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July 28, 2016

Verizon to acquire Yahoo!

Verizon to acquire Yahoo! – Wikinews, the free news source

Verizon to acquire Yahoo!

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Thursday, July 28, 2016

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On Monday, US telecom giant Verizon announced acquisition of Yahoo! for a reported amount of US$4.83 billion (4.36 billion). Per the all-cash deal, Verizon would own only the core web business — in particular, Yahoo! Japan and Alibaba would not be acquired by Verizon.

Going public in 1996, Yahoo! provided e-mail service a year later. Once having a worth of US$ 125 billion, Yahoo!’s value on Friday’s closing was about $37 billion. Eight years ago, Microsoft offered US$44 billion for Yahoo!’s acquisition. The deal is expected to complete next year.

File photo of Yahoo! CEO Marissa Mayer, 2011.
Image: Magnus Höij (Flickr).

Last year, Verizon gained ownership of Huffington Post, TechCrunch, and Engadget as it purchased their owner America Online (AOL) for US$4.4 billion. Acquisition of Yahoo! means Verizon would own micro-blogging website Tumblr which was purchased by Yahoo! under ex-Google employee and Yahoo! CEO Marissa Mayer in 2013. Tumblr was formed by school dropout David Karp in 2007. Verizon would also own photo sharing site Flickr, acquired by Yahoo! in 2005.

Yahoo! received bids from the owner of The Daily Mail as well as from AT&T — another American telecom giant. After handing over ownership to Verizon, Yahoo! would be selling about 3,000 patents at auction.

Though Mayer has expressed she would like to remain the CEO, CNBC reported Verizon CEO Marni Walden is yet to decide the leadership team. Mayer said it was a big day for Yahoo!.

This acquisition would end Yahoo!’s 20 years as an independent company and an early-emerging company in Silicon Valley, California. The company started as “Jerry and David’s Guide To The World Wide Web” in 1994, by Jerry Yang and David Filo based at Stanford University.



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July 19, 2016

ARM to be bought by SoftBank

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ARM to be bought by SoftBank

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Tuesday, July 19, 2016

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The United Kingdom‘s (UK) largest technology company, ARM Holdings, confirmed on Monday morning that it had accepted an offer from the Japanese company, SoftBank.

ARM logo

ARM designs microchips used in many devices, including smart phones made by Apple and Samsung. It is expected to invest in the so-called Internet of Things, where many everyday items are expected to be connected to the internet into the future.

The deal, worth £24 billion (US$32 billion), is now expected to be presented to shareholders. The amount offered per share is 43% above the value at the close of trading on Friday. Shares rose by 45% on Monday morning in response to the announcement. Three-quarters of shareholders will need to approve the deal for it to go ahead.

ARM has said its headquarters will remain in Cambridge. Simon Segars, ARM’s Chief Executive, also said a pledge by SoftBank to double ARM’s workforce on the UK would be legally binding.

Philip Hammond, the UK Chancellor, said it would be the biggest investment into the UK from Asia, as well as showing that “Britain remains one of the most attractive destinations globally for investors to create jobs and wealth”. Theresa May, the UK Prime Minister, had recently questioned the benefit to the nation of such takeovers, but has said this one shows the UK can remain successful outside the European Union.



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July 16, 2016

British rail minister Claire Perry steps down

British rail minister Claire Perry steps down

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Saturday, July 16, 2016

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British Rail minister Claire Perry resigned on Thursday evening, after continuing problems with Southern Rail.

File photo of Claire Perry, 2015.
Image: Paul Bigland.

Southern has an ongoing dispute with the Rail, Maritime and Transport union (RMT) about increasing driver-only services, without conductors or guards. The union objected, citing concerns about job losses and driver safety.

London mayor Sadiq Khan said “This utter mess is now an embarrassment to our city” and that he was “calling on the government to strip Southern of its franchise and take over the temporary responsibility of running these services.” Transport secretary Patrick McLoughlin focused instead on the union, saying “Most industrial disputes are about threats to employment or conditions so the RMT’s attitude is absurd. There is no threat to safety, no threat to jobs, no threat to pay and yet they continue disrupting passengers’ lives on a daily basis.”

In an attempt to reduce cancellations and delays, on Monday the company cut 341 trains a day, in light of the current staff shortages. They said since this change the trains’ reliability improved from 60% on-time to 80%.



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June 25, 2016

Britain votes to leave the European Union

Britain votes to leave the European Union

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Saturday, June 25, 2016

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On Thursday, the United Kingdom (UK) voted to leave the European Union (EU) in a referendum.

During the referendum, voters were asked the following question with these options:

“Should the United Kingdom remain a member of the European Union or leave the European Union?
Remain a member of the European Union
Leave the European Union”.

Voters across the UK voted in favour of leaving the EU by a margin 52% to 48%. Support for this outcome was strongest across the majority of England and Wales, with London, Scotland, and Northern Ireland the only regions where the majority voted to remain a member of the EU.

The Flag of Europe, used by the EU.

Following the results, David Cameron announced his intention to resign as the UK’s Prime Minister. It is expected he will remain in his post before the UK Conservative Party choose a new leader ahead of their annual conference in October. He also said he would not invoke Article 50 of the Lisbon Treaty, the process by which a member can leave the EU, leaving that to his successor as Prime Minister. A number of officials at the EU — which would be down to 27 members with the UK gone — in a statement said they would like this process to begin “as soon as possible”.

At the start of trading on Friday the markets reacted negatively to the result, with the FTSE 100 falling in value by £120 billion. Mark Carney, Governor of the Bank of England, stated an extra £250 billion will be made available to help stabilise markets.



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June 19, 2016

Microsoft to track legal marijuana with new partner Kind Financial

Microsoft to track legal marijuana with new partner Kind Financial

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Sunday, June 19, 2016

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Microsoft announced on Thursday they are partnering with KIND Financial to help governments track the production and distribution of legal marijuana. Kind Financial, a California-based start-up company, began selling its Agrisoft Seed to Sale software three years ago. Microsoft is admitting Kind’s software on the Government portion of its Azure cloud service.

Although Kind Financial CEO David Dinenberg stressed to The Guardian they “absolutely do not touch the plant”, his company does business with growers and distributors of marijuana, as well as the governments that regulate it. State law in twenty-five US states — but not US federal law — has legalized marijuana, whether medicinally or for recreational use. Kimberly Nelson, Microsoft executive director of state and local government solutions, said they expect significant demand for technology to help states make sure cannabis distribution within their state is done according to their laws.

Kind also provides kiosks similar to automated tellers (ATMs) to facilitate marijuana transactions in dispensaries. The distribution of marijuana is often done only with cash or through machines like the ones Kind offers since many banks in the United States shy away from the marijuana industry entirely. Microsoft is not interacting with this part of Kind’s operations, however.

Microsoft and Kind will apply for contracts with state governments for their software. Currently, they have applied to Puerto Rico, a US territory, where medical marijuana has recently been made legal. BioTrackTHC, a company similar to Kind Financial, already has contracts with Washington, New Mexico, and Illinois.

Dinenberg said his company’s partnership with Microsoft is a major step in advancing the legitimacy of cannabis-related businesses.



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June 14, 2016

Griffin Coal Mine pay agreement set to be terminated by July 10th

Griffin Coal Mine pay agreement set to be terminated by July 10th

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Tuesday, June 14, 2016

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The Australian Fair Work Commission (FWC) has approved Griffin Coal Mine’s application to terminate an existing maintenance agreement, provided no settlement has been reached with workers before the nominal expiry date of July 10th. The decision will effect up to 70 workers in the Collie based mine, a regional area located outside of Perth in Western Australia.

The approval aims to boost the economic productivity of the mine, if workers fail to reach a new enterprise agreement within the deadline. The ruling cited the Australian Manufacturing Workers Union (AMWU) submissions that the abandonment of the maintenance agreement will result in ‘substantial pay losses for union members’. However the ruling still approved the application, concluding it would be in the public’s best interest in allowing Griffin Coal to increase coal extraction and re-enter the export market.

After lengthy and unproductive negotiations the Commission has ruled to terminate Griffin Coal’s existing maintenance agreement if a new enterprise agreement is not determined by July 10. The mine will continue to operate under the existing ‘Black Coal’ industry award, resulting in significant pay rate cuts for workers.

AMWU Western Australian ‘South West’ organiser Michael Salt has said the decision will “cause substantial reduction in the pay conditions and protections of the Union’s members”.

Despite opposition the Commission found that the termination of the agreement is in the public’s best interest. The decision ruling cited the high costs of labour, which are 43% of Griffin’s operating costs, and gross margin losses of $48.9 million per year. Raj Kumar Roy, Griffin Coal’s President, stated that the maintenance agreement impaired the mines “ability to operate productively and efficiently”.

The mine currently operates with financial support from parent company Lanco Infratech Limited. The decision claims it is in the public’s best interest for the maintenance agreement to be terminated, in order to bolster productivity leading to increased employment and economic benefit to the Collie community.



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Griffin Coal Mine pay agreement set to be terminated by July 10

Griffin Coal Mine pay agreement set to be terminated by July 10

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Tuesday, June 14, 2016

Economy and business
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The Australian Fair Work Commission (FWC) has approved Griffin Coal Mine’s application to terminate an existing maintenance agreement, provided no settlement has been reached with workers before the nominal expiry date of July 10. The decision will effect up to 70 workers in the Collie based mine, a regional area located outside of Perth in Western Australia.

The approval aims to boost the economic productivity of the mine, if workers fail to reach a new enterprise agreement within the deadline. The ruling cited the Australian Manufacturing Workers Union (AMWU) submissions that the abandonment of the maintenance agreement will result in ‘substantial pay losses for union members’. However the ruling still approved the application, concluding it would be in the public’s best interest in allowing Griffin Coal to increase coal extraction and re-enter the export market.

After lengthy and unproductive negotiations the Commission has ruled to terminate Griffin Coal’s existing maintenance agreement if a new enterprise agreement is not determined by July 10. The mine will continue to operate under the existing ‘Black Coal’ industry award, resulting in significant pay rate cuts for workers.

AMWU Western Australian ‘South West’ organiser Michael Salt has said the decision will “cause substantial reduction in the pay conditions and protections of the Union’s members”.

Despite opposition the Commission found that the termination of the agreement is in the public’s best interest. The decision ruling cited the high costs of labour, which are 43% of Griffin’s operating costs, and gross margin losses of $48.9 million per year. Raj Kumar Roy, Griffin Coal’s President, stated that the maintenance agreement impaired the mines “ability to operate productively and efficiently”.

The mine currently operates with financial support from parent company Lanco Infratech Limited. The decision claims it is in the public’s best interest for the maintenance agreement to be terminated, in order to bolster productivity leading to increased employment and economic benefit to the Collie community.



Sources[]

This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

June 3, 2016

Glencore announces Newcastle mine closure amid coal price downturn

Glencore announces Newcastle mine closure amid coal price downturn

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Friday, June 3, 2016

Swiss mining company Glencore has announced the closure of its Tahmoor coal mine. The New South Wales mine is to be close by early 2019, pointing to the increasing downturn of coal prices in global markets.

Glencore stated, “The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them.”

The closure will result in a loss of 320 jobs, the company has said consultation with the employees has began in an effort to maximise new employment opportunities for the workers.

The mine not the only operation impacted by the fall of global coal and commodity prices. The Australian arm of mining magnate Peabody Energy has reported losses of almost $3 billion in 2015. According to latest financial reports for Peabody subsidiary Peabody Australia Holdco lodged via Australian Securities and Investments Commission, the company earned a net loss of $2.7 billion – up from a $1.2 billion loss in 2014. Peabody Australia accountants have warned over the uncertainty over the mines ability to continue to operate, the group warning that “weak market conditions” have continued since December.

Despite low coal and commodity prices, both the major parties have been supportive of coal mines. While appearing on the ABC’s Q and A program on Monday night, Coalition MP Steve Ciobio confirmed party support of coal mines. In response to an audience member question, concerning what policies the panellists had planned to combat job and economic loses in Queensland in the wake of the mining boom, Ciobio stated the Coalition government supports Adani’s new Carmichael mine in the Galilee basin – as an example of “transitioning” the state’s economy.

Labor MP Terri Bulter said although she doesn’t personally support Adani’s Carmichael project, the state Labor government didn’t “have much discretion” surrounding its approval. While Greens party leader Richard Di Natale criticised responses from the panellists claiming the “real tragedy” is both major parties support of coal mines such as Carmichael.

“If you care about tourism you don’t open up a whopping great big coal mine and fuel catastrophic global warming,” said Di Natale.

Di Natale accused both major parties of being deceitful in “slashing” both the renewable energy target and renewable energy agency funding, leaving no strategies to further develop renewable sector investments.



Sources[]

}}

{{University of Wollongong student contributor. UoW student — University of Wollongong student Year: 3 Semester: 1 Course: Bachelor Media Communications (Journalism) Bachelor Science (Human Geography) Email: Email via Wikinews}}

This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

Glencore announced yesterday Tahmoor mine to close amid coal price downturn

Glencore announced yesterday Tahmoor mine to close amid coal price downturn

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Jump to: navigation, search

Friday, June 3, 2016

Swiss mining company Glencore has announced the closure of its Tahmoor coal mine. The New South Wales mine is to be close by early 2019, pointing to the increasing downturn of coal prices in global markets.

Glencore stated, “The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them.”

The closure will result in a loss of 320 jobs, the company has said consultation with the employees has began in an effort to maximise new employment opportunities for the workers.

The mine not the only operation impacted by the fall of global coal and commodity prices. The Australian arm of mining magnate Peabody Energy has reported losses of almost $3 billion in 2015. According to latest financial reports for Peabody subsidiary Peabody Australia Holdco lodged via Australian Securities and Investments Commission, the company earned a net loss of $2.7 billion – up from a $1.2 billion loss in 2014. Peabody Australia accountants have warned over the uncertainty over the mines ability to continue to operate, the group warning that “weak market conditions” have continued since December.

Despite low coal and commodity prices, both the major parties have been supportive of coal mines. While appearing on the ABC’s Q and A program on Monday night, Coalition MP Steve Ciobio confirmed party support of coal mines. In response to an audience member question, concerning what policies the panellists had planned to combat job and economic loses in Queensland in the wake of the mining boom, Ciobio stated the Coalition government supports Adani’s new Carmichael mine in the Galilee basin – as an example of “transitioning” the state’s economy.

Labor MP Terri Bulter said although she doesn’t personally support Adani’s Carmichael project, the state Labor government didn’t “have much discretion” surrounding its approval. While Greens party leader Richard Di Natale criticised responses from the panellists claiming the “real tragedy” is both major parties support of coal mines such as Carmichael.

“If you care about tourism you don’t open up a whopping great big coal mine and fuel catastrophic global warming,” said Di Natale.

Di Natale accused both major parties of being deceitful in “slashing” both the renewable energy target and renewable energy agency funding, leaving no strategies to further develop renewable sector investments.



Sources[]

}}

{{University of Wollongong student contributor. UoW student — University of Wollongong student Year: 3 Semester: 1 Course: Bachelor Media Communications (Journalism) Bachelor Science (Human Geography) Email: Email via Wikinews}}

This text comes from Wikinews. Permission is granted to copy, distribute and/or modify this document under the terms of the Creative Commons Attribution 2.5 licence. For a complete list of contributors for this article, visit the corresponding history entry on Wikinews.

Glencore announces Tahmoor mine in New South Wales to close

Glencore announces Tahmoor mine in New South Wales to close

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Friday, June 3, 2016

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Swiss mining company Glencore announced yesterday the closure of its coal mine in Tahmoor, New South Wales, Australia. The mine is to be closed by early 2019, pointing to the downturn of coal prices in global markets.

Glencore stated, “The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them”.

The closure will result in a loss of 350 jobs according to the company, who said they are consulting with the employees.

The mine not the only operation impacted by the fall of global coal and commodity prices. The Australian arm of mining magnate Peabody Energy has reported losses of almost A$3 billion in 2015. According to latest financial reports for Peabody subsidiary Peabody Australia Holdco lodged via Australian Securities and Investments Commission, the company earned a net loss of A$2.7 billion — after a loss of A$1.2 billion in 2014. Accountants at Peabody Australia have warned the mine might not be able to continue operating, with the market persistently weak since December.

Despite low coal and commodity prices, both the major political parties have been supportive of coal mines. While appearing on the ABC’s Q&A program on Monday night, Coalition MP Steve Ciobo confirmed party support of coal mines. In response to an audience member question, concerning what policies the panellists had planned to combat job and economic loses in Queensland after the mining boom, Ciobo stated the Coalition government supports Adani’s new Carmichael mine in the Galilee Basin — as an example of “transitioning” the state’s economy.

Labor MP Terri Butler said although she doesn’t personally support Adani’s Carmichael project, the state Labor government “didn’t have much discretion” surrounding its approval. Meanwhile, Greens party leader Richard Di Natale criticised responses from the panellists claiming the “great tragedy” is both major parties support of coal mines such as Carmichael.

“If you care about tourism you don’t open up a whopping great big coal mine and fuel catastrophic global warming“, said Di Natale.

Di Natale accused both major parties of being deceitful in “slashing” both the target of and agency funding for renewable energy, leaving no plan to realize the investment potential of the renewable sector.



Sources[]

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