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Monday, January 10, 2005

Sunday Express, a tabloid newspaper from the UK reported an anonymous source claiming to be an insider to merger talks between Wells Fargo Bank and Barclays Bank.

The rumoured merger would be a radical break in the kinds of mergers Wells Fargo has done and has said it will continue to do (it is assumed that Wells with the higher market capitalization would be the buyer).

Wells Fargo has previously shown no desire to engage in retail banking outside the United States, and has only expanded internationally in its Consumer Finance business and with certain business services.

Wells Fargo currently has a market value of 100 billion, while Barclays is worth 70 billion. The wire services such as Reuters immediately wrote articles about the rumour. Barclays refused to comment on market speculation (it is standard for all corporations to consistently refuse to comment on all merger speculation).

No reporters have so far been able to reach Wells Fargo for comment. It is claimed that talks have been ongoing since October, although they are said to have stalled and then resumed.

There is however the possibility that Wells Fargo and Barclays could be contemplating a business line sale, instead of a full on merger. One possibility is Barclays selling its “Barclays Global Investor” division back to Wells Fargo.

Wells Fargo (under old management prior to the 1998 merger of Wells Fargo and Norwest Bank) previously sold its Asset Management (mutual fund) business to Barclays in 1995. Renamed Barclays Global Investors, this business remains headquartered in San Francisco, and still has some connections to Wells Fargo’s new mutual fund business.

Wells Fargo has a long term goal of deriving around 25% of its revenue from investments and insurance; currently it derives around 15 percent of its revenue from this. The purchase of Barclays Global Investor would significantly move Wells Fargo toward achieving this goal.

Another possibility is Barclays buying the private label (or store branded) credit cards of Wells Fargo Financial. In November, Barclays acquired Juniper, a fast growing player in the US private label credit card business.

• Reuters Barclays, Wells Fargo Held Merger Talks 9 January 2005
• Chris Serres. “Big bank seeking bargain?” — Minneapolis Star Tribune, January 9, 2005
• “Barclays, Wells Fargo Held Merger Talks” — ABC/Reuters, January 8, 2005
• “Bank tight-lipped over merger reports” — IrelandOn-Line, January 9, 2005

Thursday, December 24, 2009

The United States Senate has approved a hard-fought measure to overhaul the health care system. The vote will be followed by the difficult process of reconciling the Senate-passed bill with one approved by the House of Representatives, in order to get a final measure to President Barack Obama.

“The yeas are 60, the nays are 39. H.R. 3590 as amended, the Patient Protection and Affordable Care Act is passed,” Vice President Joe Biden announced. Senator Jim Bunning of Kentucky did not show up for the vote leading to the 39 nays. Mike Reynard, a spokesman for Bunning, said in an e-mail that “The senator had family commitments.”

The vice president presided over the Senate at the time of the vote in his role as President of the United States Senate.

As expected, Republicans voted against the bill while all Democrats and two Independents, Joe Lieberman of Connecticut and Bernie Sanders of Vermont, voted for it.

At an estimated $87 billion, the measure would expand health insurance coverage to about 30 million more Americans currently without it, and create new private insurance marketplaces, or exchanges, to expand choice.

And, like the slightly more expensive measure passed by the House of Representatives, the Affordable Health Care for America Act, it would end a practice by private insurance companies of denying coverage to individuals with existing health problems.

Both the Senate and House measures would require nearly all Americans to purchase some form of insurance, while lower-income Americans would receive help from federal government subsidies.

In remarks before the vote, Senate Majority Leader Harry Reid, Democrat from Nevada, said opponents had done everything they could to prevent the vote from taking place.

Speaking to reporters, Reid and others hailed the vote as a victory and a major step toward providing millions more Americans with access to health care. “This is a victory because we have affirmed that the ability to live a healthy life in our great country is a right and not merely a privilege for the select few,” Reid said.

Reid and others including Robert Byrd, the 92-year-old Democrat from West Virginia, paid tribute to Senator Edward Kennedy, who died this past August after spending decades of his career in the Senate pursuing health care reform.

When casting his vote Byrd said, “Mr. President, this is for my friend Ted Kennedy. Aye.”

Victoria Reggie Kennedy, the widow of Senator Kennedy, watched the proceedings from the Senate visitor’s gallery, as did Representative John Dingell, Democrat from Michigan, who has been a long time advocate of health care reform and who sponsored and introduced the House version of the health care reform bill.

In the final hours of debate on the Senate bill, Republicans asserted it would be ineffective and add sharply to the U.S. budget deficit.

Senator Jeff Sessions, Republican from Alabama said of the bill, “This legislation may have a great vision, it may have a great idea about trying to make the system work better. But it does not. These are huge costs [and] it’s not financially sound.”

Senate Minority Leader Mitch McConnell vowed to defeat the bill when the Senate reconvenes in January saying, “This fight is not over. This fight is long from over. My colleagues and I will work to stop this bill from becoming law.”

Senator Olympia Snowe, a moderate Republican from Maine who helped approved the Senate Finance Committee’s version of health care reform, the America’s Healthy Future Act, earlier in the year and who remarked she may not vote on the final bill, said, “I was extremely disappointed,” noting that when the Democrats reached their needed 60 votes to overcome a filibuster, “there was zero opportunity to amend the bill or modify it, and Democrats had no incentive to reach across the aisle.”

Ahead are difficult negotiations with the House of Representatives to craft a final bill President Obama would sign into law. These talks, which will formally get under way early in the new year, will take place amid anger among many liberal House Democrats the Senate bill failed to contain a government-run public health insurance option.

Members of the House Progressive Caucus have vowed to fight to keep this public option in any final legislation that emerges, along with other provisions they say are needed to protect lower and middle-income Americans and hold insurance companies accountable.

In a statement, the Democratic chairmen of three key House committees said while there are clear differences between House and Senate bills, both will bring fundamental health care coverage to millions who are currently uninsured.

Obama administration officials have been quoted as saying they anticipate negotiations on a final bill would not be complete until after the President’s State of the Union Address in January, and could slip even later into the new year.

President Obama issued a statement to the press in the State Dining Room in the White House saying that the vote is “legislation that brings us toward the end of a nearly century-long struggle to reform America’s health care system.”

He also pointed out the bill’s strengths, noting, “The reform bill that passed the Senate this morning, like the House bill, includes the toughest measures ever taken to hold the insurance industry accountable. Insurance companies will no longer be able to deny you coverage on the basis of a preexisting condition. They will no longer be able to drop your coverage when you get sick. No longer will you have to pay unlimited amounts out of your own pocket for the treatments you need. And you’ll be able to appeal unfair decisions by insurance companies to an independent party.”

He also noted how historic the bill is, saying, “If passed, this will be the most important piece of social policy since the Social Security Act in the 1930s, and the most important reform of our health care system since Medicare passed in the 1960s.”

Obama noted the potential social impact, saying, “It’s the impact reform will have on Americans who no longer have to go without a checkup or prescriptions that they need because they can’t afford them; on families who no longer have to worry that a single illness will send them into financial ruin; and on businesses that will no longer face exorbitant insurance rates that hamper their competitiveness.”

Obama afterwards made phone calls to various Senators and other people, including Victoria Kennedy and David Turner of Little Rock, Arkansas. Mr. Turner had his health insurance rescinded in January of last year, after his insurance company went back into his record and alleged that he failed to disclose his full medical record at the time he applied for coverage. Turner was First Lady Michelle Obama’s guest during her husband’s speech to a joint session of Congress on health care reform back in September.

Friday, May 12, 2006

Peter Costello’s budget announcement has led to rejoicing for small businesses, but the lack of joy for those pushing for radical corporate taxation reform has led to many businesses asking “what about us?”

Personal taxation and small business have been the big winners after this year’s federal budget. Although dampened by the twin economic threats of rising interest rates and petrol prices, there should be a reasonable amount of real income savings for both low and high income earners, with those receiving Medicare, or a superannuation benefit, privy to an even lower level of taxation (0% for those on super benefits).

Small business also has benefited from the Howard government’s 11th annual budget, with them receiving a higher level of reducing depreciation, leading to a higher level of deductions in the years following the uptake of new technology or other capital. They are also privy to a AU$435 million dollar tax cut to compensate for their changing accounting requirements under the government’s new AIFRS reporting standards, as well as increasing the uptake of both the small business tax relief scheme and CGT (Capital Gains tax) Concessions.

The budget was not a complete loss for big business however, as superannuation laws have been tweaked to streamline contribution and payment rules previously impeding those with multitudes of staff.

But this is not enough, says Big 4 accounting firm Ernst & Young. In their newly published paper “Taxation of Investment in Australia: the need for ongoing reform”. In it they lead the charge for a greater streamlining and organization of the corporate tax system in Australia, submitting that it will lead to reductions in “disincentives to work save and invest in Australia [as well as improving] the international competitiveness of Australian businesses.” This follows from a recent report brought out by Mr. Costello himself about the need for tax reform in Australia.

A budget night Mr. Costello was notably coy about any future reform of corporate tax in Australia. He alluded to the report by his ministers but kept from outlining the government’s plan precisely.

Sunday, December 13, 2009

Almost a thousand protesters at The Copenhagen Climate Change Summit were arrested yesterday for unruly conduct. Although most of the protests were peaceful, one group began destroying windows of nearby buildings. Tens of thousands of protesters held multiple rallies throughout the Danish capital. Marches have also formed in Australia, Hong Kong, Jakarta, Indonesia and the Philippines. One of the demonstrators, Nnimmo Bassey, of Friends of the Earth, summed the rallies with “Let’s dance, sing and be happy, because power is in your hands,”.

Protesters included actress Helen Baxendale, model Helena Christensen and former Irish president Mary Robinson. Baxendale was quoted “I think it’s also important that people come and make their voices heard as well. I think, in the end, that’s what will make real, positive change.”

The Copenhagen Summit opened last Monday, and has representatives from nearly 190 nations to discuss caps on greenhouse gas emissions. A draft proposal calls for cuts in greenhouse gas emissions by 50–90% by 2050 and 25–40% by 2020 for developed nations.

Monday, April 23, 2012

File:Frida Kahlo by Artist René Romero Schuler.jpg

According to a new diagnosis by a surgical pathologist, Frida Kahlo most likely suffered uterine damage during a streetcar accident as a teenager and this led to a rare condition known as Asherman’s syndrome, and that would explain the Mexican artist’s infertility.

Dr. Fernando Antelo, from the Harbor–UCLA Medical Center, said, “Her survival defied the grim prognostication by her physicians; however, complications from this physical trauma would emerge in her adulthood.” He presented his diagnosis yesterday at the annual meeting of the American Association of Anatomists in San Diego.

Asherman’s syndrome is normally caused by a trauma to the uterus that results in internal scar tissue. For example, it can occur after multiple procedures to clear the uterus after a miscarriage or abortion, which is known as a “D & C” procedure. Antelo said Kahlo tried to have children many times and her miscarriages, as well as three therapeutic abortions, could have further aggravated the scarring.

At present the condition could be diagnosed and treated after advancements in medical imaging and hysteroscopy, but in Kahlo’s time, Dr. Antelo said, the technology had not advanced far enough to diagnose and treat her. Asherman’s syndrome has been known since 1894 when it was first reported. Kahlo died at age 47 in 1954.

“She kept attempting to have children with a uterus that wasn’t in any condition to do that,” Antelo said.

Antelo, who has been working on connections between art and medicine, says that Kahlo brought her infertility to the canvas and this can be seen in her many paintings of reproductive organs or in her depiction of her own bleeding body in the 1932 painting Henry Ford Hospital. In that image, Kahlo is shown lying on a hospital bed with multiple umbilical cords extending from her body and each one holds an object or body part, except one holding a baby.

Wednesday, December 28, 2005Black American women living in communities with high poverty rates are significantly less likely to be screened for cervical cancer, a study finds.

The Harvard School of Public Health’s Geetanjali Dabral Datta investigated the relationship between individual characteristics and larger socioeconomic factors and cervical cancer screening rates. The Febreuary 1 issue of Cancer carries the study. More than 40,000 black women from across the United States participated in the Black Women’s Health Study.

“African-American women have twice the mortality rate from cervical cancer as white women,” said Elizabeth Ward, the director of the American Cancer Society. “Researchers need to investigate how those differences are related to socioeconomic status. One of the big factors that may account for this finding is access to high-quality medical care. Often communities that have high poverty rates either lack access to good quality care, or people have to travel longer distances to obtain high-quality care.”

David L. Katz at Yale University’s School of Medicine said; “While this finding is not surprising, it is noteworthy just the same. No one should die of cervical cancer, because a simple screening test reliably finds the condition in its earliest stages when cure is almost universally achievable. Yet, several thousand deaths from this cancer occur each year in the U.S.”