It’s been another busy week at SmartCompany, but at least there’s a bit more light at the end of the interest rates tunnel. Here are our picks for the winners and losers from the week that was.
It’s been another busy week at SmartCompany, but at least there’s a bit more light at the end of the interest rates tunnel. Here are our picks for the winners and losers from the week that was.
Ryan Junee, Julian Frumar and Simon Ratner
This was our favourite story of the week. Three Sydney boys now based in Silicon Valley started an online video editing service called Omnisio just five months ago. Late last week, YouTube bought the company for a reported $15 million. Bingo!
The Rudd Government’s much vaunted “root and branch” review of the Australian tax system looks certain to concentrate on the streamlining, reduction and elimination of business taxes in a bid to improve Australia’s productivity and international competitiveness. About time, we say.
Optometry chain Specsavers has launched a lightning strike on the Australian market, building a chain of over 100 stores in a bit over five months. The company, which offers two pairs of glasses for the price of one, is doing well too. Independent stores that have converted to the Specsavers brand are reporting sales are up 40%.
Economists have basically locked in a rate cut in September after the Reserve Bank said on Monday that the economy had slowed and inflation is almost under control. The big question is how big the rate cut might be – 0.25% or 0.5%?
Is global warming and rising sea levels about to wipe out your holiday home? Maybe not, but at least one Victorian coastal council has shown this is a growing issue by banning the development of six homes because of rising sea levels and storm severity. Experts say coastal property prices could be affected by the decision.
Realestate.com.au shocked the market this week by sacking chief executive and major shareholder Simon Baker. The board said it needed a CEO with global experience, but here are SmartCompany we can’t understand why you would sack the guy who has taken the company’s value from $4 million to $480 million when the economy is about to tank.
Bad news for workplace bullies this week. One Donut King franchisee was fined for swearing at and threatening an employee, while a trolley collection company was fined a whopping $120,000 for underpaying and bullying staff. There’s just no place for this sort of behaviour – it’s expensive, reputation destroying and terrible for productivity.
Sure, the ACCC’s grocery price inquiry didn’t throw too much mud at Coles and Woolworths for being anti-competitive, but the Government’s new Grocery Watch website showed they are uncompetitive, with German chain Aldi in a number of areas. Let’s hope we’re about to see a grocery price war.
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