London and Toronto stock exchanges propose merger

Wednesday, February 9, 2011

Only weeks before the Canadian government in Ottawa is expected to table a budget which may trigger a national election, the announcement of a proposed 3.2 billion CAD merger between the Toronto (TSX:X) and London (LSE:LSE) stock exchanges to produce the largest single exchange.

Even as news was beginning to leak about the mega-merger, Deutsche Börse AG (FWB:DB1) and NYSE Euronext (NYSE:NYX) announced deep negotiations under way regarding a merger between the third and second, respectively, largest exchange groups by total revenues. The proposed TMX-LSE group merger would produce the largest market in terms of listings – approximately 6,700 companies are traded between the two groups – but total annual receipts would likely not make it the largest in dollars.

Technically the merger is a takeover of Toronto-based TMX by the LSE Group, with LSE shareholders owning 55% of the new company. TMX head Thomas Kloet would become CEO of the new firm, while LSE’s executive would take chairmanship of a new board consisting of 8 members from LSE and 7 from TMX.

Canadian Industry Minister Tony Clement has said the government will review the merger, which raises the spectre of a government rejection of a deal which would see yet another large Canadian corporation under foreign ownership. The ruling conservatives have been dogged by the issue, and have blocked two other foreign ownership bids during the current government’s terms – last year’s Potash Corp. (TSX:POT) takeover bid from BHP Billiton (BHP.AX) and the earlier Alliant Techsystems Inc. (NYSE:ATK) bid for MacDonald (TSX:MDA) space technologies branch, the only two such blocks ever made by a Canadian government.

Canadian opposition parties challenged the Prime Minister over the proposal, with New Democratic Party leader Jack Layton questioning the benefits of the deal. “Of course, Canadian companies need access to foreign capital, but not at the expense of our own capital markets,” he said. Canadian Prime Minister Stephen Harper refused to comment on the proposal, having been criticised for involving his office in the Potash bid.

Both the Quebec and Ontario regulatory commissions are also involved in reviewing the deal, which is set for October 2011, as their provincial exchanges are in Montreal and Toronto respectively.

Thursday, June 23, 2011

NASA’s Cassini–Huygens spacecraft has discovered evidence for a large-scale saltwater reservoir beneath the icy crust of Saturn’s moon Enceladus. The data came from the spacecraft’s direct analysis of salt-rich ice grains close to the jets ejected from the moon. The study has been published in this week’s edition of the journal Nature.

Data from Cassini’s cosmic dust analyzer show the grains expelled from fissures, known as tiger stripes, are relatively small and usually low in salt far away from the moon. Closer to the moon’s surface, Cassini found that relatively large grains rich with sodium and potassium dominate the plumes. The salt-rich particles have an “ocean-like” composition and indicate that most, if not all, of the expelled ice and water vapor comes from the evaporation of liquid salt-water. When water freezes, the salt is squeezed out, leaving pure water ice behind.

Cassini’s ultraviolet imaging spectrograph also recently obtained complementary results that support the presence of a subsurface ocean. A team of Cassini researchers led by Candice Hansen of the Planetary Science Institute in Tucson, Arizona, measured gas shooting out of distinct jets originating in the moon’s south polar region at five to eight times the speed of sound, several times faster than previously measured. These observations of distinct jets, from a 2010 flyby, are consistent with results showing a difference in composition of ice grains close to the moon’s surface and those that made it out to the E ring, the outermost ring that gets its material primarily from Enceladean jets. If the plumes emanated from ice, they should have very little salt in them.

“There currently is no plausible way to produce a steady outflow of salt-rich grains from solid ice across all the tiger stripes other than salt water under Enceladus’s icy surface,” said Frank Postberg, a Cassini team scientist at the University of Heidelberg in Germany.

The data suggests a layer of water between the moon’s rocky core and its icy mantle, possibly as deep as about 50 miles (80 kilometers) beneath the surface. As this water washes against the rocks, it dissolves salt compounds and rises through fractures in the overlying ice to form reserves nearer the surface. If the outermost layer cracks open, the decrease in pressure from these reserves to space causes a plume to shoot out. Roughly 400 pounds (200 kilograms) of water vapor is lost every second in the plumes, with smaller amounts being lost as ice grains. The team calculates the water reserves must have large evaporating surfaces, or they would freeze easily and stop the plumes.

“We imagine that between the ice and the ice core there is an ocean of depth and this is somehow connected to the surface reservoir,” added Postberg.

The Cassini mission discovered Enceladus’ water-vapor and ice jets in 2005. In 2009, scientists working with the cosmic dust analyzer examined some sodium salts found in ice grains of Saturn’s E ring but the link to subsurface salt water was not definitive. The new paper analyzes three Enceladus flybys in 2008 and 2009 with the same instrument, focusing on the composition of freshly ejected plume grains. In 2008, Cassini discovered a high “density of volatile gases, water vapor, carbon dioxide and carbon monoxide, as well as organic materials, some 20 times denser than expected” in geysers erupting from the moon. The icy particles hit the detector target at speeds between 15,000 and 39,000 MPH (23,000 and 63,000 KPH), vaporizing instantly. Electrical fields inside the cosmic dust analyzer separated the various constituents of the impact cloud.

“Enceladus has got warmth, water and organic chemicals, some of the essential building blocks needed for life,” said Dennis Matson in 2008, Cassini project scientist at NASA’s Jet Propulsion Laboratory in Pasadena, California.

“This finding is a crucial new piece of evidence showing that environmental conditions favorable to the emergence of life can be sustained on icy bodies orbiting gas giant planets,” said Nicolas Altobelli, the European Space Agency’s project scientist for Cassini.

“If there is water in such an unexpected place, it leaves possibility for the rest of the universe,” said Postberg.

Sunday, August 1, 2010

Antelope Valley, California —The Crown Fire that has burned through 13,980 acres in the High Desert of Southern California since 2:32 pm (2232 UTC) Thursday was at 82% containment Saturday evening, according to the Los Angeles County Fire Department.

On Friday high winds caused the fire to jump the California Aqueduct and spread into the city of Palmdale. Over 2,000 residents of Leona Valley, Ana Verde, and Rancho Vista were given mandatory evacuation orders. The sky was blanketed with thick orange pyrocumulus clouds and falling ash, making the air hard to breathe.

State Governor Arnold Schwarzenegger arrived in Palmdale on Friday to survey the burned areas. “We were very fortunate to not have fires for quite some time because the air temperature was cool and we didn’t have the experiencing of dry weather and all the winds and so on, but all of a sudden the fire season kicked in as if, ‘Here we are,'” Schwarzenegger said during a press conference. “But we are ready and we have luckily distributed resources all over the state of California, so we are ready at any given time.”

The fire has so far destroyed one house and three mobile homes, damaging the roof of another and burning car garages, horse stables, and other outbuildings. Most of the more seriously threatened homes were constructed recently from fire-proof materials, with walls coated in stucco, and fire-resistant plants in the yards. Although some roads are still closed to all traffic, all existing evacuation orders were lifted late Friday night and 500 residents of Rancho Vista were told to “shelter in place” until further notice. Despite the absence of mandatory evacuation orders, over 2,000 houses, 60 commercial buildings, and 100 outbuildings are still under threat.

Throughout the night, fire crews have been battling the wildfire, assisted by cooler temperatures and lighter-than-expected winds which have enabled them to establish containment lines. “Crews went out [Friday] night and did some great work trying to complete more lines and also trying to take care of what we call ‘cat eyes’ which are embers within the perimeter of the fire, so there will be much more work being done there today,” said LACFD Captain Roland Sprewell. “But of course we’re not going to rest on our laurels today…we’re going to be vigilantly watching the winds, especially in the ridge and down in the valleys.”

At the height of the fire, 1,700 firefighters from all over California were battling the flames, although as of 12:00 pm Saturday afternoon, it has been reduced to around 1,350 personnel. 16 fire camp crew have also assisted. 250 fire engines and four bulldozers have been used. In the air, 4 Boeing 747 supertankers, 1 McDonnell Douglas DC-10 tanker, and 6 modified Sikorsky UH-60 Black Hawk helicopters known as “Firehawks” have been dropping water and red Phos-Chek slurry. The Los Angeles Sheriffs Department also increased its presence in the Antelope Valley by bringing in response teams from stations outside the AV. This afternoon, the deployment has been scaled back to three teams as the fire stabilizes and further evacuation orders become unlikely.

Three firefighters have been injured battling the fire, although all injuries are minor. One sheriff deputy was also hospitalized for smoke inhalation but has since been released.

Sunday, January 10, 2010

Chinese officials have said that their country’s exports surged last December to edge out Germany as the world’s biggest exporter.

The official Xinhua news agency reported today that figures from the General Administration for Customs showed that exports jumped 17.7% in December from a year earlier. Over the whole of 2009 total Chinese exports reached US$1.2 trillion, above Germany’s forecast $1.17 trillion.

Huang Guohua, a statistics official with the customs administration, said the December exports rebound was an important turning point for China’s export sector. He commented that the jump was an indication that exporters have emerged from their downslide.

“We can say that China’s export enterprises have completely emerged from their all-time low in exports,” he said.

However, although China overtook Germany in exports, China’s total foreign trade — both exports and imports — fell 13.9% last year.

Thursday, July 7, 2005

Three bomb explosions have hit London Underground trains, and a further bomb destroyed a bus in the city centre. The Metropolitan Police Service has initially confirmed that 33 people have been killed in the four explosions on London‘s transport system this morning, and said the overall number of wounded was as high as 700, in what are believed to be terrorist attacks. (See later reports in the box at the side for later announcements made on following days.)

The first reports were of an explosion at 08:49 BST (UTC+1) on the Hammersmith & City Line between Liverpool Street station and Aldgate East. Explosions also occurred on a train between King’s Cross and Russell Square and another at Edgware Road. The explosions are currently being reported, and described by Prime Minister Tony Blair, as being “terrorist attacks.” Traces of explosives were found at two of the sites according to the BBC.

Scotland Yard has confirmed one explosion onboard a double decker red London bus travelling south outside the British Medical Association on Tavistock Square. Police cannot confirm whether this bomb was intended for another train and accidentally detonated aboard the bus instead.

Pundits are speculating the attack was co-ordinated by al-Qaeda. Dr. Shane Brighton, an intelligence expert at the Royal United Services Institute for Defence, claims that, “If what we are looking at is a simultaneous bombing — and it does look like that — it would very certainly fit the classic al Qaeda methodology.” Two militant Islamist groups are reported to have claimed responsibility for the blasts.

In a special news conference at 15:30 BST, July 7, Deputy Assistant Commissioner Brian Paddick of the Metropolitan Police confirmed 33 fatalities so far, 45 critical/serious injuries and approximately 300 minor injuries.

At 08:51 BST a bomb exploded on a Circle Line Underground train 91 metres/100 yards into the tunnel from Liverpool Street. Seven are known to be dead.

At 08:56 BST a bomb detonated on a Piccadilly Line train between King’s Cross and Russell Square. Twenty-one are dead; it is believed more bodies remain in the tunnel, which is one of the deepest on the Underground network.

At 09:17 BST a bomb exploded on another Circle Line train between Edgware Road Station and Paddington. The blast blew a hole in a wall, and another train was hit by debris from it. A third train is also involved. Five are known to be dead.

At 09:47 BST a No. 30 bus (Hackney – Marble Arch) blew up at the junction between Tavistock Square and Woburn Place outside the BMA building. It has been estimated that thirteen people died.

Earlier, quoting the Associated Press, Yahoo News had reported “at least 40 people were killed and more than 350 wounded”. Also, the same report says “two U.S. law enforcement officials said at least 40 people were killed”.

Several hotlines have been set up for those concerned about friends or relatives. A list of these numbers are below. The agencies setting up these hotlines stress that callers should try to reach their friends or relatives first before contacting the hotline. In addition, to prevent swamping, they also have asked that only genuine callers use the hotlines.

• General Metropolitan Police hotline: 0870 1566 344
• United States Department of State: 1 888 407 4747 (toll free in the US)
• Australian Department of Foreign Affairs and Trade: 1 800 002 214 (see also the British High Commission web site)
• Canadian Foreign Affairs (please have ready the full name, birthdate, and passport number): +1 800 387 3124
• Irish Department of Foreign Affairs: 1 800 242 548
• New Zealand High Commission: +44 20 7930 8422 from London, 0800 432 111 from New Zealand
• Spanish Consulate: 44 20 7589 8989. Spanish hotlines are +34 913791625, +34 913791627, and 913791628.
• German hotline: +49 800 2110110. Germans in Britain needing immediate help should call 020-78241457.

The first reports that came in were from London’s Liverpool Street station talking of an explosion on the Metropolitan Underground line and the station being evacuated. Later a BBC and a Wikinews reporter spoke of a bus being destroyed by a bomb blast in Tavistock Square outside the British Medical Association offices.

The initial reports of explosions were believed to have been the result of power surges. This was because the first indication of any disturbance was the opening of circuit breakers in the Underground, which was observed in the control room. This is usually due to a power surge, but in this case the actual cause was damage to the track circuits by bombs.

At approximately 10:50 BST reports were made that there was an additional, as yet unidentified explosion along Houndsditch, near Liverpool Street Station. Police were also warning pedestrians at Russell Square that a series of controlled explosions would be made shortly.

BBC News 24 has reported additional unspecified incidents at Brighton, Luton, and Swindon. These stations have been closed and there has been no official confirmation of the nature of the incidents, if any actually occurred.

The Metropolitan Police Commissioner, Sir Ian Blair told London Live that there have been “events” at Edgware Road, Kings Cross, Liverpool Street, Russell Square, Aldgate East and Moorgate.

At 11:30 BST (UTC+1) St. Mary’s Hospital released a statement that they have admitted 4 critical, 8 severe and several minor injures. Injuries are limb damage, cuts, burns, head injuries and chest problems.

The exact causes of the explosions are still unknown. Initially, it was thought that it was some technical fault. However, the police later suspected terrorist attacks. Police are still unsure if the bombs were simply left in packages or whether there were some sort of suicide attacks.

According to the Associated Press, a senior Israeli official said Scotland Yard told Israel minutes before the explosions that it had received warnings of possible “terror attacks”. Sky News says this has been denied by Scotland Yard. Sir Ian during his interview with Sky stated that there had been no specific intelligence.

German news magazine Der Spiegel (as well as unconfirmed information from CIA) has reported that a letter from an organization calling itself “Secret organization – Al Qaeda in Europe” has appeared, claiming responsibility for the bombings. See our related story for more details.

A broadcast interruption on MTV Thursday at 16:00 UTC said a group naming itself “Al Jihad Network in Europe” claimed responsibility for the bombings.

A police spokeswoman has confirmed two deaths at Aldgate station. Television and radio reports are now saying there have been four separate incidents with up to 150 casualties, speculating that the blasts may be related to terrorist activity.

The Associated Press is reporting that a US law enforcement official has put the toll at 40 killed.

Emergency Services press conference at around 15:15 BST (UTC+1) confirms at least 33 fatalities, not including those resulting from the incident on the number 30 bus.

The CBC reports at least 52 fatalities, including 17 from the incident on the number 30 bus according to media reports.

It has been reported that in the early stages of the attack, information was only distributed to civilians within the center of London, and authorities had a specific policy of not providing information to the global media, in case any information provided to the media could be used by additional terrorists to target vulnerable locations during an evacuation procedure. This was probably partly to blame for the early confusion amongst the media.

Emergency services are also attending King’s Cross and Liverpool Street Station.

The entire tube network and all buses within zone 1 have been suspended and many buses are now being used to ferry the ‘walking wounded’ to the hospitals. The underground will be closed for an indefinite period of time, but according to Fox News Channel United States, the closure will last at least for all of today.

All emergency services are responding en-masse to a “major incident” and are responding only to life-threatening emergency calls. Patients are being turned away at hospitals to free room for those injured by the attacks.

The London Congestion Charge has been suspended for the 7th and 8th of July.

The Jerusalem Post reports that the Army was dispatched to seal off the Israeli Embassy as Israel’s Finance Minister is present for a conference. The army have reportedly been involved with rescues at Covent Garden. Police have denied this report (originally made on Sky News).

The police have cordoned off roads around Upper Woburn Place following a massive explosion on a bus in the vicinity. Traffic is at a standstill in many places in the capital. Defra‘s security branch are reporting that police are advising everyone in London not to use any public transport and the Cabinet Office are advising staff to remain in offices until further notice. A further email sent to all staff by Defra’s permanent secretary indicates that Charing Cross and Waterloo mainline railway stations have been closed down for police searches, and that other stations could close for similar reasons later today.

As at 09.30 BST, Kings Cross Thameslink was experiencing delays and overcrowding but no serious difficulties.

Businesses have been hit by the uncertainty of the events – the FTSE had fallen almost 3.5% by 11.47UTC ([1]), but started to recover a little by early afternoon. The value of the pound has dipped, and the London crude oil price has dropped. International markets are also suffering, with falls in share indexes felt as far as South Africa. See our related story for more details.

According to Fox News Channel United States, all London schools are in lockdown and students are being kept in schools.

The Authorities are asking people in London to stay where they are, indoors if possible. Take inside any bins or bags of rubbish they have left out for collection, providing they check their contents first. Arrangements are also being made for when schools finish as schools have been asked to keep pupils safe inside until the usual school closing time.

The UK Highways Agency has stated that at the request of the police, the message “Avoid London – Turn on Radio” is being displayed on electronic motorway message signs on the M25 and other major routes approaching London.

The US Homeland Security Department asked authorities in major cities for heightened vigilance of major transportation systems. Department spokesman Roehrkasse indicated that the department had not received any indications of plans that this type of attack is planned in the United States. Later, the department raised the terror alert level to orange. See our related story for more details.

A joint statement of the G8 leaders was made by Tony Blair at a press conference, also attended by US President George Bush and Russian President Vladimir Putin. See our related story for more details.

The Queen and many other world leaders have also issued statements. See our related story for more details.

Mayor Ken Livingstone’s full statement on the London bombings 07-07-2005:

Saturday, September 16, 2006

Researchers at Princeton University have conducted research into the security of electronic voting machines. They have created a virus that could breach voting machines and change votes. The creators of the voting machine say the research was unrealistic.

Edward William Felten, a professor of computer sciences and public affairs at Princeton University, and two Princeton graduate students, Ariel Feldman and Alex Halderman, created a computer virus that they say could remain concealed in tests, “steal” votes, delete itself to go undetected and spread to other machines.

They used a Diebold AccuVote-TS which is a small computer with a touch screen. The latest version of the software used 128-bit data encryption, digitally signed memory card data, secure socket layer (SSL) data encryption for transmitting results and dynamic passwords.

They opened the drawer with a key, picked the lock or undid screws to open the compartment that allows them to change the memory card. They suppressed the beep created by the computer when it reboots by using headphones. They say the virus can spread by using the same memory card which when inserted into a different machine will infect the machine.

The researchers say they received the machine they tested on from someone who wants to keep their name anonymous.

“You have to be a good programmer — not a genius — to do this,” Halderman said. “I believe a good programmer could reproduce our virus without very much effort.”

“Analysis of the machine…shows that it is vulnerable to extremely serious attacks,” the report states. “An attacker who gets physical access to a machine or its removable memory card for as little as a minute could install malicious code.”

Diebold Election Systems president Dave Byrd said that the research was done with security software that were two generations old.

“By any standard–academic or common sense–the study is unrealistic and inaccurate,” he said in a statement.

“Normal security procedures were ignored. Numbered security tape, 18 enclosure screws and numbered security tags were destroyed or missing so that the researchers could get inside the unit. A virus was introduced to a machine that is never attached to a network.”

“Every voter in every local jurisdiction that uses the AccuVote-TS should feel secure knowing that their vote will count on Election Day,”

“That’s what they were saying a few years ago,” said Halderman. He said he would very much like to study Diebold’s newer machines and software. “We expect and fear, unfortunately, that if we were to examine the newer version of the software, we could find similar problems.”

Friday, May 11, 2007

At least two Kentucky Fried Chicken [KFC] restaurants, operated by G & H Restaurant Specialties, have closed in Buffalo, New York “for remodeling,” according to signs placed on the front doors of at least one location on Elmwood Avenue and Bryant Street in Buffalo. The other KFC is located on East Delavan Avenue, also in the City of Buffalo.

Despite the claim of closing for remodeling, the Erie County Health Department says that several health code violations were found at both locations. The most recent violation was logged by the health department in March at the Elmwood location for failing to keep food stored at correct temperatures. Violations were also cited for failing to keep cooking supplies and equipment sanitary and for not supplying hot water to the bathroom for employees.

G & H Restaurant Specialties has not released a statement regarding the violations, but the corporate offices in Louisville, Kentucky for KFC said, “our franchisee has finalized a plan for some structural repairs… The units will be temporarily closed while these building maintenance issues are addressed. [They will be] re-opened as soon as the repairs are complete.”

The health department also gave violations out to the East Delevan store for failing to maintain a clean floor throughout the restaurant and for not stopping food from becoming contaminated. Several rat traps were also found inside the storage cooler and around the kitchen area, but the establishment was “not free of rodents,” said Commissioner of the Erie County Health Department, Dr. Anthony Billittier.

Billittier also said that caulking and traps were seen on the outside of the East Delevan restaurant, which was an attempt to keep the rats out. “It shows that they’re trying to take care of a problem. But it also shows that they have a problem.”

As of Thursday, May 10, 2007, the Elmwood KFC has yet to reopen. It is not known if the East Delevan location opened today or not.

Friday, May 16, 2008

2008 The 27th Young Designers’ Exhibition, opened on May 15 at the Taipei World Trade Center and closes Sunday May 18. It features participation by 87 academic groups in Taiwan and 20 groups from United States, United Kingdom, Italy, Netherlands, New Zealand, and Australia to showcase various achievements in industrial design. It is recognized by the International Council of Societies of Industrial Design (ICSID) as the largest show of student creations.

Besides the several design competitions, sponsors like International Forum Design (iF), EPSON, MUJI (in Japanese: ????, Mujirushi Ry?hin), Tsann Kuen Trans-nation Group will showcase different solutions for the design, creative, and cultural industries. The show’s organizer, Taiwan Design Center, also designed several on-site events like “On-line Graduate Season Show”, “Career Match-up”, “Creative and Cultural Showcase and Performance”, “Seminars of YODEX 2008” to link the actual exhibition with the on-line exhibition.

Besides of the previously announced “Wow! Taiwan Design Award”, winners from “2008 Young Designers’ Competition” and “2008 YODEX Interior Design Competition” were announced on Saturday, May 17.

Thursday, February 14, 2008

The German noble family of Waldburg-Wolfegg has sold the manuscript known as the The Housebook to an unknown buyer. There is speculation in the German press that it was purchased by Baron August von Finck who currently resides in Switzerland, and that the price paid was €20 million.

It is unclear whether the purchase is in fact legally valid because the manuscript was sold without the permission of the government of Tübingen required by the law of fideikommiss dissolution (similar to the common law institution Fee tail). German law forbids the export of such a precious manuscript, which is registered in the list of national cultural property.

The Housebook of Wolfegg is an illustrated manuscript that was created after 1480 by an unidentified artist known as the “Master of the Housebook” (or Master of the Amsterdam Cabinet) and possibly other artists. It was exhibited at the National Gallery of Art in the United States in 1998.

Friday, March 18, 2011

A power line to the Fukushima I Nuclear Power Plant in Japan was completed Thursday, which will allow cooling systems at one of the facility’s reactors.

The new line, roughly one kilometer (0.6 miles) in length, connects the power grid to the power plant’s second reactor. It was completed at about 1730 local time (0830 UTC) on Thursday, and will be energized once spraying of seawater over reactor three is complete.

According to a Tokyo Electric Power Company spokesperson, once the power line is energized “we will be able to activate various electric pumps and pour water into reactors and pools for spent nuclear fuel,” thus cooling temperatures within the reactor.

The International Atomic Energy Agency has said that the stricken power plant is currently stable, though there is still the chance of matters growing worse. An official at the agency said that “it’s reasonably stable at the moment compared to yesterday.”