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, April 7, 2008

Wikinews has learned that the Church of Scientology warned the documents-leaking site Wikileaks.org that they are in violation of United States copyright laws after they published several documents related to the Church. Wikileaks has no intention of complying, and states that in response, it intends to publish a thousand pages of additional Scientology materials beginning Monday.

In the letter to Wikileaks, lawyers for the Church’s Religious Technology Center (RTC), which oversees the use of the their logos, writings and religious content, states that the site “placed RTC’s Advanced Technology works on Wikileaks.org’s website without the authorization” of the Church.

“I have a good faith belief, and in fact know for certain, that posting copies of these works through your system was not authorized by my client, any agent of my client, or the law. Please be advised that your customer’s action in this regard violates United States copyright law. Accordingly, we ask for your help in removing these works immediately from your service,” states the letter from Ava Paquette of Moxon & Kobrin, which was published by Wikileaks.

On March 9, 2008, Wikileaks published several documents relating to the Church’s Office of Special Affairs and personal notes gathered by Frank Oliver, a former Scientologist and former member of the Church’s Special Affairs office. On March 26, 2008, Wikileaks published the entire set of the Churches ‘Operating Thetan Level’ documents which included handwritten notes by Scientology’s founder, L. Ron Hubbard.

Although the letter does not mention specific legal threats, the letter asks that Wikileaks “preserve any and all documents pertaining to this matter and this customer, including, but not limited to, logs, data entry sheets, applications — electronic or otherwise, registration forms, billings statements or invoices, computer print-outs, disks, hard drives, etc.”

Despite the letter, Wikileaks states it will not comply with the “abusive request” by the Church.

“Wikileaks will not comply with legally abusive requests from Scientology any more than Wikileaks has complied with similar demands from Swiss banks, Russian off-shore stem cell centers, former African Kleptocrats, or the Pentagon. Wikileaks will remain a place where people of the world may safely expose injustice and corruption,” stated Wikileaks in a release on its website.

Wikileaks further states that, “in response to the attempted suppression, Wikileaks will release several thousand additional pages of Scientology material next week.”

Saturday, March 12, 2011

File:Fukushima-1.JPG

An explosion has been reported at Japan’s stricken Fukushima Daiichi nuclear power plant after its cooling system was damaged by a massive 8.9 magnitude earthquake that hit off the North-East coast of Japan on Friday. The explosion occurred at around 3:00pm local time (6:00am UTC). According to the plant’s operator, Tokyo Electric Power Company, four workers were injured in the explosion.

The explosion occurred as workers were attempting to cool a reactor by injecting water into its core. Local media are reporting that the plant’s exterior walls have been destroyed and only a skeleton structure remains.

More than 45,000 residents within a 10-kilometre radius of the plant have been evacuated.

Television reports show white smoke coming from the plant. Local authorities are warning residents in the vicinity of the plant to stay indoors, turn off air-conditioners and not to drink tap water. According to Japan’s nuclear agency, radioactive caesium and iodine has been identified at the plant. Authorities speculate that this indicates that containers holding uranium fuel at the site may have ruptured and are leaking.

Wednesday, January 19, 2005

Yahoo!, the world’s favorite Internet destination, reported $373 million in net income for the three month period ended December 31. Revenues were $1,078 million for the fourth quarter of 2004, a 62 percent increase compared to $664 million for the same period of 2003. “We are attracting more and more users to Yahoo!’s network of services and driving their usage deeper with more relevant products and services. This deeper usage is the real magic behind the surpassing of our financial objectives,” explained Susan Decker, the company’s chief financial officer.

• Revenues excluding traffic acquisition costs (“TAC”) were $785 million for the fourth quarter of 2004, a 54 percent increase compared to $511 million for the same period of 2003
• Gross profit for the fourth quarter of 2004 was $691 million, a 56 percent increase compared to $443 million for the same period of 2003
• Operating income for the fourth quarter of 2004 was $235 million, a 149 percent increase compared to $94 million for the same period of 2003
• Operating income before depreciation and amortization for the fourth quarter of 2004 was $327 million, an 84 percent increase compared to $178 million for the same period of]] 2003

Sunday, April 10, 2005

Hitachi Global Storage Technologies, the San Jose, California-based joint venture of Japanese storage vendor Hitachi and U.S. technology giant IBM, has set a new record for storage density at 230 gigabits per square inch (Gb/in²). The company has developed technology to implement a recording method known as perpendicular recording, which allowed the increase in density above the current ~130 Gb/in² limit.

Techworld claims there is a race between Hitachi and Toshiba for who will get the first drives to market which use the technology. According to Hitachi, they expect, “to ship [their] first perpendicular recording product in 2005 on a 2.5-inch hard drive”. Toshiba is also planning to ship a drive in 2005 that uses perpendicular recording.

According to Techworld, Toshiba will ship an 80 GB, 1.8″ drive in 2005. Toshiba’s 1.8″ drives are used in portable electronic devices such as Apple’s iPod, which is currently available in sizes 60 GB and smaller.

While all commercially available hard drives to date use longitudinal recording, perpendicular recording has roots in research done in academic circles over 100 years ago.

Hitachi Tech has produced a Flash animation that explains the rudiments of perpendicular recording in a music-video style.

Inspired by the 1970s Schoolhouse Rock series of educational animation shorts, the flash movie features whimsical moments with data bits and disk platters that speak and sing (not possible with today’s technology), it also contains realistic details. Of no importance to the viewer, but perhaps of interest to some, the animation shows Texas Instruments’ UC5608DWP chips visible briefly in the background. While TI’s UC5608DWP 18-line SCSI terminator chips have been made obsolete by the new UCC5618, the chips are indeed designed for use in hard drives.

Monday, March 20, 2006

Buffalo, New York —On Saturday March 18, citizens in Buffalo demonstrated to make their voices be heard. The protest mounted by people opposed to the Elmwood Village Hotel proposal took place on the proposed site at Forest and Elmwood Avenues.

The Elmwood Village Hotel is a 72-room, seven-million-dollar hotel proposed by Savarino Construction Services Corporation. The hotel would require the demolition of at least five buildings (1109-1121 Elmwood), which house several shops and residents. Karl Frizlen, an architect with Frizlen Group, designed the hotel. Although the properties are “under contract,” it is still unknown if Savarino Construction actually owns the buildings. It is believed that Hans Mobius, a resident of Clarence, New York and former Buffalo Mayorial candidate, is still the owner. The hotel is expected to be a franchise of the Wyndham Hotels group.

Despite the cold weather, at least 40 people showed up to walk the picket line for 2 two hours.

Clarence Carnahan, a Buffalo resident, supplied signs that citizens could use during the protest. Some of the signs said, ‘No vacancy, No hotel,’ ‘No tell hotel,’ ‘Hans off’ and ‘Our neighborhood, our choice, no hotel.’

“The concern is they are going to tear down established businesses that have been here for years,” said Charles Leist, a protester.

“We’re fighting to the bitter end. We’re hoping that we can squelch this. We don’t think we can, but we’re going down kicking and screaming,” said Patty Morris, co-owner with Nancy Pollina of Don Apparel at 1119 Elmwood. Don Apparel is a vintage clothing and collectible shop and has been at the same location for nearly 14 years.

The city’s Common Council is expected to vote on the proposal on Tuesday, March 21, 2006 at 2:00 PM in Council Chambers, on 13th floor in City Hall.

The Planning Board is expected to vote on the proposal on Tuesday, March 28, at 8:00 AM in room 902 on the 9th floor of City Hall.

Even if the Common Council approves the proposal, the Planning board will get the final say in the matter.

So far, no other protests are scheduled. Organizers say they will wait until the Common Council votes before organizing any more protests.

Wednesday, April 5, 2006

Glen Stollery is a New Zealand website developer who created the site ScienTOMogy.info in mid 2005. The site, which is a parody of Tom Cruise and his involvement with the Church of Scientology, became the centre of controversy when it was served with a number of cease and desist orders initiated by the Church. On March 19, 2006, Glen issued a media release stating that his web hosting provider, YouTube, had removed videos of Tom Cruise which formed part of the site. The release suggested that YouTube had taken this action under external pressure from Cruise or Viacom.

Responding to a query by Wikinews reporters, YouTube stated “We have not received a DMCA notification letter from Viacom.” The Church of Scientology was offered the opportunity to respond to the claims made by Stollery during the interview. No reply was received.

This exclusive interview deals with these issues and others relating to the website. It was conducted with Glen via email between March 21 and April 3, 2006.

Thursday, March 5, 2009

US stock markets dropped to twelve-year lows on Thursday, amidst falling confidence in the financial sector and worries over whether the US automobile manufacturer General Motors will be able to keep operating.

The Dow Jones Industrial Average dropped by 4.08%, or 280.52 points, at the closing bell, reaching a level of 6595.32, a new 12-year low. The Nasdaq Composite lost 54.15 points, or 4%, to 1299.59, while the Standard & Poor’s 500 plunged by 30.27 points, or 4.25%, closing at 682.60.

Every stock in the Dow Jones, other than Wal-Mart, either lost ground or remained even, and all stocks in the S&P 500 index lost ground.

General Motors’ shares lost 15.5% after the auto firm announced that its auditors had “substantial doubt” over whether it would be able to keep operating.

Shares of financial companies were lower by nine percent, with Bank of America losing 11.7% and Citigroup falling by 9.7%.

“What’s most worrisome is that we haven’t hit the crescendo yet,” said Bill Groeneveld, the head trader for vFinance Investments. “Asset-management divisions are getting calls to just liquidate everything, and we haven’t seen the big players come back in at all.”

“This is one of the worst bear markets in the last 100 years; it started out with the credit crisis and the subprime [loans], but it is like a forest fire that has raced across the clearing and ignited other parts: Autos, auto parts, the insurance companies have been hit very hard. The credit crisis is causing an unraveling of industry after industry because the banks don’t lend,” said David Dreman, the chief investment officer of Dreman Value Management.

European markets were also lower today, with the London’s FTSE index losing 3.2% and the DAX index of Germany falling by five percent.