lakecountrybeer.com

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, December 24, 2009

The United States Senate has approved a hard-fought measure to overhaul the health care system. The vote will be followed by the difficult process of reconciling the Senate-passed bill with one approved by the House of Representatives, in order to get a final measure to President Barack Obama.

“The yeas are 60, the nays are 39. H.R. 3590 as amended, the Patient Protection and Affordable Care Act is passed,” Vice President Joe Biden announced. Senator Jim Bunning of Kentucky did not show up for the vote leading to the 39 nays. Mike Reynard, a spokesman for Bunning, said in an e-mail that “The senator had family commitments.”

The vice president presided over the Senate at the time of the vote in his role as President of the United States Senate.

As expected, Republicans voted against the bill while all Democrats and two Independents, Joe Lieberman of Connecticut and Bernie Sanders of Vermont, voted for it.

At an estimated $87 billion, the measure would expand health insurance coverage to about 30 million more Americans currently without it, and create new private insurance marketplaces, or exchanges, to expand choice.

And, like the slightly more expensive measure passed by the House of Representatives, the Affordable Health Care for America Act, it would end a practice by private insurance companies of denying coverage to individuals with existing health problems.

Both the Senate and House measures would require nearly all Americans to purchase some form of insurance, while lower-income Americans would receive help from federal government subsidies.

In remarks before the vote, Senate Majority Leader Harry Reid, Democrat from Nevada, said opponents had done everything they could to prevent the vote from taking place.

Speaking to reporters, Reid and others hailed the vote as a victory and a major step toward providing millions more Americans with access to health care. “This is a victory because we have affirmed that the ability to live a healthy life in our great country is a right and not merely a privilege for the select few,” Reid said.

Reid and others including Robert Byrd, the 92-year-old Democrat from West Virginia, paid tribute to Senator Edward Kennedy, who died this past August after spending decades of his career in the Senate pursuing health care reform.

When casting his vote Byrd said, “Mr. President, this is for my friend Ted Kennedy. Aye.”

Victoria Reggie Kennedy, the widow of Senator Kennedy, watched the proceedings from the Senate visitor’s gallery, as did Representative John Dingell, Democrat from Michigan, who has been a long time advocate of health care reform and who sponsored and introduced the House version of the health care reform bill.

In the final hours of debate on the Senate bill, Republicans asserted it would be ineffective and add sharply to the U.S. budget deficit.

Senator Jeff Sessions, Republican from Alabama said of the bill, “This legislation may have a great vision, it may have a great idea about trying to make the system work better. But it does not. These are huge costs [and] it’s not financially sound.”

Senate Minority Leader Mitch McConnell vowed to defeat the bill when the Senate reconvenes in January saying, “This fight is not over. This fight is long from over. My colleagues and I will work to stop this bill from becoming law.”

Senator Olympia Snowe, a moderate Republican from Maine who helped approved the Senate Finance Committee’s version of health care reform, the America’s Healthy Future Act, earlier in the year and who remarked she may not vote on the final bill, said, “I was extremely disappointed,” noting that when the Democrats reached their needed 60 votes to overcome a filibuster, “there was zero opportunity to amend the bill or modify it, and Democrats had no incentive to reach across the aisle.”

Ahead are difficult negotiations with the House of Representatives to craft a final bill President Obama would sign into law. These talks, which will formally get under way early in the new year, will take place amid anger among many liberal House Democrats the Senate bill failed to contain a government-run public health insurance option.

Members of the House Progressive Caucus have vowed to fight to keep this public option in any final legislation that emerges, along with other provisions they say are needed to protect lower and middle-income Americans and hold insurance companies accountable.

In a statement, the Democratic chairmen of three key House committees said while there are clear differences between House and Senate bills, both will bring fundamental health care coverage to millions who are currently uninsured.

Obama administration officials have been quoted as saying they anticipate negotiations on a final bill would not be complete until after the President’s State of the Union Address in January, and could slip even later into the new year.

President Obama issued a statement to the press in the State Dining Room in the White House saying that the vote is “legislation that brings us toward the end of a nearly century-long struggle to reform America’s health care system.”

He also pointed out the bill’s strengths, noting, “The reform bill that passed the Senate this morning, like the House bill, includes the toughest measures ever taken to hold the insurance industry accountable. Insurance companies will no longer be able to deny you coverage on the basis of a preexisting condition. They will no longer be able to drop your coverage when you get sick. No longer will you have to pay unlimited amounts out of your own pocket for the treatments you need. And you’ll be able to appeal unfair decisions by insurance companies to an independent party.”

He also noted how historic the bill is, saying, “If passed, this will be the most important piece of social policy since the Social Security Act in the 1930s, and the most important reform of our health care system since Medicare passed in the 1960s.”

Obama noted the potential social impact, saying, “It’s the impact reform will have on Americans who no longer have to go without a checkup or prescriptions that they need because they can’t afford them; on families who no longer have to worry that a single illness will send them into financial ruin; and on businesses that will no longer face exorbitant insurance rates that hamper their competitiveness.”

Obama afterwards made phone calls to various Senators and other people, including Victoria Kennedy and David Turner of Little Rock, Arkansas. Mr. Turner had his health insurance rescinded in January of last year, after his insurance company went back into his record and alleged that he failed to disclose his full medical record at the time he applied for coverage. Turner was First Lady Michelle Obama’s guest during her husband’s speech to a joint session of Congress on health care reform back in September.

Saturday, May 7, 2005

Testing began on a chemical reactor at the Newport Chemical Depot near Terre Haute, Indiana on Friday morning. If successful, the reactor will be put to use destroying the large VX nerve gas stockpiles stored at the facility over the course of the next two years. After the disposal project experienced several delays, the facility announced it would begin pumping VX into a completed disposal unit for testing. The unit consists of a chemical reactor in which the VX will be mixed with water and sodium hydroxide, heated to 194°F while mixed with paddles. The resulting chemical, called hydrolysate, is chemically similar to commercial drain cleaners and has similar properties. If the test is successfully completed , the unit will continue processing the VX until the entire stockpile has been neutralized, a process projected to take two years. Administrators expect to complete testing on May 10, 2005.

According to the controversial plan, the finished waste product would be shipped to New Jersey for final reprocessing. The inert chemical would then be emptied into the Delaware River where natural attenuation would occur.

Residents near the proposed river disposal site in New Jersey oppose this idea. The contractor for the final component of this disposal would be the DuPont Corporation.

NCD is a bulk chemical storage and destruction facility in west central Indiana, thirty miles north of Terre Haute. Originally founded during World War II to produce RDX, a conventional explosive, it later became a site for chemical weapons manufacturing during the Cold War. It is now used to securely store and gradually neutralize part of the US stockpile of VX.

VX was manufactured by the U.S. in the 1950s and 60’s as a deterrent to possible Soviet Union use. It was never deployed, and the manufacture was halted in 1969 after an order signed by then-president Richard Nixon.

In 1999, the Army announced it awarded a disposal contract to Parsons Infrastructure & Technology, Inc., a business unit of Parsons Corporation. Some 220 civilian Parsons employees work at the facility, which is supervised by an Army officer reporting to the U.S. Army Chemical Materials Agency, and a board of civilian government overseers called the Indiana Citizens’ Advisory Commission, some of whose members are appointed by the state governor.

Security at the facility is controversial. A private security service, supplemented by a complement of Indiana National Guard soldiers, guarded the facility until April 14, 2005, when the soldiers were withdrawn. An Indianapolis television station has questioned security measures in some of its special reports.

Saturday, October 7, 2006

The city of Bratsk in Irkutsk Oblast, Russia, received a new turbine for its famous 4,500 megawatt hydroelectric plant founded in the mid-1950s on the Angara river. In future this new unit will cause an efficiency rise up to 255MW for each turbine.

Currently, the Bratsk Power Station operates 18 hydro-turbines, each with capacity of 250MW, produced by the Leningrad Metal Works (“LMZ”) in the 1960s. The plant is the second level of the Angara Hydroelectric Stations cascade. Since its full commissioning in 1967, the station was the world’s single biggest power producer until Canada’s Churchill Falls in 1971. Annually the station produces 22.6 billion kWh.

The precious 80 tonne cargo was transported to Pulkovo International airport of Saint-Petersburg where it was loaded on Antonov An-124-100 Ruslan to made all the way to Bratsk by air. On October 4, 2006 it landed in the Bratsk airport. In two days the unit 16 replacement arrived to the assemble place on the Angara river.

Sergey Emdin, CEO of IrkutskEnergo JSC, noted the press that the Bratsk plant reconstruction project includes not only the economical, but the ecological aspect by reducing carbon dioxide emission for 6 million tonnes for the period of 2008-2012.

In 2006 and 2007 the old plant is scheduled to receive two more working wheels – by one for each year respectively, and in 2008 and 2009 another four – by two for each year.

Saturday, May 10, 2008

Bruce McCaffrey, who was formerly the vice-president in charge of freight operations in the United States for Australian flag carrier Qantas, has been sentenced to eight months imprisonment and fined US$21,000 by the US Department of Justice (DoJ) for his involvement in a major air cargo price fixing cartel.

McCaffrey is one of six past and present employees of the airline who have been charged over the arrangement, which is thought to have run for six years starting in 2000. He is also the first individual to be sentenced regarding the cartel. He, as well as Stephen Cleary, group general manager for freight in Sydney, Harold Pang, general manager for freight sales in Singapore, Peter Frampton, former group general manager for freight, John Cooper former general manager for freight sales and Desmond Church, a former freight employee, were all charged after being exempt from immunity granted in a plea bargain by Qantas in which the airline paid a US$61 million fine.

In Australia price fixing is not actually a criminal offense, so former head of freight Peter Frampton and three other staff members in Australia will not be extradited to face charges. Meanwhile, the Australian Competition and Consumer Commission is seeking admittances of guilt from airlines whose operations fall under its jurisdiction in exchange for lighter penalties. Qantas is amongst those airlines.

The cartel, which prevented competition in air freight shipments rates, is said to involve almost thirty airlines. As well as Qantas, Japan Airlines, British Airways, Korean Air and Lufthansa have all had their involvement confirmed. Whistleblower Lufthansa, a German airline, was granted immunity from prosecution in exchange for exposing the operation. In August, British Airways and Korean Air pled guilty to their involvement and received fines of US$300 million each. Last month Japan Airlines also admitted to their role and paid a US$110 million fine. Amongst the others alleged to be involved are Air New Zealand, Singapore Airlines and Cathay Pacific. Hundreds of Australian businesses are involved in a class action suit against these seven airlines for AU$200 million that they believe was unfairly charged to them as a result of criminal activity.

McCarthy, who ran Qantas’s Australia-US cargo route for twenty years, entered a plea bargain with the authorities. Under the US Sherman Act he could have faced up to a US$1.06 million fine and up to 10 years imprisonment, but the DoJ says that the maximum fine could actually be double the gain from the offences committed or double the loss of those victimised if either were found to be higher than the normal maximum. According to the case, he was involved with “meetings, conversations and communications in the US and elsewhere to discuss the cargo rates to be charged on certain routes to and from the US”.

In light of the news, shares in Qantas fell 3¢ to AU$3.41.

Wednesday, January 12, 2005

This afternoon the RAF launched an operation to rescue nineteen sailors from a Spanish trawler in difficulties in a North Atlantic storm.

Radio contact with the FV Cibeles was lost yesterday evening at 2030 UTC when the crew reported to the ship’s owners that they were in trouble. Last night, UK Coastguard picked up a satellite emergency beacon signal as winds reached speeds of over 70 mph.

This morning a RAF Nimrod maritime patrol aircraft located the ship adrift 180 miles off the Scottish Western Isles. A nearby tanker, the Aegean Spirit, diverted with the intention of taking the trawler in tow and arrived at 1500 UTC.

However, the tanker was unable to take the trawler on tow, and with no other vessels capable of towing the ship nearby, the Coastguard Rescue Seeking helicopter “Mike Uniform” was launched from Stornoway to extract the crew. The tanker remained on scene to offer some protection from the weather, currently reported as gale force winds and rough seas.

• Joanne Groenenberg. “COASTGUARD HELICOPTER “MIKE UNIFORM” TO EVACUATE CREW FROM SPANISH FISHING VESSEL” — UK Coastguard, January 12, 2005

Thursday, October 16, 2008

The Montreal Canadiens, the oldest and most successful National Hockey League team, played their 100th home opener against Original Six rivals the Boston Bruins on the night of October 15, 2008. The Canadiens won the game in a shootout, 4-3.

Saturday, May 28, 2005

California State Senator Joseph Dunn, school officials, and environmental professionals met with Kennedy Elementary School parents in a town-hall style meeting in Santa Ana Thursday evening. The parents aired their concerns over health issues at schools and workplaces, including a rash of leukemia cases in the student population, and began a dialogue they have been working toward for years.

Representatives of Markland Manufacturing and of AQMD also spoke at the meeting, explaining their positions. The outcome of the meeting was that Senator Dunn and members of the community will tour the Markland facility and meet with county officials, and another public meeting will be held in a couple of weeks.

Tuesday, July 13, 2010

File:100207-X-XXXXX-4.jpg

The Afghanistan Rights Monitor (ARM), an Afghan human-rights group, stated yesterday that 2010 was the worst year in terms of violence for the country since US-led troops occupied the country in 2001.

The ARM says that civilian deaths have risen and that Taliban insurgents have not been defeated despite a surge in troops in Afghanistan. “In terms of insecurity, 2010 has been the worst year since the demise of the Taliban regime in late 2001. Not only have the number of security incidents increased, the space and depth of the insurgency and counter-insurgency-related violence have maximised dramatically,” the ARM said.

ARM’s figures state that over 1,074 civilians were killed and over 1,500 wounded in war violence in the first half of this year, an slight increase over 1,059 deaths in the same time period in 2009. “Up to 1,200 security incidents were recorded in June, the highest number of incidents compared to any month since 2002,” the ARM commented.

According to the ARM, over half of civilian deaths in the first six months of this year were caused by Taliban insurgents that showed “little or no respect for the safety and protection of non-combatants in their armed rebellion against the government and its foreign supporters.” The group also said that the second highest cause of civilian deaths were suicide attacks by the Taliban. The suicide attacks killed 127 people. Also, the ARM reported that a reduction of US and NATO (North Atlantic Treaty Organization) air strikes reduced their share of civilians killed. The air strike reduction had been ordered by the former commander of foreign forces, General Stanley McChrystal, who was fired by US president Barack Obama for making rude comments about top White House government officials.

In December of last year, US president Barack Obama sent an additional 30,000 soldiers into the country in an effort to halt the Taliban’s influence in the region. However, the ARM says in its mid-year report, titled “Civilian Casualties of Conflict”, that the move failed to have any lasting effect, and that “the insurgency has become more resilient, multi-structured and deadly”.

According to the ARM, most of the injuries and deaths were attributed homemade bombs — otherwise known as improvised explosive devices. These bombs are considered the Taliban’s main weapon.

140,000 soldiers from both the US and NATO are stationed in Afghanistan; another 10,000 are scheduled to enter the landlocked Asian country in the next few weeks. Over 350 US and NATO troops have been killed so far this year, compared with 520 last year. Over 30 troops have been killed in the first 12 days of July.

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”.