Commonwealth Bank of Australia CEO apologies for financial planning scandal

Posted on 6th May 2015 by in Uncategorized

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.

Commonwealth Bank of Australia CEO apologies for financial planning scandal

Posted on 6th May 2015 by in Uncategorized

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.

Commonwealth Bank of Australia CEO apologies for financial planning scandal

Posted on 6th May 2015 by in Uncategorized

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.

Plus Point Of Decorating Your Kitchen With Granite Countertops

Posted on 30th April 2015 by in Kitchen Design

By David Faulkner

The presence of granite countertops in a kitchen emanates a natural essence and beauty within the entire room. There is something special about bringing natural materials inside a home and featuring them as a central design piece in any room. Granite countertops are beautiful to look at and naturally reflect light to give the counters a gleaming finished surface at all times.

Have you ever wondered why granite countertops are such a sought-after counter surface finish? Granite has been around and used for centuries as counter surfaces, and there are a lot of new countertops surfacing on the market. but sometimes you just can’t beat what nature is already offering. Let’s explore a few of the reasons why granite countertops are still the premiere choice for most luxury kitchens.

Life Time Durability:

Granite countertops will last a lifetime and carry your kitchen counter surfaces through anything that life can throw at them. Durable against scratches, heat, stains, wear and tear – it’s a wonder they make any other type of counter surface material. Nothing says quality and luxury quite like granite. This is especially true in kitchen designs and finishes. Take a look at any designer home or the kitchen surface is a chefs kitchen at home and chances are your will find granite. It is the preferred counter surface finish of custom and high end purchasers.

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What’s truly unique about granite counter surfaces is that each installation is an original piece of art. No countertop is unique due to the inherent natural differences in each piece of granite, from its colors, designs, tones and natural stone patterns. When such a kitchen project is in the works, a well-structured plan is mandatory and this is when a remodeling guide may come in handy. But there are some other aspects you need to take into consideration. There are some functions of the kitchen and these must not be overlooked. The kitchen is the place where you prepare things and store them.

Homeowners who decide to remodel their kitchens will not be fully satisfied unless they have chosen the right material and color for their kitchen countertop. And since there are so many kitchen countertops options available, you may find it difficult to make a choice. When shopping for countertops, you can choose from granite, laminate, ceramic tile, engineered stone, soapstone, stainless steel and wood. The granite kitchen countertops and the ceramic tile countertops seem to be the most popular choice for homeowners. Marble countertops are also among the favorites. But each type of kitchen countertop has its pros and cons… finding out all these advantages and disadvantages will probably help you make the best choice, according to your intentions and desires of what your kitchen should look like after the remodeling process has been completed.

Depends On Your Wish:

However, the aspect function is also important. The most visible area in the kitchen for anyone is the countertop. The remodeling process usually involves purchasing a new kitchen countertop. There are many things to find out about countertops, such as the materials used to make them. It’s also useful to know that each type of kitchen countertops has its advantages and disadvantages. Find out the available types of kitchen countertops, what they’re made of, how they fit into your plans, both esthetically and financially. There are a lot of things to learn before you finally decide to buy.

Your choice your kitchen countertops is varied and it ranges from expensive but durable materials, such as granite countertops, to not so expensive and quite attractive materials, such as laminates or ceramic tiles. The latter are definitely appropriate if you have a do-it-yourself plan whereas the marble or granite countertops are not recommended if you have such a plan in mind. Countertops can influence the total design of your kitchen. One of the most common reasons home owners remodel their kitchen is due to lack of usable counter space. When you are remodeling your kitchen a new countertop gives the whole room a facelift. There are several types of kitchen countertops you can choose from.

About the Author: You can also find more info on

Marble Granite Tile

and

Seal Granite Countertops

. Kitchengranitecountertophelp.com is a comprehensive resource to know about Kitchen Granite Counter Top.

Source:

isnare.com

Permanent Link:

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Chef who appeared on Gordon Ramsay’s ‘Kitchen Nightmares’ commits suicide

Posted on 30th April 2015 by in Uncategorized

Wednesday, September 29, 2010 

Joseph Cerniglia, a chef who had appeared on Gordon Ramsay’s television show Kitchen Nightmares, has commited suicide. Cerniglia was the owner of Italian restaurant Campania. He jumped off a bridge into the Hudson river on the New York–New Jersey border. At the time of filming in 2007, Cerniglia owed suppliers $80,000.

Officials reported that 39-year-old Cerniglia had jumped off of the George Washington Bridge into the Hudson. His death has officially been ruled as suicide. His body was retrieved from the river after reports of a man jumping off of the bridge.

Ramsay released a statement to the Press Association saying “I was fortunate to spend time with Joe during the first season of Kitchen Nightmares. Joe was a brilliant chef, and our thoughts go out to his family, friends and staff.”

Cerniglia told Ramsay about his personal debt when he came to the restaurant in 2007. He said “I am financially in trouble. The debt of the restaurant alone is overwhelming. My personal debt — wife, kids, mortgage — that’s a lot of debt”.

Chef who appeared on Gordon Ramsay’s ‘Kitchen Nightmares’ commits suicide

Posted on 30th April 2015 by in Uncategorized

Wednesday, September 29, 2010 

Joseph Cerniglia, a chef who had appeared on Gordon Ramsay’s television show Kitchen Nightmares, has commited suicide. Cerniglia was the owner of Italian restaurant Campania. He jumped off a bridge into the Hudson river on the New York–New Jersey border. At the time of filming in 2007, Cerniglia owed suppliers $80,000.

Officials reported that 39-year-old Cerniglia had jumped off of the George Washington Bridge into the Hudson. His death has officially been ruled as suicide. His body was retrieved from the river after reports of a man jumping off of the bridge.

Ramsay released a statement to the Press Association saying “I was fortunate to spend time with Joe during the first season of Kitchen Nightmares. Joe was a brilliant chef, and our thoughts go out to his family, friends and staff.”

Cerniglia told Ramsay about his personal debt when he came to the restaurant in 2007. He said “I am financially in trouble. The debt of the restaurant alone is overwhelming. My personal debt — wife, kids, mortgage — that’s a lot of debt”.

User:Cmwhite/Disasters and accidents/Eyewitness accounts/Katrina aftermath Bradshaw and Slonsky

Posted on 30th April 2015 by in Uncategorized

Two days after Hurricane Katrina struck New Orleans, the Walgreen’s store at the corner of Royal and Iberville streets remained locked. The dairy display case was clearly visible through the widows. It was now 48 hours without electricity, running water, plumbing. The milk, yogurt, and cheeses were beginning to spoil in the 90-degree heat. The owners and managers had locked up the food, water, pampers, and prescriptions and fled the City. Outside Walgreen’s windows, residents and tourists grew increasingly thirsty and hungry. The much-promised federal, state and local aid never materialized and the windows at Walgreen’s gave way to the looters. There was an alternative. The cops could have broken one small window and distributed the nuts, fruit juices, and bottle water in an organized and systematic manner. But they did not. Instead they spent hours playing cat and mouse, temporarily chasing away the looters.

We were finally airlifted out of New Orleans two days ago and arrived home yesterday (Saturday). We have yet to see any of the TV coverage or look at a newspaper. We are willing to guess that there were no video images or front-page pictures of European or affluent white tourists looting the Walgreen’s in the French Quarter. We also suspect the media will have been inundated with “hero” images of the National Guard, the troops and the police struggling to help the “victims” of the Hurricane. What you will not see, but what we witnessed,were the real heroes and sheroes of the hurricane relief effort: the working class of New Orleans. The maintenance workers who used a fork lift to carry the sick and disabled. The engineers, who rigged, nurtured and kept the generators running. The electricians who improvised thick extension cords stretching over blocks to share the little electricity we had in order to free cars stuck on rooftop parking lots. Nurses who took over for mechanical ventilators and spent many hours on end manually forcing air into the lungs of unconscious patients to keep them alive. Doormen who rescued folks stuck in elevators.

Refinery workers who broke into boat yards, “stealing” boats to rescue their neighbors clinging to their roofs in flood waters. Mechanics who helped hot-wire any car that could be found to ferry people out of the City. And the food service workers who scoured the commercial kitchens improvising communal meals for hundreds of those stranded. Most of these workers had lost their homes, and had not heard from members of their families, yet they stayed and provided the only infrastructure for the 20% of New Orleans that was not under water.

On Day 2, there were approximately 500 of us left in the hotels in the French Quarter. We were a mix of foreign tourists, conference attendees like ourselves, and locals who had checked into hotels for safety and shelter from Katrina. Some of us had cell phone contact with family and friends outside of New Orleans. We were repeatedly told that all sorts of resources including the National Guard and scores of buses were pouring in to the City. The buses and the other resources must have been invisible because none of us had seen them.

We decided we had to save ourselves. So we pooled our money and came up with $25,000 to have ten buses come and take us out of the City. Those who did not have the requisite $45.00 for a ticket were subsidized by those who did have extra money. We waited for 48 hours for the buses, spending the last 12 hours standing outside, sharing the limited water, food, and clothes we had. We created a priority boarding area for the sick, elderly and new born babies. We waited late into the night for the “imminent” arrival of the buses. The buses never arrived. We later learned that the minute the arrived to the City limits, they were commandeered by the military. By day 4 our hotels had run out of fuel and water. Sanitation was dangerously abysmal. As the desperation and despair increased, street crime as well as water levels began to rise. The hotels turned us out and locked their doors, telling us that the “officials” told us to report to the convention center to wait for more buses. As we entered the center of the City, we finally encountered the National Guard. The Guards told us we would not be allowed into the Superdome as the City’s primary shelter had descended into a humanitarian and health hellhole.

The guards further told us that the City’s only other shelter, the Convention Center, was also descending into chaos and squalor and that the police were not allowing anyone else in. Quite naturally, we asked, “If we can’t go to the only 2 shelters in the City, what was our alternative?” The guards told us that that was our problem, and no they did not have extra water to give to us. This would be the start of our numerous encounters with callous and hostile “law enforcement”.

We walked to the police command center at Harrah’s on Canal Street and were told the same thing, that we were on our own, and no they did not have water to give us. We now numbered several hundred. We held a mass meeting to decide a course of action. We agreed to camp outside the police command post. We would be plainly visible to the media and would constitute a highly visible embarrassment to the City officials. The police told us that we could not stay. Regardless, we began to settle in and set up camp. In short order, the police commander came across the street to address our group. He told us he had a solution: we should walk to the Pontchartrain Expressway and cross the greater New Orleans Bridge where the police had buses lined up to take us out of the City. The crowed cheered and began to move. We called everyone back and explained to the commander that there had been lots of misinformation and wrong information and was he sure that there were buses waiting for us. The commander turned to the crowd and stated emphatically, “I swear to you that the buses are there.”

We organized ourselves and the 200 of us set off for the bridge with great excitement and hope. As we marched pasted the convention center, many locals saw our determined and optimistic group and asked where we were headed. We told them about the great news. Families immediately grabbed their few belongings and quickly our numbers doubled and then doubled again. Babies in strollers now joined us, people using crutches, elderly clasping walkers and others people in wheelchairs. We marched the 2-3 miles to the freeway and up the steep incline to the Bridge. It now began to pour down rain, but it did not dampen our enthusiasm.

As we approached the bridge, armed Gretna sheriffs formed a line across the foot of the bridge. Before we were close enough to speak, they began firing their weapons over our heads. This sent the crowd fleeing in various directions. As the crowd scattered and dissipated, a few of us inched forward and managed to engage some of the sheriffs in conversation. We told them of our conversation with the police commander and of the commander’s assurances. The sheriffs informed us there were no buses waiting. The commander had lied to us to get us to move.

We questioned why we couldn’t cross the bridge anyway, especially as there was little traffic on the 6-lane highway. They responded that the West Bank was not going to become New Orleans and there would be no Superdomes in their City. These were code words for if you are poor and black, you are not crossing the Mississippi River and you were not getting out of New Orleans.

Our small group retreated back down Highway 90 to seek shelter from the rain under an overpass. We debated our options and in the end decided to build an encampment in the middle of the Ponchartrain Expressway on the center divide, between the O’Keefe and Tchoupitoulas exits. We reasoned we would be visible to everyone, we would have some security being on an elevated freeway and we could wait and watch for the arrival of the yet to be seen buses. All day long, we saw other families, individuals and groups make the same trip up the incline in an attempt to cross the bridge, only to be turned away. Some chased away with gunfire, others simply told no, others to be verbally berated and humiliated. Thousands of New Orleaners were prevented and prohibited from self-evacuating the City on foot.

Meanwhile, the only two City shelters sank further into squalor and disrepair. The only way across the bridge was by vehicle. We saw workers stealing trucks, buses, moving vans, semi-trucks and any car that could be hotwired. All were packed with people trying to escape the misery New Orleans had become. Our little encampment began to blossom. Someone stole a water delivery truck and brought it up to us. Let’s hear it for looting! A mile or so down the freeway, an army truck lost a couple of pallets of C-rations on a tight turn. We ferried the food back to our camp in shopping carts.

Now secure with the two necessities, food and water; cooperation, community, and creativity flowered. We organized a clean up and hung garbage bags from the rebar poles. We made beds from wood pallets and cardboard. We designated a storm drain as the bathroom and the kids built an elaborate enclosure for privacy out of plastic, broken umbrellas, and other scraps. We even organized a food recycling system where individuals could swap out parts of C-rations (applesauce for babies and candies for kids!). This was a process we saw repeatedly in the aftermath of Katrina. When individuals had to fight to find food or water, it meant looking out for yourself only. You had to do whatever it took to find water for your kids or food for your parents. When these basic needs were met, people began to look out for each other, working together and constructing a community.

If the relief organizations had saturated the City with food and water in the first 2 or 3 days, the desperation, the frustration and the ugliness would not have set in. Flush with the necessities, we offered food and water to passing families and individuals. Many decided to stay and join us. Our encampment grew to 80 or 90 people. From a woman with a battery powered radio we learned that the media was talking about us. Up in full view on the freeway, every relief and news organizations saw us on their way into the City. Officials were being asked what they were going to do about all those families living up on the freeway? The officials responded they were going to take care of us. Some of us got a sinking feeling. “Taking care of us” had an ominous tone to it.

Unfortunately, our sinking feeling (along with the sinking City) was correct. Just as dusk set in, a Gretna Sheriff showed up, jumped out of his patrol vehicle, aimed his gun at our faces, screaming, “Get off the fucking freeway”. A helicopter arrived and used the wind from its blades to blow away our flimsy structures. As we retreated, the sheriff loaded up his truck with our food and water. Once again, at gunpoint, we were forced off the freeway. All the law enforcement agencies appeared threatened when we congregated or congealed into groups of 20 or more. In every congregation of “victims” they saw “mob” or “riot”. We felt safety in numbers. Our “we must stay together” was impossible because the agencies would force us into small atomized groups. In the pandemonium of having our camp raided and destroyed, we scattered once again. Reduced to a small group of 8 people, in the dark, we sought refuge in an abandoned school bus, under the freeway on Cilo Street. We were hiding from possible criminal elements but equally and definitely, we were hiding from the police and sheriffs with their martial law, curfew and shoot-to-kill policies.

The next days, our group of 8 walked most of the day, made contact with New Orleans Fire Department and were eventually airlifted out by an urban search and rescue team. We were dropped off near the airport and managed to catch a ride with the National Guard. The two young guardsmen apologized for the limited response of the Louisiana guards. They explained that a large section of their unit was in Iraq and that meant they were shorthanded and were unable to complete all the tasks they were assigned. We arrived at the airport on the day a massive airlift had begun. The airport had become another Superdome. We 8 were caught in a press of humanity as flights were delayed for several hours while George Bush landed briefly at the airport for a photo op. After being evacuated on a coast guard cargo plane, we arrived in San Antonio, Texas.

There the humiliation and dehumanization of the official relief effort continued. We were placed on buses and driven to a large field where we were forced to sit for hours and hours. Some of the buses did not have air-conditioners. In the dark, hundreds if us were forced to share two filthy overflowing porta-potties. Those who managed to make it out with any possessions (often a few belongings in tattered plastic bags) we were subjected to two different dog-sniffing searches.

Most of us had not eaten all day because our C-rations had been confiscated at the airport because the rations set off the metal detectors. Yet, no food had been provided to the men, women, children, elderly, disabled as they sat for hours waiting to be “medically screened” to make sure we were not carrying any communicable diseases. This official treatment was in sharp contrast to the warm, heart-felt reception given to us by the ordinary Texans. We saw one airline worker give her shoes to someone who was barefoot. Strangers on the street offered us money and toiletries with words of welcome. Throughout, the official relief effort was callous, inept, and racist. There was more suffering than need be. Lives were lost that did not need to be lost.

Fleet Management System Drives Your Fleet Positively

Posted on 29th April 2015 by in Gps Tracking

Fleet Management System Drives Your Fleet Positively

by

Mac Joho

For any transportation company it is highly necessary to constantly monitor its transportation fleet. Negligence may lead to increase in transportation costs including fuel consumption, vehicle maintenance, and delivery delays. Installing a good fleet management system can help you eradicate such losses and drive your transportation business positively. Fleet management software easily keeps track of, manages, and maintains your transportation fleet. Fleet management is a combination of powerful technologies like the GPS (Global Positioning System), two-way wireless communications, an on-board processing, communications unit, and a hosted web application that demonstrates mapping and vehicle telematics data to the end user. The GPS tracking system helps the transportation companies in locating their vehicles and monitoring their speed and direction.

When companies try to install such fleet management software in limited budgets they tend to incorporate just specific features and functionalities of it. In fact the transportation companies should not hesitate in spending some extra money over getting a comprehensive solution as in the longer run this fleet management system will benefit them by saving a lot of transportation and vehicle maintenance costs hence increasing profitability multiple times. Overall the initial installation costs are always negated by superb cost savings through using a vehicle tracking system.

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Some of the impactful advantages of a Fleet Management System are:

Reduces Transportation Costs

The fleet managers at the transportation company can track and report real time data on fuel consumption, route efficiency, vehicle diagnostics, and even driver’s performance and driving habits. As the fleet managers can analyze and calculate cost effective transport routes the delivery time is reduced and moreover since the drivers are constantly under manager’s vigilance they drive more responsibly without taking unnecessary breaks. The initial investment may be expensive but on the longer run the fleet management system saves a lot of transportation costs by analyzing and reporting real time transportation data.

Fleet Vehicle Maintenance

The fleet tracking system also keeps a track of the physical conditions of the fleet vehicles. The fleet maintenance system helps in scheduling maintenance services and jobs for each vehicle and prevents wear and tear of the vehicle. It takes care of Fleet registration, usage, fuel consumption, mileage and performance. Has the flexibility with booking engine to book trips and reschedule the trips if demand arises. The preventive maintenance and breakdowns are scheduled as per the due dates and on emergency respectively. All permutation and combinations of assignments of fleets to the drives and Shifts are handled leading to optimum utilization of Fleets Performance.

Reduces environment pollution

The green environment laws have made it mandatory for the companies to check on their emissions and carbon footprint. The fleet management system helps in controlling the fuel consumption and hence reducing the emissions from the exhaust pipes of the fleet vehicles. Shorter routes and smarter driving skills add to in controlling the environmental pollution. A proper vehicle tracking system provides specific features and functions to help in keeping the eco-system green.

In addition to the benefits mentioned above fleet management system also aides the transportation company in improving customer service, and hence increasing productivity and profitability. The fleet management software enhances driver safety with optimum resource protection and utilization. Reducing unnecessary transportation costs significantly the Fleet Management System helps to keep track of unexpected repairs, problems, and accurately determine the cost effectiveness of the transportation fleet.

Fleetronix is a professional

fleet management system

provider and delivers precise GPS tracking solutions. We help transportation companies keep a track of and maintain their transportation fleet smoothly.

Article Source:

ArticleRich.com

UK company “seriously considering” GPS tracking devices in school uniforms

Posted on 29th April 2015 by in Uncategorized

Saturday, August 25, 2007 

The leading supplier of school uniforms in the United Kingdom, Lancashire-based manufacturer Trutex, has announced it is “seriously considering” including GPS tracking devices in future ranges of its uniform products after conducting an online survey of both parents and children.

“As a direct result of the survey, we are now seriously considering incorporating a [tracking] device into future ranges” said Trutex marketing director Clare Rix.

The survey questioned 809 parents and 444 children aged nine to 16. It showed that 44% of parents were worried about the safety of pre-teen children, and 59% wanted tracking devices installed in school apparel. 39% of children aged nine to 12 were prepared to wear clothing with tracking devices in them, while teenagers were notably less enthusiastic and more wary of what Trutex has admitted they see as a “big brother” concept.

However, Trutex has claimed the tracking devices would bring about worthwhile benefits, including being a valuable resource for parents who wanted to keep a close eye on where their children were at all times.

“As well as being a safety net for parents, there could be real benefits for schools who could keep a closer track on the whereabouts of their pupils, potentially reducing truancy levels” says Rix.

Each year, Trutex supplies 1 million blouses, 1.1 million shirts, 250,000 pairs of trousers, 20,000 blazers, 60,000 skirts and 110,000 pieces of knitwear to the UK.

It is not the first company to manufacture school uniforms with a central focus on child safety; last week Essex firm BladeRunner revealed it was selling stab-proof school blazers to parents concerned about violence against their children. The blazers were outfitted with Kevlar, a synthetic fibre used in body armour. It has already received orders internationally, including Australia.

If the Trutex tracking devices go ahead, it is unclear where in the uniform they will be located.

Ford’s US auto sales spike, surpassing GM

Posted on 29th April 2015 by in Uncategorized

Wednesday, March 3, 2010 

Ford Motor Company said on Tuesday that its sales in the United States rose 43% in February compared to the same period last year, as the automaker outsold rivals Toyota and General Motors.

Ford said that total sales improved to 142,285 units, compared to 141,951 units sold by GM. Additionally, Ford said that its share of the total US car market rose to 17%, up from 14% a year ago. The increase was better than analysts had predicted, and Ford’s stock rose to a five-year high in morning trading, before declining later in the day. Ford’s sales were significantly influenced by a 74% increase in fleet sales to businesses. Rental car agencies alone accounted for around 30,000 units sold. Sales to retail consumers increased only 28%.

The increases were led by sales of two sedans, the Fusion and Taurus, which rose 166.5 and 93.3% respectively, although sales of other models such as SUVs and pickup trucks also increased. Both models were significantly redesigned last year, and analysts said that improved quality from such cars were driving the increases.

Other companies also reported February sales today, nearly all reporting sales gains as well, although none as large as those of Ford. Toyota was the sole exception to the sales gains, as their sales declined 8.7%, as the company was faced with a global recall during the month that led to a temporary stoppage of production for some models.

“The strength of our new products … are resonating with customers,” said Ken Czubay, Ford’s vice president of sales and marketing. However, he believed that traditional Toyota customers were not buying rival autos, but rather awaiting the results from the recalls.