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, March 24, 2005

Iraqi and American forces raided a training camp in a remote, rural region 160 kilometers north of Baghdad on Wednesday, killing 85 insurgents. Seven Iraqi commandos were killed in the raid and six were injured, according to the US military.

In addition to placing the insurgent death toll at 85, the Iraqi government also said that between 500 and 700 Iraqi commandos took part in the raid.

After encountering heavy fire from an estimated 100 insurgents as they approached the camp, the Iraqi commandos called in support from the American 42nd Infantry Division, which sent in ground troops and attack helicopters. The battle began at approximately 11a.m. local time (0800 UTC) and lasted seven hours.

The training camp, located in a remote region near Lake Tharthar, which is adjacent to the predominantly Sunni Anbar and Salahuddin provinces, is the largest guerilla training camp that has been discovered in the war so far, according to Iraqi officials.

The insurgents had planned to attack the city of Samarra, located 55 kilometers east of the lake, with a large number of car bombs, according to the Iraqi Interior Ministry.

Iraqi officials claimed that most of the insurgents came from Arab countries, though men from the Philippines were also among the deceased insurgents. They also claimed to have captured one Algerian.

“The Arab countries are sending fighters into Iraq because they want to destroy our democratic movement,” said General Rashid Flaiyeh, head of Iraqi police in Salahuddin Province, in an interview broadcast on state-run television network Al Iraqiya.

Friday, February 9, 2007

Ford Motor Company CEO Alan Mulally has reported that Ford will rename the Ford Five Hundred to the Taurus for the 2008 model year, when a facelifted model is expected to be launched to improve the lackluster sales of the outgoing model. Mulally says that Ford’s decision to name all their cars with the letter F was a lackluster move, and makes their names easily forgettable. As a result, Mulally plans on reviving many respected Ford nameplates, the Taurus being one of them, and the Falcon possibly in the future.

The Ford Taurus was originally introduced in 1986, and was a revolutionary car that rewrote the rules for creating a sedan, and pushed the other American automakers to follow suit, leading to a design revolution that completely rid Detroit of the “boxy” cars of the 70s and 80s. The Taurus survived for four generations, selling over 7,500,000 units. The Taurus was discontinued in October 2006, after a brief run of 2007 models destined for fleet customers.

“How can it go away?” Alan Mulally remembered asking, “It’s the best-selling car in America.”

While it is not expected for the name change to turn the Five Hundred into a 400,000 plus units a year blockbuster like the Taurus, it is expected to make sales more solid, and to make the car well known, since the Taurus is a well known nameplate around the country.

Friday, January 13, 2006

In a recent ZNet Commentary, Howard Zinn wrote that a group of people, including Gino Strada, Paul Farmer, Kurt Vonnegut, Nadine Gordimer, and Eduardo Galeano, are promoting the creation of worldwide gatherings to renounce war. Their intention, according to Zinn, is to make worldwide renunciation of war so popular that halting existing wars and preventing the beginning of new wars is politically irresistible.

In his article, After This War, Zinn asks, “should we not think beyond this war? Should we begin to think, even before this shameful war is over, about ending our addiction to massive violence, and using the enormous wealth of our country for human needs?” He goes on to talk of ending not just “this war or that war but war itself. Perhaps the time has come to bring an end to war, and turn the human race onto a path of health and healing.”

The five people have been actively involved in global issues for many years and have a solid track record of accomplishments on the world stage.

Dr. Gino Strada is a war surgeon and the founder of Emergency, a nonprofit, humanitarian organization dedicated to providing assistance to civilian victims of war. His recent book Green Parrots: A War Surgeon’s Diary helped persuade Italy to abandon the use and manufacture of a flying anti-personnel mine.

Dr. Paul Farmer is a Harvard professor and practicing physician. In 1987, he helped found the worldwide health organization Partners in Health, which treats some of the poorest people on Earth. Dr. Paul Farmer has received a “genius” award from the MacArthur Foundation.

Kurt Vonnegut is an American writer and humanist, currently serving as Honorary President of the American Humanist Association. As a WWII prisoner of war in Dresden, Germany, Kurt witnessed the fire bombing of Dresden. This event formed the core of his book Slaughterhouse-Five. In a column for In These Times, he began “… our leaders are power-drunk chimpanzees … the morale of our soldiers fighting and dying in the Middle East … like so many bodies, is already shot to pieces. They are being treated, as I never was, like toys a rich kid got for Christmas.”

Nadine Gordimer from South Africa received the 1991 Nobel Prize in literature and 1974 Booker Prize. She received worldwide praise for her leadership for South Africa to re-examine and replace its long held racist policy of apartheid.

Eduardo Galeano’s books combine history, political analysis, journalism and fiction. “I’m a writer obsessed with remembering, with remembering the past of America … condemned to amnesia. The Open Veins of Latin America is one of Galeano’s works covering the exploitation of Latin America by foreign powers from the 15th century onwards.

Both Nadine and Eduardo’s books are recognized by the Great Books Foundation as among the top 40 books in Citizens of the World: Readings in Human Rights. We Say No by Eduardo Galeano and Comrades by Nadine Gordimer are listed there along with the Emancipation Proclamation of Abraham Lincoln, Independence by Mahatma Gandhi, the Universal Declaration of Human Rights, and Letter from Birmingham Jail by Martin Luther King Jr.

Howard Zinn is a U.S. historian, political scientist and author of fifteen books. Howard writes, “In a world of clashing interests—war against peace, nationalism against internationalism, equality against greed, and democracy against elitism—- it seems to me both impossible and undesirable to be neutral in those conflicts. I do not claim to be neutral, nor do I want to be… . I will try to be fair to opposing ideas by accurately representing them.”

Sunday, April 19, 2009

At least twelve children have been injured after a swing ride at the Puyallup, Washington Spring Fair toppled over.

The ride is called a ‘LollySwing’, which is located in Kiddyland, where the riders sit in swings while the machine spins them around. It is owned by Funtastic Traveling Shows which has been a ride provider for the fair for over 50 years. The accident happened at around 6:30 p.m. (PDT).

Injuries are being described as mostly cuts and bruises, but one child was reported to have been in a neck brace and was taken to a local hospital. Five other children were also hospitalized.

According to one witness, “it just all of a sudden topped over.” The cause is under investigation. The ride has been at the fair for the past five years. Among the seven largest operators of fair rides in Washington, from 2001 to 2007 there were only seven reports of injuries related to mechanical failures.

Thursday, March 13, 2008

Members of Australia’s Health Services Union (HSU) will go on strike in Victoria next week in a dispute over stalled wage and career structure negotiations. Over 5000 physiotherapists, speech pathologists and radiation therapists will walk off the job next week, effectively closing the state’s 68 largest health services.

The strike will force the closure of intensive care units and emergency departments across the state.

It is feared the strike could continue into Easter.

National secretary of the HSU, Kathy Jackson said admissions would be crippled, while intensive care patients would have to be evacuated to New South Wales, Tasmania and South Australia as hospitals will not be able to perform tests or administer treatment.

“When an ambulance shows up you can’t admit a patient without an X-ray being available, you can’t intubate them and you can’t operate on them,” she said.

“If something goes wrong in an ICU you need to be able to X-ray, use nuclear medicine or any diagnostic procedure,” said Ms Jackson.

Ms Jackson said the HSU offered arbitration last year, but the state government refused. “They’re not interested in settling disputes, they hope that we are just going to go away.”

“We’re not going away, we’ve gone back and balloted the whole public health workforce in Victoria, those ballots were successful, 97 percent approval rating,” she said.

The HSU is urging the government to commence serious negotiations to resolve the dispute before industrial action commenced.

The government has offered the union a 3.25 per cent pay increase, in line with other public sector workers but the union has demanded more, but stopped short of specifying a figure.

Victorian Premier John Brumby said the claim would be settled according to the government’s wages policy. “The Government is always willing and wanting to sit down and negotiate with the relevant organisations . . . we have a wages policy based around an increase of 3.25 per cent and, above that, productivity offset,” he told parliament.

The union claims it is also arguing against a lack of career structure, which has caused many professionals to leave the health service. Ms Jackson said wages and career structures in Victoria were behind other states.

Victorian Opposition Leader Ted Baillieu said he was not in support of the proposed strike and called on the government to meet with unions. “There could not be a more serious threat to our health system than has been announced today.”

“We now have to do whatever is possible to stop this strike from proceeding,” he said.

The opposition leader will meet with the union at 11:30 AM today.

Victorian Hospitals Industry Association industrial relations services manager Simon Chant said hospitals were looking at the possible impact and warned that patients may have to be evacuated interstate if the strike goes ahead.

Thursday, May 7, 2009

Penske Automotive Group, Inc., an Ohio-based investment group and Telesto Ventures have indicated separately that they are interested in purchasing the Saturn auto brand from General Motors (GM).

According to The Wall Street Journal, Nissan-Renault is interested in purchasing Saturn. Bloomberg, however, indicated that Nissan-Renault may be a partner of Penske’s potential bid. If Penske acquired the brand, they would distribute Saturn vehicles and outsource the assembly.

GM revealed that the Saturn brand along with Saab and Hummer were up for sale when unveiling their restructuring plans to Congress for governmental loans. While the Pontiac brand was originally to be a niche brand, GM had changed their plans recently and decided to eliminate the brand.

Telesto Ventures is an investment group that includes private equity firm Black Oak Partners LLC of Oklahoma City and several Saturn dealerships. Initially, Telesto will purchase Saturn branded cars from GM then act as a general retailer for foreign brands. Telesto is in talks with several foreign manufacturers.

The Ohio group includes many former senior auto company managers plus private financial backers, chemists and engineers who live in Michigan, Ohio, Indiana and Florida. This group plans to initially purchase cars from GM then purchase existing but closed plants due to automaker restructuring. Additionally, one of the partners indicated a willingness to accept some “legacy” cost in relation to the United Auto Workers. The Ohio group is also pursuing possible loans or other support from national and state governments.

GM is reviewing several offers for Saturn. GM has contracted with S.J. Girsky & Co. to advise them on the sale.