Australia’s Qantas Airways shuts down entire global fleet in lockout; government calls emergency hearing
Posted on October 24th, 2011
CANBERRA, Australia – Qantas Airways grounded its global fleet Saturday, suddenly locking out striking workers after weeks of disruptions an executive said could close down the world’s 10th largest airline piece by piece.
The Australian government called for an emergency arbitration hearing which was ajourned early Sunday morning after hearing evidence from the unions and airline. It will resume Sunday afternoon when the government will argue that the airline be ordered to fly in Australia’s economic interests.
At least 60 Qantas flights were in the air and continued to their destinations, and at least one taxiing flight stopped on the runway, a flier said. Among the stranded passengers are 17 world leaders attending a Commonwealth summit in the western city of Perth.
When the grounding was announced, 36 international and 28 domestic Australian flights were in the air, said a Qantas spokeswoman, who declined to be named citing company policy.
Qantas said 108 airplanes were grounded but did not say how many flights were involved.
Tags: Airways, Qantas Airways
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Five things appliance stores don’t want you to know
Posted on October 22nd, 2011
Fall is a great time to find a bargain on home appliances, large and small. Holiday sales are heating up, especially on ranges, cooktops and microwaves. Plus retailers have to clear out inventories to make room for the latest vacuums, coffeemakers and more. But with Black Friday looming, the make-or-break stakes mean you could be subject to pushy sales tactics or less-than-full disclosure about the particulars of your purchase. With that, here are five things appliance stores might not tell you.
Extended warranties typically don’t pay. If you’re buying a major appliance, chances are you’ll be pitched an extended warranty, which might sound tempting given the size of the investment. But Consumer Reports surveys have found time and again that most appliances don’t break during the extended-warranty period. And even when breakdowns do occur, the median cost of the repair, $150, isn’t much more than the median price of the warranty, $142.
Provisioning questions remain as Bank of Moscow 1H 2011 net profit slumps 94%
Posted on October 21st, 2011
The Bank of Moscow has posted a 1H 2011 net profit of 348.8 million roubles under IFRS.
The net result nosedived 94% from a 6 billion roubles net profit posted for 1H 2010, with net interest income also falling 41.2% year on year to 11.9 billion roubles, and assets falling 10.7% in the first 6 months of 2011 to 761.4 billion roubles, retail deposits falling 11%, but corporate accounts remaining steady, up 3%.
The gross loan portfolio edged up to 647.3 billion roubles from 645.5 billion roubles during 1H 2011, with total provisions also remaining almost flat, at 23% of the gross loan portfolio, which compares to 22.9% at the end of last year.
As of June 30, 2011the bank had 31 borrowers with total debt exceeding 10% of Bank of Moscow’s equity, down from 24 borrowers fixed as of the end of 2010.
Tags: 2011 Net, 2011 Net Profit, Net Profit, Profit
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How to Measure Employee Productivity
Posted on October 17th, 2011
The Freakonomics Guide to Hitchhiking: A Contest
Posted on October 13th, 2011
Our latest Freakonomics Radio podcast “Where Have All the Hitchhikers Gone?” has a pretty obvious premise. You can download/subscribe at iTunes, get the RSS feed or read the transcript here.
What may not be super obvious to everyone out there is the meaning of the graphic above. So let’s play name that reference and throw in some swag for good measure!
We haven’t forgotten that your preferred method of giveaway is “random,” and we’ve had a contest before on this blog where the prize is contingent on your comment number. So here’s how it’s going to work this time: the 42nd comment will win if it bears the correct answer. If comment 42 has the wrong answer, the winning number doubles and the 84th comment will win — but again, only if the answer is correct. The winning number will triple, quadruple, etc. until we get a winner.
So tell us, what does 42 signify and where is it from? Hint: the title of this post.
Energy profits soar after price rises
Posted on October 12th, 2011
The net annual profit big energy firms make on each customer rose to £125 in October, says Ofgem.
The regulator announced that the average amount energy suppliers make per customer rose by 733% from £15 in June after a raft of price hikes across the industry.
Ofgem said the average dual-fuel bill has increased by £175 and will reach £1,345 in November.
The watchdog said wholesale prices had risen by 40% to £115 per customer over the past year and could increase further in the next few months. Rising wholesale prices are often cited by suppliers when they increase their charges.
Although Ofgem predicted that profits were likely to fall back to £90 per customer next year, it confirmed that it will press ahead with plans to force suppliers to introduce simplified tariffs and easier ways for customers to compare the market.
Consumers currently face a bewildering array of 400 tariffs to choose from. Ofgem
Tags: Energy, Energy Profits
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Gold surges as stocks tumble
Posted on October 10th, 2011
Many investors are pouring money into gold as stocks continue their free fall. Gold futures climbed as high as $1,829.70 an ounce on April 18, 2011, before falling back to $1,821.80 later in the day. Meanwhile, the stock market continued its decline, raising more concern that the U.S. economy is heading to another recession. The Dow Jones industrial average was down more than 460 points in late trading, and the VIX index, which measures volatility in the stock market–also known as the “fear index”–surged, according to MSNBC.
Despite all the worry about what is happening with the global economy, it is best not to get off track from a savings plan–or start a savings account if you don’t have one. Building up an emergency savings fund could help you feel more confident about your own finances even as the economy struggles. Shop around to compare savings accounts to find the right product for you. Unfortunately, savings rates are still low, but earning a little interest on your money is better than earning nothing. And at leas
Tags: Stocks, Stocks Tumble
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