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A compilation of brief news reports for Sunday, April 1, 2007.

Five former Maoist rebels were sworn in as ministers as part of a peace pact designed to end a decade-long insurgency that has killed more than 13,000 people in Nepal. The new government has announced assembly elections for late June, 2007. Thereafter, the new assembly is due to write a new constitution for the Himalayan nation.

Related news

• “Nepal civil war ended by peace deal” — Wikinews, November 21, 2006

Sources

• AP. “Former rebels join Nepal government” — CNN, April 1, 2007
• “Nepal elections set for June” — Al Jazeera, April 1, 2007

Under a new law that went into effect today, non-Russians will not be allowed to work as salespeople in shops and markets. The ban was presented by Vladimir Putin as a way of improving employment prospects for Russian citizens. Russian media warns that it will increase the labor costs for retailers and drive up inflation. The Federal Migration Service, a government agency, reported nearly full compliance in Moscow.

Sources

• “Trading ban targets non-Russians” — BBC News Online, April 1, 2007
• “Russia bans expats from trading” — Al Jazeera, April 1, 2007
• “Moscow markets fully meet demands of new immigration legislation” — ITAR-TASS, April 1, 2007

Today, Sunday, Google “released” their Google TiSP service. This April Fool appears on their homepage as “New! Get FREE breakthrough broadband with Google TiSP (BETA).” This directs you to a page with details of Google’s TiSP package, a package that will give you broadband after you flush a fiber-optic cable down your toilet. Google issued a press release at midnight on April 1st, 2007.

Sources

• Press Release: “Google announces free in-home wireless broadband service” — Google, April 1, 2007
• Asher Bramwell. “Google April Fools!” — Geekzone, April 1, 2007
• Garrett Rogers. “Google launches TiSP — Free wireless broadband” — ZDNet, March 31, 2007

External links

• Google TiSP

Between 100 and 200 students gathered outside the British embassy in Tehran to protest the alleged incursion into Iranian waters by the Royal Navy.The protesters threw rocks, chanted “Death to Britain” and called for the expulsion of the ambassador. Police prevented the protesters from entering the compound.

Sources

• Nasser Karimi, AP. “Protest in Iran Targets British Embassy” — Guardian Unlimited, April 1, 2007
• Edmund Blair. “Protesters pelt UK embassy as Iran row worsens” — Reuters, April 1, 2007
• “Students condemn UK navy violation of Iran’s waters” — Islamic Republic News Agency, April 1, 2007

Thursday, April 3, 2008

A reporter from Wikinews recently interviewed Jim Babka, chair of Libertarian organization Downsize DC. The organization claims to have arranged for 22,158 people to send a message regarding the “American Freedom Agenda Act” proposed by Ron Paul, in addition to supporting many other laws. The full text of the interview can be found below.

Thursday, March 9, 2006

Toronto’s public utility, Toronto Hydro Telecom, will make Canada’s largest city into a huge wireless hotspot.

“This is both an exciting and very important initiative for the city of Toronto”, said Toronto’s mayor, David Miller. “It puts us on the leading edge of the telecommunications industry nationwide and globally.”

Toronto Hydro Telecom will offer customers free access for the first six months. After that, it will begin to charge for services.

“Wi-Fi technology is the new benchmark for urban living”, stated Toronto Hydro president David Dobbin. “It’s standard equipment in many electronic devices, from laptops to portable entertainment units.”

Private telephone companies are questioning why a public utility needs to compete with the private sector.

Mike Lee of Rogers Communications Inc. questioned why the city of Toronto wanted to enter the internet access business.

“It will not be an easy business”, Lee told the National Post. “In this day and age, the focus should be on core operations more than anything. I was surprised to see they are looking to get into this business.”

Brian Sharwood, a telecom analyst in Toronto, said the municipality will likely install the wireless transmitters and receivers on its lamp posts as a way to blanket the city, a process known as “wireless mesh networking”.

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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.

Friday, December 12, 2008

Top broker and Wall Street adviser Bernard L. Madoff, aged 70, was arrested and charged by the FBI on Thursday with a single count of securities fraud, also known as stock fraud and investment fraud. He allegedly told senior employees of his firm on Wednesday that his $50 billion business “is all just one big lie” and that it was “basically, a giant Ponzi scheme (since at least 2005).” Mr. Madoff faces up to 20 years imprisonment and a fine of up to $5 million. FBI agent Theodore Cacioppi said Mr. Madoff’s investment advisory business had “deceived investors by operating a securities business in which he traded and lost investor money, and then paid certain investors purported returns on investment with the principal received from other, different investors, which resulted in investors’ losses of approximately $50 billion dollars.”

The former chairman of the Nasdaq Stock Market is also the founder and primary owner of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. The firm is one of the top market maker firms on Wall Street. He founded his family firm with an initial investment of $5,000, after attending Hofstra University Law School. He saved the money earned from a job lifeguarding at Rockaway Beach in Queens and a part time job installing underground sprinkler systems.

A force in Wall Street trading for nearly 50 years, he has been active in the National Association of Securities Dealers (NASD), a self-regulatory organization for the U.S. securities industry. His firm was one of the five most active firms in the development of the NASDAQ, having been known for “paying for order flow,” in other word paying a broker to execute a customer’s order through Madoff. He argued that the payment to the broker did not alter the price that the customer received. He ran the investment advisory as a secretive business, however.

Dan Horwitz, counsel of Mr. Madoff, in an interview, said that “he is a longstanding leader in the financial-services industry with an unblemished record; he is a person of integrity; he intends to fight to get through this unfortunate event.” Mr. Madoff was released on his own recognizance on the same day of his arrest, after his 2 sons turned him in, and posting $10 million bail secured by his Manhattan apartment. Without entering any plea, the Court set the preliminary hearing for January 12.

Madoff’s hedge fund scheme may rank among the biggest fraud in history. When former energy trading giant Enron filed for bankruptcy in 2001, one of the largest at the time, it had $63.4 billion in assets. The scheme would dwarf past Ponzis, and it would further be nearly five times the telecommunication company WorldCom fraud and bankruptcy proceedings in 2002.

The Securities and Exchange Commission filed a separate civil suit on Thursday against Bernard L. Madoff Investment Securities and its eponymous founder Mr. Madoff. It was docketed as “U.S. v. Madoff,” 08-MAG-02735, by the U.S. District Court for the Southern District of New York (Manhattan). SEC, New York associate director of enforcement, Andrew M. Calamari, asked the judge to issue seizure orders on the firm and its assets, and appoint a receiver. The SEC pleads, among others, that “it was an ongoing $50 billion swindle; our complaint alleges a stunning fraud that appears to be of epic proportions.” It further accused the defendant of “paying returns to certain investors out of the principal received from other, different investors” for years. Madoff’s hedge fund business had previously claimed to have served between 11 and 25 clients and had $17.1 billion in assets under management. But virtually all of the assets were missing.

United States District Court for the Southern District of New York Louis L. Stanton on Thursday appointed Lee Richards, a Manhattan lawyer, as the firm’s receiver. A hearing is set for Friday, for a ruling on the SEC’s petition to grant plenary powers to the receiver over the entire firm, and an absolute asset sequestration.

Doug Kass, president of hedge fund Seabreeze Partners Management said that “this is a major blow to confidence that is already shattered — anyone on the fence will probably try to take their money out.”

Saturday, August 12, 2017

Yesterday, the state government of Victoria, Australia announced their decision to trial self-driving vehicles on two of the state’s major connecting motorways, the CityLink and Tullamarine Freeway. The trial is to use autonomous vehicles from automobile companies including BMW, Mercedes-Benz, Volvo, and Tesla. The two-year trial is to have three phases.

The cars are to drive alongside commuters, but in public testing a driver is always to be present, as Victorian law requires drivers always keep a hand on the steering wheel. However, in occasional closures of the Burnley Tunnel, with no other drivers to endanger, the cars are to be tested with nobody in the vehicle.

Lane assist, cruise control, and recognition of traffic signs are in the trial’s first phase, expected to complete before the end of the year. This includes monitoring how the driver-less cars respond to road conditions, including lane markings and electronic speed signs.

“Victoria is at the forefront of automated vehicle technology — we’re investing in this trial to explore ways that this technology can be used to reduce crashes and keep people safe on our roads”, said Luke Donnellan, the Victorian Minister for Roads and Road Safety. He noted, “Ninety per cent of the fault of accidents is human error […] so we know that if we can take out human error we will have less accidents”.

Tim Hansen, Victoria Police’s Acting Assistant Commissioner, said that police had founded a project team to investigate how self-driving vehicles would change policing on roads. “Can we intercept vehicles more safely to avoid pursuits and ramming?”, he asked.

The trial is a partnership between the state government, Victoria’s road management authority VicRoads, owner of the CityLink toll road Transurban, and insurance company RACV.