Foxtel cuts jobs, locks in finance after restructure

Original article by Max Mason
The Australian Financial Review – Page: 22 : 6-Dec-19

Foxtel has confirmed that it has cut about 30 jobs following a recent restructuring which resulted in the amalgamation of three of the pay-TV group’s creative teams. The job losses comprises about 20 employees and 10 contractors, including some positions that are currently vacant. Foxtel recently completed a deal to finance its debt, with major shareholder News Corp providing it with loans that mature in 2027.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, KAYO SPORTS

CEO shakes up Seven with new structure and job cuts

Original article by Max Mason
The Australian Financial Review – Page: 15 & 18 : 3-Oct-19

The number of people who report directly to Seven West Media CEO James Warburton has been reduced from 17 to just eight as part of a broader restructuring at the group. Seven West Media will also hire three new executives, including the newly-created role of chief content officer. Seven will also streamline its operating divisions and shed staff as it seeks to reduce costs by about $20m in 2019-20. Warburton had flagged an overhaul at Seven West Media when he took the helm in August.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, FAIRFAX MEDIA LIMITED, TEN NETWORK HOLDINGS LIMITED

Australian workers not saving enough to handle a job loss

Original article by Killian Plastow
The New Daily – Page: Online : 11-Jul-19

Research by Finder shows that 5.9 million Australian workers have insufficient savings to support themselves for more than a month if they lost their job. The survey also found that 2.1 million Australians would be unable to financially support themselves for more than a week. Separate research by Roy Morgan shows that Australians have an average of six months’ worth of savings, although the median is about 0.8 months, or 24 days. CEO Michele Levine says people on low incomes would be hardest hit by a sudden job loss, as they are less likely to have savings.

CORPORATES
FINDER.COM.AU, ROY MORGAN LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Local staff to be hit hard in Deutsche cull

Original article by Joyce Moullakis, Bridget Carter
The Australian – Page: 17 & 22 : 9-Jul-19

Deutsche Bank’s decision to close its global equity division will result in the loss of at least 50 jobs in Australia. The move will affect staff working in equities trading, sales, ­research and ­equity capital markets, while sources have indicated that jobs in its advisory operations will also be cut. Deutsche’s exit from equities trading is part of a broader restructuring which will result in the loss of 18,000 jobs worldwide. Restructuring costs are forecast to result in Deutsche posting a loss of EUR2.8bn for the second quarter.

CORPORATES
DEUTSCHE BANK AG, NOMURA AUSTRALIA LIMITED, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, JEFFERIES AND COMPANY, WILSONS ADVISORY AND STOCKBROKING LIMITED, CRAIGS INVESTMENT PARTNERS LIMITED

Telstra set to axe 10,000 contractors

Original article by James Fernyhough, Max Mason
The Australian Financial Review – Page: 13 & 16 : 5-Jun-19

Telstra CEO Andy Penn has advised that the focus of the telco’s ‘T22’ strategy cost-cutting will shift to its indirect workforce from 2019-20. Telstra boasts about 40,000 indirect workers, who include contractors, call-centre workers and customer service staff. Penn has signalled that the telco will shed about 25 per cent of these workers over the next two years. Telstra unveiled plans in mid-2018 to retrench some 8,000 direct employees over the next several years. The ACTU has accused Telstra of putting profits ahead of people, jobs and service.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, ACTU, NEW STREET RESEARCH

Bellwether sectors shed thousands of workers

Original article by Michael Roddan
The Australian – Page: 23 & 31 : 10-May-19

Analysis by JP Morgan shows that nearly 140,000 jobs were lost in Australia’s manufacturing, construction and retail sectors in the first three months of 2019. Tom Kennedy of JP Morgan notes that so-called bellwether sectors are the most closely linked to the economic cycle. He says rising job losses in these sectors will put upward pressure on the unemployment rate. George Tharenou of UBS says GDP growth is a more reliable indicator of the health of the economy than monthly employment data.

CORPORATES
JP MORGAN AUSTRALIA LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, RESERVE BANK OF NEW ZEALAND

White Collar wipeout

Original article by Robert Gottliebsen
The Australian – Page: 27 : 17-Apr-19

Media reports have suggested that the Commonwealth Bank and ANZ are looking to retrench up to 25 per cent of their staff. Rival banks will also need to reduce wage costs in order to remain competitive. Meanwhile, new technologies such as artificial intelligence and block chain will result in much bigger job cuts over the next decade, and in a wide range of sectors. The public service offers the greatest potential for major staff cuts, but unions will resist any such move. With fewer job opportunities in the future, more Australians will need to start their own business; in this context, the federal government’s move to establish a small business tax tribunal that is independent of the Australian Taxation Office is to be welcomed.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN TAXATION OFFICE, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ACTU

Myer cuts another 50 jobs as sales fall

Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 22-Mar-19

Myer Holdings has stressed that customer-facing staff will not be affected by the department store group’s latest job cuts. CEO John King has advised that 50 employees will be retrenched, primarily in store administration, marketing and merchandising roles. Myer is expected to shed further jobs when it begins reducing the amount of space it leases in some of its stores. Myer retrenched 30 executives and managers in August 2018, shortly after King took the helm.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, HOUSE OF FRASER HOLDINGS PLC, TOURISM AUSTRALIA PTY LTD, J WALTER THOMPSON AUSTRALIA PTY LTD, OGILVY AUSTRALIA

Shipping victims win huge payouts

Original article by Simon Benson
The Australian – Page: 1 & 2 : 28-Feb-19

Teekay Shipping has confirmed that it has retrenched the last crewmembers of two bulk carriers that had been chartered to ship iron ore from BHP’s mines in the Pilbara to BlueScope’s Port Kembla steelworks. Teekay is believed to have paid 51 workers more than $9m in redundancy payments on 7 February, with each worker receiving an average of $176,000. The ships were the last two iron ore vessels operating in Australian waters that were manned by local crews. Labor has flagged plans to re-regulate the shipping industry to protect local jobs.

CORPORATES
TEEKAY SHIPPING CORPORATION, BHP GROUP LIMITED – ASX BHP, BLUESCOPE STEEL LIMITED – ASX BSL, MARITIME UNION OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, THE AUSTRALIAN INSTITUTE OF MARINE AND POWER ENGINEERS, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA

BuzzFeed set to discard a quarter of local staff

Original article by Lilly Vitorovich
The Australian – Page: 3 : 30-Jan-19

Digital media company BuzzFeed has confirmed that 11 of its employees in Australia will be retrenched following a period of consultation. Simon Crerar, the general manager of BuzzFeed’s local arm, had initially indicated that 25 jobs would be cut. US-based BuzzFeed has about 40 employees in Australia and 1,300 worldwide. It recently announced plans to cut its global headcount by 200.

CORPORATES
BUZZFEED INCORPORATED, BUZZFEED PTY LTD, ALPHABET INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, COMCAST CORPORATION, NBC UNIVERSAL INCORPORATED, HEARST VENTURES, ANDREESSEN HOROWITZ