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.

Saturday, February 16, 2008

While nearly all coverage of the 2008 Presidential election has focused on the Democratic and Republican candidates, there are small political parties offering candidates, and those who choose to run without a party behind them, independents.

Wikinews is interviewing some of these citizens who are looking to become the 43rd person elected to serve their nation from 1600 Pennsylvania Avenue NW.

Our second interview is with Cincinnati, Ohio’s Steve Kissing, a divorced father of two who is a creative director at an advertising agency.

Monday, June 16, 2008

The gas crisis in Western Australia continues to deepen with more businesses standing people down without pay. Businesses have been instructed to turn off non-essential items including limiting the number of lifts and reduced lighting; domestic customers are also urged to reduce energy use.

In the Federal parliament today Resources Minister Martin Ferguson raised the prospect of activating the Liquid Fuel Emergency Act. “During such a situation, I can control the production, transfer and stock levels of crude and liquid fuel…While I sincerely hope that this will not be required, the Liquid Fuel Emergency Act provides authority for the Australian Government to prepare for and manage a national liquid fuel supply emergency,” he said.

Western Australian Premier Alan Carpenter called on all Western Australians to reduce energy usage, saying that the situation could be managed with on going co-operation, while reassuring everyone that the crisis will be short, with the Apache Corporation expected to begin partial operations in two months. Supplies were interrupted after a fire at Apache’s Vanarus Island refinery, which supplied 30% of the state’s natural gas requirements.

An Alinta spokesman has said that with the expected cold weather during the next week demand will put further pressure on supplies, advising that it is critical that all consumers limit energy usage.

Alinta requests that residential customers;

• use only essential heating and limit it to one room
• turn down hot water system by 10 degrees
• reduce shower times
• wash in cold water.

While suggesting small businesses;

• shift production schedules
• bring forward maintenance and shut down schedules
• turn off equipment not essential to the business.

Sunday, June 13, 2010

A report from the London School of Economics claims that the intelligence agency of Pakistan, the Inter-Services Intelligence (ISI), has close ties to the Taliban in Afghanistan.

According to the report, the ISI actively provides the Taliban with services such as funding, weapons, and the training of troops. Additionally, the report, which is based on interviews with members of the Taliban, says that numerous ISI officials are part of the Taliban’s council of war, the Quetta Shura, although some Taliban commanders say that all Quetta Shura members have ties to the ISI. A senior Taliban official said that “[i]t is impossible to be a member of the Quetta shura without membership of the ISI.”

Taliban commanders said that the ISI has specifically provided support to or encouraged strategies such as attacking specific NATO military installations or infrastructure essential to NATO operations such as roads or bridges and assassinating specific individuals, such as high-ranking tribal officials or civilians such as doctors or teachers. The ISI is also alleged to have been the impetus behind the introduction of a type of explosive called a “plastic bomb,” which is undetectable with current NATO detection equipment.

The report said that “[a]s the provider of sanctuary and substantial financial, military and logistical support to the insurgency, the ISI appears to have strong strategic and operational influence—reinforced by coercion. There is thus a strong case that the ISI orchestrates, sustains and shapes the overall insurgent campaign.”

The Pakistani government has denied the claims in the report; a spokesperson said that “[t]he allegations are absolutely baseless.” Another official, referring to an alleged meeting of Pakistani President Asif Ali Zardari with imprisoned Taliban commanders, said that “[t]here’s no such thing as President Zardari meeting Taliban leaders. This never happened.”

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.