April 12, 2008

On the back of new restrictions being imposed on eBay users in the United Kingdom requiring that sellers offer PayPal payments for all sales, eBay Australia is mandating that only PayPal payments will be acceptable as of June 17. PayPal is a wholly-owned subsidiary of eBay, and charges a 30¢ transaction fee, plus a commission between 1.1% for high volume traders, and 2.4% for low value or low volume traders. These higher costs will be passed onto buyers.

Cash payment on pick up will be the only other payment option, and it may only be offered in conjunction with PayPal.

eBay has brought in this restriction under the guise of improving customer protection, bolstering its “Paypal Buyer Protection” insurance programme to allow claims up to A$20,000 instead of the previous maximum of $3,000, however as of June 17 many of the items which would exceed $3,000 are no longer covered by the programme, such as services, vehicles, real estate and businesses.

eBay Trust and Safety director Alastair MacGibbon said this change was not in response to the once-off fund established in March to refund eBay buyers who lost their non-existent holiday accommodation packages from the Melbourne eBay seller Robert Kobis. Mr MacGibbon said “It is part of a much larger initiative”.

In addition to these measures, Paypal will be withholding funds from some sellers for 21 days

The Australian Competition and Consumer Commission has held discussion with eBay, but declined to comment. The Australian Consumers Association spokesman Christopher Zinn said the unique use of PayPal could give rise to competition issues, however if the costs charged stayed as they were, they had no further concerns.

Friday, August 3, 2007

At 11:20 a.m. in the Australian state of Victoria, the Governor David de Kretser started the ceremony for the swearing in of the new Brumby’s cabinet, attended by family and friends of the ministers. This comes a full week after the resignation of Steve Bracks from the top position, and his deputy John Thwaites.

The ministers and their portfolios are:

• John Brumby has the role of Premier as well as the ministries of Multicultural Affairs and Veterans Affairs,
• Deputy Premier Rob Hulls has the Industrial Relations and Racing,
• Gavin Jennings Environment and Climate Change, and Innovation
• Lynne Kosky has Public Transport and the Arts,
• John Lenders is the new Treasurer,
• Justin Madden retains his portfolio of Planning minister,
• James Merlino takes on multiple roles of: Minister Assisting the Premier on Multicultural Affairs, Sport and Recreation and Youth Affairs
• Maxine Morand Children and Early Childhood Development
• Lisa Neville has Mental Health, Community Services and Senior Victorians,
• Tim Pallas retains Roads and Ports,
• Bronwyn Pike changes to Education,
• Tony Robinson has the multiple portfolios of Gaming, Consumer Affairs and the Minister Assisting the Premier on Veterans Affairs,
• Theo Theophanous retains Industry and trade and major projects, gains minister for Information Technology but loses Small Business,
• Richard Wynne has Housing, Local Government and Aboriginal Affairs,
• Peter Batchelor has Energy and Resources, and Community Development,
• Bob Cameron retains Police and Emergency Services, and the Corrections portfolios,
• Joe Helper retains both Agriculture, and Small Business,
• Tim Holding has the Water, WorkCover, Finance, Tourism and Major Events and the TAC Ministries,
• Jacinta Allan has the Regional and Rural Development, and Skills and Workforce Participation from the Education Ministry.
• Daniel Andrews has Health

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