Commonwealth Bank of Australia CEO apologies for financial planning scandal

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

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.

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Do You Need Window Blinds?}

Submitted by: Faith Chryst

Possibly you have gone more than to a friend’s house and noticed how nicely the blinds play with all the color scheme of a space, or possibly you were flipping through a magazine and discovered the selection of working with blinds like it was a new concept. Either way, now you happen to be possibly questioning one thing: do you need window blinds? Understanding a little more about your possibilities, your needs and your personal taste can make it easier to answer that question, like how much light you need, in case you have other alternatives for window coverings, and if you will discover security issues to handle.

One of the determining factors you should take into consideration when deciding when you need window blinds is whether you get enough light in the room you are in. When you either need to keep curtains pulled more than it or pulled back, you could possibly consider using window blinds to provide you a middle ground in the lighting department. For those who have been thinking of making use of more all-natural lighting to conserve electricity, this is yet another sign that you may wish to think about window blinds. How much light you need will be a massive part in your determination of whether you need window blinds.

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If you don’t have other window coverings at present on your windows, you might consider acquiring both window blinds and curtains or sheer coverings, possibly even a valance that will be placed more than the window. Window blinds don’t work well alone in a window unless they are vertically slatted and made from an beautiful materials. Should you already have curtains, a valance or one more type of window covering, you may consider adding in window blinds as a balance in the look of the window as well as a balance of light coming through it.

There happen to be a number of incidents involving window blinds and accidental choking of small kids, like infants and toddlers. Because of this, considering your security needs is truly crucial. You may own window blinds and really feel secure that this type of accident won’t occur get getting blinds approved for small children and youngsters rooms, or you may forgo the window blinds altogether to be secure. This can be a significant consideration since quite a few individuals who have small children in the home do not like utilizing window blinds at all, even though others are willing to spend a bit more for child-proof blinds.

These considerations are nowhere near all of the different ones you may go through in order to choose whether having window blinds is suitable for you personally, but they are enough to get you began with a preliminary choice. In case you don’t have any of those concerns from above, you may not need window blinds. Most of the time “needing” them comes down to individual preference, but these unique considerations can assist you to put concrete believed into your decision-making process instead of just going back and forth about whether you should buy some for your home or workplace.

About the Author: Pelle Heat and Air Conditioning provides the top heating and air conditioning installation and repair services to the south bay area. Builder’s Drapes and Blinds sells

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US Senator Kennedy has brain tumor surgically removed

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US Senator Kennedy has brain tumor surgically removed

Monday, June 2, 2008

Today, United States Senator Ted Kennedy underwent surgery for a brain tumor at Duke University Medical Center. Kennedy, 76, was diagnosed with malignant glioma, a common but dangerous form of cancer, after suffering a seizure on May 17.

Kennedy has met repeatedly with friend and medical advisor Dr. Lawrence C. Horowitz to plan a course of treatment. The first, of the major phases of that treatment has now been completed, and it is expected that chemotherapy and radiotherapy will follow.

“I am pleased to report that Senator Kennedy’s surgery was successful and accomplished our goals,” said Dr. Allan Friedman, the chief of neurosurgery at Duke, who performed the surgery. “After a brief recuperation, he will begin targeted radiation at Massachusetts General Hospital and chemotherapy treatment,” Friedman added.

In talks with the press, the senator has focused on his future beyond surgery. In a prepared statement issued by his office, Kennedy stated, “after completing treatment, I look forward to returning to the United States Senate and to doing everything I can to help elect Barack Obama as our next president.”

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Asian countries call for global currency

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Asian countries call for global currency

Monday, April 6, 2009

Leaders and central banks in Russia, China, Malaysia, Indonesia, Thailand, and Kazakhstan have called for an international currency system.

Speaking on April 1 in advance of the G-20 summit in London, Russian president Dmitry Medvedev argued that the international finance system needed a “new construction” including “new currency systems”, saying that such a new system could be the purpose of a revamped IMF and World Bank. The IMF was originally founded in 1946 as the overseer of the Bretton Woods system, which from its founding until the 1970s tied the western world’s currencies to the US Dollar, which was in turn backed by gold. Russia’s proposal was for the new currency to serve as a reserve currency, one which would take the place of the dollar, euro, and other heavily-traded currencies as an international standard of exchange.

Medvedev’s comments are a reversal of Russian position from a lukewarm response following a looser outline for a worldwide currency by Kazakhstani president Nursultan Nazarbayev. On March 11, Nazarbayev suggested the establishment of the “acmetal”, a portmanteau of “acme” and “capital“, as a reserve currency replacing the ruble in international transactions, first for Central Asia and then worldwide. 1999 Economics Nobel laureate Robert Mundell, speaking to the Daily Telegraph, endorsed the idea, saying “It would be a very good idea if the G-20 took that idea up in London”.

2001 Nobel economics prize winner Joseph Stiglitz, meanwhile, said the new currency could come about quickly if it was based on an expansion of the IMF’s already established system of Special Drawing Rights, units of exchange used by the IMF which already have some of the features of currency. Stiglitz argued that, as the US dollar has become the standard global reserve currency, it has inadvertently created a system which hurts the world economy. “It’s a net transfer, in a sense, to the United States of foreign aid,” he argued, reasoning that when other countries purchase US dollars in order to use them on international markets (such as for the buying and selling of petroleum), they effectively give the US a zero-interest loan — sometimes at times when they can least afford it. Stiglitz made his comments as head of a United Nations panel of economists giving recommendations to address the global financial crisis.

In the weeks leading up to the G-20 conference, the People’s Republic of China also began discussing a new system for reserve currencies. In a March 23 speech, Zhou Xiaochuan, governor of the People’s Bank of China, endorsed a new reserve currency, saying “the desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.” Zhou went on to endorse the expansion of the SDR system in the long-term creation of a reserve currency government by the IMF. While Zhou did not mention the US dollar specifically, analysis by Qu Hongbin, chief China economist for HSBC, for the Financial Times said that the speech “is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money”.

China holds $740 billion as assets; inflation in the US economy, which has been low in recent years, would directly cause those assets to lose value.

While the Chinese government has engaged in currency swaps with several other growing economies, such as South Korea, Argentina, Malaysia and Indonesia, the Chinese Yuan cannot be used itself as a reserve currency as it cannot be freely traded on the global market.

The Chinese-Russian proposal was not entered onto the agenda at the G-20 meeting itself. Nonetheless, British Prime Minister Gordon Brown said that the G-20 was open to considering the proposal if and when a detailed one is presented. United States President Barack Obama, meanwhile, endorsed the continuation of dollar supremacy, saying that the US dollar is “extraordinarily strong” and arguing that its strength was the result of the intrinsic stability of the United States economic and political system; US treasury secretary Timothy Geithner had, the week before, made comments that while he supported an expansion in the SDR mechanism he rejected the idea of a global currency. Rather than change the role of SDRs, the G-20 meeting instead added $250 billion in support to the fund backing SDRs.

After the G-20 conference ended on Thursday, Malaysia’s The Star BizWeek reported that the central banks of Indonesia, Malaysia and Thailand had endorsed the Chinese proposal. All three countries have close economic ties with China and suffered heavily from the collapse of their currencies in the 1997 Asian Financial Crisis; the sudden growth in the value of the US dollar relative to those countries’ native currencies sharply increased debt in Southeast Asia’s economies, leading to a wave of bankruptcies.

International reaction from other economies has been mixed and guarded. Luiz Inacio Lula da Silva, President of Brazil, said that the currency proposal was important to discuss but did not give extensive comment. And while UPI reports that India supported the SDR proposal at the G-20 conference, the Indian Press Trust quotes Indian Prime Minister Manmohan Singh as saying last month, “It is too early to talk about common currency.”

Calls for an independent global reserve currency are not new. In 1944, John Maynard Keynes proposed the “bancor“, a unit like the SDR supported by a basket of commodities. Keynes’ idea was rejected and the US dollar took the equivalent role under the Bretton Woods system. Keynes proposed that the bancor system would be reinforced by a tax on participating countries’ current accounts, the difference between their exports and their imports, in order to encourage balanced trade. Meanwhile, monetary unions have become more popular since the end of the gold standard, with most of the European Union now trading the euro, and several countries outside the EU using it as a de facto currency; five West African countries adopting the eco at the end of this year; and the African Union planning to introduce the afro in 2028. Proposals for a North American currency union based around the so-called “amero” have been frequently discussed as the focus of conspiracy theories in the United States, but none of the US, Canada or Mexico have actively pursued the establishment of any such monetary union, however the dollar is the currency of several Latin American countries.

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Christmas Stocking Stuffer Ideas: Gifts That Work For Everyone

By Rosie Dawson

It’s beginning to look a lot like Christmas already. Thousands of people have started Christmas shopping early due to the economic situation. It’s much easier to spread out christmas shopping over months instead of waiting until December. Even Walmart recognized the situation for shoppers by lowering prices on the most popular toys early starting October 10th.

There are thousands of lists throughout the web that are specifically geared for specific people. Stocking Stuffers for him, for her, for teens, golf lovers, coffee lovers and so on and so forth. Are there any lists that have universal stocking stuffers that can be used for anyone? In an attempt to make shopping a little easier, I’ve put together a list of things that you can put in any stocking!

Gift Certificates: Maybe not always the most thoughtful gift, but it works well for stockings. You can always buy thoughtful gifts to go under the tree. Find a gift certificate to the person’s favorite store or a place they frequent often. A Starbucks gift card would be great for someone who has to have their morning Venti White Chocolate Mocha before a hard days work at the office. Or perhaps an Itunes gift card for your teens so they can download the latest album from their favorite band! Those type of gift cards you would not have to add a lot of money either, maybe $10 to $15.

Batteries: You know you will end up having to buy them anyway for the the oodles of toys under the tree, the handheld poker game for your husband or the new watch for your sister who can never seem to get to family events on time. You might as well put them in a stocking instead of wrapping them separately.

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Ornaments: This is more of a thoughtful gift and one my own family practices. Each year my husband and I buy each other an ornament. You can find websites online that will allow you to put a digital picture on an ornament for memories and some allow text also. Imagine “Our 1st Christmas” “Baby’s 1st Christmas” and so on. They create lasting memories for everyone. This is great for kids in multiple ways also. Usually at school kids will create little ornaments for their parents out of clay, paper, or popsicle sticks that they could put in their parents stocking. Also by getting your kids an ornament every year, by the time they move out, they will have a bunch of ornaments that they could put on their own tree! It’s also a great way to remember your phases or hobbies since their are ornaments for everything from Bob the Builder to your favorite football team.

Event Tickets: Tickets are a great thing to stuff in a stocking. Mainly because they are small and cover every hobby, like or passion you can think of. Concert tickets for your 17 year olds favorite band. Movie tickets to the latest Pixar movie for your kids. Sporting event tickets to a hockey game for your husband. Event tickets to a craft expo for your wife. You could even give Lottery tickets if you have a family member who likes to play the lotto. Whatever your family’s passion you can find a ticket to cover it.

Chocolates and Candy: Always great as a filler, for the stocking anyways, not so much for your tummy. This would also be great to put in different types of chocolate or candy you might not always buy. Like green tea flavored Kit Kats from Japan. I’ve tried them and absolutely love them! You can’t buy them in the U.S. to my knowledge but that is the beauty of online shopping. Find something unique and different, but make sure to throw in a candy cane or two just in case the unique candy you picked out wasn’t as appealing to their taste buds as it was your eyes!

Magazine Subscriptions or Books: As I’m sure you know there is a magazine for any topic you desire. Get a subscription to fit your family’s hobbies. Books are great as well at least paperback novels, I think it might be difficult to put a large book in a stocking. You can find books from their favorite author, or books for your children, some of the older Beatrix Potter books are stocking stuffer size. Even if you have a baby or toddler, buy board books for them to look at and for you to read to them!

Journals, Diary’s or Planners: They are all along the same theory, buy one that is useful for the person you are picking it up for. A planner for mom or dad to keep track of the numerous soccer meets or work meetings, maybe a diary for a little girl, or even a small sketchbook for a boy or for small children to scribble in. Give them something to be creative with or something that is useful!

Craft Supplies or Pens: You can pick up different craft supplies for kids, crayons, markers, scissors etc. Those things could also be handy for moms as well! A nice ballpoint pen for adults, because everyone needs something nice to use at work that isn’t going to run out of ink in a week.

These are only some of the things you can pick up. The list is endless!

About the Author: Looking for more ideas? You can visit the blog

Unusual Gifts For…

to find unique and unusual gift ideas and reviews for every occasion! Including

Top 10 Stocking Stuffers for Teens

,

Unusually Great Desktop Clocks

and much more!

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Bucharest to host its first ever CowParade

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Bucharest to host its first ever CowParade
Published by
Jul 08

Wednesday, January 19, 2005

Bucharest, the capital of Romania, will become the first southeastern European city to host CowParade.

Between June 1 and the end of August this year, the city will be flooded by herds of decorated cow sculptures, exhibited at well-known landmarks, such as The Palace of the Parliament, Europe’s largest building, as well as on the streets and outside metro stations. Over 3000 local and international artists will participate in the event, decorating more than 100 life-sized fibreglass cows. The decorated cows will feature Romanian and Bucharestean themes, as well as issues related to international city life.

After the event ends, all the cows will be auctioned off, with the proceeds donated to the Special Olympics Romania, a charity helping athletes with mental disabilities. The Bucharest CowParade is organised by Event Horizon, a Romanian marketing consultancy.

CowParade, which was first held in Zurich in 1998, has been held in 22 cities in 5 continents and is today the world’s largest public art event.

Bucharest was chosen from over 500 other candidate cities and has waited for the event for a couple of years. The new local government in Bucharest wants to relaunch the city’s image as a creative and colourful metropolis and have therefore enthusiastically supported the exhibition. The high-profile event is expected to boost the image of Bucharest worldwide, especially in the artistic scene.

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CanadaVOTES: NDP candidate Michael McMahon running in Prince Edward—Hastings

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CanadaVOTES: NDP candidate Michael McMahon running in Prince Edward—Hastings
Published by
Jul 03

Friday, September 26, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. New Democratic Party candidate Michael McMahon is standing for election in the riding of Prince Edward—Hastings. McMahon moved to Windsor in 1951, getting a degree in education, teaching locally and in Papua New Guinea. He served as Branch President of the Ontario Secondary School Teachers’ Federation (OSSTF), served on multiple of their major committees, and recently retired from the Hastings and Prince Edward District School Board.

Wikinews contacted Michael McMahon, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

Since being redefined in 2003, the riding includes the County of Prince Edward and the County of Hastings (except the City of Quinte West). Conservative Party member Daryl Kramp currently represents the riding, after beating a Liberal in 2004. Ken Cole of the Liberals and Alan Coxwell of the Greens are also running in the riding.

For more information, visit the campaign’s official website, listed below.

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How Christians Benefit From Christian Counseling Techniques

Published by
Jul 02

byAlma Abell

Many people seek counseling to assist them in finding their way in life. It can be used to strengthen relationships but is also a comforting tool to offer guidance in better understanding yourself and events that might have happened in your life. The Christian Counseling Norman OK people seek uses a profoundly religious approach that offers strength from your Christian beliefs to help guide you and find your way.

Bible Inspiration

As a Christian you have turned to the bible in times of need to assist you in understanding life as well as to seek inspiration from the bible’s teachings. The christian counseling Norman OK people seek uses the bible as a familiar tool to provide analogies to help patients find guidance and strength. A large part of any therapeutic treatment relies heavily on wisdom and insight and the bible can provide comfort and inspiration through the many stories about the challenges and adversities faced by people and how they find strength in their beliefs to aid in overcoming them. Examples can be drawn from the bible that are parallel to your experiences to help illustrate there is a way to overcome your challenges and come out stronger through your beliefs. Prayer is also often used as a form of meditative contemplation to aid in finding relief from stress and mental unrest. Praying with your counsellor is specific to Christian counseling techniques.

Reasons to Seek Christian Counselling

The reasons people choose to undergo Christian counseling are not much different than the reasons people seek counseling in general. Interpersonal skills, stress, conflict, emotional challenges and relationship issues both marital and family are all reasons people seek Christian counseling. In marriage Christian counseling Norman OK couples seek can be particularly effective strengthening the promises and commitments made to each other before God. Christian counseling is also very effective as a form of grief counseling where the bible can provide inspiration as well as reinforce the Christian beliefs that loved ones will be united with God as well as with each other.

Christian counseling utilizes many approaches often including traditional approaches of psychotherapy. However many counseling sessions focus on the bible to provide an authority and schooling to assist in healing and providing guidance.

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Stem cells used to cure paralysis in rats

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Stem cells used to cure paralysis in rats
Published by
Jul 02

Monday, June 26, 2006

Dr. Douglas Kerr, a neurologist at Johns Hopkins University, has recently led a research team to identify enough of the chemicals necessary to regrow motor neurons. They have succeeded in partially restoring paralyzed rats‘ ability to walk.

These results represent major progress towards curing many nerve-related problems in humans, such as Lou Gehrig’s disease and spinal cord injuries. However, Dr. Karr emphasized that it will be many years before any possible treatments for humans become available.

Dr. Naomi Keitman of the National Institutes of Health‘s neurology division said “They did something that people have been trying to do for at least 30 years and literally hit a brick wall until now.”

The research will be published in the Annals of Neurology.

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Two divers’ bodies found in Scapa Flow, Scotland

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Two divers’ bodies found in Scapa Flow, Scotland
Published by
Jun 30

Thursday, June 20, 2013

Two bodies have been discovered in Scapa Flow in Scotland’s Orkney Islands, 40 metres away from the wreckage of the SMS Brummer, a German war vessel scuttled during the aftermath of World War I. A Police Scotland spokesperson said the sighting, which was reportedly made by divers from the local area, was reported to the force at 10:40 BST (0940 UTC) yesterday.

The persons have yet to be formally identified, although it is thought the bodies are of two male divers from the Netherlands, who had been diving on May 28 on the remains of the ship. The failure of the divers to re-emerge above the water and the subsequent alert by the skipper of the divers’ boat prompted a large-scale search of the area, which was abandoned after two days as no sighting of the divers had been reported.

A Police Scotland dive unit at Aberdeen was alerted to the scene to assist with the retrieval of the bodies from the seabed. The divers’ next of kin have been told of the situation. The remains of ships such as the SMS Brummer reportedly make Scapa Flow a popular diving location.

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