Blaggards!

The unsavoury practices of profit hungry Australian banks headlined the business news this week. Amongst the worst, the CBA announced a further 600 front-line jobs to be axed despite a strong half-year performance and the Bell litigation case uncovered just how little the big banks care about their social responsibility. There was however some good news for Australian businesses that don't mind a little blood on their hands, the first Australian company to be offered an opportunity to profit off US leftovers in post-war Iraq was announced this week and lo and behold...it's a bank!

PICKS OF THE WEEK

Commonwealth Bank to axe 600 jobs

Commonwealth Bank of Australia Ltd will reportedly cut 600 jobs from its retail banking services division, in addition to the 1600 redundancies flagged in its 2002 annual results.

Full story: http://news.ninemsn.com.au/Business/story_5415.asp

Do CBA's job cuts make sense?

Commonwealth Bank of Australia investors will be waiting for an explanation this morning after CBA signalled 600 front-line staff would be ditched despite a "robust performance" from its retail bank.

Full story: http://www.smh.com.au/text/articles/2003/07/28/1059244562415.htm

Iraq deal for ANZ

The ANZ Bank has been approached to join a coalition of the willing to establish war-battered Iraq's first international bank.

Full story: http://www.dailytelegraph.news.com.au/common/story_page/0,5936,6803977%255E704,00.html

Japanese owners shut down copper smelter

The Port Kembla copper smelter on the NSW south coast will close next month, with up to 290 workers losing their jobs.

Full story: http://www.theage.com.au/text/articles/2003/07/28/1059244565002.htm

Kodak Chops Workers from Picture

Australia Kodak workers, amongst 6,000 jobs to be cut worldwide, have been told their jobs will go in a company media release.

Full story: http://workers.labor.net.au/188/news63_kodak.html

Aristocrat accuses sacked boss of dishonesty

AILING poker machine maker Aristocrat Leisure has laid the blame for its troubles at the feet of its sacked chief executive Des Randall, yesterday accusing him of mismanagement and launching legal action to recover $2.6 million from him.

Full story: http://www.theaustralian.news.com.au/common/story_page/0,5744,6834845%255E643,00.html

One.Tel trio may have to pay up

Former bosses of failed telecom One.Tel, including Jodee Rich, may have to fund their own defence against a civil action by the corporate watchdog after a court ruling last Friday.

Full story: http://www.smh.com.au/text/articles/2003/07/27/1059244484284.htm

Perrin quits Billabong for $32m

Billabong International's former chief executive, Matthew Perrin, has severed his last tie with the surfwear maker by selling his remaining shares in the company yesterday and pocketing about $32 million.

Full story: http://www.smh.com.au/text/articles/2003/07/24/1058853202238.htm

Tax evaders cash in with $100bn bonanza

The black economy is not only alive and well - it's booming. Australians are failing to declare more than $100 billion a year in income to the Tax Office.

Full story: http://www.theage.com.au/text/articles/2003/07/25/1059084209143.htm

BELL UPDATE

Bosswatch continues to highlight the important news being uncovered in Australias largest civil litigation case.

Attack on NAB over Bell heats up

The liquidator of Bell Group yesterday intensified attacks on National Australia Bank over allegedly contrasting dealings with troubled companies in Alan Bond's empire in 1989 and 1990.

Full story: http://www.theage.com.au/text/articles/2003/07/24/1058853196670.htm

Banks knew Bell could not repay: QC

Bell Group's Australian bankers were told the group could not repay its debts of more than $130 million six months before they took security over key Bell assets in January 1990, the West Australian Supreme Court heard yesterday.

Full story: http://www.smh.com.au/text/articles/2003/07/28/1059244564281.htm

Banks were selfish in loan to Bell, court told

Six banks involved in a disputed refinancing package with Alan Bond's Bell Group in 1990 acted in self-interest at the expense of other creditors, the West Australian Supreme Court was told yesterday.

Full story: http://www.theage.com.au/articles/2003/07/30/1059480405739.html

LEGISLATION NEWS

'Fess up on fees, funds told

THE $600 billion managed funds sector will be forced to disclose all fees to consumers under Australian Securities and Investments Commission guidelines to be released next week.

Full story: http://www.theaustralian.news.com.au/common/story_page/0,5744,6838455%255E643,00.html

INTERNATIONAL

Banks pay $451m for their Enron sins

JP Morgan Chase and Citigroup agreed yesterday to pay more than $US300 million ($451 million) to settle investigations by government regulators into their roles in the Enron Corporation's manipulation of its financial statements.

Full story: http://www.smh.com.au/text/articles/2003/07/29/1059244621335.htm

Sifting through the Abbey result

Has the tide turned? A British bank is planning to take on an additional 450 staff.

Full story: http://www.smh.com.au/articles/2003/07/30/1059480409001.html

WORLD WIDE WEB

Bankwatch

Following on our banking theme for this week we uncover an organisation that is 'keeping the bastards honest' in Europe.

The CEE Bankwatch Network's mission is to prevent environmentally and socially harmful impacts of international development finance, and to promote alternative solutions and public participation. The CEE Bankwatch Network collects and disseminates information about the activities of International Finance Institutions within the European region, included in this approach is a regular newsletter about what these institutions are doing. The bankwatch network has future plans to create public awareness about International Financial Institutions activities and their social and environmental impacts on a global scale.

www.bankwatch.org

QUOTE OF THE WEEK

10 more useful expressions for those HIGH STRESS days at work...

1. I don't know what your problem is, but I'll bet it's hard to pronounce.

2. I see you've set aside this special time to humiliate yourself in public.

3. I'm really easy to get along with once you people learn to worship me.

4. I'll try being nicer if you'll try being smarter.

5. I'm out of my mind, but feel free to leave a message...

6. It sounds like English, but I can't understand a word you're saying.

7. I can see your point, but I still think you're full of shit.

8. I like you. You remind me of when I was young and stupid.

9. You are validating my inherent mistrust of strangers.

10. I have plenty of talent and vision; I just don't give a damn.

For further information

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