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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, May 16, 2006

BellSouth, said in a statement yesterday that the telecommunications company did not hand over customer call records to the National Security Agency or NSA. On May 11, 2006, USA Today reported that the NSA collected millions of call logs from telecommunications companies in 2001 under a contract the NSA claims to have had with the company.

BellSouth said that they conducted a “internal review” and that the review “confirmed no such contract exists and we have not provided bulk customer calling records to the NSA,” said Jeff Battcher, spokesman for BellSouth.

“We do not believe that any final review will turn up anything different from what we have currently found. There is no link between the NSA and BellSouth that we can find in what we feel is a very exhaustive review. We wouldn’t have made this bold statement if we weren’t confident about this,” added Battcher.

AT&T and Verizon Communications were also said to have handed over customer call logs, but Verizon said on Friday that they don’t “and will not, provide any government agency unfettered access to our customer records or provide information to the government under circumstances that would allow a fishing expedition.”

On Monday, Massachusetts Representative Edward Markey of the House Energy and Commerce subcommittee on telecommunications asked for help from the Federal Communications Commission or FCC, to investigate whether Verizon, AT&T, and BellSouth violated privacy rights under communication laws and regulations.

Monday, June 22, 2009

Following the resignation of Speaker Michael Martin, which took effect yesterday, members of the House of Commons, the lower house of the British Houses of Parliament, today elected John Bercow as the new Speaker of the House.

The three rounds of voting were held as a secret ballot of all Members of the Commons. Each round eliminated from subsequent rounds any candidates with less than 5% support, with the winner to be the candidate who, in any round, achieved a simple majority of the vote. This was a new system for electing the Speaker, and the first time that the Speaker has been elected by secret ballot.

In the first round of voting, there were 10 candidates: Margaret Beckett, Sir George Young, Ann Widdecombe, Sir Alan Beith, John Bercow, Richard Shepherd, Sir Michael Lord, Sir Patrick Cormack, Sir Alan Haselhurst, and Parmjit Dhanda. All candidates made brief speeches in the chamber at 13:30 UTC (14:30 BST) immediately before the vote.

Four candidates were eliminated by this round — Cormack, Dhanda, Lord, and Shepherd — leaving six candidates to go forward to the second round of voting.

In the second round, Widdecombe was eliminated, leaving five candidates to go forward to the third. All candidates apart from Bercow and Young lost ground. Young gained more votes than Bercow, but Bercow remained in the lead.

In the third round, all remaining candidates except two, Bercow and Young, withdrew from the contest, after an appeal to do so from the Father of the House, Alan Williams. This appeal was motivated by the length of each round of voting, which required 600 ballot papers to be printed, marked, and counted.

In both the first and second rounds of voting, one ballot was spoiled. Although the ballot was secret and the identity of the person whose ballot it was could thus not be confirmed, John Mann, MP for Bassetlaw, claimed it was him. “None of them have got a strong reforming agenda,” said Mann. “Some of the speeches were shocking, after what we have been through recently.”

After confirmation by a unanimous acclamation, with no “noes” voiced, John Bercow became the Speaker-elect for the 157th Speaker of the House of Commons. In accordance with tradition, he was physically dragged to the chair. At 19:31 UTC (20:31 BST) he delivered a 5 minute speech, paying tribute to the other candidates, before sitting in the chair itself. In that speech he paid tribute to his mother, pointing out that she had taken a keen interest in proceedings.

He also said: “I want just to say this about the responsibility of the office. The Speaker has the responsibility to immediately and permanently cast aside all his or her previous political views. I said it —”. Here he was interrupted by members anticipating the end of his sentence, and calls to “come and join the Labour Party”. He resumed “I said it and I meant it. My promise to this house is to be completely impartial, that is what it’s about. I will do my best faithfully, honourably and respectfully to do my best in the months ahead.”

His first three acts as Speaker-elect were to call upon the Prime Minister Gordon Brown, the Leader of the Opposition David Cameron, and the leader of the Liberal Democrats Nick Clegg to speak. Brown and Cameron both commented upon Bercow’s hobby of playing tennis, with Brown observing that Bercow had now permanently taken the position of umpire. The Prime Minister said that on the matter of Bercow’s casting aside of his past political views, “some of us thought you had done that some time ago”. Cameron also pointed out that Bercow was the first Jewish Speaker to be elected by the House in its history.

Cameron and Clegg both reminded Bercow of the comments made by Parmjit Dhanda, who had said in his candidacy speech earlier that afternoon: “All of the 10 (candidates) is capable of doing the job but … do we all really get it? Do we understand the level of crisis out there. Do we understand the level of public’s anger.”

Bercow’s election as Speaker elect remained subject to Royal Approbation. This was not given in person by the Queen.

At 20:51 UTC (21:51 BST), the Lords Commissioners assembled on the Woolsack in the House of Lords, and summoned the House of Commons via Black Rod, who in turn summoned the Commons at 20:54 UTC (21:54 BST). The clerk of the House of Lords read the Royal Commission, authorizing the Lords Commissioners to speak in the name of the Queen. At 21:01 UTC (22:01 BST) the Lord Chancellor Jack Straw, spoke for the Lords Commissioners and declared Bercow to be the Speaker of the House of Commons.

Bercow’s first act as Speaker, after returning to the Commons and formally notifying it of events in the Lords, at 21:06 UTC (22:06 BST) was to call upon the Leader of the House, Harriet Harman. She proposed a motion, carried by acclamation without dissent, for the Commons to call upon the Queen to elevate the previous Speaker, Michael Martin, to the House of Lords. Bercow’s second act was again to call upon Harman, who proposed a motion to adjourn, again carried by acclamation without dissent.

Wednesday, July 21, 2010

Australian opposition leader Tony Abbott has pledged private school relief if the Liberal/National coalition wins the upcoming federal election. The pledge came in response to the Australian Labor Party leader, and current Prime Minister, Julia Gillard proposing a uniform and school equipment tax break expansion.

Abbott’s proposal includes an offer of tax rebates for sending a child to a private school. For students in primary school, prep to grade 6, the rebate will rise to $500 Australian a year per student and families will be then able to claim 50% rebate up to $1000.

“We are expanding the rebate so it can be claimed for school fees and also for other educational costs such as tuition and special educational costs for children with, for instance, dyslexia,” Abbott said at a press conference in Brisbane.

Before the election was called, Gillard had aimed to pledge $220 million over four years to expand the current tax breaks to cover refunds each worth $390 for primary school uniforms and $779 for high school uniforms, as well as refunds for other school equipment like texts books and computers.

“We all know that uniforms can be an expensive part of sending kids to school, but this change, along with the existing refund for textbooks and computers, will help families with that cost,” stated Gillard.

An opposition spokesperson claimed that the “obvious flaw in Labor’s policy is that it only applies to stationery, computer expenses and uniforms […] You know as a parent that you need help for a whole range of expenses. Extra teachers for children with dyslexia or the costs of doing music and all the other expenses like excursions and so forth.”

The expansion is expected to cost $760 million in total and one that Abbott claims needs to happen as “cost of living pressures tend to be greatest when your kids are at school”.

Tuesday, January 15, 2008

The militant Islamist group Taliban attacked a hotel in Kabul, Afghanistan last night. Seven people, including a U.S. citizen and a journalist from the Norwegian newspaper Dagbladet were killed. Norwegian Minister of Foreign Affairs Jonas Gahr Støre is staying at the hotel, but was unharmed.

The terrorists attacked the five-star Serena Hotel with AK-47 assault rifles, suicide vests, and grenades. The likely target was Mr. Gahr Støre and a Norwegian delegation, who evacuated into the cellar. U.S. military forced rushed to the scene, and managed to kill at least one of the attackers.

Taliban spokesman Zabiullah Mujahid claimed responsibility shortly after the attack. Norway has some 500 soldiers deployed to Afghanistan.

White House press secretary Dana Perino described the attackers as “deliberate, patient people who will murder innocents”, and said that the attack “underscores the reason we have to stay on the offense against the extremists in places like Kabul but also in other places around the world.”

Monday, January 15, 2007

Legendary Bollywood actor Amitabh Bachchan has confirmed that his son Abhishek and former Miss World Aishwarya Rai were engaged last evening at a private ceremony at the Bachchans’ residence in Mumbai.

It is believed that the younger Bachchan proposed to his bride-to-be in New York, soon after the Toronto premiere of his new movie Guru. The media had been following the romance between the two closely for some time past, but this is the first time they have come out in the open about their relationship. Rumours that the couple were planning to spread the know began to spread in November last year, when they visited the Sankat Mochan Temple together, with some even saying that they had already been married even earlier at the Meenakshi temple in Madurai

According to one daily, the wedding will take place either on February 19 or March 7 at the Hyatt Mumbai. “The children have decided. We are very happy and thought we should go ahead with the ‘roka’ ceremony. It was held in the evening.”, Amitabh Bachchan said of the ceremony, which was attended by the family’s close friends, including Samajwadi Party leader Amar Singh, Aishwarya’s parents, and industrialist Anil Ambani and the latter’s wife Tina Ambani. The couple have now flown to Ujjain to take a holy dip in the Ganga.

Thursday, February 8, 2007

A new version of Canada’s Food Guide was announced by Canadian Health Minister Tony Clement on Feb. 5, 2007. The guide has helped Canadians with healthy eating habits since 1942 but was last updated in 1992. It is the Canadian government’s most-requested publication after income tax forms.

Changes to the Food Guide include:

• a first-time recommendation to include a small amount of unsaturated fat in regular diets;
• physical activity to complement healthy eating;
• advice for some people to take vitamin supplements;
• an advisory to limit foods with excess salt, sugar, fat and calories, which is considered an unprecedented caution regarding junk food.