|
Issue No. 134 | 03 May 2002 |
The Hijacking of May Day
Interview: Youth Group History: Back To The Future Industrial: On the Street Unions: The New Deal Legal: The Police State Road Women: What Women Want Politics: Street Party International: The Costs of War Review: Songs of Solidarity Satire: Bono Satisfies World Hunger for Preachy Rockstars Poetry: Woomera
Yarra Seamen Take Border Stand Kinkos Copies Anti-Union Script Nike Told to Shoosh on Sweatshops Rapper Wins Wobbly Anthem Prize Unions Target Labour Hire Bidding War Rally Targets Tight-Arse Costello Councils To Be Audited On Language Allowance Scope For Payback In Privacy Limitations Heavyweight Push For Medibank Private To Stay Public East Timor MPs Question Timor Gap Plan Artists' Union Bans Voice For Peace
The Soapbox The Locker Room Bosswatch Week in Review Tool Shed
M1 Open Letter Julian Online May Day Debacle Mothers Day Musings Greetings From Canada
Labor Council of NSW |
Bosswatch Show Me The Money!
TabCorp Chief Hits Jackpot The gambling industry has created mind-boggling wealth to the outgoing managing director of Victoria's Tabcorp. The SMH reports that TabCorps announcement this week to buy back it's own shares pushed the value of shares up and up past $12. The decision couldn't have been better timed for outgoing managing director Ross Wilson who has 3 million options exerciseable at $10.18. . Wilson is now $4.89 million in the money on those options and faces the prospect of a buyback supporting the Tabcorp share price. And that's not including his shares. Wilson is up $36 million on his 3.74 million ordinary shares, even once he's paid back the interest-free loan of $8 million he got to buy them. With $41 million-odd in the pocket he should have a fair-to-middling retirement when he departs in August. Crime Does Pay? The big banks may cop grief for closing branches and cutting services but investors who have backed the banks over the long term are sitting on truly outstanding gains. The Commonwealth Bank hit $5.86 in October 1992, and is now 5.6 times higher, at $32.87. Westpac was pushed down to an almost surreal $2.74 in the same month of 1992 and is now six times higher, at $16.51. National Australia Bank shares were as low as $5.09 at the end of 1990, and closed Friday at $35.50, seven times higher. Shares in the ANZ are also seven times higher than their $2.78 low in October 1992. To put it another way, in about a decade shares in the Commonwealth, Westpac, NAB and ANZ have doubled, doubled again, and then risen by 40 per cent, 51 per cent, 74 per cent and 75 per cent respectively. And that is capital gain only: the banks have also been producing solid dividend streams for their investors. Big Mac Index Shows Aussie Lags The Economist magazine has just released its latest Big Mac index showing the Australian dollar was the worst performer among the world's "rich" countries. The light-hearted index compares the cost of a Big Mac in 120 countries. It is used to calculate whether a nation's currency is at its "correct" level. The Australian dollar's value was found to be 35 per cent undervalued against the US dollar. In the US Big Macs cost $US2.49. In Australia they cost $3. The Canadian, Japanese and New Zealand currencies also did not fare well, but performed better than the Australian dollar. We reckon there's scope for a similar index based on the wages Maccas workers earn - watch this space for more. Lights Go Out At Bulb Factory The last light bulb made in Australia has rolled off the production line at a factory in Newcastle. The Electric Light Manufacturers Australia (ELMA) plant last week closed after 70 years of operation, because it is unable to compete with cheap imports. ELMA announced the closure in February and plant manager Mike Gill says since that time, the company has been busy trying to find other jobs for its 220 employees. Long-time employee Danny Grigg says the closure should send a message to people to support Australian-made products. "Australians are going that way that they're closing down all over the place and it's a shame that it's had to end this way, but everything's moving offshore," he told ABC. Patrick Purchases Ansett Terminal Suspicions that Chris Corrigan is planning world domination - or at least an integrated transport network - were confirmed with news that has Patrick Corp made its first purchase from the collapsed Ansett group. Corrigan this week picked up the failed airline's international cargo division. Ansett's administrators say the 86 workers employed in the Ansett International Cargo Holding operation will be offered jobs with Patrick Corp. The deal will strengthen Patrick Corp's cargo stronghold, linking its national road, train and dock movements with the lucrative air cargo industry. Media Mega-Merger Bombs The much hyped AOL-Time Warner has burned $US54.2 billion in the first quarter of the year, the biggest quarterly loss in US corporate history. The loss was reflected by new accounting rules and a slide in the value of the merger of AOL and Time Warner, a corporate marriage that created one of the world's largest media conglomerates. The huge loss, equal to the gross national products of countries like Uruguay or Bulgaria, was expected but reflects a stunning reversal for the media giant. Losses for the quarter were $12.25 per basic share. NRMA Smashes Dissident And finally, spare a thought for a little guy chasing the big guys. Long-standing NRMA member Bill Snodgrass organised a resolution to require directors elected from 1999 to disclose details of their election funding - a resolution supported by 69.9 per cent of the members at the AGM last year. But first NRMA took him to court. Snodgrass represented himself, but the judge hearing the case suggested he get legal representation. Snodgrass then won his argument that he be permitted to put the resolution to the meeting. NRMA appealed - and lost the appeal. Snodgrass's appeal costs came to just above $40,000. NRMA's reported costs were more than $200,000, according to BRW. NRMA was ordered to pay Snodgrass's costs. Six months after the action, Snodgrass - who won not once but twice in court - is still owed his costs. His lawyers offered to settle for $39,737, he says, but NRMA refused, insisting that his costs be assessed by the court.
|
Search All Issues | Latest Issue | Previous Issues | Print Latest Issue |
© 1999-2002 Workers Online |
|