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Monday, December 3, 2007

At Thanksgiving dinner David Shankbone told his white middle class family that he was to interview Reverend Al Sharpton that Saturday. The announcement caused an impassioned discussion about the civil rights leader’s work, the problems facing the black community and whether Sharpton helps or hurts his cause. Opinion was divided. “He’s an opportunist.” “He only stirs things up.” “Why do I always see his face when there’s a problem?”

Shankbone went to the National Action Network’s headquarters in Harlem with this Thanksgiving discussion to inform the conversation. Below is his interview with Al Sharpton on everything from Tawana Brawley, his purported feud with Barack Obama, criticism by influential African Americans such as Clarence Page, his experience running for President, to how he never expected he would see fifty (he is now 53). “People would say to me, ‘Now that I hear you, even if I disagree with you I don’t think you’re as bad as I thought,'” said Sharpton. “I would say, ‘Let me ask you a question: what was “bad as you thought”?’ And they couldn’t say. They don’t know why they think you’re bad, they just know you’re supposed to be bad because the right wing tells them you’re bad.”

Sunday, June 29, 2008

Former United States Olympian boxer David Díaz surrendered his title as World Boxing Council Lightweight champion to Filipino, Emmanuel “The Pacman” Pacquiao in the ninth round.

Two minutes, twenty four seconds into the ninth round, Pacquiao knocked down Diaz to become the first Asian in boxing history to win four different titles.

Prior to winning the WBC Lightweight title, Pacquiao who hails from General Santos City in the Philippines was WBC super featherweight and flyweight champs and also holds the IBF super bantamweight crown, simultaneously holding the title of the super featherweight for Ring Magazine.

Way before the prized fight happened at the Mandalay Bay Hotel in Las Vegas, Nevada, Pacquiao’s chances of trumping Diaz was high, out classing Diaz.

Pacquiao was aggressive at the very beginning showing off how his right hand has improved.

Pulling a lefty on Diaz on Round 4, bruising and later causing the Mexican-American’s nose bridge to bleed. During Round 6, referee Vic Drakulich paused the fight to have Diaz’s bleeding nose checked.

Diaz was heard saying in his corner that, his (Pacquiao) punches were “too fast.”

Seeing that Diaz was not letting up, Pacquiao delivered punishing blows in succeeding rounds and a one-two punch hurled Diaz down to the canvass, ending the match in favor of a victorious Filipino.

The Filipino boxer’s record now stands at 47-3-2 with thirty six victories was won as a knockout while Diaz now has his second career-loss in his 34 win record.

Pundits added a new title to Pacquiao, after grabbing titles from four Mexican fighters, he is now being called, “The Mexi-cutioner.”

Sunday, January 1, 2012

Today Virgin Money finalised a deal with the British Government to acquire the nationalised Newcastle upon Tyne-based bank Northern Rock for £747 million. During 2012, the bank will be rebranded as a Virgin company and the current Northern Rock customers will become customers of the enlarged Virgin Money.

The Northern Rock bank had been nationalised in 2008 following the revelation that the company had received emergency support from the UK Government. Northern Rock had required support due to its exposure during the subprime mortgage crisis in 2007. Sir Richard Branson’s Virgin Group had a bid for the bank rejected prior to the bank’s nationalisation. In 2010, while nationalised, the current high street bank Northern Rock plc was split from the ‘bad bank’, Northern Rock (Asset Management). Virgin have only purchased the ‘good bank’ of Northern Rock, not the asset management company.

The deal which could have additional payments to put the total value of the sale to over £1 billion had been first announced on 17 November 2011 and was criticised by some as not being a good enough deal for taxpayers. Opposition such as the Labour Party requested that the National Audit Office investigate the sale, and for it to be put on hold. By the beginning of 2012, the deal had been approved by the Financial Services Authority and the European Commission for merger clearance.

Jayne-Anne Gadhia will be Virgin Money’s CEO and former deputy governor of the Bank of England, Sir David Clementi, will be Chairman. Virgin have also pledged to maintain an operational headquarters in Newcastle upon Tyne as well as maintaining the current branches.

Wednesday, May 16, 2007

The Thomson Corporation and Reuters Group PLC announced Tuesday that they have agreed to combine the two companies. The boards of both Thomson and Reuters will recommend the merger to their shareholders.

The Canadian Thomson-family holding company Woodbridge, which controls 70% of Thomson, has agreed to vote in favour of the deal and the Reuters Founders Share Company, which controls a special share in Reuters, will also support the merger.

Based on the TSX CA$46.36 closing share price of Thomson on May 14, 2007, each Reuters share would be valued at 691 pence and, therefore, the full capital of Reuters valued at approximately £8.7 billion. Cash requirements for the deal are to be provided by Thomson. Woodbridge will own approximately 53 percent of the combined company, other Thomson shareholders 23 percent and Reuters shareholders about 24 percent.

The merger arrangement will leave two separate companies that will be operated as a single entity. The boards of the two companies will be identical as will the senior executive management team. Thomson will be renamed to Thomson-Reuters Corporation, and will be listed on both the TSX and the NYSE. Thomson-Reuters PLC will list on the London Stock Exchange and the NYSE.

Reuters current CEO, Tom Glocer, will become CEO of the combined company while Thomson President and CEO Richard J. Harrington will retire at the completion of the merger.

Thomson has currently 32,000 employees worldwide, with operations in 37 countries and revenues of US$6.6 billion in 2006. Thomson’s major business operations centre around financial information and legal services, with smaller ventures in tax accounting, health care, and the scientific field. Thomson is headquartered in Stamford, Connecticut, in the United States.

Reuters is one of the world’s largest news agencies, with a total of 16,800 staff in all divisions, but derives more than 90 percent of its revenue from its financial service business. It is the merger of Thomson and Reuter’s financial services divisions that may have been the genesis of the talks. It has been suggested that both companies wanted a better economy of scale to compete with Bloomberg, the American financial services giant.

“We are enormously proud of the evolution of The Thomson Corporation and the value it has created for all our shareholders,” said David Thomson, Chairman of Thomson. “We recognize the rich history of Reuters and are committed to uphold the Reuters Trust Principles.”

The chairman of Reuters, Niall FitzGerald, expressed his satisfaction with the merger. “The shared expertise and complementary strengths of these two companies makes for a strategically compelling and financially attractive combination,” said FitzGerald in a joint press release. “I am especially proud that Reuters journalism will continue to be governed by the powerful Reuter Trust Principles of independence, integrity and freedom from bias.”

The new company is projecting efficiencies of greater than US$500 million per year, by the end of the third year after closing the deal.

Criticisms were raised by Reuters journalists, who voiced concerns in an open letter to the Reuters Founders Share Company. They worried whether or not “a reconstituted Reuters would maintain the high standards of journalism and the integrity, independence and freedom from bias that have shaped the company’s 156-year-old reputation.”

It is expected that the merger will draw the attention of regulators due to the size and nature of the transaction. “Antitrust authorities in Europe and the U.S. are almost certain to apply a more detailed and lengthy review of the acquisition than is typical, because of the limited number of companies that supply prices, data, news and financial tools,” said Simon Baker, analyst, Credit Suisse in London.

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.

Tuesday, September 30, 2008

Typhoon Frank stormed across the Philippine Sea June 21, 2008 capsizing numerous boats, killing hundreds and leaving an estimated 1,330 missing in total including 820 passengers and crew from the MV Princess of the Stars ferry.

Since then Disaster Victim Identification (DVI) teams in Cebu City, Philippines made up of experts from the Philippines National Bureau of Investigation (NBI), the International Commission on Missing Persons (ICMP). and INTERPOL have painstakingly matched DNA from recovered bodies to that of blood samples donated by relatives of those still missing.

“The 23,000-ton vessel was also carrying tens of thousands of pounds of commercial insecticide and many bodies still remain trapped inside the wreckage” according to a recent press release from the ICMP.

“With fingerprint identification out of the question for most of the victims, and dental records not available, this leaves only DNA as a means of identification, with samples from recovered victims matched to those provided by the missing passengers’ relatives.”

An NBI-DVI report explains “DNA matches are made by comparing profiles from victims to a database of profiles from their relatives. A minimum of two close relatives [are] sought for each individual.”

NBI-DVI has so far collected 1,916 blood samples from relatives of missing victims representing 809 missing persons. These samples are then matched against the 318 DNA samples from recovered bodies received by the ICMP.

“Almost three months have passed since our country was struck by one of the worst typhoons in memory, with ‘Frank’ causing the sinking of the Princess of the Stars with hundreds of passengers and crew on board,” said NBI Director Nestor M. Mantaring in the press release.

“The NBI, through its DVI team, was tasked [with identifying] the victims of this tragedy. With help from INTERPOL and the ICMP, we have reached the 100th DNA-matched result which led to the identification and release of the bodies to their respective families.

“We are committed to doing this until the last possible victim is identified and returned to their family,” he concluded.