Your afternoon Briefing
Good afternoon, readers. Here’s what made news this Monday.
Good afternoon, readers. Here’s what made news this Monday.
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Rethink dodgy banks, McManus tells funds
ACTU secretary Sally McManus has urged industry superannuation funds to reconsider their relationships with the major banks in the wake of the revelations at the financial services royal commission.
Ms McManus today wrote to fund chief executives asking them to reconsider their commercial relationships with the “dodgy” banks, saying she had been “appalled by the outrageous and illegal behaviour” uncovered by the commission.
Superannuation funds have billions of dollars of bank stocks in their Australian share portfolios.
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197 shipbuilders face axe
Government-owned shipbuilder the Australian Submarine Corporation is axing almost 200 jobs.
Most of the 197 job losses would affect “permanent, full-time, highly skilled” workers in Adelaide, unions say.
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From Point Piper to jail cell
Pictures have emerged of Ron Medich being led away from court in handcuffs as he prepares to swap his Point Piper home for a jail cell.
The property developer was today found guilty of ordering the murder of his former business partner Michael McGurk.
After almost two weeks of deliberation, a jury returned guilty verdicts on both the murder count against 70-year-old Medich and a separate charge of intimidating Mr McGurk’s widow, Kimberley.
Myer appoints new CEO
Myer has appointed the former boss of iconic British retailer House of Fraser, John King, as its new chief executive, handing the UK retailer one of the hardest jobs in Australian retail has he tries to stem the losses at Australia’s biggest department store and return it to profitable growth after decades of drifting.
Mr King will be paid a fixed salary of $1.2 million and receive $900,000 equity in the form of share rights granted upon his commencement.
Notorious airline sisters resign
One was accused of throwing water at the face of an employee. The other ordered a flight turn round after she was served macadamia nuts in a bag, instead of on a plate.
Now, the head of Korean Air Lines Co. says his two daughters have resigned their positions at the company after an uproar over allegations they abused their subordinates.
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