BlueScope Steel: Executives vs Job Cuts - Talking Business 2011 Ep 30c

A review of the week in business, with expert analysis and commentary.

Leon and Garry discuss how BlueScope Steel is axing at least 1,000 jobs as it announces a $1.054 billion loss. OneSteel is expanding. Meanwhile, BlueScope Steel executives pocket $3 million worth of bonuses. Leighton chairman David Mortimer and chief executive David Stewart are forced out. International companies planning to invest in Australia will include local firms under new measures. Treasury boss Martin Parkinson warns financial turmoil will plague the world for years. Weak construction figures suggest low economic growth. A senior Reserve Bank official says interest rate decisions will remain difficult. It’s a disappointing start for Australian superannuation funds. Pacific Brands faces a $9 million bullying claim. US private equity fund Bain buys MYOB for $1.3 billion. Australian homes remain the largest in the world but are set to get smaller. In a blow to the ACCC, the Federal Court allows Metcash to buy Franklin stores. The Federal Government wants to raise employer superannuation contributions to 12 per cent. Shell and Petro China subsidiary Arrow Energy confirms a $520 million takeover bid for Bow Energy. BHP Billiton posts a monster $US23.6 billion profit. Sports and surfwear firm Billabong reports an 18.4 per cent fall in profit. Fortescue announces a 76 per cent jump in annual profit. QBE posts a net profit of $US673 million. Suncorp Group reports a net profit of $453 million, 42 per cent down. IAG’s profit more than doubles from $250 million from $91 million. Asciano reports a $145 million annual net profit, compared with last year’s $975 million loss. Wotif posts a profit of $51 million. Iluka Resources reports a first-half net profit of $145.9 million compared to last year’s loss of $6.6 million. Qantas records a $252 million profit, Virgin Blue posts a $67.8 million loss. Amcor Ltd almost doubles its full year profit to $356.7 million. Woolworths increases its full year profit to $2.12 billion. Foster’s reports an $89 million loss. Treasury Wine Estates reports a profit of $64.4 million. IOOF Holdings Ltd increases full year profit to $99.5 million. Newcastle-based health insurer NIB reports a higher profit of $65.5 million. Federal government funding cuts contribute to a 40 per cent slide in Primary Health Care’s full-year profit. Ramsay Health Care's net profit leaps 33.8 per cent to $198.4 million. Sonic Healthcare Ltd's full year profit is flat at $294.5 million. Flight Centre posts a flat annual profit. Toll Holdings reports a 3.7 per cent rise in profits to $294.8 million. Transfield posts a $19.73 million loss. Origin Energy reports a 15 percent jump in annual profit to $673 million. Mirvac’s net profit falls more than 20 per cent to $182.3 million. Mortgage Choice Ltd books a 17 per cent jump in annual profit to $27.459 million. Macarthur Coal reports a net profit of $142.4 million. Tatts Group reports a 130 per cent surge in profit, to $275 million. Crown declares a $336 million profit. Gunns reports a $355 million loss. AGL Energy increases full year profit 57 per cent to $558.7 million.

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Garry Barker and Leon Gettler