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, September 25, 2008

The FBI is investigating 26 firms and 1,400 individuals involved in the US financial crisis for fraud and “sub-prime lending practices”. Freddie Mac, Lehman Brothers, Fannie Mae and AIG are among the firms being scrutinized after recently receiving federal bailouts.

Investigators, who are cooperating with the IRS, Postal Office, and other federal offices to complete their investigation, are concerned that major corporations may have also forced or bribed ratings agencies to favor them.

The probe, which is in early stages, began eight months ago when the FBI began taking a close look at the mortgage industry and widespread irresponsible loaning practices. At least one corporation has been raided, but so far no evidence of fraud has been found.

The FBI has questioned executives of each of the firms closely, and arrested two in June. An anonymous source told The Times that the firms had been ordered to “hold all papers and e-mails under lock and key” as the FBI scours the finances of each firm.

Many of the companies and individuals being investigated are at the center of the nationwide financial crisis and controversial bailout plans, and have been widely blamed for the country’s financial crisis. The investigation has come at a time when the eyes of many in the US and around the world are turned towards the financial markets, as Congress and politicians scramble to fix the crisis while the election date looms closer.

Officials told CNN that it would be a long time before the investigations were finished, adding a warning: “Don’t expect indictments tomorrow or next week or next month”.

Tuesday, November 3, 2009

The US automobile manufacturer Ford has said that it posted a net profit of US$997 million in the third quarter of this year, and predicted that it would be “solidly profitable” by 2011. The reports surprised most analysts, who had forecast that the auto company would lose money.

Ford’s profits equate to 26 cents per share, a large difference to the 12 cent per share lost that had been anticipated by most economic analysts.

“Our third-quarter results clearly show Ford is making tremendous progress despite the prolonged economic slump,” said the firm’s chief executive officer, Alan Mulally. “While we still face a challenging road ahead, our transformation is working and our underlying business continues to grow stronger.”

Mulally predicted that his company would meet or even surpass all of its financial targets, and suggested that the fourth quarter of this year could see it post an operating profit.

Sunday, June 28, 2009

American pitchman and advertiser Billy Mays has died at the age of 50. Mays was probably most known for his pitching of the multipurpose cleaning product OxiClean.

According to reports, Mays’ wife, Deborah, found him unresponsive Sunday morning in their home located in Tampa, Florida. Fire-rescue crews pronounced him dead at 7:45am EDT. The cause of death was heart disease.

According to reports, he was a passenger on U.S. Airways Flight 1241, a flight to Tampa from Philadelphia, that suffered a tire blowout upon landing on Saturday night. He was quoted as saying objects from the overhead compartments hit him in the head, but he did not seek medical treatment. Nobody was reported injured in the incident. Deborah said he did not feel well when he went to bed at around 10:00pm EDT the previous night.

An autopsy is expected to be completed by Monday afternoon.

“Although Billy lived a public life, we don’t anticipate making any public statements over the next couple of days. Our family asks that you respect our privacy during these difficult times,” said Deborah Mays in a statement to the press.

Mays recently began co-starring in a television show on the Discovery Channel called Pitchmen. Mays, along with English advertiser Anthony Sullivan starred in the show where they would ‘pitch’ several products. By the end of the show, two inventors would be selected and be given a chance at selling their product “en masse”.

Mays also pitched sales for several other products including furniture polish Orange Glo, Mighty Putty, the Gopher, Zorbeez, and the cleaning product Kaboom!.

Friday, May 16, 2008

Controversy has arisen over the reported presence of blue asbestos on the MV Freewinds, a cruise ship owned by the Church of Scientology. According to the Saint Martin newspaper The Daily Herald and the shipping news journal Lloyd’s List, the Freewinds was sealed in April and local public health officials on the Caribbean island of Curaçao where the ship is docked began an investigation into the presence of asbestos dust on the ship. Former Scientologist Lawrence Woodcraft supervised work on the ship in 1987, and attested to the presence of blue asbestos on the Freewinds in an affidavit posted to the Internet in 2001. Woodcraft, a licensed architect by profession, gave a statement to Wikinews and commented on the recent events.

According to The Daily Herald, the Freewinds was in the process of being renovated by the Curaçao Drydock Company. The article states that samples taken from paneling in the ship were sent to the Netherlands, where an analysis revealed that they “contained significant levels of blue asbestos”. An employee of the Curaçao Drydock Company told Radar Online in an April 30 article that the Freewinds has been docked and sealed, and confirmed that an article about asbestos ran in the local paper.

Lloyd’s List reported that work on the interior of the Freewinds was suspended on April 27 after health inspectors found traces of blue asbestos on the ship. According to Lloyd’s List, Frank Esser, Curaçao Drydock Company’s interim director, joined Curaçao’s head of the department of labor affairs Christiene van der Biezen along with the head of the local health department Tico Ras and two inspectors in an April 25 inspection of the ship. “We are sending someone so that they can tell us what happened, where it came from, since when it has been there,” said Panama Maritime Authority’s director of merchant marine Alfonso Castillero in a statement to Lloyd’s List.

The Church of Scientology purchased the ship, then known as the Bohème, in 1987, through an organization called Flag Ship Trust. After being renovated and refitted, it was put into service in June 1988. The ship is used by the Church of Scientology for advanced Scientology training in “Operating Thetan” levels, as well as for spiritual retreats for its members. Curaçao has been the ship’s homeport since it was purchased by the Church of Scientology.

According to his 2001 statement, Lawrence Woodcraft had been an architect in London, England since 1975, and joined Scientology’s elite “Sea Organization” (Sea Org) in 1986. He wrote that he was asked by the Sea Org to work on the Freewinds in 1987, and during his work on the ship “noticed a powdery blue fibrous substance approximately 1 ½” thick between the paint and the steel wall,” which he believed to be asbestos. He also discovered what he thought was blue asbestos in other parts of the ship, and reported his findings to Church of Scientology executives. Woodcraft discussed his experiences in a 2001 interview published online by the Lisa McPherson Trust, a now-defunct organization which was critical of the Church of Scientology.

Church of Scientology spokeswoman Karin Pouw responded to Radar Online about the asbestos reports, in an email published in an article in Radar on May 1. “The Freewinds regularly inspects the air quality on board and always meets or exceeds US standards,” said Pouw. She stated that two inspections performed in April “confirmed that the air quality is safe,” and asserted that the inspections revealed the Freewinds satisfies standards set by the United States Occupational Safety and Health Administration and the U.S. Clean Air Act.

Pouw told Radar that “The Freewinds will be completing its refit on schedule.” The Church of Scientology-affiliated organization Citizens Commission on Human Rights (CCHR) had been planning a cruise aboard the Freewinds scheduled for May 8, but according to Radar an individual who called the booking number for the cruise received a message that the cruise had been delayed due to ongoing work on the ship. Citing an article in the Netherlands Antilles newspaper Amigoe, Radar reported on May 6 that a team from the United States and supervised by an independent bureau from the Netherlands traveled to Curaçao in order to remove asbestos from the Freewinds.

“I stand by everything I wrote in my 2001 affidavit,” said Lawrence Woodcraft in an exclusive statement given to Wikinews. Woodcraft went on to state: “I would also comment that if the Church of Scientology claims to have removed the blue asbestos, I just don’t see how, it’s everywhere. You would first have to remove all the pipes, plumbing, a/c ducts, electrical wiring etc. etc. just a maze of stuff. Also panelling as well, basically strip the ship back to a steel hull. Also blue asbestos is sprayed onto the outer walls and then covered in paint. It’s in every nook and cranny.”

Many Scientologist celebrities have spent time aboard the Freewinds, including Tom Cruise, Katie Holmes, John Travolta, Kelly Preston, Chick Corea, Lisa Marie Presley, Catherine Bell, Kate Ceberano, and Juliette Lewis. Now magazine reported that Tom Cruise has been urged to seek medical attention regarding potential asbestos exposure, however a representative for Cruise stated he has “absolutely no knowledge” of the recent asbestos controversy. Cruise, Holmes, Travolta and Preston have celebrated birthdays and other events on the Freewinds.

In a May 15 statement to the United Kingdom daily newspaper Metro, a representative for the Church of Scientology said that “There is not now and never has been a situation of asbestos exposure on the Freewinds.” The Asbestos and Mesothelioma Center notes that agencies have recommended anyone who has spent time on the Freewinds consult with their physician to determine if possible asbestos exposure may have affected their health.

Raw blue asbestos is the most hazardous form of asbestos, and has been banned in the United Kingdom since 1970. Blue asbestos fibers are very narrow and thus easily inhaled, and are a major cause of mesothelioma. Mesothelioma is a form of cancer which can develop in the lining of the lungs and chest cavity, the lining of the abdominal cavity, or the pericardium sac surrounding the heart. The cancer is incurable, and can manifest over 40 years after the initial exposure to asbestos.

“This is the most dangerous type of asbestos because the fibres are smaller than the white asbestos and can penetrate the lung more easily,” said toxicologist Dr. Chris Coggins in a statement published in OK! Magazine. Dr. Coggins went on to note that “Once diagnosed with mesothelioma, the victim has six months to a year to live. It gradually reduces lung function until the victim is no longer able to breathe and dies.”

Thursday, September 30, 2010

The United States House of Representatives on Wednesday approved US$7.4 billion to pay for the medical bills of workers sickened or injured by the September 11, 2001 attacks (9/11 attacks) on the World Trade Center in New York City, New York. The bill was passed by a vote of 268–160. Thirteen Republicans joined the Democrats in supporting the bill, while three Democrats opposed the measure. Similar legislation is pending in the US Senate.

“Let’s not have any more people die because of the attacks of 9/11,” said Representative Anthony Weiner, a Democrat from New York.

The bill, which will provide free health care to 9/11 workers, will be paid for by ending tax breaks for foreign corporations, was fiercely debated on the House floor, with Democratic backers of the bill proclaiming that they stood for 9/11 heroes and victims. Republicans against the bill argued that it was an entitlement program for New Yorkers and that it was another example of bloated government. “There is no excuse for this kind of legislation,” argued Texan Republican representative Lamar Smith.

The Republicans offered an alternative that would reduce funding for 9/11 workers and pay for the remainder by cutting parts of a major health care bill passed earlier this year. This measure failed 185–244.

Sunday, June 20, 2010

Nicolas Sarkozy visited the UK today to celebrate the 70th anniversary since Charles de Gaulle made his war broadcast. The French president and the Prince of Wales laid wreaths at the statue of Charles de Gaulle in London.

Earlier, Mr Sarkozy and his wife Carla Bruni visited the BBC radio studio where the famous broadcast was made on BBC France. The broadcast at the time was said to have been listened to by a very small number of listeners. Carla Bruni and Nicolas Sarkozy unveiled a plaque and viewed a tapestry given to the BBC by France as a note of gratitude after World War II.

Nicolas Sarkozy and British PM David Cameron met with 200 veterans during a ceremony at the Royal Hospital Chelsea. Nicolas Sarkozy awarded the Légion d’honneur to six World War II veterans, three of whom were British.

In a short speech, Mr Cameron said the anniversary was a “reminder that Britain and France are not just neighbours in the geographical sense but also in the emotional sense.” Mr Cameron held an hour of talks with the French president at Downing Street primarily focusing on economics, Afghanistan, and other foreign policy matters. The visit is the first by a French president to mark Gen de Gaulle’s broadcast on June 18, 1940. In the stirring radio appeal, Gen de Gaulle declared himself leader of the “Free French”, spawning the French Resistance, which went on to play a crucial role in defeating the Germans.

Mr Sarkozy’s last official visit to the UK was in March 2008, when he was also accompanied by his wife.

Thursday, Danish football champions FC Copenhagen upset France’s 5th place finishers RC Lens, beating them 2-1 on home turf after extra time. Lens started the scoring in the 14th minute, when Eric Carrière put Lens one up. Marcus Allbäck struck back in the 76th minute, closing the gap. At 90 minutes, the game was tied at 1-1, and with an aggregate score of 2-2, with one away goal a piece, the game went to extra time. Five minutes into the first extra time-period, Michael Gravgaard was sent off following a professional free kick on Aruna Dindane. But even one man down, Copenhagen fought their way to a penalty kick as Czech national Libor Sionko was fouled in the penalty area with just 8 minutes to play. Jesper Grønkjær scored the match-winner, converting the 12-yarder.

The club of the Danish capital is through to the group phase of the 2007-08 UEFA Cup, clinching at least another five matches in the tournament.

Other Danish clubs in the draw: AaB Aalborg held Italian U.C. Sampdoria to 0-0, qualifying for the group phase as well, after 2-2 in Italy, on the away goals rule. Meanwhile OB Odense was beaten 4-3 on penalties by Sparta Prague after neither team being able to break the deadlock for the 210 minutes of the two ties including extra time in the second leg, and FC Midtjylland failed to overturn their 1-3 deficit in Russia against Lokomotiv Moscow, losing 0-2, making it a 1-5 aggregate defeat.