StraussKahn to head Luxembourg investment firm

first_img Parents, stop beating yourself up Strauss-Kahn, 64, was arrested and resigned in 2011 as head of the International Monetary Fund following allegations by a Manhattan hotel maid that he had sexually assaulted her. Those charges were later dropped.Separately, he faces aggravated pimping charges in France.(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Comments   Share   Former Arizona Rep. Don Shooter shows health improvement PARIS (AP) – The head of a Luxembourg-based investment bank says Dominique Strauss-Kahn will soon take a new job as his company’s president _ the latest step by the disgraced former IMF chief to rebuild his reputation.Chairman Thierry Leyne of Anatevka says Strauss-Kahn will become president on Oct. 18 and the company will be renamed “Leyne, Strauss-Kahn.”Leyne said by phone Wednesday that he wants to parlay Strauss-Kahn’s acumen and contacts, which are in growing demand, to his company’s benefit. Milstead says best way to stop wrong-way incidents is driving sober 5 treatments for adult scoliosiscenter_img New Valley school lets students pick career-path academies Top Stories Sponsored Stories Ex-FBI agent details raid on Phoenix body donation facility How do cataracts affect your vision?last_img read more

Virgin Australia profits dip

first_imgAirline’s profits after tax hit turbulence. Virgin Australia has announced a dip in its profits for the first six months of the financial year, citing Qantas’ 2011 grounding and the carbon tax for the drop.According to the group’s latest financial update, underlying profit before tax fell from AU$96.1 million during the first six months FY11/12 to AU$61 million.Statutory net profit after tax also fell, from AU$51.8 million to AU$23 million over the same period.Despite the decrease, Virgin Australia chief executive John Borghetti said the group delivered ‘solid’ results in a difficult environment.Revenue for the period picked up 5.4 percent, an increase Mr Borghetti credited to the airline’s Game Change Program strategy. “We have continued to grow our corporate and government revenue and maintained the new norm in which more than 20 percent of our domestic revenue comes from this higher yielding market,” he explained.Virgin Australia has also announced changes to its domestic operations, with plans to move its A330 onto flights between Brisbane and Perth as well as launch new services between Brisbane and Moranbah.Click here for more information.  Source = e-Travel Blackboard: N.J.last_img read more

Guangzhou China – Reported by Erin Riley for Elit

first_imgGuangzhou, China – Reported by Erin Riley for Elite Traveler, the private jet lifestyle magazineSituated 103 floors above the Pearl River, the new Guangzhou International Finance Center building can now call itself home to the 88th property of Four Seasons Hotels and Resorts’ burgeoning international selection, Four Seasons Hotel Guangzhou. Located in the top 30 floors, the property is a sight to be seen, as elevator doors open to a majestic atrium lit from the sky window above. Enclosing this tunnel of light is an array of restaurants and rooms that make up a height greater than the top of St. Paul’s Cathedral in London.“We are particularly pleased to be the 88th Four Seasons hotel worldwide, doubling our luck for a successful future in Guangzhou,” says Regional Vice President and General Manager Bahram Sepahi.To celebrate the opening of this luxury destination, the hotel is offering its first guests a one-of-a-kind Have It All Introductory Package that includes luxury accomodation, a daily buffet breakfast, dining and entertainment credit and a daily spa treatment, which will be available from August 15 to October 15. The property will also be offering its prominent Four Seasons Bed and Breakfast package.Commemorating the dawn of a new era of luxury hospitality in China’s third largest metropolitan area, this remarkable property provides the ideal backdrop for its 302 premium guest rooms and 42 suites, each encased in floor-to-ceiling windows that set off the chic and smart interiors. Six dining and entertainment venues round off the property’s impressive variety, overseen by the likes of Executive Chef Law Yiu Choi, second Chinese chef to be named a Chef Rotisseur by the renowned international culinary society Chaine des Rotisseurs, as well as chef Kazumi Sawada, under whose leadership Tokyo’s Banreki Ryukodo restaurant received a Michelin star.The 11,517-square-foot Hua Spa offers a unique wellness experience with its a water-based treatment area that houses a Vichy-style shower, rhassoul mud chamber, crystal steam room and laconium in the women’s area, as well as a herbal steam bath, Swedish and Finnish sauna and ice fountain in the men’s read more

Qualified Forest Program for timber harvesting and management was signed into law

first_img Categories: News Legislation to encourage owners of the 11 million acres of private forestlands in Michigan to join the state’s Qualified Forest Program for timber harvesting and management was signed into law today. The nine-bill package, which includes a measure sponsored by Rep. Frank Foster, R-Petoskey, updates the program’s property tax incentives and offers educational and technical assistance. On hand for the ceremony were from left: Jamie Clover Adams, Michigan Department of Agriculture and Rural Development director; Rep. Ed McBroom; Sen. John Moolenaar; Gov. Rick Snyder; Foster; Sen. Darwin Booher, Rep. Bruce Rendon; and Sen. Tom Casperson. The program is capped at 1.2 million acres but less than 80,000 acres have been enrolled in the program designed to ensure and increase a steady, sustainable supply of timber to an industry that generates $14 billion annually and directly employs 26,000 residents. The package includes Public Acts 42-50 of 2013. 06Jun Qualified Forest Program for timber harvesting and management was signed into lawlast_img read more

Chatfield bill protects Michigan taxpayers by prohibiting tax credit extensions

first_img Legislation ensures state can’t extend costly MEGA creditsMichigan taxpayers are protected from additional liability due to budget-busting Michigan Economic Growth Authority (MEGA) tax credits under common-sense legislation introduced today that prohibits the state from extending the costly credits, state Rep. Lee Chatfield announced.Since the MEGA credits were greatly expanded in 2008, the program has accumulated a projected taxpayer liability of $9.38 billion. The Republican-led Legislature and newly elected Gov. Rick Snyder ended MEGA in 2011, but even with the irresponsible program’s demise, state law still allows the existing credits to be increased and extended.  Legislation introduced today by state Rep. Chatfield prevents this from happening.“No future governor of Michigan should be given the opportunity to extend these MEGA credits,” said Rep. Chatfield, R-Levering. “Although the current governor has no intention of extending these harmful credits, the reality is that a less fiscally responsible administration could come into office and put our state in greater financial jeopardy.  We simply can’t allow that to happen – the stakes are too high.  It’s up to us to ensure that the mess created during the previous administration is cleaned up not only for current Michigan taxpayers, but for our future generations.”The $9.38 billion estimated liability is projected to be incurred over the next 17 years.  This year, the credits created a $325 million state budget shortfall.House Bill 4333, sponsored by Rep. Chatfield, prohibits MEGA tax credit extensions as currently allowed in the Michigan Economic Growth Authority Act. Categories: Chatfield News 11Mar Chatfield bill protects Michigan taxpayers by prohibiting tax credit extensionslast_img read more

Rep Afendoulis selected to fill committee vacancy

first_img23Sep Rep. Afendoulis selected to fill committee vacancy Categories: Afendoulis News State Rep. Chris Afendoulis, R-Grand Rapids Township, this week was appointed by House Speaker Kevin Cotter to serve on the House Committee on Criminal Justice.The new assignment is in addition to Rep. Afendoulis’ current responsibilities on the House Committee on Appropriations.“Rep. Afendoulis has provided valuable leadership throughout the budget process and in his role as co-chair of the House Criminal Law Reform Workgroup,” Speaker Cotter said. “Adding Chris’ experience and knowledge to our criminal justice policy discussions will be a great benefit for the people of Michigan.”Rep. Afendoulis’ also serves on a number of House Appropriations subcommittees, including as vice chair of the Subcommittee on Corrections, chair of the Subcommittee on Licensing and Regulatory Affairs, and as a member of the subcommittees on General Government and Health and Human Services“I thank Speaker Cotter for entrusting me with this important committee assignment. I’m pleased with our accomplishments in the area of criminal law reform to date, and I’m eager to continue that work in my new role,” Rep. Afendoulis said. “I look forward to implementing reforms which balance the safety of Michigan citizens with the use of limited taxpayer resources.”Rep. Afendoulis can be contacted toll free at 1-855-347-8073; through his online office at; by e-mail,; or by mail. At P.O. Box 30014, State Capitol, Lansing, MI 48909-7514.last_img read more

House bill cuts bond requirement to fight for seized property

first_img Lucido: Financial means should not be a prerequisite for justiceThe House Oversight and Ethics Committee this week approved legislation that will bring further reforms to Michigan’s Civil Asset Forfeiture Laws.Late last year, Gov. Rick Snyder signed legislation reforming Michigan’s Civil Asset Forfeiture Laws. These reforms include additional reporting requirements for police officers and higher standards for prosecutors, improving communication and transparency at all levels of government.The reforms have received bipartisan praise and support, but many, including Rep. Peter Lucido, want to see the reforms go a bit further, specifically with regard to the provision requiring that property owners post a 10 percent bond within 20 days to fight for their property in court.Lucido, who sponsored a bill in the original package, authored House Bill 4629 which would remove this requirement.“In my many years as an attorney I have seen the process of civil asset forfeiture spiral out of control,” said Rep. Lucido, R-Shelby Township. “I have seen items seized that include everything from cars and homes to food, diapers and someone’s last hundred dollars in cash. Tell me how that single mother working three jobs is going to post a 10 percent bond when you just took everything she had—she’s not, because it will cost her more in legal fees than her items are worth.Lucido said the bond requirement disproportionately impacts lower-income individuals by not only putting them at a disadvantage financially, but discouraging many from seeking justice in a confusing system.“The law says we are innocent until proven guilty, but by taking someone’s property before they are even criminally charged, much less convicted, and then making them pay for a chance to fight for it in civil court we are hindering access to due process for all,” Lucido said. “By removing this requirement, everyone can have their day in court regardless of their ability to pay.”HB 4629 was voted out of committee unanimously and now moves to the full House for consideration.### 19Feb House bill cuts bond requirement to fight for seized property Categories: Lucido News,Lucido Photos,News,Photoslast_img read more

Rep Alexander hosts local office hours in December

first_img Categories: Alexander News 30Nov Rep. Alexander hosts local office hours in December State Rep. Julie Alexander announced her monthly in-district office hours, emphasizing the importance of understanding the concerns of the community.“During my first year in office I have scheduled 58 office hours and Milk Break meetings. The insight I received at these meetings has been my most important tool when representing the Jackson area in Lansing,” Rep. Alexander said. “I encourage anyone with questions or ideas about their state government to join me for coffee and conversation.”Rep. Alexander’s office hours will take place at the Jackson County Tower Building, 120 W. Michigan Ave. in Jackson during the following dates and times:Friday, Dec. 8 from 3:30 to 4:30 p.m.; andFriday, Dec. 15 from 10 to 11 a.m.Rep. Alexander will also sponsor a special Milk Break meeting at Candi’s BZB Café, 225 S. Mechanic St. in Jackson on Friday, Dec. 15 from 9 to 10 a.m.No appointments are necessary. Those unable to attend may contact Rep. Alexander at 517-373-1795 or via email at read more

Rep Wentworths bill reducing bureaucracy for marine fuel users signed into law

first_img Categories: News,Wentworth News A new law sponsored by Rep. Jason Wentworth of Clare will eliminate a costly administrative burden for marine fuel users in Michigan.Wentworth’s legislation to simplify the process for exempting marine fuel users from Michigan’s motor fuel tax was signed today and becomes Public Act 55 of 2018.“This new law will help protect Michigan jobs connected to marine fuel distribution by reducing bureaucracy and saving time for everyone involved,” Wentworth said. “We want to ensure vessels fuel up here in our state, rather than in a neighboring state or in Canada.”Previous Michigan law called for users of marine fuel to pay the 26.3-cent per gallon motor fuel tax and then apply for reimbursement from the state Treasury. Wentworth’s new law replaces the refund with an upfront exemption, which lowers the initial costs and saves time and paperwork for businesses dealing with marine fuel such as Bunker C or Navy Special.The fuel isn’t used on roadways, so it is not subject to the motor fuel tax.### 06Mar Rep. Wentworth’s bill reducing bureaucracy for marine fuel users signed into lawlast_img read more

Rep VanSingel votes to make car insurance affordable for Michigan drivers

first_img House approves long-overdue no-fault solutionState Rep. Scott VanSingel and a bipartisan coalition of legislators approved a plan today that delivers significant car insurance rate relief for Michigan drivers.The House approved legislation that guarantees drivers will have choices on personal injury protection coverage, ends price gouging on medical services for car accident victims, and combats fraudulent claims. The plan will be sent to Gov. Whitmer for her expected signature.“This plan guarantees rate relief for my constituents and all Michiganders,” said VanSingel, of Grant. “Senate Bill 1 helps hard-working families who have been stuck paying the highest car insurance costs in the nation. We owe it to drivers to fix our broken car insurance system, and this legislation is a great solution.”This plan is designed to end Michigan’s long tenure as the state with the most expensive car insurance rates in the nation. This is a bipartisan compromise between our original proposal on May 9, and the governor’s priorities.##### 24May Rep. VanSingel votes to make car insurance affordable for Michigan drivers Categories: VanSingel Newslast_img read more

Ted Nugent Concert Attracts Activist Attention

first_imgShareTweetShareEmail0 SharesJuly 20, 2014; Star-LedgerLongtime New Jersey activist John Atlas writes that Ted Nugent is a “decent guitar player, but a vile human being.” Nugent is scheduled to perform at the Wellmont Theatre in Montclair, New Jersey. Nugent will be greeted by protests organized by such activist organizations as New Jersey Citizens Action, other grassroots groups, and labor unions.For those of us who remember the young Ted Nugent, he fronted for the Amboy Dukes in the 1970s, known to this author (who was a very young rock music reviewer for Fusion at the time) for a great song, “Journey to the Center of the Mind.” He spent a brief period in the ’90s as the guitarist for Damn Yankees, backing Styx’s Tommy Shaw and Jack Blades of Night Ranger. The much older contemporary Ted Nugent is a right-wing ideologue distinguished from many others by his propensity for offensive, vulgar characterizations of some prominent politicians.Atlas notes that Nugent has referred to President Obama as a “subhuman mongrel” and a “chimpanzee,” characterized Hillary Clinton as a “worthless bitch,” and suggested that Senator Barbara Boxer (D-CA) suck on his machine gun. (Nugent is a vocal opponent of gun control laws and a board member of the National Rifle Association.)The executive director of the Wellmont, Mark Josephson, acknowledged getting phone calls requesting that he cancel the Nugent performance, but said he wouldn’t do so, at least at the time of Atlas’s reporting. That isn’t always the case with Nugent’s performances. The Coeur d’Alene Tribe announced that has canceled Nugent’s performance at its casino in Worley, Idaho because it learned of his “racist and hate-filled remarks.Nugent is taking advantage of his national SHUTUP&JAM! tour to expound on his political views on a number of topics. Last week, he waxed charitable about “good, hardworking, playing Americans dedicated to being as productive and generous as possible in their lives.”“There simply is no more generous, giving, loving society on earth than hardworking Americans,” he wrote.Following those kindly thoughts, Nugent went full bore into his characteristic political rants:After denouncing “every state and city run by liberal Democrats…[as] a hellhole of waste, fraud, deceit, corruption, runaway unaccountable spending and in ruins,” Nugent asked, “Have you been to Detroit lately?” and commented “No wonder the movie ‘Dawn of the Planet of the Apes’ is such a big hit.Commenting on income inequality, Nugent observed, “the squawking poor just keep on getting poorer, and as is always the case, they have no one to blame but themselves. Stupid is as stupid does.” He resurrected President Reagan’s old “welfare queen” argument with this observation: “With their cell phones, automobiles, microwave ovens, air-conditioning, new clothes, manicures and pedicures, bling-bling, clean water, more food than they can eat, pretty much redistributed everything handed to them, they still whine how America should be more like those other countries… Then, amazingly, we keep hearing all the time how Social Security is quickly running out of money, yet we never hear a mention that welfare or food stamp programs are running out of money. It is truly fascinating that Social Security was earned by its recipients, but those receiving welfare and food stamps didn’t earn jack squat.”Atlas thoughtfully questions the pros and cons of stopping the Nugent concert, as opposed to simply using the event for protests. He concludes that protesting Nugent’s appearance in Montclair is important:“I strongly support the upcoming protest against Nugent. He has a right to free expression under the First Amendment. But no matter what your political views, every citizen also has a right and in a democracy, a civic responsibility to protest bigotry and intolerance.”Well said, John.—Rick CohenShareTweetShareEmail0 Shareslast_img read more

Nonprofit News Site Publishes All NOLA City Salaries

first_imgShareTweetShareEmail0 SharesJuly 22, 2014; The LensLast week, The Lens published the salaries of all of New Orleans’s city workers, focusing most intensely on the highest-paid personnel. While some may find this kind of transparency around salaries uncomfortable, it does provide a valuable point of accountability and it helps in the campaign to look at salary ratios as can be seen in the material below.Here are some of the more interesting findings:Mayor Mitch Landrieu is the 10th-highest paid employee in the city. He’s paid $150,765 a year. For comparison, the mayor of Baton Rouge earns $135,447, the mayor of Austin earns $81,344 and the mayor of Boston is paid $175,000.The lowest-paid full-time city employees earn $18,457 a year. The 26 people with that salary work as library pages, police technician trainees, and office assistant trainees. The highest-paid city employee, the airport director, earns as much as 13 of the lowest paid workers.Full-time city workers earn an average of $48,367 per year. The average income in New Orleans in 2012 was $44,379, by the way.NPQ has covered this issue previously in a story about charity regulation of pay ratios. Why not think about a system of voluntary disclosure as an example for opther sectors?—Ruth McCambridgeShareTweetShareEmail0 Shareslast_img read more

BBC World News the UK public broadcasters intern

first_imgBBC World News, the UK public broadcaster’s international news channel, and Swedish broadcaster TV4 have signed a deal agreeing a deal that will allow the new TV4 News channel to broadcast some BBC World News programming each week.TV4 News is scheduled to launch on January 24. Under the deal, it will air BBC News programming including 
flagship current affairs programme HARDtalk.Colin Lawrence, commercial director, BBC World News said, “BBC World News has unique expertise in high quality, international journalism which will serve as a perfect compliment to the TV4 News offering. This agreement mirrors successful arrangements we have with an increasing number of broadcasters around the world and will offer viewers in Sweden the impartial global perspective they crave and the opportunity to engage with BBC World News content via a new platform.”BBC World News is available in more than 200 countries to over 300 million households.last_img read more

Romtelecom has added Sony Pictures Television Netw

first_imgRomtelecom has added Sony Pictures Television Networks (SPT) channel AXN Spin to its programming line-up. The channel, which targets adolescents and young adults with a mix of entertainment programming including Teen Wolf and 90210, will be available on Romtelecom’s basic packages, joining existing SPT channels AXN, AXN Crime and AXN Sci-Fi). AXN Spin has already launched in Poland and Romania will be its second central and eastern European territory.last_img

Fatih Oflaz Turkish pay TV service provider Turkce

first_imgFatih OflazTurkish pay TV service provider Turkcell TV has begun offering a package of channels from Oflaz Media Group to its subscribers.Turkcell TV is offering a SinemaTV package comprising three of the group’s six channels – classic movie channel SinemaTV 1001, action movie channel SinemaTV Aksiyon, romantic drama and comedy channel SinemaTV Aşk – along with on-demand service Sinema Hemen (Now).Sinema Hemen is available over a range of mobile devices as well as online.“SinemaTV keeps extending its number of channels and digital platforms each passing day. We are very pleased to announce this agreement for a new partnership with Turkcell, a world-leading telecommunications giant. Turkcell TV carries great importance for us and we believe that our strong content will add lots of value to the service,” said Fatih Oflax, president of SinemaTV.SinemaTV provides six HD channels, four of which are also available in standard definition. In addition to the channels announced with Turkcell, the group provides flagship channel SinemaTV, a two-hour time-shifted variant, SinemaTV 2 and family channel SinemaTV Aile.“Combining our expertise in technology field with our well-established business skills, we aim to offer our subscribers extraordinary TV, film and entertainment services. Our highest priority is to provide rich and high quality content. We are very delighted to start our business relationship with SinemaTV, a pioneer and exemplary movie platform,” said Firat Akdere, director of media services at Turkcell.last_img read more

Satellite operator Intelsat has said it is on trac

first_imgSatellite operator Intelsat has said it is on track to meet its operating priorities and reduce debt, with better than expected progress on reducing operating costs. The company posted second quarter revenues of US$616 million (€459 million), down 6% on the 2013 figure, and adjusted EBITDA of US$490 million, down from US$509 million in 2013. The company’s EBITDA margin improved from 78% to 80%, while it turned a 2013 2Q net loss of US$408 million into a profit of US$67 million.On the downside, Intelsat said it faced a number of challenges limiting growth in the near term, including a lack of marketable inventory ahead of the launch of its next satellite in the fourth quarter, as well as reduced US government spending and intense network services competition in Africa.last_img

Netflix accounted for up to 10 of all traffic on

first_imgNetflix accounted for up to 10% of all traffic on Belgian cable operator Telenet’s network over the weekend, following its launch in the country on Friday, according to the operator.According to the Liberty Global-owned Flemish cabler, Netflix accounted for between 7% and 10% of its overall traffic.Telenet indicated that this volume of traffic had been expected, fuelled by Netflix’s offer of a 30-day free trial.Neither Belgacom, the country’s other main broadband infrastructure provider, nor Netflix itself have given any indication of how much demand there was for the streaming video-on-demand provider’s content since it launched in the country on Friday.The news comes as Telenet kicks off work on its Grote Netwerf project. The company is investing €500 million in upgrading its network from 600MHz to 1GHz to provide additional bandwidth. Telenet plans to replace all 150,000 amplifiers and other components in its network over the next five years.last_img read more

The African Telecommunication Union has come out p

first_imgThe African Telecommunication Union has come out publicly in opposition to the reallocation of the UHF band and C-band to mobile services.At its final preparatory meeting in Nairobi, Kenya, ahead of the forthcoming WRC-15 conference in Geneva in November, the ATU agreed a common position opposing the allocation of the 470-694MHz and 3600-4200MHz bands to mobile services.For both the UHF band (and the C band, the organisation agreed a common position in favour of ‘Method A’ – meaning no change in the use of the spectrum. Each of the ATU’s sub-regional groups – the Southern African Development Community (SADC), the Economic Community of West African States (ECOWAS) and the East African communication Organizations (EACO) – also supported this position.The ATU’s position was welcomed by the EBU. EBU Director of Technology & Innovation, Simon Fell, said, “We are pleased to see another continent in ITU Region 1 confirm their support for DTT below 700MHz. It is important that we continue to voice our common position to secure adequate spectrum for the broadcasting industry.”The ATU agreed a common position to allocate the L-band – 1452-1492MHz – to mobile, a move that was welcomed by mobile operators’ association the GSMA.last_img read more

The Speedport Smart router Deutsche Telekoms dome

first_imgThe Speedport Smart routerDeutsche Telekom’s domestic German arm, Telekom Deutschland, has signed up as the first partner for the group’s white-label smart home offering. Telekom Deutschland will deploy Deutshce Telekom’s Magenta SmartHome offering with its Speedprot Smart router, enabling them to manage a range of connected devices through the router.The domestic unit’s routers can now support the DECT ULE cordless standard, enabling it to integrate smoke detectors, thermostats, and many other smart devices. Other protocols can be retrofitted via the USB port. A USB stick for the ZigBee protocol is already available and a stick for the Homematic IP protocol is scheduled for release in the autumn, according to Deutsche Telekom.New Speedport Smart routers will gain the additional features, and routers already installed by customers will receive a firmware update, meaning that about 170,000 households will be enabled for the service immediately. Telekom Deutschland estimates will ship about 1.2 million smart routers every year.Smart home installation software in the Speedport Smart routers will include a free version of the company’s SmartHome service, with many basic functions, to enable users to try the system out.“We have been a reliable partner to our customers for many years when it comes to telecommunications and entertainment. So it’s only natural to act as partners for security, convenience, and energy conservation, too,” says Niek Jan van Damme, member of the Deutsche Telekom Board of Management responsible for Germany.“A single sensor on your door or window is all it takes to make your home safer. Together with the Speedport Smart, the free starter package and the Magenta SmartHome app, you can set up an alarm system for your doors and windows quickly and easily,” said Henri Vandré, head of smart home at Telekom Deutschland.“If a sensor-equipped door or window is opened in your absence, an alert is sent to your smartphone.”last_img read more

Intelsat 33e Intelsat said it expects its planned

first_imgIntelsat 33eIntelsat said it expects its planned Softbank-backed merger with affordable internet provider, OneWeb, to now be terminated after failing to agree a debt exchange agreement.The satellite operator said that its offer to swap outstanding senior unsecured notes had not been accepted and that the minimum tender conditions for the offer had not been satisfied.As a result, the company said it expects that OneWeb and SoftBank will exercise their respective termination rights under their merger and related share purchase agreement.“There were many stakeholders’ interests that needed to be satisfied in this complex transaction,” said Intelsat CEO Stephen Spengler. “We are disappointed that our bondholders were unwilling to accept the terms of the exchange offers presented over the course of this process.”However, Spengler said that even without a merger, the pre-existing commercial agreement between Intelsat, OneWeb and SoftBank “will continue”.“Under this agreement, we plan to jointly develop integrated solutions utilising both of our fleets and to act as a sub-distributor to SoftBank for the attractive application segments of mobility, energy, government, and connected car.“As we create integrated services for these applications, we expect to accelerate and enhance our goal of unlocking new and larger opportunities in the communications landscape.”Intelsat announced in February plans to merge with OneWeb in a share-for-share transaction, with Intelsat also agreeing a share-purchase agreement with OneWeb investor SoftBank.SoftBank was due to invest US$1.7 billion in newly issued common and preferred shares of the combined company – a move designed to help reduce Intelsat’s debt by approximately $3.6 billion. This would have resulted in SoftBank taking an approximate 39.9% voting stake in the combined business.SoftBank committed to invest US$1 billion in OneWeb in December, to help support OneWeb’s vision of delivering affordable, high-speed, low-latency internet to rural and remote communities around the world.The OneWeb deal was designed to “significantly strengthen” Intelsat’s capital structure and help it to accelerate into new areas, such as providing connectivity for connected vehicles.last_img read more