How to release a book and make a nation cringe

WILL the Wondoan mine project survive? Why is Gina Rinehart releasing a book? Why are lawyers threatening the economy? Kieran Bicheno answers all.

Kieran Bicheno. Picture: Thaii Chung

WHAT'S making business news this week?

Gina Rinehart releases new book on Australia's future

Gina Rinehart has released a book complaining that Australia's economy is headed for the same disaster faced by Greece, Spain, and Portugal.

Speaking to the press, Mrs Rinehart reiterated that the government wasn't doing enough to turn a profit and warned workers that there were always starving Africans who'd work for less.

The book is expected to be released in a scratch-and-sniff special edition next month.

Glencore gets green light for Xstrata takeover

Mining company Xstrata will be bought by a Swiss company, Glencore, after the larger firm was given the green light by European regulators.

Glencore was only given the go ahead after agreeing to let go of a zinc contract that would have meant it had 50% of Europe's market share in the commodity.

An internal poll has 'The merger did it' at even odds and 'Aussies are lazy' at 2 to 1 as being the reason for eventually canning the Wondoan mine project.

QR National votes to change name to Aurizon

QR National shareholders voted overwhelmingly in support of changing the company's name to Aurizon at last week's AGM.

Lance Hockridge said the name, pronounced the same way a Victorian asks for a pack of cigarettes, 'better represents who we are today and aspire to be in the future'.

Shareholders were less enthused about giving the company's top nine execs a $18.8 million pay rise, but voted for it under the impression that they too could be rich one day and wouldn't want to spoil the ending. .

GetUp anti-pokie campaign fails against Woolies shareholders

Woolworths shareholders have rejected an anti-gambling campaign after lobby group GetUp tried to convince shareholders that they were in the best position to curb Australia's gambling problem.

Woolworths, through its subsidiary Australian Liquor and Hospitality, became the country's single biggest pokies operator after realising the business sense in cash registers that don't need to give anything back.

Around 80 protesters demonstrated outside the meeting while 500,000 Australians demonstrated the dangers of problem gambling in pubs, clubs and RSLs across the country.  

Litigation costs could undermine banking industry

In less heartbreaking news, Doctor of Business Adminstration Pat McConnel has predicted that it'll be lawsuits, not our Labor overlords, who could bring down the banking sector and tank the economy.

The situation came to a head when NAB told investors that its net profit for the year was down about 21% after a series of nine-digit losses and $141 million just in 'litigation expenses'.

NAB's response to leaving its shareholders out in the cold was to give its 11 non-executive directors a pay increase.

Please sign the News-Mail's petition against Domestic Violence and Abuse. 

Business insights from the week

• Retail:
  • Despite recent fears, it turns out that regional shoppers still prefer bricks-and-mortar stores.
• Management:
  • In the near future, employees will be working from home at least part of the week, and more flexibility could improve productivity and morale.
• Management:
  • Employers interested in getting the latest tips on what's motivating their staff should check out the measures of progress research released by the ABS.
     

Weekly top business stories

• Thrills and spills in waterslide proposal
• Massive Wondoan coal mine in doubt
• Mortgage trust board rejects calls to quit
• Palmer fails to recover $400k timeshare money
• Too many lawsuits might break the banking sector
• Casual positions shed

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