Commonwealth Bank of Australia CEO apologies for financial planning scandal

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

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.

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  • Research focuses on orchids mimicking female wasps

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    Research focuses on orchids mimicking female wasps

    Friday, August 24, 2007

    Anne Gaskett, a PhD student from Macquarie University in Sydney, has been conducting new research into the nature of the relationship between five species of native Australian tongue orchids and the orchid dupe wasp (Lissopimpla excelsa).

    The research builds on an original discovery in the 1920s that the orchids convince male wasps that the flowers are actually females of the same species. The wasps then attempt to mate with the flowers, before moving on, often to another orchid, thus pollinating them. The discovery received worldwide attention at the time.

    “I wanted to know what it was about the five orchids that could persuade the male that they were all a female [wasp],” she says, adding that the flowers all look very different to the human eye, and that usually only one species of insect pollinates one species of plant.

    “I have accumulated the first compelling evidence of an ongoing and escalating arms race between orchids and their unwitting insect pollinators,” Gaskett, says, “Over generations the insects learn to avoid having sex with orchids, and this means only the most persuasive orchids reproduce, which drives the acceleration of orchid subterfuge.”

    Gaskett has discovered that the wasp, however, quickly learns to avoid the orchid, meaning that “…only the most persuasive orchids will continue to reproduce,” she says. She has also discovered that the flowers have various structures that feel like parts of a female wasp to a male, including mimic ‘love handles’, which the male would normally hold on to during mating. Gaskett says of this particular discovery that the flowers have “curves in all the right places”.

    Gasket has also used a spectrometer to analyse the colours of four of the orchids and a female wasp, and found that, although they look very different to humans, they actually match almost exactly.

    Gasket’s research is important to the conservation of the orchids, and to developing sensitive control methods for use against agricultural pests. She says of the wasps “these insects might be fools for love, but their role as orchid pollinators makes them indispensable.”

    Gasket has currently turned her attentions to the role of scent in the process, and is testing the effect of the perfumes of the orchids on the antennae of the male wasps.

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    The Onion: An interview with ‘America’s Finest News Source’

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    The Onion: An interview with ‘America’s Finest News Source’
    Posted in Uncategorized | October 20th, 2018

    Sunday, November 25, 2007

    Despite the hopes of many University of Wisconsin-Madison (UW) students, The Onion was not named after their student center. “People always ask questions about where the name The Onion came from,” said President Sean Mills in an interview with David Shankbone, “and when I recently asked Tim Keck, who was one of the founders, he told me the name—I’ve never heard this story about ‘see you at the un-yun’—he said it was literally that his Uncle said he should call it The Onion when he saw him and Chris Johnson eating an onion sandwich. They had literally just cut up the onion and put it on bread.” According to Editorial Manager Chet Clem, their food budget was so low when they started the paper that they were down to white bread and onions.

    Long before The Daily Show and The Colbert Report, Heck and Johnson envisioned a publication that would parody the news—and news reporting—when they were students at UW in 1988. Since its inception, The Onion has become a veritable news parody empire, with a print edition, a website that drew 5,000,000 unique visitors in the month of October, personal ads, a 24 hour news network, podcasts, and a recently launched world atlas called Our Dumb World. Al Gore and General Tommy Franks casually rattle off their favorite headlines (Gore’s was when The Onion reported he and Tipper were having the best sex of their lives after his 2000 Electoral College defeat). Many of their writers have gone on to wield great influence on Jon Stewart and Stephen Colbert‘s news parody shows.

    And we are sorry to break the news to all you amateur headline writers: your submissions do not even get read.

    Below is David Shankbone’s interview with Chet Clem and Sean Mills about the news empire that has become The Onion.

    Contents

    • 1 How The Onion writes an issue
    • 2 The headlines
    • 3 The features and the columnists
    • 4 The photojournalism
    • 5 What The Onion will not publish
    • 6 Reactions to Onion stories
    • 7 The Presidential Seal
    • 8 The Onion’s readership
    • 9 Future features
    • 10 Handling national tragedies
    • 11 The Onion movie and Onion News Network
    • 12 Relationship with other satirical news programs
    • 13 Unsolicited material
    • 14 Source
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    Al Sharpton speaks out on race, rights and what bothers him about his critics

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    Al Sharpton speaks out on race, rights and what bothers him about his critics
    Posted in Uncategorized | October 20th, 2018

    Monday, December 3, 2007

    At Thanksgiving dinner David Shankbone told his white middle class family that he was to interview Reverend Al Sharpton that Saturday. The announcement caused an impassioned discussion about the civil rights leader’s work, the problems facing the black community and whether Sharpton helps or hurts his cause. Opinion was divided. “He’s an opportunist.” “He only stirs things up.” “Why do I always see his face when there’s a problem?”

    Shankbone went to the National Action Network’s headquarters in Harlem with this Thanksgiving discussion to inform the conversation. Below is his interview with Al Sharpton on everything from Tawana Brawley, his purported feud with Barack Obama, criticism by influential African Americans such as Clarence Page, his experience running for President, to how he never expected he would see fifty (he is now 53). “People would say to me, ‘Now that I hear you, even if I disagree with you I don’t think you’re as bad as I thought,'” said Sharpton. “I would say, ‘Let me ask you a question: what was “bad as you thought”?’ And they couldn’t say. They don’t know why they think you’re bad, they just know you’re supposed to be bad because the right wing tells them you’re bad.”

    Contents

    • 1 Sharpton’s beginnings in the movement
    • 2 James Brown: a father to Sharpton
    • 3 Criticism: Sharpton is always there
    • 4 Tawana Brawley to Megan Williams
    • 5 Sharpton and the African-American media
    • 6 Why the need for an Al Sharpton?
    • 7 Al Sharpton and Presidential Politics
    • 8 On Barack Obama
    • 9 The Iraq War
    • 10 Sharpton as a symbol
    • 11 Blacks and whites and talking about race
    • 12 Don Imus, Michael Richards and Dog The Bounty Hunter
    • 13 Sources
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    Cisco sues Apple for iPhone trademark

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    Cisco sues Apple for iPhone trademark
    Posted in Uncategorized | October 19th, 2018

    Friday, January 12, 2007

    The iPhone only made its appearance as a prototype and there have been controversies aroused.

    The dispute has come up between the manufacturer of the iPhone (which was resented on Wednesday for the first time) – Apple Inc. – and a leader in network and communication systems, based in San JoseCisco. The company claims to possess the trademark for iPhone, and moreover, that it sells devices under the same brand through one of its divisions.

    This became the reason for Cisco to file a lawsuit against Apple Inc. so that the latter would stop selling the device.

    Cisco states that it has received the trademark in 2000, when the company overtook Infogear Technology Corp., which took place in 1996.

    The Vice President and general counsel of the company, Mark Chandler, explained that there was no doubt about the excitement of the new device from Apple, but they should not use a trademark, which belongs to Cisco.

    The iPhone developed by Cisco is a device which allows users to make phone calls over the voice over Internet protocol (VoIP).

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    Aluminum Z Channel—Al To Z

    Posted in Furniture | October 19th, 2018

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    bytimothyharvard

    Aluminum channel is widely used in manufacturing, commercial and residential applications where strength and resistance to corrosion are important. Additionally, it can be machined and welded, adding to its versatility and popularity in many industries.

    Two aluminum alloys, 6063 and 6061, lend themselves specifically to aluminum channel extrusion. Aluminum channel fabricated with sharp, right-angled corners inside and outside is typically made with the 6063 alloy, and these channels—also known as Aluminum Association channels—are often the choice for architectural applications. Aluminum Association Standard channels, on the other hand, are often supplied in 6061 alloy, do not have distinct right angles, and are preferred for structural use.

    Aluminum Alloy 6061 versus Aluminum Alloy 6063

    [youtube]http://www.youtube.com/watch?v=Ta56S9ypbhA[/youtube]

    6061 aluminum is the most commonly used aluminum alloy. The properties of 6061 that distinguish it from 6063 are its superior strength, heat treatability and ability to undergo machining and welding with greater ease than its 6063 counterpart. 6061 may be anodized, which results in an additional layer of protection for finished components.

    6063, also called architectural aluminum, has a smooth surface finish already, thereby minimizing production finishing. 6063 is slightly more corrosion resistant than 6061 and is often preferred where strength is not the over-riding specification and where cosmetic appearance is critical.

    There are a number of profiles which can be made from the different alloys of aluminum C channels, hat channels, U channels, slide track channels nut channels and slide track channels—to name few. The aluminum Z channel is also commonly used in various applications.

    Uses of Aluminum Z Channel

    Also known as Z-bar, Zee and Purlin, aluminum Z channel is widely represented in many manufacturing efforts:

    * Architectural trim * Displays * Cabinets * Storage bins * Enclosures * Garage doors * Support * Metal furniture * Reinforcements * Fencing * Metal buildings * Stiffeners for PVC window and door frames * Slides and tracks * Framing * Store fixtures

    Besides the 6061 and 6063 alloys, which are usually “stock,” aluminum Z channel may also be manufactured from another alloy whose properties may be a better fit for a particular project. Because there are many factors to consider when deciding on the alloy to use, it is best to consult an industry expert to ensure that the alloy from which the Z channel is made will support the project’s engineering requirements and desired aesthetics.

    For more help about Z channel selection—or any other aluminum extrusion need—contact Eagle Mouldings at www.eagle-aluminum.com. Recognized as a proven professional in the business for over 25 years, Eagle Mouldings will deliver the quality product and customer care you deserve.

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    Satirist Stephen Colbert runs for U.S. President

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    Satirist Stephen Colbert runs for U.S. President
    Posted in Uncategorized | October 19th, 2018

    Wednesday, October 17, 2007

    The American satirist Stephen Colbert has announced that he will run for the Presidency of the United States. He made his announcement on his mock news show The Colbert Report.

    However, Colbert said that he would only run in his home state of South Carolina as a favorite son. He also said that he would represent both major political parties: the Republicans and the Democrats. It is not known how far Colbert will go with his character during his electoral run.

    Colbert has hosted The Colbert Report, a spin-off to another satirical television series, The Daily Show, since its creation in 2005. “I didn’t have a job back then. I wonder what it was like to have a job back then. I am sure I could ask a dentist or a surgeon. He would know.” On the show he plays a right-wing political pundit, based on real-life pundits such as Bill O’Reilly and Stone Phillips. Colbert has been credited with popularizing certain words such as “Truthiness”, meaning to believe something intuitively, without regard for actual facts, logic or evidence.

    Filling in for New York Times columnist Maureen Dowd on Sunday, Colbert wrote: “I am not ready to announce yet — even though it’s clear that the voters are desperate for a white, male, middle-aged, Jesus-trumpeting alternative.”

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    Wheelchair-bound Australian rescued in New Orleans

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    Wheelchair-bound Australian rescued in New Orleans
    Posted in Uncategorized | October 18th, 2018

    Tuesday, September 6, 2005

    A 75 year old wheelchair-bound Australian man has been rescued from his home in New Orleans. Keith Faulkner was rescued by a neighbour after floodwaters stranded him in his home for five days. Mr Faulkner is suffering from cancer. He was left behind by his family as floodwaters rose.

    “When the flooding started his family had no choice but to leave themselves, and he was left in the house as best they could manage,” the Australian ambassador to the United States said.

    The man was eventually moved by neighbours to a nursing home in Lafayette.

    “He was rescued by a neighbour after five days stranded in his house and he’s been in a nursing home in Lafayette, Louisiana,” said Alexander Downer, Minister for Foreign Affairs.

    The Australian Department of Foreign Affairs has been criticised for the lack of support provided to Australian victims of the disaster. The Labor Party has been particularly scathing in its attacks.

    “The bottom line is this: when it comes to helping Australians on the ground, the Australian Government has failed miserably to persuade its closest friend and ally – the United States Government – to allow Australian consular officials access to help our own people,” said opposition defence spokesman Kevin Rudd. Mr Rudd was referring to the US governments refusal of a request by Australian consular officials to enter New Orleans and search for Australians.

    “You need a few days to allow people to assess the situation and to deploy personnel. But a week later, we have one official go in and can only stay there until night-time and then has to skedaddle out of there. I mean, what’s happening here? It’s just not good enough,” he added.

    Some people have been critical of the Australians caught in the disaster. Former Federal Liberal Pary Minister Wilson Tuckey attacked the victims, suggesting that they should have left New Orleans earlier.

    “Why was the woman quoted by the Leader of the Opposition today so insistent, not that the Prime Minister get her out of her problems, but the Australian taxpayer get her out of her problems, when in fact all the warnings we heard here in Australia [said it] was unwise to stay,” he said.

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    Australian shot in Thailand

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    Australian shot in Thailand
    Posted in Uncategorized | October 18th, 2018

    Friday, June 30, 2006

    An Australian has been shot in the abdomen in Thailand. The 22-year-old man from Wagga Wagga, Lee Burkinshaw, was shot in the Chantaburi province during a drive by shooting. He was evacuated to Bangkok hospital after receiving some treatment at a local hospital. An operation is needed to remove the bullet from his abdomen. He is expected to make a full recovery.

    His spleen was removed but no vital organs have been damaged.

    His father received a call at 2 a.m. AEST.

    Lee went to Thailand to study the gem cutting.

    “It is the gem capital of the world, and a lot of the rough cut gemstones come into there to be cut and styled,” Mr. Burkingsaw said.

    He is undeterred from revisiting Thailand.

    “This is purely a one-off incident … Thailand is a wonderful country, it’s just an unfortunate incident,” said Lee.

    This is the second incident in recent weeks in which an Australian had been shot in Thailand. Last week a nurse was killed when she was shot in the neck near a bar.

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    A Guide To Threaded Inserts

    Posted in Gold | October 18th, 2018

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    bytimothyharvard

    Threaded inserts or threaded bushings are fasteners which can be made with wood, plastic or metal. There are many applications and varieties of threaded inserts, typically a thread hole is created and the threaded insert is inserted into the hole. This can be used to repair a stripped thread, provide durability in soft materials, eliminate the need for machine operation and assist in conversions such as metric threads to unified threads. Threaded inserts can be found in airplanes, furniture, light fixtures, automobiles, electronics and telecommunication devices.

    Metal threaded inserts are made in an either a coil or solid formation, they are ideal for quick repairs for damaged threads in soft metals and protect preformed holes from wear and stripping. Metal threaded inserts are used in sheet metal also known as sandwich metal and honeycomb composite metal to distribute tension and torque over a large area of material. One type of threaded insert is called a captive nut, it is pressed into a pre drilled hole to connect or mold separate pieces. The inserts are knurled to create a strong attachment to the material it is supporting.

    Plastic threaded inserts are manufactured in a press in or ultrasonic design and use thermal insertion or ultrasonic welding machines to make a variety of plastic products. Another variety of a threaded insert is called a swage nut, which has a knurled portion that swages the sides of soft metal or plastic holes to better grip the nut. Press in or press fit threaded inserts and swage nuts are used in panels too thin to be threaded or soft materials too weak to be threaded. Knurled inserts can be used for metal, plastic and wood applications. They are designed to withstand torque and provide structure.

    Wood threaded inserts are available in a knife thread or hex drive, and can be used in soft or hard wood. Knife threads are commonly used in hard woods such as maple, cherry and oak and hex drive inserts are commonly used for soft woods such as pine. Hex drive nuts are utilized for composition board and MDF. Ready to assemble furniture or modular furniture is shipped in with parts preinstalled with threaded inserts.

    Threaded inserts are used and manufactured for a large variety of products and expands numerous industries. Matdan Corp. manufactures threaded inserts and other specialty fasteners in the United States and China for the aerospace, automotive, medical, military and telecommunications industries.

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