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Thursday, September 21, 2017

On Monday night, New Jersey, US-based toy retail giant Toys R Us filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US$2 billion.

According to the filing, the retail chain owns US$6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. Kohlberg Kravis Roberts, Bain Capital, and Vornado Realty Trust acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and Target are some of the competitors for the conventional ‘brick and mortar’ toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO Dave Brandon said “very, very aggressive pricing online” was causing problems. He also said the company was experiencing “significant weakness in demand for their products globally”. Toys R Us are to clear a debt of US$400 million by May 2018.

Toys R Us said they would continue to operate for the holiday season. Bankruptcy lawyer Jeff Gleit said Toys R Us “need to do both a financial restructuring as well as an operational restructuring” and “needs to modernize with the times”. Last holiday season, Toys R Us made sales around US$4.5 billion. Overall, the company reported a US$29 million loss in 2016. CEO Brandon said, “Our objective is to work with our debt holders and other creditors to restructure the US$5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business”.

Toys R Us employs more than 60 thousand people in 38 countries around the world in more than 1600 stores. The company’s stocks fell by six percent after filing for Chapter 11 protection. US bankruptcy code Chapter 11 allows the company to restructure under a plan approved by the court. The company would also be shielded from creditors’ claims during the process. For the stores located in Canada, Toys R Us filed bankruptcy in Ontario and are to undergo reorganisation. However, 259 stores located outside the US or Canada will not undergo reorganisation, the company said.

Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.

Thursday, December 13, 2007

Controversial and explicit Canadian workplace safety ads have been pulled from television, and paper ads from some bus shelters for the Christmas season. However, the ads will return to air in January.

“It’s totally erroneous to suggest we’re pulling anything,” chairman of the Workplace Safety and Information Board of Ontario, Steve Mahoney said. “Our plan from Day 1 was to stop the ads around the middle of December when most of the advertising that’s in the media is focused on Christmas and purchasing gifts. We just didn’t want to be competing with all that stuff.”

In one of the TV ads a woman accidentally slips on grease on the floor and a large steaming pot falls onto her face, and she starts screaming to death. The ads end with the message “There really are no accidents”.

A paper ads shows a construction worker who is in a pool of blood with a forklift operation manual stuck in his chest. Another with a man who is slit by a “Danger” sign with his leg stuck in a machine. They show the messages: “Lack of training can kill” and the other “Ignoring safety procedures can kill”.

“The critics amount to about 25 per cent rating, and I’m delighted they’re upset about the ads because I wouldn’t want anyone to enjoy watching them.”

The videos have been viewed more than 70,000 times on the Board’s website and are gaining large amounts of views on YouTube.

The transit authorities of Hamilton and Mississauga will show modified advertisements. The transit authority of Guelph will show the ads in bus shelters, but the transit authority of Windsor will not because of the graphic nature.

“We’re not against workplace safety, but this is too graphic,” said Caroline Postma, chair of the Transit Windsor board.

Mississauga city councillour Carolyn Parrish said: “My son-in-law was telling me that they shouldn’t be on in prime time because when [my grandson] watches them he just about bursts into tear. Now he follows his mom around the kitchen to make sure she doesn’t spill grease. And he’s only four. There’s too much of a chance that … people are really badly affected by it, and can’t really do anything about it anyway.” She suggested the ads only be aired to workers with the jobs shown in the commercials.

Mahoney changed the earlier promise to air the ads only after 8:00pm to after 9:00pm at last nights meeting with Mississauga city council.

Mahoney said the commercials and paper ads are not “too graphic at all”. And they are “absolutely appropriate and they’re doing what they’re intended to do, they’re creating what I call a water cooler topic of conversation.”

Ninety-eight Canadian workers so far have been killed on the job this year.

Sunday, June 28, 2015

On Friday, the United States Supreme Court declared same-sex marriage legal in all fifty US states. More than 30 states already permitted gay marriage. The Supreme Court ruled by a five-to-four vote that bans on same-sex marriage were not constitutional. The majority decision was delivered by Justice Anthony Kennedy.

Same-sex marriage was banned in more than a dozen states. Justices Sotomayor, Ginsburg, Kagan, Breyer and Kennedy voted in favour while Justices Roberts, Alito, Scalia and Thomas voted against.

Kennedy’s decision brought tears to the eyes of some lawyers in the courtroom. However, Justice Antonin Scalia in his dissenting opinion derided the majority decision: “The opinion is couched in a style that is as pretentious as its content is egotistic. […] Of course, the opinion’s showy profundities are often profoundly incoherent.”

When the decision was made, police allowed people outside the court to wave the rainbow flag on the court plaza. Demonstrators outside the court chanted “Love has won”. This decision made the United States the 21^st country to legalise same-sex marriage.

President Barack Obama responded to the decision: “Today we can say, in no uncertain terms, that we have made our union a little more perfect.”

After this decision, Facebook introduced a new tool to add rainbow coloring to one’s profile picture to celebrate this victory. Mark Zuckerberg posted on Facebook “I’m so happy for all of my friends and everyone in our community who can finally celebrate their love and be recognized as equal couples under the law”.

Later, companies like Google, Yahoo, Tumblr and Vine tweeted with hashtag “#LoveWins”. That night, the White House had the rainbow projected on the outside of the building to celebrate the decision.

Friday, December 18, 2009

International media attention has been a harsh mistress for 32-year-old Heather Richard of Winnipeg, Manitoba, who gave birth on Sunday while sitting on the toilet. Richard, who believed she was barren and thus assumed she could not be pregnant, thought she was suffering from cramps and a bad bowel movement.

“I kept getting the urge to push and just thought it was a real bad bowel movement,” Richard told the Winnipeg Sun, whose interview was picked up by the Canadian wire service. “It just fell out. I thought it was my intestines, so I’m freaking out…but then it’s a little boy.” Richard realized that the product was a baby and not her insides when its leg twitched.

Relatives of Richard’s found her hysterically crying and pointing at the toilet. “She was crying and saying, ‘Help me, get my baby out of the toilet, he’s drowning,” Keith Richard, her cousin, told the Sun. While the rest of the family was immobile by the revelation, police officers knocked on her front door; she was to be arrested due to outstanding warrants that Richard says have since been cleared.

One officer performed CPR on the baby and it was rushed to the hospital. The baby, since named Isaiah, weighed five pounds, nine ounces, and suffered a skull fracture, presumably as a result of his head hitting the toilet bowl. The baby is in stable condition and Richard is recovering from her birth at home.

The incident spread like wildfire in the Canadian and international press on Tuesday and Wednesday. When asked about the coverage, Richard told the website canoe.ca that she was embarrassed at all the fuss the story generated.

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Monday, January 7, 2008

The U.S. Supreme Court is hearing arguments on the constitutionality of the use of lethal injection as a method for the imposition of the death penalty in the United States. Two men, Ralph Baze and Thomas Clyde Bowling Jr., who were convicted of murder in the Commonwealth of Kentucky and sentenced to death, sued the state in 2004 arguing that the use of lethal injection as a method of imposition of capital punishment violates the Eighth Amendment’s prohibition on cruel and unusual punishment.

Thirty-seven states and the Federal Government have capital punishment for some crimes, all except Nebraska (which uses electrocution) use lethal injection. The process uses three chemicals in a “cocktail”, which, by the procedures that are used to apply them to the condemned, (three injections given consecutively) allegedly “create a significant and unnecessary risk of inflicting severe pain that could be prevented by the adoption of reasonable safeguards”, their lawyers said in court papers. “Kentucky seeks to execute in a relatively humane manner and has worked hard to adopt such a procedure,” Kentucky Attorney General Gregory Stumbo has said. The state has also argued in its brief against supporting the plaintiffs’ appeal that it will lead to “an endless road of litigation. … Condemned inmates will never run out of ideas for changes to the procedures, drugs or equipment used during lethal injection.”

Baze was scheduled to be executed on January 8 after Governor of Kentucky Ernie Fletcher signed his death warrant, but the Kentucky Supreme Court suspended his execution on September 12, 2007, arguing it needed more time to examine arguments he had made in a separate appeal. He was convicted of killing Powell County Sheriff Steve Bennett and Deputy Arthur Briscoe in 1992 while the lawmen were trying to serve him with arrest warrants. Bowling was convicted of killing Edward and Tina Earley in Louisville in 1990.

According to the article on lethal injection in Wikipedia, the three chemicals used are Sodium thiopental to render the offender unconscious; Pancuronium/Tubocurarine: to stop all muscle movement except the heart, causing muscle paralysis, collapse of the diaphragm, and would eventually cause death by asphyxiation; and Potassium chloride to stop the heart. The chemicals apparently cannot be combined together as they could precipitate into a solid and be ineffective. It is argued that thiopental is a very short-term anesthetic and may wear off during the procedure, causing anesthesia awareness and excruciating pain from the effects of the other drugs.

In oral hearings today, the justices seemed skeptical that the chemical concoction causes extreme pain or that a better method was available. A lawyer for one of the plaintiffs argued that if insufficient anesthetic is given, when the inmate is given the paralyzing drug, they will experience agonizing pain, but be unable to react, and that it is even illegal in Kentucky to euthanize animals in this fashion. Some of the justices have considered sending the case back for further hearings to determine if a single barbiturate would be superior to the current method.

While the Supreme Court has examined the application of the death penalty many times over the past 40 years, this is the first time the court has reviewed the issue of the method of execution in 100 years, according to lawyers for the plaintiffs. A ruling is not expected until June. There are about 3,000 people on death row in the United States, and about 60 are executed each year. Since the case was accepted by the Supreme Court, all executions in the United States have been temporarily suspended pending the decision.

The case name is Baze v. Rees.