mynewhopeumc.org

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.

Friday, October 12, 2007

I had an unofficial phone call from Gay Talese last Tuesday. He had just flown back from Colombia and he was cranky. “I’m happy to do an interview with you,” he said, “but what the hell could you ask me that’s not already out there? Have you even bothered to look?!”

“Jeez, Mr. Talese, lots of things,” was my response. I lied. The truth is that when I call people to interview them, I do not have a set of preconceived questions. My agenda is to talk to them and gain a sense of who they are; to flesh them out as humans. To find out what they think about the world around them at that moment. With Gay Talese I had little interest in talking about Frank Sinatra Has a Cold and with Augusten Burroughs I had little interest in discussing Running with Scissors. I want to know what they think about things outside of the boxes people have placed them in.

With a memoirist like Burroughs, even this is a challenge. What parts of his life he has not written about himself, other interviewers have strip-mined. When we met for dinner at Lavagna in the East Village, I explained to Augusten this issue. I suggested we make the interview more of a conversation to see if that would be more interesting. “Instead of you in the catbird seat,” I said, “let’s just talk.”

We struck an instant rapport. What set out to be an hour and half interview over dinner had turned into four hours of discussion about our lives similarly lived. I removed half of the interview: the half that focused on me.

Below is Wikinews reporter David Shankbone’s conversation with writer Augusten Burroughs.

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 22, 2006

Buffalo, New York —The city’s Common Council met in Council Chambers today with a full agenda. Among the items in the agenda was the Elmwood Village Hotel proposal.

The Elmwood Village Hotel is a proposed hotel by Savarino Construction Services Corporation and is designed by architect Karl Frizlen of the Frizlen Group. It is to be placed on the corner of Elmwood and Forest Avenues in Buffalo and will require the demolition of at least five properties (1109-1121 Elmwood).

During the hour-and-a-half meeting, the Common Council approved the hotel proposal. The entire voting process for the proposal took less than two minutes, and the public was not allowed to speak. The Council voted unanimously in support of the proposal; however, the city’s Planning Board must also approve the proposal. The Board will meet on Tuesday, March 28, 2006 at 8:00 a.m. on the 9th floor of City Hall, room 902.

The approval allows for the rezoning of all five properties, including 605 Forest, to a “special development plan,” or a C-2 zone.

“There is a ‘special development plan’ in front of the council, which changes only one thing about the zoning. It allows one permitted use — for just a hotel. The rest of the zoning remains as it is under the current Elmwood Business District zoning. 605 and 607 Forest are not required for the project. They are not part of the footprint for the project. Let me answer this question again. This is on the record, in council: 605 needs to be rezoned in order to facilitate the project because of the sideyard requirement. Anything in C-2 is excluded besides the hotel. So we’ve taken the C-2 and included the hotel as a permitted use, and excluded everything else, and everything else remains the same,” Eva Hassett, Vice President of Savarino Consrtruction, said to Wikinews during a public meeting on March 16, 2006.

However, during the same meeting, Pano Georgiadis, owner of 605 Forest and owner of Pano’s Restaurant on Elmwood, threatened to “sue” Savarino Construction saying, “If you try to get a variance to change the code, I will sue you. This is my home, number one.”

Savarino Construction hopes to break ground this Summer.

Despite the Council’s approval, organizers have scheduled another protest that will be held this Saturday, March 25, 2006 at 2:00 p.m. on Forest and Elmwood.

Some citizens are even considering legal action and are considering an “injunction in State Supreme Court,” going “pro se, meaning I am going to present the case myself,” said Clarence Carnahan, a concerned citizen and local business owner who is opposed to the hotel, to Wikinews.

Carnahan wrote a “notice of cease and desist” which was also presented to the Council at today’s meeting.

Patty Morris, co-owner of Don Apparel with Nancy Pollina, said, “We are going to fight the good fight to the bitter end, but we cannot afford it [legal action]. Now it’s a legal matter, and it’s in the hands of the law, and I know there are some people very interested in hiring a lawyer.”

Nancy Pollina says that she is “looking into a defense fund” and is currently talking to lawyers.

==Related Wikinews==

• “Citizens protest Buffalo, N.Y. hotel proposal” — Wikinews, March 20, 2006
• “Buffalo, N.Y. hotel proposal threatened by possible lawsuit” — Wikinews, March 16, 2006
• “Buffalo, N.Y. hotel proposal delayed further” — Wikinews, March 10, 2006
• “No hotel previously on site of proposed Buffalo, N.Y. hotel location” — Wikinews, March 4, 2006
• “City Planning Board postpones decision on Buffalo, N.Y. hotel proposal” — Wikinews, March 2, 2006
• “Residents and business owners attend “private” meeting on Buffalo, N.Y. hotel proposal” — Wikinews, February 28, 2006
• “Eva Hassett, VP of Savarino Construction Services Corp. answers questions on Buffalo, N.Y. hotel redesign” — Wikinews, February 27, 2006
• “Alternative to controversial hotel proposed to Buffalo, N.Y. business owners and residents” — Wikinews, February 23, 2006
• “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

The time is 18:00 (UTC) on June 27th, 2006, and this is Audio Wikinews News Briefs.

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Saturday, January 21, 2006

Volkswagen announced the Palmela, Portugal factory – Autoeuropa – has been chosen to produce a new car model beginning the first quarter of 2008, but did not specify the model to be produced.

“The decision to produce a new model in Autoeuropa is the result of the competitive cost of production of the factory, well as the favorable conditions of the cooperation established by the Portuguese government and the workers,” announced Wolfgang Bernhard.

José Sócrates, prime minister of Portugal, said he was “satisfied with the decision of Volkswagen to produce a new model in the factory of Palmela,” and considered that the decision, “reflected the confidence [of the investors] in the Portuguese economy.”

Volkswagen will reveal the new model to be produced next week. By 2008, the factory at Palmela will only be producing the multi-purpose vehicle Sharan and the Eos models.

With the end of the production of the multi-purpose vehicle, the factory needs to guarantee new product lines, since the new Eos is not sufficient to maintain the current 2,790 workers.

The Volkswagen Autoeuropa produced a total of 79,896 vehicles last year, of the models Volkswagen Sharan, SEAT Alhambra, Ford Galaxy and Volkswagen Eos, against the 95,660 vehicles produced in 2004.

Sunday, October 7, 2007

Cecile Willert is running for the Green Party of Ontario in the Ontario provincial election, in the Ajax—Pickering 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.