Righting the Wrongs

Australian corporate giant BHP-Biliton is at the centre of an historic redistribution of wealth in South Africa that makes Mabo look like small bikkies.

South African Blacks Win Mineral Shares

Australian miners active in South Africa claim they are relaxed about the country's new mining charter, which calls for black ownership of 26 per cent of the industry within 10 years. The biggest local investor in the South African industry, BHP Billiton, says that, in general, it supported the charter's broad objectives. Controversy has raged about the government's black economic empowerment (BEE) plans in the mining sector since the July leak of its ambitions on the issue. The initial push for 30 per cent of mining assets within black hands now replaced with 15 per cent in 5 years and 26 per cent in 10 years. The new charter also makes no call on new mining projects as against 50 per cent in black hands in the original. The transfer of equity in to black investors will also be at fair market value. (Source: SMH)

Australasian Executives a Little Less Flush

The growth rates of executive pay has halved this year, a survey of 54 of the top 100 companies in Australia and New Zealand reveals. Management consultants Hay Group say total CEO remuneration, including fixed pay and incentives, grew by 9.4 per cent compared with 18.5 per cent in 2001. Senior executive salary packages grew by 8.9 per cent compared with 16.4 per cent in 2001. The results coincide with debate surrounding perceived excesses in CEO and executive remuneration and how it stacks up against shareholder returns. (Source: The Age)

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Packer Beefs Up Meat Interests

Media mogul Kerry Packer has merged his meat processing interests, Consolidated Meat Group, with Teys Investments to form Australia's second biggest beef processor. The combined entity, which will remain fully privately owned, would have an annual turnover of more than $1 billion. The new company has five meat processing plants in Queensland and South Australia - including the Rockhampton plant at the centre of a bitter lock-out earlier this year. In August, the Australian Competition and Consumer Commission decided not to oppose a merger between Consolidated Meat Group and Teys Bros. (Source: NineMSN)

Lucent to Slash 10,000 More Jobs

The seemingly endless bad news from US telecommunications giant Lucent Technologies continues, with the announcement it would slash another 10,000 of its 45,000 remaining jobs and take $US4 billion ($A7.29 billion) in charges for restructuring and a plummeting pension fund. Lucent says it expects to report a bigger-than-expected loss when it announced quarterly results on October 23, and it predicted sales falling another 20 per cent in 2003 as the drought in telecom-equipment spending grew more severe. More Lucent cutbacks in Massachusetts appear certain. The company has already slashed employment in the state to 3000 people, down from more than 9500 three years ago.

Morgan Stanley CEO Arrested for Bribery

A Morgan Stanley senior executive has been arrested by Hong Kong's anti-graft agency for allegedly seeking a 2 million Hong Kong dollar ($A469,294.23) bribe. The executive allegedly asked Yu Ming Investment for the payment in return for persuading a client to sell its shares in a local bus company to Yu Ming, part of Yu Ming's failed attempt to take over China Motor Bus, the South China Morning Post reported. (Source: NineMSN)

Fiat Cuts More Jobs

Fiat, whose shares have fallen by half this year, will eliminate 8100 more jobs to cut costs at its unprofitable motor manufacturing unit as sales plummet. The lay-offs will affect more than 20 per cent of the 35,000 workers at the motor manufacturing division in Italy. The car maker would also suspend production at its Termini Imerese plant in Sicily. Fiat is facing its worst crisis in a decade as its newest models have failed to boost sales, and its shares have plunged to a 17-year low. The lay-offs have already triggered labour unrest and may damage the credibility of Prime Minister Silvio Berlusconi, who has pledged to create 1.5 million new jobs. (Source: The Age)

Spam 'Fighter' Wins Court Battle

Finally, a "fearless spam fighter" has won a David and Goliath legal battle against a junk e-mail marketing company. A West Australian court threw out a civil case in which a direct marketing company wanted to sue a Perth man for complaining about its unsolicited bulk e-mails, or "spam" The company, t3-direct, had claimed it had lost $43,000 in business after Perth electronics repairer Joe McNicol blew the whistle on the e-mailer in a bid to stop receiving its junk e-mails. (Source: The Australian)