Write Off!

Following in the footsteps of Newscorps $12 billion write down in 2002, the top 100 Australian companies have already written off $6 billion from their capital bases this financial year, making the return on capital a lot more palatable for their shareholders. While Adsteam's arbitrary write downs will cover their plans for extensive redundancies, Mayne's CEO simply spent a few minutes with a red marker to make the numbers look good, before putting his hand out for a pay rise.

PICKS OF THE WEEK

Write-off or rip-off as $55bn goes west?

The Australian economy might be doing well and the sharemarket recovering, but a wild epidemic of write-offs among listed companies is costing shareholders plenty.

Full story: http://www.theage.com.au/text/articles/2003/09/08/1062901996827.htm

New rights for casual workers

CASUAL workers will gain the same rights to contest federal unlawful dismissals -- where they have been sacked on the grounds of sex, race or union membership -- as their permanent colleagues after the Democrats brokered a deal with the Howard Government.

Full story: http://www.careerone.com.au/resources/story/0,8523,7231641-22549,00.html

High executive pay equals low performance: report

An academic from the University of Canberra (UC) has called for decisions on executive pay rates to be made independently from boards.

Full story: http://au.news.yahoo.com//030910/21/lndm.html

Shareholders attack AFIC pay proposal

The Australian Shareholders Association has described an executive remuneration package proposed by the Australian Foundation Investment Company as excessive, wasteful and poorly designed.

Full story: http://www.smh.com.au/articles/2003/09/10/1063191454925.html

No bonus but Mayne boss's pay up anyway

The chief executive of the ailing Mayne health group, Stuart James, did not receive a performance-based pay rise in the year just ended but he did manage to take home more pay just the same.

Full story: http://www.smh.com.au/articles/2003/09/10/1063191455869.html

Pay boom for Boral chief

Boral chief executive Rod Pearse has collected a $3.6 million salary after the housing boom resulted in a strong year for the building products group.

Full story: http://www.smh.com.au/text/articles/2003/09/08/1062901999599.htm

Fink trousers big bucks, walks

BRUCE Fink, former chief executive of the barely breathing media group Television & Media Services, scored $419,656 last year for only five months' work, despite the company struggling to survive.

Full story: http://www.theaustralian.news.com.au/common/story_page/0,5744,7178536%255E643,00.html

Suleman on fraud charges after luxury loan attempt

Investment promoter, telecommunications entrepreneur and prominent Sydney socialite Karl Suleman has been committed to stand trial on four counts of fraud arising from allegations that he lied when trying to borrow money to buy Ferraris and a $3.3 million yacht.

Full story: http://www.theage.com.au/text/articles/2003/09/05/1062549022474.htm

Telstra sale: Alston to try his luck in Senate

The Federal Government will challenge the Senate to pass legislation for the full sale of Telstra next month, after supportive comments from the Estens Committee on protecting services to the bush and spending billions of dollars on upgrading equipment in rural and regional Australia.

Full story: http://www.smh.com.au/text/articles/2003/09/07/1062901938188.htm

LEGISLATION NEWS

Qantas, Air NZ Tie-Up Bad For Australian Consumers: ACCC

MELBOURNE, Sept 10 Asia Pulse - Consumers would have been the losers if the Australian Competition and Consumer Commission approved an alliance between Qantas (ASX:QAN) and Air New Zealand (ASX:AIZ), the ACCC chairman said today.

Full story: http://au.news.yahoo.com//030910/3/lmv2.html

ACCC power role under attack

The Victorian Government has attacked Federal Government moves to allow Australia's competition regulator to have the final say in managing the national electricity market.

Full story: http://www.theage.com.au/text/articles/2003/09/09/1062902054283.htm

Samuel takes new tack on Section 46

The long-running debate about the effectiveness or otherwise of Section 46 of the Trade Practices Act in dealing with misuses of market power is about to be re- ignited, with the Australian Competition and Consumer Commission pursuing a new strategy for strengthening the controversial section.

Full story: http://www.smh.com.au/text/articles/2003/09/08/1062901999545.htm

Adler claims ASIC pursuit abuse of process

Former HIH director Rodney Adler has foreshadowed he will seek a permanent freeze on his trial on five criminal charges relating to the purchase of three million HIH shares in June 2000 because he claims it is an abuse of process.

Full story: http://www.smh.com.au/text/articles/2003/09/05/1062549019016.htm

INTERNATIONAL

Death, clashes mark first day of key WTO talks in Cancun

CANCUN, Mexico (AFP) - The protest suicide of a South Korean man and clashes between demonstrators and police in Cancun overshadowed the first day of a World Trade Organization conference in the Mexican resort.

Full story: http://au.news.yahoo.com//030910/19/lndt.html

Gains for poor countries in removing barriers: World Bank

The World Bank has urged poorer countries to help remove barriers to trade, saying rich countries will not be able to assume the entire burden.

Full story: http://www.theage.com.au/text/articles/2003/09/04/1062548962481.htm

Coldplay singer appeals to the WTO

Chris Martin, lead singer of British rock band Coldplay, urged the World Trade Organisation to end unfair trade rules, handing over a petition signed by 3.7 million people.

Full story: http://news.ninemsn.com.au/Entertainment/story_51471.asp

US Excess

Outrage forces NYSE chief to settle for less

New York Stock Exchange chairman Richard Grasso, criticised for receiving a $US140 million ($A212 million) payout from the exchange, agreed to forgo a previously undisclosed $US48 million called for by his contract.

Full story: http://www.theage.com.au/articles/2003/09/10/1062902115228.html

First prison term for Enron executive over accounting scandal

WASHINGTON (AFP) - Former Enron treasurer Ben Glisan was sentenced to five years in prison after pleading guilty to conspiracy to commit fraud, becoming the first Enron official to go to jail over the accounting scandal.

Full story: http://au.news.yahoo.com//030910/19/lna4.html

Ebbers pleads not guilty to $17bn fraud charge

WorldCom Inc's ex-chairman Bernard Ebbers pleaded not guilty to charges he cheated investors in an $US11 billion ($17.2 billion) accounting fraud that wiped $US180 billion of shareholder value and led to the biggest bankruptcy in history.

Full story: http://www.smh.com.au/text/articles/2003/09/04/1062548969610.htm

Ex-Goldman economist sued for insider trading

A former senior economist at Goldman Sachs in the US was indicted on Friday for insider trading, fraud, perjury and other charges in connection with the purchase of about $US318 million of 30-year bonds and bond futures minutes ahead of the Treasury's announcement in 2001 that it was ending the sale of 30-year bonds.

Full story: http://www.smh.com.au/text/articles/2003/09/05/1062549026468.htm

YOUNG RICH LIST

The BRW Young Rich list has a total wealth is $2.52 billion with the average wealth of the group is $48 million and their average age is 35. The youngest person on the list is 22 year old tennis player Lleyton Hewitt, who is worth $22 million. The richest person is John Ilhan, founder of the mobile-phone retailer Crazy John's, who is worth about $200 million.

John Ilhan - $200m

SATIRE

If you are still able to raise a smile, here are some one-liners to get you through the day...

1. A President of a democracy is a man who is always ready, willing, and able to lay down your life for his country.

2. A backscratcher will always find new itches; a brown-noser will always find new sense.

3. A bad day fishing is better than a good day at work.

4. A bird in the hand makes it hard to blow your nose.

5. A boss with no humour is like a job that is no fun.

6. A clean tie attracts the soup of the day.

7. A closed mouth gathers no foot.

For further information

Contact:   Chris Owen
Email:   c.owen@labor.org.au
WWW:   www.bosswatch.labor.net.au