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, October 2, 2007

Zork Hun is running for the Libertarian party in the Ontario provincial election, in the Parkdale-High Park riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Wednesday, May 16, 2007

New York City Mayor Michael Bloomberg is prepared to spend one billion dollars of his own money for a 2008 White House bid, the Washington Times reports, citing his friends and “close associates” .

However, Mayor Bloomberg yesterday made light of Senator Chuck Hagel‘s suggestion that Bloomberg could run as an independent with Hagel as running mate. Bloomberg has so far denied that he is running but has not ruled out the possibility either.

Media reports speculate that Bloomberg is considering a run if the Democratic and Republican nominees cater more to the parties’ bases, leaving room for an independent candidate who can attract moderate voters for both camps.

TIME magazine reports that Bloomberg was at first ready to consider spending US$500 million for a presidential run.

Michael Bloomberg could have more money than either party candidates, former FEC chairman Michael E. Toner told the Times. Those funds would come in handy to mobilize the thousands of petitions needed to qualify for a run in some states.

The Washington Times also has reports of a Bloomberg adviser saying some people involved with John McCain‘s Presidential Campaign are prepared to leave and join Bloomberg’s campaign if he does indeed run.

Bloomberg’s advisers have also said that they have been studying and learning from Ross Perot‘s Presidential campaign in 1992. They have called and talked with Perot’s former advisers and campaign workers to learn from their mistakes and experience.

Bloomberg made his fortune with his company Bloomberg L.P., a financial news and data company. Forbes magazine ranked him 44th on a list of wealthiest Americans and 142nd on a list of billionaires worldwide. His net worth is estimated at US$5.5 billion.

Sunday, April 25, 2010

At least ten people are dead after a large, destructive tornado tore through Yazoo City, Mississippi yesterday. The tornado has been rated an EF4 on the Enhanced Fujita Scale, and is estimated to have had at most 170 mph winds.

Five of the deaths were in Choctaw County, four in Yazoo County, and one in Holmes County. 21 people have been hospitalized as a result of the storm, and others have been trapped in cars and houses. Multiple injuries resulted from cars being blown off of Interstate 55 during the storm.

The tornado moved along a path 97 miles long and 1.75 miles wide at its widest point. Among damaged or destroyed buildings included at least twenty houses, a church, and several businesses. According to Yazoo City mayor McArthur Straughter, the storm ripped the roofs off of every building in the area. Fallen trees and debris are hindering access to some parts of Yazoo City and Yazoo County. Before ravaging the city, the tornado damaged a chemical plant in Louisiana, causing a nitrogen leak and several injuries.

The Salvation Army is aiding relief efforts by providing hot meals, coffee, cold drinks, and spiritual counseling to tornado victims in Yazoo and Warren Counties.

The tornado occurred on the third, and most active, day of a severe weather outbreak that had previously affected areas of Colorado, Kansas, Oklahoma, Texas, Arkansas, and Louisiana, the latter two of which were also effected during Saturday’s outbreak. The Storm Prediction Center has received 104 reports of tornadoes so far during this outbreak.

Friday, April 17, 2009

Anti-tax anti-spending rallies called Tea Parties took place across the United States Wednesday. The rallies were held in various locations from Boston, Massachusetts to San Francisco, California.

Wednesday was chosen by organizers as it is the federal income tax filing deadline, as well as the deadline for many states. The rallies were named after the Boston Tea Party, a 1773 pre-American Revolution event protesting taxation without representation.

Organizers indicated that Tea Parties took place at more than 850 locations, with a combined total of 750,000 to over 1 million attendees. The Americans for Tax Reform has tallied 242 locations with around 299,071 attendees.

In Washington, D.C., several thousand protesters demonstrated outside the White House about taxes and excess spending by the national government. The Secret Service stopped the rally after a suspicious package was tossed over the White House fence. With the area cleared, a bomb squad robot inspected the package that turned out to be a box of tea bags. The area was reopened.

Monday, September 24, 2007

Marion Schaffer is running for the Green Party of Ontario in the Ontario provincial election, in the Oakville riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Thursday, February 13, 2014

Wikinews has obtained a letter by Scottish Justice Secretary Kenny MacAskill to former Conservative justice spokesman John Lamont in response to questions raised by our correspondent about the Mikaeel Kular murder case. Wikinews has investigated possible contempt by media publishing potentially prejudicial material, and MacAskill wrote he has “been following the case of Mikaeel Kular and [is] acutely aware of the unusual publicity this case has attracted.”

When Mikaeel Kular, three, vanished from his Edinburgh home last month police and volunteers scoured the capital for him. His body was found in Fife just before midnight on January 17, and his mother was arrested on January 18. That’s when Wikinews first reported on possible widespread contempt by UK and Scottish media.

Our correspondent is based in Scotland and has been advised by a lawyer not to identify anybody detained until they have appeared in court, even if they have been arrested and charged. Professor James Chalmers of the University of Glasgow has since reviewed our coverage and confirmed this position. Despite that a large number of major media outlets identified Rosdeep Adekoya, nee Kular, 33, as the arrested individual.

Adekoya has since been in Edinburgh Sheriff Court charged with murdering her son. She is in custody pending indictment and trial, but any eyewitness evidence may be tainted because her image has been widely published. This is common practice elsewhere in the UK but Scottish justice works differently and courts have viewed publication of photos as potentially prejudicial. Professor Pamela Ferguson of the University of Dundee notes “journalists do seem to be walking a dangerous line if publishing photos etc of suspects.” Crown Office, which is in overall charge of prosecutions, has indicated to journalists that no further comment will be made at least until indictment.

MacAskill however expressed confidence in the Scottish court system to deal with the situation. “I am confident… the courts themselves will intervene if they believe publicity is in danger of being prejudicial.” He also wrote to Lamont that he has faith in the court to successfully direct any jury that may try the case in order to maintain fairness.

The Contempt of Court Act 1981 is designed to prevent prejudicial material going in front of juries before trial. Although UK-wide legislation, the law is interpreted differently north of the border than in England and Wales. Witnesses in Scotland may be asked to identify accused persons standing in the dock. The BBC College of Journalism advises legal advice be sought ahead of publishing photos and notes it has previously been ruled contempt. The BBC used the accused’s photo prominently in their own online coverage.

Chalmers explains: “It may be a contempt of court to create a substantial risk of serious prejudice to someone’s right to a fair trial. A photograph might do this in a case where identification is an issue; on the face of it, that does not seem especially likely in this case, but it is impossible to know for certain at this point. The courts have said that the only safe route to avoid committing a contempt is to avoid publishing a photograph, but that does not mean that publishing a photograph is automatically a contempt.” MacAskill noted “the kind of issue that publicity might raise may become apparent only during the trial itself.”

Contempt has been a considerable issue in the UK in recent years after high-profile cases. In one instance a charge against serial killer Levi Bellfield was dropped owing to publicity while the jury were deliberating; in another, newspapers were fined and sued for libel over reporting on the arrest of a suspect who turned out to be innocent in a prominent investigation.

A proposal was mooted to ban identification of suspects arrested anywhere in the UK, but this was subsequently shelved. MacAskill confirmed “the Scottish Government is content with the way the courts are operating the rules on contempt of court in Scotland at the moment and has no plans to make changes.” He also wrote of the difficulties with trying to individually cover all eventualities with prescriptive legislation, saying “A trial for a sexual offence will raise very different issues — particularly of protecting victims — from those that are raised by a tax fraud trial.”

MacAskill says it is the Scottish Government’s position that the task of “counterbalancing the public interest in reporting with upholding the criminal law should be left to those whose job it is to do so — the courts and the judiciary, acting in the individual circumstances of the case”.