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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.

Notes taken by Messedrocker for the article.

Fl Gov Bush gives speech – 1pm Oct 23 2005 – on CNNSays SW Florida – Cat 2 – including keysMandatory evacuation – evacuation since 14 months agoVoluntary evacuation underway as wellTolls suspended on Florida TurnpikeTraffic flowing smoothly23 shelters open; more will open, includes shelter for frail and elderlyPet shelters openingAs of 10am this morning, there were more than 220m gallons of fuel (diesel and gasoline) at Florida portsAdequate fuelGeorgia, Mississippi, texas, NY helping too200 trucks ice, 86,000 MREsPlus FEMA support“As I said, this is a team effort,” says Governor Bush.Speech in two languages: English and SpanishCraig Fulgate, Director of Florida Emergency Management also speaks“You need to pay attention to your local officials,” says FulgateBen Nelson, State Meteorologist, says that the storm is currently category 2Storm tomorrow, 25mph, extra danger for parts within the eye and south of the eye“There is no cause for a New Orleans like concern,” says Gov. BushPorts are to be closed, including Port Canaveral

Monday, May 14, 2007

Buffalo, New York —A massive warehouse complex of at least 5 buildings caught on fire in Buffalo, New York on 111 Tonawanda Street, sending a plume of thick, jet black colored smoke into the air that could be seen as far away as 40 miles.

As of 6:40 a.m., the fire was under control, and firefighters were attempting to stop it from spreading, but could not get to the center of the fire because of severe amounts of debris. Later in the morning, the fire was extinguished.

“The fire is mostly under debris at this point. It’s under control, but it’s under some debris. We really can’t get to it. We’re just going to have to keep on pouring water on it so it doesn’t spread,” said Thomas Ashe, the fire chief for the North Buffalo based fire division who also added that at one point, at least 125 firefighters were on the scene battling the blaze. One suffered minor injures and was able to take himself to the hospital to seek medical attention.

Shortly after 8:00 p.m. as many as 3 explosions rocked the warehouse sending large mushroom clouds of thick black smoke into the air. After the third explosion, heat could be felt more than 100 feet away. The fire started in the front, one story building then quickly spread to three others, but fire fighters managed to stop the flames from spreading onto the 3 story building all the way at the back.

According to a Buffalo Police officer, who wished not to be named, the fire began at about 7:00 p.m. [Eastern time], starting as a one alarm fire. By 8:00 p.m., three fire companies were on the scene battling the blaze. Police also say that a smaller fire was reported in the same building on Saturday night, which caused little damage.

At the start of the fire, traffic was backed up nearly 4 miles on the 198 expressway going west toward the 190 Interstate and police had to shut down the Tonawanda street exit because the road is too close to the fire.

At one point, traffic on the 198 was moving so slow, at least a dozen people were seen getting out of their cars and walking down the expressway to watch the fire. That prompted as many as 10 police cars to be dispatched to the scene to force individuals back into their cars and close off one of the 2 lanes on the westbound side.

One woman, who wished not to be named as she is close to the owner of the warehouse, said the building is filled with “classic cars, forklifts, and money” and that owner “does not have insurance” coverage on the property. The building is not considered abandoned, but firefighters said that it is vacant.

Officials in Fort Erie, Ontario were also swamped with calls to fire departments when the wind blew the smoke over the Niagra River and into Canada.

It is not known what caused the fire, but a car is suspected to have caught on fire and there are reports from police and hazmat crews, that there were also large barrels of diesel fuel being stored in one building. Firefighters say the cause of the blaze is being treated as “suspicious.” The ATF is investigating the fire and will bring dogs in to search the debris.

Wednesday, April 11, 2007

A fast-moving fire engulfed the home of late singer Johnny Cash on Tuesday. The lake-side home, located in Hendersonville, Tennessee, was the home of the late singer and his wife, June Carter, from the late 1960s until their deaths in 2003.

The home was purchased by former Bee Gees singer Barry Gibb in 2006, and was undergoing renovations at the time. The cause of the fire is unknown at this time, but it is believed that a flammable wood preservative that construction workers had applied contributed to the speed in which the flames spread. Firefighters responded within 5 minutes of the fire breaking out. No workers were killed in the fire, but one firefighter suffered minor injuries.

“Maybe it’s the good Lord’s way to make sure that it was only Johnny’s house,” said Richard Sterban of The Oak Ridge Boys, who lived down the road from Cash. Neighbor Marty Stewart said “So many prominent things and prominent people in American history took place in that house—everyone from Billy Graham to Bob Dylan went into that house.” The home was where Cash wrote many of his hit songs, and appeared in the Cash music video for “Hurt“.

Monday, November 28, 2011

The death toll from the weekend suspension bridge collapse on the Indonesian island of Borneo has risen from four to eleven. Search and rescue teams continue to look for bodies in the Mahakam River.

The number of wounded is currently 39 injured; reports from locals suggest 33 people remain missing at the scene in East Kalimantan’s Kutai Kartanegara district, where “Kalimantan’s Golden Gate Bridge” linked the towns of Tenggarong and the regional capital, Samarinda. A six-month-old baby is among the dead.

Cars, motorbikes, and buses all fell into the Mahakam River when the bridge came down during repairs. Another car was left overturned and balanced upon wreckage over the water. State-owned builders PT Hutama Karya completed the bridge about a decade ago in the image of California’s Golden Gate Bridge. A cable on the 720-metre structure is thought to have failed as workers dealt with it; six of the repair crew were reported missing yesterday. It had been the longest suspension bridge in Borneo.

Eyewitnesses described heavy traffic at the time of the collapse, and one survivor said he left his truck to investigate a traffic jam. Some people were left trapped by debris as the bridge came down. “It happened so fast, only about 30 seconds,” according to National Disaster Management Agency spokesman Sutopo Nugoroho.

National search and rescue head Daryatmo said yesterday cranes will attempt to move debris today, with new reports saying echo-sounding equipment will be used to check it is safe to begin lifting. It is believed the bodies of more victims will be found trapped in vehicles beneath the water, which is 35-40 metres deep. Visibility is poor, and one official explained authorities are still unsure how many vehicles are on the riverbed.

“The above-water search is continuing, but underwater operations have not been carried out because we’re worried that the bridge’s pylons are unstable and could collapse any time,” said Nugoroho today. He explained that bodies had washed onto the riverbanks overnight and were recovered today.

The president, Susilo Bambang Yudhoyono, has sent three ministers to the site to investigate the accident, while Bambang Widaryatmo, head of East Kalimantan’s police, promised “parties found to be negligent will be prosecuted”. The government has promised a replacement ferry service. The river is closed to boats as rescue operations continue, and a 22-strong team has been dispatched from the national police, comprising six forensics experts, five disaster victim identification specialists, and eleven investigators. They are there to augment the East Kalimantan Police. Health Minister Endang Rahayu Sedyaningsih yesterday visited survivors in Parikesit Hospital and promised them medical treatment at government expense.

Some people swam ashore after falling, with the aftermath filled with screams. Survivor Syakrani, 24, yesterday asserted “The authorities should have closed the bridge if it was under repair.” His words were followed by a Jakarta Globe editorial declaring the accident “unacceptable”.

The Globe went on to comment upon suggestions corruption may have played a role; “It is too early to point fingers and look to place blame, but if shoddy materials were used in the building of the bridge, those responsible must answer to the public.” Another suggestion is coal barges striking the bridge may have weakened it. Local coal company Harum Energy lost five percent of its share value today amid fears the river blockage will hamper their ability to ship coal.

Samarinda’s seen a population and construction boom lately. A few years have seen the population triple and the construction of a large mosque, and a sports stadium; an airport and port are set to follow. However, the Corruption Eradication Commission warns 70% of the corruption it investigates concerns government contracts and up to 40% of money earmarked for infrastructure ends up stolen.