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Sep 4, 2011

High-end clothing chain in administration, Billionaire puts principle before profit, Paid leave scheme for dads, Spring housing sales start slowly: Smartcompany News & Analysis:

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Today on SmartCompany we look at the closure of another premium fashion chain, ask what we can expect from the housing market as the key spring selling season kicks off and look at the Government’s new parental leave scheme for dads. Plus as Coles courts controversy for asking kids to sing its “Down, Down” jingle, we take a look at 10 great advertising songs that show the jingle isn’t dead. And don’t forget Entrepreneur Watch – James Thomson asks whether bonus schemes need to change to reflect corporate and social responsibility issues.

For all this and more, head to our home page.

Rich Secrets
The billionaire putting principle above profit
Billionaire Richard Chandler appears to be buying shares in Sino-Forest not for profit, but to make a point. BY JAMES THOMSON.
rich secrets

Property
Why property prices have gone back to normal
The past decade has seen an initial boom time for property prices… followed by subdued growth. BY TIM LAWLESS.
Property

Aunty B
Can my struggling manager learn to lead people?
Are you nuts? Can't you see the writing on the wall?
Aunty B

Selling
Sue Barrett

Like all narcissists, the sales narcissist is a master manipulator.
Sue Barrett

Female Entrepreneur
Naomi Simson
A great way to discover an organisation's values is to explore the folklore of the business.
Noami Simson

Retail trends
Kevin Moore

We really do need a re-think within our local councils. Perhaps even some innovation.
Kevin Moore

Entrepreneur Watch
James Thomson

James Murdoch was right to refuse his $US6 million bonus. But should corporate pay systems be able to block bonuses in scandal-hit companies?

Global IT services market down:Ping Newsletter

Ping Newsletter



Foster's hits back in booze battle
Fosters Blair Speedy FOSTER'S is expected to strongly defend its reporting practices this week.
 
RBA set to stay on sidelines
Glenn Stevens Scott Murdoch THE RBA is expected to remain on the sidelines, even though growth is tipped to bounce back this week.
 
China's economic turning point
China manufacturing Bob Davis UBS economist Jonathan Anderson believes he's uncovered a "pretty convincing turning point" in China's development model.
 
Call for national energy scheme
AGL Annabel Hepworth AGL Energy and Origin Energy have called for a national energy saving scheme to slash costs.
 
CEO pay rises beat investor returns
Executive pay reforms Damon Kitney CASH salaries and bonuses are on the increase amid volatility in the sharemarket.  
 
FlexiGroup under the radar
Sky's the limit for happy FlexiGroup Damon Kitney THE finance company's CEO and chairwoman can't wipe the smiles off their faces.
 
Deregulation hurts small players
Deregulation causes bloodletting among small pathology players Teresa Ooi THE federal government's deregulation of pathology collection centres has favoured two of the biggest players.
 
Qantas's Asian plans panned
AUSTRALIA-AVIATION-QANTAS Steeve Creedy THE airline's strategy of  setting up joint-venture airlines in Asia is not going down well with the public.
 
Financial Markets
$US may get a light beating
US dollar Andrew Johnson THE US dollar is likely to take less of a beating from Fed stimulus the third time around.
 
CEO pay rises beat investor returns
Foster's hits back in booze battle
 
Financial Markets Coverage
 
Mining & Energy
Call for national energy scheme
AGL Annabel Hepworth AGL Energy and Origin Energy have called for a national energy saving scheme to slash costs.
 
WA boom 'turns to custard'
Low-skilled migrants to surge
 
More Mining & Energy

More data to come on the ‘zero’ jobs market: Market Watch U.S.Traders Markert Analysis


By Steve Goldstein, MarketWatch 

WASHINGTON (MarketWatch) — When traders return from the Not-Much-Labor Day break, they’ll be greeted with more data to confirm or refute whether the job market is the zero that a key government report suggested.
Reports on the services sector, job openings and jobless claims as well as the anecdotes contained in the Fed’s Beige Book all will provide more context on the Labor Department’s report that no jobs outside the farm sector were created in August. See story on August jobs report. 

Reports on the services sector, job openings and jobless claims as well as the anecdotes contained in the Fed’s Beige Book all will provide more context on the Labor Department’s report that no jobs outside the farm sector were created in August. See story on August jobs report. 
 
This week’s data, though not as closely followed by the market as the nonfarm payrolls report, are worth examining because historically they have done a pretty good job assessing the labor market (and also because President Barack Obama on Thursday is due to give a major speech outlining initiatives to bolster the jobs market.)
On a scale of 1 to -1, the correlation between the employment component of the Institute for Supply Management’s non-manufacturing report and the Labor Department’s nonfarm payrolls number is a strong 0.87, according to data compiled by Haver Analytics.
Job openings data from the Labor Department, released Wednesday, has a less-strong 0.60 correlation, which makes sense considering that’s only one side of the labor market.
MarketWatch consensus
date report Consensus previous
Sept. 6 ISM services 51.0% 52.7%
Sept. 8 Jobless claims 407,000 409,000
Sept. 8 Trade deficit -$51.5 bln -$53.1 bln
And the monthly average of jobless claims data, due Thursday, has a strong -0.76 correlation with payrolls (which means, when claims fall, payrolls go higher, and vice versa, which is what one would expect). 

Expectations aren’t high for economic data, which actually may help the U.S. economy escape falling into a recession.
“The element of surprise is an important feature to triggering or at least amplifying a recession event,” said Neil Dutta of Bank of America Merrill Lynch. 

“A business is positioned for a 3% to 4% growth backdrop and instead we get something closer to 1%. That prompts a leaning out of inventories, capital spending, employment, etc. Today, we have none of that. There is no business positioned for robust GDP,” said Dutta.
Charles Dumas of Lombard Street Research goes further and says the weak jobs data has “nothing whatever to do with either the current state of the economy, or its future.”
He says the jobs data “entirely and exclusively” are function of what happened six to 12 months ago, noting the peak for gross domestic product was in the third quarter of 2010 but the peak for jobs growth was two quarters later. 

“When the market jerks in response to them, a rebound profit is likely. The past development of GDP means zero or negative numbers are likely in many of the remaining months of 2011,” Dumas said.
Also on Thursday, Federal Reserve Chairman Ben Bernanke heading to Minnesota will deliver a key speech, with anticipation growing the central bank will take some sort of action to bolster the languishing economy. Read more on the jobs report and what it means for the Fed. 
 
Steve Goldstein is MarketWatch's Washington bureau chief.
 

Labor seeking asylum from bad policy | The Australian Capital Circle

Capital Circle Newsletter
Labor seeking asylum from bad policy
Pressure is mounting on the Gillard government to find a way out from its asylum seeker policy impasse.

Julia Gillard is in Canberra and will meet European Commission President José Manuel Barroso today. Mr Barroso will also meet the Labor cabinet, before holding a joint press conference with the PM at 11.30am. The meetings and press conference will then be followed by a formal lunch and speeches, from about 1pm.  Cabinet will meet later in the day to thrash out a solution to the government's failed asylum seeker policy.  The PM leaves for New Zealand tomorrow to attend the Pacific Islands Forum.
Tony Abbott is also in Canberra to meet Mr Barroso. Mr Abbott will be on the front foot again today, urging the government adopt the Coalition's Nauru solution to asylum seekers.
Across the papers today, the Gillard government's choice is clear: abandon offshore processing as the party's left is urging, or make a deal with Tony Abbott and send asylum seekers to Nauru.
The Headlines: "All at sea" (Courier Mail); No way out" (Advertiser); "Abbott refloats offshore solution" (The Australian); "Abbott offers PM asylum escape route" (SMH).
The poll: A Newspoll conducted exclusively for The Australian found a dramatic collapse in public approval of Labor's management of asylum-seekers. The poll found 78 per cent of respondents rated Labor's handling of the issue as "bad" - a significant increase on the 53 per cent recorded by Newspoll in November 2009. Only 12 per cent of those surveyed believed the government was doing a "good" job on asylum-seekers, barely half the 31 per cent in November 2009. And only 22 per cent of Labor supporters backed the government's handling of the issue. ( report) (Newspoll table) (Solicitor-General's advice)
In Canberra today: The Senate Communi
Read more...
Mumble
Peter Brent
Peter Brent
The waiting game
Can things get worse for Julia Gillard? Well, there will be a Newspoll conducted over the weekend. Yesterday’s High Court ruling is one…
More Peter Brent