Saturday, March 18, 2006

Labour won’t be prosecuted over its election spending, even though police did find a prima facie case.

Acting police Deputy Commissioner, Roger Carson, said yesterday that police did find a prima facie case that Labour had breached section 221 of the Electoral Act. Section 221 prohibits advertising promoting a party unless the secretary of the party gives written authorisation.

In the alleged case of over-spending on taxpayer-funded pledge cards, police say that there was insufficient evidence to show that an offence under section 214b of the Electoral Act had been committed. Section 214b sets the maximum amount that parties may spent on election expenses.

Police will be sending Labour a warning saying that the party risks prosecution if a similar complaint is received in the future.

In February the New Zealand Electoral Commission referred the Labour Party to the police, for allegedly overspending NZ$418,603 in last year’s general election.

Sunday, April 24, 2005

New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ®, which independently announced a definitive agreement to purchase Instinet Group.

Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.

Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.

These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.

The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.

Wednesday, November 21, 2007

A former accountant for Oral Roberts University (ORU) has filed a lawsuit against ORU and its Board of Regents claiming he was told by Richard Roberts and his wife Lindsay to “cook the books”, hiding financial wrongdoing from authorities and the public. Trent Huddleston, the accountant, has filed suit against the school and the Robertses claiming he “was improperly and unlawfully directed to perform functions and duties in violation of state and federal law in an effort by the defendants to ‘cook the books’ and hide from the appropriate authorities and the public the continued wrongdoing, improper and illegal conduct of the defendants, and in particular, of Richard and Lindsay Roberts.”

Huddleston said that nearly $123,000 in remodeling fees for their home was paid by Oral Roberts University and Oral Roberts Ministries. In addition the lawsuit alleges $4,000 was spent on a pool table for the Robertses. Previously the Roberts were accused of illegal political and financial wrongdoing, which forced the president to step down from his positison.

Last week at a meeting called by Oral Roberts, founder of the University and former faith healer, a majority of the faculty voted against allowing Richard to serve as president.

An ORU spokesman declined to comment on latest lawsuit and the faculty meeting.

In other news, Tulsa World released emails between Richard and his political adviser and sister-in-law, Stephanie Cantees. The emails given by an anonymous source, show the two plan to gain political influence using ORU students.

Sunday, August 10, 2008

Authorities say that “violent terrorists” attempted to blow up sites in the Xinjiang province of the country. Police say at least 11 people were killed, all except one were reported to be the attackers responsible for the blasts. Police say three more were arrested and another three are “still at large.”

Monsters and Critics.com quote Deutsche Presse-Agentur as saying witnesses on scene reported a plane flying over the town of Kuqa which was followed by 20 large “flashes”, but “no fire or smoke” which was then followed by “sporadic” gunfire. According to Xinhua the explosions occurred at about 3:20 local time (19:20 GMT) and 4:00 (20:00 GMT).

Despite the claims by police, Xinhua stated that authorities sealed off the town where the attacks have occurred and exchanged gunfire with the terrorists killing at least one while another, strapped with explosives, detonated himself. One other terrorist was injured and one was arrested. Military personnel were also reported to have been dispatched to the area. One early report stated that the government offices in Kuqa are unaware of any bombings.

The explosions, which witnesses report as home-made, were directed toward shopping centers, government buildings, hotels and military offices. At least two police cars were also destroyed by the blasts. Xinhua reports that the bombs were “bent pipes, gas canisters and liquid gas tanks.” One attacker drove a three-wheeled bike packed with explosives into the public safety building in Kuqa, which killed one security official and injured two civilians. Hours later, while police were hunting for more suspects, several terrorists began to throw bombs at them. Police killed two, while three others who were strapped with explosives detonated themselves.

Police and government officials refuse to confirm or deny the reports by Xinhua.

The Xinjiang region has a strong independence movement, largely in the form of 8 million Muslim Uyghurs. The East Turkestan Islamic Movement wishes to create an independent Islamic state out of part of what is currently Xinjiang. China has stated that the Uyghur separatists are the biggest potential terrorist threat to the 2008 Olympics in Beijing.

No one has claimed to be responsible for the blasts.