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, March 15, 2006

Washington, D.C. — When you mix a shopping cart, six team members, bar hopping and bonus points for schmoozing bar hostesses and sabotaging your enemies, you get the annual Washington, D.C. Idiotarod race. On Saturday, this bizarre fund raising event, which originated in San Francisco 13 years ago, pitted teams of “sleds” together to race from bar to bar in Washington, D.C.’s fashionable Dupont Circle and Adams Morgan neighborhoods. Each “sled” consists of a “borrowed” shopping cart and six human dogs to pull the cart. Points are given for originality, the best time and best sabotage of another sled.

The race is held to benefit the Arlington Food Assistance Center and is organized by Ellen Shortill and Kristen Heatherly. Their organization, called “SMASHED” or “Society for Mature Adults Seeking to Help, Entertain and Donate”, takes the position that donating small amounts many times ultimately benefits the smaller charities. Said Shortill, “Our goal is simply to have fun and raise money for those charities that don’t really get any attention.”

The race this year consisted of 22 teams. Although team “Save NOLA” got to the last bar first, teams can win bonus points for (among other things) flirting with bar hosts and hostesses at any of the five bars along the route. The route is approximately 3 miles long, and each team is required to spend at least 20 minutes in each bar. Heatherly noted that “it doesn’t matter who got here first, ultimately its the team with the most credits and the best time that wins.”

Unique among the participants are brothers Pete and Chris Magnuson who are attempting to get on the 10th edition of Amazing Race on CBS. Their team called “Pick Pete and Chris” ran through the streets with t-shirts hawking their website and their fervent desire to be chosen for the next edition of the television show.

“Its not really about who wins, its that we get to have a blast and raise some money,” said Shortill. The charity event raised about $500 and various canned goods for the food pantry.

Friday, January 28, 2005 Ted Turner, the founder of CNN, last Tuesday accused Fox News of being a propaganda mouthpiece for the Bush administration. He likened the network’s current popularity to Adolf Hitler’s rise to power in pre-war Germany, and criticised the “dumbing down” of news which left the public uninformed of crucial issues.

Turner said, “Adolf Hitler was more popular in Germany in the early 1930s than people that were running against him.”

Fox News in turn accused CNN of simple sour grapes.

In a statement, the channel claimed that Ted was “understandably bitter having lost his ratings, his network and now his mind – we wish him well.”

Turner resigned from his post as Vice President of AOL Time Warner in January 2003. He remains one of America’s largest private landowners, possessing approximately two million acres of land.

Fox News remains the highest rating 24-hour news channel on US cable – but has been highly criticised for its perceived right-wing bias.

Recent House Committee on Government Reform figures by the US Democrats show that the US Administration spent over $US88 million on public relations contracts in 2004, of which 41 per cent were awarded on a non-competitive basis.

Friday, October 10, 2008

The head of the World Trade Organization, Pascal Lamy, has called for a meeting to assess the trade finance situation, including the impact on developing countries. The meeting, which is schedule for November 12, will allow credit institutes and government officials to review the current trade credit situation.

“A number of WTO members, in particular developing countries, have flagged the problems they are facing in arranging trade financing,” wrote WTO Director-General Lamy.

“The purpose of our next meeting will be to review how the international market for trade-financing is faring in view of the current very difficult conditions on international financial markets,” he continued.

Credit is vital to trade with around 90 percent of the US$14 trillion in world trade financed by credit. While this market has done well compared to other credit markets, bankers are suggesting that problems might occur shortly. Rates on these trade loans have increased by 3 percent.

Developing countries have seen several recent years of positive growth but the effects of the global financial crisis on these countries have pushed growth levels down.

Lamy has asked that the heads of the World Bank, International Monetary Fund, and other regional development banks to attend. He also invited the five leading commercial banks in trade finance: Citigroup, Commerzbank, Royal Bank of Scotland, JPMorgan Chase, and HSBC.

Lamy also said that work on the Doha Development Round of trade is continuing but did not say if it would be finished this year.

Saturday, January 15, 2005

United States – “IBM hereby commits not to assert any of the 500 U.S. patents listed below, as well as all counterparts of these patents issued in other countries, against the development, use or distribution of Open Source Software.” [1]

So begins the pledge IBM has made to “any individual, community, or company” writing or using software defined as “open source” by the Open Source Initiative (OSI).

The patents include software for text recognition and database management.[2]

“True innovation leadership is about more than just the numbers of patents granted. It’s about innovating to benefit customers, partners and society”, said Dr. John E. Kelly, IBM senior vice president, Technology and Intellectual Property. “Our pledge today is the beginning of a new era in how IBM will manage intellectual property.” [3]

“This is not a one-time event”, said Dr. Kelly. “While IBM will continue to demonstrate leadership in patent output, through measures such as today’s pledge, we will increasingly use patents to encourage and protect global innovation and interoperability through open standards and we urge others to do so as well.”

Lawrence Lessig, law professor at Stanford Law School and free software proponent commented: “This is exciting. It is IBM making good on its commitment to encourage a different kind of software development and recognizing the burden that patents can impose.” [4]

Not all are confident of IBM’s motives, though.

Florian Mueller, campaign manager of anti-patent website, NoSoftwarePatents.com, accused IBM of hypocrisy because of lobbying in the European Union to push through the Computer Implemented Inventions Directive.

“IBM is just being hypocritical because they want to appease the open source community and make themselves popular,” said Mueller.

“In Europe, IBM is a driving force behind the extension of the scope of patentability with respect to software. If IBM wants to assume the role of a post-Christmas benefactor, they’d better stop their aggressive patent lobbying in the EU and their shameless squeezing of small and medium-sized companies with its patent portfolio.” [5]

Monday, March 2, 2009

According to officials, João Bernardo Vieira, the president of Guinea-Bissau, was shot to death on Monday in his palace by renegade soldiers.

“President Vieira was killed by the army as he tried to flee his house which was being attacked by a group of soldiers close to the chief of staff Tagme Na Waie, early this morning,” Zamora Induta, a military spokesman, said to Agence France-Presse, insisting that “this was not a coup d’etat.”

“We reaffirmed our intention to respect the democratically elected power and the constitution of the republic,” he said. “The people who killed President Vieira have not been arrested, but we are pursuing them. They are an isolated group. The situation is under control.”

Induta also said that the president was “taken down by bullets fired by these soldiers,” and that afterwards they looted his home. “They were taking everything they could carry, his personal belongings, the furniture, everything,” Induta said.

The assassination is believed to be a revenge for a bomb blast that killed one of Vieira’s rivals, the army chief of staff General Batista Tagme Na Waie, just a few hours earlier.

The constitution says that the nation’s parliament chief, Raimundo Pereira, is to succeed Vieira in the case of his death.

Jean Ping, the chief executive of the African Union, said that the assassination of the president was a “criminal act”.

Guinea-Bissau, located on the western coast of Africa, has had a history of coups, and is one of the world’s poorest countries. It is notorious as being a transit point for the cocaine trade between Europe and South America.

João Bernardo Vieira, born in 1939, came to power in Guinea-Bissau during a coup in 1980, but was forced out in 1999 when a civil war started. In 2005, he returned from his exile in Portugal to participate in the nation’s elections, and won the vote.

Thursday, September 5, 2013

Local residents of Dungog, a small country town in New South Wales (NSW), Australia, held a celebratory nature walk on Sunday after they received assurance that their local forest was deemed worthy of “enduring protection.” Previously, a proposal before the NSW government to log over one million hectares of protected national park forests had caused alarm among nature conservationists.

To celebrate the continued protection of national parks in NSW, a free guided walk was held on Sunday in the Black Bulga Range Conservation Area. This family-friendly nature ramble meandered along the mountain’s ridge, with locals enjoying the forest, sharing a cup of billy tea and knowledge about the local forest’s ecology and history. The physical presence of the locals in the forest demonstrated their continued use of this area and the importance of national parks for the community.

Since early 2012, the possibility of logging for commercial timber in NSW national parks had been emerging. A state government inquiry on the management of public land in NSW received submissions and evidence from both the Australian and NSW Forest Products Associations (FPA). The FPA’s recommendation to “tenure swap” between national parks and state forests in order to sustain the timber industry were included in the final governmental report.

The process began in April 2012 when the NSW Legislative Council —the upper house of the parliament of NSW— established an inquiry into the management of public land in New South Wales, conducted by the General Purpose Standing Committee No. 5. According to a media release from the Legislative Council at the time, the primary purpose of the inquiry was to “scrutinise the management of the State’s public land and review the process and impact of converting Crown Land, State Forests or agricultural land into National Park estate.”

By August that year, the committee had received a recommendation from Mr. Grant Johnson of the Australian Forests Products Association for the “re-introduction of harvesting activities in forest areas previously set aside for conservation.” The following month, Mr. Johnson and Mr Russell Alan Ainley, Executive Director, NSW Forest Products Association, were invited before the committee. At this hearing, the chair, Mr. R. L. Brown, member for the Shooters and Fishers Party, asked Mr. Ainley for “a calculation of the area currently in [national parks] reserve that would need to be returned [to state forest] to be available for timber extraction”. In response, Mr. Ainley suggested “a little more than one million hectares.”

On May 15, the NSW Legislative Council published a Final Report on the management of public land in New South Wales. Among its key recommendations was that “the NSW Government immediately identify appropriate reserved areas for release to meet the levels of wood supply needed to sustain the timber industry, and that the NSW Government take priority action to release these areas, if necessary by a ‘tenure swap’ between national park estate and State forests. In particular, urgent action is required for the timber industry in the Pilliga region.”

A “tenure swap” would reserve areas of NSW state forest where logging is now allowed, in exchange for opening areas of national parks for logging.

Environment groups such as The Nature Conservation Council of NSW and The Wilderness Society announced that these government documents signaled an immediate threat of logging in national parks in NSW. This information raised concerns of other community and activist groups because logging is not conducted in national parks in Australia. According to the NSW Department of Environment, Climate Change and Water, a national park is an area designated to “protect Australia’s plants, animals, ecosystems, unique geology and Aboriginal and non-Aboriginal cultural connections to the land.”

The Black Bulga State Conservation Area was one of many parks listed by the environment group Save Your National Parks as potentially vulnerable for “tenure swap”. This forest covers 1554 hectares and connects Dungog Shire to the World Heritage listed Barrington Tops National Park, part of a green corridor from the ocean to the mountains.

Residents living near the forest were concerned by the proposal for logging in their area. A local information day held in June, at the Settlers Arms, Dungog, motivated local action. As a consequence of the event, over forty hand-written letters were posted to the Premier and local MPs. In a recent reply from the NSW government, the Minister for the Environment, Robyn Parker, stated: “The Government does not support commercial logging in national parks and reserves, including Black Bulga State Conservation Area, and has no plans to allow it. The NSW Government recognises that our national parks and reserves are special and unique places that deserve enduring protection. The Government is committed to their important role in conserving native flora and fauna and cultural heritage, and to improving community well-being through increased opportunities for recreation and tourism”.

As reported in the Dungog Chronicle, Jo New of the Black Bulga Range Action Group was thrilled by the government’s response to a community-driven campaign. “It goes to show what a wonderful impact local people can have after they do something simple, like posting a letter”.

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.