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.

Monday, December 18, 2006

A state of emergency was declared Sunday for the U.S. state of Washington by governor Christine Gregoire, as additional reports of storm-related casualties surfaced. The state National Guard has been deployed to aid in distributing supplies.

Thousands were still without power in the coastal and Puget Sound regions, though most urban areas were back with power as late as Sunday afternoon, and outages were mostly contained to rural and unincorporated areas. Puget Sound Energy reported that roughly 500,000 energy customers out of the 700,000 who lost power were back in service by Sunday evening. Seattle City Light, the city’s independent municipal utility, reported only 18,000 customers still without power as of Monday morning, down from a peak of 175,000.

Four additional deaths related to the post-storm power outage had been reported as of Monday, bringing the total number of casualties to eight. A man in Gig Harbor was electrocuted by a downed power line while walking his dog. Another man in Spanaway died when an unattended candle caused a house fire.

Two died from carbon monoxide poisoning in separate incidents related to use of combustion devices indoors. Roughly a hundred additional cases of non-fatal carbon monoxide poisoning were reported from people using generators or grills indoors. News radio stations and authorities warned the public to stay away from downed power lines and not to use grills indoors. Dr. Neil Hampson at Virginia Mason’s hyperbaric unit, where a number of victims were being treated, warned it could be “the worse case of carbon monoxide poisioning in the country”.

On Monday, four new carbon-monoxide deaths were reported in a family of five in Burien due to an indoor generator. In Canada, which had some damage from the week’s storms, two southern British Columbia carbon monoxide deaths were also reported. Despite continued warnings, hospitals are still seeing cases of carbon monoxide poisoning, including a family in w:Shoreline, Washington which was taken to the hospital after they reported symptoms due to their indoor grill. Neighbors of the Burien family suggested that noise concerns are leading people to place noisy generators indoors.

The massive power outage left many stores and gas stations unable to operate. Some businesses opened with the help of backup generators, conserving power by foregoing heat and refrigeration, exterior lighting, and half the interior lighting. Most stores had run out of “D” size batteries, the most common size for flashlights, as well as firelogs and other essentials. Gasoline shortages were reported throughout the area, with one man selling excess fuel for as high as $15 per gallon, over 5 times the average retail price.

The Red Cross set up shelters throughout King and other affected counties for those without power or food. Hotels reported no vacancies as whole families took shelter in powered hotels, especially in Seattle. Restaurants also reported brisk business as people sought out a hot cooked meal. Tons of perishable food were expected to have become unsafe after the prolonged outage disabled refrigerators and freezers both in homes and stores.

Many of those without power visited nearby friends and family living where power had been continued or restored, while others traveled out of the area to places that had not been affected. The widespread outage made long-distance traveling treacherous on some major routes, with roadway lighting, cellular towers, and services disabled by the outage.

Most major roadways which were closed during the storm were reopened on Friday. The 520 Floating Bridge over Lake Washington, a major conduit to the technology-rich Eastside, sustained minor damage. Amtrak, which had halted its Cascades service, resumed Saturday evening. Sea-Tac Airport resumed operations with a reduced flight load, after a transient power outage on Friday disabled the airport radar and caused all planes to be grounded until it was repaired.

Tuesday, December 7, 2010

Seven people were killed and 37 were injured Saturday night at an Internet cafe in the southwest region of China’s Guizhou province, after the explosion of chemicals being stored illegally at a chemical shop.

Chinese state media reported that sodium nitrate, aluminum chloride, and other chemicals were being kept in a nearby chemical shop and exploded at about 11:05 pm local time (1505 UTC), causing the Internet cafe to catch on fire. It is unknown how the chemicals ignited.

Forty five people were in the cafe when the explosion occurred. Six people died on the scene while one woman suffered major burns and later died in hospital. One person escaped without injury.

The police detained the owner of the chemical shop for “illegal possession of chemicals” according to state media. The cafe manager and boss were also placed in police custody for questioning.

Xinhua reports that one of the bodies was that of a child. Children under the age of eighteen are not allowed in Internet cafes under Chinese law.

According to Li Feiyue of the Qiandongnan Miao-Dong Autonomous Prefecture, “The location and environment of the Internet cafe is not safe. We will find out who approved its operation and who was in charge of safety supervision. They will be held responsible.”

Residential buildings in the area also suffered damaged.

Saturday, February 17, 2007

A Delta II rocket blasted off from NASA’s Cape Canaveral launch pad today, carrying five satellites designed to investigate the northern lights and the electromagnetic storms that cause them. The launch had been twice delayed due to bad weather, but was eventually performed at 23:00 UTC.

NASA and the Canadian Space Agency have collectively invested $200 million in the mission, known as the THEMIS Project. Through this mission, they hope to develop better techniques to forecast electromagnetic storms, in order to protect communication satellites, power grids, and spacewalking astronauts. Scientists from the University of Alberta and the University of Calgary also helped with the project.

The Sun continuously sends a stream of charged particles, called the solar wind, at the Earth. We are generally protected from the solar wind by the Earth’s magnetosphere. During substorms, however, the magnetosphere gets overloaded by the solar wind and the magnetic field lines stretch until they eventually snap back, energizing and flinging electrically charged particles towards Earth.

Scientists want to find out what snaps in the overloaded magnetosphere to trigger a substorm.

A compilation of brief news reports for Thursday, May 14, 2009.

Two travelers returning from Mexico to Thailand tested positive for the H1N1 swine influenza on Tuesday. According to Thailand’s health minister, this marks the first case of Southeast Asia.

On Wednesday, Chinese Ministry of Health officials reported a man had the disease. Currently, the officials are searching for people the man may have come into contact with.

Sources

• Xuequan, Mu. “China seeks passengers with exposure to new A/H1N1 flu case” — China View, May 14, 2009
• Kwok, Vivian Wai-yin. “Asian Swine Flu Risk Rises” — Forbes.com, May 13, 2008

The pope’s recent visit to the Middle East was expected to meet political “minefields”, according to the New York Times.

While in the Middle East, Pope Benedict XVI told the Prime Minister of Palestine, “It is understandable that you often feel frustrated. Your legitimate aspirations for permanent homes, for an independent Palestinian state, remain unfulfilled. Instead, you find yourselves trapped in a spiral of violence.”

The pope was speaking about the Palestinian housing, and how there are refugee camps.

Sources

• Hider, James. “Pope Benedict XVI calls for Palestinian state on visit to refugee camp” — Times Online, May 14, 2009
• “The Pope in the Mideast’s Minefields” — The New York Times, May 13, 2009

After the controversy over the “Erotic Services” section on Craigslist, the Web service will require manual posting and a $5 – $10 USD fee.

Craigslist will delete the “Erotic Services” section to replace it with “Adult Services.”

Attorney General Richard Blumenthal of Connecticut claims that state investigators will monitor the section as well for extra insurance.

Sources

• Stone, Brad. “Craigslist Plans to Monitor ‘Adult’ Ads” — The New York Times, May 13, 2009
• Raphael, J.R.. “Craigslist’s ‘Erotic Services’ Shutdown Could Backfire” — PCWorld, May 13, 2009

Sunday, January 7, 2007

The Internet Corporation for Assigned Names and Numbers (ICANN) announced Friday that its vote in May last year was not to reject the creation of ‘Triple X’, a top-level domain (sTLD). Rather, the corporation voted “not to approve the agreement as proposed, but did not reject the application”.

A revised proposal for the .xxx domain is open to public comment until February 5. The revised proposal appears to have hinged on efforts by ICM, proponents of a voluntary adult top-level domain, to promote enforcement in the following areas:

1. Prohibit child pornography
2. Require clear labeling
3. Support development of user empowerment technology
4. Ensure that the child advocacy and free expression communities are involved in policy development for the sTLD.

Who, or what, ICM is remains unclear. The home page of ICM states that, “The .xxx top-level domain will create a clearly identifiable area of the Internet so that Internet users can be more informed when choosing to select or avoid adult entertainment sites.”

The estimated $12 billion per year in revenues generated by on-line pornography could come under the scrutiny of unknown ICM, to whom ICANN proposes delegating responsibility to an organization, or individual, that has nothing more to say about themselves on their website than the background of their leaders.