Author: Admin

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.

Monday, September 5, 2011

According to United States diplomatic cables passed to WikiLeaks, Mayawati, Chief Minister of the Indian northern state Uttar Pradesh, made use of her private jet to have sandals collected from Mumbai.

Mayawati, a member of the Bahujan Samaj Party (BSP) – which claims to follow a Dalit Socialism ideology – self-identifies as a Dalit. The Dalits are largely those traditionally regarded as Untouchables within Indian society.

One cable, named “Portrait of a Lady”, recently published by WikiLeaks describes the 55-year-old Mayawati as, “a first-rate egomaniac who is obsessed with becoming prime minister”.

“When she needed new sandals, her private jet flew empty to Mumbai to retrieve her preferred brand,” a cable dated October 23, 2008 states; adding, the chief minister is paranoid about her security and fears assassination, employing food tasters to guard against poisoning. The US embassy documents state Mayawati celebrates her birthday each year by receiving millions of dollars in gifts from party members, civil servants and business people whilst officials vie for a chance to feed her cake. An account of Mayawati making a state minister do sit-ups in front of her as punishment for a minor protocol error is included.

Further allegations report a cost of $250,000 to run as a parliamentary candidate for the BSP headed by Mayawati; this allegedly due to institutionalised corruption. “She constructed a private road from her residence to her office, which is cleaned immediately after her multiple vehicle convoy reaches its destination,” the cables claim.

Mayawati, often referred to as the “Dalit Queen”, has been criticised many times, notably for the building of numerous statues of Buddhist and Dalit icons, and of herself.

The single, ex-school teacher, has as-yet not responded to the allegations made in the newly published cables.

Friday, September 27, 2013

Tuesday, World Bank released the 2012 World Development Report on Gender Equality and Development. The United States is referred to many times, often as a benchmark to foster understanding of recent gains for women in other parts of the globe. At the same time, United States women still lag behind US men in a number of areas.

In 2012, the authors note women in the United States still face challenges economically and socially. They are represented disproportionately in certain professions like teaching and nursing. They are paid less than their male counterparts. Jobs traditionally held by women also result in lower wages for men who hold these jobs. They are under-represented at the highest level of business, with only 28 of Fortune 1000 companies having a female chief executive officer. The bottom 20% of women economically have a slightly higher birth rate than their peers in the top 20%.

Immigrants to the United States from Southeast Asia and India have higher than expected male to female birth ratios, which the report authors suggest is partially deliberate sex selection based on cultural attitudes from home countries. In 2009, over half a million US women were victims of intimate partner violence. The report suggests US men have greater pension assets than US women. When compared to elderly US men, elderly women in the United States are more likely to live alone than with a spouse. US women are disproportionately under-represented in local police forces, accounting for less than 20% of all police officers. Women in the United States also bear a higher percentage of housework duties than men at 61%. When US women take part time work while raising children, they find it difficult to use that work experience to gain future full time employment. US women are disincentivized from re-entering the workforce after giving birth because of the high cost of childcare.

Many of the gains for United States women took place a while ago and took a long time to get. It took 40 years, 1870–1910, to see major improvements in the percentage of girls aged 6 to 12 attending school. In 1921, after women got the right to vote in the United States, the United States Congress passed the Promotion of the Welfare and Hygiene of Maternity and Infancy Act. This assisted in lowering infant mortality from 23% to 15%.

The report says affirmative action in the United States resulted in jobs transferring from men to women, but the authors hedged and did not draw a conclusion about the economic impact of these legislative efforts other than to say the impact was not negative.

Many of the legislative victories for United States women came early compared to developing countries. Property rights for women, while later than some of their European counterparts like Norway and the United Kingdom, started to come by 1848. That year, the Married Women’s Property Act was passed in New York. It was the first legislation of its kind in the country. Other states soon followed. Women got suffrage on a state-by-state level in the country until they got federal suffrage in 1920. Title VII of the Civil Rights Act of 1964 barred discrimination against women and allowed married women to make loans without their husband’s consent. In 1980, airlines were barred from discriminating against flight attendances for their marital status during the hiring and firing stage.

The number of United States respondents agreeing with the proposition “a university education is more important for a boy than for a girl” decreased from about 14% in the period between 1994 and 1999 to about about 9% in the period between 2005 and 2007. Similarly, the number of people who agreed with “when jobs are scarce, men should have more right to a job than women” decreased from 19% to about 8% over the same period.

The report cites current research from the United States and England showing the more education a mother has, the better the outcomes for her children will be.

Currently in the United States, females academically outperform their male counterparts in all academic areas including [[mathematics|math] and science. On the Programme for International Student Assessment math test though, US boys tested better than US girls by a score of roughly 495 to 480. US girls outperform boys on the literacy test with mean scores of approximately 510 to 490. In this regard, the report suggests US girls’ performance patterns resemble global ones.

Mali’s percentage of girls in primary school is equivalent to the United States in 1810 at around 34%. Burkino Faso is worse, matching the United States in 1780 with a percentage of roughly 25%. Niger’s current enrollment for girls is around 50%, around the same percentage as the United States in 1900.

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.

Tuesday, June 2, 2009

American Secretary of Energy Steven Chu is cutting US$100 million dollars from hydrogen fuel cell vehicle research and diverting the remaining $69 million to hydrogen fuel cell research for household current.

Former president George W. Bush advocated the zero-emission vehicles and launched $1.2 billion for hydrogen fuel cell research over a number of years.

President Barack Obama is proposing a “corporate average fuel economy,” or CAFÉ, placing standards for gas mileage at 39 miles per gallon for cars and light trucks at 30 mpg.

“The probability of deploying hydrogen-fuel-cell vehicles in the next 10 to 20 years is low.” said Tom Welch of the U.S. Department of Energy. “We asked ourselves, ‘Is it likely in the next 10 or 15, 20 years that we will convert to a hydrogen car economy?’ The answer, we felt, was ‘no,'” said Chu.

In response, the U.S. Fuel Cell Council and the National Hydrogen Association said, “The cuts proposed in the DOE hydrogen and fuel-cell program threaten to disrupt commercialization of a family of technologies that are showing exceptional promise and beginning to gain market traction. Fuel-cell vehicles are not a science experiment. These are real vehicles with real marketability and real benefits. Hundreds of fuel-cell vehicles have collectively logged millions of miles.”

“I just got the Clarity, which is a wonderful hydrogen vehicle,” said Governor Arnold Schwarzenegger. He lent his car to The Hydrogen Road Tour.

On Tuesday, The Hydrogen Road Tour began in Chula Vista, California. Twelve hydrogen fuel cell cars by seven auto makers will arrive in Vancouver, British Columbia June 3 for the Hydrogen + Fuel Cells 2009 conference, a global hydrogen and fuel cell event. “The point really is to raise awareness about fuel celled vehicles and hydrogen, their benefits both to energy efficiency and the environment as well as to consumers because we really believe these vehicles are going to be a market winner,” said Catherine Dunwoody, the Executive Director of the California Fuel Cell Partnership.

The Hydrogen Fuel Cells 2009 conference began June 1. “Our global environmental challenges, such as climate change, do not stop at the border,” ” said John Tak, conference Chair, “I am pleased that scientists, engineers, government representatives and businesspeople from more than 35 countries are coming to Vancouver, an active hub for hydrogen and fuel cell development, to help create solutions to these challenges.”

The Ohio Fuel Cell Symposium was held in North Canton, Ohio on Wednesday and Thursday. “The hydrogen and fuel cell industries are at a stage where they have the momentum and energy to accomplish some truly revolutionary things in terms of how they apply their technologies,” said William Whittenberger, president of Catacel Corp. These fuel cells produce electricity and exhaust carbon dioxide and water.

A hydrogen powered municipal street cleaning vehicle is currently being tested for the next year and half in Basel, Switzerland. “Our aim is to take fuel cell technology from the laboratory onto the street,” said Empa’s Internal Combustion Engines Laboratory Project Leader Christian Bach.

Dan Lutz, the fleet manager for the Beloit, Wisconsin public works department, experimented with retro-fitting his personal truck. The department now has a large pickup truck, a garbage truck, a recycling truck, a police squad car and a small pickup truck using hydrogen technology increasing gas mileage from 14 to 22 and 31 mpg. “We know the basic technology works, but the issue is, is it practical,” said City Manager Larry Arft, “Can it be used realistically?”

The drawback is that the technology may rely on platinum, a rare metal, or palladium. Infrastructure would need to be changed to supply hydrogen fueling stations. Critics are also concerned about hydrogen fuel storage and the costs of retro-fitting existing vehicles.

Friday, April 7, 2006Legislators in the Massachusetts General Court, their name for the state legislature, approved legislation on Tuesday, April 4, that would make it the first state in the United States to require all residents to have health insurance and impose penalties for non-compliance. Massachusetts Governor Mitt Romney, a Republican who is expected to run for U.S. President in 2008, is expected to sign the bill.

The bill passed the lower house, the Massachusetts House of Representatives by a vote of 155-2, and unanimously by the state senate. The Democratic Party holds supermajorities in both houses of the legislature.

Among the bill’s provisions are these:

1. Businesses that employ more than 10 people are required to provide health insurance for all staff or face fines of $295 per year per uninsured worker.
2. Individuals will be required to enroll in a health plan by July 1, 2007, or face tax penalties.
3. Health insurers will provide partially to fully subsidized coverage for low-income residents.

At least one other state (Hawaii) requires employers to provide employee health insurance, but no other state holds individuals accountable for coverage.

Monday, February 27, 2006

Buffalo, New York —Wikinews was the first to tell you that the Elmwood Village Hotel development in Buffalo, New York was to undergo “significant changes”.

The Elmwood Village Hotel is a proposed project that would be placed at Elmwood and Forest Aves. in Buffalo. In order for the development to take place, at least five buildings that house both businesses and residents, must be demolished.

To confirm and to get more information about the changes, Wikinews interviewed Eva Hassett, Vice President of Savarino Construction Services Corporation, the development company in charge of building the hotel.

Wikinews: The hotel proposal is being redesigned. Could you comment on that? What changes are being made? Are they significant?

Eva Hassett: The hotel has been resized as a 72-room, four story building. This is 10% smaller in number of rooms and a full story lower. We are also redesigning the facades in a way that will minimize the mass – more of a vertical feeling than horizontal. Different materials, windows, details. The smaller size of the hotel also makes the number of on-site parking spaces more appropriate and hopefully represents less of a challenge to an already difficult parking situation.

WN: Will you still be going before the city’s planning board as scheduled on February 28? Same for the Common Council?

Hassett: We will be on the Planning Board agenda this Tuesday morning but I do not expect that the Board will vote on the item that morning. I think we will be mainly explaining the new design and hearing input/questions.

WN: Will there be anymore public meetings?

Hassett: We would be happy to do one more big public meeting. We will be talking to Forever Elmwood about that on Monday (February 27, 2006). We would like to see if there is support for the new design and we also want to honor the public’s request for another meeting. I am hopeful that meeting can take place the week of March 6th.

WN: Is Savarino considering Mr. Rocco Termini’s design/proposal? If no, do you (Savarino) support/oppose?

Hassett: We are hopeful that we can build the hotel as redesigned. We think it would be a great addition to the Elmwood Ave. area, a good way for out-of-towners to see what Buffalo offers and a big help to the businesses there.

WN: Are you considering more time for the community to make a judgment?

Hassett: As I mentioned above, we expect to have one more meeting to get public reaction to the new design, and I think the Planning Board may want an additional meeting to make their determination. We do however, have constraints that will limit the amount of extra time. We still think it is a great project for the City and Elmwood; and we still want it to be something that the community wants as well.

So far, the City of Buffalo’s City Planning Board is still scheduled to meet at 8:00 a.m. (Eastern) on February 28, 2006 followed by the Common Council meeting at 2:00 p.m. on the same day.

Images of the design are not yet available. “We are working on the renderings this weekend, but I will likely have some early in the week,” stated Hassett.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.