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.

Wednesday, November 22, 2006

According to outgoing Massachusetts governor Mitt Romney, an explosion that was “equivalent to a 2,000 lb. bomb” and registered 0.5 on the Richter scale decimated an area of Danvers and is also a “Thanksgiving miracle.”

The explosion occurred around 2:45 am EST, this morning in the Danversport area of Danvers, Massachusetts at the plant for solvent and ink manufacturer, CAI Inc. The explosion, which was caught on security camera and was heard up to over 25-50 miles away in southern Maine and New Hampshire.

The explosion damaged over 90 homes, blowing out windows and knocking some houses off their foundations. Officials believe that some of the more extensively damaged houses will have to be leveled and rebuilt. Some of the buildings damaged included a bakery, boats at a close by marina and the New England Home for the Deaf, an assisted-living facility for people who are deaf or deafblind and elderly residents requiring constant care. “These people are extremely fragile,” said state Rep. Ted Speliotis, D-Danvers, whose district includes the affected area. “Many of them have Alzheimer’s and other illnesses. It’s clear they can’t stay here long, but it’s clear they won’t be able to return for quite a while.”

Danvers Fire Chief James P. Tutko toured the area by helicopter and said many residents would be kept from their homes for the foreseeable future. “It looks like a war zone, that’s the only thing I can say,” Tutko said. When asked about the loss of no life at all, he responded “Somebody out there likes us.” Finally, he said that finding out the cause of the explosion would take days.

Outgoing governor Mitt Romney toured the area and said the explosion was a “Thanksgiving miracle” as the explosion was “equivalent to a 2,000 lb bomb going off in a residential neighborhood,” and that no one was killed and only about 10 people suffered only minor injuries in area that included over 300 residents. Residents of the area have been evacuated to the Danvers High School where temporary shelter has been set up by the American Red Cross of Massachusetts Bay. Donations are being taken for residents affected by the explosion. Residents are also being told to start filing insurance claims right away and to keep track of their expenses for items bought.

There were minor environmental concerns due to water runoff of chemicals. According the Environmental Protection Agency‘s on-scene coordinator Mike Nalipinski, preliminary tests showed low levels of toluene, a solvent, but said it was nothing of significance. Water runoff from the water used by firefighters left a purple sheen on the river and tests were being conducted. However, the water is not a local drinking water supply and the chemical evaporates quickly. Chief Tutko said there was no risk of toxic fumes getting into the air.

An Eastern Propane facility was also located near the area, however, it was not the source of the explosion. A spokesman for the company said that although the property suffered some minor damage, their tanks are secure.

According to WHDH television, a person who answered the telephone at CAI’s Georgetown, Massachusetts headquarters refused comment, and a telephone message left at the company president’s home was not immediately returned.

Sunday, April 25, 2010

Thailand’s prime minister, Abhisit Vejjajiva, has ruled out a compromise offer by anti-government protest leaders for parliament to be dissolved in thirty days, with elections to be held in 90 days.

In a televised address on Sunday, with army chief General Anupong Paochinda at his side, the prime minister dismissed the offer made by the National United Front of Democracy Against Dictatorship (UDD), saying such issues could not be resolved in such a short period of time, and “because they use violence and intimidation. I cannot accept this.”

Abhisit said the government stood by an offer made during earlier talks with the UDD for the house to be dissolved within the next nine months.

In reaction, the UDD, also called the Red Shirts, maintained an earlier call for parliament to be dissolved immediately. The UDD also withdrew from any further negotiations with the government. UDD leaders have repeatedly warned supporters rallying in central Bangkok’s retail and business areas of the threat of a new government crackdown.

There have been two large incidents of street violence in the past month or so, resulting in 26 deaths and injuries to hundreds of people. The Red Shirts primarily consist of supporters of former prime minister Thaksin Shinawatra, ousted in a 2006 coup. He was later given a two-year prison term on charges of corruption, although Shinawatra left the country in self-exile to avoid being jailed.

Sunday, April 13, 2008

Developers involved in open source products across Taiwan gathered together at the 2008 Taiwan Open Source Development Conference on Saturday and Sunday to present a variety of research relevant to the open-source community.

A variety of different issues were discussed at the conference, including 3D Graphical User Interfaces,web developing tools, new software platforms,and various hardware. Google, Yahoo, and Canonical also gave talks about Google Gears, Yahoo UI, and Ubuntu Mobile.

Thursday, November 12, 2009

Researchers have found a crucial genetic difference between humans and chimps that could help explain our language and speech abilities. The difference lies in a gene called FOXP2 which encodes for a protein of the same name. This acts as a transcription factor, controlling the activity of other genes.

The human and chimp versions of the protein differ in only two of their 740 amino acid components, but when researchers at the University of California, Los Angeles, replaced the human gene with the chimp version in neurons grown in the laboratory, they found it affected the expression of at least 116 other genes.

The results are detailed in a paper published on Thursday in the scientific journal Nature.

Author of the study Dr. Daniel Geschwind, of the David Geffen School of Medicine at UCLA, said the gene had a “major role” in differences between chimps and humans. “We showed that the human and chimp versions of FOXP2 not only look different but function differently too.”

Some of the affected genes control the formation of connections in the brain, whilst others relate to facial movements. Several have already been found to be involved in language disorders. Mutations in FOXP2 itself were also known to affect speech and language; the gene was first identified in members of a family suffering from language problems who were found to share a genetic mutation.

Frances Vargha-Khadem at University College London has studied patients with FOXP2 mutations, and agrees with the new research. As well as language problems, some of her subjects have changes in the shape of their jaws, mouths and tongues. She thinks that chimps may also have these differences.

“We believe FOXP2 is not only important for the higher order cognitive aspect of language but also for the motor aspect of speech and language,” said Genevieve Konopka, one of the authors of the paper at UCLA.

Previous research indicates that the changes in FOXP2 occurred around 200,000 years ago with the rise of modern humans. Geschwind also suggests that several of the related genes may have evolved together. Preliminary studies have shown signs that they too emerged relatively recently.

Scientists are now keen to further study FOXP2 and the genes that it affects. Geschwind believes this could eventually lead to breakthroughs in treatment for disorders such as autism and schizophrenia, which affect language skills.

The study was funded by the National Institute of Mental Health, the A.P. Giannini Foundation and the National Alliance for Research on Schizophrenia and Depression.

Friday, January 13, 2012

This week US citizens observed National Human Trafficking Awareness Day through acts of education, legislation, and enforcement; whilst, around the world, other people highlighted or tackled this global problem in their own countries.

According to an annual report on human trafficking released by the US State Department in June last year, 27 million men, women and children are exploited through human trafficking. Worldwide, at least two million children are estimated to be trafficked victims of the sex trade; and, in military conflicts, it is not uncommon for children to be forced to bear arms. In releasing the report last year, Secretary of State Hillary Clinton highlighted the importance of international cooperation in addressing trafficking, and cultural issues associated with it.

Under the United Nations’ Palermo Protocols, human trafficking encompasses cases where victims are born into slavery, forcibly transported for exploitation, consented to work with a trafficker, and/or were forced to participate in criminal activities. The Protocols also recognize the unique status and rights of children.

Reports from across the United States show a number of communities taking local action to solve, or otherwise highlight, this global problem.

In Southern California, Sister Caritas Foster is an advocate for the area’s victims of human trafficking. Commenting on the area’s involvement, she stated: “We in the San Francisco Bay Area are one of the largest receiving areas with our borders and coasts”. For over four years, Foster has worked on educating the public on human trafficking, speaking to civic and religious groups and describing the power traffickers hold over their victims through vivid accounts of situations trafficked individuals find themselves in. Many have no idea where they are located, suffer under the constant threat of deportation, and most often lack the language abilities to seek help.

Los Angeles politician Don Knabe said human trafficking was not a distant problem but one that hits close to home. As the county supervisor overseeing the fourth district in Los Angeles County, Knabe cited figures from the Probation Department showing 84 percent of arrests of children on prostitution charges in 2010 were in his district; he believes the overall problem for the county is much larger, and wants the Probation Department to establish a special unit dedicated to sexually exploited minors.

Northward in Seattle, Washington, members of the King County Sheriff’s department realized that law enforcement had to deal supportively with the symptoms of human trafficking — rather than putting victims in jail. This gave birth to the “Genesis Project” where sheriff’s deputies offer potential victims of trafficking a comfortable safe haven with amenities for 24 hours, and put them in touch with social services for counselling, job training, and education advice.

Politicians from several states have sought to address the connection between tourism and human trafficking; Indiana’s state Senate unanimously passed a human trafficking bill on Tuesday morning. Current legislation only considered forced marriage and prostitution as human trafficking; loopholes in the existing laws allowed some forms of human trafficking to escape prosecution. Lawmakers in the state hope to toughen their human trafficking laws, and have new legislation on the statute books in time for the Super Bowl, due to be held in Indianapolis on February 5. The just-passed bill now goes to the House for approval.

Also on Tuesday, lawmakers from Hawaii held a special hearing on human trafficking. Kathryn Xian, of Pacific Alliance to Stop Slavery, says traffickers capitalize on the state’s tourist-based economy. She introduced a package of seven bills she says will help prevent human trafficking in the state.

At a national level, the US government continues to work abroad on the issue of trafficking; Luis CdeBaca, a special ambassador for human trafficking, is working with Myanmar, commonly known as Burma, as the country seeks to improve diplomatic relations with the United States. Myanmar was identified by the US State Department as having one of the worst records of forced labor, and as a country that lacks necessary laws to curb human trafficking.

Although National Human Trafficking Awareness Day is a US-based effort to recognise, and highlight, this issue — as a topic of global concern being highlighted through the United Nations, others around the world continue efforts to increase public awareness and tackle trafficking.

Forty-six women from the international group Operation Mobilization sought to raise awareness by climbing Tanzania’s Mount Kilimanjaro. The summit is called “Uhuru Peak”, with Uhuru meaning “freedom” in Swahili. Each of the non-professional climbers raised US$10,000 to help those affected by human trafficking.

In the Middle East, several countries are reported to have problems with human traffickers recruiting unemployed gay Kenyan men to become sex slaves. Saudi Arabia and Qatar are supposedly the more-common destination countries into which Kenyans are lured with offers of high-paying jobs. However, in the United Arab Emirates — where no law prohibits trafficking, but homosexuality is illegal — the problem is compounded.

Enforcement of existing laws, and acting against trafficking, are seen as key steps in reducing the activity. Showing that no country is unaffected, Northern Ireland police are currently investigating five sex trafficking cases; and, on Monday, Filipino police rescued fifteen women following a tip-off regarding women recruited, and being held, prior to being sent to work abroad.

In the Northern Ireland situation, Detective Superintendent Philip Marshall stated that fifteen men are to be contacted, suspected of having paid for sex with trafficked women. Identifying victims within the UK, or victims seeking help, is becoming more challenging with the sex industry having switched to using hotel rooms as-opposed to street corners. Many victims of trafficking are found to be unaware of where within the country they are.

In the Philippines situation, Zamboanga City police are still seeking the recruiter of the fifteen women rescued in Rio Hondo.

A range of complexities are involved in the sentencing of both those convicted of human trafficking, and their victims. In one Canadian case, 43-year-old Hungarian Lajos Domotor pled guilty to trafficking men and women into forced labor. Following being charged with conspiracy to commit human trafficking, he developed terminal stomach cancer and has been given a 10 to 15 percent chance of living five years.

In the UK, officials are seeking to detect exploitation prior to sentencing — as a counter to the high number of foreign women in jails, frequently having been victims of trafficking. One in seven women prisoners across England and Wales are foreign, with the primary offenses being drug or immigration-related. A report into the issue recommends sentencing decisions should consider the role of women, and of coercion, in such cases.

Artists also have a special role to play in the education and awareness of the public. The first opera about sex trafficking will premiere in Liverpool, England, on March 7. Anya17 was composed by Adam Gorb with a libretto written by Ben Kaye. Performers will come from Manchester’s Royal Northern College of Music and the Royal Liverpool Philharmonic contemporary music ensemble 10/10. Funding for the production was provided in part by the United Nations.

Tuesday, September 30, 2008

George W. Bush vowed to get the USD 700 billion economic rescue plan through congress in a statement to the media made today.

“Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by Congressional leaders of both parties and my administration,” Bush reminded the audience. “Unfortunately, the measure was defeated by a narrow margin. I’m disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process.”

“Producing legislation is complicated, and it can be contentious. It matters little what a path a bill takes to become law,” he continued. “We’re at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.”

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“I recognize this is a difficult vote for members of Congress. Many of them don’t like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds, and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.” World and US markets today are up after severe declines yesterday. Most have recovered 30% of their previous losses, meaning that the potential government expenditure was similar to the market losses.

Bush then said that he knows “many Americans are especially worried about the cost of the legislation.” He then attempted to justify the cost. “The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money. We’re also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.”

If passed, the bailout plan would have allowed for the United States government to purchase devalued mortgage backed securities, resulting from the subprime mortgage crisis, from troubled financial institutions. The US Treasury Secretary Henry Paulson said the plan could cost up to $700 billion.