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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.

Wednesday, April 8, 2009

Editorial journalist Roger Friedman has lost his job at Fox News following a dispute with the company. Friedman admitted in a movie review late last week to having wached a bootlegged online video stream version of a partially-completed copy of the upcoming film X-Men Origins: Wolverine, a Twentieth Century Fox Film Corporation production. Friedman had worked for several years as a reviewer and media journalist for Fox News. While a press release from Fox says that the company and Friedman had “mutually agreed to part ways immediately”, news articles report that he was fired.

Friedman’s status had been ambiguous after an April 5 statement from Fox that Friedman had been fired was met by a response from the journalist that no action had been taken against him.

Friedman began his April 2 column, now removed from the Fox website, with: “Yes, I’ve seen ‘X Men Origins: Wolverine.’ It wasn’t at a screening, either. I found a work in progress print of it, 95 percent completed, on the internet last night. Let’s hope by now it’s gone.” Friedman went on to praise the ease and convenience of downloading, noting that the current box office top 10 were all available. “It’s so much easier than going out in the rain!”, he wrote.

In an exclusive statement to Wikinews, Pirate Party International‘s spokesperson Andrew Norton said: “Depending on the method he used to obtain the film, he may not have infringed copyright at all, just exercised legal fair use exceptions. When you add in the very positive review he gave the film, it makes you wonder why Fox acted as they did. The reason is painfully obvious, to ‘send a message’. Alas the only message they send is that they don’t care about facts, and let no-one stand in the way of their paranoid witch-hunt”.

Website Ain’t It Cool News editor “Beaks”, meanwhile, responded to news of Fox’s initial press release concerning Friedman’s review on April 3 with “Friedman has admitted to breaking the law. If 20th Century Fox—and the FBI—are serious about nailing the perpetrator(s) of this leak, then Friedman must be fired immediately for downloading and reviewing stolen material. There’s no wiggle room here.”

The positivity of Friedman’s review had led some commentators, Ain’t It Cool News among them, to speculate that the leak of the work print of the film had been a deliberate act by 20th Century Fox.

The full-length workprint of the film, lacking some special effects and ten minutes of footage shot after principal photography, was leaked on March 31, 2009. While 20th Century Fox adds digital forensic markings to its workprints to trace leaked versions, so far the company has not identified any party as responsible for the leak.

X Men Origins: Wolverine, a prequel to the X-Men franchise of films, premieres in theaters in the United Kingdom on April 29, Australia and New Zealand on April 30, and the United States and Canada on May 1, 2009.

Wednesday, June 12, 2013

In May, periodical cicadas with 17 years life cycle emerged on the East Coast of the USA after underground development as juveniles since 1996. Researchers and scientists worked to map and study the rare wave, and the locals prepared for the noisy event. First recorded in 1666, the Magicicada septendecim species recently emerged in 1979, 1996, this year, with a next wave due in 2030.

This week, Wikinews interviewed Chris Simon, an ecology and evolutionary biologist at University of Connecticut, about the cicadas.

((Wikinews)) What caused your initial interest in periodical cicadas?

Chris Simon: As an undergraduate student, I was interested in the formation of species so when I went to graduate school I looked for a study organism that was likely to be in the process of forming new species. I chose periodical cicadas because they are broken up into reproductively isolated broods (or year classes). Reproductive isolation leads to speciation so I planned to study biochemical differences among the broods.

((WN)) You study the emergence of the periodical cicadas. What do you study? What observations are you making?

CS: We record exactly where each cicada population emerges (using GPS automated mapping and crowd sourcing). We record the presence or absence of each of the three morphologically distinct species groups of periodical cicadas (Decim group, Cassini group, and Decula group). We collect specimens for DNA analysis. We look for cicadas coming up one and four years early and late. We dig up cicada nymphs and monitor their growth rates.

((WN)) What equipment do you use?

CS: Nets, shovels, automated GPS recorders, cameras, laptop computers, automated DNA sequencers.

((WN)) Do you study the periodical cicadas with anyone else? What is their role?

CS: Yes, there are a large number of people studying periodical cicadas in my lab and in other labs. My lab is made up of Research Scientists, Postdoctoral Researchers, a technician, graduate students, and undergraduates. Research Scientist John Cooley is the leader of the GPS mapping project; he invented the automated GPS recorder; he built our crowd-sourcing website, and he is instrumental in public outreach. Postdoctoral research David Marshall also participates in the mapping project and leads the part of the research related to the mapping of stragglers. John and Dave and Technician Kathy Hill all study periodical cicada mating behavior and conduct mating and hybridization experiments. One of my graduate students Beth Wade has participated in the nymph collections and will soon start genetic work involving genome wide association mapping designed to locate genes related to life cycle. My graduate student Russ Meister is studying the genes of the bacterial endosymbionts of cicadas. My current undergraduate honors student Erin Dwyer is also studying the development of Magicicada nymphs and is helping to design a lab exercise for college students around the eastern US to do the same. Many of my past undergraduate students have studied the biochemical genetics and development of periodical cicadas. See the Simon Lab website.

CS: We are collaborating with Teiji Sota at the University Kyoto and Jin Yoshimura at Shizuoka University in Japan. They are studying the phylogeography of Magicicada. We are collaborating with John McCutcheon of the University of Montana who is studying the endosymbiont genomes.

CS: We are also collaborating with ecologists Rick Karban and Louie Yang, both professors at UC Davis who have an interest in cicada population dynamics and nutrient cycling in the ecosystem.

((WN)) You studied the periodical cicadas in 1979 and 1996 too. What changes with time?

CS: I have studied periodical cicadas since I was a student back in 1974. What changes with time is increased human development constantly shrinking the patch size of cicada populations.

((WN)) What are your thoughts on the long life span of the periodical cicadas? Why could it be so? What advantages and what disadvantages does it have?

CS: Most or all cicadas have long life cycles compared to your typical annual insect. Examples have been found of two-year to 9-year cycles in different species. Periodical cicadas evolved an even-longer life cycle and I think that part of this relates to the evolution of their synchronized life cycles and peculiar safety-in-numbers strategy for survival. To become synchronized, periodical cicadas had to evolve an exact length life cycle and all adults would have to appear in the same year. Because the nymphs grow at different rates underground, a longer life cycle and a way of counting years must have evolved so that the individuals that get to the last nymphal (underground juvenile) stage first would wait long enough for all other individuals in the population to become ready to emerge.

((WN)) News reports mention this is ‘Brood II’ of the periodical cicadas. What are the distinctive features of this specific species and what is its full scientific name?

CS: The same species exist in multiple broods. No species is restricted to Brood II. The three species present in Brood II are: Magicicada septendecim, M. cassini, and M. septendecula. These same three species are found in every 17-year brood (except the farthest north which only has M. septendecim).

((WN)) At what depth do the cicadas juveniles live underground?

CS: Most live within the top foot of soil but some have been found deeper. We do not know if they go deeper in winter. We need to do much more digging to understand the nymphs.

((WN)) How do people prepare for the cicada emergence?

CS: Of course various people prepare in different ways. Ideally, everyone prepares by studying information available on the web (especially on our websites Magicicada Central and Magicicada.org).

((WN)) Do cicadas affect transport in the local area?

CS: No, not really. Occasionally individuals can be seeing flying across highways and sometimes they smash into cars.

((WN)) Do cicadas usually stay outside or do they also invade houses too?

CS: They stay outside. One might accidentally fly in through an open window but that would be rare.

((WN)) What do the cicadas eat?

CS: Cicadas suck xylem fluid (the watery fluid coming up from the roots of plants) in deciduous forest trees and herbs. Essential amino acids in the cicada diet are supplied by their bacterial endosymbionts. There are two species of endosymbionts. One makes 8 essential amino acids and one makes two essential amino acids.

((WN)) Do cicadas damage crops or city vegetation? What damage?

CS: Cicadas do not chew leave so they do not damage crops like other insects. They can inflict some damage by their egg laying. Cicadas lay eggs in pencil-sized tree branches. If there are not enough branches available, too many female cicadas may lay eggs in a single branch weakening it and making it susceptible to breakage by wind. This can sometimes cause damage in fruit orchards. If the branches break, the eggs die so this behavior is selected against by natural selection.

((WN)) Thank you.

CS: You’re welcome. I am happy to have this opportunity to communicate with your readers!

Thursday, June 23, 2011

NASA’s Cassini–Huygens spacecraft has discovered evidence for a large-scale saltwater reservoir beneath the icy crust of Saturn’s moon Enceladus. The data came from the spacecraft’s direct analysis of salt-rich ice grains close to the jets ejected from the moon. The study has been published in this week’s edition of the journal Nature.

Data from Cassini’s cosmic dust analyzer show the grains expelled from fissures, known as tiger stripes, are relatively small and usually low in salt far away from the moon. Closer to the moon’s surface, Cassini found that relatively large grains rich with sodium and potassium dominate the plumes. The salt-rich particles have an “ocean-like” composition and indicate that most, if not all, of the expelled ice and water vapor comes from the evaporation of liquid salt-water. When water freezes, the salt is squeezed out, leaving pure water ice behind.

Cassini’s ultraviolet imaging spectrograph also recently obtained complementary results that support the presence of a subsurface ocean. A team of Cassini researchers led by Candice Hansen of the Planetary Science Institute in Tucson, Arizona, measured gas shooting out of distinct jets originating in the moon’s south polar region at five to eight times the speed of sound, several times faster than previously measured. These observations of distinct jets, from a 2010 flyby, are consistent with results showing a difference in composition of ice grains close to the moon’s surface and those that made it out to the E ring, the outermost ring that gets its material primarily from Enceladean jets. If the plumes emanated from ice, they should have very little salt in them.

“There currently is no plausible way to produce a steady outflow of salt-rich grains from solid ice across all the tiger stripes other than salt water under Enceladus’s icy surface,” said Frank Postberg, a Cassini team scientist at the University of Heidelberg in Germany.

The data suggests a layer of water between the moon’s rocky core and its icy mantle, possibly as deep as about 50 miles (80 kilometers) beneath the surface. As this water washes against the rocks, it dissolves salt compounds and rises through fractures in the overlying ice to form reserves nearer the surface. If the outermost layer cracks open, the decrease in pressure from these reserves to space causes a plume to shoot out. Roughly 400 pounds (200 kilograms) of water vapor is lost every second in the plumes, with smaller amounts being lost as ice grains. The team calculates the water reserves must have large evaporating surfaces, or they would freeze easily and stop the plumes.

“We imagine that between the ice and the ice core there is an ocean of depth and this is somehow connected to the surface reservoir,” added Postberg.

The Cassini mission discovered Enceladus’ water-vapor and ice jets in 2005. In 2009, scientists working with the cosmic dust analyzer examined some sodium salts found in ice grains of Saturn’s E ring but the link to subsurface salt water was not definitive. The new paper analyzes three Enceladus flybys in 2008 and 2009 with the same instrument, focusing on the composition of freshly ejected plume grains. In 2008, Cassini discovered a high “density of volatile gases, water vapor, carbon dioxide and carbon monoxide, as well as organic materials, some 20 times denser than expected” in geysers erupting from the moon. The icy particles hit the detector target at speeds between 15,000 and 39,000 MPH (23,000 and 63,000 KPH), vaporizing instantly. Electrical fields inside the cosmic dust analyzer separated the various constituents of the impact cloud.

“Enceladus has got warmth, water and organic chemicals, some of the essential building blocks needed for life,” said Dennis Matson in 2008, Cassini project scientist at NASA’s Jet Propulsion Laboratory in Pasadena, California.

“This finding is a crucial new piece of evidence showing that environmental conditions favorable to the emergence of life can be sustained on icy bodies orbiting gas giant planets,” said Nicolas Altobelli, the European Space Agency’s project scientist for Cassini.

“If there is water in such an unexpected place, it leaves possibility for the rest of the universe,” said Postberg.

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Saturday, May 28, 2005

California State Senator Joseph Dunn, school officials, and environmental professionals met with Kennedy Elementary School parents in a town-hall style meeting in Santa Ana Thursday evening. The parents aired their concerns over health issues at schools and workplaces, including a rash of leukemia cases in the student population, and began a dialogue they have been working toward for years.

Representatives of Markland Manufacturing and of AQMD also spoke at the meeting, explaining their positions. The outcome of the meeting was that Senator Dunn and members of the community will tour the Markland facility and meet with county officials, and another public meeting will be held in a couple of weeks.

Tuesday, September 12, 2006

Hurricane Florence was positioned at 35.8 N 63.9 W, at 11 p.m. EDT (UTC – 4 hr), with maximum winds blowing at 85 mph and gusts of up to 105 mph. The hurricane is moving in a north-easterly direction at 18 mph and is showing signs of weakening.

The government of Bermuda has discontinued the Tropical Storm warning it issued only after it blew away window panes, glasses and roofs. No deaths have been reported though there are reports of minor injuries. The hurricane has knocked out power supply to thousands of people.

The Bermuda Electric Light Company (BELCO) expects the restoration of supply to be complete in few days.

Thursday, October 22, 2020

2020 Melbourne Lord Mayor candidate Wayne Tseng answered some questions about his campaign for the upcoming election from Wikinews. The Lord Mayor election in the Australian city is scheduled to take place this week.

Tseng runs a firm called eTranslate, which helps software developers to make the software available to the users. In the candidate’s questionnaire, Tseng said eTranslate had led to him working with all three tiers of the government. He previously belonged to the Australian Liberal Party, but has left since then, to run for mayorship as an independent candidate.

Tseng is of Chinese descent, having moved to Australia with his parents from Vietnam. Graduated in Brisbane, Tseng received his PhD in Melbourne and has been living in the city, he told Wikinews. Tseng also formed Chinese Precinct Chamber of Commerce, an organisation responsible for many “community bond building initiatives”, the Lord Mayor candidate told Wikinews.

Tseng discussed his plans for leading Melbourne, recovering from COVID-19, and “Democracy 2.0” to ensure concerns of minorities in the city were also heard. Tseng also focused on the importance of the multi-culture aspect and talked about making Melbourne the capital of the aboriginals. Tseng also explained why he thinks Melbourne is poised to be a world city by 2030.

Tseng’s deputy Lord Mayor candidate Gricol Yang is a Commercial Banker and works for ANZ Banking Group.

Currently, Sally Capp is the Lord Mayor of Melbourne, the Victorian capital. Capp was elected as an interim Lord Mayor in mid-2018 after the former Lord Mayor Robert Doyle resigned from his position after sexual assault allegations. Doyle served as the Lord Mayor of Melbourne for almost a decade since 2008.