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.

Tuesday, January 31, 2012

Queen Elizabeth II, the British monarch, has today withdrawn and annulled a knighthood given to Fred Goodwin in 2004, heeding the advice given to her by a forfeiture committee. Goodwin is the former chief executive at the Royal Bank of Scotland Group (RBS) and was awarded his knighthood by the British government of the time for services to banking. The committee concluded “that widespread concerns about Fred Goodwin’s decision meant that the retention of a knighthood for services to banking could not be sustained.”

Goodwin was chief executive of RBS when they purchased ABN AMRO, a Netherlands bank, in 2007. The British government subsequently bailed out RBS for £45 billion, amidst the late-2000s financial crisis.

British prime minister David Cameron stated about the annulment: “The proper process has been followed and I think we’ve ended up with the right decision.” Cameron and Ed Miliband, UK Leader of the Opposition, both believed Goodwin’s knighthood should be removed. Miliband called it “the start of the change we need in our boardrooms.”

Liberal Democrat leader and Deputy PM Nick Clegg considered it to be the “right decision”. “[A]ppropriate” was the word George Osborne, Chancellor of the Exchequer used to describe it. “RBS came to symbolise everything that went wrong in the British economy in the last decade,” Osborne stated. Alex Salmond, First Minister of Scotland stated the title was given “for services to banking which could not therefore be sustained”, calling the decision “correct”.

Goodwin does not have the right to appeal against the decision, nor had the right to provide the forfeiture committee with any representations. The monarch holds sole responsibility for withdrawing all knighthoods; on this occasion Elizabeth II followed the advice of the committee, who decided to recommend the withdrawal to her. The Cabinet Office announced the advice had been given to the queen on the understanding that “Goodwin had brought the honours system in to disrepute”.

Speaking of the “exceptional case”, the committee explained: “In 2008, the government had to provide £20 billion of new equity to recapitalise RBS and ensure its survival and prevent the collapse of confidence in the British banking system. Subsequent increases in government capital have brought the total necessary injection of taxpayers’ money in RBS to £45.5 billion.” The committee understood that “Fred Goodwin was the dominant decision maker at RBS at the time.”

Until this announcement, criminal conviction and professional expulsion were the only causes for which individuals had their knighthoods revoked.

Wednesday, June 20, 2007

Last night was the 2007 MuchMusic Video Awards in Downtown Toronto, Ontario, Canada.

MuchMusic is the most watched music channel in Canada, and has been holding the event since 1990. Roughly 6,000 fans line the streets surrounding Much headquarters each year, and 1,200 more score “the wristband” and enjoy a free festival-style show in the parking lot, watching four outdoor performance areas spread out in the downtown location. New this year was a special roof-top stage, on the top of the building. Finger Eleven performed on this stage, way above the crowds.

Other performers at the show were Avril Lavigne, Fergie, Billy Talent, Hilary Duff, Alexisonfire, Maroon 5, Belly, and The Used.

Presenters included Nickelback, Jay Manuel (Canada’s Next Top Model, America’s Next Top Model), Tara Reid (American Pie, this fall’s Land of Canaan), Joss Stone, Sum 41, Amber Tamblyn (Joan of Arcadia, Grudge 2), Hedley, Chris Bosh (Toronto Raptors), Sean Avery (New York Rangers), George, Sam Roberts, Emilie de Ravin (LOST), Marianas Trench, and Kardinal Offishall.

Among the awards up for grabs were four People’s Choice categories, which were open for text message (within Canada) or online ballots until the night of.

Monday, September 20, 2010

An event attended by thousands of people, called “Handkerchiefs in the air” (Spanish: Pañuelos al Aire), took place on Monday morning at Pichilemu, in Daniel Ortúzar Avenue. The event was organized by Loreto Puebla, former Governor of {{w|Cardenal Caro Province||, coordinated with Mayor of Pichilemu Roberto Córdova Carreño.

Fernando Urzúa, who also works as newsreader on a local radio, conducted the event. The event was broadcasted by Radio Somos Pichilemu (We Are Pichilemu), owned by former Mayor Jorge Vargas González, who also attended the event.

The event started by giving handkerchiefs with the logo pictured at the left to all the attendants, at around 11:40 local time (15:40 UTC). Then, they proceeded to take the official photograph, which will be officially published on the website of the Municipality of Pichilemu on Tuesday.

Urzúa, and two Pichileminian folk music groups played several cuecas, Chile’s national dance, and people were invited to dance. The event ended with the Mayor Córdova giving diplomas and Chilean wine bottles to large families who were dancing, a group of elderly from Recoleta and two policemen of Pichilemu. The parish priest of Pichilemu said that “the celebrations were quite stupendous” and that “Pichilemu is an example of unity of the people.”

A compilation of brief news reports for Thursday, November 13, 2008.

A new study has found that people storing extra fat around their waist have a strongly increased chance of early death, even if their overall weight is average. The study, published in the New England Journal of Medicine today, found that for each addition 5 cm on the waist, the chance of early death is increased by between 13% and 17%.

In the study, 360,000 people from across nine countries in Europe were surveyed.

One of the study’s authors, Professor Elio Riboli of Imperial College London, commented on the findings. “We were surprised to see the waist size having such a powerful effect on people’s health and premature death,” he stated.

Sources

• “‘Love handles’ raise death risk” — BBC News Online, November 13, 2008
• Ian Sample. “Waist, not just weight, shows risk of premature death, study says” — The Guardian, November 13, 2008
• Tobias Pischon et al. “Abstract: General and Abdominal Adiposity and Risk of Death in Europe” — New England Journal of Medicine, November 13, 2008

The European Commission, the executive branch of the European Union, has today lifted its ban on unusually shaped fruits and vegetables, in what the EU’s agriculture commissioner has called “a new dawn for the curvy cucumber and the knobbly carrot”.

The regulation has previously been criticized as an example of the EU’s bureaucracy by critics of the organisation.

The products affected by the deregulation are apricots, artichokes, asparagus, aubergines, avocadoes, beans, Brussels sprouts, carrots, cauliflowers, cherries, courgettes, cucumbers, cultivated mushrooms, garlic, hazelnuts in shell, headed cabbage, leeks, melons, onions, peas, plums, ribbed celery, spinach, walnuts in shell, water melons and witloof/chicory.

Sources

• “EU slices up ‘ugly fruit’ rules” — BBC News Online, November 13, 2008
• “Europe Relaxes Rules on Sale of Ugly Fruits and Vegetables” — New York Times, November 13, 2008

A vase purchased at a car boot sale for £1 has sold for £32,450, following advice from experts on the BBC‘s Antiques Roadshow television program. The vase was sold in an auction at Christie’s.

The vase was found to be a 1929 work made by the French designer Rene Lalique.

Sources

• “Car boot sale vase nets £32,450” — BBC News Online, November 13, 2008
• “£32,449 profit for car boot sale vase by Lalique” — Times Online, November 13, 2008

Recent anonymous press briefings by US State Department officials indicated that its arms control division may punish Blackwater Worldwide for improper paperwork.

The Directorate of Defense Trade Controls has the power to fine or agree voluntary penalties with exporters of certain weapons, who do not follow correct procedures. Blackwater Worldwide, a private military company, exported automatic weapons to Iraq that became the subject of a federal investigation first disclosed in 2007. Concern was expressed by the unnamed officials that paperwork errors may make the weapons untraceable, and that some reached Iraq’s black market.

Sources

• “Blackwater Faces Millions in Fines for Weapons Shipments (radio show transcript)” — Democracy Now!, November 13, 2008
• Knight Ridder / McClatchy Newspapers. “Blackwater faces Fines over Arms Deal” — Military.com, November 13, 2008
• Dan Friedman, Congress Daily. “Blackwater could face sanctions for improper arms shipments” — Government Executive, November 7, 2008

Thursday, May 13, 2010

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview.

The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austerity measures to try to ease the nation’s debt-problem. An international rescue package has been prepared by European Union member states and the International Monetary Fund – should Greece require a bailout; protests have been held against government attempts to manage the economic situation.