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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.

A compilation of brief news reports for Friday, December 12, 2008.

Bank of America has announced that it is planning to cut anywhere between 30,000 and 35,000 jobs over the next three years. This comes after the completion of its takeover of the company Merril Lynch.

The job reductions could affect around 11% of the combined workforce of both companies, which amounts to about 308,000 people. The cuts are aimed at saving US$7 billion of annual costs.

Sources

• “Bank of America cuts 30,000 jobs” — BBC News, December 12, 2008
• “Bank of America to cut up to 35,000 jobs” — NewsDaily, December 11, 2008

Meles Zenawi, the Prime Minister of Ethiopia, has told the parliament that African Union (AU) peacekeepers stationed in the east African country of Somalia want to leave the country by the end of the year.

They have requested that Ethiopian troops that are planning to leave the country at the end of the year to help them withdraw from Somalia’s capital of Mogadishu. There are some 3,200 troops from Uganda and Burundi covering sites in that city.

The withdrawal of the armed forces, however, could leave the area vulnerable to an insugent assault.

Sources

• “AU troops leaving Somalia – Meles” — BBC News, December 11, 2008
• “Ethiopia says AU peacekeepers want to quit Somalia” — stv.tv, December 11, 2008

The aeroplane manufacturer Boeing has announced that there will be another delay in the launch of its 787 “Dreamliner” aircraft. The postponement has been blamed on production problems and strikes by machinists.

The aeroplane’s first flight has been put off until the second quarter of 2009, and will not start shipping until a year later. This is the 787’s fourth delay, and the aircraft is already two years behind schedule.

Boeing suggests that its financial outlook for 2009 will affected by the postponement.

Sources

• “Boeing postpones Dreamliner again” — BBC News, December 11, 2008
• “Another 787 delay announced” — NWCN.com, December 11, 2008

Sunday, March 20, 2005

KYUSHU, Japan —

A powerful magnitude 7 earthquake rocked Japan’s southwestern island of Kyushu at 10:53 am local time today (0153 UTC), prompting the Japanese Meteorological Agency to issue tsunami warnings for the area. The tsunami warnings were canceled later in the day.

A 75-year-old woman was killed in Fukuoka city by a falling wall. At least 400 people were injured by the quake. Local Fukuoka Airport and high speed bullet trains in the area temporarily suspended operations to look for damage.

According to the agency, the epicenter of the earthquake was in shallow water in the Sea of Japan, off the north coast of Fukuoka Prefecture.

Small aftershocks continued throughout the day, with authorities advising that residents should be prepared for aftershocks of up to magnitude 6.

In the aftermath of the quake, people were quickly alerted to the state of the situation by television reports, telephone, and text-messaging systems.

Interviewed by telephone in Hitoyoshi, well inland from the epicenter of the quake, a local resident noted the severity of the quake was frightening, and left the elderly woman unable to remain seated on a chair. Shutting off gas was the first priority, with the local television coverage providing a quick status update for the situation, followed by an interruption by national emergency network coverage.

A foreign resident of Fukuoka city reported taking refuge under his desk for several minutes as books and ornaments fell from shelves. He prepared to evacuate to high ground in case of a tsunami, but news reports indicated little danger from a tsunami. He also reported that Japanese residents appeared unconcerned by the quake, with many strolling near Momochi beach shortly after the quake, showing little apparent concern.

In Tenjin, downtown Fukuoka, Fukuoka Building’s windows shattered, and the block was quickly cordoned off. In addition to Fukuoka Building, many other buildings and businesses remained closed to shoppers.

Wikinews contributor Oarih reports that a festive atmosphere pervaded the streets, however, as employees from Nishinihon Shimbun (a major Japanese newspaper) passed out one-page articles on the earthquake and curious onlookers investigated the damaged buildings and sidewalks. Many residents, relieved by the relatively low damage inflicted by the earthquake, started visiting pubs and restaurants at lunch for a celebratory beer. With train and subway services disrupted, queues over 100 people long formed at some Nishitetsu bus stops in Tenjin as dusk approached.

The penetration of modern text-messaging by the Japanese Keitai, the common Japanese cell phone system more prevalent than computer-based email, led to quick status checks on many family members located near the coast around Fukuoka, close to the quake’s epicentre. Wikinews contributor Oarih reports that cell phone service providers were swamped by the spike in use, however, and both voice and text services remained unreliable for much of the day.

Friday, January 4, 2008

A new study amongst doctors in the United States on the use of placebos—pills with no medical effect—shows that almost half of the questioned practitioners prescribe placebos, most of them within the last year.

The majority of 466 faculty physicians at Chicago-area medical schools interviewed by a research group of the University of Chicago stated that placebos are useful to calm a patient down or to respond to demands for medication that the doctor disagrees with, i.e. “to get the patient to stop complaining”.

96 percent of the physicians surveyed believe that placebos can have therapeutic effects. Close to 40 percent stated that placebos could benefit patents physiologically as well as mentally.

Twelve percent of surveyed physicians think that placebos should be banned from clinical practice. Among the doctors who prescribed them, one in five said they outright lied to patients by claiming a placebo was medication. But more often the physicians came up with ways to explain like that “this may help you but I’m not sure how it works.”

The American Medical Association (AMA), the largest association of U.S. doctors and medical students, tells its members that “[p]hysicians may use placebos for diagnosis or treatment only if the patient is informed of and agrees to its use.” The research, published in Journal of General Internal Medicine this week, is the first major U.S. study of doctors on the use of placebos since 1979.

Tuesday, May 2, 2006

An Armavia Airbus 320 passenger plane flying from Armenia‘s capital, Yerevan, to the city of Sochi in southern Russia has crashed into the Black Sea. The jet was found 6 km from the coast and carried a total of 113 people. Among the passengers were 8 crew and 6 children. Controllers lost contact with the plane at 0215 local time (Tuesday 2215 UTC).

Rescuers have found the corpses of a woman and a girl and another 12 body parts at the site of Wednesday’s crash of Armenia’s Airbus A-320 plane off Russia’s Black Sea coast, a spokesman for the Russian Prosecutor General’s Office told Interfax. Other reports say that at least 25 bodies have been found.

There were 77 Armenian citizens, 26 Russian citizens, 1 Ukrainian and 1 Georgian citizen on board of the Armenian air liner, Armenian Civil Aviation Department head Artyom Movsisian told on a news conference.

“Most of the Russian citizens are of Armenian origin,” Movsisian said.

“Rescue efforts are being hampered by deteriorating weather conditions, heavy rain and rough seas,” a spokesman for the Russian Emergency Situations Ministry said.

“The fragments were found six km (3.7 miles) from the shore near the airport of Adler. The search operation continues,” said Beltsov. The location of the crash site has been ascertained by a numerous fragments and life vests, and a large oil slick.

“The only thing [we] know is that when the crew asked for permission to land, the air controller in Sochi responded that bad weather meant this was not yet possible,” Gayane Davtyan, head of Armenia’s civilian aviation authority said. “Contact with the crew was lost at 600 meters, when the plane went to circle for a second time.”

The cause of the tragedy remains unclear, but the investigators are pursuing two main versions: bad weather conditions and poor maintenance.

The Russian Prosecutor General’s Office believes terrorism can be ruled out as a factor in the A-320 plane crash near the Russian Black Sea resort of Sochi on Wednesday morning.

“We don’t have any information that could indicate a possible terrorist attack on board the plane,” Russian Deputy Prosecutor General Nikolai Shepel told Interfax on Wednesday.

An official from the regional department of the Emergency Situations Ministry in southern Russia said “apparently there were malfunctions on board, as the pilots were making another attempt to land at the Adler airport.”

“The plane was in an ideal technical condition, the crew was well qualified,” said the airline’s deputy commercial director, Andrei Aghajanov. The cause of the crash is under investigation.

In the area where the plane crashed, more rain is expected in the next hours and the water temperature is currently between 8 to 10 degrees celsius.

The Russian and Armenian presidents have announced on Wednesday that Friday, May 5th, would be a day of mourning in remembrance of the 113 people that died in the crash.

The worst crash involving an two-engine A-320, which was first built in 1984 and remains the most popular Airbus on the market, occurred in August 2000, when a Gulf Air plane crashed off Bahrain on a flight from Cairo, killing all 143 people on board. The Airbus A320 is a short-to-medium range commercial passenger aircraft and a total of 328 people have been killed in earlier A320 accidents.

About 20 boats and a Be-200 amphibious aircraft are involved in the recovery operation, emergency services said, adding that two more Be-200s would fly to the scene if necessary. A group of rescuers from the Russian emergency ministry is expected to fly to the crash site in the next few hours.

Friday, November 13, 2009

Italian goalkeeper Carlo Cudicini has been seriously injured in a motorcycle accident in London. The player, who plays for Tottenham Hotspurs, was involved in a collision with a car at 10:30 GMT. The football club reported that he has fractured his wrists and injured his pelvis.

A spokesperson for the Metropolitan Police released a statement saying “A 36-year-old male suffered injuries described by the London Ambulance Service as possibly life-changing and was taken to Whipps Cross Hospital for further assessment and treatment”. No arrests have been made.

Cudicini crashed his motorcycle into a Ford Fiesta with a female driver and a child passenger. Neither the driver or passenger were injured in the accident.

Cudicini is the son of former AC Milan goalkeeper Fabio Cudicini. During his career he has played for Lazio, AC Milan and Chelsea. He played for Chelsea for 10 years until he was transferred to Tottenham in January. He made one appearance for the Italian national team.