Paladin mine cranks up
Paladin Energy's uranium mine in Malawi is back at full production following an industrial dispute sparked by demands from local workers for a 66 per cent pay rise. Workers at the Kayelekera mine walked out after demanding an immediate pay rise, following the recent 50 per cent devaluation of Malawi's currency, the kwacha.
Threat to 30,000 jobs
The computer manufacturer Hewlett-Packard is reportedly poised to cut up to 30,000 jobs, or 9 per cent of its workforce, due to falling demand for PCs as more people connect to the internet on smartphones and tablets. Analysts estimate such a payroll reduction would save more than $US1 billion a year. The cuts could be announced on Wednesday, alongside its quarterly earnings.
Backing for Kunkel
Billabong's founder, Gordon Merchant, has moved to dispel rumours that the chairman of the surfwear group, Ted Kunkel, pictured, could soon be asked to leave the board. Speculation that Mr Kunkel may have lost the support of Mr Merchant, who owns nearly 16 per cent of the retailer, mounted on Thursday when at a function Mr Merchant did not publicly back Mr Kunkel's tenure. But yesterday he put out a statement saying: "It was not my intention to create any uncertainty about the position of the chairman. Ted continues to have my support."
The sleep disorder equipment supplier ResMed will pay dividends in the next financial year. ResMed said it would pay a quarterly dividend of US17? per share from the first quarter of 2012-13. The chief executive, Peter Farrell, said the company had been using its cash for research and development, and to repurchase some shares.
The fate of another retailer is under a cloud, with fears Retravision Southern may slide into administration. Retravision Southern, the buying and marketing company for 99 privately-owned Retravision stores in Victoria and Tasmania and southern NSW, reassured employees that they would be paid if the company fell into administration.
Ten in Eye Corp talks
Ten Network is negotiating to sell its outdoor advertising business, Eye Corp, saying it has an exclusivity agreement with a bidder. It is believed JCDecaux and APN had expressed interest. Eye Corp has been valued between $100 million and $125 million by some analysts.