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Monthly Archives: September 2019

Telstra defends CEO’s pay packet

Telstra has defended chief executive David Thodey’s $8.

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8 million pay packet after a shareholder questioned whether the telco’s performance justified such a salary.

At the telco’s annual general meeting in Sydney, shareholder David Jackson questioned an 8.7 per cent increase that lifted Mr Thodey’s base pay to $2.65 million last year.

The CEO also received millions in bonuses and incentive-based shares.

“If you can allow an 8.7 per cent increase in the base pay of Mr Thodey, it doesn’t sit very well with many shareholders and many employees because they have not received anything like that,” he said during questions from the floor of an otherwise low-key meeting.

Mr Jackson said Telstra’s earnings had been flat over the past five years, and was applauded by most of the 500-strong audience when he said shareholders were “paying lots of money and quite often for results which are not very satisfactory”.

Chairman Catherine Livingstone said executives were rewarded according to their performance, and defended Telstra’s recent results, saying the market and technology had undergone enormous change.

“Every year David Thodey and his team have to cope with the fact that half a billion dollars of revenue on fixed-line voice will no longer be there,” Ms Livingstone said.

“That revenue has to be replaced.

“We regard the performance of the executive team in managing the business model change in Telstra as warranting the remuneration that we provide.”

The remuneration report was passed with 98 per cent shareholder support.

Telstra faced further criticism from the Community and Public Sector Union, which mounted a small protest outside the AGM over more than 3,000 jobs cut by the telco this year.

Ms Livingstone said Telstra’s workforce was “rebalancing”.

“While we have proposed that in our operations workforce, certain roles will reduce by around 1,100 jobs by June next year, we have made other announcements recently that could result in close to 1,000 jobs being added by operations in other areas,” she said.

Mr Thodey also signalled further cost savings.

“We believe there remains further opportunity to improve operational efficiency while growing new business opportunities,” he said.

Telstra would continue to spend the same percentage of its sales revenue on the rollout of the 4G mobile network, he added.

Telstra’s capital expenditure was $3.8 billion in 2012/13.

“We expect capital expenditure to be around 15 per cent of sales as we continue to build out our 4G mobile network and complete the build of the NBN transit network,” he said.

Ms Livingstone said the telco would continue working under existing contracts for the National Broadband Network while the new federal government carried out reviews of the project.

Telstra shares added seven cents to $5.00 on Tuesday.

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2019年9月18日 上海性息

Aust close to world champion target: ASC

Sick about the Socceroos, worried about the Wallabies, testy about the Test cricketers?

Too often Australians are looking in the wrong places for the reflected glow of sporting success, the Australian Sports Commission (ASC) politely suggests.

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ASC chiefs on Tuesday reported on progress in meeting the 20-plus world championships target they set for the first year of their revamped sports funding program, Australia’s Winning Edge, launched after the disappointing overall London Olympic campaign.

With $100 million out a total of $120 million of taxpayers’ money a year going from the ASC into the high performance end of Australian sport, they’re keen to show it’s closely monitored and results are definitely required.

They listed 18 current world champions, or recent winners of “iconic international events” – with the good chance the Kangaroos at the Rugby League World Cup can join them before the year is out.

“Whilst there has been attention on the struggling fortunes of Australia’s men’s cricket, rugby and football teams, it should not overshadow these performances,” said ASC chairman John Wylie.

He believed there was an “overwhelming and disproportionate amount of attention paid to the marquee professional sports” which crowded out some great achievements.

The ASC list of 18 includes 13 sports, headed by London Games problem sport swimming with three world champions – Cate Campbell, James Magnussen and Christian Sprenger.

It also, significantly, includes more women’s titles – 10, with women’s sport – “one of the great under-appreciated stories in Australian sport” – one area targeted for potential rich rewards.

The ASC did acknowledge aspects of their list may be debated – for example it includes an Australian Open mixed doubles tennis title.

Australia’s Winning Edge is a multi-faceted 10-year program, which set lofty goals including Australia finishing top five on the medal table at the Summer Olympics, top 15 at Winter Olympics and No.1 at the Commonwealth Games.

Improving governance of the various sports is another key role, with continued ASC funding for seven leading Olympic sports depending on conforming to its guidelines.

The ASC rated as “low”, the current level of reform progress being made by cycling, which needed to integrate its three main bodies, Cycling Australia, BMX Australia and Mountainbike Australia.

The doping-scandal hit sport also needs to find a new Cycling Australia president to replace Klaus Mueller, who stepped down in August, as an “urgent priority” with significant progress needed in cycling before the ASC allocates the next’s year’s funding in March.

The other six sports – athletics, basketball, hockey, rowing, sailing and swimming – rated between medium and high in progress toward meeting the new mandatory standards.

SC CEO Simon Hollingsworth said: “We are enormously encouraged by the way sports have risen to the challenge and embraced change.”

Wylie praised the progress in swimming since the controversies stemming from the London Games flop, particularly the recent appointment of “inspirational figure” John Bertrand as Swimming Australia president.

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Foreign coaches get the hook as Australia fails on world stage

In a miserable 2013 tempered only by golfer Adam Scott’s triumph at the U.

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S. Masters, a proud sporting nation has endured the continuing travails of their once all-conquering cricket team and the defeat of the Wallabies rugby team at the hands of the British and Irish Lions.

The latest humiliation came when the Socceroos, fresh from qualifying unconvincingly for next year’s World Cup finals, were handed back-to-back 6-0 thrashings in friendlies against former world champions Brazil and France.

The blame for latter defeat in Paris last weekend was apportioned less than two hours after the final whistle with German coach Holger Osieck summarily dismissed by Football Federation Australia (FFA) chief David Gallop.

Rugby coach Robbie “Dingo” Deans was given a full three days after a third test hammering in July that decided the Lions series before the New Zealander “stood down” to end five-and-a-half years in charge of the Wallabies.

The main event of the cricket year had not even been reached when South African Micky Arthur was the victim of a shock pre-emptive strike, his short reign curtailed after a 4-0 defeat in India but before the Ashes series against England.

Both were the first foreigners to be put in charge of the respective teams and both were succeeded by Australians.

Osieck might yet be replaced by another coach from beyond Australia’s shores but public sentiment, as represented by the media, is resolutely behind giving a local man a chance.

“His demise highlights the folly of using foreign coaches to lead Australian national teams over long periods,” columnist Andrew Webster wrote in the Sydney Morning Herald on Tuesday.

“Osieck and his predecessor, Pim Verbeek, are technocrats who never embraced the unique Australian manner in which we play on the international stage: punching above our weight, against nations with far larger player numbers to choose from.

“Foreign coaches don’t bleed like home-grown ones. They are merely fulfilling a contract.”

NO QUICK-FIX

The examples of the Australian cricket and rugby union teams suggests, though, that taking the coaching job back “in-country” is no quick-fix for a struggling team.

Arthur’s replacement Darren Lehmann oversaw a 3-0 defeat in England and his team face an uphill struggle in the return series, which starts in Brisbane on November 21.

Ewen McKenzie was handed the Wallabies job ahead of World Cup-winning South African Jake White but has lost two tests each to New Zealand and the Springboks, only tasting victory in his first six matches against Argentina.

Melbourne Victory coach Ange Postecoglou, one of the top local candidates for the Socceroos job, initially urged caution over the groundswell of support for an “Australian only” approach to recruitment.

“The only thing I would recommend strongly is to appoint the best person for the job,” he told reporters on Sunday.

“I don’t like this whole ‘Let’s go local as opposed to overseas’. It’s our national team, whoever the best person for the job is, that’s who should get it.”

On Tuesday, though, after two days in which he firmed as media favourite for the post, he conceded that an Australian would have more invested in the job.

“There’s no doubt, in any code and in any country, if you’re coaching the national team and you come from that country, there’s always that little extra bit you’ll put into it,” he told SEN radio.

“An Australian has to live in this country once he’s finished that job.

“I think there’s some sense in saying that if there’s an Australian who’s ready for it, you know, then that would be the way to go.”

Despite saying that recruiting an Australian coach would “make sense”, Gallop said the FFA had already put out feelers to Guus Hiddick, the Dutchman who led Australia to the last 16 at the 2006 World Cup.

Whoever takes the job, though, will inherit a very different squad from that Hiddink took over in 2005, a generation of players who blossomed into Australia’s finest.

Given the current teams just managed to squeak past the likes of Oman, Iraq and Jordan to get to Brazil, there is a case for suggesting that, whether led by Australian or foreigner, expectations for the Socceroos might be a little bit too high.

(Editing by John O’Brien)

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US crisis: In-depth analysis with Huw McKay

As the US government shutdown enters its third week and debt-ceiling negotiations continue, Huw McKay, a United States Studies Centre scholar at the University of Sydney, provides a negative forecast for the world’s largest economy.

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Given the US stands at the centre of the global economy, the potential effects of the shutdown could reach an international scale.

The US treasury expects cash reserves to fall to a point where government cannot credibly run by October 17.

Mr Mckay predicts the ramifications of US instability will produce a global ripple-effect.

“The public sectors influence on the American Economy in 2014 will be negative,” he said.

According to Mr McKay, “the world growth number needs to come in line with the US,” as a direct result of the shutdown.

Further, he states the emergent market forecast with China, India and Brazil must decrease, and that has implications for Australia.

Most deadlines are non-negotiable, however delays and demand for concessions have stalled progress to a solution.

Mr McKay said the debt ceiling should be absolutely formulaic and mechanical.

A number of foreign investors were also fearful of the US financial vulnerability and the losses they may face.

But investor options are limited.

“For now there is no alternative for these holders. They have trillions of dollars to invest, they need liquidity, and the US treasury market, for better or for worse, is the only market which meets the important criteria for foreign exchange,” Mr McKay said.

Looking into the future, he points to China, the single biggest holder outside of the US Federal Reserve, as an obvious candidate to supplant the US treasury centric system. 

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Cochlear expects steady profit in 2014

Hearing implant maker Cochlear expects profit to be flat in the current financial year as its operating margin comes under pressure.

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The company will receive less revenue from foreign exchange hedges in the 2013/14 financial year, and will maintain its spending on research and development, chairman Rick Holliday-Smith says.

“These decisions mean there is some pressure in the short term on the operating margin,” he told shareholders at the company’s annual general meeting in Sydney.

Net profit in 2013/14 is expected to be similar to the previous year’s $132.6 million, with most to be made in the second half of the year, he said.

Cochlear’s interim dividend is expected to be $1.27 per share, compared to $1.25 in the prior corresponding period, Mr Holliday-Smith said.

The final dividend is also expected to be at $1.27, in line with the prior corresponding period.

Shares in Cochlear were down 90.5 cents at $59.005 at 1435 AEDT.

Cochlear’s 2012/13 annual profit was significantly higher than the previous year’s, when Cochlear was hit by costs from a recall of the CI500 series implant.

Chief executive Chris Roberts said Cochlear had invested heavily in research and the development of new products over the last five years, and those new products would start rolling out in earnest in 2013/14.

“There’s more going out this year than in any other year that we’ve ever had,” Dr Roberts said.

“Fiscal 2014 is a year of significant activity that is really going to set the company up for growing momentum in the second half of fiscal 2014, going into fiscal 2015.”

Cochlear has just started to launch its Nucleus 6 sound processor, which the company says is the most advanced and smallest sound processor on the market.

It also expects its emerging range of acoustic implants to make progress in the 2013/14 financial year, following initial sales in 2012/13.

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