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Commonwealth Bank of Australia CEO apologies for financial planning scandal

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

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.

Wikinews interviews Ubuntu developer Fabrice

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Wikinews interviews Ubuntu developer Fabrice

Saturday, October 9, 2010

The 10.10 version of Ubuntu (codename Maverick Merkaat), a free operative system is to be released in the next few days. French Wikinews contributor Savant-fou (Baptiste) has interviewed Fabrice (fabrice_sp on Ubuntu), an Ubuntu’s MOTU (Master Of The Universe), member of the development team of the operative system.

Ubuntu is a computer operating system, based on Debian, which is created collaboratively by thousands of people. There are three official Ubuntu versions: Ubuntu Desktop Edition (for desktop and laptop PCs); Ubuntu Netbook Edition (for netbooks); and Ubuntu Server Edition (for use in servers).

2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne

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2006 “Stolenwealth” Games to confront Commonwealth Games in Melbourne

Friday, March 3, 2006

The possibility of large-scale protests in the face of the 3,000 journalists covering the Melbourne 2006 Commonwealth Games, has event organisers and the Government worried.

The group “Black GST” – which represents Indigenous Genocide, Sovereignty and Treaty – are planning demonstrations at prominent Games events unless the Government agrees to a range of demands including an end to Aboriginal genocide, Aboriginal Sovereignty and the signing of a treaty.

The Black GST say they hope the focus of the world’s media will draw attention to the plight of indigenous Australians during the Games. Organisers say supporters are converging from across Australia and from overseas. Organisers say up to 20,000 people may take part in talks, rallies, colourful protests and many cultural festivities designed to pressure the Federal Government on Indigeneous rights issues. They want the Government to provide a temporary campsite for the supporters, saying “organised chaos was better than disorganised chaos.”

The 2006 Stolenwealth Games convergence, described by organisers as the “cultural festival of the 2006 Commonwealth Games,” was virtually opened on March 2nd with the launch of the official “Stolenwealth Games” website. Scoop Independent News and Perth Indymedia reported that the launch was held at Federation Square in Melbourne. The site contents were projected via wireless laptop by the Stolenwealth Games General Manager, and a tour of the website was given on the big screen. He said “overwhelming amusement was the response from the audience.” The group say permanent access points to the website are being set up at public internet facilities across Victoria during the coming weeks.

“Interest in the Stolenwealth Games is building all over the world and this fresh, exciting and contemporary site will draw in people from Stolenwealth Nations around the globe to find out about the latest news and events,” said a Stolenwealth Games spokesperson. “We have been getting many requests from around the world wanting to know about the Stolenwealth Games. We have provided many ways that individuals and organisations can support the campaign by spreading the word.”

The Victorian Traditional Owner Land Justice Group (VTOLJG) which represents the first nation groups of Victoria, has announced its support to boycott the 2006 Commonwealth Games until the Government “recognises Traditional Owner rights.” The group asserts that culture has been misappropriated in preparation for the Games.

Organisers of the campaign say they welcome the formal support from the Traditional Owners. “While some seek to divide and discredit Indigenous Australia, this support is further evidence that the Aboriginal people are united in opposition to the ongoing criminal genocide that is being perpetrated against the Aboriginal people” said Black GST supporter and Aboriginal Elder, Robbie Thorpe.

“We now have endorsement from the VTOLJG and the Aboriginal Tent Embassy for the aims and objectives of the Campaign and we are looking forward to hosting all indigenous and non-indigenous supporters from across Australia in March,” he said. The Black GST group have said “the convergence will be held as a peaceful, family-focussed demonstration against genocide, and for the restoration of sovereignty and the negotiations towards a Treaty.”

But the campaign has received flak in mainstream media, such as Melbourne’s Herald Sun, who wrote: “the proposal to allow BlackGST to set up an Aboriginal tent embassy at a site well away from the Commonwealth Games will be interpreted by some as the State Government caving in to a radical protest group. A major concern for the Government… is to protect the event from disruption… no chances should be taken…”

The Black GST has been planning the convergence for months, calling for Aboriginal people and their supporters to converge on Melbourne. The Melbourne-based Indigenous rights group have called on thousands of people concerned about the plight of indigenous Australians to converge on Melbourne during the Games, which they have dubbed “the Stolenwealth Games”. But the choice of Kings Domain has made conflict almost inevitable, as the area is one of the areas gazetted by the State Government as a “Games management zone”.

Under the Commonwealth Games Arrangements Act, any area gazetted as a management zone is subject to a range of specific laws – including bans on protesting, creating a disturbance and other activities. The protest bans will be in effect at different times and places, and offenders can be arrested. A spokeswoman for the Black GST, which advocates peaceful protest, said the site had been chosen because it was close to where the Queen will stay on March 15. “We figured that she is only in Melbourne for 27 hours or something like that so we thought we would make it easy for her to come next door and see us,” she said. “We are a very open, welcoming group, so she will be welcome to come and join us.”

Kings Domain is the burial site for 38 indigenous forefathers of Victoria. Black GST elder, Targan, said trade union groups have offered to install infrastructure at the site. The group initially worked with the State Government to find a suitable camp site, but the relationship broke down when the Government failed to meet a deadline imposed by the protesters. “While we are disappointed the ministers were not able to meet deadline on our request, we thank them for their constructive approach towards negotiations and the open-door policy exercised,” said Targan.

A spokesman for Games Minister Justin Madden said the Government was still investigating other sites. Victoria Police Games security commander Brendan Bannan said he was not convinced the Black GST represented the views of most indigenous people. “We are dealing with the Aboriginal community and they don’t seem to support it at all … the wider Aboriginal community don’t support disruption to the Games at all,” he said.

The Government was told that Black GST supporters would camp in Fitzroy Gardens and other city parks should it fail to nominate a site. A spokesman for Aboriginal Affairs Minister Gavan Jennings said the Government was taking the issue seriously, but had not been able to finalise a campsite before the deadline.

Under special Games laws, people protesting or causing a disturbance in “Games management zones” can be arrested and fined. While prominent public spaces such as Federation Square, Birrarung Marr, Albert Park and the Alexandra Gardens fall under the legislation, such tough anti-protest laws cannot be enforced in the nearby Fitzroy Gardens.

Games chairman Ron Walker has urged the group to choose another date for its protest march through the city, which is currently planned to coincide with the opening ceremony on March 15. The group believes that an opportunity to gain attention for indigenous issues was lost at the Sydney Olympics and has vowed to make a highly visible presence at the Games.

The Black GST said the Australian Aboriginal Tent Embassy’s sacred flame, burning over many years at the Canberra site will be carried to Melbourne before the Games, and its arrival would mark the opening of the protest camp from where a march will proceed to the MCG before the Opening Ceremony.

Black GST claims supporters from all over Australia, including three busloads from the West Australian Land Council, will gather in Melbourne during the Games for peaceful protests.

Aboriginal Affairs Minister Gavin Jennings had offered Victoria Park to the protesters. Victoria Park, former home of Collingwood Football Club, where one of the strongest statements of Aboriginal pride, when St Kilda star Nicky Winmar in 1993 raised his jumper and pointed to his bare chest after racial taunts from the Collingwood crowd.

Black GST, which has labelled the Games the Stolenwealth Games, said the State Government had failed to find a suitable venue. Black GST may encourage protesters to camp in prominent parks such as Fitzroy Gardens and Treasury Gardens. Graffiti supporting the action has also appeared in central Melbourne.

Melbourne City councillor Fraser Brindley has offered his home to the Black GST organisers. “I offered my home up to people who are organising visitors to come to the Games,” he said. Cr Brindley will be overseas when the Commonwealth Games are held and has offered the free accommodation at his flat at Parkville. He said he agreed with the protesters’ view that treaties needed to be signed with indigenous Australians. “I’m offering it up to the indigenous people who are coming to remind Her Majesty that her Empire took this land from them,” said Cr Brindlley. Nationals leader Peter Ryan said: “This extremist group has no part in the Australian community.” Melbourne councillor Peter Clarke said the actions were embarrassing and that he would try to discourage him. “It’s not in the spirit of the Games,” he said.

Aboriginal elder, Targan, said the possibility of securing Victoria Park was delightfully ironic. “There’s a lot of irony going on,” Targan, 53, a PhD student at Melbourne University, said. “GST stands for Genocide, Sovereignty and Treaty. We want the genocide of our people to stop; we want some sovereignty over traditional land, certainly how it is used, and we want a treaty with the government,” Targan said.

categories Uncategorized | December 20, 2018 | comments Comments (0)

Study: Women susceptible to high dietary glycemic load

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Study: Women susceptible to high dietary glycemic load

Tuesday, April 13, 2010

Women who eat “high-glycemic” foods, which cause blood sugar levels to spike, are at risk for coronary disease, according to a large study of Italians published in the Archives of Internal Medicine, a publication of the American Medical Association. In this study men were not affected the same way, but the researchers said that more studies were needed to verify that there is really no association between a high dietary glycemic load and cardiovascular disease in men.

Sabina Sieri of the Fondazione IRCCS Istituto Nazionale dei Tumori in Milan, Italy, who led the study, said that “high consumption of carbohydrate from high-glycemic foods, rather than overall quantity of carbohydrate consumed, appears to influence the risk of developing heart disease in women.” Sieri added, “It’s a good idea for people to choose foods with a lower glycemic index over higher ones.”

Sieri and her colleagues studied 47,749 Italian adults (15,171 men and 32,578 women), who were asked to complete dietary questionnaires. Women whose diet had the highest glycemic load had 2.24 times the risk of heart disease.

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Large Hadron Collider damaged, to be shut down for repairs

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Large Hadron Collider damaged, to be shut down for repairs

Sunday, September 21, 2008

The Large Hadron Collider (LHC) in CERN, Geneva suffered light damage on September 19, 2008 when one of the giant superconducting magnets that guide the protons failed during a test. A large amount of helium, which is used to cool the magnets to 1.9 Kelvin (-271C; -456F) leaked into the collider tunnel. LHC will now be shut down for at least two months for repairs. Physicists say such setbacks are an inevitable part of starting up such a large and complicated machine.

Several mishaps, including the failure of a 30 ton electrical transformer, have slowed LHC’s progress since the initial start-up on September 10, 2008. The laboratory said in a statement that an electrical connection between the magnets had melted because of the high current. The machine has more than 1,200 dipole magnets arranged end-to-end in the underground ring. These magnets carry and steer the proton beams which will accelerate around the machine at close to the speed of light. One of the LHC’s eight sectors will now have to be warmed up to well above its operating temperature so that repairs can take place.

It’s too early to say whether we’ll still be having collisions this year.

The collider is designed to accelerate protons to energies of seven trillion electron volts and collide them together in search of new particles and forces. After the initial success of accelerating protons through the machine, physicists had hoped they could move ahead quickly to low energy collisions at 450 billion electron volts and then 5 trillion electron volt collisions as early as mid-October.

The recent setbacks, however, mean that hopes the first trial collisions would be carried out before the machine’s official inauguration on October 21, 2008 now look doubtful. It even looks uncertain whether this can be achieved before 2009.

categories Uncategorized | December 19, 2018 | comments Comments (0)

News briefs:August 2, 2010

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News briefs:August 2, 2010
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categories Uncategorized | December 18, 2018 | comments Comments (0)

Australia/2007

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Australia/2007

Contents

  • 1 January
  • 2 February
  • 3 March
  • 4 April
  • 5 May
  • 6 June
  • 7 July
  • 8 August
  • 9 September
  • 10 October
  • 11 November
  • 12 December

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categories Uncategorized | December 17, 2018 | comments Comments (0)

U.S. automaker GM plans to close 1,100 dealerships

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U.S. automaker GM plans to close 1,100 dealerships

Friday, May 15, 2009

American automobile manufacturer General Motors (GM) announced plans Friday to shut down about 1,100 of its dealerships, in an effort to evade bankruptcy and lower its expenditures.

GM’s move comes a day after Chrysler, another U.S. car maker, released a list of 789 dealerships that it was closing. Unlike Chrylser, GM will not publicly announce the dealerships that it intends to shut down. Instead, dealerships whose franchises won’t be renewed after October of next year will receive a private letter telling them of the decision.

At the moment, GM has 6,246 dealers in the U.S. It intends to reduce that number to 3,605 by the end of 2010. GM said the dealerships that were to be closed are “underperforming and very small sales volume U.S. dealers.”

“They’re dealerships that are in most cases hurting, losing money, and in danger of going out of business anyway,” said GM’s sales, service, and marketing vice president in a telephone conference. “It’s a move that people could argue should have been taken years ago but this leadership team had no choice but to do it today.”

The dealers that are to be closed represent 18% of the firm’s dealership network, but only 7% of GM’s 2008 revenue.

categories Uncategorized | December 16, 2018 | comments Comments (0)

Burgundy French Wines And Architecture}

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Burgundy – French Wines and Architecture

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nishtha shukla anand

Burgundy or Bourgogne is a historical region of Western Europe, most of which today lies in modern-day France. The history of Burgundy makes it an exciting place to explore. But it is the wines of this region that make Burgundy a popular region of France. Needless to say, there is a lot to explore here for the first time visitor. Try staying at the holiday properties in Burgundy if you want to spend a leisurely vacation here. Holiday rentals in Burgundy are plenty and you can choose to stay in any of the fantastic cities here.

The capital of Burgundy, Dijon is a 90-minute ride from Paris via the TGV train. The Dijon Burgundy Airport is also the easiest gateway to the place and you can choose to stay at a hotel, B&B or one of the exciting holiday properties in Burgundy. From Dijon one can take the Owl tour or visit the famous Fine Arts Museum. One can also take a boat trip on the Burgundy canal. Yet another place that makes Burgundy the famous place that it is, Chablis is famous across the globe for its wines. The region is primarily famous for three winesPinot Noir, Gambay and Chardonnay. A visit to wine-town Beaune is also a must.

The churches, cathedrals, chateaus, palaces, museums and medieval towns of Burgundy make it an architectural paradise. A historical tour of Burgundy would include the Fontenay Abbey, Auxerre town, and the Chateau of Bazoches. The place witnesses cold winters, summers warmer than the coast, and frequent rains and snowfall.

[youtube]http://www.youtube.com/watch?v=Q7fF1Z9vPB4[/youtube]

For history buffs, a visit to Arcy-sur-Cure will be an unforgettable experience as they get to see the finest cave paintings the region has to offer. Plan a day out for the mineral water springs of the region, as the springs are known to have therapeutic properties.

Burgundy region is known for having the finest villages in France.Villages as Montreal and Flavigny-sur-Ozerain, which were fortified towns in middle ages, are sure to leave one awe struck with their architecture designs.

When in Burgundy plan a day out for visit to Flavigny village which has been listed as one of the most beautiful village in France.

The churches of St. Philiberts and Basilica Ste.Madeleine are considered as one of the best in the world. Known for its Romanesqe architecture St. Philiberts is the most visited church in Burgundy.

The museums of Burgundy are sure to grab your attention. Burgundy has something in store for everyone. From descriptions of fighter jets and motorbikes to finest collection of paintings in France, to the history of phonographs and radios, a visit to the museums of Burgundy is sure to leave you amazed.

Your journey of Burgundy is incomplete without a visit to Beaune, which is known, as wine capital of Burgundy.The annual wine auction at Beaune is the biggest such event in whole of France.

Vineyards as Pommard and Corton-charlemagne are famous among wine lovers and with numerous options available for a comfortable stay, you are sure to remember the vineyards of Beaune for long.

Burgundy is indeed a travel destination with authentic representation of French architecture at its best in the numerous museums of Burgundy, and one is sure to remember the visit to Burgundy for times to come.

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Burgundy – French Wines and Architecture}

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Hidden treasure worth billions of dollars discovered in Indian temple

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Hidden treasure worth billions of dollars discovered in Indian temple

Monday, July 4, 2011

Officials announced that a treasure containing sacks of diamonds and gold coins as well as golden idols, jewelry and other riches has been discovered in the secret subterranean vaults of Sree Padmanabhaswamy temple, in the southwestern state of Kerala, India. Estimates of its worth have been rising and it is now thought to be worth US$20 billion.

The Hindu temple was built in the 16th century by the kings of the then Kingdom of Travancore to serve as a royal chapel for the rulers of Travancore. The six vaults containing the treasure have been undisturbed for over a century. Assessment of the treasure began on June 27 after a lawyer concerned about the security of the treasure petitioned India’s Supreme Court, which then appointed a seven-member panel of experts to inventory the treasure. The panel does not have the power to determine to whom the treasure will belong. Estimates of the treasure’s worth are rising, provoking a heated debate as to how the treasure will be used in a country that has 450 million poverty-stricken people.

The chief minister of Kerala, Oommen Chandy, announced on Sunday the treasure would remain with the temple, and security matters would be decided in consultation with the Travancore Royal Family, the temple management, and the temple priest.

The gold was offered to the lord. It is the property of the temple.

“The gold was offered to the lord. It is the property of the temple. The government will protect the wealth at the temple,” Oommen Chandy said. Meanwhile, hundreds of armed police have been deployed around the temple to protect the treasure.

However, the view that the treasure should remain at the temple has been disputed. Among the dissenters is eminent jurist V R Krishna Iyer, who said the treasure should be put in a national trust for the peoples’ benefit. “God’s wealth belongs to the people, not to the king. It’s meaningless to say that it belongs to Hindus or any particular religious community,” said Iyer. “A mechanism should be devised to ensure that the benefits of it reach the poor and the needy and not the rich.”

Five of the six vaults of the Sree Padmanabhaswamy Temple have been inventoried.

God’s wealth belongs to the people, not to the king. It’s meaningless to say that it belongs to Hindus or any particular religious community.

On Saturday, reports leaked to the press revealed that the treasure, including a golden idol of Mahavishnu and a golden ‘anki’, were found in one of the vaults, estimated to weigh 30 kilograms, along with precious stones, silver, two coconut shells of pure gold and another golden idol as well as other jewels and valuable coins. The panel hopes to find more treasure when the sixth and final vault is opened, but the attempt was suspended on Monday because the iron door inside presented “technical problems” requiring further consultation before opening. This vault is thought to contain the bulk of the wealth.

Keralan officials in a preliminary estimate said that the treasure was worth over US$11.2 billion; those estimates have now risen to US$20 billion. Historians say that the temple’s location on a site through which passed lucrative trade routes support the higher evaluations.

“Traders, who used to come from other parts of the country and abroad for buying spices and other commodities, used to make handsome offerings to the deity for not only his blessings but also to please the then rulers,” said P.J. Cherian, the director of Kerala Council for Historic Research

Some suggest that the profit from the sale of the treasure would be enough to wipe out the entire public debt of Kerala and fund future Kerala projects such as seaports, airports and highways.

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