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  • Economy – planetcirculate https://planetcirculate.com Wed, 20 Mar 2024 08:08:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 $2.2bn stolen as credit card fraud hits 1.8 million Australians https://planetcirculate.com/2-2bn-stolen-as-credit-card-fraud-hits-1-8-million-australians/ https://planetcirculate.com/2-2bn-stolen-as-credit-card-fraud-hits-1-8-million-australians/#respond Wed, 20 Mar 2024 08:08:46 +0000 https://planetcirculate.com/2-2bn-stolen-as-credit-card-fraud-hits-1-8-million-australians/

    A record 1.8 million Australians saw $2.2bn of their savings spent or withdrawn after their credit card details were stolen across the 2022-23 financial year. Released on Wednesday, the Australian Bureau of Statistics’ Personal Fraud Survey reported an increase in unauthorised credit card payments, up from 1.7 million in 2021-22, with the average amount withdrawn […]

    The post $2.2bn stolen as credit card fraud hits 1.8 million Australians appeared first on planetcirculate.

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    A record 1.8 million Australians saw $2.2bn of their savings spent or withdrawn after their credit card details were stolen across the 2022-23 financial year.

    Released on Wednesday, the Australian Bureau of Statistics’ Personal Fraud Survey reported an increase in unauthorised credit card payments, up from 1.7 million in 2021-22, with the average amount withdrawn or spent per incident valued at more than $1200.

    One in three had less than $100 withdrawn or spent, while one in six had more than $1000 taken from their account.

    Camera IconMuch of the savings lost to credit card fraud were recouped by victims. iStock Credit: istock

    Among those who fell victim to card fraud, 45 to 54 year olds were the most likely age cohort to be affected, while 15 to 24 year olds were least likely to be affected by attempts to steal credit card details.

    Nearly every individual subject to fraud reported it to their bank to assist with recuperating losses, bringing the net loss after reimbursements to just $476m.

    However, despite the uptick in fraudulent card payments, the number of consumers caught in scams fell compared with the 12 months prior to about half a million.

    “Buying or selling scams, which includes things like false billing and online shopping scams, were the most common, experienced by nearly 200,000 Australians,” the bureau’s head of crime and justice statistics William Milne said.

    The prevalence of identity theft remained unchanged, with 159,600 Australians having their own personal information used without their consent.

    QUESTION TIME
    Camera IconFinancial Services Minister said the latest data had demonstrated “positive signs” that its crackdown on scammers was worker. NCA NewsWire / Martin Ollman Credit: News Corp Australia

    Over the same period, about $560m was lost to reported scams, according to separate data released by the competition watchdog’s National Anti-Scam Centre.

    The centre is having some success in combating scams, with its latest report showing a sharp decline in incidents over the three months to December on a quarterly basis.

    Minister Stephen Jones said the government was working hard to intercept the “malicious criminals” running scam operation.

    “Scam losses are going down for the first time in years and almost halved in the last quarter of 2023,” Mr Jones said.

    “This is a direct result of the government’s investment to crack down on scammers and make it harder for them to target to Aussie consumers.

    “While there are promising signs that our plan is working, we all need to remain vigilant and urge Aussie consumers to keep up to date with advice from the ACCC to protect themselves.”



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    From noise-cancelling headphones and extra bags to acres of legroom and real china plates… as premium economy airline seats soar in popularity, which make flying a pleasure and which are a rip-off? https://planetcirculate.com/from-noise-cancelling-headphones-and-extra-bags-to-acres-of-legroom-and-real-china-plates-as-premium-economy-airline-seats-soar-in-popularity-which-make-flying-a-pleasure-and-which-are-a-rip-off/ https://planetcirculate.com/from-noise-cancelling-headphones-and-extra-bags-to-acres-of-legroom-and-real-china-plates-as-premium-economy-airline-seats-soar-in-popularity-which-make-flying-a-pleasure-and-which-are-a-rip-off/#respond Tue, 19 Mar 2024 15:42:54 +0000 https://planetcirculate.com/from-noise-cancelling-headphones-and-extra-bags-to-acres-of-legroom-and-real-china-plates-as-premium-economy-airline-seats-soar-in-popularity-which-make-flying-a-pleasure-and-which-are-a-rip-off/

    Are you sitting comfortably? Then you’re probably in premium economy rather than in the cheap seats at the back of the plane. Premium economy cabins with British Airways, Virgin Atlantic, Emirates and others promise smaller cabins, bigger seats, better food and extra legroom. Fly premium economy and you also get a larger luggage allowance plus […]

    The post From noise-cancelling headphones and extra bags to acres of legroom and real china plates… as premium economy airline seats soar in popularity, which make flying a pleasure and which are a rip-off? appeared first on planetcirculate.

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    Are you sitting comfortably? Then you’re probably in premium economy rather than in the cheap seats at the back of the plane.

    Premium economy cabins with British Airways, Virgin Atlantic, Emirates and others promise smaller cabins, bigger seats, better food and extra legroom.

    Fly premium economy and you also get a larger luggage allowance plus pre-flight perks like special check-in desks and early boarding.

    The added extras are popular. Airline insiders say premium economy seats are selling far faster than any others this summer, especially on key holiday routes to America, the Caribbean and Dubai.

    ‘Premium economy is such a well-received cabin,’ says Justin Penny, head of aviation at travel agents Flight Centre.

    ‘Many budget travellers who go in economy feel they are not getting value for money as they just want cheaper fares. Then there are those in business and first class who may feel they are not getting value either as they are paying a lot.’ 

    However, premium cabins tend to get the thumbs up.

    ‘The price is obviously very important,’ Penny says. ‘And that depends on availability. You’ve also got to look beyond the hard product [the seat dimensions], as these are generally pretty comparable.’

    Quality of food and drink, entertainment, provision of amenity kits and friendliness of service are what add up to create an ‘X factor’ beyond mere price/seat size, he says. 

    The rule of thumb for getting the best deal is to book close to your departure date when fares are typically 10-35 per cent more than economy – on average they tend to be 85 per cent pricier. 

    Premium economy cabins have been around since the early 1990s when the Taiwanese airline EVA Air first introduced them (in 1991), swiftly followed by other carriers.

    Here, we check out – and rate – some of the main players.

    Virgin Atlantic: Bells and Whistles 

    It's lively and feels special, even if seats are not much bigger

    It’s lively and feels special, even if seats are not much bigger

    It’s all about the ‘little touches’ in its premium economy cabins, according to Virgin Atlantic which comes across in extras such as china crockery on food services with menus offering dishes such as chicken and leek pies and barbecue pulled pork.

    You are offered a glass of bubbly on boarding (rather than after take-off usually on BA). Snacks are available at all times at a ‘Wander Wall’ containing protein bars, chocolate, pretzels and crisps at the pantry. 

    An amenity kit with a toothbrush, toothpaste, eye-mask and earplugs is also included, and you get both priority boarding and priority baggage delivery at the carousel. 

    On top of this, there’s a dedicated check-in to avoid economy class queues.

    IS IT WORTH IT? Yes: it’s lively and feels special, even if seats are not much bigger.

    The seat size is similar to economy. Questionable whether it's worth it

    The seat size is similar to economy. Questionable whether it’s worth it

    Sit back and relax with a glass of bubbly after take-off in BA’s version of premium economy – called World Traveller Plus. Alcohol and two meals served on china crockery are included as well as slightly wider seats – usually about one inch wider – with a reasonable amount of extra legroom of around seven inches.

    Other extras include noise-cancelling headphones, a personal entertainment system and a ‘stylish amenity kit made from recycled bottles’ with lip balm, an eye-mask, toothbrush and toothpaste. 

    You also get a plug-in socket, priority boarding, and double the usual baggage allowance (two 23kg bags).

    On the World Traveller Plus page of ba.com it’s a little confusing as to whether airport lounge entry is included in its premium economy fares … watch out as it’s not – clicking through you find you have to pay extra for a pass.

    IS IT WORTH IT? Questionable…the seat size is similar to economy and add-ons lack pizzazz.

    Emirates: Pick of the bunch 

    Seats have headrests that can be adjusted six ways, and there's a cushioned leg-rest that rises to support your calves

    Seats have headrests that can be adjusted six ways, and there’s a cushioned leg-rest that rises to support your calves

    Relax in cream leather seats with a generous 40 inches of legroom in the premium economy cabin on Emirates, which comes with cosy mahogany-style wall panels. Seats have headrests that can be adjusted six ways, and there’s a cushioned leg-rest that rises to support your calves.

    Amenity kits are made of recycled materials with a dental kit, eye-mask and bookmark.

    Meals have a plush feel: food is served on Royal Doulton china with linen tray cloths and napkins, with dishes such as Thai pepper beef with jasmine rice and pak choi, or salads comprising grilled peppers, artichokes, pine nuts, asparagus and parmesan. 

    IS IT WORTH IT? Absolutely: Emirates was slow to the races offering premium economy, but now it’s the leader of the pack, even if the price can be a bit high.

    Singapore Airlines is known for its better-than average food

    Singapore Airlines is known for its better-than average food

    Choose your main meal in the 24 hours before your flight using the ‘Book the Cook’ feature on Singapore Airlines, which is known for its better-than-average food.

    Premium economy customers – as with those in business and first class (but not in economy) – can select from the likes of stir-fried pork with jasmine rice and choy sum or stir-fried ‘kung pao’ chicken with cashew nuts, Asian vegetables and noodles. Champagne is available, not just sparkling wine.

    Premium economy cabins have slick grey leather interiors, and seats with both foot and calf rests. There are two USB points for each seat as well as handy reading lights. 

    Noise-cancelling earphones are provided, but not amenity kits – though you can request toothbrushes, eye-masks and earplugs. Premium economy passengers get priority boarding.

    IS IT WORTH IT? Could be better: Fares leap up for premium economy and you might expect a little more for your money – although service is great.

    Qantas: Decent extras 

    Cabin interiors have a subdued, tasteful look in shades of grey

    Cabin interiors have a subdued, tasteful look in shades of grey

    Seats are spacious in premium economy with 40 inches of seat pitch comparing favourably with other airlines – and especially important on long flights to Australia. Its newest cabins come with clever adjustable ‘winged privacy headrests’, which curve round, effectively blocking out your neighbours.

    Cabin interiors have a subdued, tasteful look in shades of grey. Each seat has two USB charging points and a Bluetooth audio connection to the entertainment touchscreen. Noise-cancelling headphones and amenity kits with eye-masks, toothbrushes and toothpaste are provided.

    Food is served on china crockery by Australian designer David Caon. Expect the likes of black pepper beef with oyster mushrooms and rice, served with Australian sparkling wine.

    A drink is offered before take-off and there’s a self-service snack bar with protein bars, fruit, chocolate and crisps.

    IS IT WORTH IT? Yes, especially when going such a distance: The mark-up isn’t too high and seats are well-proportioned.

    Cathay Pacific: Stylish and thoughtful 

    Just about worth it but pity the price was so high when we checked

    Just about worth it but pity the price was so high when we checked

    New premium economy seats have leather headrests that curve round, adding to privacy and ‘intelligent lighting design’ – ie, good for reading and using laptops. Calfrests and footrests are provided, and the overall look is far more business-class than economy.

    Food is a forte with Cantonese dishes featuring regularly such as Hong Kong-style prawn curry or ‘pork spare rib with pineapple and Chinese sweet tomato sauce and steamed jasmine rice’ – alongside the likes of steaks and roast chicken. Three red wines and three whites are offered, but no sparkling wine.

    Entertainment systems in the latest cabins have particularly large (15.6 inch) screens with bluetooth audio pairing. 

    IS IT WORTH IT? Just about, if you want to treat yourself to some great food and service – pity the price was so high when we checked.

    American Airlines: Could do better 

    American Airlines was the first major US airline to introduce a proper premium economy service - but expect rather dreary charcoal grey interiors

    American Airlines was the first major US airline to introduce a proper premium economy service – but expect rather dreary charcoal grey interiors

    Expect rather dreary charcoal grey interiors with leather seats in American Airlines’ premium economy cabins. On some routes a special ‘chef inspired’ food menu is provided for premium economy but not on all – where you may be simply served a standard economy meal.

    You are, however, provided with a ‘Casper’ sleep kit with a lumbar pillow and day blanket (not provided in economy) as well as an amenity kit with a toothbrush, toothpaste, body lotion, eye-mask, socks, earplugs and pen.

    American Airlines, which was the first major US airline to introduce a proper premium economy service between economy and business class in 2017, also offers flight systems that allows you to watch Apple TV.

    IS IT WORTH IT? Probably not – the mark-up is substantial, the food variable, and it lacks a feeling of exclusivity above economy class.

    All Nippon Airways: Super service (and sake, too) 

    One of the biggest benefits of flying back from Japan is that premium class tickets allow access to lounges at Haneda, Narita and Kansai airports

    One of the biggest benefits of flying back from Japan is that premium class tickets allow access to lounges at Haneda, Narita and Kansai airports

    Dark blue and grey seats with a no-nonsense business-class approach are the order of the day on ANA. 

    Fresh salads and fruit are offered on the menu, along with specially prepared bread designed to stay (miraculously) soft and fresh throughout long flights. 

    The drinks are especially good – you get what’s on offer in business class including champagne and a selection of sake and plum wines. Snacks such as rice crackers are available throughout flights.

    You are also provided with slippers and a shoe horn, and can ask for toothbrushes and toothpastes, eye-masks and ear plugs. 

    One of the biggest benefits of flying back from Japan is that premium class tickets allow access to lounges at Haneda, Narita and Kansai airports.

    IS IT WORTH IT? Definitely, if you can get one of the cheaper return fares.

    Very best in the premium business 

    I FELT slightly underdressed on boarding Emirates’ premium economy cabin in jeans and trainers when flying to Dubai last year, writes Harriet Sime.

    It had such a business class feel to it that I checked with the cabin crew manager that the giant 37A seat, furnished in leather and with a walnut wood cocktail table, was mine. ‘Yes, Mrs Sime,’ came the reply, as she offered to take my coat and, minutes later, presented me with a glass of champagne, three-course menu and hot towel.

    Harriet Sime on her Emirates premium economy flight to Dubai last year

    Harriet Sime on her Emirates premium economy flight to Dubai last year

    I was sitting next to a Dubai businessman who said Emirates’ premium offering was the best in the world and ‘better than some business class cabins’. 

    I have to agree. Let’s hope other airlines catch up soon.



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    https://planetcirculate.com/from-noise-cancelling-headphones-and-extra-bags-to-acres-of-legroom-and-real-china-plates-as-premium-economy-airline-seats-soar-in-popularity-which-make-flying-a-pleasure-and-which-are-a-rip-off/feed/ 0
    Australia class divide must change to improve economy https://planetcirculate.com/australia-class-divide-must-change-to-improve-economy/ https://planetcirculate.com/australia-class-divide-must-change-to-improve-economy/#respond Tue, 19 Mar 2024 15:30:35 +0000 https://planetcirculate.com/australia-class-divide-must-change-to-improve-economy/

    That’s not to pit one group against another. It simply suggests there are unique perspectives and approaches which are perhaps overlooked, but which many people from lower socioeconomic backgrounds can bring to the table if given a chance. We know that widening the talent pool and increasing diversity of teams increases productivity, creativity and innovation. […]

    The post Australia class divide must change to improve economy appeared first on planetcirculate.

    ]]>



    That’s not to pit one group against another. It simply suggests there are unique perspectives and approaches which are perhaps overlooked, but which many people from lower socioeconomic backgrounds can bring to the table if given a chance. We know that widening the talent pool and increasing diversity of teams increases productivity, creativity and innovation. That diversity should include socioeconomic status.

    It’s also important given more than one fifth of Australian households were low-income in 2021. Businesses looking for a broad understanding of all the customers they serve need employees and leaders who know what it’s like for these households.

    We don’t have to throw out entire recruitment processes, but it’s not enough to be “blind” to socioeconomic status. The reality is there are biases built into traditional selection criteria.

    Businesses can encourage candidates to flag personal challenges they’ve faced, set aside job openings for people from disadvantaged backgrounds, or actively search for signs of disadvantage – whether postcode-based or otherwise – and give some of those candidates a chance to progress in the recruitment process, even if they don’t fit the traditional mould.

    It could be a lucky break, not just for the candidate, but also the company. And being able to work with a diverse team is a mark of a healthy organisation with good leaders who are not afraid to have their perspectives challenged.

    Actively changing the way we hire at a business level – especially in professions such as law, media and finance – is a great starting point for tackling disadvantage.

    That’s because the wider systemic changes we need, such as more equitable funding of schools, have proven painfully slow. Hiring practices at an individual firm level can be quicker to pivot, and one foot in the door can be the key to someone breaking the cycle of socioeconomic disadvantage and becoming a visible role model for others growing up in challenging circumstances.

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    Companies should also connect employees and leaders to students from disadvantaged backgrounds who often lack the personal connections and networks to facilitate introductions and interactions which can lead to job opportunities and personal development.

    It takes a concerted effort to change. Humans are loss-averse, meaning we tend to be more sensitive to potential losses than gains, and cling onto what we know rather than trying something new. But the evidence is there, and it’s time we changed.

    If we want a truly efficient economy and higher living standards for all, we need to improve social mobility.

    Some of the happiest countries in the world, which also happen to be among the top 10 in terms of economic output per person, are the ones with the highest social mobility: Denmark, Norway and Finland to name a few.

    Part of that is linked to strong investment in education and healthcare, which guarantees a decent living standard for everyone while also breaking down some of the key barriers to social mobility. Denmark, Norway and Finland were the top three countries for social mobility in 2018.

    It’s not just about fairness and equal opportunity. Overlooking those from less privileged backgrounds, whether we want to admit it or not, is stifling innovation and putting a ceiling on our growth. Next time you’re in the hiring chair, look at the gaps in people’s resumes, and the gaps in your own workplace. What’s missing could be more important than you realise.

    Millie Muroi is a business reporter and a regular columnist.



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    Nvidia stock slides in premarket trading after unveiling new AI chip – National https://planetcirculate.com/nvidia-stock-slides-in-premarket-trading-after-unveiling-new-ai-chip-national/ https://planetcirculate.com/nvidia-stock-slides-in-premarket-trading-after-unveiling-new-ai-chip-national/#respond Tue, 19 Mar 2024 13:21:56 +0000 https://planetcirculate.com/nvidia-stock-slides-in-premarket-trading-after-unveiling-new-ai-chip-national/

    Nvidia shares dipped in premarket trading on Tuesday after having more than tripled in value in the past year, as the dominant AI chip supplier unveiled its latest flagship product that is expected to further cement its lead in the industry. Shares of Wall Street’s third most-valuable firm were down about one per cent, with some […]

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    Nvidia shares dipped in premarket trading on Tuesday after having more than tripled in value in the past year, as the dominant AI chip supplier unveiled its latest flagship product that is expected to further cement its lead in the industry.

    Shares of Wall Street’s third most-valuable firm were down about one per cent, with some analysts saying investors had already factored in the launch and were looking out for more details.

    “If the brand-new Blackwell chip didn’t trigger a fresh rally, it’s because the arrival of a new and a more powerful chip was already priced in,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.


    Click to play video: '‘AI gold rush’: Nvidia nears trillion-dollar market cap club'


    ‘AI gold rush’: Nvidia nears trillion-dollar market cap club


    Shares of other chipmakers also fell. Super Micro Computer was down 1.5 per cent, while Advanced Micro Devices shed 1.7 per cent and Marvell Technology dropped 2.2 per cent.

    Story continues below advertisement

    Along with the B200 “Blackwell” chip, the company detailed a new set of software tools at its highly anticipated annual developer conference on Monday, to help developers sell artificial intelligence models more easily to firms that use Nvidia’s technology.


    Financial news and insights
    delivered to your email every Saturday.


    Financial news and insights
    delivered to your email every Saturday.

    The flagship B100 chip, which binds together two squares of silicon the size of the company’s previous offering, is expected to be used by Amazon.com, Alphabet’s Google, Meta Platforms, Microsoft, OpenAI and Tesla.

    Nvidia is also shifting from selling single chips to selling total systems.

    “It will take time to evaluate the performance claims for Blackwell, but… the company’s ability to raise the bar this much leaves them in a very strong position,” analysts at Morgan Stanley said in a note.

    Many analysts expect Nvidia’s market share to drop several percentage points this year, as new products from competitors are launched and the company’s largest customers make their own chips.

    However, Nvidia’s market dominance is expected to remain unchallenged.


    Click to play video: 'Global National: May 25'


    Global National: May 25


    The firm, which has cornered 80 per cent of the AI chip market, is expected to provide more details on pricing as well as the transition from H100 to B100 chips at its presentation for financial analysts at 11:30 a.m. ET (1530 GMT) on Tuesday.

    Story continues below advertisement

    Nvidia’s forward price-to-earnings ratio, a commonly used metric to value stocks, stood at 34.6, below its three-year average of 42.





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    ‘Soul destroying’: Property Coordination enters voluntary administration with $20m in debt https://planetcirculate.com/soul-destroying-property-coordination-enters-voluntary-administration-with-20m-in-debt/ https://planetcirculate.com/soul-destroying-property-coordination-enters-voluntary-administration-with-20m-in-debt/#respond Tue, 19 Mar 2024 09:07:27 +0000 https://planetcirculate.com/soul-destroying-property-coordination-enters-voluntary-administration-with-20m-in-debt/

    A 50-year-old construction company that accrued $20m of debt in the past two months has gone into administration. Company directors of Property Coordination (Australia) made the “soul destroying” decision to relinquish control and appoint RSM Australia Partners as voluntary administrators on Tuesday. RSM Australia Partners administrator Jonathon Colbran said even though the company had a […]

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    A 50-year-old construction company that accrued $20m of debt in the past two months has gone into administration.

    Company directors of Property Coordination (Australia) made the “soul destroying” decision to relinquish control and appoint RSM Australia Partners as voluntary administrators on Tuesday.

    RSM Australia Partners administrator Jonathon Colbran said even though the company had a $90m pipeline of future work, they did not have enough funds to continue operating.

    “Despite injecting a significant amount of their own personal money into the company, the directors advised me that losses incurred from fixed price contracts combined with escalating subcontractor, supplier and operating costs had negatively impacted the company

    financially,’’ he said.

    Camera IconThe collapse of Property Coordination follows of wave of construction company breakdowns as input costs continue to rise. Supplied Credit: Supplied

    Project Coordination (Australia) had been operating in Canberra and Wollongong for the past five decades.

    On Tuesday, about 55 staff members were informed they had been made redundant, many of whom had been with the company for more than 15 years.

    Property Coordination chairman Paul Murphy and managing director Gavin Murphy said in a statement that they agonised over the decision.

    “Despite seeing other construction companies collapse around us over the past year, we never thought we would be one of them,” they said in a statement.

    “We thought we had the means, forward order book, capability and industry goodwill to get through this.”

    The company had $120m worth of projects in the field and another $90m ready to start, but the directors could not secure external investment.

    CreditorWatch Chief Executive Patrick Coghlan says there is “a lot of pressure” on businesses in the construction industry as business defaults in Australia surge to a record high. The company’s latest survey says one in 14 businesses in the food industry are at risk of business failure. Western Sydney, South East Queensland and Merrylands-Guilford are said to be the riskiest areas to be in business right now. “There is a lot of pressure obviously on construction,” Mr Coghlan told Sky News Business Editor Ross Greenwood. “We’re seeing the likes of services around the construction and building industry, like safety, for example, admin and support services … so plenty of pressure on those.”

    “The economic and regulatory environment that building companies are working in now is more challenging than any other I’ve experienced in the past 50 years – worse than the recessions in the 1980s and 1990s and the Global Financial Crisis in 2007-08,” Mr Murphy said.

    “Nothing has been as bad as this.’’

    Project Coordination (Australia) is the latest company in a series of building and construction company insolvencies.

    The Australian Bureau of Statistics reported the construction industry lost $5.4bn in 2022.

    In recent years, the industry has continually faced increased costs, skilled worker shortages and productivity issues.



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    Union spent $1m on bid to Qantas before 1700 workers sacked https://planetcirculate.com/union-spent-1m-on-bid-to-qantas-before-1700-workers-sacked/ https://planetcirculate.com/union-spent-1m-on-bid-to-qantas-before-1700-workers-sacked/#respond Tue, 19 Mar 2024 09:04:00 +0000 https://planetcirculate.com/union-spent-1m-on-bid-to-qantas-before-1700-workers-sacked/

    The Transport Workers Union spent $1m on a proposal to ensure Qantas would continue employing thousands of ground staff during the Covid pandemic, a court has been told. The union and the airline are at loggerheads in the Federal Court over compensation payouts for 1700 workers who were illegally sacked by Qantas in November 2020. […]

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    The Transport Workers Union spent $1m on a proposal to ensure Qantas would continue employing thousands of ground staff during the Covid pandemic, a court has been told.

    The union and the airline are at loggerheads in the Federal Court over compensation payouts for 1700 workers who were illegally sacked by Qantas in November 2020.

    Following the airline’s announcement about mass lay-offs, the court heard the TWU crafted a proposal “at a considerable cost” for the continued employment of the ground services employees.

    TWU national assistant secretary Nicholas McIntosh explained the offer had involved cost-cutting elements such as a five-year wage freeze and the migration of full time workers to part time roles.

    Camera IconTWU Assistant National Secretary Nicholas McIntosh said the Union spent $1m on a bid to Qantas. NCA NewsWire/ Gaye Gerard Credit: News Corp Australia

    However, he accepted it had not quantified the number of employees who would make such a shift or the number of voluntary redundancies to be undertaken.

    The court was told the bid ultimately required “significant further consultation with Qantas” because the suggestions would have to be formalised in industrial agreements.

    “We’d agreed to those conceptual points,” Mr McIntosh said.

    “We were on the same dance floor. We might have been a long way from the band, but we were there.”

    Qantas did not accept the union’s proposal and the 1700 roles were illegally outsourced to cheaper third party contractors.

    “We spent around $1m on (consulting company) Ernst and Young on behalf of our members to put forth a bid, so it’s disappointing that it never had any chance,” Mr McIntosh said.

    Qantas’ lawyer Richard Dalton KC told the court the TWU national assistant secretary had given “problematic” evidence based on a “flawed premise” about the bid.

    He explained Qantas’ decision to outsource the ground services roles was “not a binary choice” and did not require the airline to commit to the union’s in-house offer.

    “It was not a proposal that’s capable of acceptance,” Mr Dalton said.

    “It was theoretical and at best an invitation to participate in an open-ended, undefined process of discussions and consultation.”

    QANTAS FALLOUT
    Camera IconQantas will have to pay compensation to 1700 workers who were illegally sacked. NCA NewsWire / Gaye Gerard Credit: News Corp Australia

    Justice Michael Lee previously found the TWU offer had “no real chance” of providing a commercial benefit to the airline, which was struggling with the impact of Covid.

    “I find it difficult to believe at any stage that Qantas was going to accept an in-house bid,” he reiterated to the court on Tuesday.

    The Federal Court Justice is presiding over a seven-day hearing to determine the amount of compensation the airline will pay to the 1700 workers it illegally fired after rejecting the union’s offer.

    The TWU has estimated the airline will have to pay “many, many millions” in compensation for what it has declared to be the largest case of illegal sackings in Australia’s corporate history.

    Qantas contends its payout should be mitigated because the employees would have lawfully lost their jobs the next year anyway due to the crippling impact of Covid on the travel industry.

    Mr Dalton said the airline had been examining “drastic measures to stem the losses”, including a three-year plan to reduce costs by $1bn, when they made the outsourcing decision.

    The hearing will resume on Wednesday.



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    BHP recommits to diversity, ESG initiatives https://planetcirculate.com/bhp-recommits-to-diversity-esg-initiatives/ https://planetcirculate.com/bhp-recommits-to-diversity-esg-initiatives/#respond Tue, 19 Mar 2024 07:33:02 +0000 https://planetcirculate.com/bhp-recommits-to-diversity-esg-initiatives/

    Mining giant BHP is doubling down on its commitment to diversity, equity and inclusion (DEI) initiatives despite bubbling investor discontent over the controversial doctrines. Chief executive Mike Henry, facing a question from an investor who pleaded for the company to reject DEI and return to “meritocracy”, argued the company’s diversity policies had boosted “operational performance” […]

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    Mining giant BHP is doubling down on its commitment to diversity, equity and inclusion (DEI) initiatives despite bubbling investor discontent over the controversial doctrines.

    Chief executive Mike Henry, facing a question from an investor who pleaded for the company to reject DEI and return to “meritocracy”, argued the company’s diversity policies had boosted “operational performance” and rejected the position there was a disconnect between DEI aspirations and delivering shareholder returns.

    “At the same time we have been focused on those things, company performance has lifted,” he said.

    “We’ve gone from being an operational laggard in the industry to now leading the industry when it comes to our op performance. Returns for shareholders have been strong.

    “And so not only do I believe both things can be achieved in parallel, I believe that what is required to achieve some of those things actually boosts underlying performance as well.”

    Camera IconBHP chairman Ken MacKenzie and chief executive Mike Henry face the music at the company’s annual shareholder meeting. NCA NewsWire / Emma Brasier Credit: News Corp Australia

    The $214bn behemoth is pursuing a range of diversity and environmental, social and governance commitments, from a gender balanced workforce by 2025 to net-zero operational emissions by 2050.

    It also backed last year’s Voice to Parliament proposition, though some investors expressed frustration at the position and said the company’s pro-Voice stance had created a fissure between management and shareholders.

    BHP chair Ken MacKenzie, speaking at the company’s shareholder meeting in Adelaide in November, argued there were “clear business reasons” for backing constitutional change.

    “We operate on the traditional lands of Indigenous peoples,” he said.

    “These are critical relationships.”

    A push for more diverse workforces has swept through corporate Australia in recent years, a response in part to reflect the country’s changing demographics and a sense traditionally organised workplaces may have unfairly shut out some workers from equal opportunity.

    Female participation at BHP had moved from 16 per cent 2016 to about 35 per cent now, Mr Henry said.

    “That is going to both boost and then support sustainable high performance for the company into the future,” he said.

    Chief financial officer Vandita Pant is part of a growing female workforce at BHP. Supplied
    Camera IconChief financial officer Vandita Pant is part of a growing female workforce at BHP. Supplied Credit: News Corp Australia

    BHP’s female workforce traverses the company hierarchy, from new apprentices at its Central Queensland coalfields to the upper echelons of the miner’s leadership structure, including chief financial officer Vandita Pant and Australia president Geraldine Slattery.

    Mr Henry also reaffirmed the company would spend money to hit net-zero operational emissions by 2050 and was working with equipment manufacturers to deliver battery electric trucks and locomotives to its mine sites at the end of this decade.

    BHP has already signed an MOU with car giant Toyota to electrify its 5000 diesel-powered work vehicles.

    It is also purchasing renewable energy to power its mine sites.

    Mr Henry and Ms Pant said the company would “partner” with its steelmaking customers on low carbon technologies to lower scope 3 emissions.

    “We are working very hard to make sure that we are very much across all of these technologies, which over the next few decades will start to come in as steel decarbonises,” Ms Pant said.

    In Australia, BHP operates coalmines in Queensland and NSW, iron ore mines in Western Australia and copper mines in South Australia.



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    Cubans stage rare protests amid persisting economic crisis | Business and Economy News https://planetcirculate.com/cubans-stage-rare-protests-amid-persisting-economic-crisis-business-and-economy-news/ https://planetcirculate.com/cubans-stage-rare-protests-amid-persisting-economic-crisis-business-and-economy-news/#respond Mon, 18 Mar 2024 14:26:24 +0000 https://planetcirculate.com/cubans-stage-rare-protests-amid-persisting-economic-crisis-business-and-economy-news/

    President points finger at US after hundreds of people demonstrate against food shortages and blackouts. Rare protests have taken place in Cuba as the island nation’s economic crisis persists. President Miguel Diaz-Canel called on Monday for calm, and hit out at the United States after hundreds of people gathered in Santiago the previous day to […]

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    President points finger at US after hundreds of people demonstrate against food shortages and blackouts.

    Rare protests have taken place in Cuba as the island nation’s economic crisis persists.

    President Miguel Diaz-Canel called on Monday for calm, and hit out at the United States after hundreds of people gathered in Santiago the previous day to demonstrate against power blackouts and food shortages.

    Social media videos showed crowds in the communist-governed country’s second-largest city chanting, “Power and food”.

    A wave of blackouts has recently seen power supplies cut for up to 18 hours or more in a day. That has helped jeopardise food supplies and economic activity in the cash-strapped country.

    Long stymied by US trade embargoes and more recently sanctions imposed during Donald Trump’s presidency, Cuba is battling its worst economic crisis in decades, caused in part by the COVID-19 pandemic, which saw the flow of much-needed tourism dollars plunge.

    Diaz-Canel called for dialogue and “peace”.

    “Several people have expressed their dissatisfaction with the situation of electrical service and food distribution,” he wrote on X.

    “The disposition of the authorities of the party, the state and the government is to attend to the complaints of our people, listen, dialogue, explain the numerous efforts that are being carried out to improve the situation, always in an atmosphere of tranquility and peace,” he added.

    The president blamed government “enemies” and “mediocre politicians and terrorists” in the US for trying to hijack the protests.

    The US embassy in Havana said in a post on X that it had also received reports of protests in Bayamo, Granma and other locations.

    It urged the government “to respect the human rights of the protesters and address the legitimate needs of the Cuban people”.

    The protests in Santiago were peaceful as demonstrators shouted, “Down with communism. Down with Diaz-Canal.” Videos on social media showed no signs of scuffles or arrests as the protests were watched by a large number of state security forces.

    However, internet services were throttled late on Sunday until early Monday, according to some reports.

    Havana cracked down heavily on large protests in July 2021, the widest demonstrations seen in Cuba since Fidel Castro’s 1959 revolution. The response was criticised by the international community.

    Since 1960, the US has maintained an economic embargo on Cuba, which restricts trade between the countries.

    For the first time, Cuba turned to the UN’s World Food Programme in February, requesting help in supplying milk to children, the organisation said.

     





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    Decoding Xi’s new catchphrase aimed at reviving China’s economy https://planetcirculate.com/decoding-xis-new-catchphrase-aimed-at-reviving-chinas-economy/ https://planetcirculate.com/decoding-xis-new-catchphrase-aimed-at-reviving-chinas-economy/#respond Mon, 18 Mar 2024 08:51:27 +0000 https://planetcirculate.com/decoding-xis-new-catchphrase-aimed-at-reviving-chinas-economy/

    Slogans matter in China. From “socialism with Chinese characteristics” to “common prosperity” the adoption of new catchphrases can herald profound shifts in policy.So, when ‘new productive forces’ was listed as the top task in the government’s annual statement of priorities published March 5, it set off a scramble to decode what the elevation of the […]

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    Slogans matter in China. From “socialism with Chinese characteristics” to “common prosperity” the adoption of new catchphrases can herald profound shifts in policy.
    So, when ‘new productive forces’ was listed as the top task in the government’s annual statement of priorities published March 5, it set off a scramble to decode what the elevation of the phrase – coined by President Xi Jinping last September — meant.Since 2014, there’s only been one other occasion where an industrial policy slogan has taken top billing. Typically, that slot has gone to pledges about macroeconomic policy.
    State media tried to explain how the concept fits in with Karl Marx’s theories on production, while stock investors pounced on the idea that the catchphrase signaled a greater emphasis on the manufacturing of intelligent tools and machines. Shares of related firms, from humanoid robotics makers to producers of aircraft parts, rallied on speculation they will benefit from increased state spending and a growing market.
    Yet, there is also a perception that the slogan is a repackaging of previous exhortations made in recent years for the nation to move up the value chain — such as ‘made in China 2025’ and ‘seeking digital transformation’. The revamped language, investors say, will help emphasize to local officials that Beijing is as determined as ever to stay the course despite mounting economic challenges.
    “This is old wine in new bottles,” said Cheng Hao, fund manager at Zhejiang Feiluo Assets Management Co., who’s added to his positions in commercial aircraft due to the renewed emphasis on value-added production. “A shift in industry and progress in technology takes a long time to bear fruit.”
    Beijing is doubling down on the tech transition at a time when the country is embroiled in a deepening conflict with the US about access to technology. With the US pressing allies to further tighten restrictions on China’s access to semiconductors, obtaining sophisticated chips will be essential to Beijing’s push into artificial intelligence — one of the areas explicitly highlighted in the government’s work report as worthy of special consideration. In a further show of state support, on Wednesday Premier Li Qiang visited China’s AI leader Baidu Inc.
    “The phrase is a new rallying cry for the party-state bureaucracy,” said Neil Thomas, a fellow on Chinese politics at the Asia Society Policy Institute’s Center for China Analysis. “As China’s growth trajectory becomes more uncertain, Xi’s big bet on productivity-enhancing technological change becomes more important.”
    Other sectors singled-out in the report include electric vehicles, bio-manufacturing, commercial spaceflight, new materials, hydrogen power and quantum technology.
    Brokerages are looking at what related industries may benefit. Orient Securities Co., for example, suggested makers of mechanical equipment used in automation stand to gain, as well as media companies using AI to lower costs in content creation.
    Of course, all the energy put into guesswork can be overtaken by events — or by one slogan triumphing over another. In 2018, the ‘internet plus’ model in health care and education was repeatedly referenced in the work program as a priority. Then in 2021, Xi began to ramp up mentions of ‘common prosperity’, a drive to address the country’s wealth gap. It heralded the start of a crackdown on the tech and education sectors which decimated the value of key companies like Alibaba Group Holding.
    Despite that caveat, the power of the Chinese state to mobilize vast resources around favored industries means that trying to parse the meaning of the latest pronouncements is an unavoidable part of the job for investment professionals.
    Zhou Nan, investment director at Shenzhen Long Hui Fund Management Co., said he focuses on trying to identify sectors aligned with the leadership’s goals that already have a scalable business model. Currently he’s betting on the solar industry.
    “One characteristic of China is that they love creating slogans,” said Zhou. “But from an investment perspective, these slogans must be translated into real profits.”





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    Share market edges higher ahead of Reserve Bank’s March interest rate call https://planetcirculate.com/share-market-edges-higher-ahead-of-reserve-banks-march-interest-rate-call/ https://planetcirculate.com/share-market-edges-higher-ahead-of-reserve-banks-march-interest-rate-call/#respond Mon, 18 Mar 2024 07:47:13 +0000 https://planetcirculate.com/share-market-edges-higher-ahead-of-reserve-banks-march-interest-rate-call/

    Australian shares edged higher on Monday as the benchmark was dragged lower by a sharp sell-off in real estate stocks, ahead of a run of key central bank decisions. At the closing bell, the S&P/ASX200 added just 0.1 per cent, or 5.5 points, to sit at 7675.8, while the broader All Ordinaries was unchanged at […]

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    Australian shares edged higher on Monday as the benchmark was dragged lower by a sharp sell-off in real estate stocks, ahead of a run of key central bank decisions.

    At the closing bell, the S&P/ASX200 added just 0.1 per cent, or 5.5 points, to sit at 7675.8, while the broader All Ordinaries was unchanged at 7925.2.

    The Australian dollar finished higher, adding 0.1 per cent to US65.65c.

    Alongside the US Federal Reserve, the Bank of England and the Bank of Japan, the Reserve Bank will meet this week, where it is largely expected to keep interest rates on hold at 4.35 per cent.

    Kyle Rodda, senior financial market analyst at Capital.com, said a recent spate of weaker-than-expected economic data had raised the possibility of a dovish pivot from the RBA at Tuesday’s meeting.

    “While (inflation is) still above the RBA’s two-to-three per cent target band, the trend is clearly to the downside and may indicate a shift in the balance of risks for interest rate policy and Australian economic fundamentals,” Mr Rodda said.

    Camera IconShares edged higher on Monday, buoyed by a rally in materials and financial stocks. NCA NewsWire/ Gaye Gerard Credit: News Corp Australia

    However, despite recent data flows, bond traders have tempered their expectations for an easing in interest rates, with money markets now fully priced for a cut by November, bringing the cash rate to 4.1 per cent.

    Previously, they were fully priced for a 25 basis point cut in September.

    Interest rate sensitive property stocks were the biggest laggard on the benchmark, shedding 1.9 per cent.

    Sector heavyweights Goodman Group sank 3.6 per cent to $29.74, Charter Hall lost 1.9 per cent to $13.20, and Scentre slipped 1.8 per cent to $3.28.

    The resources sector added 0.3 per cent after iron ore prices on the SGX rose 1.3 per cent to $US101.20 for the April contract, after the key steelmaking ingredient hit a eight-month low over the weekend.

    Heavyweight miners were mixed with Rio Tinto adding 0.5 per cent to $117.48, while Fortescue slipped 1.1 per cent to $23.69. BHP was unchanged at $42.41.

    Financials were the top performers, rising 0.6 per cent.

    The big four banks all finished higher, led by Commonwealth Bank up 0.8 per cent to $116.46.

    ANZ added 0.6 per cent to $28.86, Westpac rose 0.5 per cent to $26.33, and NAB rallied 0.7 per cent to $34.03.

    In corporate news, South32 suspended operations at its manganese mine located on the island of Groote Eylandt, 630km east of Darwin, after the site was struck by Cyclone Megan. Shares added 4.7 per cent to $3.14.

    After losing a white-label deal to rival Superloop, Aussie Broadband was instructed to cut its 20 per cent stake in the internet provider in order to comply with Singaporean regulations.

    Shares in Superloop shed 6.4 per cent to $1.18, while Aussie Broadband added 0.6 per cent to $3.57.

    Mixed miner Mineral Resources rallied 0.4 per cent to $66.17 after it announced plans to acquire the Lake Johnston nickel processing facility, located in Western Australia.

    MinRes will repurpose the plant for lithium processing.



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