Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

Thursday, July 24, 2008

A bus crash in Victoria, Australia has injured at least 20 people, two of whom are listed as critical. One victim is reported to be still trapped in the wreckage.

The accident occurred between a bus and a semi-trailer on the Princes Highway in the Traralgon area around 10:50am AEST. The La Trobe Valley Busliner bus was traveling east when it collided with the back of a heavy haulage truck.

Those critically injured are being airlifted to a hospital in Melbourne. Others are being transported by Ambulance to La Trobe Valley Hospital in Traralgon.

SES crews are on scene, along with St. John Ambulance and fire crews.

The eastbound lanes of the highway have been blocked by police and traffic is being diverted.

Monday, July 26, 2010

North Korea threatened “powerful nuclear deterrence” on Saturday in response to military drills supported by the U.S. and held by South Korea.

The National Defense Comission of North Korea, headed by their leader Kim Jong-il, declared that they would “counter with their powerful nuclear deterrence the largest-ever nuclear war exercises to be staged by the U.S. and the South Korean puppet forces” in a “retaliatory sacred war.” Ri Tong-il, an official with North Korea’s delegation to the ASEAN security forum, had said earlier that they would show a “physical response” to the drills. Though Japan sent four military observers in apparent support of the drills, China criticized the plans.

Tensions had recently become especially high in both sides of Korea after the sinking of the warship Cheonan in South Korean waters, killing over 40 people. An international investigation concluded that the warship was sunk by a North Korean torpedo. North Korea still strongly denies any involvement in the incident, calling the results “fabricated” and refusing to apologize. “If anyone should apologize,” said Ri, “it should be South Korea, responsible for driving the situation on the Korean peninsula to the brink of an explosion.”

Despite this, on 25 July 2010, the US and South Korea began their major military drills together in the Sea of Japan.

Friday, November 25, 2011

U.S. Democratic Party presidential candidate Darcy Richardson of Florida took some time to answer a few questions from Wikinews reporter William S. Saturn.

Richardson, 55, is a political activist that helped form the New Democrats in 1989 and founded the progressive Battleground Blog earlier this year. He is also a political historian, and has authored six books covering third parties and presidential elections, including A Nation Divided: The 1968 Presidential Campaign (2002). His current work, The Spirit of ’76: Eugene McCarthy’s Struggle for Open Politics, chronicles the late Democratic Senator Eugene McCarthy’s 1976 presidential campaign for which he volunteered. Richardson admires McCarthy, and served as manager for his 1988 presidential run. Recently, Richardson advised Brian Moore’s Socialist Party USA presidential campaign in 2008.

In addition, Richardson himself has sought political office, albeit unsuccessfully. In 1980, he ran for Pennsylvania Auditor General, and in 1988, vied for one of Pennsylvania’s U.S. Senate seats as a member of the Consumer Party. Last year, he ran for Lieutenant Governor of Florida as the running mate of gubernatorial candidate Farid Khavari.

Richardson has criticized President Barack Obama’s policies for being too similar to those of former President George W. Bush. He hoped to convince several prominent progressives to challenge Obama in the Democratic primaries, but none were available to do so. Last month, Richardson decided to begin a campaign himself and announced through his Battleground Blog that he would challenge Obama in the Democratic Party primaries as a progressive candidate. So far, he has qualified for the New Hampshire primary in January and the Missouri primary in February. In an interview with the Independent Political Report, Richardson proclaimed his campaign slogan as “no fourth term for George W. Bush.”

Friday, September 19, 2008

Stock markets around the world, particularly those in the United Kingdom, have increased dramatically today. This is due to the ongoing events in the financial world, including the United States government’s announcement that it would buy billions of dollars of bad loans from US banks.

The primary UK index, the FTSE 100, rose in value by 8.04%, which is 392.50 points, to above the 5000 mark at 5272.50. The Dow Jones, was up 3.10% at 14:58 UTC, an increase of 330.89. The Dow Jones currently has a value of 11350.58 points. The NASDAQ index has risen by 2.53% to 2248.63, while the Dax was 5.06% higher than the start of the day as of 14:58 UTC.

The US Treasury described the government’s bail-out plan in a press release released earlier today. It said that “The U.S. Treasury Department today announced the establishment of a temporary guaranty program for the U.S. money market mutual fund industry. For the next year, the U.S. Treasury will insure the holdings of any publicly offered eligible money market mutual fund – both retail and institutional – that pays a fee to participate in the program.”

Henry Paulson, the US Treasury Secretary, explained the government’s reasoning behind its plan. He said that the government was buying bad loans “to restore confidence in our markets and our financial institutions, so they can fuel continued growth and prosperity, we must address the underlying problem.”

President George W. Bush, speaking at a press conference alongside Paulson, said “this is a pivotal moment for America’s economy.”

The government plan is permitted under the Gold Reserve Act of 1934, which gives the Treasury the permission “to deal in gold, foreign exchange, and other instruments of credit and securities.”

[edit]

Friday, August 27, 2010

Apple Inc. will hold a music-centered event in San Francisco, California on September 1. It has been widely speculated that the company will introduce an updated line of iPod portable music players and a new Apple TV.

The company e-mailed invitations for the event to various media organizations on Wednesday. The message included a picture of a guitar and the time of the event. Apple did not release any information about what products would be involved.

Apple has released new iPods through previous similar events in September in anticipation of the holiday shopping season. This year, Apple may unveil a new iPod Touch with two cameras, similar to their recent iPhone 4 design. It will likely also update the iTunes music store and software.

Speculation about a new Apple TV is mixed. While many blogs are reporting that a refresh of the device will be announced, analysts say that it is unlikely to happen during next Wednesday’s event. According to Reuters, sources are saying that Apple is negotiating with major television networks, including ABC and NBC, in order to provide shows for purchase on iTunes. However, they also reported that the deal has not been completed, and none of the companies involved have commented on the rumors.

It has also been rumored that Apple will introduce a new online music service. In 2009, Apple took over a company that allowed users to stream music online rather than download individual songs. Apple has not confirmed the rumors.

Last September’s media event saw the return of Apple CEO Steve Jobs after he took a break to undergo a liver transplant. This year, the event will be held in San Francisco’s Yerba Buena Center for the Arts, previously used by Apple in April for the unveiling of the iPad.

A compilation of brief news reports for Wednesday, March 7, 2007.

The European Union has banned the 35 planes in the Pakistan International Airlines (PIA) 45 aircraft fleet from flying in EU airspace. The reason provided by EU was that these plans do not fulfill the safety requirement for international planes and thus were banned. PIA has redeployed its Boeing 777 jets from US to EU flights to facilitate passengers in Europe. Flights PK 782 and PK 790 are still running on time from Toronto in Canada.

Sources

• “EU bans old PIA planes” — Gulf Daily News, March 6, 2007
• “EU imposes ban on all but seven PIA planes” — Pakistan Dawn, March 6, 2007

The Oklahoma Senate approved a bill introduced by lawmaker Patrick Anderson of Enid that enables police to seize vehicles when drivers fail to produce proof of insurance. The bill was tacked onto a measure to prohibit inserting microchips into people without their permission. 91,000 drivers have been ticketed for lack of insurance in Oklahoma to date.

Sources

• RON JENKINS, Associated Press. “Senators approve bill to allow vehicles to be seized” — Bartlesville Examiner Enterprise, March 6, 2007
• Associated Press. “Senators approve bill to allow vehicles to be seized” — FOX23, March 6, 2007

The New Orleans Saints have released All-Pro wide receiver Joe Horn because of money issues. The Saints hope to draft LSU (Louisiana State University) wide receiver DeWayne Bowe in the NFL Draft to fill Horn’s place.

Sources

• BRETT MARTE,LCanadian Press. “New Orleans Saints release four-time Pro Bowl wide receiver Joe Horn” — CBC News, March 1, 2007
• “Saints release Horn from his contract” — The News-Star, March 1, 2007