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North Korean Leader Kim Jong-Il has died PDF Print E-mail
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The Latest News
Written by Hugh McManus   

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Sunday, 18 December 2011 19:43

December 18, 2011: The Wall Street Journal is reporting that North Korean leader, Kim Jong-Il has died.  A television announcer in North Korea stated that Mr. Kim died from fatigue during a train trip on Saturday.

Sources and Further Reading

 
French and British get into a spat over Europe PDF Print E-mail
News from Ireland
Written by Hugh McManus   

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Sunday, 18 December 2011 07:13

December 17, 2011: The Belfast Telegraph is reporting an interesting spat between the French and the British.  It's good to be on the sidelines.  François Baroin serves as the Minister of Finance in the government of President Nicolas Sarkozy.  Baroin is reported by the Telegraph as saying: "The economic situation in Britain today is very worrying and you'd rather be French than British in economic terms. We don't want to be given any lessons and we don't give any."  Admittedly, Baroin has only been in this ministerial role since June 29, though he has served as Minister for Overseas Territories and Minister for the Interior, where one would expect a soupçon of diplomacy to be de rigueur.  This recent spat traces its origin to the insistence by the British that they not surrender sovereignty to address a problem that they didn't cause and can't solve.   It will be interesting to see how things develop. 

References and Further Reading

 
Belfast Telegraph reports record shopping for the Christmas season PDF Print E-mail
News from Ireland
Written by Hugh McManus   

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Sunday, 18 December 2011 07:07

December 17, 2011: The Belfast Telegraph reported that shops in the city are having their busiest Christmas season on record--good news for the economy and another sign that the Great Recession is receding--though slowly.

References and Further Reading

 
Christmas 2011 Belfast shops report record business PDF Print E-mail
News from Ireland
Written by Hugh McManus   

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Sunday, 18 December 2011 07:02

December 17, 2011: The Belfast Telegraph reported that shops in the city are having their busiest Christmas season on record--good news for the economy and another sign that the Great Recession is receding--though slowly.

References and Further Reading

 
AMR finally files for bankruptcy protection PDF Print E-mail
Financial News
Written by Hugh McManus   

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Wednesday, 30 November 2011 13:22
November 29, 2011: AMR [NYSE:AMR] filed for chapter 11 bankruptcy protection on November 29.  AMR is the parent company for American Airlines, once the largest carrier on the planet, now the third largest in the US after United-Continental and Delta.  The big question is what took them so long?  AMR has been in death-watch mode for many quarters; why didn't they file eighteen months ago?  The good news is that the company has sufficient cash to see it through reorganization; the bad news is that employees--and likely retirees--will take a hit in terms of salary and benefits.  The company has among the highest costs in the industry; unlike all its legacy competitors (Southwest isn't included in this group, as it started life as a low-cost carrier), AMR has never filed for bankruptcy protection.  United, Continental, Delta and US Airways have all shed costs, dumped pension plans etc. putting them in a much more competitive position.  AMR must now trudge through the same process.  I'd expect AMR to emerge pretty quickly; it doesn't appear to be a "pre-packaged" bankruptcy, but I hope that the company has planned in advance for this eventuality.
 
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