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

Nine swings axe on digital editorial jobs

Original article by Lilly Vitorovich
The Australian – Page: 19 : 12-Dec-18

Nine Entertainment Company has advised that a restructuring of its Allure Media subsidiary will result in the loss of about 12 editorial positions. Nine will merger website publisher Allure Media and Pedestrian.TV, a digital publishing business. The job cuts include four journalists at Business Insider and seven at Popsugar, an entertainment, fashion and fitness news website. The affected staff are among 92 who were retrenched following Nine’s merger with Fairfax Media. Insiders say more job cuts are likely.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ALLURE MEDIA PTY LTD, PEDESTRIAN.TV, FAIRFAX MEDIA LIMITED

Nine swings axe as Fairfax newsrooms reviewed

Original article by Lilly Vitorovich
The Australian – Page: 17 & 20 : 4-Dec-18

Nine Entertainment Company will comprise four divisions following its merger with Fairfax Media. Nine CEO Hugh Marks has advised staff that about 92 jobs will be lost as a result of the merger, although newsroom jobs will not be affected. Nine’s existing management team will largely helm the new divisions, while key Fairfax executives will exit following the merger. They include CEO Greg Hywood and CFO David Housego. The merger is expected to generate annual cost savings of around $50m.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, STUFF LIMITED, STAN ENTERTAINMENT PTY LTD, 9NOW, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MACQUARIE MEDIA LIMITED – ASX MRN, FEDERAL COURT OF AUSTRALIA, DELOITTE TOUCHE TOHMATSU LIMITED

Myer’s executive clearance carries a $2.5m price tag

Original article by Eli Greenblat
The Australian – Page: 21 : 26-Oct-18

Myer CEO John King has told shareholders in its latest annual report that he will spend at least two days a week in its stores. King joined the department store chain in June, since which time he has cut at least 30 staff from its management ranks. Myer’s annual report reveals that its recent culling of senior executives, which included former CEO Richard Umbers and CFO Grant Davenport, has cost it over $2.65 million in termination and other payments.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV

Myer to shed head office jobs but keep stores

Original article by Sue Mitchell
The Australian Financial Review – Page: 25 : 20-Jul-18

Department store group Myer has reduced staff numbers at its head office in Melbourne’s Docklands precinct by about 30 per cent in recent years, and CEO John King is expected to seek further job cuts. However, sources have rejected suggestions that up to 50 per cent of head office staff could be retrenched. King also intends to reduce the number of Myer stores, although he is expected to wait until existing leases expire. Meanwhile, David Jones has posted 2.2 per cent growth in sales for the first half of 2018, and growth of 2.7 per cent in same-store sales. Full-year sales were 0.9 per cent lower than previously.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED, HOUSE OF FRASER HOLDINGS PLC, SEARS HOLDINGS, KMART CORPORATION, LATITUDE FINANCIAL SERVICES LIMITED, PREMIER INVESTMENTS LIMITED – ASX PMV, VICTORIA RACING CLUB LIMITED

Bankwest branch closures hit 200 workers as customers shift online

Original article by Alice Uribe, David Marin-Guzman
The Australian Financial Review – Page: 19 : 19-Jul-18

Bankwest MD Rowan Munchenberg says consumers’ growing preference for mobile banking has prompted the Commonwealth Bank subsidiary to close 29 bank branches in New South Wales, Victoria and Queensland. The move will result in the loss of 200 jobs, and the Finance Sector Union’s national secretary Julia Angrisano says Bankwest should have engaged in more consultation with staff. She has identified digital disruption as the biggest issue facing the financial services industry.

CORPORATES
BANKWEST, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FINANCE SECTOR UNION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ