Job Losses
Nov 3rd 2008, 8:00 pm
#31
Joined: Jun 2006
Posts: 4,555
Re: Job Losses
http://business.smh.com.au/business/...1104-5hnu.html
All over for Allco.
These are the vultures that attempted the private equity takeover of QANTAS. Thankfully Maquarie Bank ruined its reputation and screwed up the takeover. Otherwise QANTAS will have been burdened with the debt used for the takeover and its aircraft sold and leased back.
This will generate a number of redundancies of very high earners.
One piece of commentary I read was that APRA feared a much larger scale similiar situation with Mac Bank hence they split with a massive share issue. That share issue may have left its investors with a 50% loss but also has probably left the group capitalised just enough to scrape through.
All over for Allco.
The move marks the first local casualty of the global credit crisis and spells bad news for companies like ABC Learning and Babcock & Brown that are also struggling under their debt burdens.
Allco, which had been weighed down by its debt of $666 million, appointed Tony McGrath and Joseph Hayes of McGrathNichol as administrators.
Allco, which had been weighed down by its debt of $666 million, appointed Tony McGrath and Joseph Hayes of McGrathNichol as administrators.
This will generate a number of redundancies of very high earners.
One piece of commentary I read was that APRA feared a much larger scale similiar situation with Mac Bank hence they split with a massive share issue. That share issue may have left its investors with a 50% loss but also has probably left the group capitalised just enough to scrape through.
Nov 4th 2008, 9:46 pm
#32
Joined: Jun 2006
Posts: 4,555
Re: Job Losses
http://news.brisbanetimes.com.au/nat...1105-5if9.html
Some rural areas are finding it much tougher and I doubt the banks are making it easier for the farmers.
If the trend continued, they warned, Victoria's agriculture exports would decline and the state could struggle to feed the population.
Dairy farmers Jenny and Wilf Reuther are among those leading the exodus. They made the hard decision to quit their 69-hectare farm at Tongala, near Kyabram, in August after 32 years
Dairy farmers Jenny and Wilf Reuther are among those leading the exodus. They made the hard decision to quit their 69-hectare farm at Tongala, near Kyabram, in August after 32 years
Nov 4th 2008, 9:48 pm
#33
Anything,Anytime,Anywhere
Joined: Jan 2004
Location: The Magic Roundabout
Posts: 8,141
Re: Job Losses
Nov 5th 2008, 8:26 am
#34
Joined: Jun 2006
Posts: 4,555
Re: Job Losses
http://www.abc.net.au/news/stories/2...ction=business
The Retailers Association says the economic downturn is hitting Victoria's small retailers harder than any other state.
It says the state's retail sector has suffered the biggest fall in full time job numbers in the country.
It says the state's retail sector has suffered the biggest fall in full time job numbers in the country.
Nov 5th 2008, 8:47 am
#35
BE Enthusiast
Joined: Sep 2004
Location: London - but only until I can afford to move back to Sydney
Posts: 938
Re: Job Losses
Well I wouldnt worry too much about the little people loosing their jobs because I bet most of them don't have 5 or 6 investment properties negatively geared. I would be more concerned about the forthcomming job losses in the banks such as St George when the merge with Westpac and the losses in the pipeline at the bank I work for. When that happens I am expecting to see a lot of investment properties going on the market at bargain prices for a quick sale.
Nov 5th 2008, 9:15 am
#36
Guest
Posts: n/a
Re: Job Losses
Maybe Westpac can be penalised if they have been found to be lying about that ?
Nov 5th 2008, 11:29 am
#37
Joined: Jun 2006
Posts: 4,555
Re: Job Losses
"Westpac has stated that, if the merger proceeds, each brand will continue to operate separately as they do currently. St.George's unique identity and approach to operating the business would be preserved."
Maybe Westpac can be penalised if they have been found to be lying about that ?
Maybe Westpac can be penalised if they have been found to be lying about that ?
There will be an integration project that will look for duplication of function at the head offices. Westpac IT is outsourced and St George insourced. Westpac have a major upgrade project and will probably use it to jettison one of the systems.
I predict they will jettison Novell at St George which is one of their biggest customers downunder. Novell have people dedicated to supporting St George who may lose their positions. In the short term it creates a consulting firms dream. I suspect Bangalore will do very well out of the deal.
Nov 5th 2008, 11:41 am
#38
Joined: Jun 2006
Posts: 4,555
Re: Job Losses
http://business.smh.com.au/business/...1106-5iy7.html
It will be interesting to know where those jobs are.
The labour force gained 34,300 jobs, seasonally adjusted, compared with a gain of 2,200 positions in September, data from the Australian Bureau of Statistics shows. Economists had predicted job losses of 10,000.
The unemployment rate was unchaged at 4.3%, staying near three decade lows.
The unemployment rate was unchaged at 4.3%, staying near three decade lows.
Nov 5th 2008, 11:51 am
#39
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,468
Re: Job Losses
"Westpac has stated that, if the merger proceeds, each brand will continue to operate separately as they do currently. St.George's unique identity and approach to operating the business would be preserved."
Maybe Westpac can be penalised if they have been found to be lying about that ?
Maybe Westpac can be penalised if they have been found to be lying about that ?
Nov 5th 2008, 11:52 am
#40
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,468
Re: Job Losses
http://business.smh.com.au/business/...1104-5hnu.html
All over for Allco.
All over for Allco.
Nov 5th 2008, 11:59 am
#41
BE Forum Addict
Joined: Aug 2006
Location: WA but NOT Perth!!!!!
Posts: 3,318
Re: Job Losses
In response to someone else's question yes, I do think we're talking ourselves into it, mainly fueled by the media and it's doom and gloom loving outlook on life.
Nov 5th 2008, 12:27 pm
#42
Joined: Jun 2006
Posts: 4,555
Re: Job Losses
http://business.smh.com.au/business/...1106-5iys.html
ABC Child Care gone bust.
ABC Child Care gone bust.
Banks line up
Only last week the Commonwealth Bank moved to protect its loans of at least $600 million with an unlimited charge over ABC's assets, which include more than 1200 centres in Australia and New Zealand.
The bank has already written down $100 million worth of ABC Learning notes it held.
Westpac, ANZ and the National Australia Bank are also owed more than $100 million each.
They have been supporting the company since it was plunged into crisis in February when it announced its half-year earnings had fallen 42% after hefty property developer payments were stripped out of its accounts on the orders of its new auditors.
Only last week the Commonwealth Bank moved to protect its loans of at least $600 million with an unlimited charge over ABC's assets, which include more than 1200 centres in Australia and New Zealand.
The bank has already written down $100 million worth of ABC Learning notes it held.
Westpac, ANZ and the National Australia Bank are also owed more than $100 million each.
They have been supporting the company since it was plunged into crisis in February when it announced its half-year earnings had fallen 42% after hefty property developer payments were stripped out of its accounts on the orders of its new auditors.
Nov 5th 2008, 12:54 pm
#43
BE Enthusiast
Joined: Sep 2004
Location: London - but only until I can afford to move back to Sydney
Posts: 938
Re: Job Losses
"Westpac has stated that, if the merger proceeds, each brand will continue to operate separately as they do currently. St.George's unique identity and approach to operating the business would be preserved."
Maybe Westpac can be penalised if they have been found to be lying about that ?
Maybe Westpac can be penalised if they have been found to be lying about that ?
Nov 5th 2008, 1:23 pm
#44
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Job Losses
http://business.smh.com.au/business/...1106-5iys.html
ABC Child Care gone bust.
ABC Child Care gone bust.
Nov 5th 2008, 1:33 pm
#45
BE Forum Addict
Joined: Oct 2005
Location: Perth
Posts: 3,453
Re: Job Losses
This is the most unquestioning media that I've ever come across. Vested interest groups are allowed to give opinions as facts with no cross-examination by news presenters (my view is that the news presenters don't actually understand enough of the issues to pose curly questions).
Even the ABC yesterday allowed the Real Estate institute to talk up the market again ("a good time to get into the market, blah, blah blah") with not one question to challenge his bias.
Until very recently, everything in Australia was rosy. It can't happen here. Houses are fine. China is great. Mining is great. Even when people on the ground were querying these statements. Wayne Swan began to look more and more ridiculous with his positive spin but the media lapped it up.
Last edited by NKSK version 2; Nov 5th 2008 at 1:37 pm. Reason: change
