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.

Monday, December 3, 2007

At Thanksgiving dinner David Shankbone told his white middle class family that he was to interview Reverend Al Sharpton that Saturday. The announcement caused an impassioned discussion about the civil rights leader’s work, the problems facing the black community and whether Sharpton helps or hurts his cause. Opinion was divided. “He’s an opportunist.” “He only stirs things up.” “Why do I always see his face when there’s a problem?”

Shankbone went to the National Action Network’s headquarters in Harlem with this Thanksgiving discussion to inform the conversation. Below is his interview with Al Sharpton on everything from Tawana Brawley, his purported feud with Barack Obama, criticism by influential African Americans such as Clarence Page, his experience running for President, to how he never expected he would see fifty (he is now 53). “People would say to me, ‘Now that I hear you, even if I disagree with you I don’t think you’re as bad as I thought,'” said Sharpton. “I would say, ‘Let me ask you a question: what was “bad as you thought”?’ And they couldn’t say. They don’t know why they think you’re bad, they just know you’re supposed to be bad because the right wing tells them you’re bad.”

Friday, May 12, 2006As expected, Alameda County Superior Court Judge Robert Freedman today issued a preliminary injunction stopping the state from requiring would-be high school graduates to pass the California High School Exit Exam, but the state superintendent of schools said he would try to overturn Freedman’s ruling.

Just before 2 p.m. PDT, Freedman announced his decision in his Oakland courtroom.

On Monday, Freedman announced his tentative decision to stop the state from requiring students to pass the test, but withheld his final decision until today to give lawyers in the case time to make further arguments.

In his statement, Freedman said state school officials “are enjoined and restrained from denying any high school senior who is a member of a 2006 graduating class and who is otherwise eligible to graduate and receive a diploma from participating in graduation exercises and receipt of such diploma solely on the ground that such student has not passed all parts” of the exam.

The ruling effects 47,000 seniors statewide, about 11 percent of the class of 2006, who have yet to pass both the English and math sections of the exam.

At James Logan High School, about 70 students are effected.

In the case, Valenzuela vs. O’Connell, lawyers for the plaintiffs argued that their clients were denied equal opportunity to pass the test, as they are not offered equal educational opportunities in California schools because of their non-English primary language backgrounds or their low economic status. The students represented face not graduating despite meeting all requirements for graduation except passage of the test,

Freedman agreed, at least in part. In his decision, he said: “There is evidence in the record that shows that students in economically challenged communities have not had an equal opportunity to learn the materials tested on the (California High School Exit Examination).”

Originally, the case involved 10 students and their families, but since its filing in February, four of the students have passed the test, leaving six students as parties to the case.

“I’m greatly disappointed in today’s court decision to halt the California High School Exit Exam as a graduation requirement for the Class of 2006,” said State Superintendent of Schools Jack O’Connell. “This is not only a great disappointment to me, it is a setback for students and hard-fought school accountability in the state of California.”

“The preliminary injunction against California’s Exit Exam denies the vast majority of students in the Class of 2006 the opportunity to graduate with diplomas that certify mastery of essential skills in reading and math,” he said.

“We will continue to fight the case,” said O’Connell, “I have directed our attorneys to immediately appeal this ruling, and to seek a stay of the judge’s order.”

O’Connell wrote the law requiring the test as a state legislator in 1999.

“I applaud Superintendent O’Connell for his decision to appeal the ruling issued today delaying the California High School Exit Exam graduation requirement,” said California Governor Arnold Schwarzenegger. “He has my full support in his efforts to secure the exam’s implementation this year. I stand behind the exit exam because it is our best resource for ensuring that schools are giving our children the knowledge and the skills they need to begin successful lives.”

This article is based on Judge Suspends Exit Exam Requirement by Patrick Hannigan of The James Logan Courier, which has a copyright policy compatible with our CC-BY 2.5. Specifically “Creative Commons 2.5 Share-Alike license“

Tuesday, August 1, 2006

A new report released by the New Zealand Ministry of Health titled “Suicide Trends” shows that the suicide rate in New Zealand has decreased 15% since its peak in the late 1990’s, but the attempted suicide rate is increasing.

There were 12 deaths per 100,000 people between 1983-’85. 16.7 deaths per 100,000 people between 1996-’98. And 14.2 deaths per 100,000 people between 2001-’03. But there were 73.1 attempted suicides per 100,000 people between 1995-’97 compared to 82.5 in 2002-’04.

Jim Anderton, Associate Health Minister, said “It provides some comfort to see the long-term trend still appears to be heading in the right direction, with a continued decline or levelling off of self-inflicted deaths but there is no room for complacency.”

The suicide report also shows that:

• The 25- to 34-year-old age group has the highest suicide rate
• Between 2000-’03 Maori has the highest suicide rate
• Men were less likely than woman to go to hospital for attempted suicide because more men died from suicide.

The New Zealand Government has put NZ$10.3 million towards direct suicide prevention. New Zealand News agencies are banned by law from reporting suicide deaths.