A compilation of brief news reports for Tuesday, December 9, 2008.
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The United States media group Tribune Company has filed for bankruptcy protection on Monday as it struggled to sort out its US$13 billion debt. It is the second-largest newspaper publisher in the United States, responsible for the Chicago Tribune and the Los Angeles Times, among others.
The firm has been hit hard by the industry-wide slump in newspaper advert revenues this year. Sam Zell, the billionaire who owns Tribune, took out large loans in order to buy the firm back in June of 2007.
The United States Chapter 11 bankruptcy protection law states that a company can continue trading whilst it sorts out its finances.
Sources
- “US publisher in bankruptcy move” — BBC News Online, December 8, 2008
- “Tribune files for Chapter 11 bankruptcy” — MarketWatch.com, December 8, 2008
The Quebec general election is underway in the Canadian province of Quebec. Premier Jean Charest called the elections, saying he needed a majority to guide Quebec through a period of economic difficulties caused by the worldwide financial crisis.
Polls indicate that the Charest may obtain a majority, with support for his Quebec Liberal Party increasing to 45%, while support for the Parti Québécois remains at around 30%.
The polls will close at 01:00 GMT (20:00 local time), and the results will probably come in soon after that.
Sources
- “Quebec voters head to the polls” — BBC News Online, December 8, 2008
- “Quebec votes in provincial elections” — Agence France-Presse, December 8, 2008
The United States government is reportedly close to an agreement for a US$15 billion bailout plan for the country’s three largest auto firms.
According to a draft obtained by the Associated Press, the deal would give loans to Detroit‘s struggling Big Three automobile manufacturers — Ford, General Motors, and Chrysler — but under the condition that the auto industry restructures itself to survive. Another condition is that the incumbent US President, George W. Bush, would appoint an overseer to supervise the effort.
Analysts suggest that the agreement could be signed into law by the end of this week.
Sources
- “White House cool to plan for auto bailout” — MSNBC, December 8, 2008
- “US car bail-out nears agreement” — BBC News Online, December 8, 2008
Friday, February 3, 2006
The Pentagon released its findings from its Quadrennial Defense Review today. This review focuses mainly on defining and identifying weak points in United States defenses, and prescriptions for improvements in those areas.
This review, known as the Quadrennial Defense Review because Congress requires it every four years, does not alter the Pentagon’s approach in Iraq. It also leaves intact the Defense Department’s broader strategy for keeping the U.S. military big enough to fight other major conflicts.
The plan proposes a 4.8% boost to the Department of Defense budget, eliminates no major weapons programs and includes an 8 percent overall increase for weapons (to US$84 billion) for the budget year starting Sept. 30. This review excludes the Energy Department’s nuclear weapons programs.
Overall, there was an emphasis on finding ways to adopt a more indirect approach to the war on terror; a shifted emphasis from performing tasks to enabling other countries to perform. Some of the specific proposals include:
- Expansion of special operations forces by 15%; the Army’s Green Berets and the Navy SEAL commandos, for example, who are trained in specialized warfare skills that are often utilized covertly in cooperation with the armed forces of small countries.
- Relevant to this expansion, the Marines are establishing a special operations force for the first time, with an initial goal of preparing 2,600 Marines.
- An increase by 3,700 (or about one-third) of psychological warfare and civil affairs units. These are in heavy demand in Iraq and Afghanistan because of their role working with local civilian authorities to build trust and influence perceptions of U.S. forces.
- Building new partnerships in the “War on Terror” by increasing time spent training other armies, navies and air forces, particularly in places, where U.S. troops have not traditionally operated. This in turn, will call for an increased mastery of other languages and better knowledge of foreign cultures.
- More officers serving stints in foreign militaries to better develop long-term relationships and regional expertise.
- The creation by the Navy, of a force of small boats that can be utilized in inland waterways abroad to help countries build their own maritime forces to combat terrorists.
Other highlights include:
- A proposed 10 percent reduction in the fleet of Minuteman III land-based nuclear missiles, from 500 to 450 missiles. Also, the conversion of some nuclear missiles on Trident submarines to non-nuclear missiles within two years. The Pentagon did not specifically state how many are to be converted.
- A five-year, $1.5 billion program to develop medical countermeasures for bioterrorism threats.