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, December 26, 2006

At least 21,000 gallons of crude oil has spilled into the Gulf of Mexico near the United States mainland coast, about 30 miles off the shore of Galveston, Texas. The U.S. Coast Guard says that oil is still leaking at a rate of 80 to 400 gallons a day.

The High Island Pipeline began to leak on Sunday and was immediately shut down when a pressure loss was detected. The pipeline is owned by Plains All American Pipeline who state that the incident is “under investigation” and that officials are working to “minimize the impact of the incident.”

“A medium crude oil pipeline ruptured 30 miles southeast of Galveston, Texas, and leaked approximately 21,000 gallons of oil into the Gulf of Mexico Sunday, December 24,” said a press release by Coast Guard.

“There’s a 60-yard-wide oil sheen that extends for about half a mile. It is still leaking slowly, about 80 to 400 gallons a day,” added the Coast Guard.

Reports say that the oil is traveling away from any shoreline and that remaining oil is being suctioned out of the pipeline. Ships in the area have not been diverted.

“All appropriate agencies have been notified. Plains, the U.S. Coast Guard, and the Texas General Land Office are working within a unified command system consisting of Federal and state agencies and oil spill response organizations to manage and mitigate this incident. In addition, Plains has activated its spill response plan to contain and clean up the spill. At present, Plains has mobilized Airborne Support, Inc., Clean Gulf Associates and other additional resources in an effort to minimize the consequences of the incident,” said a press release by the Plains oil company.

So far, no injuries have been reported.

Sunday, May 18, 2014

The governor of the Bank of England, Mark Carney, has warned that the state of the housing market in the United Kingdom is the current biggest domestic threat to the country’s economy, due to lack of house building, and regulatory issues.

In an interview to be aired on Sky News today, he said the housing market is the “biggest risk” to the economy and has “deep, deep structural problems”. Of house building he said: “There are not sufficient houses built in the UK. To go back to Canada, there are half as many people in Canada as in the UK, twice as many houses are built every year in Canada as in the UK and we can’t influence that.”

“We’re not going to build a single house at the Bank of England. We can’t influence that. What we can influence […] is whether the banks are strong enough. Do they have enough capital against risk in the housing market?”

Carney also said the Bank of England would look into the procedures used to issue loans and mortgages to see if they were being granted appropriately: “We’d be concerned if there was a rapid increase in high loan-to-value mortgages across the banks. We’ve seen that creeping up and it’s something we’re watching closely.”

Kris Hopkins responded to Carney on behalf of the government, saying the government “inherited a broken housing market, but our efforts to fix it are working”. “We’ve scrapped the failed top-down planning system, built over 170,000 affordable homes and released more surplus brownfield sites for new housing. We’ve also helped homebuyers get on the housing ladder, because if people can buy homes builders will build them. Housebuilding is now at its highest level since 2007 and climbing. Last year councils gave permission for almost 200,000 new homes under the locally-led planning system and more than 1,000 communities have swiftly taken up neighbourhood planning. It’s clear evidence the government’s long-term economic plan is working.”

Earlier this month, the Organisation for Economic Co-operation and Development called on the UK government to “tighten” access to the ‘Help to Buy’ scheme introduced by George Osborne and the coalition government in 2013. ‘Help to Buy’ has also recently been criticised by three former Chancellors of the Exchequer — the Conservatives Norman Lamont and Nigel Lawson, and former Labour Chancellor Alistair Darling. Darling said: “Unless supply can be increased substantially, we will exacerbate that situation with schemes like Help to Buy.”

Thursday, August 17, 2006

David Witt, father-in-law of Floyd Landis, the winner of the 2006 Tour De France, has died. Witt was found dead in his car in a parking garage on August 16. He died of a self-inflicted gunshot wound to the head, San Diego Police said. He was 57.

Witt who was married to Rose, the mother of Amber, Floyd Landis’ wife, introduced Amber to Landis. Witt was an amateur cyclist who became friends with Landis after having the same coach. At one time, they were even roommates.

Witt and his wife co-own the “Hawthorn’s” restaurant in San Diego and it is adorned with Landis memorabilia, including his jerseys and magazine covers. The two had also attended the Tour de France where they witnessed Floyd’s victory.

Floyd Landis did win the 2006 Tour de France, but the result is contested after he tested positive in a doping test. He is widely expected to be stripped of the title.

Saturday, October 21, 2006

The upcoming 2006 Brampton municipal election, to be held November 13, features an array of candidates looking to represent their wards in city council or the council of the Peel Region.

Wikinews contributor Nick Moreau contacted many of the candidates, including Innocent Watat, asking them to answer common questions sent in an email. This ward’s incumbent is Bob Callahan; Balbir Babra, Manny Bianchi-Morfino, Dolly Khokhar, Maria Peart, Tim Turcott, and Sheila White.

Saturday, March 12, 2011

An explosion has been reported at Japan’s stricken Fukushima Daiichi nuclear power plant after its cooling system was damaged by a massive 8.9 magnitude earthquake that hit off the North-East coast of Japan on Friday. The explosion occurred at around 3:00pm local time (6:00am UTC). According to the plant’s operator, Tokyo Electric Power Company, four workers were injured in the explosion.

The explosion occurred as workers were attempting to cool a reactor by injecting water into its core. Local media are reporting that the plant’s exterior walls have been destroyed and only a skeleton structure remains.

More than 45,000 residents within a 10-kilometre radius of the plant have been evacuated.

Television reports show white smoke coming from the plant. Local authorities are warning residents in the vicinity of the plant to stay indoors, turn off air-conditioners and not to drink tap water. According to Japan’s nuclear agency, radioactive caesium and iodine has been identified at the plant. Authorities speculate that this indicates that containers holding uranium fuel at the site may have ruptured and are leaking.

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.