National

Why banks once flocked to Canary Wharf’s high-tech superstructures, but are now starting to return to the City

Retrieved on: 
Wednesday, July 5, 2023

This could signal the reverse of the 1990s trend of banks moving out of the City in search of buildings more suited to modern banking.

Key Points: 
  • This could signal the reverse of the 1990s trend of banks moving out of the City in search of buildings more suited to modern banking.
  • The City’s “Square Mile” financial district is considered the historical centre of British banking.
  • But space and planning restrictions on building expansions made a move to Canary Wharf very appealing as banks navigated the new world of electronic trading, starting in the 1980s.
  • Barclays was the last major UK retail bank to leave the City’s Lombard Street for Canary Wharf in 2005.

Fighting to modernise

    • Victorian banks preferred large, grand, highly-decorated buildings in prime locations for their head offices.
    • However, by the 1960s, the Victorian style of Gibson Hall appeared old-fashioned, while the building itself had become ill-suited to modern banking methods.
    • By 1964, this figure had grown to 1,866, excluding non-clerical staff, according to information we found in the NatWest Group archives.
    • A preservation order placed on Gibson Hall in 1964 blocked National Provincial from demolishing its Victorian home to replace it with a modern tower block.

Out with the old

    • The preservation order placed on Gibson Hall gave a clear signal that such buildings should stand.
    • But City firms’ need to expand and update their office space took on a new urgency following financial deregulation, known as the “Big Bang”, in 1986.
    • As well as replacing face-to-face share dealing with electronic trading, the reforms allowed more banks to start trading, not just advise investors.
    • But it eventually gave UK banks what they had wanted for so long: a free hand to build huge skyscrapers.

What is NAIDOC week? How did it start and what does it celebrate?

Retrieved on: 
Wednesday, July 5, 2023

NAIDOC week is a big celebration for Indigenous people and a highlight on the Blak calendar - it is our Blak Christmas.

Key Points: 
  • NAIDOC week is a big celebration for Indigenous people and a highlight on the Blak calendar - it is our Blak Christmas.
  • While reconciliation week focuses on relations between Indigenous and non-Indigenous people, NAIDOC week is purely to celebrate our culture and achievements.

A brief history of NAIDOC

    • Held in the first week of July, NAIDOC has a long history of activism and celebration.
    • Over the years the event shifted to become one of celebrating Aboriginal and Torres Strait Islander people, culture, and history, our survival and our resistance.

This year’s theme: ‘For our Elders’


    This year’s NAIDOC theme is “For our Elders”. Our Elders are the trailblazers who fought tirelessly for all we currently have, and they continue to fight for the rights and freedoms of our people. Sadly, we lose too many Elders at relatively young ages. Recently we have lost Uncle Jack Charles, Uncle Archie Roach and Yunupingu, among many others. In our communities, loss of our Elders too early is heartbreakingly commonplace.

NAIDOC awards

    • An event that is very popular is the National NAIDOC awards which acknowledge the contributions of Aboriginal and Torres Strait Islander peoples to our communities.
    • The “male” and “female” categories unfortunately miss a valuable opportunity to celebrate our leaders who are beyond the gender binary.

The NAIDOC ball

    • The annual NAIDOC balls held across most states and territories are also a highlight of the week.
    • It’s also important to consider the accessibility of the key NAIDOC events, such as the awards and balls.
    • Given NAIDOC is a national celebration, more funding is needed from government and local councils to fund mob to host celebrations.

What does NAIDOC week mean for non-Indigenous people?

    • Unfortunately NAIDOC week often leads to unpaid labour for many Indigenous people in workplaces, as they are expected to organise NAIDOC events and celebrations.
    • During NAIDOC week, non-Indigenous people can show their support by not putting extra pressure on Indigenous staff and being involved in the organising of NAIDOC events.
    • Employers could also include a day off for Aboriginal and Torres Strait Islander staff so they can participate in cultural celebrations.

ESMA publishes second overview of national rules governing fund marketing

Retrieved on: 
Tuesday, July 4, 2023

ESMA publishes second overview of national rules governing fund marketing

Key Points: 
  • ESMA publishes second overview of national rules governing fund marketing
    The European Securities and Markets Authority (ESMA), the EU securities markets regulator and supervisor, has submitted to the European Parliament, the Council and the European Commission its second report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds.
  • The key findings are the following:
    - The transposition of the Directive on cross-border distribution of funds and the entry into force of the ESMA Guidelines on funds’ marketing communications helped reach a greater level of harmonisation in areas where national divergences existed (identified in the first ESMA Report submitted in 2021).
  • In this report, ESMA provides an overview of the marketing requirements across Member States, and analyses the effects of national laws, regulations and administrative provisions governing the marketing communications for investment funds.
  • The report is based on responses provided by National Competent Authorities (NCAs) to two questionnaires prepared by ESMA.

Four priorities for Nigeria’s newly elected national assembly

Retrieved on: 
Monday, July 3, 2023

The 109 senators and 360 representatives were elected on 25 February 2023.

Key Points: 
  • The 109 senators and 360 representatives were elected on 25 February 2023.
  • Godswill Akpabio was elected Senate president and Tajudeen Abass House of Representatives speaker.
  • In Nigeria, the power of the National Assembly’s two houses to legislate is enshrined in section 4 of the 1999 constitution.

Issues deserving attention

    • I think the National Assembly should focus on the following issues for the next four years: the economy; power supply; infrastructure; and security.
    • The recent removal of the fuel subsidy will make it harder for people to make a living and survive.
    • Thus, a legislative agenda to redeem the national economy is imperative..

      Read more:
      Nigeria's economy: four priorities president-elect Bola Tinubu must deliver on

      .

    • Power supply Second, meaningful economic policies and programmes require a regular power supply.
    • Since 1999, an estimated N11 trillion (about US$14 billion) has reportedly been committed by successive governments to electricity supply.
    • On top of this, a 40% electricity tariff hike is due to take off on 1 July.

The way forward

    • Since the Fourth Republic began on 29 May 1999, Nigerians have been waiting in vain for the assembly to fulfil this role.
    • Under President Olusegun Obasanjo’s government from 1999 to 2007, the National Assembly was unable to assert its relevance.
    • When other institutions of the government fail in their responsibilities, the legislature cannot afford to fail its principal, the people.

Zondo at Your Fingertips: new book offers an accessible and condensed version of South Africa's ambitious corruption inquiry

Retrieved on: 
Sunday, July 2, 2023

No one except academics will read the commission’s 4,750 page report, but many will read Holden’s book, Zondo at your Fingertips.

Key Points: 
  • No one except academics will read the commission’s 4,750 page report, but many will read Holden’s book, Zondo at your Fingertips.
  • Holden is a former director of investigations at Corruption Watch, the South African corruption watchdog.
  • He has worked with the investigative organisations Shadow World and Open Secrets for many years.
  • Holden has written a good and solid book, selecting and explaining the significant Zondo findings.

How the story is told

    • The commission’s 19-volume report totals 4,750 pages.
    • It heard 300 witnesses over 400 days of hearings, spread over four and a half years between 2018 and 2021.
    • How South Africa stacks up

      The book is well structured in 10 parts.

Commissions of inquiry

    • The most ambitious commission of inquiry set up in South Africa was the Truth and Reconciliation Commission.
    • The great majority of the recommendations of commissions of inquiry, such as the Farlam Commission into the massacre of striking miners and other killings at Marikana, North West province in 2012, remain unimplemented and ignored by the government.
    • Sceptics argue that commissions of inquiry merely provide governments with a pretext to stall any remedial actions for years, until the politics of the front page has moved onto other issues.

Recommendations

    • Holden notes that the Zondo Commission made a number of recommendations.
    • Key among these are to professionalise all appointments to the boards of state-owned enterprises, and prevent cabinet ministers from appointing political cronies and other unqualified or compromised persons.

The new National Anti-Corruption Commission faces high expectations – and a potential mountain of work

Retrieved on: 
Saturday, July 1, 2023

Australia’s new National Anti-Corruption Commission is due to begin its operations today. Already there is much talk about who and what it should investigate. So what kinds of cases can – and will – the NACC pursue? And how will its performance be judged? The answers will be crucial not only to its own reputation, but overall public confidence in our newly strengthened public integrity system.Leadership is one key to successBut as an agency which still clearly has strong powers and substantial resources, its credibility now rests primarily on the good judgement of its leadership and how it performs.

Key Points: 


Australia’s new National Anti-Corruption Commission is due to begin its operations today. Already there is much talk about who and what it should investigate. So what kinds of cases can – and will – the NACC pursue? And how will its performance be judged? The answers will be crucial not only to its own reputation, but overall public confidence in our newly strengthened public integrity system.

Leadership is one key to success

    • But as an agency which still clearly has strong powers and substantial resources, its credibility now rests primarily on the good judgement of its leadership and how it performs.
    • The first signs are good, with widely respected appointments by the government.
    • tide in the affairs of the nation, which might significantly change for the better the governance of our Commonwealth.

A clear first case for NACC to handle?

    • A clear example of the type of case the NACC should take on is the alleged abuse of public office by retiring Coalition frontbencher Stuart Robert.
    • Vitally, there is now an independent federal agency able to investigate and say clearly if there has been wrongdoing, or not.

Who can bring a case to the agency?

    • In fact, any member of the public can ask the NACC to investigate based on their concerns about what has been reported.
    • In the Robert case, Services Australia is already investigating alleged internal conflicts of interest affecting contracts won by the same consulting firm at the centre of the allegations against Robert.
    • Crucially, there’s another way the NACC can decide which case to take on.
    • If its own risk assessments, intelligence or the public debate identify cases of concern, it need not wait for anyone’s “referral”.

Could PwC be investigated?

    • There have been prominent calls for the NACC to investigate the PwC scandal.
    • Here, confidential government information about planned tax avoidance laws was used by the consulting firm to help its clients avoid the crackdown.
    • Or the Australian National Audit Office’s most recent scathing report on the government’s even larger health and hospital funding program.

Why other reforms still matter

    • For example, it is hard to imagine a more serious lapse of public integrity than the Robodebt scandal.
    • However, this is not the type of case the NACC is ever likely to investigate, because no personal corruption was involved.
    • To prevent such massive failures of fairness, transparency and legality, we need other reforms, such as a far more robust Commonwealth ombudsman.

Expectations are very high


    Of course, there’s even more which will influence the NACC’s effectiveness, including:
    The NACC will need to be politically visible, yet totally independent. It must be scrupulously meticulous, but also clear-minded, values-driven and brave. All this is possible. But after years of growing expectations, the NACC certainly has no small task.

US agencies buy vast quantities of personal information on the open market – a legal scholar explains why and what it means for privacy in the age of AI

Retrieved on: 
Thursday, June 29, 2023

The revelation was published in a partially declassified, internal Office of the Director of National Intelligence report released on June 9, 2023.

Key Points: 
  • The revelation was published in a partially declassified, internal Office of the Director of National Intelligence report released on June 9, 2023.
  • The report shows the breathtaking scale and invasive nature of the consumer data market and how that market directly enables wholesale surveillance of people.
  • As a privacy, electronic surveillance and technology law attorney, researcher and law professor, I have spent years researching, writing and advising about the legal issues the report highlights.

What is commercially available information?

    • The drafters of the report take the position that commercially available information is a subset of publicly available information.
    • Publicly available information is information that is already in the public domain.
    • Commercially available information is different.
    • The sources and types of data for commercially available information are mind-bogglingly vast.

Better, cheaper and unrestricted

    • The information is a cost-effective way to surveil virtually everyone, plus it provides far more sophisticated data than traditional electronic surveillance tools or methods like wiretapping and location tracking.
    • Complying with these laws takes time and money, plus electronic surveillance law restricts what, when and how data can be collected.
    • Commercially available information is cheaper to obtain, provides far richer data and analysis, and is subject to little oversight or restriction compared to when the same data is collected directly by the government.

The threats

    • The Office of the Director of National Intelligence report warns that the increasing volume and widespread availability of commercially available information poses “significant threats to privacy and civil liberties.” It increases the power of the government to surveil its citizens outside the bounds of law, and it opens the door to the government using that data in potentially unlawful ways.
    • This could include using location data obtained via commercially available information rather than a warrant to investigate and prosecute someone for abortion.

Is it legal?

    • There is no legal prohibition on the government collecting information already disclosed to the public or otherwise publicly available.
    • Despite decades of increasingly sophisticated and invasive commercial data aggregation, Congress has not passed a federal data privacy law.
    • The lack of federal regulation around data creates a loophole for government agencies to evade electronic surveillance law.

Throttling the data pipeline

    • Yet smartphones, connected cars, web tracking technologies, the Internet of Things, and other innovations have had this effect without government participation.” However, it isn’t entirely correct to say “without government participation.” The legislative branch could have prevented this situation by enacting data privacy laws, more tightly regulating commercial data practices, and providing oversight in AI development.
    • Effective data privacy laws would keep your personal information safer from government agencies and corporations, and responsible AI regulation would block them from manipulating you.

Grattan on Friday: ICAC shows it has the power to break public figures, but doesn't escape criticism itself

Retrieved on: 
Thursday, June 29, 2023

Morrison wanted Berejiklian as candidate because she was a vote magnet; he dismissed ICAC as a kangaroo court.

Key Points: 
  • Morrison wanted Berejiklian as candidate because she was a vote magnet; he dismissed ICAC as a kangaroo court.
  • For many female voters, Berejiklian was the poster face for how high women could fly in politics.
  • The phone taps of their conversations, in which Berejiklian turned a deliberately deaf ear to Maguire’s dodgy dealings, were devastating.
  • It was, however, not until a year later that Berejiklian resigned, after ICAC turned its blowtorch directly on to her.
  • Under the NACC’s act, a public official engages in corrupt conduct if they breach public trust, abuse their office, or misuse official information.
  • While the NACC has strong public support, the experience of ICAC indicates any anti-corruption body will inevitably, over the years, find itself at the centre of intense controversies.
  • With the power to break public figures, the stakes in some investigations will be very high.

'Grave misconduct': Gladys Berejiklian corruption report should put all public officials on notice

Retrieved on: 
Thursday, June 29, 2023

When an anti-corruption agency issues a 688-page report with findings a former premier engaged in “serious corrupt conduct” and breached the public’s trust, it puts all public officials on notice.

Key Points: 
  • When an anti-corruption agency issues a 688-page report with findings a former premier engaged in “serious corrupt conduct” and breached the public’s trust, it puts all public officials on notice.
  • Read more:
    Stadiums, bushfires and a pandemic: how will Gladys Berejiklian be remembered as premier?

Is Australia a corrupt country?

    • Compared with most of the world, Australia is not a highly corrupt country.
    • The ICAC report on Berejiklian’s conduct will further diminish Australia’s standing, but does it mean we necessarily have more corruption?
    • Read more:
      After a decade of decline, Australia is back on the rise in a global anti-corruption ranking

Criticism of anti-corruption bodies

    • When the allegations against Berejiklian first came to light, then-Prime Minister Scott Morrison disparaged the idea of an anti-corruption body, likening it to a “kangaroo court”.
    • He also accused the ICAC in NSW of making “shameful attacks” on Berejiklian and tarnishing the reputation of public figures.
    • However, the whole point of anti-corruption agencies is they ensure the integrity of our public system is not compromised.

This is no longer politics as usual

    • This catalogue of alleged activities stains our public sector (though PwC did not involve public officials) and must be investigated.
    • They raise questions not just of behaviour, but go to the root of what is the public interest.
    • In the case of the former NSW premier, it seems a personal relationship ended up compromising her judgement.
    • Read more:
      Grattan on Friday: the PwC scandal should be ripe for the National Anti-Corruption Commission's attention

Highlights - Children at the heart of Europe: Two years of the European Child Guarantee - Committee on Employment and Social Affairs

Retrieved on: 
Wednesday, June 28, 2023

Children at the heart of Europe: Two years of the European Child Guarantee

Key Points: 
  • Children at the heart of Europe: Two years of the European Child Guarantee
    27-06-2023 - 16:55
    In commemoration of the two-year milestone of the European Child Guarantee, the EMPL Committee, supported by its Working Group on the Child Guarantee, is arranging an Interparliamentary Committee Meeting on June 28th.
  • This significant event will bring together European and National parliamentarians, national coordinators of the Child Guarantee, representatives of children as well as representatives from the Commission.
  • The objective of the meeting is to examine the National Action Plans implemented by the 27 Member States, emphasizing not only on the experiences and knowledge gained thus far, but also on tangible suggestions to reduce child poverty and social exclusion throughout the European Union.