CBD
It could be a case of "Hasta la vista, profits": the price of seeing Governator Arnold Schwarzenegger deliver words of wisdom has, like one of his action film victims, been slashed
in half.
Tickets to see the last action hero no longer command(o) full price, with conference organiser Jamie McIntyre opening the doors to the predators of cut-price outfit Groupon.
In a deal to be terminated on Monday, McIntyre's 21st Century Financial has cut the price of a seat at Arnie's gigs in Melbourne, Sydney and Perth from $127 to $60.
It's not as if Arnie hasn't delivered plenty of pearls in his time as a moofie star.
There's him as Conan, on what is best in life: "To crush your enemies, see them driven before you, and hear the lamentation of their women." Or getting in touch with his emotions as the Terminator: "I know now why you cry. But it's something I can never do."
Crying is something with which shareholders in Groupon's US parent may be familiar. The company's US parent fired CEO Andrew Mason last week after losing $US724 million (about $709 million) over the past three years.
Exalted HQ
QBE may be shedding staff around the world (through "natural staff turnover and staff redeployment", the company says) but at least its head honchos will be OK.
The insurer has found a new home: the top four floors, equal to about 9000 square metres, of the posh new 8 Chifley Square, currently being constructed in Sydney's financial core.
It's a far cry from the insurer's current HQ, a lightless dungeon on Pitt Street.
Although the co-owners of the 30-storey, 6 star Green Star skyscraper, Mirvac and Keppel REIT, declined to comment on whether any lease has been signed, agents are all abuzz with the news. QBE has been looking for new space as part of a plan to consolidate its offices in and around the Sydney central business district. Agents said there was a possibility of the insurance group splitting its head office and its global office functions.
Rents at the palatial new building, which boasts top-tier law firm Corrs as anchor tenant, could run to more than $1000 a square metre, but CBD couldn't be sure what QBE has agreed to.
After all, the company has made it clear it's committed to saving on costs around the globe - part of which might be a new site, said to be earmarked for QBE staff, under way in Manila.
Seriously, no joke
Suppliers to RailCorp, the NSW government body that runs the state's passenger rail network, are in for a nasty April Fools Day shock: they're to be charged a fee to get their invoices paid.
RailCorp outsources its invoicing to Ariba, an arm of SAP, which last week told suppliers that they would be charged 15.5¢ for every $100 they invoice.
In a weasel word-filled email to suppliers, Ariba said RailCorp had been paying fees to use the system but from April 1 "will be transferring this accountability to their suppliers".
Suppliers will no doubt be hoping that payments through the system are more timely than RailCorp's trains - or its PR department, whose Sandra Fabbretti took two days to confirm the fee impost.
Northwards ...
Watch out Sydney, Herald and Weekly Times editor-in-chief Phil Gardner could be on the way. On Friday media website Mumbrella speculated, despite a denial from News Ltd, that the lanky South African/Melburnian could be off to the Daily Telegraph. However, talk around town is that Gardner is more likely to end up at Fox Sports.
News Ltd spinner Adam Suckling couldn't be reached on Sunday.
Got a tip?
bbutler@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
Conference organiser Jamie McIntyre's 21st Century Financial cut ticket prices for Arnold Schwarzenegger talks in Melbourne, Sydney and Perth from $127 to $60 in a Groupon-style promotion. The discounted deal was announced as a short-term offer that was due to be terminated on the following Monday.
Groupon's US parent fired CEO Andrew Mason after the company reported cumulative losses of about US$724 million (roughly $709 million) over the past three years. For everyday investors, CEO turnover and sustained historic losses can signal strategic uncertainty and may warrant closer attention to the company’s turnaround plans and financial disclosures.
QBE has been linked with taking the top four floors (about 9,000 square metres) of the new 8 Chifley Square tower in Sydney as part of a plan to consolidate offices in and around the CBD. The insurer has said it is committed to global cost savings, and moving or splitting head office and global functions — plus potential higher rents in premium buildings — could affect operating costs and long‑term corporate efficiency, items investors typically monitor.
The 30‑storey, 6‑star Green Star 8 Chifley Square is co‑owned by Mirvac and Keppel REIT. Top‑tier law firm Corrs is reported as an anchor tenant. Mirvac and Keppel REIT declined to comment on whether any lease with QBE had been signed.
RailCorp outsourced its invoicing to Ariba, an arm of SAP, which notified suppliers they would be charged 15.5 cents for every $100 they invoice through the system. Ariba said that while RailCorp had been paying these fees previously, from April 1 the accountability for the charges would be transferred to suppliers.
Suppliers will face an extra cost on each invoice (15.5¢ per $100), which could squeeze margins or cash flow, especially for smaller firms. The article also notes concerns around how quickly payments will be processed and mentions that RailCorp’s PR took a couple of days to confirm the fee, signaling potential administrative or communication hiccups suppliers should watch.
QBE indicated it may shed staff globally through natural staff turnover and redeployment, and it has flagged a site being developed in Manila as part of cost‑saving efforts. These kinds of operational changes are aimed at reducing expenses but can also involve transitional costs that investors often evaluate.
Media website Mumbrella speculated that Phil Gardner, editor‑in‑chief of the Herald and Weekly Times, might move to the Daily Telegraph, though News Ltd denied the move and chatter suggested Gardner could end up at Fox Sports. While speculative, leadership moves at major media outlets can influence editorial direction and, in turn, audience and advertising dynamics investors may want to monitor.
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