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More than 55,000 homes in Sydney and the Central Coast remain without power after thunderstorms have savaged the NSW coast.
Torrential rain, damaging wind and hailstones the size of golf balls lashed Sydney and
the Hunter region on Saturday afternoon bringing down trees and
taking out hundreds of power lines.
Fears of tropical 'zombie' cyclone Owen re-forming off
the Queensland coast are still a concern after wild winds and up to 200mm of torrential rain swept across the state's far north.
Parts of Queensland's far north were drenched overnight, with Halifax north of Townsville recording 669mm
rainfall in the last 24 hours alone.
More than 55,000 properties in Sydney and the Central Coast remain without power after thunderstorms savaged the NSW coast
Torrential rain, damaging wind and hailstones the size of
golf balls lashed Sydney (pictured) on Saturday afternoon bringing down trees and taking out hundreds of power lines
The SES said they'd received more than 4,600 calls, mainly for fallen trees and roof damage
Weatherzone meteorologist Lachlan Maher told Daily Mail Australia it was possible storm-like conditions could return on Sunday afternoon
Although the cyclone had settled to a tropical low by late Saturday afternoon,
QFES Commissioner Katarina Carroll said heavy rainfall
and flash flooding could still follow and warned residents not to be complacent.
A 50 per cent chance was given for Owen spinning back
up into a cyclone in the Coral Sea off Townsville on Tuesday.
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Along the NSW coast Sydney's north was hardest hit with parts of the Parramatta and Campbelltown areas and
the southern part of the Central Coast also damaged.
The SES said they'd received more than 4,600 calls, mainly for fallen trees and roof damage.
QFES Commissioner Katarina Carroll said heavy rainfall and flash flooding could still follow and warned residents not to be complacent
The Bureau of Meteorology issued a severe thunderstorm warning for most of New
South Wales' east coast on Saturday afternoon after vicious wind gusts nearing 100km/h
slammed northern parts of the state
The Bureau of Meteorology issued a severe thunderstorm warning for most of New South Wales' east coast
on Saturday afternoon after vicious wind gusts
nearing 100km/h slammed northern parts of the state at around 2pm.
By 5pm three separate thunderstorms came together
to form a 'super-cell' storm around the greater Sydney
area and Wollongong.
Weatherzone meteorologist Lachlan Maher told Daily Mail Australia it was possible storm-like conditions could
return on Sunday afternoon.
'This is quite a slow moving system coming in from western parts of the state towards the coast, so there is a chance it could return tomorrow evening.'
Hail, lightning and heavy rain was brought to Sydney by the second thunderstorm in as many days
to hit the harbour city
Trees in Sydney's north west were brought down during the storm deluge, with Castle Hill, Carlingford and Pennant Hills among those
worst hit (fallen tree in West Pennant Hills pictured)
Hailstones as big as tennis balls rained down in a brief
but brutal half-hour storm over the weekend
Network operators Endeavour Energy and Ausgrid said more than 750 electrical hazards needed
to be repaired before supply could be restored to 56,000 homes.
'This was a devastating storm that caused extensive damage
to the electricity network,' Endeavour Energy spokesman Peter Payne said
on Sunday.
'Many of our customers in the worst affected areas would
not have seen damage like this for years.'
Ausgrid's Jonathan Hall said the repairs could
take a while.
'Unfortunately, it's taking time because that does involve in some places putting in new power poles and new power
lines and unfortunately that type of repair takes some time,'
he told ABC.
Network operators Endeavour Energy and Ausgrid said more than 750 electrical hazards needed to be repaired before supply could be restored to 56,
000 homes
Western Sydney Wanderers fans sing in the rain at the
Hyundai A-League Round 8 soccer match at ANZ Stadium in NSW, Australia on Saturday
Traffic lights are also blacked out in Northmead, West Pennant
Hills and Campbelltown.
Power may not be restored to some intersections
until Sunday afternoon, Transport for NSW said.
Trains across Sydney were back to normal service on Sunday morning after crews worked 'extremely
hard overnight to recover from the storm
damage,' a TfNSW spokeswoman said.
Sunday's weather is expected to remain overcast with a high chance of further
showers and a risk of an afternoon thunderstorm.
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Swiss vote to impose world's strictest rules on executive
pay after public outcry over fat cat bonuses
People in Switzerland have voted for strict controls on executive
pay
68 per cent backed plans to veto pay-outs to bosses
Move sparked by anger over the big bonuses blamed for
fuelling risky investments
It comes after the EU announced plan to cap bankers' bonuses at a year's pay
By JANINE YAQOOB
Published: 16:43 GMT, 3 March 2013 | Updated: 17:12 GMT, 3 March 2013
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Swiss citizens have voted to impose some of the world's strictest controls on executive pay.
Early returns in a referendum revealed 68 per cent backed
plans for shareholders to veto executive pay and for a ban on big rewards for new and departing
managers.
The clear majority came as a surprise given fierce opposition and
intense campaigning by business lobby group Economiesuisse,
which warned the proposals will damage the country's competitiveness and scare away international talent.
Support for the move was sparked by anger over
the big bonuses blamed for fuelling risky investments that nearly felled Swiss bank
UBS, as well as outrage over a proposed $78 million payment to outgoing Novartis chairman Daniel Vasella.
Claude Longchamp, of pollsters Gfs.Bern, said the public
outcry last month that forced Novartis to cancel Vasella's 'golden goodbye' helped drive the campaign.
The Swiss vote for stricter rules on execuitve pay
was sparked by outrage over a proposed $78 million payment to outgoing chairman of
drugs company Novartis Daniel Vasella (pictured)
'It emotionalised and it mobilised,' he said.
Thomas Minder, the businessman-turned-politician behind the
campaign, says his proposals are aimed at ending a culture of short-termism and rewards for managers of badly-run companies rather than just capping salaries.
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Despite threats from some executives, Switzerland is unlikely to see an exodus of big companies who have previously been drawn to the country by
low taxes, stable politics and business-friendly laws.
And companies will seek ways around the new rules to reward executives, just as banks
in Europe are looking to soften the impact of a cap on bonuses for
top staff agreed by European politicians on Thursday.
The Swiss vote comes as the European Union tries to push through a proposal
which will mean bankers bonuses will be capped at a year's pay and a perk of two years' salary could only be paid if
a majority of shareholders agreed to it.
Downing Street said Prime Minister David Cameron had ‘real concerns' about the plans and warned it must not be allowed to stifle Britain's role as a global banking
centre.
Chancellor George Osborne (left) is expected to argue against the European Union's
plans to cap bankers' bonuses at a year's pay.
Prime Minister David Cameron (right) said he had 'real concerns'
about the plans
The deal must be signed off by EU governments before coming into force next year but Chancellor George Osborne is expected to argue
against it at a meeting of European finance ministers next year.
Boris Johnson joined the chorus of British opposition,
branding the plans 'deluded' and 'self-defeating'.
The London Mayor warned it would simply play into the hands of the City of London's overseas.
Mr Osborne is expected to try to block the plans, claiming
it would prevent City firms hiring the best staff,
prompting an exodus of top talent to New York.
The deal must still be signed-off by EU governments before coming into force in 2014 but the
UK is struggling to convince other countries it is a bad idea.
If Britain loses its showdown with Brussels, it
would mean the most draconian clampdown on fat cats' perks
since the financial crisis of 2008.
Swiss companies accounted for five of the top 10 best-paid chairmen in Europe in 2011,
but only the heads of Novartis and Roche made it into the continent's
top 10 for chief executives.
While anger at multi-million dollar payouts for executives has spread around the globe
since the financial crisis, the Swiss system of direct democracy means populist proposals have
a greater chance of implementation.
Swiss citizens get to vote on a range of topics in up to
four national referendums each year.
A few other countries, including the United States and Germany,
have introduced advisory 'say on pay' votes in response to anger over inequality and
corporate excess.
Britain is also planning to give shareholders a binding vote on pay and 'exit payments' at least every three years.
The near collapse of flagship bank UBS in 2008 stoked anger
among Swiss who blamed its heavy losses on rewarding bankers to make risky bets
Thomas Minder's initiative in Switzerland forces binding votes
on compensation every year as well as on board composition and
would also ban bonus payments to managers if their companies are taken over.
The plan also includes possible jail sentences and fines for breaching the
new rules.
While Switzerland has fared relatively well
through the financial crisis, the near collapse of flagship bank UBS in 2008 stoked anger among Swiss who blamed its
heavy losses on rewarding bankers to make risky bets.
Last year, more than one third of UBS shareholders rejected the bank's plans for executive pay - including
a 4 million franc signing-on fee for new German chairman Axel Weber - after a sub-par 2011 profit
and a $2 billion rogue trading scandal.
The centre-left Social Democrats are already pushing for another referendum on even tougher curbs on executive pay - they want to limit the annual compensation of top managers to just 12 times that
of their lowest-paid worker.
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