Thursday, October 6, 2005

A member of the French National Assembly, René Dosière, denounces the “opacity” in the budget of the Élysée Palace, the office of the President of the French Republic.

According to him, the president’s real budget is approximately three times the budget given for his services in the yearly national budget voted by the French Parliament, because many employees and services are provided by other ministries and public services free of charge to the presidency, and thus are counted in other budgets. As an example, the French Ministry of Defense provides republican guards and other soldiers, as well as aerial transportation; the Ministry of Foreign Affairs funds official foreign trips; and repairs, furnitures etc. to presidential offices are funded by the Ministry of Culture. Mr Dosière reports that in 2003, the total spending was 82.6 million Euros, while the official budget of the presidency was 30.5 million.

Mr Dosière started inquiring about presidential expenses about four years ago, and since then has been a critic of the opacity of accounting at the presidency. In order to obtain the necessary information, he has had to ask numerous questions to the executive and administrations.

In addition, he points out that the official budget of the presidency has boomed under Jacques Chirac’s term: between 1995 and 2005, it climbed from 5,21 millions to 26,14 millions. In 1995, the president also had at his disposal some “secret funds”, the total amount of which was voted by parliament, but which could be spent at his discretion. “Secret funds” were originally meant to fund specific missions that could not be funded within the exacting rules of public accounting, such as secret operations abroad, but they gradually also came to serve to pay various gratifications to government officials. Since 2002, secret funds have been cut and are reserved for paying for secret operations, while services that used them for normal operations were given special compensation. In 2005, the special compensation for the presidency was 5.5 million Euros.

In 2001, the French Parliament voted a law known as the LOLF (Loi d’orientation relative aux lois de finances) reforming the budget system, with a timetable for gradual implementation. This law mandates that any public spending should be traced to an identifiable “mission” of government.

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, 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.

Thursday, November 23, 2006

Today an injunction that was filed in the High Court yesterday to stop the Auckland City Council and Auckland Regional Council from telling the Government which stadium they prefer has failed. The decision is over a new stadium located on the waterfront of Auckland, New Zealand or an upgrade of the already existing, Eden Park, Auckland. The stadium is for the final of the Rugby World Cup 2011, which New Zealand is hosting.

The injunction was filed by a group of five Aucklanders who believe that the decision is being rushed. The injunction was filed in the name of a private citizen to represent a group of five Aucklanders. Rodney Hide, leader of the ACT party and Member of Parliament (MP) and MP for the Green party, Keith Locke, are helping the fight for the injunction as they believe the Aucklanders have a strong case.

Justice John Priestley said that the group did not need this injunction because they could fight the stadium decision in the future by different means. A second injunction has already been filed for two days, starting December 11.

Mayor of Auckland, Dick Hubbard, said: “The council’s advisors have informed that processes have been proper and appropriate.”

Rodney Harrison, Queens Counsel (QC), said: “The group that lodged the injunction were Auckland ratepayers, residents and concerned citizens but none of whom could be called high profile. I have no idea what those decisions might be. Exactly how the defendants (local government) react to central Government requests or pressure is a matter for them.”

ARC chairman, Mike Lee attacked his own counsel Brian Latimore for failing to follow instructions at today’s High Court injunction hearing. The instruction were “not to oppose any injunction, merely to assist the court by explaining what was going on and leave the argument to the judge and the other parties.”

Mr Lee said: “We were there as peacekeepers not combatants and it seems this guy has gone in and opened fire.”

Patrick McGuire, one of the five Aucklanders who had sought the injunction, said that Mr Hide had introduced all of them to each other after they each wrote a letter to him with their concerns. Mr McGuire said it requires “public input”.

Mr Hide said that he “had acted as a middle-man, arranging for the members of the group to meet with lawyers.” Mr Locke and Mr Hide are working together because they are concerned the legal processes of the decision over which stadium will be chosen and how the decision will be made. Mr Hide said he did not like the waterfront stadium, “I’m not a lawyer but the legal advice we have had is that the injunction has a high chance of succeeding.”

The two councils, Auckland City and Auckland Regional, have been consulting the affected groups to see which decision they should go with. The Auckland City Council is currently in a meeting discussing the stadium decision and the Regional Council will do it tomorrow.

If the waterfront stadium was chosen then the stadium will be located on Ports of Auckland land and they want a guarantee that their running of the ports will not be affected. Denis Carlisle, president of the local Maritime union, said: “The Ports of Auckland are asking for guarantees that they will not suffer any financial loss from the stadium project, and likewise the Maritime Union will be seeking compensation for our members for any loss of work. The issue was about safeguarding Port of Auckland’s role as a major working port.”

“[The Ports of Auckland] is one of the key gateways between New Zealand and the global economy.”

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.

Monday, August 27, 2012

Wikinews spoke to several residents of the US state of Texas finding varying opinions, and responses, to the threat from the West Nile virus; this, in contrast to the troubling media reports released recently. The state as a whole has seen more than 400 confirmed instances of the illness so-far this year.

A Longview woman, said, “[…] It’s terrifying. I’m so scared.” The woman was quick to point out a virus-related death occured in her city the same day. When asked about her daily routines, in light of the virus, she said, “I don’t go outside. I stay indoors. West Nile [virus] is bad.” The Director of Nursing for a large encampment located near Tyler said their operation had seen no cases of the illness, despite serving over 19,000 campers this summer. Her staff took no special precautions during August.

Although having some worries, Jimmy Philmont, 39, of Fairfield told Wikinews, “[…] I don’t let it keep me up at night. Overall, I’m not too scared.” Asked if he was aware of recent virus-related deaths in Texas, Philmont said, “Yeah, I am. That’s kind of scary. But, you have to live your life, you know? The world is hot now. You can’t go hide in a hole somewhere.” Earlier in the month, Tim Whitley, a city official in Malakoff, told Wikinews his city had began using a pesticide specialist to spray twice-weekly. Whitley explained two treatments per week is more often than usual for the city, “With the concerns in Dallas, we’re taking it seriously”, he said.

A nurse at a senior activity center in Austin told media she’d taken time to educate their facility’s clients about the virus and proper precautions; Adding, “They feel less alarmed and we try to protect our folks here […]”. Mark Kitsmore, 54, of Tyler said, “Honestly, I’m not too worried about it.” He jokingly commented, “I’ve probably used a little more bug spray over the past few weeks, though.”

Twenty-six people have died so-far this year as result of having contracted the virus, approximately half occurring in Texas. The mayor and county judge in Dallas have declared a state of emergency in response to the virus.

Thursday, Danish football champions FC Copenhagen upset France’s 5th place finishers RC Lens, beating them 2-1 on home turf after extra time. Lens started the scoring in the 14th minute, when Eric Carrière put Lens one up. Marcus Allbäck struck back in the 76th minute, closing the gap. At 90 minutes, the game was tied at 1-1, and with an aggregate score of 2-2, with one away goal a piece, the game went to extra time. Five minutes into the first extra time-period, Michael Gravgaard was sent off following a professional free kick on Aruna Dindane. But even one man down, Copenhagen fought their way to a penalty kick as Czech national Libor Sionko was fouled in the penalty area with just 8 minutes to play. Jesper Grønkjær scored the match-winner, converting the 12-yarder.

The club of the Danish capital is through to the group phase of the 2007-08 UEFA Cup, clinching at least another five matches in the tournament.

Other Danish clubs in the draw: AaB Aalborg held Italian U.C. Sampdoria to 0-0, qualifying for the group phase as well, after 2-2 in Italy, on the away goals rule. Meanwhile OB Odense was beaten 4-3 on penalties by Sparta Prague after neither team being able to break the deadlock for the 210 minutes of the two ties including extra time in the second leg, and FC Midtjylland failed to overturn their 1-3 deficit in Russia against Lokomotiv Moscow, losing 0-2, making it a 1-5 aggregate defeat.

Friday, May 8, 2009

Thomas Sam, 42, and his wife Manju Sam, 36, from Sydney, Australia, are undergoing trial for manslaughter by gross negligence for the death of their nine-month-old child, Gloria. She died from infection caused by severe eczema after they shunned effective conventional medical treatments for homeopathy, a form of alternative medicine that has been described as pseudoscience. Articles in peer-reviewed academic journals including Social Science & Medicine have characterized homeopathy as a form of quackery.

Gloria developed severe eczema at the age of four months and the parents were advised to send the child to a skin specialist. Thomas Sam, a practising homeopath, instead decided to treat his daughter himself. His daughter’s condition deteriorated, to the point that the baby spent all her energy battling the infections caused by the constant breaking of the skin, leading to severe malnutrition and, eventually, her death. By the end, Gloria’s eczema was so severe that her skin broke every time her parents changed her clothes or nappy, and in the words of the Crown prosecutor, Mark Tedeschi, QC, “Gloria spent a lot of the last five months of her life crying, irritable, scratching and the only thing that gave her solace was to suck on her mother’s breast.” Gloria also became unable to move her legs.

Mr. Tedeschi also told the court that, over the last five months of her life, “Gloria’s eczema played a devastating role in her overall health and it is asserted by the Crown that both her parents knew this and discussed it with each other.” However, despite their child’s severe illness, and her lack of improvement, the Sams continued to shun conventional medical treatment, instead seeking help from other homeopaths and naturopaths. Gloria temporarily improved during the rare times they used conventional treatments, but they soon dropped them in favour of homeopathy, and she consistently worsened.

Allegedly, Thomas’ sister pleaded with him to send Gloria to a conventional medical doctor, but he replied “I am not able to do that”. The parents are also accused of putting their social life ahead of their child, taking her on a trip to India and leaving her to servants while embarking on a busy social schedule, and giving her homeopathic drops instead of using the prescription creams they had been given.

Gloria was finally taken to the emergency department shortly before her death. By this time, “her skin was weeping, her body malnourished and her corneas melting”, according to the Sydney Morning Herald.

Speaking in the parents’ defense, Tom Molomby, SC, said that, as the parents came from India, where homeopathy is in common use, they should be declared not guilty due to cultural differences.

Homeopathy is a form of alternative medicine which treats patients with massively diluted forms of substances that, if given to a healthy person undiluted, would cause symptoms similar to the disease. Typical treatments take the dilutions, with ritualised shaking between each step of the dilution, past the level where any molecules of the original substance are likely to remain; for homeopathic treatments to work, basic well-understood concepts in chemistry and physics would have to be wrong. There is no evidence that homeopathy is more effective than placebo for any condition.

Monday, July 16, 2007

In two separate incidents, men posing as members of the New York Police Department (NYPD), have invaded homes in the New York City area. In both cases, they robbed the residents, but in the most recent, they sexually assaulted a woman.

On Saturday, July 14, at 1:09 a.m. EDT (UTC-4), four men knocked on the door of a Yonkers, New York, apartment. The 33-year-old male that lives there opened the door, as the men outside wore NYPD hats and t-shirts, and had badges hanging around their necks.

The men promptly ordered the male victim to the floor. “When this guy pushed me, he had a gun in my face,” the victim said. “I could see the other guy. He motioned to the others, come on, let’s go, let’s go.” The intruders shouted “Where are the drugs?” as they ransacked the apartment.

Two of the men entered the bedroom and sexually assaulted the 30-year-old female. The couple has a five-year-old child, who was sleeping in another bedroom. “The more I resisted, the more he began to hit me,” the woman said. She said she was sexually assaulted by two of the men while her boyfriend was bound and guarded.

Police said the men then left with a cell phone, a laptop computer, a diamond ring and a gold chain. Police do not believe that they were real officers. As of this afternoon, no arrests have been made.

On Thursday, July 5, shortly after six p.m. in the East New York neighborhood of Brooklyn five men knocked on the door claiming to be “the police.” When the victims opened the door, they pushed their way in demanding the family give them drugs and money.

When police responded to a call reporting a robbery, they found the family, husband, wife and their daughter, tied up. The man suffered a head injury when he was pistol-whipped. Police say the robbers got away with a camera, jewelry, and US$5,000 in currency.

Neighbors told NY1 that they were stunned. “Frightened. Make you think twice before you want to open the door, you know,” said one of the neighbors. “Now you be asking for all this ID and stuff and even still you’re going to wonder, are they for real? So it’s kind of scary.”

There is no word about whether the two cases are connected. Yonkers is on the border of New York City, but is outside the jurisdiction of the NYPD.