February 18th, 2019

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.

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February 18th, 2019

Western Sydney rallies against government’s workplace reforms

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Western Sydney rallies against government’s workplace reforms

Wednesday, June 28, 2006

Wikinews Australia has in-depth coverage of this issue: Australian industrial relations legislation, 2005

According to initial estimates by New South Wales police and unions, 30,000 people have rallied at Blacktown Showground in Western Sydney to protest the federal government’s Workchoices workplace reforms. Organisers had expected around 15,000 protesters to attend.

The rally at Blacktown is one of many to be held around Australia today as part of a “National Day of Action” to “protect worker’s rights at work” according to unions.

The Blacktown rally saw masses of truck drivers, construction workers, teachers and police officers carrying banners and flags signalling their discontent at the federal government’s reforms.

Many of the workers were joined by their families, chanting to the federal government “Your workplace changes have to go.”

Speaking to protesters in Western Sydney, John Robertson, secretary of Unions New South Wales said the federal government had stripped away 100 years of worker’s rights.”These laws are direct attacks on hard-working Australians who are trying to pay off a home, provide for their kids’ futures and have a bit of economic security,” Mr Robertson said.

“It’s in the suburbs and regional Australia that the impact of these laws will be felt – stripping away job security, penalty rates, time with family and wage rates.”

The NSW Premier’s department has encouraged state government employees to attend the rallies to show their anger at the workplace reforms. As such, schools are mainly providing supervision today so parents can attend rallies, with many teachers also in attendance.

Employees of Australia Post, a company wholly owned by the federal government, have been warned that unauthorised absences will result in disciplinary action being taken.

Speaking earlier today, Federal Workplace Relations Minister, Kevin Andrews said he expected most workers would not join the protests. “The reality is that most people are not going to do it because they know that we have delivered, as a government, a period of relative prosperity in Australia,” said Mr Andrews.

“Part of the way we have done that has been to have the courage to engage in the reforms so we can meet the challenges of the future.”

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February 14th, 2019

National Hockey League news: February 28, 2008

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National Hockey League news: February 28, 2008

Thursday, February 28, 2008

There were 6 games played in the National Hockey League on February 27, 2008. Colorado finishes their three-game road trip in eastern Canada against the Canucks, Minnesota tries to break a 4 game losing streak in an out-of-conference game against the Lightning, and the Maple Leafs try to pick up their fifth win in 6 games.

Contents

  • 1 Game summaries
    • 1.1 Nashville Predators @ Buffalo Sabres
    • 1.2 San Jose Sharks @ Columbus Blue Jackets
    • 1.3 Minnesota Wild @ Tampa Bay Lightning
    • 1.4 Toronto Maple Leafs @ Florida Panthers
    • 1.5 Phoenix Coyotes @ Chicago Blackhawks
    • 1.6 Colorado Avalanche @ Vancouver Canucks
  • 2 Wikinews Player of the Day
  • 3 Other news
  • 4 Sources

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February 14th, 2019

Somali pirates release Greek ship, 19 sailors

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Somali pirates release Greek ship, 19 sailors

Wednesday, December 10, 2008

According to East African Seafarers’ Assistance Programme Kenyan chapter head, Andrew Mwangura, the Greek freighter MV Captain Stephanos and all its 19 crew, consisting of 17 Filipinos, one Chinese and a Ukrainian, had been released late Monday, after 78 days in captivity. It was unclear, however, if any ransom was paid. The Philippine Department of Foreign Affairs said that “there are [still] 91 Filipino seafarers on board six ships still with Somali pirates.”

Somali pirates seized the Bahamas-flagged vessel on September 21 near the Horn of Africa, as the bulk carrier, was cruising in the Gulf of Aden en route and transporting coal to Europe. The captors locked the crew inside the vessel and they were not fed well. The vessel is now headed to Italy and will sail from there to Greece, to meet the ship owners.

Reuters reported that “a surge in attacks at sea this year in the busy Gulf of Aden and Indian Ocean off Somalia has pushed up insurance costs, brought the gangs tens of millions of dollars in ransoms, and prompted foreign warships to rush to the area.”

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February 13th, 2019

Eleven die in truck-van crash in Kentucky

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Eleven die in truck-van crash in Kentucky

Saturday, March 27, 2010

At least eleven people have died in a crash between a van and a tractor-trailer on Interstate 65 south of Munfordville, Kentucky. The collision occurred around 5:16 a.m. CDT (1016 UTC) yesterday morning near the 63-mile marker.

According to officials the tractor-trailer crossed the median and struck the 18 passenger van head-on. The truck then hit a rock wall and burst into flames. The driver of the truck is reported to have died along with ten passengers in the van. The family in the van were Mennonites from Kentucky on their way to a wedding in Iowa.

Officials said that one infant was killed but two other children in the van aged four and five that were in child restraint seats survived with minor injuries. Northbound Interstate 65 was to be closed until at least 4 p.m. CDT (2100 UTC) according to the Kentucky Department of Transportation.

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February 13th, 2019

US Senate passes new bankruptcy bill

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US Senate passes new bankruptcy bill

Saturday, March 12, 2005In a vote of 74-25 last Thursday, the US Senate passed a measure that would change bankruptcy laws, making it harder for individuals seeking relief from their debt burden to avoid repayment. Almost twenty Democrats joined Republicans, who currently hold a majority of the seats in the US Senate, in passing the bill.

Lobbyists for credit card companies and financial services firms have worked for the bill during the last two administrations. A similar measure passed both the Senate and House during the previous administration, but then President Bill Clinton pocket-vetoed the measure in 2000.

Democrats sought to soften the bill by allowing bankruptcy filers to negotiate directly with lenders for relief, but the amendments were defeated by the Republican-controlled Senate. Proponents of the bill claim the rise of bankruptcy filings to nearly 1.5 million a year shows that abusers of credit use the filings to shield themselves from irresponsible practices.

“There has been an explosion of bankruptcy,” said Iowa Republican Sen. Charles E. Grassley, the bill’s sponsor. “We preserve the principle of a fresh start, but we also establish a principle that if you have the ability to repay some of your debt, you are not going to get off scot-free.” However, Massachusetts Democratic Sen, Edward M. Kennedy said, “This legislation makes the bankruptcy courts of the United States the collection agency for the credit-card industry.”

The bill impacts a broad spectrum of bankruptcy law, but the most significant impact is on personal bankruptcy filings. Individuals who get behind in repaying credit card debt face high interest charges and stiff late payment fees. By only meeting minimum payment requirements, borrowers remit to the lender over the life of the loan an amount in interest and other fees that can far exceed the value of the principal balance of the loan. This can put consumers who run up high balances on various cards at financial risk of default. Critics of the bill blame these aggressive lending practices as a contributing factor in the rising trend of bankruptcy filings from 1996.

The proposed bill doesn’t only affect debtors with credit card debt.

It also affects debtors who have run up large medical bills.

Patients with a past medical history that disqualifies them from full medical coverage, can easily find themselves facing insurmountable medical bills after just a short stay in the hospital. These individuals will no longer be able to get a fresh start after these personal disasters, and will be forced to live in poverty until they can pay off their medical bills as part of their Chapter 13 filing. (Prior to this bill, they would have been able to file Chapter 7, completely discharging their debt.)

Chapter 7, which accounts for 70% of bankruptcy filings, allows individuals to eliminate most non-secured debts after liquidating assets, with the notable exemption of one’s principle residence in most states. The Senate passed bill would change Chapter 7 eligibility by applying a means-test, where those with a median income higher than the state average would be required to file under Chapter 13 provisions. Under Chapter 13 protection, an individual’s debt is not forgiven; rather it is restructured for payment under more lenient terms.

This was the first major overhaul of federal bankruptcy law in many years.

Under the old bankruptcy law, a personal bankruptcy attorney could not be held financially responsible for his clients mendacity. Under the new bankruptcy law, the bankruptcy attorney is responsible for his client’s lies to the Court about his assets and the bankruptcy attorney and his insurance carrier can be held responsible by the Bankruptcy Court.

The result is that personal bankruptcy attorneys (this does not apply to corporate bankruptcy attorneys) are likely to flee the personal bankruptcy field when the new law takes effect. Their insurance companies will not offer the sort of coverage that they would need to continue to practice.

So when consumers need to file personal bankruptcy under the new law, they will be unlikely to find a bankruptcy attorney to represent them. Consumers will have to file pro se: such consumers will be likely to fail due to the complexity of the law.

The bottom line is that the field of personal bankruptcy law as a practice area of law will cease to exist when the new bankruptcy law takes effect, and consumers will be unable to secure legal counsel and so consumers will lose what legal protections counsel now affords them.

Under the new bankruptcy law about one half million Americans will be forest to pay for at lest 5 years on longer they will be held in servitude as chattel they will be completely subservient to a dominating influence of the company that holds the loan. Their loan will be put on the market for sale for profit. The people will be forced to work harder. People who fail to go to court will have a arrest warrant made out in their name and people who refuseto pay. They will be subject to fines and or jail. About fifty thousand Americans will punished by a fine and or about three thousand Americans every year will go to jail under the new bankruptcy law. For some people this will be a third strike they will be put in jail for life.

The bill has the support of President Bush, and its passage in the House sometime next month seems likely. If enacted into law, lending companies will recover more money on what otherwise would be written off as bad loans. Those persons of median and higher income seeking relief would be required to file under Chapter 13 status and pay up to $100 per month under court imposed conditions. It is expected the proposed changes would cause a sharp increase in filings before the new law could take effect.

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February 13th, 2019

Category:August 5, 2010

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Category:August 5, 2010
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February 13th, 2019

US stock markets reach 12-year lows

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US stock markets reach 12-year lows

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.

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February 13th, 2019

Apple unveils new MacBook Air laptops, iLife ’11 software suite

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Apple unveils new MacBook Air laptops, iLife ’11 software suite

Saturday, October 23, 2010

In a Wednesday media event, Apple Inc. released a new lineup of MacBook Air laptops and the 2011 version of the company’s iLife software suite. The “Back to the Mac” event also included a preview of Apple’s forthcoming Mac OS X Lion operating system, to be released in mid-2011.

Apple CEO Steve Jobs unveiled the new products at the Cupertino, California event, saying the company has “been inspired by the work [it has] done on the iPad, and [it wants] to bring it back to the Mac.” Apple has plans to import more features of its iOS mobile operating system to the Mac OS X operating system.

Jobs announced today that the “Lion” release to OS X, which is scheduled for release next summer, will include more support for multitouch and a desktop version of the company’s App Store. He said that the App Store will be available for Apple’s current OS “Snow Leopard” within 90 days, and that applications can be submitted starting next month. Jobs also announced that a beta version of FaceTime, Apple’s IOS video calling application, would be available for OS X users immediately. Several new applications will be added in OS X Lion, dubbed “Mission Control” and “Launchpad.”

“Lion brings many of the best ideas from iPad back to the Mac, plus some fresh new ones like Mission Control that Mac users will really like. Lion has a ton of new features, and we hope the few we had time to preview today will give users a good idea of where we are headed.”

In his keynote address Wednesday, Jobs announced the release of Apple’s iLife ’11 software suite, which includes the iPhoto, iMovie, and GarageBand programs. iPhoto has new slide show templates, while iMovie has added audio editing capabilities. GarageBand now includes several new piano- and guitar-playing lessons. iLife ’11 was released on Wednesday as a US$49 upgrade, and is also available free with new Mac purchases.

In another move to bring iOS functionality to Macintosh computers, Jobs announced an updated MacBook Air series of laptops, on sale now. The new MacBook Air uses flash memory rather than a traditional hard drive, and has no CD/DVD drive, an approach seen on the iPad tablet computer. In addition, the laptop’s battery life has been extended, even though it is only 0.68 in (1.73 cm) thick and weighs less than 3 lbs (1.36 kg). “We think it’s the future of notebooks,” said Jobs. There are now two models of the MacBook Air: an 11.6-inch (29.46-cm) version and a 13.3-inch (33.78-cm) model. Analyst Shawn Wu says the company “priced it really aggressively,” referring to the computer’s base price of US$999.

Jobs said that his company sold 13.7 million Macs last year, totaling US$22 billion. In the last financial quarter, Mac sales increased 22 percent, comprising 24 percent of total revenue for Apple. However, the original MacBook Air did not fare so well. Sales and hype over the first Air decreased soon after its introduction, and the line was overshadowed by the release of Apple’s 13-inch (33.02-cm) MacBook Pro. The MacBook Air had not been significantly updated since 2008.

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February 12th, 2019

Category:Featured article

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Category:Featured article
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Featured articles are selected by the community to represent the best of Wikinews. See the Featured Article Candidates page for nominations and discussions of candidate articles for this page. Or, subscribe to the RSS feed!

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