Archive for the ‘苏州桑拿’ Category

Why our assumptions, and current share prices, might be wrong

By admin | 苏州桑拿

Assumptions are the root of all major losses and if you think back to your last major loss, in the stock market, business or life, you will almost certainly find that it can be put down to “Core Assumption Failure”.
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Take the global financial crisis. We assumed that homeowners in the US were like us, and would suffer any deprivation rather than miss a payment on their mortgage. We judged others by our own standards. We were “surprised”, because it turned out that there were billions of dollars of mortgages in the US sold by people who didn’t care to people who were, unlike ourselves, allowed to hand back the keys if it didn’t go well. They didn’t have our standards. Core assumption failure, the root of all major catastrophes. Add gearing and hedge fund investors, to the failure of these “load bearing” assumptions and you have collapse.

So the next time you are entering any sort of commitment, relationship, marriage, business deal, or just buying a stock, ask yourself, what assumptions am I making, because if you are going to get it wrong, they will be your undoing. Assumptions are the bedfellow of error and surprise.

The market has seen some significant assumption failure in the last year or so, assumptions that would have delivered us a fortune had we but questioned them.

Assuming that the British would never be so stupid as to vote, against economic logic, to leave the European Union, would be an obvious one. That safe income stocks were still worth buying despite the fact they had below-average yields another. The “safe” REIT sector is now down 15 per cent in six months. That Chinese demand for infant formula or vitamins would never be satiated. Bellamys is down 76 per cent. Blackmores is down 55 per cent.

That the n dairy industry was a good investment. Murray Goulburn is down 67 per cent since listing. That Woolworths was no longer a core portfolio stock. It is up 30 per cent since the new CEO came on board. That mid-cap growth stocks on a price-earnings ratio over 40x and yields of under 2 per cent were good value.

That the iron ore price and the coal price would never boom again. That thanks to the US shale gas boom the oil price was going to settle at its long-term average under $30 a barrel. That Donald Trump would not get elected. Can we really start listing the core assumption failures related to Trump? That Trump is a fool not worthy of the office of President. That Trump is all campaign promises no action. That Trump will be bad for the global economy.

The market doesn’t reward pride or prejudice and there is a lot of money to be made when assumptions are wrong. It is, after all, the things we don’t expect that move share prices, not the things we expect. So what assumptions are we making now? Here are a few.

That the stock market always goes up. That the GFC was a once-in-a-lifetime event. That the iron ore price will settle at around $80. That the Chinese economy is stable. That interest in the mid-cap and small-cap growth stocks will never recover. That the property market always goes up. That the Chinese interest in our property market is perpetual. That there will never be an n property market collapse. That there won’t be a Royal Commission into the bank sector. That the Trump effect is going to be short-lived. That global interest rates have bottomed (that’s a big one). That n interest rates have bottomed. That the US economy is recovering. That European growth is recovering. That European risk, Greece, Portugal and Spain in particular, is behind us. That European elections don’t matter. That fixed interest is not worth investing in ever again. That we will not wake up to a meaningful terrorist event. That superannuation laws won’t change. Actually, no one would be stupid enough to assume that last one.

We have all heard of contrarian investing. To many it might sound like betting against the odds. But we should all have the presence of mind and the humility to at least entertain the idea that we, our assumptions and those share prices, just might be wrong.

Marcus Padley is a director of MTIS Pty Ltd, the author of the daily stock market newsletter Marcus Today. For a free trial of the Marcus Today newsletter please go to www.marcustoday苏州夜总会招聘.au.

Forget Brunswick, baristas, you’d make a killing here instead

By admin | 苏州桑拿

Generic shots of Albion for Domain Neighbourhoods Photo: Jayne D’ArcyBig money arriving in once-sleepy St AlbansHigher house prices don’t always mean hipstersGritty Footscray well and truly on the rise
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It’s hard to pinpoint what signifies gentrification. Is it when locals can spend lazy weekends eating sourdough with free range eggs and house-cured bacon at a close-to-home cafe? Or their weekdays tapping out screenplays on a MacBook while perched on a salvaged chair under suspended light bulbs in their hood? Or is it simply when house prices in a once unfashionable suburb begin to bounce around Melbourne’s near-$800,000 median price, meaning only those in well-paying jobs can buy in?

According to Domain Group data, house prices in little Albion are rapidly getting bigger. The median price is $655,000, up 44 per cent in the past 12 months alone.

The tiny ‘burb (its population is under 5000) is well and truly gentrifying. But it is, as yet, completely “trendy” cafe-free. Three empty corner shops in the suburb scream the same thing: opportunity. One sits right across the road from Albion Primary School (which grew from 130 students last year to 190 students in 2017) and Albion Kindergarten. It’s a double whammy for the canny barista who can serve up a double shot. There’s another prime should-be cafe spot on Drummartin Street, and, hey, we’ve even named the could-be cafe for you: Drummer Boy.

Yes, baristas: bypass Brunswick and head straight to Albion. There’s another sign of gentrification, and it’s easy to spot. Former northern ‘burbs real estate agent and now co-founder and CEO of bespoke development company Scalise Studios, Steven Scalise, picks up-and-coming suburbs by their foliage.

Cruise around Northcote and you’ll see snow gums and veggie gardens in front gardens. Cruise around Albion, and you’ll now see the same. “From my experience of selling in Fitzroy and Fitzroy North, I could see a connection with the same renovations and the gardens – homeowners planting indigenous gardens in particular,” he says.

Scalise grew up in neighbouring Sunshine, and recently decided to develop there. His project Hill Terrace is almost complete, but when it came time to buy again in Sunshine, house prices had risen.

“Sunshine was always great value, so you didn’t need to consider Albion. Only recently when I looked to buy another site in Sunshine, I noticed that the property market was going up faster than you could buy a house!”

He then looked to the “sleeper suburb” of Albion. “It didn’t have a shopping strip, it didn’t have the same demographic. It was almost hidden. You’d drive there and you wouldn’t see anyone. You still don’t!” he says.

Albion was designed as a “Garden City” by H.V McKay for employees of Sunshine Harvester Works. Some of the attributes of this design, including parks like the very community-oriented Selwyn Park, by a particularly scenic part of Kororoit Creek, remain.

There’s something nice about Albion’s streetscape. Blocks of mostly poorly-maintained 1970s flats dot the wide streets (the median price of a flat here is $213,500), but it’s the period homes that really stand out. And there’s another sign of gentrification: skips in front yards filled with the detritus of renovation. Yes, these old homes are getting a new chance at life.

“Thanks to McKay, Albion ended up as a suburb with wide streets and parks, and all these beautiful and large Californian bungalows and 1940s weatherboard homes. But they’d gone into disrepair,” says Scalise. “But over the past three to five years, there’s been gradually this movement to restore these homes. And over the last two or three, with that influx of gentrification and people looking for family homes, more of those homes are being renovated. It’s like the suburb has come alive again,” he says. Five things you didn’t know about AlbionIt’s about 13 kilometres west of the CBD and its boundaries include the Western Ring Road, St Albans Road and Kororoit Creek.The Sunbury train line will get you from Albion to the CBD in six stops.AC/DC filmed the video clip for Jailbreak in Albion quarry, which itself started in 1885.You can grab a pastizzi with your coffee at Cafe Verdala at the Maltese Cultural Centre (open from 8.30am Sundays).Albion Eco-living Centre at Selwyn Park has yoga classes, community gardens and even a free stand offering locally-grown produce.

Airbnb plays trump card straight into hands of NSW strata owners

By admin | 苏州桑拿

Airbnb’s new building program to give strata bodies a cut of short-stay rentals???Tenants hurt as Airbnb closes in on empty rental properties in Sydney, according to new reportAirbnb could be key to recouping cost of investment properties, report claims
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As Airbnb ramps up its efforts to avoid being locked out of Sydney’s apartment buildings, through wall-to-wall advertising on the internet, TV and in print, it has produced its trump card ??? and it may play straight into the hands of anti-holiday letting strata campaigners.

Its proposed Friendly Buildings Program allows strata building owners’ corporations to sign up to a scheme that allows access to details of the Airbnb lets in their buildings, caps the number of nights they can be let and takes a cut of the earnings.

As well as sharing the letting information – a radical departure for the normally secretive group – Airbnb is committed to pulling the listings of hosts who stray from the rules.

It sounds like a win-win, especially for Airbnb, which is at serious risk of being shut out of Sydney’s apartment blocks – potentially the most lucrative market in its fourth biggest territory in the world – through legislation due to be tabled in Parliament next month.

It also plays into the hands of the strata community campaigners who want the government to allow individual apartment blocks to choose whether or not they want to pass bylaws that could restrict or even completely ban short-stay holiday lets.

So how does the Friendly Building Program help predominantly anti-holiday letting campaigners?

To put it simply, the government can’t pass legislation forcing strata schemes and individual owners to accept the Airbnb scheme, as that would be favouring one holiday letting agency over another. Stayz and Gumtree have no such program in place so the bill would have to address holiday letting as a whole.

OK, but how does the government allow Airbnb under the Friendly Buildings Program, without opening the floodgates to all the agencies and rogue landlords that don’t want to pay the 10-15 per cent commission to their buildings or be restricted by its rules?

The simple answer is to hand back the power to the owners’ corporations. Let strata owners decide collectively whether or not to allow short-stay lets and under what circumstances. They would be able to pass bylaws that permitted short-stay letting – or not – subject to whatever conditions they choose.

Owners in buildings where controlled short-stay lets were wanted could pass bylaws participating in the Friendly Building Program (or any others that might pop up in its wake).

But this plays into the hands of strata owners much more, one suspects, than Airbnb realises.

The only thing that stops strata schemes from having bylaws that ban holiday lets regardless of their zoning is section 139 (2) of the strata Act, which states: “No bylaw is capable of operating to prohibit or restrict the devolution of a lot or a transfer, lease, mortgage or other dealing relating to a lot.”

The way this law stands, even if strata schemes wanted to buy into the Friendly Buildings Program, they couldn’t. Just as buildings can’t pass bylaws that ban short-stay letting directly, they couldn’t compel owners to participate in the Friendly Buildings Program or any other scheme they might devise.

Leading strata lawyer Stephen Goddard, one of the key players in the anti-holiday letting campaign Our Strata Community Our Choice, has been saying for years that 139(2) and its predecessor in the old laws needed to go, to reflect the realities of modern strata living.

It was, after all, only included back in the 1960s so that banks would feel confident in giving mortgages for strata units. Now it’s more a case of holding them back.

So, for once, Airbnb and the pro-choice strata owners lobby have common ground. And if Airbnb’s honchos were as smart as they think they are, they’d know that allowing smart and savvy residential strata buildings to pass bylaws that control holiday lets would mean that all those other blocks that are run by investors, for investors, would be wide open to them.

Jimmy Thomson writes the Flat Chat column in the Sydney Morning Herald and edits the advice website flat-chat苏州夜总会招聘.au.

Cranbrook student accused of sexually assaulting girl as friend filmed attack

By admin | 苏州桑拿

Police are investigating claims that a teenage boy sexually assaulted a girl at a house party in Sydney’s eastern suburbs in an attack that was filmed on a mobile phone and shared on social media.
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A 15-year-old boy has been charged by police after he allegedly filmed the assault in Bellevue Hill on March 4 and posted it online.

Detectives will question the boy’s friend, also aged 15, over claims he sexually assaulted the 15-year-old girl at the party. Neither boy can be named for legal reasons.

The boy accused of assaulting the girl was a student at the elite Cranbrook School in Bellevue Hill and teachers at the school reportedly raised the alarm when they became aware of the allegations.

In an email sent on Tuesday afternoon, Cranbrook headmaster Nicholas Sampson told parents the school would offer support to students who needed it.

“You may be aware of a serious incident that is currently before the courts and has received media attention. This incident did not occur on school grounds,” Mr Sampson wrote.

“As I am sure you will understand, we are not able to disclose further details at this stage, both because this is a police matter concerning a student under the age of 18 and because of our pastoral responsibilities for all our students.

“Should you feel your son requires support, please make contact with the school. We will continue, as always, to support our staff and students. This remains at the heart of what we do.

“As you know we, as a school, always place the highest priority upon the wellbeing of our students and students in other schools.”

A Cranbrook School spokeswoman told Fairfax Media: “Our greatest priority is the safety and wellbeing of students.”

“The matter is currently before the courts and as such it would be inappropriate for us to comment further at this stage,” the spokeswoman said.

A NSW Police spokeswoman said an investigation into the alleged sexual assault was under way.

The Daily Telegraph reported that police would allege in court that the girl had been drinking alcohol and was unconscious when she was allegedly sexually assaulted and filmed. She did not know she had been assaulted until the footage emerged online days later, the newspaper reported.

The teenage boy charged with filming the assault appeared in Bidura Children’s Court in Glebe on Monday.

The boy, who attends Rose Bay Secondary College, pleaded not guilty to charges of filming a person in a private act without consent, producing child abuse material, and disseminating child abuse material.

No charges have been laid against the second boy. iFrameResize({resizedCallback : function(messageData){}},’#pez_iframe_236′);

Tech and media entrepreneur Justin Milne appointed chair of national broadcaster

By admin | 苏州桑拿

Justin Milne, the new chairman of the ABC, is a former filmmaker and serial entrepreneur who has been thinking about how television could be delivered over the internet for more than 20 years.
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Milne emerged as the government’s anticipated pick to helm the public broadcaster on Tuesday. He comes having carved a career rich in technology and broadcasting as well as blue chip corporate experience.

In an interview in 1995 about the potential for shopping via CD-ROM or over the internet, Mr Milne said: “Over time, new media will become the province of cash-rich, time-poor people, who will be prepared to pay to get the information and entertainment they want. Free-to-air TV will increasingly become the province of cash-poor, time-rich people.”

When he made those comments he was a co-founder of Globe Media, a content company that developed the first online car-shopping site in for Sydney City Toyota, including a classifieds section for selling used cars. Before that he was an Adelaide-based documentary maker.

After Globe Media, Milne went on to be a director of Microsoft’s MSN in , before leaving to start up his own company InfoBox, which was soon shut down by funder Kjerulf Ainsworth due to a lack of returns.

He resurfaced as head of datacasting at OzEmail in April 1998, after the internet company had listed on NASDAQ and when it wanted to buy digital spectrum and become a major datacasting player.

In December 1998 OzEmail was purchased by WorldCom (now part of Verizon) for $520 million – a deal that famously turned OzEmail’s then chairman and now Prime Minister Malcolm Turnbull’s $500,000 investment into $57 million.

Mr Milne became general manager of OzEmail by 1999 and was soon appointed chief executive.

But in November 2002 he jumped ship to rival Telstra, where former chief executive Ziggy Switkowski (now chair of NBN Co) recruited Mr Milne to run the retail internet BigPond division, which soon absorbed Telstra Media, the division that owns Telstra’s 50 per cent stake in Foxtel. (OzEmail was purchased by iiNet in 2005 after World Com went bankrupt in 2002.)

Mr Milne spent eight years at Telstra, where he introduced the T-Box – Telstra’s low-cost internet pay TV platform – before leaving in March 2010 to join the directors’ circuit.

Since leaving Telstra Mr Milne has been a director of the Sydney Children’s Hospital and Basketball .

In 2011 he became deputy chair of Quickflix after it purchased BigPond’s customers and library of DVDs. Mr Milne cut his ties with Quickflix in late 2012.

Former chair of Quickflix Stephen Langsford says of Mr Milne’s new appointment that he “brings to the ABC board passion and understanding of media, content and digital technology”.

Mr Milne is also non-executive chairman of ASX-listed accounting software company MYOB and of Netcomm Wireless, which recently won a multimillion contract to supply NBN Co with equipment for its fibre-to-the-curb [FTCC] rollout. And he is a director of Members Equity Bank.

He sits on the board of gaming giant Tabcorp, where he has been a member of the Tabcorp Audit, Risk and Compliance Committee and Tabcorp Nomination Committee since 2011.

Tabcorp was recently ordered to pay a $45 million fine for 108 breaches of ‘s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 over the past five years.

In November 2013 Mr Milne was appointed to the NBN Co board after the incoming communications minister, Mr Turnbull, cleared out the board appointed by the previous Labor government. Mr Switkowski was appointed as chair in October 2013.

Mr Milne was recently re-appointed for another three year term at NBN Co.

And now he has been appointed chairman of a publicly funded free-to-air network, which, in his own words is the “province of cash-poor, time-rich people”.

What this intelligent “netrepreneur”, content-loving chairman and former Google-executive managing director Michelle Guthrie plan to do to old Aunty in coming years will be very interesting to see.

Sword of Damocles hangs over Turnbull

By admin | 苏州桑拿

Greens Senator Peter Whish-Wilson during the debate on the Temporary Budget Repair Levy Bills in the Senate, at Parliament House in Canberra on Monday 16 June 2014. Photo: Alex Ellinghausen Photo: Alex EllinghausenCome Thursday a royal commission or commission of inquiry into the scandal-ridden banking sector will be a genuine live issue in the Federal Parliament.
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From that point, the sword of Damocles will dangle precariously over Prime Minister Malcolm Turnbull’s head, waiting for the right moment to fall.

All it will take is one more Coalition MP in the lower house to cross the floor. Tick-tock, tick-tock.

The clock was set on Tuesday when a bill was tabled in the Senate with the backing of a majority of the upper house.

The bill’s signatories include Greens senator Peter Whish-Wilson, independents Derryn Hinch and Jacqui Lambie, Nick Xenophon and One Nation senators Pauline Hanson and Malcolm Roberts.

Nationals senator John Williams has agreed to cross the floor, while the Labor Party is also on board. It is now a waiting game.

Ironically, it seems almost everyone – including the banks – think that a royal commission or judicial inquiry is inevitable.

As Senator Whish-Wilson says in a second-reading speech, “trust has broken down and it urgently needs to be repaired”. Senator Whish-Wilson didn’t gild the lily. He said the various scandals have revealed issues that go to the stability of the n financial system and the performance and resilience of the n economy.

The bill seeks to appoint a commission to establish the “causal factors for this misconduct, including misaligned incentives, culture, inadequate regulation and regulatory power, and ‘moral hazard’ extending from government guarantees”.

The Coalition, for its part, is trying to prosecute the argument that self-regulation, beefed-up regulatory powers and bank bosses fronting Parliament twice a year will fix these deep-seated problems.

However, as each day goes by and more and more scandals emerge, their arguments are looking increasingly hollow and people are questioning what they are afraid of.

One only needs to look at the growing use of “independent” experts reports that are being used to get companies off the hook. The companies set the terms of reference and pay for the report. Their findings don’t fool anyone. They are essentially guns for hire that are constrained in their investigations by the terms of reference.

And the appearances by the bank bosses only served to prove that a holistic examination of the culture inside the financial system is needed and past behaviour addressed.

Despite all the protestations by the banks that the behaviour is down to a few bad apples, if a list of the scandals of the past few years were made, it would show that this is system failure.

Yet not one senior executive has been punted from their job. Where are the boards on this? The guardians of the social licence?

ASIC sometimes uses enforceable undertakings as punishment for wrongdoing, but given the lack of transparency in enforceable undertakings, it is hard to know how effective they are.

Each of the banks bosses has done a number of variations on the theme of mea culpas. But if change is to occur, it will require more than a few mea culpas, self-regulation, Senate inquiries and reviews conducted by bank-funded independent experts.

There needs to be accountability. Heads need to roll, remuneration needs to change, a proper compensation scheme needs to be rolled out and banks need to reset their culture.

The terms of reference are wide ranging, which is as it should be.

National Senator John Williams will cross the floor to support a bill that he says is necessary. Senator Williams has long supported a royal commission into the banks. Now he wants it opened up to include life insurance. The sort of evidence spilling out of the life insurance sector has toughened his stance on the need for a royal commission or commission of inquiry.

The inquiry into the $44 billion life insurance industry was called in response to the CommInsure scandal in March 2016 that exposed wrongdoing in Commonwealth Bank’s life insurance division, including the sale of life insurance policies that had decade-old medical definitions, allegations of file tampering and the denial and delaying of legitimate claims for profit.

“More evidence will come out in the future that I think needs further investigation,” he said.

The bill proposes a single commissioner, who is a former judge, who has the powers to compel witnesses and the production of evidence. This is light years away from the various Senate and parliamentary inquiries, which are limited by resources, time and powers.

The second reading of the bill concludes with a line that the Turnbull government would do well to think about: “This bill reiterates that the n people are the masters of the broader economy. We are not its servants.”

Grandmother charged with manslaughter over diabetic boy’s death

By admin | 苏州桑拿

The grandmother of a six-year-old diabetic boy who died after being deprived of insulin and food in a Sydney “self-healing” course has been charged with manslaughter.
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The 64-year-old woman, arrested on Tuesday, has become the third member of the same family arrested over the death.

Police last week charged the boy’s father, 56, and mother, 41, with manslaughter after arresting them at their home in Prospect in Sydney’s west.

The year 1 student, who cannot be named as an alleged victim of crime, attended the Tasly Healthpac medical centre in Hurstville in April 2015 for a week-long course with his parents.

Emergency services found him unconscious in a nearby hotel room, where he was staying, on April 28, 2015. He died at the scene.

Police will allege the parents and grandmother, who was looking after the boy before his death, were all “grossly negligent” in allowing the fasting and insulin deprivation during the $1800 course.

It was run by the self-described “healer” Hongchi Xiao, a Chinese-born man who continues to travel the world spruiking a therapy he calls paidalajin.

Paidalajin involves slapping the skin to the point of bruising, stretching and fasting to clear “meridians” in the body, allowing the dissolution of toxins, according to promoters.

“You have to be hard a little bit, cruel a little bit, but not too much,” Mr Xiao said when describing paidalajin in a video last year.

Mr Xiao, who was allowed to leave in the days after the boy’s death, continued to promote his so-called therapy and was last year linked to the death of a diabetic British woman.

Danielle Carr-Gomm, 71, died during a weekend retreat run by Mr Xiao in south-west England last October.

He was arrested on suspicion of manslaughter, then released on bail and was originally due to appear again in January before the date was set back.

His blog has promoted recent courses with him in Hong Kong and one in Malaysia in late March.

The blog says paidalajin is not meant as a “substitute for medical care” but Mr Xiao elsewhere promotes it as such, deriding Western medicine.

After the Sydney boy’s death, he denied responsibility on Facebook and posted a link to an Indian study purportedly showing improvements in diabetics after they went through paidalajin’s fasting and “healing crisis”.

The boy’s parents were granted conditional bail after court appearances last week. They are due to appear before court on separate dates.

The grandmother, who appeared before Blacktown Local Court on Tuesday, was granted strict conditional bail. She is due to face Downing Centre Local Court on May 11.

All three face a maximum of 25 years’ jail if convicted.

Turnbull under pressure as crossbench, Greens join forces for banking commission

By admin | 苏州桑拿

Prime Minister Malcolm Turnbull addresses the media after his roundtable meeting with representatives from the gas industry at Parliament House in Canberra on Wednesday 15 March 2017. fedpol Photo: Alex Ellinghausen Photo: Alex EllinghausenPressure is building for a commission of inquiry into ‘s scandal-plagued banking system after the Senate crossbench threw its weight behind a Greens bill to establish one.
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The private member’s bill is co-sponsored by Greens senator Peter Whish-Wilson and crossbenchers Nick Xenophon, Jacqui Lambie, Derryn Hinch and the current One Nation senators after extensive discussions between them during the past few months over the terms of reference for the inquiry.

The Labor Party is also expected to support the bill, which was tabled on Tuesday afternoon, while Nationals senator John Williams has confirmed he will cross the floor to vote for it. Senator Williams is a long-time supporter of a royal commission into the banks.

The move follows stiff resistance from the government against a royal commission into the banking sector despite ongoing scandals in financial advice, life insurance, investment schemes, unfair lending practices and alleged bank bill swap rate rigging.

The terms of reference will send a chill through banking channels as they widen the net to include executives who oversaw departments that engaged in rampant misconduct as well as chief executive officers.

The bill will be debated on Thursday in the Senate, however, a vote will not be immediately called on the issue to allow debate.

“The Greens have consulted across parties and the crossbench to make changes that have satisfied everyone,” Senator Whish-Wilson told Fairfax Media.

If the Senate passes the bill it would then go to the House of Representatives for a vote where the numbers were finely balanced after Liberal National MP George Christensen has already signalled he could cross the floor to vote in favour of an inquiry.

“After this all we will need is one additional Coalition MP to choose the interests of the people of their electorate over those of the banking sector and then this commission of inquiry can get up and running,” Senator Whish-Wilson said.

A commission of inquiry, like a royal commission, has powers to compel documents, testimony and court-ordered searches. A key difference is that under a royal commission the government has much greater control of the process. It can set the terms of reference and the royal commission reports to the government.

A commission of inquiry reports to Parliament.

If passed, the bill could be the first step towards a potential no-confidence motion against the government if it then decides not to support or fund the commission.

The move also comes as independent MP Bob Katter and Mr Christensen are currently working on a separate private member’s bill in the House of Representatives calling for a commission of inquiry into the banking sector. It is understood both men would support the bill tabled in the Senate.

The private member’s bill has been filed with extensive terms of reference that plan to target systemic issues in the sector.

A spokeswoman for the government said the government had set out its policy on the matter before the election, which included bolstering the n Securities and Investments Commission’s funding by $121 million and boosting its powers and enhancing surveillance capabilities.

“We are also granting greater access for the treatment of claims and complaints to the financial services ombudsman to ensure we have a better system for people to be able to get access to hearing and consideration of their issues,” the spokeswoman said.

Man arrested after tense 17-hour stand-off with police on townhouse roof

By admin | 苏州桑拿

A man suspected of embarking on a crime spree, including a random triple stabbing at a Sydney gym, has been been arrested following a tense 17-hour stand-off with police on the roof of a Newcastle townhouse.
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Ricky Kincheila was taken into custody in dramatic scenes about 4.45am on Wednesday, after spending the night and much of the previous day perched on the roof of the townhouse in Tighes Hill, a north-western suburb of Newcastle.

At one point during the night, a tactical police officer was shown pointing a gun at the shirtless 27-year-old, who stood just metres away appearing calm and looking from side to side.

Detective Acting Inspector Jeff Little said early on Wednesday morning that police moved in to make the arrest after a “long night”.

“This person of interest was not interested in giving himself up, so his arrest was affected by us and it was taken by force,” he said.

“But I’m happy to say it ended the best possible way it could have, with no serious injuries to any person.”

Kincheila was assessed by NSW Ambulance paramedics and taken to Newcastle Police Station, where he was being questioned by detectives on Wednesday morning.

Police had closed in on Kincheila at the townhouse just before midday on Tuesday, following an alleged crime spree that began on Monday night with the theft of a black BMW convertible from a car wash in Crows Nest.

That car belonged to Bill Pulver, the n Rugby Union chief executive, whose daughter Maddie was held hostage as part of an extortion attempt in 2011.

Police allege Kincheila drove the stolen car to Vision Personal Training gym on Pittwater Road in Brookvale, where he allegedly stabbed three men who were working out with a personal trainer.

One of the victims was stabbed in the neck and required emergency surgery, while the two other men were taken to hospital with stab wounds to their arms and torsos.

Police allege Kincheila then drove to Sandgate in Newcastle where, two hours after the stabbing, he robbed two service stations on Maitland Road.

CCTV footage of the first of the service station robberies shows a man behind the counter, as a terrified shop attendant and a customer watch on. The vision shows a man struggling to wrench a cash register draw open with a knife before he begins to kick it.

The cash register is eventually broken free before the man runs off and gets back in a car.

Kincheila is accused of abandoning the BMW and taking another car owned by the residents of the Tighes Hill townhouse, who police described as “associates” of Kincheila. Police stressed the townhouse residents had no connection to the triple stabbing and armed robberies.

A police pursuit through Hamilton South on Tuesday morning also was allegedly started when Kincheila sped through a school zone. He initially pulled over, but allegedly sped off and triggered the pursuit.

Detective Inspector Peter Mahon said on Tuesday afternoon that inquiries in Hamilton South led them back to the Tighes Hill townhouse.

“When we’ve approached the premises, he’s obviously seen us and jumped out the window,” he said at the time.

“All we can do is sit it out. We’ll negotiate with him as long as it takes.”

Kincheila could be seen at various points throughout the day sitting on the roof gazing at the sky, as residents who were evacuated from the row of townhouses became increasingly agitated as the siege dragged on.

A shirtless Kincheila was also seen jumping from roof to roof, before lying down and spending much of the afternoon on a section of roof not visible by the public.

On Wednesday morning, Detective Acting Inspector Little thanked the residents of the townhouses who had been evacuated from their homes as police negotiated with Kincheila throughout the night.

???”I am really grateful for the patience exercised by the residents. They’ve been through a fairly traumatic night just by the mere fact that they’ve had to vacate their houses,” he said.

– with the Newcastle Herald

Hunter BreakfastWednesday, March 22, 2017

By admin | 苏州桑拿

Hunter roads: All Hunter roads are clear this morning.
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Hunter trains: There is a good service on the Hunter line and on the Central Coast and Newcastle line and the Hunter line.

Hunter weather: Cloudy and a high chance of showers in Newcastle (28 degrees), Raymond Terrace is in for a cloudy day with showers (27 degrees), cloudy day for Maitland with showers (31 degrees) and a cloudy day with a high chance of showers and (31 degrees).

Hunter beachwatch:It’ll be warm and humid today and although there’s the chance of a shower or thunderstorm it should still be an okay beach day. The wind will have a bit of north-west in it early before heading north to north-east with the swell from the north-east around half to one metre. Wave conditions will a touch uneven but most breaks will be surfable. Around town try the Cowrie Hole, Newcastle, the Bar to Merewether stretch, North Dudley and Redhead. To the south try Hams, Catho, and Soldiers. At Port Stephens Birubi and Samurai will be the picks. There’ll still be some tricky edges and sweeps to the south so only swim in the flagged areas. The water temperature is 20 degrees.

►ONE of Newcastle’s busiest roads was brought to a standstillon Tuesday as a mansuspected of a triple stabbing and two armed robberies in the same night held police at bay in a siegethat lasted hours. The siege ended safely early Wednesday morning. More here.

► IT’S too late for Shortland Esplanade. That was the message to Newcastle City Council from Supercars chief executive James Warburton during a visiton Tuesday at which he said the race had been victim to “scaremongering” that would subside once East End residents experienced the race. More here.

► Work is due to start on May 1 to transform parts of Newcastle East into a Supercars track, including resurfacing all 2.6km of the circuit. More here.

►JIM Plummer thought two stainless steel wire rope locks would be enough security for his upmarket mountain bike when he and his wife Bronwyn dropped into the Kent Hotel for lunch two Sundays ago. More here.

►SCOT MacDonald has been named as the NSW government’s parliamentary secretary for the Hunter. Again. More here.

► THE tragic search for University of Newcastle international student Mohsin Awan, who is feared drowned after being swept from rocks at Nobbys Beach, has entered its fourth day. More here.

►NEWCASTLE has the potential to becomea global centre of innovation, if energy is channelled into fostering collaboration across different sectors and helping researchers learnhow to commercialise their findings. More here.

►James Courtney has raced open-wheelers at Monaco, but the former Supercars champion still sees the Newcastle track as something “unique”. More here.

►KNIGHTS coach Nathan Brown has defended his medical staff and labelled the club’sconcussion protocols among the best in the NRL. More here.

►SCOTT White understands what it is like to feel trapped by an overwhelming feeling of hopelessness. Almost 10 years ago, his mental health hit rock bottom, and he found himself writing a suicide note. More here.

►There’s nothing like feeling alone. Kazz Tokek knows this feeling too well. She is one of the lyme disease sufferers from the Hunter region who had their world turned upside down after a tick bite. More here.

►Water storage at Chichester Dam has gone up by 35 per cent in three days after rain soaked the region last week. More here.

►Maitland City Council has locked into place plans to secure its long term tenure of Maitland Gaol and to cement the site’s standing as one of the region’s iconic tourist attractions. More here.

►A charity has urged people not to leave unwanted items around donation bins. More here.

►STATE MP Greg Piper and Lake Macquarie City Council have left Premier Gladys Berejiklian in no doubt about the project they most want to see funded in the state Budget in June. More here.

►A DORA Creek pensioner who ‘won’ $US190,000 in a scratch-and-win card sent in the mail isn’t celebrating, but is instead cursing her luck. Agnes Day can’t believe that alleged scammers have targeted her. Again. More here.

►Brandy Hill and Seaham Action Group want quarry owners Hudson to come to the party if they are to support expansion plans. More here.

►A Rotary conference with up to 400 delegates will descend on Nelson Bay in 2018, worth at least$300,000to the Port Stephens economy. More here.

Need anational newssnapshot first thing – well, we have you covered.

Ricky Kincheila, of Wallsend, on top of the apartment block in Tighes Hill on Tuesday. Picture: Marina Neil

►NEWCASTLE:Oneof Newcastle’s busiest roads was brought to a standstillon Tuesday as a mansuspected of a triple stabbing and two armed robberies in the same night held police at bay in a siegethat lasted hours. Read more

► COOTAMUNDRA:A little boy has died after he was unknowingly hit by a car at a Cootamundra home on Tuesday afternoon. Police say a car was leaving the driveway of a home when the three-year-old was struck. Read more

Part of the multi-million dollar cannabis haul uncovered by police near Dubbo. Picture: NSW Police

►DUBBO:Two men accused of cultivating a cannabis crop with an estimated street value of about $3 millionat a remote property east of Dubbo have faced court. Read more

►KATHERINE:Today marks 75 years since Katherine was bombed by the Japanese during World War II. The Katherine raid came at the tail end of the wet season in 1942, a hail of shrapnel and high explosive from high in the sky.It was the furthest encroachment of enemy invasion ever recorded on mainland but most people have never heard of it. Read more

►BALLARAT:Ballarat’s dry spell has finally broken, with the gauge at the airportregistering more than 34mm of rain since storms rolled in on Monday evening. Read more

► REVESBY:A propeller that fell off a Regional Express flight from Albury has been found in bushland near a residential area in Sydney’s south-west. Read more

Hundreds of family, friends and former teammates packed out TREC on Tuesday to farewell sporting great, Michael Adams. Photo: Peter Hardin

►TAMWORTH: Hundredspacked outTamworth Regional Entertainment and Conference Centre to farewell former Great Britain rugby league representative and long-time Tamworth resident Michael Adams on Tuesday afternoon.Michael has been remembered as a sporting hero, devoted family man and a fiercely loyal friendto all those he metin his 65 years. Read more

►HAWKER:Residents of the Flinders Ranges gathered at the Hawker Sports Club on Sunday, March 19, for the thirdof a series of public meetings about the federal government’s proposed Barndioota nuclear waste facility. Read more

Switching: Wesley College students Tom, Annabelle, Hannah and Luca are part of a class leading the charge to rid Clunes of plastic bags.

►VICTORIA:Clunes looks set to be the next town to embrace plasticbag-free living thanks to a push from Wesley College students to implement a boomerang bag system throughout the town.

Port Fairy residents Kevin and Annie O’Toole lay sandbags to prevent water running into their house. Picture: Rob Gunstone

► PORT FAIRY: Kevin O’Toole is praising Port Fairy SES and the local community after his house narrowly escaped flooding in Tuesday’sheavy rains. Read more

►ILLAWARRA:Three Illawarra private hospitals will be sold to a Chinese-owned health operator, in a transaction believed to be worth more than $50 million. Read more

National news Former prime minister Julia Gillard will head up beyondblue.

►Former prime minister Julia Gillard has been appointed as chairwoman of the national depression initiative beyondblue, replacing former Victorian premier Jeff Kennett. Read more

►Police minister Troy Grant has been fined $325 for taking a photo of a sheep with his mobile phone while he was behind the wheel of his car. Mr Grant was stopped for road works and snapped the picture of a ewe, which was in the boot of the car ahead of him.He later posted it to Twitter. Read more

►Kate Zizys, 46, has been underemployed her entire working life in . Earning less than $20,000 a year from casual work, she is one of 1.1 million ns who want more hours of work than they are getting.New figures from the n Bureau of Statistics show the official unemployment rate has increased from 5.7 to 5.9 per cent. Read more

►Food companies are being accused of hiding the unhealthiness of products by keeping the packaging void of health star ratings. Read more

National weather radarWhat’s coming your way …

International news►WASHINGTON: There was the first formal revelation that the FBI is investigating possible collusion between Russia and the Trump campaign; and there was a new benchmark in fact-checking – the President’s real-time tweets were being checked with intelligence chiefs even as they continued to testify before the House Intelligence Committee. Read more

East Timorese politician and the President of the Revolutionary Front, Francisco Guterres, known as Lu’Olo. Photo: Wayne Lovell/Timor photography

►DILI:A veteran guerrilla commander is heading for a decisive victory in East Timor’s presidential elections and is expected to be sworn in as the country’s next head of state in May. Read more

►LONDON:Britain has set its date with destiny confirming its two years of negotiations to split from the European Union will begin next Wednesday, March 29. Read more

On This Day1802: Matthew Flinders names Kangaroo island in South for the fresh food it provides his crew.

1897:Edmund Barton heads a conference to discuss the proposed constitution for the Commonwealth of .

1923: French mime artist, Marcel Marceau, is born.

1942:Nine Japanese aircraft bomb the town of Katherine in ‘s Northern Territory.

1974:Tasmania records its highest rainfall within a single day.

1987:A barge carrying 3,200 tons of trash leaves New York Harbor in search of a dumping ground, only to return months later, still carrying the trash.

The faces of : Richard TurnerYenda Public School farewelled an icon on Friday afternoon as veteran teacher Richard Turner wrapped up a 37-year career in teaching.

Teaching staff, students and community members paid tribute to Mr Turner’s years of teaching at a community picnic held in his honour, a mark of respect for a man held in high-esteem in education circles.

A “Mr Miyagi” of the teaching community Mr Turner’s mentoring to was invaluable to many teachers irrespective of their experience.Read more