|
||
|
|
|
 |
|
|
|
||
|
|
December 2002 | |
|
||
|
||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Interview: Trade Secrets Industrial: It�s About Overtime, Stupid Unions: Full Steam Ahead Bad Boss: The BBQ Battle Axe Economics: Different Dimensions of Debt History: Raking the Coals History Special: Wherever the Necessity Exists History Special: Learning from the Past History Special: A 'Cosy Relationship' Politics: Regime Change for Saddam International: World War Corporate: Industrious Thinking Review: Jack High Culture: Duffy�s Song Satire: A Nation of Sooks Poetry: Mr Flexibility
The Soapbox Awards The Locker Room Bosswatch Month In Review
Lessons from History
 Oh Bugger Me!State Based OrganisingGino on the Gong
|
|
|
Bosswatch Call Waiting
Telstra Cops a Kicking Prime Minister John Howard has announced he will delay the full privatisation of Telstra because of the company's low share price. As part of its Federal Budget update, the Howard Government has said it delay the sale of its 50.1 per cent stake in Telstra from the 2003/04 time-frame laid out in May's Federal Budget. The mid-year review has slashed $1.3 billion from Telstra's estimated price tag, pushing shares to a new five-year low of $4.38, compared with the $7.40 T2 investors paid in the last sell-off. Analysts have blamed internal problems for the telco's share price, with earnings downgraded because of problems with cost control and competition. (Various Sources) HIH Players Could Get Jail The HIH liquidator believes individuals could be jailed over Australia's biggest corporate collapse. KPMG's Tony McGrath says the Australian Securities and Investments Commission would pursue people it believed were responsible for HIH's failure For his part, Mr McGrath says HIH's directors, auditors and other advisers were on his list of who to consider suing to maximise returns to creditors. HIH's estimated losses remained within the range of $3.5 billion to $5.3 billion but the figure would be updated next year. Although he already holds about $1 billion in cash and securities after selling some of the insurer's property and assets, Mr McGrath does not expect to claw back anywhere near the full losses. (Source: SMH) Ex-Media Boss to Stand Trial THE former managing director of failed media company The Satellite Group Ltd, Greg Fisher, has been committed to stand trial. The Australian Securities and Investments Commission has brought the charges against Mr Fisher, alleging he improperly used his position as an officer of The Satellite Group (Ultimo) Pty Ltd, a subsidiary of Satellite Group Ltd, to gain a financial advantage for himself. Satellite Group, a gay and lesbian media company, was placed into voluntary administration in November 2000 with an estimated $10 to $15 million in liabilities. The company, once headed by Australian Medical Association president Kerryn Phelps, was subjected to vicious board infighting and the resignation of Dr Phelps from the chairman's job and crippling debt finally took its toll. ASIC alleges that, in September 1999, Mr Fisher entered into an agreement with a proposed purchaser of a unit in a property development undertaken by Satellite Ultimo whereby $250,000 of the purchase price would be offset against Mr Fisher's purchase of a Dynacraft 14-metre luxury motor yacht. (Source: SMH) Brambles Chiefs Called to Account Investors have suggested Brambles Industries should dump its top two executives, managing director Sir CK Chow and finance director David Turner, and called on the pair to return at least part of their lucrative salary packages in view of the company's shock profit downgrade. Major funds are believed to have raised the issue in meetings last week with Brambles chairman Don Argus after the once-sturdy blue chip company made its third profit warning in 12 months, this time due to problems with its CHEP pallet business in Europe. The company revealed that it would need to spend $238 million as part of a 2 year program to restructure the business.. Brambles shares have dropped 32 per cent to six-year lows since the downgrade on Thursday and have lost 58 per cent in the past 12 months. (Source: SMH) Union Critical Of MIM Takeover Bid The possible takeover of Queensland's MIM Holdings by Swiss company X-strata PLC has drawn criticism from the Construction Forestry Mining and Energy Union (CFMEU). CFMEU spokesman Tony Maher says members are gearing up for a battle with an X-strata subsidiary in the New South Wales' Hunter Valley, claiming the company is refusing to honour workplace agreements. He says that campaign could extend to MIM's Bowen Basin mines if the takeover bid succeeds. Meanwhile, Queensland Premier Peter Beattie has called on shareholders in MIM Holdings to keep the company Queensland-owned. But he says there is no role for the Government in the negotiations. (Source: SMH) Lime Firm Sold to Belgian Group A 124-year old Melbourne lime producer, founded by Dame Nellie Melba's father, has been sold to a Belgian conglomerate for an undisclosed sum. David Mitchell Limited (DML) was bought by Unimin Australia on Friday, delivering the nation's leading independent producer of limestone products into foreign hands. Unimin Australia is part of the Unimin group of companies based in the United States. It is majority controlled by S.C.R. Sibelco SA, a Belgian corporation with industrial minerals operations throughout Europe . (Source: The Age) Fat Suit Frivolous, Says McDonald's McDonald's should not be held responsible for youth obesity, a lawyer for the fast-food chain said as he urged a US federal judge to dismiss a lawsuit filed by overweight Big Mac eaters. The suit in a New York federal court seeks damages from McDonald's for allegedly causing children who eat it to become obese and develop diabetes, heart disease, high-blood pressure and other health conditions. McDonald's dismisses the claims as frivolous. The judge reserved his decision and did not indicate when he would issue a ruling. The suit was filed in August by the parents of two New York children who became obese and developed health problems after eating regularly at McDonald's. (Source: The Age) Subscribe to our weekly Bosswatch news updates: http://www.bosswatch.labor.net.au
|
| Search All Issues | Latest Issue | Previous Issues | Print Latest Issue |
|
© 1999-2002 Workers Online 
|
|
