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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, November 15, 2005

People rallied in 300 locations across Australia today to protest the Federal Government’s proposed changes to industrial relations laws, WorkChoices. According to police, around 150,000 people congregated in Melbourne, from where speeches were broadcast throughout the country. In Sydney, thirty thousand gathered in Belmore Park and Martin Place to watch the broadcast before marching to Chifley Square.

Sharan Burrow, President of the Australian Council of Trade Unions (ACTU), said that under the changes many working conditions would be under threat, including “penalty rates, public holidays, overtime pay, control over rostered hours, shift penalties, even 4 weeks annual leave.” The government has claimed, despite various expert assesment to the contrary, and opposition from major Australian religious and charity organisations and some concern from its own backbench, that the IR changes will improve the economy and ultimately benefit workers, and dismissed the protests as having “little effect”.

Monday, February 18, 2013

Venezuela’s government has opened a granite processing plant in the state of Bolívar, with the intention of providing about 25% of the granite required nationwide.

Ricardo Menéndez, vice president of the Productive Economic Area, said Venezuelan President Hugo Chávez has yearned for the creation of this project to empower Venezuelan construction. Granito Bolívar is reportedly the most modern Venezuelan granite plant, not consuming community water or electricity, and is also the largest, with a daily capacity to supply enough material for use in construction of about 820 houses.

Menéndez said, “These granite blocks are the natural resources of our country, are the wealth we have as a country and often [some] simply decided to remove this richness from our country and take them to other countries” ^{((es))Spanish language: ?Esos bloques de granito son la riquezas naturales de nuestro país, son las riquezas que tenemos como patria y que muchas veces sencillamente esas riquezas decidieron sacarlas de nuestro territorio nacional y llevarlas a otros países}.

According to Menéndez, with the help of a state plan, Venezuela intends to exploit its 40,000 million cubic meters or more of granite reserves, generating a set of factories. “[T]he central theme is that these plants, all these factories, are for the construction of socialism; that means using our potential, develop the value chain within the country and of course that yields benefits from the point of view of the production system’s organization…. [Granito] Bolívar is not only the vision that historically we had of exposing richness, but the industries, basic industries we have, that level of our workers in the basic industries and in addition the development of the potential we have in the state” ^{((es))Spanish language: ?el tema central es que estas plantas todas estas fábricas son para la construcción del socialismo, eso significa utilizar nuestras potencialidades, dessarrollar la cadena de valor dentro del país y por supuesto que eso genere beneficios desde el punto de vista de la organización del sistema productivo … Bolívar no solamente es la visión que históricamente se tuvo de exponer las riquezas, sino que son las empresas, las empresas básicas que tenemos, ese nivel de nuestros trabajadores de la empresas básicas y adicionalmente el desarrollo del potencial que tenemos en el estado}.

For the construction of the plant, supplied by 23 quarries, the government of Bolívar provided about 30 million bolívares (US$4.7 million) and the national government €2.3 million (US$3 million). Bolívar reportedly has reserves of about 40,000 million tons of red, black, pink and white granite, sufficient for domestic demand for 200 years.

Saturday, February 14, 2009

Investigators in Ireland have found wiring problems in several Virgin Atlantic Airbus A340s as part of their investigation into a fire on board one such aircraft that was forced to divert to Shannon Airport.

The Virgin jet was headed from London Heathrow Airport to Chicago with 143 passengers and thirteen crew on January 11 this year. A small fire was noticed in a waste bin storage area in the first class section’s bar unit.

A damaged wiring loom could be seen sticking out of a hole in the compartments floor, and there was visible electrical arcing in the area. An attempt was made to control the situation by switching off electrical circuits, but both the fire and the arcing continued unchecked.

The aircraft’s captain declared an emergency and diverted to Shannon, which the airliner reached thirty minutes later. During that time, the crew used five 1kg fire extinguishers upon the fire, but each time the arcing continued and after about five minutes the fire reignited. Witnesses described the fire as consisting of “licks of flame”.

After performing a safe emergency landing the airport’s Aircraft Rescue and Firefighting department tackled the fire with a 5kg extinguisher but met with similar results. After consulting with the crew the jet’s power was completely shut down, after which the fire was finally put out. Virgin initially claimed the fire had never occurred.

Investigators with Ireland’s Air Accident Investigation Unit (AAIU) inspected the loom and found it to be “completely severed” and exhibiting “strong evidence of burning/arcing” according to a preliminary report released on Friday. The loom was identified as providing power and dimming circuits for mood lighting in the bar.

The AAIU says that it seems the loom had contacted the metal waste bin in the compartment above. There should have been rails to hold up the bin and a protective metal cover, but “no evidence” of these was found and the report notes that “Initial inspection indicated the possibility that they were never fitted.”

The bar unit is a modification exclusive to Virgin. The AAIU ordered all 36 of the airline’s A340s worldwide inspected, with both France and the United Kingdom assisting with this. The UK has identified four other aircraft with faulty wiring, it has now been revealed. Virgin says that “A few minor issues were found and were immediately rectified,” and adds that “The installation of the bar was carried out in accordance with all relevant regulations. Virgin Atlantic continues to assist the AAIU in their investigation and looks forward to the full report with interest.”

The AAIU says that “significant other issues are being examined by the investigation” in addition to the wiring defects. “These include the difficulties faced by the crew in isolating the damaged circuits, the emergency checklist, the design of the modification and the standards relating to such modifications,” said the report.

Virgin’s Boeing 747-400 fleet also has a similar bar installed on it, but there was not considered to be a risk to the aircraft’s wiring on that model. The fire involved a bar added three years ago, with the aircraft manufactured in 1998.