Victoria won’t rule out merger of accident insurers. Myer boss unveils plan for turnaround. Myer downgrades earnings guidance. Budget's KiwiSaver changes welcomed. Last updated 05:00 25/05/2012.
Mercer on Budget: retirement shortfall must be addressed. Roadmap to surplus welcome, but retirement shortfall must be addressed: Mercer’s Budget Response 24 May 2012 Mercer has welcomed the Government’s Budget, designed to bring New Zealand back to surplus by 2014/15, but is concerned about its failure to address looming shortfalls in retirement savings.
Head of Mercer in New Zealand, Martin Lewington, said that charting a roadmap to Budget surplus will send a strong and positive signal to investors, and could help to stem New Zealand’s record number of people leaving the country. RAMS chases cash deposits. Myer’s loss is UK online’s gain. Sue Mitchell and Peter Wells Myer’s profits will fall this year, the company said yesterday, as one of Britain’s most aggressive online retailers starts to make inroads into the Australian retail market.
Myer has lost customers to online clothing sites such as ASOS, a cheap and successful UK chain which is going global through its web-ordering business. The company says Australia has become one of its leading sales destinations. How British e-tailers have taken over Australia’s online retail space. IAG increases New Zealand premiums. Victoria won’t rule out merger of accident insurers. eHealth to save $11bn for budget. David Ramli The federal government has claimed its troubled electronic health programs will save more than $11 billion over the next 15 years as it guns for a budget surplus.
Health Minister Tanya Plibersek made the comments during a speech to the Committee for Economic Development of Australia in Melbourne last week. “The national eHealth records system will mean better, more efficient, more convenient healthcare,” she said. “We estimate eHealth will save the federal government around $11 billion over 15 years. However you look at it, that’s pretty good bang for your buck.” The savings target, which would equate to more than $733 million a year, comes as Labor stakes its economic reputation on a $1.5 billion surplus by 2012-13. Russia and NATO: Rethink the reset.
Early investors drop Facebook. A media machine to distract Facebook. iPad app to launch this week. Fairfax Media will soon launch the Australian Financial Review iPad app at no extra charge for existing five- and six-day AFR and afr.com subscribers.
The app will offer content from the newspaper and its inserted magazines, including the AFR Magazine and Boss, as well as breaking news and live market data. It will include the AFR’s weekly sections – Marketing and Media, Education, Portfolio, Arts & Saleroom, Men’s Health, Life&Leisure and Review.
“The combination of our authoritative 24-hour coverage of business, finance and investment news with live ASX market data will see the Financial Review app provide subscribers with an integrated offering that has no parallel in Australia,” AFR editor-in-chief Michael Stutchbury said. The app is the latest plank in a revitalisation of the The Australian Financial Review under Financial Review Group chief executive Brett Clegg and Mr Stutchbury.
When Photoshop goes wrong: 'floating' inspectors cause internet stir. Photoshop fail ... government officials 'inspecting' a park.
Photo: Yuhang Government website And the award for the worst Photoshop ever? For the second year in a row, the unofficial award goes to China after news that it was once again guilty of badly Photoshopping an official photo. It would fail photoshop 101. The story went viral yesterday after Time magazine published a photo and story showing Chinese officials seeming to walk on air. Huili local officials float above a highway project in China's Sichuan province under the guise of 'inspecting' last year. Revive Rudd or die on the vine. Former prime minister Kevin Rudd ... restoring his leadership would put pressure on Opposition Leader Tony Abbott.
Photo: Brendan Esposito John Black Labor caucus leaders who have been urging others to stay loyal to Prime Minister Julia Gillard and Treasurer Wayne Swan have begun discussing their own promotion and preservation after the restoration of Kevin Rudd to the top job. Key caucus members have finally accepted that Labor is heading for a Queensland/NSW result, with federal Labor likely to hold fewer than 30 out of 150 seats in a Gillard-led electoral rout, after the next election slated for late 2013. The Coalition would then be assured of a big-enough majority in the House of Representatives to hold office for three terms and Tony Abbott as prime minister could also secure a working majority in the Senate from July 2014 with Democratic Labor Party senator John Madigan and up to five of Bob Katter’s Australian Party senators. Austerity – what a laugh! Greek banks report record losses after bond swap. Greek lesson for Aussie retail bondholders. Germany isolated on austerity.
Late arrival . . .
Prime Minister Julia Gillard lands in Chicago to attend the NATO summit, meaning she will miss a likely dramatic week in federal Parliament. Photo: AP Robert Guy and Jane Searle German Chancellor Angela Merkel has become isolated over her support for European austerity following a push by the Group of Eight industrialised nations to boost economic growth and to keep Greece in the euro zone. The emphasis on growth and job creation as an “imperative” in the communique released after the meeting, hosted by US President Barack Obama, will strengthen European leaders, such as French President Francois Hollande, who are seeking to relax austerity in order to revive moribund European economies.
The show of support for Greece to remain in the euro zone may allay short-term concerns that the troubled country could exit the unified currency area. Low rates lead to high risk. CBA can count on a fierce battle. RBS braces for culture shock. Qantas splits its international and domestic operations into two separate businesses. Qantas is splitting its international and domestic operations into two separate businesses.
Source: HWT Image Library. Qantas to split up business between domestic and international service. Alan Joyce said the new measures would give Qantas the right structure to address the challenges and opportunities the airlines faces. Picture: Cameron Richardson Source: Herald Sun QANTAS shares jumped today following the airline's announcement it is splitting its international and domestic operations into two separate businesses from July. Investors applauded the move sending shares up four cents, or 2.8 per cent, to $1.47 at the close. Qantas splits domestic and international wings. Andrew Cleary Jetstar Group chief executive Bruce Buchanan has decided to leave the company after six months.
Photo: AFP Qantas has split its international and domestic operations as it seeks to stem losses from the struggling overseas arm by installing a dedicated management team charged with cutting costs and finding airline partners. Qantas has appointed the head of its successful Frequent Flyer business Simon Hickey to run the international unit under the biggest management reshuffle since Alan Joyce started as chief executive in 2008.
Mr Hickey said he would take a fresh look at opportunities to partner with other airlines to return the loss-making business, hurt by rising costs and growing competition, to growth.