Author: Admin

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 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, October 9, 2008

Iceland’s Financial Services Authority has nationalised the Kaupthing Bank as a response to the financial crisis which may result in a total collapse of the nation’s economy.

Kaupthing, together with Glitnir Bank and Landsbanki, owe a total of US$61 billion, which is twelve times the estimated size of the economy of the Nordic country. The Financial Services Authority says Iceland will guarantee all domestic deposits and aims to provide a “functioning domestic banking system” by management of the banks.

Iceland has asked for aid to Russia and the International Monetary Fund for loans to help guarantee these deposits. Icelandic equity markets have been closed until October 13 due to “unusual market conditions” and the Icelandic krona now appears to have itself failed after the collapse of an attempt to fix the exchange rate at 131 Krona to the euro.

According to Nordea Bank, Scandinavia‘s biggest lender, there was no trading of krona on the spot market today. The most recent figure for exchange is 340 to the euro, compared to 122 last month. Thomas Haugaard Jensen, an economist of Svenska Handelsbanken in Copenhagen, indicated the Icelandic economy seems to be at the verge of a “total collapse,” and predicted it will take several years before Iceland’s economy recovers enough for it to return to growth.

Kaupthing itself requested the national takeover, which leaves most of the nation’s banking sector under state control. The bank’s board have resigned and left the authorities in control of the bank. The bank also has affiliates both in Sweden and Finland. Swedish Kaupthing Bank Sverige claimed to be unaffected, but Finland’s Financial Services Authority temporarily shut down the Finnish affiliate.

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Thursday, October 10, 2019

On Monday, United States District Court Judge Victor Marrero issued a ruling against President Donald Trump finding that New York City prosecutors could view his tax records after a subpoena issued by a grand jury. The Manhattan district attorney’s office is investigating Trump over alleged hush money paid to two women with whom he has been alleged to have had affairs. Such payments could be considered bribery. President Trump sued Manhattan District Attorney Cyrus R. Vance, Jr. and his own tax preparer Mazars USA to block the release of eight years of tax returns to the grand jury, but Judge Marrero dismissed the president’s lawsuit. The president’s legal team appealed the decision to the Second Circuit Court of Appeals, which issued an administrative stay to Marrero’s order about an hour and a half after the district court ruling.

The appeals court ruling placed a stay on the district court’s ruling until it hears arguments from the president’s lawyers and District Attorney Vance’s office. According to a court clerk, arguments in the case would be scheduled as soon as the week of October 21, with briefs from both parties due in the intervening time until then.

Trump had asked the United States District Court for the Southern District of New York intervene in a New York City criminal proceeding, in which a subpoena had been issued to Trump’s tax preparer. He sought such intervention to prevent Mazars from releasing his tax returns, arguing that, as president, he should be immune from prosecution, and that, by extension, his tax preparer, Mazars USA, could likewise be exempt from investigation. Marrero rejected this argument:

The notion of federal supremacy and presidential immunity from judicial process that the President here invokes, unqualified and boundless in its reach as described above, cuts across the grain of […] constitutional precedents. It also ignores the analytic framework that the Supreme Court has counseled should guide review of presidential claims of immunity from judicial process. Of equal fundamental concern, the President’s claim would tread upon principles of federalism and comity that form essential components of our constitutional structure and the federal/state balance of government powers and functions. Bared to its core, the proposition the President advances reduces to the very notion that the Founders rejected at the inception of the Republic, and that the Supreme Court has since unequivocally repudiated: that a constitutional domain exists in this country in which not only the President, but, derivatively, relatives and persons and business entities associated with him in potentially unlawful private activities, are in fact above the law.

Because this Court finds aspects of such a doctrine repugnant to the nation’s governmental structure and constitutional values, and for reasons further stated below, it ABSTAINS from adjudicating this dispute and DISMISSES the President’s suit.

Following Marrero’s order, the appeals court issued a stay, delaying Mazars’ compliance with the subpoena until it could review the case.

Trump responded to the ruling via Twitter, attacking the subpoena as a political strategy: “The Radical Left Democrats have failed on all fronts, so now they are pushing local New York City and State Democrat prosecutors to go get President Trump.”

The Manhattan district attorney’s office began its probe into Trump’s financial affairs after his former lawyer Michael Cohen was convicted of federal campaign finance law violations connected to payments made to porn actress Stormy Daniels and former Playboy model Karen McDougal to remain silent about alleged affairs with Trump. Cohen is serving a three-year-long prison sentence.

Trump has admitted to ordering the payments, according to prosecutors, but the U.S. Justice Department maintains a policy of not charging the sitting president with crimes.

In recent United States history, it has been customary, but voluntary, for presidential candidates to release their tax returns when running for office. Trump was the first president to refuse to do so since 1976. Trump has cited an Internal Revenue Service audit as prohibiting him from releasing them. The president has a lawsuit to prevent a New York State law from allowing the House of Representatives’ Committee on Ways and Means from gaining access to his records.

Wednesday, December 14, 2005

These are short blurbs about current events in the business world.

Sunday, February 11, 2007

The New Life Church in Colorado Springs, Colorado has reached a financial settlement with its founder (and former head of National Association of Evangelicals) pastor Ted Haggard. Haggard stepped aside as senior pastor in the Church in November 2006, when a male prostitute claimed that he had engaged in a three year relationship with Haggard and that the two used methamphetamine.

Haggard, who was publicly critical of homosexuality, has agreed to leave the church he founded and led for two decades with a promise that he will not discuss the scandal, will move out of Colorado Springs, and will not reveal how much his financial settlement is.

On February 4th, Haggard sent an e-mail to New Life members stating, “We all wanted to know why I developed such incongruity in my life. Thankfully, with the tools we gained there, along with the powerful way God has been illuminating his Word and the Holy Spirit has been convicting me and healing me, we now have growing understanding which is giving me some hope for the future.”

Rev. Tim Ralph said, after Haggard completed a three-week counseling program, “He [Haggard] is completely heterosexual.”

However, Mike Jones, the man who had allegedly had a 3 year relationship with Haggard publicly replied, “Give me a break.” Adding, “He’s been performing oral sex on me for three years. You don’t change that in three weeks.” And “Until he’s honest with himself, he’ll never be happy.” Jones is currently writing a book detailing his relationship with Haggard due out in summer 2007.

According to interim senior pastor Ross Parsley, at services on Sunday February 18 the panel will “provide any necessary clarification of (Haggard’s) restoration process and give us a report on the New Life staff.”

Thursday, March 14, 2013

Wintry conditions are causing widespread disruption across parts of northwestern Europe over the past two days. Heavy snow as well as sub-zero temperatures have resulted in cancellations of hundreds of flights and caused traffic disruptions on major roads.

Many hundreds of passengers became stranded at Frankfurt Airport in Germany on Tuesday night as the airport closed, with many more flights cancelled yesterday. Tuesday in Paris, at the Charles de Gaulle Airport a quarter of the flights were cancelled. At Orly Airport a landing Tunisair slid, prompting evacuation of 140 passengers.

The Eurostar train service which connects London, United Kingdom with Paris, France and Brussels, Belgium was suspended after heavy snow. Many drivers stayed in their cars overnight in south Britain.

Maria Fanucchi from the Montmartre area of Paris said, “It was a winter wonderland for a day (yesterday [Tuesday]), but now it’s melting very fast. The streets are full of a dirty, slushy mix of black snow and water […] [my] trip to The Hague was canceled because the bus company didn’t want to risk getting stuck in the snow.”

Randy Tahtouh of Berlin said, “it snowed more then usual this year, well the public transport were not functioning properly and some roads were jammed”, and “in Friedrichsfelde, there was about 4 inches of snow.”

Helena Kristiansson from Brussels said she was stuck on a road for nine hours in 65 kilometers of queues; she tweeted, “Stuck at a road for Brussels closed since 5pm yesterday due to shoulder deep snow.. Really France? Really? #FML #fb”.

Belgium had over 1,600 kilometers of traffic jams during the Tuesday morning rush hour, reported the Touring breakdown assistance association, as lying snow on roads made driving difficult. The Belgian Pensions Minister Alexander De Croo struggled to attend the cabinet budget meeting as the snow hit. He said, “The budget won’t be simple, but just getting into Brussels to get started is a task of a different order altogether”.

Guernsey Airport, one of the major airports in the Channel Islands, opened on time this morning after heavy snow and ice caused the airport to close for a time yesterday.