It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Monday, June 03, 2024
CRIMINAL CAPITALI$M
US criminal trial of British tech founder Mike Lynch to wrap up
British entrepreneur Mike Lynch leaves the High Court in London
Mon, Jun 3, 2024
By Jody Godoy
(Reuters) - Jurors at the trial of British tech pioneer Mike Lynch are expected to hear closing arguments in San Francisco on Monday in the fraud case related to Hewlett-Packard's $11 billion acquisition of his software company Autonomy in 2011.
The Cambridge University-educated entrepreneur took the stand in his own defense at the trial, denying wrongdoing and telling jurors that HP botched the two companies' integration.
HP wrote down Autonomy's value by $8.8 billion within a year of the acquisition.
Lynch and former Autonomy finance executive Stephen Chamberlain face charges of fraud and conspiracy for allegedly scheming to inflate the company's revenue starting in 2009, partly to entice a buyer.
Prosecutors say the pair padded Autonomy's finances in several ways, including back-dated agreements and "round-trip" deals that fronted cash to customers through fake contracts.
At the trial that began in mid-March, jurors have heard from more than 30 government witnesses including Leo Apotheker, the former HP CEO who was fired weeks after the Autonomy deal was announced.
Lynch's legal team has argued that HP was so eager to acquire Autonomy ahead of potential competitors that it rushed through due diligence before the sale.
On the stand, Lynch said he had been focused on tech issues, and entrusted money matters and the accounting decisions at issue to Sushovan Hussain, Autonomy's then-chief financial officer.
Hussain was separately convicted in 2018 at a trial in the same court. He was released from U.S. prison in January after serving a five-year sentence.
Lynch was one of the UK's leading tech entrepreneurs, drawing comparisons to Apple cofounder Steve Jobs and Microsoft cofounder, Bill Gates.
In one of the biggest British tech deals at the time, the Autonomy acquisition was meant to fuel HP's software business. Instead, it spawned a series of bitter and expensive legal battles.
HP largely won a civil lawsuit against Lynch and Hussain in London in 2022, though damages have not yet been decided. The company is seeking $4 billion.
(Reporting by Jody Godoy in New York; Editing by Rod Nickel)
Scientists Discovered Promethium in 1945. They Only Just Learned What It Actually Does.
Although the Periodic Table of Elements is an impressive achievement of human understanding, scientists are still finding secrets about certain elements among its carefully arranged rows and columns.
One such element is Promethium, and a new study from scientists at Oak Ridge National Laboratory has successfully analyzed chemical properties of the rare earth metal some 80 years after its discovery.
The team used a new technique to create a pure isotope of the element, and the discovery could make protection of this rare element easier, while also increasing our understanding of lanthanide elements in general.
The Periodic Table of Elements is a testament to the many millennia of human exploration of the chemical world. However, not everything is known about the elements that appear in its colored and meticulously arranged rows and columns. One such element is Promethium.
First discovered 80 years ago in 1945, Promethium is a lanthanide (one of a series of 15 metallic chemicals also known as rare earth metals) with the atomic number 61, and in the following eight decades after its discovery, many of its chemical properties remained a mystery. This didn’t stop its use—traces of the element can be found in everything from smartphone screens to nuclear batteries—but studying it has proven difficult. That’s because it’s an extremely rare element that decays into other elements, meaning you can only really get Promethium from fission.
Scientists from the Oak Ridge National Laboratory, a descendant of the original lab that discovered the element back in 1945, implemented a new process last year that allowed for the creation of a pure sample of Promethium-147, an isotope of Promethium. Once this sample was combined with a ligand to form a stable complex in water, the team could finally analyze the bonding properties of Promethium using X-ray spectroscopy. The results of the study were published last week in the journal Nature.
“Because it has no stable isotopes, promethium was the last lanthanide to be discovered and has been the most difficult to study,” ORNL’s Ilja Popovs, a co-author of the study, said in a press statement. “Anything that we would call a modern marvel of technology would include, in one shape or another, these rare earth elements…we are adding the missing link.”
To get a closer look at the Promethium element, researchers first created a compound known as bispyrrolidine diglycolamide (PyDGA). When this was combined with Promethium, the resulting Pm-PyDGA’s electron structure created a pink hue, but more importantly it allowed the scientists to fire x-rays and measure the frequencies absorbed, leading to clues about Promethium’s chemical bonds.
Understanding Promethium and its bonding properties will help ORNL produce greater quantities of the rare earth metal while also improving ways to separate it from other lanthanides. That’s because the team successfully demonstrated a phenomenon known as “lanthanide contraction,” which explains how as atomic numbers increase in the lanthanide series, the radii of ions decrease, according to ORNL. This creates a specific chemical and electronic signature, and ORNL scientists recorded a clear “promethium signal,” which will help understand the trend across other rare earth metals.
“You cannot utilize all these lanthanides as a mixture in modern advanced technologies, because first you need to separate them,” Santa Jansone-Popova, “This is where the contraction becomes very important; it basically allows us to separate them, which is still quite a difficult task.”
So while the Periodic Table of Elements may be a story about humanity’s chemical ingenuity, it’s also a scientific story that’s still unfolding in laboratories across the world.
Mountains of glass: the archeological intrigue of B.C.'s Mount Edziza Park
B.C. is home to two major volcanic mountain ranges in its northwest corner. The Mt. Edziza and Spectrum ranges cover more than 2,000 square kilometres of ice-frosted peaks, valleys, glaciers, and canyons.
The Prince George Citizen's Mark Nielsen trekked across the surreal landscape of cinder cones and ancient lava flows in 2017 for a week and called it a worthwhile challenge.
But the landscape has much more to offer than just hiking. The largest known obsidian outcrops in Western Canada are found here, etched into the soil eight million years ago, a gift left behind by basalt strato-volcanoes, shield volcanoes, lava domes and calderas.
Mount Edziza itself is a strato-volcano, structured with steep sides and more cone-shaped than its shield-like brethren.
The volcanic complex at Edziza has long since gone quiet, as the last magma cycle was 20,000 years ago, the fifth and final of cycles characterized by constant eruptions.
The gift of obsidian has been used by First Nations in the region as early as 10,000 years ago, with the Tahltan people having used the volcanic glass to make tools and weaponry. Edziza means "cinders" in the Tahltan language.
One can’t help but wonder where those fragments travelled, and it’s been documented that Edziza obsidian was traded as far away as Alaska and Northern Alberta, during 10,000 years of prehistory. A fragment has even found in the Peace Region at the Tse'K'wa Cave, a 12,000 year gathering site for Treaty 8 First Nations.
That trade caught the attention of Simon Fraser University professor Knut Fladmark in 1984, penning the paper Mountain of glass: Archaeology of the Mount Edziza obsidian source. It was published in World Archaelogy, an international journal.
Fladmark spent much of his research time in two quarry areas dubbed Goat Mountain and Artifact Valley by Raspberry Creek. The Talhtan may not have been exclusive visitors to the region, he explains. Two archeology reconnaissance trips were taken in 1977 and 1981 to find the quarry sites.
“There is no certainty that the Tahltan have always been in sole or primary control of the obsidian source and the ethno-linguistic identity of all prehistoric users is only conjectural,” writes Fladmark.
“Other Athapaskans, or Pacific coastal peoples such as the Tlingit or Tsimshian, are among some of the more likely possibilities in late prehistory,” he adds.
The remote location is also convenient for archaeological research, noted Fladmark, as the complex has limited entry by road, with most opting to fly in.
“With the exception of occasional hikers, big-game hunting parties, and geological exploration crews, the region remains relatively unaffected and unknown by the outside modern world,” he explains, as the only practical access to the study area in 1984 was by helicopter or guided pack-train.
Access to Edziza remains just as limited today, accessible only in summer to early fall, with a trail from Telegraph Creek or again by helicopter.
Obsidian from Edziza tends to be green-black in colour, noted Fladmark, admiring the quality and variety of the stone.
“From a lithic craftsman's perspective, the bulk of Edziza obsidian is inherently high-quality glass, whatever its colour,” he writes.
Crafters were also more likely to have removed whatever materials they needed, finishing their tools and weapons elsewhere, rather than staying at an open site, notes Fladmark. The rough terrain and limited seasonal access made this necessary.
“Even under current conditions, aboriginal utilization of the 'Goat Mountain' obsidian source would be effectively limited to a maximum period of about three months,” Fladmark explains.
The two quarry sites cover over 32,000 square metres, and were packed with a carpet of 1,000 to 4,000 obsidian fragments items per metre. It's also worth noting that Fladmark is a legend in the field of archaelogy, teaching generations of students, advancing the field with cutting edge techniques and rigorous analyses, receiving a Smith-Wintemberg award in 2013 for his contributions.
Edziza continues to intrigue the public and academic minds, with Simon Fraser University associate professor Rudy Reimer producing a 2015 paper titled Reassessing the role of Mount Edziza obsidian in northwestern North America.
Reimer is a member of the Squamish First Nation and has produced several TV series for APTN and Life from Ash and Ice, a documentary on Edziza for the Knowledge Network.
“The Tahltan and their close relations likely exchanged Mount Edziza obsidian at key locations along the Skeena and Nass Rivers. Elsewhere at the Taku and Chilkat Rivers, other Athapaskan groups exchanged Mount Edziza obsidian with coastal groups,” writes Reimer, noting researchers should be diligent in determining relationships between lava flow sites and prehistoric obsidian trade.
Edziza has long been protected, both by its remote nature and by law, becoming Mount Edziza Provincial Park in 1972 to preserve the volcanic and cultural treasures unique to the northern BC range, protecting over 230,000 hectares of the Tahltan highlands.
Tom Summer, Local Journalism Initiative Reporter, Alaska Highway News
HALT NEW COAL MINES!! Alberta municipality appeals regulator's decision to accept coal exploration
An Alberta ranching community is fighting a planned hearing on proposed coal exploration in the Rocky Mountains, saying the province's arm's-length energy regulator shouldn't have heeded a letter from its energy minister suggesting an application from Northback Holdings be accepted.
The information is contained in documents released last week by the Alberta Energy Regulator. They outline the Municipal District of Ranchland's request to appeal the regulator's ruling that Northback's plans for Grassy Mountain in southwest Alberta are exempt from an order blocking such development.
"(Ranchland) submits that the (regulator) abdicated its decision-making responsibilities in reaching the decision by improperly fettering its discretion in the face of a non-binding letter from the minister of energy," say the municipality's court filings.
Northback has applied for three licences on Grassy Mountain near the community of Crowsnest Pass. Northback wants approval for exploratory drilling and water diversion as part of the Australian company's plans for an open-pit steelmaking coal mine.
The project, under the name Benga Mining, has previously been denied by federal and provincial environmental reviews. As well, Alberta has enacted a ministerial order blocking all coal development in the Rockies, save for those considered "advanced projects" that have submitted a project summary to the regulator.
Related video: Why people are moving to Alberta in droves (cbc.ca)
However, Northback argues that the project summary submitted by Benga qualifies it as an advanced project, even though the proposal was rejected.
In a Nov. 16, 2023, letter to the regulator, Alberta Energy Minister Brian Jean sided with Northback. The regulator subsequently accepted Northback's applications and promised public hearings on them.
But Ranchland, in documents filed March 21 with the Alberta Court of Appeal, argues Jean had no right to make that suggestion and the regulator was wrong to follow it.
It says the regulator, in effect, delegated its decision-making power to the minister, contrary to law.
"Relying upon, adopting or deferring to irrelevant or improper evidence in determining that the minister’s letter 'carries significant weight,' or in giving any weight to the minister’s letter at all ... was (outside the minister's power)," Ranchland's letter reads.
Northback argues the regulator's decision to accept its application is not appealable.
"A system whereby project opponents may complain about the fact that a public hearing has been granted, and then delay that public hearing by requesting regulatory appeals and stays before the public hearing has even been scheduled, does not provide for the efficient development of Alberta's resources," say its filings with the regulator.
The appeal request adds more uncertainty to Northback's plans.
Northback has asked the regulator to schedule hearings in June, with a decision to follow within 30 days.
Opponents argue that not only is it far too tight a timeline, there should be no hearings scheduled at all until the appeal request is ruled on and, if necessary, heard.
"Irreversible loss of habitat, disturbance to wildlife, and sedimentation in adjacent watercourses (could occur) before legal determination of whether the project is considered an advanced project," wrote the Canadian Parks and Wilderness Society.
"This would further damage the trust and accountability of the (regulator)."
Regulator spokesman Renato Gandia said in an email that while no date for the hearings has been set, they are being planned.
"The panel is currently considering requests for participation and will address scheduling after participation is decided."
Gandia said standing at the hearing would be granted to those directly affected or who offer useful perspective, have a tangible interest and won't delay the process.
This report by The Canadian Press was first published June 3, 2024.
Bob Weber, The Canadian Press
Pharmacare bill passes in the House of Commons, heads to the Senate
Minister of Health Mark Holland speaks about new national pharmacare legislation during a press conference in Ottawa on Thursday, Feb. 29, 2024.
OTTAWA — The Liberals' pharmacare bill is headed to the Senate after passing third reading in the House of Commons.
The bill was the result of careful and lengthy negotiations between the Liberals and the New Democrats as a key element of their political pact to prevent an early election.
The legislation would see the federal government offer first-payer coverage of some contraceptive and diabetes medications, and sets the stage for a future full-fledged universal pharmacare program.
It's not yet clear exactly what drugs will be covered, since they will be the subject of negotiations with provincial and territorial governments.
Once the bill is passed, Health Minister Mark Holland can begin those formal negotiations with provinces and territories to deliver the program, which is expected to cost $1.5 billion over five years.
The goal is that Canadians will be able to access the contraceptive or diabetes drugs or supplies by showing their health card, whether they have insurance coverage or not.
This report by The Canadian Press was first published June 3, 2024.
The Canadian Press
CA NADA
Rail strike could cost manufacturers millions, industry says
Arail strike would raise expenses, lower sales and delay shipments for Canada's manufacturers, an industry group says, as various sectors grapple with looming uncertainty around a key cross-country transport link.
Two-thirds of respondents to a new survey of members from the Canadian Manufacturers & Exporters said the effects of a work stoppage would be "significant or severe," while more than three-quarters expect higher costs.
The organization cited the poll results, gleaned from 225 of its 2,500 member companies over the last three weeks, in a letter to cabinet urging the federal government to take action to prevent a strike or lockout later this year.
Last month, employees at Canadian National Railway Co. and Canadian Pacific Kansas City Ltd. authorized a strike mandate that could see some 9,300 workers walk off the job if they are unable to reach new agreements.
Labour Minister Seamus O'Regan, in an apparent move to delay a potential strike, stepped in by asking the country's labour board to review whether a work stoppage would jeopardize Canadians' health and safety. A decision is unlikely before mid-July, according to CPKC.
Manufacturers — from auto and chemical makers to propane exporters and brewers — are worried about the prospect of a work stoppage, said Dennis Darby, who heads the group.
"What we do now is make parts and pieces," he said of domestic industry. "We don't make washing machines anymore, but we have companies that make the motors in the washing machines.
"That's why it always has a knock-on effect when you talk about supply chains, because Canada is part of that North American supply chain."
The possibility of a halt to freight traffic on the tracks has already had an impact, said Darby, whose organization counts Ford Canada, Maple Leaf Foods, Bombardier Inc., Cenovus Energy and Moosehead Breweries among its members.
"In some cases they're pre-ordering extra inventory," he said of manufacturers generally.
"In some cases they're trying to book space on other carriers ... but on transport trucks, prices are at a premium."
The cost of a rail traffic halt would average $275,000 per company each day, according to the 225 respondents. If accurate, that means the cost for a sliver of Canada's manufacturers alone would top $433 million per week
The manufacturers group is just one of hundreds of organizations and companies that have made submissions to the Canada Industrial Relations Board over the impact of job action at rail lines that haul more than $28 billion worth of cargo each year.
The labour minister referred the issue to the board after receiving a letter from the Canadian Propane Association, according to two sources with knowledge of the matter. The Canadian Press is not naming the sources because they were not authorized to speak publicly.
O'Regan highlighted heavy fuel, propane, food and water treatment materials needed in remote communities "and throughout Canada," said tribunal spokesman Jean-Daniel Tardif.
Darby said that Ottawa can now use "moral suasion" to wring a deal out of the two sides. Longer-term, Ottawa should look to frame rail transport as "some kind of an essential service" in order to impose binding arbitration if necessary, he said.
Teamsters Canada rejected the call for binding arbitration — a process that follows back-to-work legislation unless the two parties enter it voluntarily — or any government move to "prevent a rail stoppage," in the words of the manufacturers' letter to cabinet.
"Occasional labour disputes are a hallmark of a free and democratic society," said union spokesman Christopher Monette in an email. "It would be a step back to a time when workers had no rights."
Commuters could also feel the effects of a work stoppage.
Should one occur involving the 80 CPKC rail traffic controllers bargaining for a contract — distinct from CPKC's main group of engineers, conductors and yard workers — passenger trains that run on Canadian Pacific-owned tracks in Vancouver, Toronto and Montreal could shut down.
This report by The Canadian Press was first published June 3, 2024.
Companies in this story: (TSX:CNR, TSX:CP)
Christopher Reynolds, The Canadian Press
CHARLEBOIS: Beef on the brink: Labour strikes expose cracks in Canada’s meat processing industry
“Labour strikes at Cargill's Guelph and perhaps Calgary plants reveal deep-seated vulnerabilities in Canada's beef processing industry, from heavy reliance on a few major facilities to the challenges of poor working conditions. As beef prices soar and consumption drops, the sector faces an urgent need for modernization and investment.”
A Cargill meat processing plant is shown in Chambly, Que., south of Montreal
PHOTO BY GRAHAM HUGHES /THE CANADIAN PRESS
Nearly 1,000 Cargill workers in Guelph are on strike, marking the end of its first week. The Guelph plant is one of the largest beef processing facilities in the country and the largest in Eastern Canada. However, this might just be the beginning. The Cargill Case Ready plant in Calgary could also see workers on the picket lines later this month, as a strike vote is scheduled for June 5-6. Labour disputes in beef processing are not new, and the pandemic highlighted the dark side of working conditions in this sector. The beef industry now faces a potential rupture that has been long overdue.
The Guelph plant is the only major federally licensed beef processing facility in Eastern Canada, capable of exporting and shipping outside the province. If the strike extends beyond a few weeks, consumers in Eastern Canada might see more imported beef from the United States or even Mexico. However, it is unlikely that prices will be significantly impacted, given that they are already quite high at the meat counter.
This is not good news for cattle producers in Ontario and Quebec. Eastern-based cattle producers can hold on to their livestock for a while, but costs inevitably rise with keeping livestock, and quality is also impacted. They may need to transport their herd to Alberta or the United States to sell. Regardless, the distances to harvest the meat would clearly be greater and more costly. The potential strike at the Calgary plant could also disrupt the beef market in many parts of the country. Meat is sourced from the major Cargill beef processing facility in High River and then transported to Calgary, where workers trim, weigh, and package it. The packaged products are shipped and distributed on the same day. The domino effect created by an idled Calgary plant could be substantial.
Canada produces excellent beef, but the weakest link in the beef sector has always been domestic processing. Just three major plants process about 90% of all the beef in the entire country. These plants rely heavily on foreign workers, as recruitment has always been challenging due to the rough working conditions.
For consumers, climate change and complexities affecting supply chains have slowly made beef a luxury item at the grocery store. Due to droughts affecting inventories in both the United States and Canada, some beef cuts have increased by almost 50% since early 2020. Prices have been incredibly volatile. Ground beef, known for its price stability and affordability, has increased by 11%, according to Statistics Canada. With higher prices, beef consumption has significantly decreased. Each Canadian is expected to consume less than 24 kg of beef in 2024, the lowest level in more than 50 years. That’s a drop of 38.4% since 1980, and most experts expect that trend to continue.
Despite its luxury status, the beef value chain has always been managed with acute frugality. In pork and chicken, the processing sector has seen more capital investment and automation. New greenfield plants have been built in Hamilton, London, and other parts of the country. However, the beef industry has not seen a new plant in years, making it more difficult to comply with new food safety and working environment regulations.
It’s not as if beef processing is dominated by underfunded players. Take Cargill, for example. The company, a privately held U.S. firm with a 159-year history, reported annual revenues exceeding $170 billion in 2023. Net profits, however, were less than $4 billion, demonstrating how low margins are in the food industry. Cargill employs over 160,000 people across more than 70 countries. JBS, another foreign company, controls the other federally licensed plant in Alberta and is also a massive organization.
These labour disruptions point to a much broader problem in federally licensed beef processing that has not been addressed in years. Every time a plant closes, for one reason or another, beef producers are held hostage with no compensation while retail prices increase. As for striking workers, it’s hard to blame them, as they know few other Canadians would want to do the job, so why not ask for more money? Unless automation takes a greater role in beef processing, the industry will continue to operate archaic plants worthy of the 1980s.
– Dr. Sylvain Charlebois is senior director of the agri-food analytics lab and a professor in food distribution and policy at Dalhousie University
Quebec Safran workers to start unlimited strike on Tuesday, union says
MONTREAL (Reuters) - Montreal-area Safran workers who make components for landing gear used in Airbus and Boeing jets will begin an unlimited general strike on Tuesday over pay, a union official told Reuters on Monday.
It comes as planemakers are wrestling with supply chain snags due to parts shortages, and unions are capitalizing on tight labor markets and high inflation to win hefty contracts at the bargaining table across North America.
(Reporting By Allison Lampert in Montreal; Editing by Chris Reese)
We’re passing along information to you about a rally being organized in Edmonton by a grassroots group to send a message to the provincial government that Albertans don’t want their premier politicizing their pension savings.
We will also help to promote any groups or individuals in other parts of the province who want to set up similar opportunities to advocate for the Alberta government to leave our Canada Pension Plan (CPP) savings alone.
The rally in Edmonton is scheduled for this Sunday at 2:00 p.m.
HANDS OFF OUR CPP protest rally 2:00 PM, Sunday, June 9th, 2024 Violet King Henry Plaza 10801 - 99 Avenue, Edmonton
Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4 per cent year-over-year and representing the slowest growth in 23 years.
The federal housing agency said in a new report that higher mortgage costs and uncertainty around the Bank of Canada lowering its key interest rate led to softer home sales and prices across many regions in the second half of 2023.
However, it said the slowdown in mortgage growth could be short-lived.
The agency expects the rate of growth for mortgage debt to increase amid forecasts of higher home sales and prices in the coming years.
It said an anticipated decline in mortgage rates, along with population growth and increases in real disposable incomes, will likely fuel the turnaround.
"In a context where debt levels have never been so elevated and households are showing increasing warning signs of financial struggle, household debt vulnerability is becoming a primary area of concern," said CMHC deputy chief economist Tania Bourassa-Ochoa in a press release.
"As homeowners find it more difficult to manage their monthly budgets, policymakers and the financial sector are on high alert when considering risks to the financial industry and the economy."
The report also said borrowers are continuing to opt for shorter-term, fixed-rate mortgages over traditional five-year fixed terms as they remain uncertain of the short- and medium-term mortgage rate outlook.
That's despite "noteworthy increases" in the discounts being offered by lenders on five-year, fixed-rate mortgages in the first two months of this year, which marked a reversal of the trend from the last half of 2023.
"Lenders are foreseeing potential rate cuts by the (Bank of Canada) occurring sooner than they anticipated last year and are seeking to lock in mortgages at relatively high rates," the report said.
Terms ranging from three years to less than five years remained the most popular choice, representing nearly 40 per cent of all lending for newly extended mortgages in February 2024. Variable-rate mortgages accounted for 15 per cent of all lending for newly extended mortgages.
The report showed the national mortgage delinquency rate hit 0.17 per cent in the fourth quarter of last year, still near historic lows, but trending up for the first time since the beginning of the pandemic.
It also highlighted the Big Six banks taking an increasing share of the market for extended mortgages.
In the fourth quarter of 2023, those banks' share grew 11.8 percentage points from last year, driven by increases in refinances and renewals. Other chartered banks and credit unions recorded decreases of 6.9 and 3.1 percentage points, respectively.
This report by The Canadian Press was first published May 29, 2024.
