Archives June 2018

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Wednesday, August 5, 2009

Four people have been shot and killed and at least 15 wounded when a gunman opened fire inside a LA Fitness center in Bridgeville, Pennsylvania. The gunman was among the dead.

Reports say the man walked into a dance room where an all-female Latin dance class was in session, turned off the lights and began to shoot people. CNN reports that the gunman was a “middle-aged white male.” One witness said he was carrying a duffel bag, which he put down before shooting into the crowd. After opening fire, he turned the gun on himself. At least 30 people are reported to have been in the room at the time of the shooting.

Allegheny County police Superintendent Charles Moffatt said, “I’ve never seen nothing quite like this. It was very chaotic. […] There’s a good belief that the shooter is deceased.”

Collier Township Police Chief Tom Devin stated that the police, “believe the shooter committed suicide at the scene but we’re not positive.” Police report that the shooter’s motive may have been a domestic dispute with one of the exercisers.

Mike Hentosz, a witness who was inside the gym, said, “I feel like it’s a dream. I don’t know what to think of it.” A woman participating in the class, Nicole, said that 10 minutes into the class, “a middle-aged white male walked into the class. He had a big gym bag. […] He looked out of place in a class full of women.” When he began firing, she reported, she ran out of the gym and escaped in passerby’s car.

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.