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.

Saturday, January 31, 2009

The Franco-Belgian bank Dexia has announced it will restructure and cut 3% of its staff after posting a €3 billion full-year loss.

Dexia says it will close operations in Australia, eastern Europe, Mexico and Scandinavia and reduce business in the United Kingdom and the United States. Dexia specialises in finance to local governments but also runs standard retail banking outlets in Belgium and France. It will cease proprietary trading as part of the restructuring.

The bank will sell its U.S. bond insurance arm Financial Security Assurance to Assured Guaranty. Dexia Banka Slovensko in Slovakia will be retained, as will the company’s Italian, Spanish and Portuguese public finance operations. In total, some 900 jobs will be lost.

Dexia will not pay a dividend or management bonuses this year, whilst board members have taken a 50% pay cut. The bank ran into trouble last year as a result of the failure of Lehman Brothers and the subsequent collapse of confidence in the banking system worldwide. The governments of France, Belgium and Luxembourg stepped in to guarantee the bank’s survival, although the bank was not nationalized, and the previous executive management was removed. The bank’s current chairman is Jean-Luc Dehaene, a former prime minister of Belgium.

Wednesday, March 3, 2010

Ford Motor Company said on Tuesday that its sales in the United States rose 43% in February compared to the same period last year, as the automaker outsold rivals Toyota and General Motors.

Ford said that total sales improved to 142,285 units, compared to 141,951 units sold by GM. Additionally, Ford said that its share of the total US car market rose to 17%, up from 14% a year ago. The increase was better than analysts had predicted, and Ford’s stock rose to a five-year high in morning trading, before declining later in the day. Ford’s sales were significantly influenced by a 74% increase in fleet sales to businesses. Rental car agencies alone accounted for around 30,000 units sold. Sales to retail consumers increased only 28%.

The increases were led by sales of two sedans, the Fusion and Taurus, which rose 166.5 and 93.3% respectively, although sales of other models such as SUVs and pickup trucks also increased. Both models were significantly redesigned last year, and analysts said that improved quality from such cars were driving the increases.

Other companies also reported February sales today, nearly all reporting sales gains as well, although none as large as those of Ford. Toyota was the sole exception to the sales gains, as their sales declined 8.7%, as the company was faced with a global recall during the month that led to a temporary stoppage of production for some models.

“The strength of our new products … are resonating with customers,” said Ken Czubay, Ford’s vice president of sales and marketing. However, he believed that traditional Toyota customers were not buying rival autos, but rather awaiting the results from the recalls.

Wednesday, April 4, 2012

The following is the fifth in a monthly series chronicling the U.S. 2012 presidential election. It features original material compiled throughout the previous month after a brief mention of some of the month’s biggest stories.

In this month’s edition on the campaign trail, a politician from outside the fifty states receives significant mention as a potential Republican Party vice presidential nominee, Wikinews gets the reaction of three Democratic Party candidates after the party strips delegates from two of their fellow challengers, and a minor third party removes its presidential nominee for fraud.

Sunday, December 20, 2009

American actress Brittany Murphy has died at the age of 32 in Los Angeles, California, US, according to reports. She had been married to her husband Simon Monjack since 2007.

According to entertainment website TMZ.com, the actress had suffered a cardiac arrest in the shower of the house of her husband, Simon Monjack, and could not be revived. The Los Angeles Fire Department received a call from the house at around 0800 local time. The cause of death has not been released from a spokeswoman for Cedars-Sinai Medical Centre, the location where she was pronounced dead.

She was famous for appearing in such films as Clueless, 8 Mile and Just Married. The Los Angeles Police Department has now launched an investigation into the death. Nicola Perna, who is Murphy’s publicist, has released a statement saying: “In this time of sadness, the family thanks you for your love and support. It is their wish that you respect their privacy.”

As well as the films that she has already appeared in, Brittany Murphy is expected to appear in Sylvester Stallone film The Expendables upon its release in 2010.

Monday, August 28, 2006

The Pentagon is considering replacing the nuclear warheads on some ballistic missiles with conventional munitions so that they can be used for “pre-emptive” strikes against alleged terrorists, Secretary of Defence Donald Rumsfeld told reporters after a meeting with Russia’s Defence Minister Sergei Ivanov.

“If either of our countries or friends and allies were threatened at some number of years into the future with a weapon of mass destruction or a capability that was that lethal, I think any president, whether of Russia or the United States, would like to have available a conventional weapon that could attack that target swiftly and accurately and precisely and not feel that the only thing they had might be a nuclear weapon, which they would not want to use.”, Rumsfeld said. He urged Russia to consider the idea too, but Ivanov said a pre-emptive strike was not the only solution.

The Pentagon has considered such strategies before. In February 2003 a similar plan was suggested, and in May 2006 it was recommended that Submarine-Launched Ballistic Missiles (SLBMs) be used for such a purpose. Critics wondered what the risks would be for setting off accidental nuclear war: it would be impossible for another nation to tell whether a Trident II or Minuteman III launch was conventional — or nuclear-armed until it had actually detonated.

Tuesday, June 19, 2007

Aung San Suu Kyi, the detained leader of the National League for Democracy in Myanmar marked her 62nd birthday today, still under house arrest, where she has spent most of the past 17 years.

About 250 supporters met at the National League for Democracy (NLD) headquarters in Yangon, not far from Suu Kyi’s home, and held a rally calling for her release. Doves and balloons were released into the air, under the watchful eyes and video cameras of around 50 plainclothes police officers, who were stationed across the street.

The police force was augmented by a dozen truckloads of members of the Union Solidarity and Development Association, the political arm of the State Peace and Development, the junta that rules Myanmar.

“The doves symbolise peace. We also released colourful balloons, which rise like her prestige when they fill the sky,” NLD women’s wing leader Lai Lai was quoted as saying by Agence France Presse.

With the party marking marking Suu Kyi’s birthday as “Myanmar Women’s Day,” Lei Lei read out a statement at the ceremony, calling Suu Kyi “irreplaceable” and praising her “honesty, bravery and perseverance.”

Security was beefed up around Suu Kyi’s lakeside home on University Avenue, which is usually open to traffic during daytime, but is closed on significant anniversaries such as Suu Kyi’s birthday or the May 30 anniversary of her detention.

NLD supporters said police were also watching their homes.

“Plainclothes police circled around my house on their motorcycles last night until dawn,” Su Su Nway, 34, was quoted as saying by Agence France-Presse. She was arrested on May 15 with 60 others during a prayer rally for Suu Kyi in Yangon, and was released for health reasons on June 7. She said around 52 NLD supporters were still in custody.

Suu Kyi is generally barred from receiving visitors, so she spent the day alone. Except for her maid, a personal physician, a dentist and an eye specialist, the only other person to visit with Suu Kyi in the past year was United Nations Undersecretary-General for Political Affairs Ibrahim Gambari, whom she met for one hour last November at a government guest house.

Winner of the 1991 Nobel Peace Prize, Suu Kyi has been under house arrest for 11 of the past 17 years, continuously since 2003. Her National League for Democracy won a landslide election in 1990, but the military, which has ruled Myanmar since 1962, refused to honor the results. The country is also known as Burma, but the military government renamed it Myanmar in 1989.

Calls for Suu Kyi’s release have been issued by the NLD, various world bodies and other countries, but the pleadings have been met by no response from the generals.

“In our view, until their constitution is ratified, she will not be released,” Sann Aung, a Bangkok-based leader of the Burmese government-in-exile was quoted as saying by Reuters.

“They are worried that she will be a threat to the National Convention and the referendum,” he told Reuters, referring to the planned national referendum on a new constitution that is being written by the generals.

The Nation newspaper in Bangkok marked Suu Kyi’s birthday with an editorial, saying that sanctions against the Myanmar regime have been ineffective.

“The junta has earned huge amounts of foreign revenue from oil and gas exports, with prices jacked up many times over. With rich mineral resources, energy hungry countries have been attracted to Burma despite the repressive nature of the junta,” the editorial said, also making note of a recent deal that Russia has made to build nuclear reactor in Myanmar.

The paper also said Myanmar bodes ill for the 10-member Association of Southeast Asian Nations regional grouping.

“As long as Aung San Suu Kyi remains incarcerated, ASEAN’s reputation and the group’s international standing will be tarnished. Asean leaders have repeatedly appealed to the Burmese junta to free her, but to no avail … today, Burma is the black sheep of ASEAN. Without any current provisions for sanctions, Burma will remain as intransigent in the future as it is today.”