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Monday, January 9, 2012

British shareholders will be able to veto executive pay packages according to statements yesterday by British Prime Minister David Cameron.

Mr Cameron said he wanted to allow shareholders to make a “straight shareholder vote on executive pay packages”. Shareholders can only submit a non-binding advisory vote on executive remunerations under current law. The move comes amid growing political pressure and public criticism over excessive pay for chief executives even when a business has failed.

Details of such a scheme may be revealed with an anticipated package of reforms under the portfolio of Business Secretary Vince Cable.

Ed Miliband, leader of the opposition, said the public would not accept the government’s policy. “Does anyone really believe that David Cameron came into politics to create more responsible capitalism?” he asked rhetorically.

The Labour Party has also called for measures to monitor and reel in exorbitant executive salaries. On Saturday, shadow business secretary Chuka Umunna said a “better capitalism” needs greater transparency. Mr Umanna said this could take the form of publishing pay ratios of chief executives compared to their employees.

The Liberal Democrats have pledged support for reeling in executive pay.

Tuesday, January 12, 2010

The United Nations High Commissioner for Refugees (UNHCR) has said that 200,000 people in Yemen have been displaced by ongoing violence, and that the growing number of refugees is straining the ability of aid agencies to shelter and care for those forced to flee their homes.

The refugee agency reports that thousands of civilians in north Yemen are fleeing to neighboring provinces in a desperate search for safety, shelter and assistance, as the current wave of fighting between the government and the al-Houthi rebel group is entering its sixth month. It added that it is fast running out of space and money to care for them.

“We now estimate that some 200,000 people have been displaced by the conflict in Yemen since 2004, including those displaced by the latest escalation which erupted in early August last year,” said UNHCR spokesman Andrej Mahecic.

“These newly displaced people bring stories of intense clashes in Razeh, Saqain and Sahar districts and report dozens of civilian casualties as a result of air strikes and heavy fighting,” Mahecic added, as quoted by Voice of America. “UNHCR is not present in the conflict area and has no independent confirmation of these reports.

“We now estimate that some 200,000 people have been affected by the conflict in Yemen since 2004, including those displaced by the latest escalation which erupted in early August last year,” he continued.

The spokesman noted that camps for the displaced are stretched to capacity, and aid resources are quickly becoming depleted. News24 reports that one camp at Al Mazrak in the Hajjah province is now home to 21,000 people, double its intended capacity, and others were also being populated quickly and in dire conditions.

“The shelter situation is equally dire in Amran province where most of the arriving IDPs are staying with host families or renting places. Over the New Year’s week alone, more than 5,000 IDPs arrived to Amran City,” Mahecic said. “The acute lack of shelter and accommodation is creating tensions between the displaced and the local population. In the absence of an immediate and feasible camp option, UNHCR is planning to set up a transit center in Amran as an interim and temporary solution,” he concluded.

The UN has issued a US$177-million appeal on behalf of all UN agencies working in Yemen; so far, less than one percent of that has been received.

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.

Friday, August 2, 2013

A man and a woman have been killed in a road traffic accident near Connel in the west of Scotland. Seven people, including three children, were also injured in the head-on collision on the A85 road in Argyll at approximately 1830 BST (1730 UTC) yesterday.

A 74-year-old female passenger of a blue Honda CRV and a 32-year-old male passenger of a blue Vauxhall Vectra died at the scene of the crash. The Vauxhall driver, a 32-year-old woman, was transported by helicopter to Glasgow’s Southern General Hospital, where she is reportedly in a critical albeit stable condition.

Three child passengers in the Vauxhall, aged fourteen, five and two, were taken to Oban Hospital and given treatment for minor injuries, as were the Honda’s 51-year-old female driver and two female passengers aged 49 and 46.

A Scottish Fire and Rescue Service spokesperson said hydraulic cutting equipment was used during rescue efforts. “Ambulance personnel and police officers worked closely with our team throughout the incident but sadly one passenger from each car lost their life”, the spokesperson continued. “The thoughts of all emergency responders who were at the scene will be with the casualties and their loved ones as they attempt to come to terms with what has happened.”

Police have appealed for potential witnesses to contact them.

Saturday, October 11, 2008

In the midst of the intensifying global financial crisis, finance ministers and central bankers of the G7 nations – Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom – met in Washington, D.C. and released a joint statement.

With failures of large financial institutions in the United States, the crisis rapidly evolved into a global crisis resulting in bank failures in Europe and the Americas, and sharp reductions in the value of stocks and commodities worldwide. The crisis further lead to a liquidity problem and the de-leveraging of world assets, which further accelerated the problem. The crisis has roots in the subprime mortgage crisis and is an acute phase of the financial crisis of 2007–2008.

After the meeting, a joint statement was released with a commitment to “stabilize financial markets and restore the flow of credit.” The statement outlined five steps to achieve these goals:

1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure.
2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding.
3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses.
4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.
5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary.

“Central banks from around the world have acted together to provide additional liquidity for financial institutions, taking the necessary steps to support the global economy,” said US Secretary of the Treasury Henry Paulson in a statement after the meeting.

“We have taken a lot of actions,” said European Central Bank President Jean-Claude Trichet. “My experience of markets is that it always takes a little time to capture the elements [of the decisions taken].”

The Governor of the Bank of England Mervyn King said: “Central banks will work together as we demonstrated this week, to ensure sufficient short term liquidity is provided to stabilise banking systems. But it is also vital that governments work together to ensure their banking systems are recapitalised to enable them to lend to finance spending in the real economy.”