Tuesday, May 5, 2009

As many as 45 people have been killed and six others were injured after at least four gunmen with grenades stormed a wedding reception in the village of Bilge located in Turkey. Many of those killed were women and children. The attack is not believed to be related to terrorism.

“According to our investigations so far nothing indicates that this is a terror attack but a larger investigation is being run by the regional prosecutor,” said the interior minister of Turkey, Besir Atalay. The attack is believed to be part of an ongoing blood feud between two families. Al Jazeera says the attack may also be related to rival gangs of village guards.

According to one unnamed witness as quoted by Reuters, “a few people” wearing masks entered the house where the reception was being held, “spraying the place with bullets” and began to shoot people, with the attack lasting at nearly 15 minutes. At least 200 people were believed to have been attending the reception.

Saturday, October 20, 2007

Some say history tends to repeat itself. Today marked a day in history, when 20 years ago, the United States Dow Jones Industrial Average market crashed, on what is known as ‘Black Monday‘. The crash sent the market tumbling down 508 points, losing nearly 24%. On Friday, the Dow Jones nearly broke that record when the market closed at -366.94 points, down almost three percent.

Several factors could be to blame for the loss, one being Turkey’s government approving a measure on October 18 to send Turkish troops into Iraq in an attempt to take out militants of the Kurdistan Workers Party (PKK). This sent oil prices skyrocketing to the highest prices in history, with the highest record being just over US$89.00, which was set on October 18.

Fears that the housing market in the U.S. has come to a standstill has also lead Caterpillar Inc., which manufactures and sells construction equipment to issue a warning that the standstill would cause profits to drop, and the American economy to be severely hurt. On Friday their stocks lost nearly six percent to close at $73.57.

Investors and experts of the markets are disturbed by the losses calling the situation ugly.

“It’s pretty ugly. A company like Caterpillar should be a poster child for global growth and benefits of the weak dollar. It makes you question: Is global growth really that strong? Has the earnings kick from the weak dollar played itself out?” said Bell Curve Trading chief strategy expert, Bill Strazzullo.

Others believe that the losses were a way of emotionally responding to the events of ‘Black Monday.’

“Some of the earnings reports were a little disappointing but not that bad. I think we’re responding emotionally to the 20th anniversary of the October 1987 stock market crash. I’d like to laugh except it hurts,” said T Rowe Price Head trader, Andy Brooks.

The NASDAQ also took heavy losses to close down 74.15 points or -2.64%, closing at 2,725.16. The S&P 500 was also hit hard, losing 39.45 points, or -2.56%, closing at 1,500.63.

Sunday, January 21, 2007

In the United Kingdom, online retailers are being asked by IMRG, their leading industry body, to apply accessibility technologies to their sites. Although the main reason given is a business one (the sales to potential customers who may have access issues is estimated at £4b p.a. by IMRG’s James Roper), there are also legal obligations (regarding the Disability Discrimination Act), and of course moral considerations to be mindful of, they suggest.

The move is catalyzed by a new web-based technology which makes it possible for online shops to provide text-to-speech functionality to the vast majority of visitors, without users needing to buy or install any special software. Thus taking the financial onus off the user and putting it on the shops to enable those with reading barriers to access their online services.

While the system is in its early days, retail giants such as, Tesco, are already backing the move, making wide-spread adoption more likely. If this is the case, blind users, as well as many users with other reading difficulties, such as dyslexia and those who speak English as a second language, may well stand to gain a new degree of freedom on the Web.

Saturday, October 11, 2008

Relations between Iceland and the United Kingdom are deteriorating after the two nations fell out over the current financial crisis. When Iceland nationalised first Landsbanki and then Kaupthing Bank the Financial Services Authority only took on domestic assets, leaving British customers with subsidiary banks out of pocket. While Britain feels Iceland should also pay out to their citizens, Iceland blame the UK for triggering the crisis by using the Anti-terrorism, Crime and Security Act 2001 to freeze the UK assets of Icelandic banks.

UK Prime Minister Gordon Brown says Iceland should pay out up to €20,887 (£16,448) of UK investors’ money in the banks, particularly Icesave, an online company owned by Landsbanki which had around 300,000 accounts owned by UK customers. It will cost an estimated 2.4 billion pounds to compensate them, and it looks likely the UK will foot that bill.

Alistair Darling, the U.K. Chancellor of the Exchequer, has said that individuals with accounts will see their money again but other accounts are not guaranteed – leaving governmental, corporate and charitable deposits at risk of being lost. UK local authorities could lose £799 million.

“The prime minister made clear the behavior of the Icelandic authorities had been unacceptable, and we had found it very difficult to get information from them,” said Michael Ellam, a spokesperson for Brown. A delegation has been sent to Reykjavik from the UK to try and solve the dispute amicably.

However, fears that the crisis may escalate have led to the pound becoming heavily devalued. The pound hit its lowest level for five years versus the US dollar after Brown threatened to freeze the assets of all Icelandic companies in the UK, which employ around 100,000 people.

The last time the two nations had a dispute, dubbed the Cod Wars, was in the 1970s. Iceland declared an exclusive fishing zone and began to cut the nets of British trawlers entering the area. That dispute came to a head in 1976 when a UK naval vessel with nuclear arms rammed an Icelandic ship that had been cutting nets. After this a compromise was reached to allow a limited number of British ships in the area.

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.

Sunday, October 15, 2006

Muslim groups from across the world are criticising the organisers of the 2012 Olympics in London after it was revealed that the games will take place over Ramadan. The most holy month in the Muslim calendar, which will take place from the 21 July to 20 August in 2012, involves fasting during daylight hours and will affect an estimated 3,000 athletes.

Joanna Manning Cooper, spokesman for the games said: “We did know about it when we submitted our bid and we have always believed that we could find ways to accommodate it.”Nevertheless, this will come as a huge embarrassment for the organisers who have tried to ensure the event involve all of Britain’s ethnic communities.A quarter of the athletes who took part in the 2004 Athens Olympics were from predominantly Muslim countries and the fast will put any athletes involved at a clear disadvantage.

The chairman of the Islamic Human Rights Commission, Massoud Shadjared said: “This is going to disadvantage the athletes and alienate the Asian communities by saying they don’t matter. It’s not only going to affect the participants, it’s going to affect all the people who want to watch the games.”

The president of the National Olympic Committee of Turkey, Togay Bayalti, said: “This will be difficult for Muslim athletes. They don’t have to observe Ramadan if they are doing sport and travelling but they will have to decide whether it is important to them. “It would be nice for the friendship of the Games if they had chosen a different date.”

The games will run from the 27 July to 12 August to coincide with the British Summer holidays. The summer holidays are a six week period running from mid July to early September. During this time, public transportation is generally less crowded and it will be easier to find the 70,000 volunteers needed to keep the games running. The International Olympics Committee has specified that the games must take place between July 15 to August 31. Giselle Davies, IOC spokesperson said, “We give a window to the five bid cities. The host city selects the dates within that window.”

The organisers are working with the Muslim Council of Great Britain to find ways around the problem.