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Thursday, June 4, 2009

In a New York press conference at 16:15 UTC, June 1st, Fritz Henderson, the Chief Executive Officer of General Motors, which filed for bankruptcy and Chapter 11 protection from its creditors earlier today, outlined a plan for what he called a “New GM”.

Speaking to the press under safe harbor provisions of U.S. law, Henderson described the events of today as a “defining moment” in the history of General Motors. Speaking to the public he said that “The GM that let you down is history,” and described a “New GM” that he expected to result from the bankruptcy process.

Henderson stated that he envisioned the bankruptcy process would take between 60 and 90 days. He stressed several times his view that the process would be one that is executed quickly, saying that not just a sense of urgency but “pure unadulterated speed” was his expectation of the process. He emphasized that “GM remains open for business” during the bankruptcy period, continuing to sell and to support its products, and that day one motions had been filed in the bankruptcy court in order to allow this.

Regarding the bankruptcy process he said, “We will do it right. And we will do it once.”

He stated that the plan for General Motors had the support of the United Auto Workers union, the Canadian Auto Workers union, the GM VEBA, and a majority of the unsecured bondholders of GM. He also mentioned that GM had already received €1.5 million in bridge financing from the German government.

In response to questions about the possibility of the United States federal government, a majority shareholder in the restructured company, dictating future product development and strategy, such as the sale of more fuel-efficient and green vehicles; he first observed that the federal government had already stated to him that it had “no real interest in running our business” and that he expected that still to be his job. Of the specific hypothetical scenario where the management of GM wants to make one type of car, because it thinks that it is the right thing for the business, and the U.S. government wants to make another type of car, he stated that “I don’t think it’s going to happen.” Expanding on that point he stated that he expected the “New GM” to focus upon “highly fuel-efficient and green technology”, and that operating both in accordance with U.S. environmental laws and in response to customer demand would naturally result in the New GM producing the types of vehicles that the U.S. government would encourage.

The “New GM” he also expected to focus on “four core brands”, and will size its dealership to match that. He stated that GM would offer a “deferred termination” package to dealers, to allow them to cease dealing in GM vehicles in a managed and gradual way.

He stated that the bankruptcy filings did not cover General Motors’ businesses in Latin America, Europe and the Middle East, and Asia and the Pacific. Of GM’s profitable ventures in China, specifically, he stated that they were “a critical part of the New GM”. In response to questions of whether the New GM would import cars from China to the U.S., he stated the formative company’s core principle that “We build where we sell” applied in both directions, with GM building in China to sell in China and building in the U.S. to sell in the U.S., stating that this shortened supply chains.

He declined to predict when the New GM would return to profitability, stating that the goal was rather to lower the break-even EBIT point for the company. He also declined to speculate upon when the U.S. government would sell its stake in the company, saying that that was a question “better addressed to the U.S. Treasury”, and merely saying that he expected it to be “years, not months” when the U.S. Treasury felt it would give “the right return for taxpayers.”

Saturday, April 17, 2010

Aviation experts are warning that air traffic across western Europe may continue to be affected by an Icelandic volcano, which has been billowing clouds of ash and spreading it throughout the region.

Experts say that the Eyjafjallajökull volcano, located in Iceland, continues to have “sporadic eruptions”; dark ash clouds have been moving south and east of the area, causing mass flight cancellations all over Europe, spanning from the UK to Russia over fears that the soot may be catastrophic to planes – such as causing engines to fail in-flight or severely reducing the pilot’s visibility.

The ash clouds are drifting between six to nine thousand meters above the ground, and are moving eastwards, over northern France and Austria and towards Russia at about 40 kilometers per hour.

Already, thousands of passengers have been left stranded around the world, unable to travel to and from various points in Europe. The continent’s air-traffic control center predicted 17,000 flights to have been cancelled on Friday alone, and indicated there would be further disruption today. The cancellations are costing airlines about US$200 million daily, the International Air Transport Association reports.

A global association of air traffic control companies commented that ash clouds would probably continue to affect flights for some time. “The knock-on effect of the volcanic ash plume over northern Europe is likely to disrupt European airspace for several days,” the Civil Air Navigation Services Organization said in a statement. “Traffic will have to be reorganized and rerouted and flights preplanned, all on a dynamic and quite unpredictable basis.”

“The skies are totally empty over northern Europe,” said Eurocontrol‘s deputy head, Bryan Flynn. The agency said more than half of Europe’s average 28,000 daily flights were cancelled yesterday, twice as many as were called off on Thursday.

In a special report, Wikinews takes a look at how different countries have been affected by this event.

All of Germany’s sixteen airports with international flights have been shut down today, including the busy Frankfurt airport. A spokesman for carrier Lufthansa says all of its flights were cancelled until no sooner than 20.00 local time (18.00 UTC). He said that there were no planes from the airline in the air anywhere on the globe. “There has never been anything like this,” he said.

Icelandic airports are open, despite being in such close proximity to the billowing volcano, as the winds are blowing ash clouds away from the vicinity.

The Icelandic Met Office’s Matthew Roberts, told the BBC that the volcano hasn’t been expending as much ash, and that the eruption was slowing down.

Icelandic officials are urging local residents with respiratory problems to refrain from going outdoors, and encourages the use of protective goggles and masks to those who do go out.

Most disruption in the country has actually been to ground, not air, traffic. Local police chief Kjartan Thorkelsson commented: “We had to close roads because of the ash yesterday [Thursday], even though it was not very thick.” He added that the ash “is particularly dangerous for animals, since it can go into water and the grass they eat, [but] [i]t is not as dangerous to humans”.

Experts suggest that occasional disruptions are possible throughout the next half year, should Eyjafjallajokull continue to erupt. Another concern is that it may trigger an eruption from the larger Katla volcano nearby, which has occurred every time Eyjafjallajokull has erupted for the past few centuries.

Even countries as far away as Japan were affected by the ash clouds. A correspondent for the BBC, in Tokyo‘s Narita Airport, says that many travellers en route to Europe had to spend the night in the departure lounge because their flights were cancelled: “Airlines have handed out sleeping bags and blankets but there have been complaints there aren’t enough to go round. The longer the airports are closed the longer the backlog of passengers builds up,” he reports.

Polish authorities have suggested that they will delay the funeral of deceased president Lech Kaczynski, who died in a plane crash in Russia last week. Many world leaders planning to attend the funeral might be prevented from doing so due to the ash clouds. Poland was one of twelve to close down most or all of its airspace.

The president’s family, however, has insisted the ceremony, to be held in Krakow, proceed as planned.

The UK’s National Air Traffic Service (NATS), says that its restrictions on airspace in the country would remain in effect until no sooner than 13.00 UTC today. Travel bans for Northern Ireland and Scotland have been lifted, although NATS stressed that this does not necessarily mean flights to and from the area will actually resume.

Ryanair, meanwhile, cancelled all its northern Europe flights until 13.00 on Monday. British Airways called off all of its flights from London airports.

UK ferry operators saw a jump in bookings as stranded air travellers sought other ways to cross the English Channel.

A spokesman with the British Civil Aviation Authority commented that, [i]n terms of closure of airspace, this is worse than after 9/11. The disruption is probably larger than anything we’ve seen.”

A correspondent for Al Jazeera reporting from London Heathrow airport described stranded travellers’ attitude as being “increasingly frustrated”. He remarked: “Some sources I’ve been speaking to have been indicating that this will probably be extended further. There may be intermittent disruptions to flights for months to come.”

The Icelandic volcano may cause the US to experience volcanic sunsets. Vulcanologist Jay Miller claims, “Once it stops erupting it will take a few days to settle out. As long as there’s ash in the atmosphere or any pollutant for that matter, you’ll see these alterations in the color we see in the sky.”

Brian Toon of University of Colorado, Boulder, says: “It’s unlikely any of this volcanic ash will get as far as the United States. But it is possible. It’s just rare. It’s likely the stuff will get washed out before it ever gets here.”

American Airlines, in the meantime, announced it had cancelled 56 of its flights to and from Europe today, and the same amount yesterday; countries to which flights were not called off were Italy and Spain. US-based airlines make 337 flights between Europe and the US daily; of those, 280 were cancelled yesterday, the Air Transport Association of America says.

The Icelandic volcano has not caused many problems in Chile. SCL reported to El Mercurio that just a flight has been cancelled. The flight was operated by Air France, that may had went at the 16:00 local time to France. “We don’t know if this suspended flight will go, yet,” SCL reported, and warranted that “Air France is not going today.” SCL also stated that has not been cancelled any other flights, but that could change as the time goes by.

Sunday, January 19, 2020

On Sunday, police fired tear gas into an anti-Communist rally in Hong Kong’s Chater Garden after masked protesters beat plainclothes police officers with umbrellas. Agence France-Presse said at least two officers were injured. With attendees in the tens of thousands, this was reportedly the largest rally since January 1.

Protest organizers had made arrangements with the police in advance of Sunday’s rally: They had permission to demonstrate until 10:00 p.m. so long as they stayed in one place. The protest began around 3:00 p.m. local time and the police sent the plainclothes officers in to call a halt about an hour later. Officers in riot gear entered the park around 4:30. After the tear gas was dispensed, protesters fled to the Central and Admiralty public transit stations, and most were gone within half an hour.

During the event, attendees asked for the global community to issue sanctions against the Communist Party of China and for the Hong Kong police force to be disbanded. Some protesters dug up bricks or, Radio Television Hong Kong reported, set fires.

Said one organizer, “We are gathered here today to tell the world that the Chinese Communist Party is violating human rights, religion and democratic development without shame — and without fear[.]”

A government spokesperson told the press, “The [Hong Kong Special Administrative Region] Government deeply regrets that some participants of the public meeting had called on foreign governments to intervene in the affairs of Hong Kong and to impose sanctions. Foreign governments, legislatures or organizations have absolutely no role in matters relating to the constitutional development of Hong Kong and should not express any opinion or take any action in an attempt to influence or interfere in the discussions of related matters in Hong Kong[.]”

Hong Kong’s protests began in June in response to a proposed extradition bill that would allow the mainland Chinese government to remove anyone accused of a crime in Hong Kong and try them under the central Chinese system. The bill has been withdrawn, but protests have continued over objections to police misconduct, the characterization of the demonstrations as “riots,” and calls for more representative democracy in Hong Kong.

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Monday, August 31, 2009

A study performed at Edinburgh University, Scotland has shown that aspirin may do more harm to your health than good.

The research at the university in Scotland was to assess the effects of taking aspirin on a daily basis where no prior or existing medical conditions would merit its prescription. The researchers monitored 3,350 patients aged between 50–75, who were thought to be at risk of heart disease, but did not show any significant symptoms at the start of the study. Over an eight-year time period, 181 of those people taking aspirin had heart attacks or strokes.

More than 3,000 men aged 50–75 were randomly assigned to receive a daily dose of aspirin or a placebo pill and were watched over the eight year time period. There were 34 major bleeds in people taking aspirin, or 2%, in comparison to 1.2% of those who took the placebo. The Aspirin for Asymptomatic Atherosclerosis (AAA) have found that the routine use of aspirin does not prevent vascular disease or conditions and the use of it “could not be supported.”

Peter Weissberg, a professor at the British Heart Foundation, the company which was partly responsible in funding for the trials said, “we know that patients with symptoms of artery disease, such as angina, heart attack or stroke, can reduce their risk of further problems by taking a small dose of aspirin each day. The findings of this study agree with our current advice that people who do not have symptomatic or diagnosed artery or heart disease should not take aspirin, because the risks of bleeding may outweigh the benefits. Because it’s been around for a long time, people think, ‘It must be safe and it can’t do any harm’. They are taking it ‘just in case’ but it’s much more dangerous than some other drugs that people get concerned about, like statins.”

Professor Gerry Fowkes presented the research from the University of Edinburgh at the European Society of Cardiology congress in Barcelona, Spain, which was attended by more than 30,000 heart specialists.

“Our research suggests that aspirin should not be prescribed to the general population, although it does have benefits for people with established heart disease or other conditions,” stated Fowkes.

Thursday, June 25, 2015

Live music venues in Edinburgh, Scotland are awaiting a review later this year on the 2005 licensing policy, which places limitations on the volume of amplified music in the city. Investigating into how the policy is affecting the Edinburgh music scene, a group of Wikinews writers interviewed venue owners, academics, the City of Edinburgh Council, and local band The Mean Reds to get different perspectives on the issue.

Since the clause was introduced by the government of the city of Edinburgh, licensed venues have been prohibited from allowing music to be amplified to the extent it is audible to nearby residential properties. This has affected the live music scene, with several venues discontinuing regular events such as open mic nights, and hosting bands and artists.

Currently, the licensing policy allows licensing standards officers to order a venue to cease live music on any particular night, based on a single noise complaint from the public. The volume is not electronically measured to determine if it breaches a decibel volume level. Over roughly the past year there have been 56 separate noise complaints made against 18 venues throughout the city.

A petition to amend the clause has garnered over 3,000 signatures, including the support of bar owners, musicians, and members of the general public.

On November 17, 2014, the government’s Culture and Sport Committee hosted an open forum meeting at Usher Hall. Musicians, venue owners and industry professionals were encouraged to provide their thoughts on how the council could improve live music in the city. Ways to promote live music as a key cultural aspect of Edinburgh were discussed and it was suggested that it could be beneficial to try and replicate the management system of live music of other global cities renowned for their live music scenes. However, the suggestion which prevailed above all others was simply to review the existing licensing policy.

Councillor (Cllr) Norma Austin-Hart, Vice Convenor of the Culture and Sport Committee, is responsible for the working group Music is Audible. The group is comprised of local music professionals, and councillors and officials from Edinburgh Council. A document circulated to the Music is Audible group stated the council aims “to achieve a balance between protecting residents and supporting venues”.

Following standard procedure, when a complaint is made, a Licensing Standards Officer (LSO) is dispatched to investigate the venue and evaluate the level of noise. If deemed to be too loud, the LSO asks the venue to lower the noise level. According to a document provided by the City of Edinburgh Council, “not one single business has lost its license or been closed down because of a breach to the noise condition in Edinburgh.”

In the Scotland Licensing Policy (2005), Clause 6.2 states, “where the operating plan indicates that music is to be played in a premises, the board will consider the imposition of a condition requiring amplified music from those premises to be inaudible in residential property.” According to Cllr Austin-Hart, the high volume of tenement housing in the city centre makes it difficult for music to be inaudible.

During the Edinburgh Festival Fringe during the summer, venues are given temporary licences that allow them to operate for the duration of the festival and under the condition that “all amplified music and vocals are controlled to the satisfaction of the Director of Services for Communities”, as stated in a document from the council. During the festival, there is an 11 p.m. noise restriction on amplified music, and noise may be measured by Environmental Health staff using sophisticated equipment. Noise is restricted to 65dB(A) from the facades of residential properties; however, complaints from residents still occur. In the document from the council, they note these conditions and limitations for temporary venues would not necessarily be appropriate for permanent licensed premises.

In a phone interview, Cllr Austin-Hart expressed her concern about the unsettlement in Edinburgh regarding live music. She referenced the closure of the well-known Picture House, a venue that has provided entertainment for over half a century, and the community’s opposition to commercial public bar chain Wetherspoon buying the venue. “[It] is a well-known pub that does not play any form of music”, Cllr Austin-Hart said. “[T]hey feel as if it is another blow to Edinburgh’s live music”. “[We] cannot stop Wetherspoon’s from buying this venue; we have no control over this.”

The venue has operated under different names, including the Caley Palais which hosted bands such as Queen and AC/DC. The Picture House opened in 2008.

One of the venues which has been significantly affected by the licensing laws is the Phoenix Bar, on Broughton Street. The bar’s owner, Sam Roberts, was induced to cease live music gigs in March, following a number of noise complaints against the venue. As a result, Ms Roberts was inspired to start the aforementioned petition to have Clause 6.2 of the licensing policy reviewed, in an effort to remove the ‘inaudibility’ statement that is affecting venues and the music scene.

“I think we not only encourage it, but actively support the Edinburgh music scene,” Ms Roberts says of the Phoenix Bar and other venues, “the problem is that it is a dying scene.”

When Ms Roberts purchased the venue in 2013, she continued the existing 30-year legacy established by the previous owners of hosting live acts. Representative of Edinburgh’s colourful music scene, a diverse range of genres have been hosted at the venue. Ms Roberts described the atmosphere when live music acts perform at her venue as “electric”. “The whole community comes together singing, dancing and having a party. Letting their hair down and forgetting their troubles. People go home happy after a brilliant night out. All the staff usually join in; the pub comes alive”. However licensing restrictions have seen a majority of the acts shut down due to noise complaints. “We have put on jazz, blues, rock, rockabilly, folk, celtic and pop live acts and have had to close everything down.” “Residents in Edinburgh unfortunately know that the Council policy gives them all the rights in the world, and the pubs and clubs none”, Ms Roberts clarified.

Discussing how inaudibility has affected venues and musicians alike, Ms Roberts stated many pubs have lost profit through the absence of gigs, and trying to soundproof their venue. “It has put many musicians out of work and it has had an enormous effect on earnings in the pub. […] Many clubs and bars have been forced to invest in thousands of pounds worth of soundproofing equipment which has nearly bankrupted them, only to find that even the tiniest bit of noise can still force a closure. It is a ridiculously one-sided situation.” Ms Roberts feels inaudibility is an unfair clause for venues. “I think it very clearly favours residents in Edinburgh and not business. […] Nothing is being done to support local business, and closing down all the live music venues in Edinburgh has hurt financially in so many ways. Not only do you lose money, you lose new faces, you lose the respect of the local musicians, and you begin to lose all hope in a ‘fair go’.”

With the petition holding a considerable number of signatures, Ms Roberts states she is still sceptical of any change occurring. “Over three thousand people have signed the petition and still the council is not moving. They have taken action on petitions with far fewer signatures.” Ms Roberts also added, “Right now I don’t think Edinburgh has much hope of positive change”.

Ms Roberts seems to have lost all hope for positive change in relation to Edinburgh’s music scene, and argues Glasgow is now the regional choice for live music and venues. “[E]veryone in the business knows they have to go to Glasgow for a decent scene. Glasgow City Council get behind their city.”

Ms Martina Cannon, member of local band The Mean Reds, said a regular ‘Open Mic Night’ she hosted at The Parlour on Duke Street has ceased after a number of complaints were made against the venue. “It was a shame because it had built up some momentum over the months it had been running”. She described financial loss to the venue from cancelling the event, as well as loss to her as organiser of the event.

Sneaky Pete’s music bar and club, owned by Nick Stewart, is described on its website as “open and busy every night”.”Many clubs could be defined as bars that host music, but we really are a music venue that serves drinks”, Mr Stewart says. He sees the live music scene as essential for maintaining nightlife in Edinburgh not only because of the economic benefit but more importantly because of the cultural significance. “Music is one of the important things in life. […] it’s emotionally and intellectually engaging, and it adds to the quality of life that people lead.”

Sneaky Pete’s has not been immune to the inaudibility clause. The business has spent about 20,000 pounds on multiple soundproofing fixes designed to quell complaints from neighboring residents. “The business suffered a great deal in between losing the option to do gigs for fear of complaints, and finishing the soundproofing. As I mentioned, we are a music business that serves drinks, not a bar that also has music, so when we lose shows, we lose a great deal of trade”, said Mr Stewart.

He believes there is a better way to go about handling complaints and fixing public nuisances. “The local mandatory condition requiring ‘amplified music and vocals’ to be ‘inaudible’ should be struck from all licenses. The requirement presupposes that nuisance is caused by music venues, when this may not reasonably be said to be the case. […] Nuisance is not defined in the Licensing Act nor is it defined in the Public Health Act (Scotland) 2008. However, The Consultation on Guidance to accompany the Statutory Nuisance Provisions of the Public Health etc (Scotland) Act 2008 states that ‘There are eight key issues to consider when evaluating whether a nuisance exists[…]'”.

The eight key factors are impact, locality, time, frequency, duration, convention, importance, and avoidability. Stewart believes it is these factors that should be taken into consideration by LSOs responding to complaints instead of the sole factor of “audibility”.He believes multiple steps should be taken before considering revocation of licenses. Firstly, LSOs should determine whether a venue is a nuisance based on the eight factors. Then, the venue should have the opportunity to comply by using methods such as changing the nature of their live performances (e.g. from hard rock to acoustic rock), changing their hours of operation, or soundproofing. If the venue still fails to comply, then a board can review their license with the goal of finding more ways to bring them into compliance as opposed to revoking their license.

Nick Stewart has discussed his proposal at length with Music is Audible and said he means to present his proposal to the City of Edinburgh Council.

Dr Adam Behr, a music academic and research associate at the University of Edinburgh who has conducted research on the cultural value of live music, says live music significantly contributes to the economic performance of cities. He said studies have shown revenue creation and the provision of employment are significant factors which come about as a result of live music. A 2014 report by UK Music showed the economic value generated by live music in the UK in 2013 was £789 million and provided the equivalent of 21,600 full time jobs.

As the music industry is international by nature, Behr says this complicates the way revenue is allocated, “For instance, if an American artist plays a venue owned by a British company at a gig which is promoted by a company that is part British owned but majority owned by, say, Live Nation (a major international entertainment company) — then the flow of revenues might not be as straightforward as it seems [at] first.”

Despite these complexities, Behr highlighted the broader advantages, “There are, of course, ancillary benefits, especially for big gigs […] Obviously other local businesses like bars, restaurants and carparks benefit from increased trade”, he added.

Behr criticised the idea of making music inaudible and called it “unrealistic”. He said it could limit what kind of music can be played at venues and could force vendors to spend a large amount of money on equipment that enables them to meet noise cancelling requirements. He also mentioned the consequences this has for grassroots music venues as more ‘established’ venues within the city would be the only ones able to afford these changes.

Alongside the inaudibility dispute has been the number of sites that have been closing for the past number of years. According to Dr Behr, this has brought attention to the issue of retaining live music venues in the city and has caused the council to re-evaluate its music strategy and overall cultural policy.

This month, Dr Behr said he is to work on a live music census for Edinburgh’s Council which aims to find out what types of music is played, where, and what exactly it brings to the city. This is in an effort to get the Edinburgh city council to see any opportunities it has with live music and the importance of grassroots venues. The census is similar to one conducted in Victoria, Australia in 2012 on the extent of live music in the state and its economic benefit.

As for the solution to the inaudibility clause, Behr says the initial step is dialogue, and this has already begun. “Having forum discussion, though, is a start — and an improvement”, he said. “There won’t be an overnight solution, but work is ongoing to try to find one that can stick in the long term.”

Beverley Whitrick, Strategic Director of Music Venue Trust, said she is unable to comment on her work with the City of Edinburgh Council or on potential changes to the inaudibility clause in the Licensing Policy. However, she says, “I have been asked to assess the situation and make recommendations in September”.

According to The Scotsman, the Council is working toward helping Edinburgh’s cultural and entertainment scene. Deputy Council Leader Sandy Howat said views of the entertainment industry needs to change and the Council will no longer consider the scene as a “sideline”.

Senior members of the Council, The Scotsman reported, aim to review the planning of the city to make culture more of a priority. Howat said, “If you’re trying to harness a living community and are creating facilities for people living, working and playing then culture should form part of that.”

The review of the inaudibility clause in the Licensing Policy is set to be reviewed near the end of 2016 but the concept of bringing it forward to this year is still under discussion.

Tuesday, April 30, 2019

Wikinews attended the sixth annual Mini Maker Faire in Tyler, Texas, United States on Saturday. Similar to a giant science fair, the event featured a variety of science, engineering and technology projects and items.

An array of technologies were on hand including 3D printers, drones, and various other physics devices. The owner of the Make Crate subscription service stated her company’s products place a strong emphasis on teaching young people about technology and coding. A traditional blacksmith was also on hand displaying metal working techniques.

Numerous Maker Clubs from an array of local schools were on hand, displaying a broad swathe of tech projects. A group of amateur hobbyists diplayed a model of the deck of the aircraft carrier, the USS Ronald Reagan with a solenoid device hooked up to launch paper airplanes.

• A volunteer hangs signage in preparation for the Mini Maker Faire in Tyler, Texas (April 2019) Image: Paul Budd.

• A parking sign showing the Discover Science Place logo. Image: Paul Budd.

• A banner for the event. Image: Paul Budd.

• A large 3D printer, installed in a portable trailer from LaTorneau College. Image: Paul Budd.

• 3D printed objects on display. Image: Paul Budd.

• The Make Crate company’s banner. Image: Paul Budd.

• Maker Club for All Saints, a local school in Tyler. Image: Paul Budd.

• Disclaimer poster. Image: Paul Budd.

• An interactive display, featuring bird songs, built by students from All Saints school in Tyler. Image: Paul Budd.

• A remote controlled police and medical drone on display. Image: Paul Budd.

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.