Monday, July 2, 2007File:America’s Cup.jpg

The seventh race in the challenge for the 32nd America’s Cup has been postponed due to unfair and unstable race conditions. This race could have been the last and final race as Alinghi are currently on match point on four wins, while Team New Zealand are only on two wins in the best of nine competition.

At 12.30 a.m. (NZST) there was already speculation gathering that there could be a delay due to the wind being all over the place. The principal race officer also confirmed that there was a very real possibility that there would be a delay.

The delayed flag was flown at 12.55 a.m., five minutes before the yachting race was due to begin. This was due to unstable weather conditions, which could lead to an unfair race.

At 1.20 a.m., 20 minutes after the race was scheduled to start, there had still been no word from the race committee on a possible racing time. The wind speeds were around five knots near the starting line, but the wind direction still wasn’t stable and fair.

The wind speed was starting to get higher into more acceptable conditions with the wind at the start line around seven knots. But the wind direction was still unstable.

At 2.10 a.m., the principal race officer announced that there would be “no more racing today”. Tomorrow is a guaranteed rest day, so the next possible day for racing will be early Wednesday morning (NZST).

During this America’s Cup challenge and other previous ones, discussion has been raised that a new boat design is needed, as to make the race more interesting with faster boats and more takeovers throughout the race.

It was also Grant Dalton’s, managing director of Team New Zealand, 50th birthday.

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.

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

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, July 31, 2008

From the middle of July, Sony Corporation refreshed their senior laptop brand VAIO from “Video Audio Integrated Operation” to “Visual Audio Intelligent Organizer”. According to Sony Taiwan Limited, this refreshment is an attempt to relocate the laptop consuming market for business and entertainment factors.

In the “VAIO Experience 2008” press conference in Europe, Sony promoted their new product series for different populations including BZ for business, FW for home entertainment, Z for ultra-slim, and SR for complex applications.

Different with past series, Sony added “Clear Bright” screening technology for high-definition display, and “full-carbon production” features. BD-burning and Intel Centrino 2 processing technologies will be featured in all the new models. For security issue, Sony also embedded fingerprint system to prevent personal data to be stolen. Continued from TZ series, innovative designs including “Green Power Button”, “Situational Switch” are also added in newly-launched series.

“Due to consuming market differences, Sony only promoted BZ series in Europe and America but not included Asia. Although the TICA Show in Taipei will be different, functionality will be the greatest issue when a consumers choose a notebook [computer] before buying.” addressed by executives from Sony Taiwan Limited, during the “VAIO Experience 2008” press conference in Taiwan.

Tuesday, June 27, 2006

Australian Minister for Vocational Education and Training, Gary Hardgrave has announced the government will provide AU$15.8 million to establish an Australian Technical College in North Adelaide. The minister said the government was entering into a partnership with the Archdiocese of Adelaide and consortium of industrial and manufacturing companies.

The North Adelaide college will be located in Elizabeth and be operated as an independent non-government school. The college is one of 25 to be established across the country.

Enrolments at the college will begin in 2007 and will offer courses in areas where identified skills shortages exist in the North Adelaide region, specifically – engineering, construction, electronics and cooking.

Mr Hardgrave said that the proposed college had been popular among the North Adelaide business community. “This important initiative has been well received by North Adelaide business and industry, and will help to address skills needs and provide opportunities for those in greatest need, including a lot of Indigenous students in the region,” Mr Hardgrave said.

“The fact that this College is being led by local employers, local government and other key stakeholders, means it will be truly industry and community driven,” he said.

Australian Technical Colleges were established to cater for year 11 and 12 students who wish to do an apprenticeship as part of their school education.

The Australian Education Union has expressed a number of concerns about the model put forward by the government. In a report, they claim that trade facilities at TAFE colleges (operated by state governments) will deteriorate as funding is diverted to the ATCs. The union is also concerned that ATCs are supposed to be selective VET schools. According to the union they will have selective entry and preferential funding. It is feared that teachers will be lured away from schools and TAFE colleges to higher paid positions in ATCs.

The Education Union suggested that the government invest in schools that already offer vocational education programs.

Wednesday, October 25, 2006

Note: All dollar figures are in AU$ unless otherwise stated.

Victorian Premier Steve Bracks and federal Treasurer Peter Costello unveiled the project to build world’s largest solar plant on October 25.

The $420 million plant will sit on 900 ha of land and produce 154 megawatts. It will use mirrored panels to concentrate light.

It is expected to reach full capacity in 2013.

The Victorian Government will contribute $50 million to the plant. The Federal government will contribute $75 million out of its $500 million low emissions technology demonstration fund (LETDF).

LETDF is also contibuting $50 million towards a $360 million pilot for a brown coal drying and a post-combustion carbon dioxide capture and storage project at the International Powers’ Hazelwood facility in Gippsland.