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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.

Monday, March 20, 2006

Fears of contaminated bone and skin grafts are being felt by unsuspecting patients following the revelation that funeral homes may have been looting corpses.

Janet Evans of Marion Ohio was told by her surgeon, “The bone grafts you got might have been contaminated”. She reacted with shock, “I was flabbergasted because I didn’t even know what he was talking about. I didn’t know I got a bone graft until I got this call. I just thought they put in screws and rods.”

The body of Alistair Cooke, the former host of “Masterpiece Theatre,” was supposedly looted along with more than 1,000 others, according to two law enforcement officials close to the case. The tissue taken was typically skin, bone and tendon, which was then sold for use in procedures such as dental implants and hip replacements. According to authorities, millions of dollars were made by selling the body parts to companies for use in operations done at hospitals and clinics in the United States and Canada.

A New Jersey company, Biomedical Tissue Services, has reportedly been taking body parts from funeral homes across Brooklyn, New York. According to ABC News, they set up rooms like a “surgical suite.” After they took the bones, they replaced them with PVC pipe. This was purportedly done by stealth, without approval of the deceased person or the next of kin. 1,077 bodies were involved, say prosecuters.

Investagators say a former dentist, Michael Mastromarino, is behind the operation. Biomedical was considered one of the “hottest procurement companies in the country,” raking in close to $5 million. Eventually, people became worried: “Can the donors be trusted?” A tissue processing company called LifeCell answered no, and issued a recall on all their tissue.

Cooke’s daughter, Susan Cooke Kittredge, said, “To know his bones were sold was one thing, but to see him standing truncated before me is another entirely.” Now thousands of people around the country are receiving letters warning that they should be tested for infectious diseases like HIV or hepatitis. On February 23, the Brooklyn District Attorney indicted Mastromarino and three others. They are charged with 122 felony counts, including forgery and bodysnatching.

[edit]

Saturday, October 27, 2007

Gay Talese wants to go to Iraq. “It so happens there is someone that’s working on such a thing right now for me,” the 75-year-old legendary journalist and author told David Shankbone. “Even if I was on Al-Jazeera with a gun to my head, I wouldn’t be pleading with those bastards! I’d say, ‘Go ahead. Make my day.'”

Few reporters will ever reach the stature of Talese. His 1966 profile of Frank Sinatra, Frank Sinatra Has a Cold, was not only cited by The Economist as the greatest profile of Sinatra ever written, but is considered the greatest of any celebrity profile ever written. In the 70th anniversary issue of Esquire in October 2003, the editors declared the piece the “Best Story Esquire Ever Published.”

Talese helped create and define a new style of literary reporting called New Journalism. Talese himself told National Public Radio he rejects this label (“The term new journalism became very fashionable on college campuses in the 1970s and some of its practitioners tended to be a little loose with the facts. And that’s where I wanted to part company.”)

He is not bothered by the Bancrofts selling The Wall Street Journal—”It’s not like we should lament the passing of some noble dynasty!”—to Rupert Murdoch, but he is bothered by how the press supported and sold the Iraq War to the American people. “The press in Washington got us into this war as much as the people that are controlling it,” said Talese. “They took information that was second-hand information, and they went along with it.” He wants to see the Washington press corp disbanded and sent around the country to get back in touch with the people it covers; that the press should not be so focused on–and in bed with–the federal government.

Augusten Burroughs once said that writers are experience junkies, and Talese fits the bill. Talese–who has been married to Nan Talese (she edited James Frey‘s Million Little Piece) for fifty years–can be found at baseball games in Cuba or the gay bars of Beijing, wanting to see humanity in all its experience.

Below is Wikinews reporter David Shankbone’s interview with Gay Talese.