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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.

Thursday, January 14, 2010

Countries and organizations from around the world are sending aid and help to victims of the devastating 7.0 magnitude earthquake that struck Haiti on Tuesday, damaging many buildings. The death toll is currently unknown, but estimated to run into the tens of thousands of people.

US president Barack Obama said in a press conference that “I’ve directed my administration to launch a swift, coordinated and aggressive effort to save lives and support the recovery in Haiti.”

Obama announced that aid from the US armed forces was coming to Haiti, noting, “Several Coast Guard cutters are already there providing everything from basic services like water, to vital technical support for this massive logistical operation.”

Obama continued: “[…] today, I’m also announcing an immediate investment of $100 million to support our relief efforts. This will mean more of the life-saving equipment, food, water and medicine that will be needed. This investment will grow over the coming year as we embark on the long-term recovery from this unimaginable tragedy.”

Obama said that the US would forge partnerships with Haitian people and Haitian-Americans, along with United Nations peacekeepers. He closed by saying, “To the people of Haiti, we say clearly, and with conviction, you will not be forsaken; you will not be forgotten. In this, your hour of greatest need, America stands with you. The world stands with you.”

The UN Secretary-General, Ban Ki-moon said that $10 million is being released from the international organization’s central emergency response fund.

Meanwhile, the UN’s World Food Programme (WFP), which already has an existing operation in the country, is beginning to distribute high energy biscuits which require no preparation before eating. On top of that, the WFP is airlifting 86 metric tons of food from their emergency hub in El Salvador.

A spokesperson for the WFP said, “In a normal day the World Food Programme will be feeding one or two million people in Haiti — and now we need to do even more, because the people have lost everything.”

China is also pledging aid to the country, despite the lack of official diplomatic ties between the two countries. Haiti recognizes the Republic of China, better known as Taiwan. Nevertheless, China has sent a 60 member search and rescue team to Haiti and the Chinese Red Cross is donating one million dollars in emergency aid.

Chinese Foreign Ministry spokesperson Jiang Yu said her country expresses sympathy to the Haitian government and people. Jiang says the Chinese foreign minister has sent a telegram of condolence to his Haitian counterparts.

An 80 member team from the United Kingdom of search and rescue specialists has arrived in Haiti to help in efforts there. British Prime Minister Gordon Brown said in a joint press conference with Toaiseach of Ireland Brian Cowen that the team has arrived in the country. He also announced that the government is pledging to match the UN’s US$10 million (£6.1 million).

Brown said, “It is a tragedy beyond imagination and there is a deep sense of loss felt by the whole of the British and Irish people about the tragedy that individual families in Haiti are experiencing at the moment. We send our message of sympathy and support to the people of Haiti at this most difficult of times.”

He added, “Where men, women and children are suffering under the heaviest of burdens, that place must, for that moment, become the centre of our world’s attention, the world’s compassion and the world’s humanitarian help.”

France is also sending aid to the French-speaking country, which at one time was a colony of France known as Saint-Domingue. France is sending two planes with rescuers and aid. Civil safety authorities in France are sending a team of 130 members consisting of rescuers, trained rescue dogs, doctors and nurses along with 12,000 tons of aid and rescue supplies.

Israel is sending rescue forces in two El Al planes carrying a 121-member delegation that includes 40 doctors, five search-and-rescue teams, and an army rescue squad. The IDF medical teams are preparing to spend two weeks in Haiti.

Spain has pledged $4.3 million (€3 million) in aid money and has 150 tons of aid ready to be delivered.

South Africa is sending a team of search and rescue specialists to Haiti in response to the devastating earthquake on Tuesday. It is the first of several teams being sent by a local civic group.

The head of South Africa’s Gift of the Givers Foundation, Emtiaz Sooliman, says his group is sending up to three teams of search and rescue specialists to Haiti to help victims of the earthquake and hopefully save some lives.

“These are people who have worked with building collapses, urban search and rescue and some of them have been involved in responding to previous earthquakes so they are highly skilled,” he said.

Sooliman says a second team is to depart as soon as he can book a flight for it.

Saturday, December 11, 2004

VIENNA –Doctors from the Rudolfinerhaus clinic in Vienna say “there is no doubt” Ukrainian opposition leader Victor Yushchenko was poisoned with Dioxin.

Yushchenko’s body had about 1,000 times more than the normal concentration of the toxin. It is unknown if there were any other poisons in his system.

Although it has not yet been proven that the poisoning was deliberate, doctors suspect it was. “We suspect a cause triggered by a third party,” said Michael Zimpfer, head doctor at the Rudolfinerhaus clinic. He suggested the poison may have been administered orally, through food or drink.

Today’s announcements are a follow-up of an earlier press conference, where Dr. Korpan that there were three hypotheses under consideration, one of them involving dioxin. He did not reveal what the other two hypotheses were. Dr. Michael Zimpfer, director of the Rudolfinerhaus clinic emphasized that time there was no proof yet to specify the substance causing the illness.

Yushchenko left Kiev on Friday (2004-10-12) for further examination in Vienna. When Yushchenko fell ill on October 6th, Ukrainian doctors had initially diagnosed food poisoning, leading to speculation that he had been poisoned deliberately. The illness has disfigured Yushchenko’s body and face which doctors say could take up to two years to heal.

He fell seriously ill on the September 6th, during his presidential campaign. Yushchenko was taken to the Rudolfinerhaus clinic of Vienna, where he stayed for four days under Dr. Korpan’s care. He was diagnosed with “acute pancreatitis, accompanied by interstitial edematous changes.” These symptoms were said to be due to “a serious viral infection and chemical substances which are not normally found in food products” as his campaign officials put it. In laymans terms, he developed an infection in the pancreas and got a bad skin condition that disfigured his face with cysts and lesions. The skin condition has similarities with the chloracne associated with dioxin posioning according to a British toxicologist John Henry.

• Viktor Yushchenko (left) as he appeared in July 2004 and (right) as he appeared in November after the poisoning(Gleb Garanich/Vasily Fedosenko/Reuters)

Earlier, doctor Nikolai Korpan of Rudolfinerhaus clinic confirmed today that the illness of Ukrainian presidential candidate Viktor Yushchenko was caused by an attempt to kill him.

Wednesday, October 14, 2009

The United States Senate Committee on Finance approved a proposal to reform health care on Tuesday, clearing it to move forward. The bill passed by a 14-9 vote, gaining support from the committee’s thirteen Democrats, and one Republican.

Senator Olympia Snowe was the only senator from the Republican party to back the bill. However, she said this might change as the bill moves through Congress.

“There are many, many miles to go in this legislative journey. My vote today is my vote today. It doesn’t forecast what my vote will be tomorrow,” Snowe said.

President Barack Obama, who supports the bill as part of his effort to overhaul the country’s health care system, welcomed the committee’s vote. “We are closer than ever before to passing healthcare reform but we are not there yet. Now is not the time to pat ourselves on the back – now is the time to dig in further and get this done. In this final phase we should engage with each other with civility and seriousness that has brought us this far and that this subject deserves.”

The bill, which contains a ten-year plan with an estimated cost of US$829 billion, is aimed at lowering healthcare costs and increasing the affordability of insurance. Proponents will now seek to merge it with another bill from the Senate Committee on Health, Education, Labor and Pensions. Senate Finance Chairman Max Baucus emphasized, “Americans want us to craft a package that will get the 60 votes needed to pass.” He argued that the Finance bill was the best candidate to attract needed the centrist support.

Critics, however, have said that the proposed plan is too costly, and will cause the government to interfere too much into the private healthcare sector.

“We can now see clearly that the bill continues its march leftward,” said the senior Republican on the committee, Senator Charles Grassley. “This bill is already moving on a slippery slope to more government control of healthcare.”

Thursday, January 4, 2018

A fire on Sunday night in the seven-storey carpark for the Echo Arena in Liverpool, England destroyed almost all the vehicles parked inside and led to cancellation of the final evening of the Liverpool International Horse Show and evacuation of nearby blocks of flats. The blaze reportedly started with a parked Range Rover Discovery.

Investigators with the fire brigade stated that they believe the fire began with an accidental engine fire in the Range Rover at about 4.30 pm. The first call was made at 4.42 and firefighters arrived eight minutes after that. Ultimately twelve engines and 85 firefighters were involved in combatting the blaze. Aerial appliances were used and also three high-volume pumps. Fed by the fuel in vehicles parked inside, the temperature of the fire in the carpark is believed to have reached as high as 1,000°C. It was too hot to be extinguished with water from hydrants, so a high-volume pump was used to draw water from the River Mersey, and two more were brought from other fire brigades in the region.

The carpark has seven storeys and a capacity of 1,600 vehicles, and approximately 1,300 were parked in it when the fire broke out. According to Dan Stephens, chief fire officer for Merseyside Fire and Rescue Service, almost all of them were destroyed, with the exception of a few parked on the top level and at corners. “With these very high temperatures, you were never going to put the fire out without the whole building taking hold. The speed at which the fire spreads means you simply aren’t going to put it out,” said Stephens.

The carpark itself was severely damaged; according to Joe Anderson, the mayor of Liverpool. It is not in danger of collapsing but will have to be demolished, which will be difficult with the many burned-out cars still inside it, Anderson told the BBC.

According to Stephens, there were no serious injuries: one woman injured her hand, and two people were treated for smoke inhalation. A spokesman for the Echo Arena also stated that all animals were safe. All horses were successfully evacuated from the carpark and then removed from the stables after smoke spread to them. Six dogs were also rescued unharmed, two on a lower level in the early stages of the fire and four that had been left in a car on the top level, freed by firefighters on Monday after the fire was put out.

The final evening of the four-day Liverpool International Horse Show had been scheduled to begin at 7.30, and had to be cancelled. Many attendees were stranded in the city on New Year’s Eve night. Merseyside police directed people to the Pullman Hotel, where Red Cross assistance was available, and the Liverpool City Council set up an assistance centre at the Lifestyles Gym. A spokesman for the Association of British Insurers has said that insurance companies will “move very quickly” to reimburse owners whose vehicles were destroyed.

Nearby blocks of flats were evacuated because of the smoke. Eyewitnesses reported hearing what they at first thought were firecrackers, then “multiple explosions”, “bangs and popping”, “the bangs of car windows exploding”. People reported leaving everything in their cars, including their cellphones, and running for their lives.

Mayor Anderson tweeted that cuts to fire services over the last two years made it significantly harder to fight the fire and might have caused it not to be controllable. He also suggested that fire safety in multi-storey carparks had not been sufficiently considered and that installing sprinklers in them might help stop future fires before they become unmanageable, in a letter to Nick Hurd, a member of Parliament.

Friday, May 4, 2018

On Tuesday, South Korean President Moon Jae-in contacted the United Nations and requested U.N. supervision of the decommissioning of Punggye-ri Nuclear Test Site, a subterranean tunnel network beneath Mount Mantap where all six of North Korea’s nuclear tests took place. North Korean leader Kim Jong Un reportedly said during April 27’s session of the 2018 Inter-korea summit he would invite journalists and other experts from other countries to witness the site’s closure.

A statement issued by the Blue House, the South Korean presidential residence, said President Moon phoned U.N. Secretary General António Guterres to request the United Nations confirm the shutdown, and Guterres responded, while that specific request had to go through the Security Council he would assign someone at the U.N. to work with South Korea. Moon’s office also reported Kim Jong Un saying he would invite experts from the United States and other countries to view the site as it was closed.

On April 27, Kim and Moon met at a border village called Panmunjom to discuss relations between their two countries. They emerged with the Panmunjom Declaration, calling for removal of all nuclear weapons from the Korean Peninsula. According to Moon’s spokesperson, Kim told Moon, “If we maintain frequent meetings and build trust with the United States and receive promises for an end to the war and a non-aggression treaty, then why would be need to live in difficulty by keeping our nuclear weapons?”International Atomic Energy Agency (IAEA) officials, in remarks to NBC News, said the IAEA is willing to assist with the decommissioning of Punggye-ri.

Director Jeffrey Lewis of the James Martin Center for Nonproliferation Studies described the closure as “of limited value, but it’s not meaningless. […] I would compare it to the blowing up of the cooling tower at Yongbyon in 2008.”

Last week, Chinese geologists published a report saying the tunnels of Punggye-ri are likely to have partially collapsed after last September’s nuclear test, itself of seismic magnitude 6.3 and triggering subsequent earthquakes. Kim said this was not the case: “Some say that we are terminating facilities that are not functioning, but you will see that we have two more tunnels that are bigger than the existing ones and that they are in good condition,” again reported through Moon’s spokesperson.

“This is a small but welcome step. But, as always, we must take North Korea’s actions with appropriate caution,” said former United States diplomat Mintaro Oba. “We can’t rule out that Kim Jong Un wants to be seen as a maverick. He has a clear taste for bold moves that surprise the international community, something that sets him apart from his father.”

“If reports are true that the tunnels have collapsed,” said Duyeon Kim of the Korean Peninsula Future Forum think tank, “then the test site would be useless for future nuclear tests anyway, so it would just be a symbolic gesture to close it down[…] It’s not a serious or sincere gesture to denuclearize.” He also observed, “Advanced nuclear states don’t need to conduct explosive tests after a certain point, so Pyongyang might be trying to show it is a part of that nuclear club.”

Officially, the Korean War, which began in 1950, never ended. There was a cease-fire in 1953 but no formal peace treaty. At the April 27 summit, the leaders discussed nuclear disarmament, the reuniting of families separated by the partition, and general relations between the two countries.

Kim also announced plans to reverse a 2015 change to North Korea’s time zone. The country’s clocks are currently set 30 minutes ahead of South Korea’s. “I feel sad to see that there are two clocks hung on the wall of the Peace House, one for Seoul time and the other for Pyongyang time,” Moon’s spokesperson reported Kim said during the talks. “Since it is us who changed the time standard, we will return to the original one.”

Kim Jong Un and United States President Donald Trump have spoken of meeting in a few weeks, but no date or location has been firmly announced. President Moon plans to visit Pyongyang in person in the fall.