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Sunday, April 24, 2005

New York Stock Exchange (NYSE) announced last Wednesday that it has agreed definitively to merge with Chicago-based Archipelago Exchange (ArcaEx) and form a new publicly traded, for-profit company known as NYSE Group. This announcement was followed two days later by NASDAQ®, which independently announced a definitive agreement to purchase Instinet Group.

Archipelago and Instinet are innovative e-trading (electronic trading) companies, and formerly were the two largest American rivals to NYSE and NASDAQ, in recent years taking increasingly large portions of their market share. The Securities and Exchange Commission (SEC) and other regulatory agencies still have to review and approve the transactions, particularly with respect to US securities law and antitrust law, in order to ensure that the marketplace remains lawful and competitive.

Other pending issues for NASDAQ include obtaining the approval of Instinet shareholders, as well as customary closing conditions. NYSE must obtain the approval of its members and Archipelago shareholders.

These changes, a reaction to increased e-trading competition and a changed regulatory environment, will result in NASDAQ and NYSE trading each other’s shares and attempting to grab market share, which many hope will drive down transaction costs and ultimately benefit consumers. However, at least one commentator, Dan Ackman writing in Forbes, has noted that the trading commission at the NYSE currently averages less than a nickel (US$0.05) per share, and was less enthusiastic about potential efficiency gains from electronic trading at the exchange.

The transactions are also intended to make the two leading American stock exchanges more globally competitive with such exchanges as the London Stock Exchange, the Frankfurt Stock Exchange, the Toronto Stock Exchange, and the Australian Stock Exchange located in Sydney.

Thursday, September 13, 2007

Having worked as an aide, advisor, and Executive Assistant to municipal and provincial politicians, Sheila White is running for the Ontario New Democratic Party in the Ontario provincial election, in the Scarborough-Rouge River riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Sunday, July 20, 2008

A crane collapsed Friday in Houston, Texas killing 4 people and injuring 7 more. The crane, which stood 30-stories-tall, fell down at the LyondellBasell oil refinery in Houston, Texas. The crane could lift up to 1 million pounds.

“This is a traumatic experience for all of us. We have to focus on the safety and health of our employees,” said Jim Roecker of LyondellBasell.

The company has about 3,000 employees at the oil refinery and another 1,500 contract workers.

Margaret Landry, a spokesperson for Deep South Crane & Riggen, which built, owned and operated the crane, said: “It is a family-owned business, and we are grieving right now with our employees and families going through this tragedy. We’re just getting through it.”

Occupational Safety and Health Administration began its onsite investigation on Saturday.

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.

Wednesday, April 4, 2012

The following is the fifth in a monthly series chronicling the U.S. 2012 presidential election. It features original material compiled throughout the previous month after a brief mention of some of the month’s biggest stories.

In this month’s edition on the campaign trail, a politician from outside the fifty states receives significant mention as a potential Republican Party vice presidential nominee, Wikinews gets the reaction of three Democratic Party candidates after the party strips delegates from two of their fellow challengers, and a minor third party removes its presidential nominee for fraud.

Tuesday, January 3, 2006

Three miners have escaped uninjured after being trapped underground by a mineshaft fire on Tasmania’s west coast. The men took shelter in a chamber more than a kilometre underground. A worker noticed smoke coming from a shaft at Avebury nickel mine on Trial Harbour Road near Zeehan at 7.45am.

The blaze started after a truck working 400 metres underground toppled and caught fire. It took nearly five hours for rescue teams to bring the blaze under control, move the burning truck and reach the trapped miners.

Allegiance Mining chairman Tony Howland-Rose said the workers were safe. “The emergency response procedures in place at Avebury were activated and resulted in the vehicle fire being extinguished and the safe rescue of the miners,” Mr Howland-Rose said.

Ambulance crews say the men appear to be in good health. Queenstown Police Inspector Mark Beech-Jones says rescue workers reached the men just before midday.

“We’ve dispatched a number of ambulance service personnel there just to give them a check up but from our initial discussions with them, they are fine,” he said.

The Avebury nickel mine is a new project for the Sydney-based company – Allegiance Mining. Allegiance suspended trading on the stock exchange this morning. Mr Howland-Rose said the suspension of trading would be in place until it became clear what had happened at the mine.

The mine is undergoing a $60 million redevelopment and was due to resume mining later this year.

Friday, December 30, 2005

Alex Tew, a student in England, has almost reached his target of one million dollars on his website: Million Dollar Homepage. He came up with the idea after jotting down ideas before he went to bed on how to become a millionaire before he went to university. Then he came up with the million-dollar idea: selling pixels at USD $1 each on a web page. Alex currently believes he can make his goal by the end of 31st December, 2005.

Advertising companies especially appreciate the website, as they wish to “make Internet history” on the Million Dollar Homepage. In fact as of writing, he has already made USD $999,000. The student says advertisers get to keep their ads for a period of five years from purchase and he says he will use the money he has made to guarantee it. Alex has said he has already got numerous job offers from companies aiming to secure his money making talent.

Tew is undergoing a business management course at Nottingham and needed GBP £7000 a year to complete his studies. He is understandably overwhelmed by the success he has achieved: “It’s just nuts. I’m in a state of disbelief. It’s like Monopoly money but then I look at my bank account and there’s a lot of cash in it.” The British National Union of Students claim that 90% of students are in debt. However, what only worries him is how he’s going to spend his money. He has already spent some of his money on a car for himself, as he thinks of what to do with his new fortune.

His website’s method is simple; his website is made up of one page divided into 10,000 boxes, each 100 pixels in size. Companies can buy one or more boxes for USD $100 each and cover it with a logo, which, when clicked on, transports web users to the customers’ own site.The figures add up with the site now carrying over 240 advertisements and has 30,000 hits a day. Even the actor Jack Black, star of “School of Rock” and “Shallow Hal“, is using the site to advertise his band Tenacious D.

Thursday, November 23, 2006

The family of a woman who committed suicide recently after appearing on CNN Headline News Nancy Grace’s self titled show said Tuesday that they will be taking her to court.

Melinda Duckett, the mother of an infant son, Trenton Duckett, reported him missing on August 27, and fatally shot herself in her grandparents’ retirement home on September 8. Shortly before her death, she had appeared on Grace’s show, where she engaged in debate with the former Georgia prosecutor regarding her perceived lack of transparency regarding the disappearance. A suicide note was later found at the scene. The case made national headlines after her appearance.

“Nancy Grace and the others, they just bashed her to the end,” said Duckett’s grandfather, Bill Eubanks, during an interview with The Orlando Sentinel. “She wasn’t one anyone ever would have thought of to do something like this. She and that baby just loved each other, couldn’t get away from each other. She wouldn’t hurt a bug.”

Grace’s spokeswoman called the suicide “a sad development,” and Grace herself issued a statement saying, “I do not feel that our show is to blame for what happened to Melinda Duckett.”

“The truth,” said Grace, “is not always nice or polite or easy to go down. Sometimes it’s harsh, and it hurts.”

However, thesmokinggun.com, a true crime website run by Court TV (where Grace also hosts a show), revealed pending litigation by the family on the behalf of Melinda Duckett’s estate. Duckett’s family is issuing a wrongful death claim against both CNN and Nancy Grace.

After the murder of Grace’s fiancee in 1979, she became a prosecutor in her native Georgia and later hosted her own show on Court TV, followed later by her CNN tenure. Grace, however, has been criticized for her sense of ethics and allegedly playing fast and loose with the facts, both in the courtroom and on the air.

Grace’s heated interview, however, was not without proper motive. The police had long suspected Melinda Duckett of involvement in her son’s disappearance, due to her behavior and contradictory statements. After Duckett’s suicide, police named her as a prime suspect in her son’s disappearance. Recently, they have announced that they have reason to believe that Trenton Duckett is still alive.