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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.

Thursday, October 29, 2020

Professor Jo Jorgensen of South Carolina, the U.S. Libertarian Party’s 2020 presidential nominee, answered some questions about her campaign from Wikinews accredited reporter William S. Saturn.

Jorgensen is a psychology professor at Clemson University.   In 1992, with the Libertarian Party’s backing, she ran for public office, seeking South Carolina’s 4th congressional seat in the United States House of Representatives. She finished the race in third place with almost 2.16 percent of the total vote. Four years later, the Libertarian Party tapped Jorgensen to be its vice presidential nominee. She joined a ticket with the late Harry Browne. Browne-Jorgensen appeared on every state ballot and received a total of 485,798 votes, which was roughly 0.5 percent. This marked the best performance for the party since 1980 and would not be topped percentage-wise until 2012 when former New Mexico governor Gary Johnson attained 0.99 percent of the vote. Johnson bested that performance in 2016 as the party’s presidential nominee for a second time, earning 3.27 percent of the vote, the highest percentage for the party since its 1971 inception.

For the 2020 nomination, Jorgensen navigated through a primary campaign that featured the short-lived campaigns of former Rhode Island governor Lincoln Chafee and Congressman Justin Amash of Michigan, the first sitting Congressman to be a member of the Libertarian Party. At the virtual 2020 Libertarian National Convention, Jorgensen won the nomination on the fourth ballot, edging attorney Jacob Hornberger, performance artist Vermin Supreme and activist Adam Kokesh, among others. Podcaster Spike Cohen, originally the running mate of Supreme, was picked to be the party’s vice presidential nominee. Cohen spoke to Wikinews back in June. The Jorgensen-Cohen ticket has since secured ballot access in all 50 states and the District of Columbia.

As a libertarian, an ideology that advocates for lesser government, both in the social and economic realms, Jorgensen’s issue positions include a mix of traditionally liberal and conservative stances. She supports both LGBT rights and gun rights. She opposes the police state and the taxing authority equally. And, she supports an open immigration policy while arguing against the welfare state.

With Wikinews, Jorgensen discusses her background, COVID-19, her potential cabinet, gridlock, and an assortment of issues including climate change, foreign affairs, free speech, and race relations.

Friday, September 14, 2007

A preliminary report by the Danish civil aviation authority, SLV, has shed light on the events leading up to a Scandinavian Airlines System (SAS) airliner experiencing a landing gear failure upon landing in Denmark, one of two similar crashes that have resulted in the grounding of more than 60 of the model in question across the world.

The aircraft, a Bombardier Q400 (alternatively known as a de Havilland Canada Dash 8), crashed due to a landing gear failure after a nut worked loose, due in turn to rusting on the threads of its bolt, according to the SLV’s aircraft accident investigation committee report on Scandinavian Airlines Flight 1209. The nut and bolt were vital to the locking mechanism for the starboard landing gear, and consequently the structure collapsed.

The SLV does not specifically address why this occurred, but according to SLV spokesman Thorbjoern Ancker the problem is a design flaw, and not a maintenance issue as previously suspected. In his own words, ‘All speculation that this was an error by SAS is now shown to be wrong… It’s a constructional weakness.’ He explained that Bombardier maintenance documents supplied with the aircraft did not require maintenance personnel to inspect the bolt in question, and that accordingly this had not been done.

Pending completion of landing gear inspections by SAS, Norwegian, Swedish and Danish authorities will make a decision regarding whether the air carrier’s Q400 fleet should remain grounded, or be permitted to resume operations.

A spokesman for Bombardier refused to comment on the findings when contacted by reporters, preferring instead to wait until the publication of the final report into the accident. He did, however, make one comment regarding speculation that SAS would be compensated if the accident was proven to be the responsibility of the supplier, saying, “That will be part of the discussions between Bombardier and airlines.”

Scandinavian Airlines have canceled 111 flights today as their Q400s are grounded per Air Transport Canada orders, while SAS have concealed 110 flights today and tomorrow while their aircraft are grounded.

Bombardier have circulated a document to all operators of the type, containing advice recommending a revised inspection program.

Shares in Bombardier fell 14 cents, or 2.2%, to CA$6.21 and most recent reports have them at $6.25. The company is therefore currently valued at $11 billion. Goodrich, who manufactured the equipment, fell 9 cents, or 0.1%, to US$65.11. SAS, who own Scandinavian Airlines, fell 2.25 kronor, or 1.9%, to 115.75 kronor. A continuing fall in SAS shares prices over the last six weeks has almost negated all gains this year.

Friday, July 6, 2007

The International Olympic Committee awarded the XXII Winter Olympics, to be held in 2014, to Sochi, Russia, a resort city near the Black Sea, in Guatemala City yesterday defeating Pyeongchang, South Korea, by just four votes. Salzburg, Austria, was eliminated in the first round by 25 votes.

According to the Associated Press, several factors played a part in Sochi’s win. One factor was that of Russian president Vladimir Putin himself. Putin, an avid skier and a black belt in judo, traveled to Guatemala to lobby IOC members and headed up the final presentation of Sochi’s bid to the assembly.

“Putin being here was very important, he worked very hard at it. He was nice. He spoke French — he never speaks French. He spoke English — he never speaks English,” said French IOC member and former ski champion Jean-Claude Killy.

Patrick Hickey, an Irish member of the IOC agreed. “There’s no doubt that President Putin’s presence was a massive influence, his performance was superb. He was humble. He spoke in English and French. The second most powerful man in the world said everything will be delivered.”

Juan Antonio Samaranch, former IOC president and Spanish ambassador to Russia made a big push for Sochi, which may have swung some key votes according to some IOC members.

“This is, without doubt, not just a recognition of Russia’s sporting achievements but it is, beyond any doubt, a judgment on our country, it is a recognition of our growing capability, first of all economically and socially,” Putin stated upon his return to Russia.

Another factor is Russia’s brand new wealth from exports of Russian natural gas and oil, which provided over $12 billion for Putin to invest in the Games and the infrastructure around Sochi.

Russia last hosted the games in 1980 in Moscow, when the country was known as the Soviet Union. The games were boycotted by the United States and some of its allies over the Soviet invasion of Afghanistan.

The United States continues to spar with Russia over human rights abuses and the subjugation of democratic freedoms.

U.S. State Department spokesman Sean McCormack spoke in Washington to reporters stating, “Well, it’s a proud moment for Russia and I am sure it’s a proud moment for him so he can characterize it as he sees fit, I’m not sure that the selection of Russia to host the Winter Olympics really, at this point, changes our view or others’ views — or concerns — about the direction of democracy and related issues: human rights, respect for freedom of speech, freedom of assembly and to be able to peaceably organize opposition democratic parties.”

Meanwhile, Sochi has announced that progress of construction on venues in Sochi will be offered online. Dmitri Chernyshenko, Sochi 2014’s bid leader said, “The IOC will be online every single moment in terms of construction, there will be live video from all construction sites.”

The next Olympic bid is for the 2016 Summer Olympics which includes bids from Chicago, Tokyo, Madrid, Rio de Janeiro, Doha, Baku, and Prague.

Monday, January 25, 2010

Sales of previously owned homes in the US fell at the fastest rate ever recorded last December, according to data from the National Association of Realtors (NAR).

According to the association, existing home sales fell 16.7% last month, to an annual rate of 5.45 million, the largest crash since 1968. The figure was less than the 5.90 million units, or an eleven percent drop, predicted by most analysts.

Sales of homes went up for the entire of 2009 to 5.156 million units, or 4.9% for the year, and prices dropped from 2008 by 12.4%.

NAR chief economist Lawrence Yun described the figures as being “probably the largest annual drop since the Great Depression”. He said that “the market is going through a period of swings driven by the tax credit. We’re likely to have another surge in the spring. Job creation is the key to a continued recovery in the second half of the year.”

Pierre Ellis, a senior economist for Decision Economics in New York, commented on the figures, saying: “The drop in home sales is the payback for the acceleration of sales that occurred with the original first-time home buyers tax credit. […] There is an issue as to whether the decline represents a fundamental weakening.”

“The housing market continues to face significant headwinds, including high unemployment, record delinquencies and foreclosures, the specter of rising mortgage rates as the Fed’s [mortgage-backed securities] purchase programs comes to a close in late March, and tight credit,” Omair Sharif, an economist for RBS Securities, noted.

“Still, the resale market showed resilience in the second half of 2009, and the expansion and extension of the tax credit to April 30 could boost purchases during the spring selling season,” he said.

“We’ll see a pickup in existing home sales in the next couple of months as people take advantage of the tax-credit extension”, economist Adam York of Wells Fargo Securities LLC in Charlotte, North Carolina claimed. He fore-casted a pace of 5.4 million. He said that there were unlikely to be buyers of homes, despite the fact that the U.S. was “past the bottom.”

All four regions of the country saw a decline in sales. In the Northeast, sales fell 19.5 percent, in the Midwest, they plunged 25.8 percent. The South, the country’s largest region, saw a 16.3% decline, while in the West, sales waned by 4.8%.

US stocks fell slightly after the announcement, but went back up later in the day.

Tuesday, September 25, 2007

Jim Chapman is running for the Progressive Conservative of Ontario in the Ontario provincial election, in the London-Fanshawe riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

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.