Cannes Property Advice

Cannes property advice

by

rickey

There come few people who want to reside in the city according to the idea of permanent living they love to keep their houses in the mid of the city so that they can enjoy all the facilities directly.

holiday rental Cannes

Whereas there are some people who visit the place only for recreational motives, these people love to live in the shore rental in Cannes. Moreover geologists and other people who want to discover civilizations and see the pattern of living these people live at such places which are not very developed so that they can feel the true nature of ancient civilization of Cannes.

[youtube]http://www.youtube.com/watch?v=H5hfXRdWQUE[/youtube]

Having Cannes rental in all type places is very difficult unless any support of Cannes property, because new people here are very confused in order to select the best location for their residence. It is not all, there are local residents who want to have vertical shift in their living and they give their existing houses on rents and own some new house, these all type of houses are listed at Cannes property so for this reason, before moving towards Cannes make sure that you have selected that, which type of house you are going to select and what is your budget range, as luxury apartments in Cannes and villa rental in Cannes are more expensive whereas other Cannes rental are cheaper.

Mostly people who come here for the cinematography of their movies are more into hiring big villas in Cannes otherwise for general tourists and public there are 2, 3 and 4 bedrooms oriented apartments are available with all the facilities that they desire. Hospitals and colleges in the area provide a lot more facility to the people who are wishing to adjust here permanently. There are many known personalities which belong from this particular region.

People who want to visit this area for organizing an international meeting or conference for their offices and businesses can also hire holiday rental Cannes as business trips are not very long. There is an important film festival event which is the most famous since decades in the region; people are attracted toward having a single live look at their favorite stars at least once in their lives so in the season of the festival they come here to see live performances of their stars.

Once people are here, they have lot more opportunities to visit other island of France because cruise ships and personal yachts add a lot more to the world of exploration and enjoyment. Now people do not rely upon living at a single place for whole of their lives, man’s nature is very innovative and he wants to explore the world more each day. Considering the very nature there is a lot more discovery about Cannes on

For more information visit

Accommodation in Cannes

Article Source:

ArticleRich.com

Netanyahu pushed previous prime minister Olmert to attack Iran, according to Wikileaks cables

Friday, April 22, 2011

Israeli Prime Minister Benjamin Netanyahu actively pushed for a military strike on Iran, according to a report published in the Israeli newspaper Haaretz on Thursday.

A document revealed by Wikileaks, dated July 20, 2007, shows that Mr. Netanyahu, leader of the Likud party, urged an attack on Iran in exchange for joining the government at the time, led by Ehud Olmert.

Mr. Netanyahu’s request was made as part of discussions to form a government of national unity between Likud and Mr. Olmert’s Kadima party, according to the leaked cable, classified as “confidential” and penned by Marc. J. Sievers, who was at the US embassy in Tel Aviv as a political counselor.

An advisor to Mr. Netanyahu told American officials at the time that the Likud leader was willing to take the post of foreign minister, while Mr. Olmert would have become prime minister.

However, Mr. Netanyahu demanded military action against Iran as the price for his participation in the proposed coalition. According to the advisor cited in the US cable, Mr. Netanyahu urged the Kadima leader to “galvanize Israel for action against Iran.”

Israel has previously entertained the possibility of military strikes to prevent Iran from attaining nuclear weapons capability. In November 2010, Iran announced uranium enrichment activities had been disrupted by the Stuxnet computer virus. The Iranian government later accused the US and Israel of responsibility for the malware.

Israel and Western powers have accused Iran, whose president, Mahmoud Ahmadinejad, has called for Israel to be “wiped off the map,” of seeking to obtain nuclear weapons under the guise of a civilian nuclear program.

Retrieved from “https://en.wikinews.org/w/index.php?title=Netanyahu_pushed_previous_prime_minister_Olmert_to_attack_Iran,_according_to_Wikileaks_cables&oldid=4015724”

‘Davos man’ versus ‘Camp Igloo’; 42nd World Economic Forum convenes in Swiss alps

Thursday, January 26, 2012

Germany’s Chancellor Angela Merkel gave yesterday’s opening address to the 42nd meeting of the World Economic Forum (WEF), which is facing a distinctly different geo-political landscape from twelve months ago. Outside the WEF security cordon, in the sub-zero temperatures of Davos’ train station car park, the local incarnation of the Occupy movement are setting up ‘Camp Igloo’; but, with little hope of the archetypes of the 1%, ‘Davos Man’, arriving by public transport and seeing their sub-zero protest.

David Roth, heading the Swiss centre-left’s youth wing — and an organiser of ‘Camp Igloo’, echoes much of the sentiment from ‘Occupy’ protests around the world; “[a]t meetings the rest of society is excluded from, this powerful ‘1 percent’ negotiates and decides about the fate of the other 99 percent of this world, […] economic and financial concentration of power in a small, privileged minority leads to a dictatorship over the rest of us. The motto ‘one person, one vote’ is no longer valid, but ‘one dollar, one vote’.”

Roth’s characterisation of ‘Davos Man’, a term coined by the Professor Samuel Huntington of Harvard University, is more emotive than that of the late professor who saw ‘Davos man’ as “[having…] little need for national loyalty, view[ing] national boundaries as obstacles that thankfully are vanishing, and see[ing] national governments as residues from the past whose only useful function is to facilitate the elite’s global operations”.

As Reuters highlights, many attendees will opt to make their way from Zurich to Davos by private jet, or helicopter, and the WEF itself provides handouts indicating the cost of such is 5,100 Swiss francs (approx. 5,500 USD, 3,500 GBP, 4,200 EUR). In contrast: travelling by rail, even when opting for first class — without an advance booking, is 145 Swiss francs (approx. 155 USD, 100 GBP).

Shifting fortunes see several past attendees missing this year’s exclusive get-together in the alpine resort; for a second year running — and now caught up in the UK phone hacking scandal being scrutinised by Lord Leveson’s inquiry — media mogul Rupert Murdoch will not be attending. Nor will the former head of financial services company UBS Oswald Gruebel, who resigned in the wake of US$2.3 billion losses incurred through unauthorised trading; likewise, Philipp Hildebrand, the ex-head of the Swiss National Bank, is absent following scandal associated with his wife’s currency trading activities; and, although the sexual assault charges against Dominique Strauss-Kahn were dropped, having stepped down as managing director of the International Monetary Fund Strauss-Kahn will also be absent.

As the #OccupyWEF protesters were building igloos last weekend, an anti-WEF protest in the Swiss capital Berne was broken up by police, who stated their intent to prosecute participants in the illegal protest. Allegations of calls for violent protest action led to a high number of officers being involved. In the aftermath, charges of breach of the peace are to be brought against 153 people, with some targeted for more serious offences. At least one group involved in the protest described the police response as “disproportionate”.

At ‘Camp Igloo’ Roth says he is seeking discussions with the WEF’s expected 2,000 attendees; but his voice, and that of others in the worldwide ‘Occupy’ movement, is unlikely to be given a platform in the opening debate, “Is 20th-century capitalism failing 21st-century society?” He, and others taking part in this Swiss incarnation of the ‘Occupy’ movement, are still considering an invite to a side-session issued by the World Economic Forum’s founder, Klaus Schwab; commenting on the invite Roth told the Associated Press they would prefer a debate at a more neutral venue.

As has been the case for several years now, the annual Forum meeting in Davos was preceded with the release of a special report by the World Economic Forum into risks seen as likely to have an impact the in the coming decade. The 2012 Global Risks Report is a hefty document; the 64-page report is backed with a variety of visualisation tools designed to allow the interrelations between risks to be viewed, how risks interact modelled, and their potential impacts considered — as assessed by the WEF’s panel of nearly 500 experts.

As one would expect, economic risks top both the 2012 impact and likelihood charts. Climate change is pushed somewhat further down the list of concerns likely to drive discussions in Davos. “Major systemic financial failure” — the collapse of a globally important financial institution, or world currency, is selected as the risk which carries the most potential impact.

However, “Chronic fiscal imbalances” — failing to address excessive government debt, and “Severe income disparity” — a widening of the the gulf between rich and poor, top the list of most likely risks.

At the other end of the tables, disagreeing respectively with the weight last year’s Wikinews report gave to orbital debris, and the Motion Picture Association of America’s (MPAA) fight with the Internet over copyright legislation, the 2012 Global Risks Report places “Proliferation of Orbital Debris” and “Failure of intellectual property regime” bottom of the league in terms of potential impact.

In 2011, with the current global economic crisis well under-way, “Fiscal crises” topped the WEF risks with the largest potential impact in the next ten years. However, perceived as most likely a year ago, “Storms and cyclones”, “Flooding”, and “Biodiversity loss” — all climate-change related points — were placed ahead of “Economic disparity” and “Fiscal crises”.

More mundane risks overtake the spectre of terrorism when contrasting this year’s report with the 2011 one; volatility in the prices of commodities, consumer goods, and energy, and the security of water supplies are all now ranked as more likely risks than terrorism — though the 2011 report did rank some of these concerns as having a higher potential impact. A significant shift in perception sees the 2012 report highlight food shortages almost as likely a risk the world will face over the next decade; and, one with a far more significant impact.

Attending the World Economic Forum at Davos is more than just an opportunity to discuss the current state of the global economy, and review the risks which face countries around the world. With such a high number of political and business leaders in attendance, it is an ideal opportunity to pursue new trade deals.

Canadian Prime Minister Stephen Harper is, in addition to being a keynote speaker, expected to pursue improved relations with European and Asian trade partners at private meetings on the Forum sidelines. The Toronto Star reports Harper is likely to push forward an under-negotiation Canadian-European free-trade agreement, and hold closed-door discussions prior to next month’s planned trip to China.

Similarly, Canadian trade minister Ed Fast is expected to meet South Korean counterparts to discuss an equivalent deal to the preferential ones between the Asian nation and the US and Europe. Fast’s deal does, however, face opposition at home; the Canadian Auto Workers union asserts that such a deal would put 33,0000 jobs at-risk.

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British Prime Minister David Cameron and chancellor George Osborne are expected to discuss a possible increase of UK funding to the International Monetary Fund (IMF); however, with the UK responsible for 4.5% of the US$400 billion in the IMF’s lending fund, backbench MPs have warned that committing any additional funds could provoke a Conservative revolt in parliament. Tuesday’s IMF cut of predicted global growth from 4% to 3.3%, warnings of a likely Eurozone recession in 2012, and ongoing problems with Greek financial restructuring, are likely discussion topics at Davos — as well as amongst UK backbench MPs who see adding to the IMF war-chest as bailing out failed European economies.

South Africa, less centre-stage during the 2011 Forum, will be looking to improve relationships and take advantage of their higher profile. President Jacob Zuma and several cabinet members are attending sessions and discussions; whilst former UK Prime Minister Gordon Brown is to moderate a session, “Africa — From Transition to Transformation“, with Nigeria, Guinea, and South Sudan’s presidents on the panel. Wal-mart’s CEO Doug McMillon is to lead a dinner session, “Shared Opportunities for Africa’s Future” — highlighting larger multinationals looking towards the continent for new opportunities.

Davos may also serve as a place to progress disputes out of the public eye; a high-profile dispute between Chile’s state-owned copper mining business, Codelco, and Anglo American plc over the 5.39 billion USD sale of a near-quarter stake in their Chilean operations to Japan’s Mitsubishi, prompted the Financial Times to speculate that, as the respective company chiefs — Diego Hernández and Cynthia Carroll — are expected to attend, they could privately discuss the spat during the Forum.

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Top 10 Free Things To Do In Chicago

Submitted by: Andrea Ivey

Chicago, which is the third densely populated city in the USA, has something for all, from top-notch shopping, fine art galleries, structural designs, depositories and theatre to unique neighborhoods rich in exclusive cultural heritage. Despite the truth that Chicago is an expensive city, there are still a number of free things to do in Chicago. This article throws light on some of the free Chicago attractions, which are listed below.

Art Institute of Chicago

Visit the renowned art institute of Chicago without paying any admission charge on Thursdays. From camera work to structural design to textiles, this depositary offers an everlasting collection, which comprises magnificent works by great artists including Ellsworth Kelly, Eva Hesse and David Hockney.

Garfield Park Conservatory

One of the free Chicago attractions is the Garfield Park Conservatory which comprises eight internal display houses in addition to a number of outdoor gardens. Besides the stunning gardens, the Conservatory also provides free family events, demos, classes, and unique exhibitions. You don t need to pay any admission or parking charges.

Hyde Park Art Cente

[youtube]http://www.youtube.com/watch?v=Hutz_ulaCgE[/youtube]

Hyde Park Art Center houses five big art galleries in addition to several artist studios, classrooms, a huge library, and facilities for reception parties plus meetings. This art center requires no entrance charge.

Millennium Park

Millennium Park comprises of sculpture, euphony, structural design, and landscape design. The park features the Frank Gehry-designed Jay Pritzker Pavilion, the synergistic Crown Fountain, and a well-known sculpture devised by great British artiste Anish Kapoor. The park arranges free programs like Music Without Borders and Home Cooked Jazz all through the year.

Chicago Cultural Cente

Each year, the Chicago Cultural Center hosts an assortment of free programs as well as events. Check out some of Chicago’s flourishing musical groups free of charge through the Myra Hess concert series or be a part of the center’s free literary programs.

Oak Street Beach

Among cheap vacation spots in Chicago, we have Oak Street Beach. This is the most renowned beach in Chicago and accordingly is the most jam-packed. Still, this lively beach is a great place to hang out. It is situated on North Lake Shore Drive in Chicago, on the coast of Lake Michigan.

Jane Addams Hull House

This house is one of the unique settlement houses in the United States. At the museum you can enjoy pictures, creative pieces of furniture and an assortment of artistic items from the settlements time period.

Chicago Greeter Program

Among free activities in Chicago, this program helps visitors to watch the city through the eyes of passionate, city-familiar residents known as Chicago Greeters. Find out the assorted neighborhoods of Chicago, see the lakefront and city parks and enjoy top-notch and remote cultural facilities – all with a free guide!

Some of the other free Chicago attractions include Brookfield Zoo, Theatre District, American Girl Place, Field Museum of Natural History, fabulous Chicago jazz venues, Chicago Children s Museum and many more!

Did you know that there are thousands of FREE things to do, right in your own backyard? Shoestring Spots is packed with fun, fabulous activities in cities nearby and across the U.S. so you can plan a night out, daytrip, weekend escape or even the week-long trip you ve been dreaming of. Best of all, Shoestring Spots has something for everyone from walking tours and window shopping to arts and architecture.

About the Author: Andrea Ivey is a contributor on

Shoestringspots.com

, a website listing all free tourist spots, free things to do and see in your favorite cities in the US. Please visit

shoestringspots.com

and browse through hundreds of free attractions in US cities.

Source:

isnare.com

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Train derailed by collision with semi in Saskatchewan, Canada

Tuesday, March 22, 2005

Twenty-four cars of a west-bound Canada Pacific train were thrown from the tracks after the train collided with a semi tractor-trailer in poor weather and visibility near Regina, Saskatchewan around 11 a.m. Tuesday morning. The driver was rushed to hospital.

The accident took place on a level section of Highway 46 just north of Highway 1, about 25 kilometres east of Regina. The RCMP spokesperson reported the crossing is marked with lights, but weather may have played a role.

“Road conditions were wet and sloppy and it’s foggy,” RCMP Cpl. Brian Jones said to the CBC. The bad weather, including a heavy overnight snowfall, may have contributed to the accident.

Most of the 93 cars in the train were empty bulk transit cars, used for moving agricultural products such as grains. The RCMP report that neither train or truck were transporting any hazardous materials.

Retrieved from “https://en.wikinews.org/w/index.php?title=Train_derailed_by_collision_with_semi_in_Saskatchewan,_Canada&oldid=4573771”

Robert Boyle wins Honorary Oscar for his art direction career

Monday, February 25, 2008American art director and production designer Robert F. Boyle was honoured last night at the Academy Awards.

Hired as an extra in films during the Great Depression, the young architect became a draftsman at Paramount Studios, moving on to become a sketch artist and assistant art director, before becoming a full-fledged art director in the early 1940s, at Universal Studios.

His credits include Alfred Hitchcock films Saboteur (1942), North by Northwest (1959), and The Birds (1963). Other films to his credit include The Thomas Crown Affair (1968), Gaily, Gaily (1969), Fiddler on the Roof (1971), and The Shootist (1976).

The Oscar-nominated documentary short The Man on Lincoln’s Nose (2000) chronicles his career, which includes the 1997 Art Directors Guild’s Lifetime Achievement Award and four Oscar nominations.

Retrieved from “https://en.wikinews.org/w/index.php?title=Robert_Boyle_wins_Honorary_Oscar_for_his_art_direction_career&oldid=888312”

Cities across Texas increase efforts to combat mosquitos

Sunday, August 12, 2012

Numerous cities throughout Texas, United States have begun broadening their efforts to fight mosquito populations, in an effort to reduce transmission of the sometimes-lethal West Nile virus. Officials in Dallas county have declared a public health emergency. Officials there have requested use of five planes, intended to spray most of North Dallas, as well as other sections of the city.

With the concerns in Dallas, we’re taking it seriously.

Tim Whitley, a city official in Malakoff, told Wikinews his city has begun using a pesticide specialist to spray two times weekly. According to Whitley, certain atmospheric conditions, such as wind speed and humidity, must be right before the large scale treatments can occur. He explained two treatments per week is more often than usual for the city. “With the concerns in Dallas, we’re taking it seriously”, Whitley added. Even in the drier climate found in Abilene, mosquitos recently tested were carrying the virus. As a result, that city has increased its pesticide treatments.

Media sources indicate well over 80 cases of West Nile virus have been reported this year in Dallas county alone. A top-ranking Dallas county official told media he views the problem with serious concern. There have been nine cases of West Nile virus in the Houston region, with one of those resulting in death. A New Jersey woman who is a former resident of Lubbock told media earlier this month she’d contracted the virus and believed she’d been bitten while visiting Austin. About 60 percent of West Nile cases in the U.S. happen in Texas.

Historically, there have been some objections raised over aerial spraying and the potential health hazards distributing such chemicals may pose. A California study, however, showed evidence that in areas where aerial spraying occurred, infection was six times less likely to occur. The earliest cases of the virus appeared in the U.S. in the late 1990s.

Retrieved from “https://en.wikinews.org/w/index.php?title=Cities_across_Texas_increase_efforts_to_combat_mosquitos&oldid=4549629”

What Do You Say When Your Ex Boyfriend Calls You?}

Submitted by: Anthony Malibu

Are you trying to get your exboyfriend back, but not sure what to say to him? Trying to fix a break up can be really hard, especially if communication has broken down between the two of you. Winning your ex back requires that you get him to call you, but what do you say to him when you’ve finally got him on the phone? Below you’ll find some tips and tricks for talking with your exboyfriend.

One of the first things you’ll need to do is change your attitude toward the break up. Negativity is going to hurt your cause, and it will show through in whatever you say to your ex. Purge this negativity from your mind, and get rid of it completely. Stop feeling sorry for yourself, and stop feeling angry at anything your boyfriend might’ve done to cause the break up. By making the decision to try and get back together with him, you’re effectively saying that you love and support him. Don’t even let your friends talk badly about him anymore, as much as they might be doing it to make you feel better.

When you’ve finally reached a positive frame of mind, your exboyfriend will definitely notice. It’s hard to see your own changes from within, but outwardly you’ll be conveying a happiness and confidence that’s very attractive to guys. It may even be one of personality traits that made your boyfriend love you in the first place. By working on yourself instead of trying to work on your broken relationship, you’re giving off an aura that promotes moving forward into the future instead of wallowing back in the past.

At this point you need to wait for your ex to come to you. If you’ve done all the right things, he’s already noticing the new you. Refusing all exboyfriend contact is the next major step. Although he’s the one who ended things, your ex is still keeping tabs on where you are, what you’re doing, and how you’re reacting to the break up. Take this away from him by not calling him, text messaging him, or emailing your ex boyfriend. The less contact you have with friends of his, the better off you’ll be also. Complete radio silence will draw him out, as your ex becomes curious. He’ll wonder if you’re over him, and even be afraid that maybe you’re moving on. Regardless of how long it’s been since you dated, no man wants to see his ex-girlfriend getting on happily without him. Ego dictates that he always wants to be desired.

[youtube]http://www.youtube.com/watch?v=DE9IchvpOPk[/youtube]

Eventually, your ex will make contact with you. Maybe he’ll email or text you, but you’ll need to ignore those. Only when he finally calls will you talk to him, and only once you’ve broken contact for a few weeks or more. When you finally do pick up that phone, you have to make sure you’re in the right mindset. Think tough, and think casual. Your ex is wondering why you’re no longer chasing him, so now’s not the time to break down happily at his phone call and profess your undying love. He’ll lose interest so fast it’ll make your head spin.

Instead, you want to continue keeping your exboyfriend confused. Winning back your ex requires making the break up less comfortable for them. When your boyfriend finally thinks you’re about to move on, only then will he take you back. Up until the moment your ex misses and wants you again, he’s going to ride the break up all the way out… maybe even to another new relationship on his part. But if there’s still love in his heart for you? The fear of losing you will snap him back to his senses.

What do you say when your ex boyfriend calls you? Not much. You want to keep the call extremely short, to the point, and casual. Don’t be too happy to hear from him when your ex calls, but don’t sound bored either. Act as if you were busy and your ex interrupted you, but you’re taking the time out from whatever you were doing to talk to him anyway. Another big rule for the ex-boyfriend phone call: let him do most of the talking. Not only will it eliminate the chance of you saying something regrettable, but it’ll also throw him off his game because he’ll feel obligated to provide all the conversation. After all, he’s the one who called.

Tell your ex something like: “Hi, it’s good to hear from you, how have things been?” Allow your exboyfriend to make whatever small talk is necessary. He’ll probably tell you why he called, so let him. Understand that you need to keep the call very short though (don’t let it go more than 2 or 3 minutes), so be ready for the end of it. When there’s a break or lull, tell him: “Hey, I’m sorry I’m kind of busy. I don’t really have a lot of time to talk right now. Maybe we can talk more later in the week or something, but I’m about to run”.

If your boyfriend suggests another phone call, you can agree with him – but don’t suggest a specific date or time yourself. If he asks where you’re running off to (one of the bigger signs that your ex still isn’t over your relationship) be very non-specific. Tell him you’re running an errand, or whatever you feel like. Then, after you hang up? Actually go out and run some errands. It’ll help clear your head.

The best part about such a conversation is how dumbfounded your exboyfriend is going to be. Up until your ex called you, he expected you to still be pining for him. Now he’s not so sure. In fact, now it seems as if you might have moved on with your life, or might even be over the break up completely. This will destroy his confidence and make your ex second-guess his opinion to break up. If he was leaving the door open a crack just in case he wanted to reverse the break up, you just slammed it shut.

By getting off the phone so quickly, it feels almost as if he’s now chasing

you

instead of the other way around. Your exboyfriend might feel a little bit rejected as well, and this is good. Again, getting your ex back is all about pushing him out of the comfortable position of power he assumed once he ended your relationship. By seizing back some of the control, he now has to consider the possibility of losing you. And if he still loves or cares for you at all, he probably won’t be willing to chance it.

So what do you say to your ex when he calls? Very little. And it’s not so much what you say, but the attitude and mindset you place yourself in when you say it.

About the Author: There are 8 individual Steps to

Getting Your Boyfriend Back

. Be sure to check them out. And don’t forget to read the tips and techniques on

Contacting Your Ex

, plus how to build an indestructible relationship once the two of you do get back together!

Source:

isnare.com

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Remains of a child discovered in Jersey care home

Monday, February 25, 2008

Parts of a body belonging to a child have been discovered at the Haut de la Garenne in Saint Martin, Jersey, a United Kingdom Crown dependency off the coast of Normandy, France.

The Victorian building, which was originally built as a children’s care home and is now a youth hostel, has been under investigation recently as part of an inquiry into child abuse which occurred during the 1960s. The investigation has now been refocused with the aim to excavate further the grounds of the building, under the command of a specialist team from the UK who will use ground scanners and sniffer dogs to detect any other possible remains.

The body is believed to date from the early 1980s though further information about the identity of the child has not yet been released. The remains were found buried underneath a concrete floor inside the building. Today, the Guardian newspaper revealed that there are fears of a possible six further bodies buried on the site.

“There could be six, but it could be higher than that,” according to lead investigator Lenny Harper, who further said, “Allegations range from physical assaults right through to rape. It is difficult to envisage more horrific crimes than some of those that are alleged to have been carried out here.”

A helpline set up to find more information about alleged child abuse at the Haut de la Garenne and Jersey Sea Scouts has garnered a total of 140 contacts, made up of those claiming to be witnesses or victims to the crimes. The information gathered from the telephone inquiry triggered the search of the grounds.

Retrieved from “https://en.wikinews.org/w/index.php?title=Remains_of_a_child_discovered_in_Jersey_care_home&oldid=3038453”

Commonwealth Bank of Australia CEO apologies for financial planning scandal

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.

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