2011jordansforsale.com

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, February 5, 2009

Pirates in Somalia have released the MV Faina, a Ukrainian ship carrying a cargo of 33 T-72 tanks, along with 20 of its crew of 21, the Russian captain having been killed by hypertension during the hijack.

A ransom of US$3.2 million was paid for the ship’s release, compared to the $20 million previously demanded and also down from the initial request for $35 million after the capture in September. By January 16 the ransom sought was $5 million, with negotiations occurring directly between the pirates and the ship’s owner. In October the pirates threatened to blow the ship up unless this was paid within days, and stated they were willing to die and take the crew with them, but this threat was never carried out.

The ransom came in on Wednesday, and after counting the money the pirates left the vessel on Thursday. One pirate, Segule Ali, said of the payment that “no huge amount has been paid, but something to cover our expenses.”

The ownership of the cargo, which includes ammunition, rocket launchers, small arms and spare parts as well as tanks, is uncertain. Although the shipment was said to be for Kenya, as acknowledged by the Kenyan government, the pirates claim to have documents proving they were destined for Sudan, currently the subject of a United Nations arms embargo. Sudan denies this.

At one point, with the ship anchored off Harardhere, the pirates claimed they had put down an attempted revolt by the crew. However, the Faina’s owner has expressed doubts about the veracity of this report, which originated with the pirates themselves.

The remaining crew are reported to be healthy by the Ukrainian Presidency and the ship is now heading to Mombasa under US Navy escort. There are 17 Ukrainians, two Russians and a Latvian on board.

Tuesday, January 9, 2007

Prince Laurent of Belgium, the youngest son of King Albert II of Belgium, has been questioned last night by the federal police and is attending today’s court session in Hasselt in a marine fraud case that has gripped Belgian media since last December. He arrived in a Smart car and was accompanied by his lawyer and former politician Fred Erdman. The case turns around funds of the Belgian Navy that have been used to beautify the Prince’s villa in Tervuren. The Prince is expected to testify this afternoon.

In total, € 2.2 million was supposedly diverted from the marine’s purchasing services using false invoices. Roughly € 185 000 was allegedly used to paint the Prince’s villa, install lights in the garden, for the purchase of carpet and furniture, and for his secretariat and for animal clinics the Prince supports via his Foundation. Twelve marine officers and contractors are being accused of document fraud, collusion, bribery, embezzlement of government money etc. and could face 10 years in prison. The money was part of the budget that wasn’t spent at the end of the year, and which would flow back to the government if the army didn’t spend it.

The Prince, who is also an officer in the navy, is being treated only as a witness in this case, there have been no charges against him. The Attorney General in Hasselt Marc Rubens has said that there are no elements in the investigation that point to the fact that Laurent was aware of the affair, however several accused have contested this in the press. Technically, the villa is not the property of the Prince himself, but of the Royal Gift, which manages the real property of the Royal Family.

During his interview by the police last night, Prince Laurent stated that he needed funds to renovate his villa, and that Noël Vaessen, his adviser, told him the Navy could help him. The Prince stated that he thought it was legal, and that he had no reason to doubt his adviser.

Ex-Colonel Noël Vaessen was an adviser of the Prince between 1993 and 1999. Vaessen has declared in the media during the last month that the Prince actively participated in the fraud, and that he fears a cover-up. He said that the Prince was a demanding party in the operation, and that “he knew that we were arranging things to make his life and his work as comfortable as possible.” According to Vaessen, the Prince was in need of money to support a royal lifestyle, and “didn’t even have enough money to buy food.”

In 2001, Vaessen was discharged with honour from the army “for medical reasons”, but Defence Minister André Flahaut is investigating if there was no agreement to give him his pension in exchange for the fact that he wouldn’t incriminate the Prince. Vaessen also accused the Prince of other things, such as racing against the high-speed train TGV on a French highway. He has also incriminated Admiral Herteleer. Captain Johan Claeys, one of the accused, studied with the Prince and worked at the facturation services of the Navy in 1998 and 1999. One of the accused contractors, Marc Luypaerts, has told the press that the judge responsible for the investigation in Hasselt had forbidden him to speak about Prince Laurent.

Laurent’s status as a Prince has several judicial consequences for the trial. In Belgium, it’s against the law to incriminate the Royal Family during a trial. Also, the Prince is protected from judicial pursuit because he is also a Senator by law. Justice Minister Laurette Onkelinx has issued a Royal Decrete, which the King has signed while on holiday in Napels, which would make it possible for Princes to testify in a trial.

However, Public Prosecutor Erwin Steyls has chosen to have Laurent interrogated by the police last night in Hasselt. This was the first time during the last six years of the inquiry that the Prince was questioned. Today in the court, the Prosecutor defended the act of having him questioned outside the trial, saying that there were several procedural issues. First, the subpoena for the Prince wasn’t issued in time to be legal. Second, the details of the protocol to hear the Prince in court were not explained in the recent Royal Decrete, making it worthless -something Minister Onkelickx denied. Thirdly, nobody can be forced to testify against himself, and if the Prince were to make false statements under oath, he could only be sued for perjury. However, the court has decided to let him testify anyway this afternoon.

During the last month, the case has caused a several spin-off discussions in Belgium. One of the surprises during this period was the King’s Christmas Message, in which he referred to the case. The regional governments are now investigating and discussing their donations to the IRGT/KINT, an environmental organisation supported by Prince Laurent. But there is also an ongoing debate over the position of the Monarchy in Belgium. Some politicians are suggesting to limit the role of the Monarchy, and other think that only the King and Queen, the Crown Prince or Princess and the widow(er) of the King or Queen should receive state funding.

Wednesday, November 10, 2010

On Monday, Symbian Foundation discontinued Symbian OS, as a result of its lost popularity since Android came to market. The Finnish telecommunications company Nokia, being one of the few hardware manufacturers who use the system on some of the models, announced that it has taken over the operating system’s development.

Nokia had acquired Symbian Foundation in 2008. Now, the foundation refused to continue the project, because this smartphone operating system had lost its popularity when Android came to market.During the next several months, most Symbian Foundation employees, who were completely governing the project previously, will retire.By April 2011, only the licensing team will stay to oversee the project.

The executive director of the Symbian Foundation Tim Holbrow explained the change, saying that “There has since been a seismic change in the mobile market but also more generally in the economy, which has led to a change in focus for some of our funding board members. The result of this is that the current governance structure for the Symbian platform — the foundation — is no longer appropriate.”

Instead, Nokia takes over the development of the system. This is possible because the Symbian OS is currently open source and freely redistributable. In an interview with ZDNet, the head of Nokia smartphone business Jo Harlow said that the takeover was in significant part because Nokia hardware was the major one using the OS. The development environment would be switched to Qt framework for the system to support cross-platform applications use and development. It is unclear whether the licensing of the future releases of the system would remain open-source.

Friday, December 12, 2008

A US$14 billion bailout package deal for the “Big Three” United States automakers — Chrysler, Ford, and General Motors — has been rejected in the United States Senate after failing a procedural vote.

The bill was rejected after bipartisan discussions on the bailout broke down when Republican Party leaders insisted that the United Auto Workers (UAW) union agree to increase wage cuts by next year in order to bring their pay into line with those of Japanese automobile companies in the United States. The UAW refused to meet the demands.

The final vote count in the Senate was 52-35, eight short of the 60 needed to pass. Only ten Republicans joined forty Democrats and two independents in voting for the bill. Three Democrats voted with thirty-one Republicans against it.

Senate Majority leader Harry Reid said that he was “terribly disappointed” by the failure of the bill to pass. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight,” Reid said. “Millions of Americans, not only the auto workers but people who sell cars, car dealerships, people who work on cars are going to be directly impacted and affected.”

Republican Senator Bob Corker was also unhappy about the rejection. “We were about three words away from a deal. We solved everything substantively and about three words keep us from reaching a conclusion,” he said.

Some Democrats now want U.S. President Bush to reserve a portion of the $700 billion bailout package earmarked for Wall Street to assist the flagging car industry.

Stock markets worldwide fell dramatically on the news, with Japan’s Nikkei average losing 484.68 points, or 5.6 percent, reaching a level of 8253.87 points. Shares in the auto companies Toyota, Nissan and Honda all dropped by no less than 10 percent apiece. European stocks, such as those in the United Kingdom and Germany, also lost ground, with the FTSE-100 index of leading shares falling 176.3 points to a level of 4,211 at midday.

Wednesday, March 30, 2005

The owners of the Noodle House Restaurant of Charlottetown, Prince Edward Island (P.E.I.), Canada were overwhelmed by community support Tuesday when the restaurant overflowed with customers, cards, flowers, and personal pleas to not leave the province.

According to CBC News Prince Edward Island, the recent outpouring of support occurred after Tommy and Lina Ko, the restaurant owners, announced they would close the restaurant and leave the province following an incident two weeks ago, when groups of up to 200 teens from two nearby schools surrounded the restaurant, pelting it with snowballs, and threatening the Kos. Charlottetown Police Chief Paul Smith told CBC PEI that his force is ready to take whatever action is necessary to crack down on the behaviour and last week started videotaping over lunchtime when most of the misbehaviour has taken place. Police noted that they have received complaints from other businesses, pedestrians, and drivers in the busy “fast food alley” and intend to seek co-operation from the schools in identifying the main culprits.

However, a CBC PEI story from October, 2002, reported the Kos asking police to do more to stop the littering and other vandalism in the area including having signs smashed, windows broken, and fireworks set off in front of their restaurant. At that time, Deputy Chief Richard Collins told CBC PEI: “You can’t have upwards of 1,500 to 2,000 students in and around that area at dinner hour and not expect for some of them to misbehave,” but promised to continue patrols and try to teach the students respect of property.

Tommy Ko told CBC News that he was overwhelmed by the support this week and in thanks put on a surprise free buffet, though customers insisted on paying anyway. Nevertheless, after fighting the harassment for some five years, the Kos say they still are not sure they want to stay.

Saturday, December 8, 2007

Academy Award winning actor and political activist Sean Penn has just thrown his support in the 2008 US Presidential election behind Dennis Kucinich.

In a San Francisco speech described by his PR people as “a blistering indictment of political leaders and an impassioned endorsement of Presidential proportions,” Penn threw his support behind the lesser known Democratic candidate.

The Kucinich campaign did not vet the speech.

Other recent celebrity endorsements in the race include Oprah Winfrey for Barack Obama, Red Sox pitcher Curt Schilling for John McCain, Harry Belafonte endorsed John Edwards, and both 50 Cent and Barbra Streisand behind Hillary Clinton. Chuck Norris has backed Mike Huckabee in a high profile, comedic endorsement ad.

Penn first became politically active in October 2002, when he spent $56,000 on a full-page ad in the Washington Post, asking President George W. Bush to end “a cycle of violence”. He visited Iraq briefly in December of that year, Iran in 2005 as a journalist, and met with Venezuelan president Hugo Chávez for two hours in 2007.

Penn went to New Orleans to “aid rescue workers” after Hurricane Katrina; many questioned how much of a liability an untrained worker, especially when his boat sprang a leak, would be. One website commented “just showed up with his entourage and a personal photographer with the apparent intent of just wandering around looking for a good photo op.”

Saturday, March 19, 2011

The United Nations has completed its first ever assessment of the United States human rights record, which began last November. They made 228 recommendations for improvements. On Friday, the U.S. accepted about 174 of these, agreeing to such recommendations as the humane treatment of terror suspects and repudiation of torture, but rejected the recommendation to drop the death penalty.

The Legal Adviser of the Department of State, Harold Koh, listed nine core areas in which the U.S. agreed to make improvements, including civil rights, immigration, and the humane treatment of suspects held at Guantanamo Bay detention camp. Koh said President Obama agreed to push for ratification of conditions under the Geneva Conventions and to add protections for international armed conflict detainees. Koh refused to drop the death penalty as many European countries requested, arguing that it was legal under international law.

Some nations wanted the U.S. to reduce prison overcrowding, prevent racial profiling, and ratify international treaties protecting the rights of women and children. China and Russia wanted Guantanamo to be shut down. Cuba, Iran and Venezuela said the U.S. was ignoring too many recommendations.

The Obama administration joined the 47-nation UN Human Rights Council two years ago, allowing for increased international scrutiny. This is the first time the five-year-old council has reviewed the U.S. record of human rights. Nations are held accountable to make the improvements in the recommendations that they agree to.

In criticism of the U.S., the director of the American Civil Liberties Union’s human rights program, Jamil Dakwar, noted that the U.S., unlike 100 other countries, lacks an independent human rights monitoring commission.