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.

Friday, January 21, 2022

The American Museum of Natural History in New York City removed a statue of the 26th President of the United States, Theodore Roosevelt, on Thursday following over a year of controversy. The statue, officially the “Equestrian Statue of Theodore Roosevelt,” depicts Roosevelt riding a horse flanked by a Native American and an African American at either side on foot.

The statue had stood at the steps of the museum since 1940 as a tribute to the former president who the museum notes “as a devoted naturalist and author of works on natural history”.

The museum requested the statue be removed in June 2020 following global protests over the killing of George Floyd in Minneapolis. The museum said: “the statue itself communicates a racial hierarchy that the Museum and members of the public have long found disturbing.”

The request for removal was supported by former New York Mayor Bill de Blasio, Roosevelt’s great-grandson Theodore Roosevelt IV and the New York City Public Design Commission (NYCPDC). The NYCPDC resolved to remove and temporarily store the statue.

The New York Young Republican Club has defended the statue. Club leader Gavin Wax told Fox News in 2020: “this was about a cultural revolution engulfing our nation. We need to stand up, we have history on our side.” In November, it was announced that the statue would be moved to the Theodore Roosevelt Presidential Library in Medora, North Dakota.

Friday, March 3, 2006

The San Jose, California fire department and Hazardous Materials crews today responded to a chemical emergency at a JDS Uniphase manufacturing facility. The incident, at 80 Rose Orchard Drive, off North First St., sent between 15 and 17 people, including two firefighters, to the hospital with symptoms and for observation.

Those exposed to the hazard reported a smell of “burnt rubber”, along with symptoms of eye and throat irritation.

Over 48 others were held in a nearby building while the incident was assessed. Rose Orchard Way was closed for much of the day while emergency crews responded. Estimates put the incident at about 10 a.m. (1800 UTC).

As of 6 p.m. television news reports, authorities still had not determined the source or nature of the chemical, but said neighboring buildings were not in danger.

JDS Uniphase manufactures fiber optic communications and test equipment, and was formed from a merger of JDS FITEL and Uniphase Corporation in 1999.

Wednesday, March 30, 2005

A Knoxville, USA woman has sold her name on eBay and received an offer. Terri Iligan, age 33, will legally be named “goldenpalace.com” after the required legal work is complete.

The casino owning the website paid $15,199 over the eBay auction service.

She said that she got the idea when trying to find how much it would cost to send one of her children to a golf school previously attended by Tiger Woods.

In an interview by Knoxville TV station WATE, she said, “To my kids and to my husband, I will always be Terri.” As to the opinion of her husband and children, she said, “He thinks it’s funny. As long as they get to call me mom, they don’t care.”

Monday, November 2, 2020

The following is the sixth and final edition of a monthly series chronicling the 2020 United States presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

This month’s spotlight on the campaign trail: the Free and Equal Elections Foundation holds two presidential debates, three candidates who did not participate in those debates give their final pleas to voters, and three political pundits give their predictions on the outcome of the election.

Sunday, July 5, 2009

The United Kingdom’s Serious Fraud Office is to launch an investigation into the collapse of car manufacturer MG Rover. The move follows the conclusion of a four-year enquiry started immediately after the firm became insolvent.

The group of four who owned MG Rover — John Towers, Nick Stephenson, Peter Beale and John Edwards — have been accused of asset stripping. The quartet, known as the Phoenix Four, paid a symbolic £10 (approximately €15) for Rover in 2000. At that time the company received an interest-free loan from former owner BMW for £427 million (approximately €700 million) and came with a large amount of unsold stock.

Between then and Rover’s April 2005 bankruptcy, by which time there were unpaid debts of £1 billion (approximately €1.5 billion), the Phoenix Four had removed an estimated £40 million worth of assets including pensions and salaries. An enquiry was launched by ministers that was expected to take a year, but the final report was not delivered to business secretary Lord Mandelson until three weeks ago.

The government used taxpayer’s money to fund a £6 million loan to MG Rover and attempted to negotiate a deal with a Chinese company, but these efforts failed. MG Rover’s collapse caused the loss of an estimated 15,000 jobs, including with various suppliers. A former MG Rover factory does still build a small number of MG sports cars in Longbridge by Shanghai Automotive Industry Corporation, who bought most of the designs.

The Phoenix Four released a statement criticising the criminal investigation. “There has never been any suggestion of improper conduct by the directors and this was confirmed in a report by the administrators PWC six months after they took over the running of the company. Four years on, any suggestion [of] another further investigation is frankly ridiculous and smacks of kicking this issue into the long grass. If the government has been so concerned to get to the heart of the matter why has it flatly refused more than 30 requests under the Freedom of Information Act which would have revealed correspondence and documents the directors believe would have shed some light on the government’s role in the affair?”

Friday, March 9, 2012

On Super Tuesday, Samuel Joseph Wurzelbacher, known more commonly as ‘Joe the Plumber’, won the U.S. Republican Party primary for Ohio’s 9th congressional district, which represents Toledo. He defeated real estate agent Steve Kraus, 51 percent to 48 percent, and will now face incumbent Democratic Representative Marcy Kaptur, who has held the seat since 1983.

Wurzelbacher received notice during the 2008 presidential election, when he asked a question about taxes to future president Barack Obama. Obama, who at the time was the Democratic Party presidential nominee, famously responded, “when you spread the wealth around, it’s good for everybody.” After this, Republican presidential nominee John McCain used Wurzelbacher as a representation of the average American worker, and attacked Obama’s response as socialist.

Following the exchange, students from the University of Massachusetts tried to draft Wurzelbacher to run against Kaptur in the 2010 congressional race, calling on him to “Plunge the crap out of Washington.” He initially expressed interest, but at that time did not run. In 2011, though, he announced his candidacy for 2012.

In the Republican primary, Wurzelbacher out-raised his opponent $60,000 to $10,000 and benefited from the endorsement of former 2012 Republican presidential candidate Herman Cain. Wurzelbacher said of partisanship, “Democrat, Republican…it’s something that the media uses to try to divide us as Americans…I’m not working for the Republican Party or Republicans, I’m working for the American people, and that includes all of us.”

In the Democratic primary, Kaptur defeated Representative Dennis Kucinich, who challenged her after his district was redrawn. Kaptur argues that Wurzelbacher is “going to have his own issues dealing with the electorate as he moves forward…I think the nature of the District is quite different than his value set.”

Wurzelbacher concedes that he lives in a largely Democratic and pro-Union community, but says the people are “all really good friends of mine…we agree on a lot of things, and ultimately what it comes down to [is] we want jobs, we want security, we want stability.”

Friday, February 17, 2006

Buffalo, New York —Savarino Construction Services Corp. has proposed a $7 million hotel project at the Forest and Elmwood Avenue intersection, according to The Buffalo News. The proposal calls for a 5-story, 45,000 square-foot 80-room hotel with underground parking for at least 50 vehicles, and 4,500 square-feet of retail space on the lower level.

Hans Mobius, the owner of the five properties to be purchased in the plan (1109 to 1121 Elmwood), reportedly signed a contract with Savarino to assemble the development.

“We saw a huge opportunity to bring something to the Elmwood Village that will make sense and bring a service that’s currently not available,” said Eva Hassett, vice president of Savarino. “Elmwood is such a wonderful place to eat, shop, walk and spend time. We believe this project will add to that vibrant environment.”

Some business owners in the area see it differently. Wikinews interviewed 2 of the 4 owners whose business’s would be demolished if the development goes through.

Nancy Pollina, of Don Apparel at 1119 Elmwood, who found out about the development only yesterday, said she is “utterly” against the proposal. Her apparel shop has stood at the same location for nearly 14 years. She has volunteered in the community, and helped create several gardens around bus shelters in the city, and served on Forever Elmwood Board for six years as head of Beautification. Patty Morris co-owns Don Apparel with Pollina.

“To say this is a good looking project, I want to say the emperor has no clothes. This [project] does not take into consideration the needs of the college students. I have been told by college students, these shops here, are the reason they leave the campus,” said Mrs. Pollina.

Buffalo State College is 500-feet from the intersection.

Michael Faust, the owner of Mondo Video said, “Well, I do not really want to get kicked out of here. The landlord was very open, and the deal he made with me when I moved in here was ‘the rent is cheap and I [the landlord] will not fix anything and that will not change.'” Faust said he first learned of the development plan, “about 48 hours ago. I found out on Tuesday when the Buffalo News called and asked for my opinion on this.” Faust has not said if he will make plans to relocate. “We have to see if this [house] is going to get knocked down first,” said Faust.

An “informational” meeting, where citizens can voice opinions and learn about the proposal, will be held on Tuesday February 21, 2006 at 5:00pm (eastern), at the Burchfield-Penney Art Center Gallery at Buffalo State College, Rockwell Hall.

Executive director of Forever Elmwood Corporation, Justin P. Azzarella would not comment on whether or not the organization supports the development, saying, “you will just have to come to the meeting.”

Forever Elmwood Corp. is designed to preserve and protect the unique and historic nature of Elmwood Avenue and its surrounding neighborhoods and encourage neighborhood commercial revitalization. The organization was founded in 1994.

Nearly two years ago, the Forever Elmwood Corp. assisted in the blocking of the demolition of the Edward Atwater house at 1089 Elmwood next to Pano’s Restaurant which is at 1081 Elmwood. Owner Pano Georgiadis wanted to expand his restaurant onto the property where the house now stands, but the Common Council denied his permit to demolish saying the house is a historical landmark and needs to be protected. Georgiadis, who has a bleeding ulcer, said that all the court cases landed him in the hospital. “I got a bleeding ulcer, and since then, I don’t care about this house anymore, or this city. I just go to work every day. I think [preservationists] are parasites,” said Georgiadis.

Georgiadis will not be attending Tuesday’s meeting saying, “I will be out of town.”

In 1995 Hans Mobius proposed a plan to develop a Walgreens, that was to be placed in the same location, but residents and business owners shot down the proposal. Walgreens eventually withdrew its request for a variance after pressure from the community.