Industry News

Bruce McDougall August 16, 2012 The Daily Telegraph PARENTS could pay extra for their children’s lunch at the tuck shop as more than 2000 school canteens are hit by the carbon tax and spiralling power prices. Canteen operators serving more than 1.1 million students will for the first time be required to account for power usage, with some predicting food prices will be pushed up by as much as 10 per cent. The slug on canteens comes as schools receive their first electricity bills with carbon tax included and principals warn staff to “try harder to save electricity”. The July power bill of one large Sydney high school showed a carbon charge of $447.28 separately listed on an account totalling $6088.67. A teacher at the school said yesterday: “So much for the carbon tax not having an impact … the money will have to come from funds that otherwise would…

Jane Harper August 16, 2012 Herald Sun ANOTHER strong performance from supermarket Coles has helped drive retail giant Wesfarmers’ full-year net profit up 11 per cent to $2.126 billion. Total revenue across Wesfarmers for the year to June rose 6 per cent to $58.1 billion, up from $54.9 billion last year. Coles, which has outpaced larger rival Woolworths in sales for the past three years, reported a 16.3 per cent rise in earnings to $1.3 billion. The result sent Wesfarmers’ share price up nearly 3 per cent to a 15-month high of $33.48 by midday. Managing director Richard Goyder said an investment in lowering prices, along with store refurbishments and an improved network, had driven the strong result at Coles. He said the retail sector was expected to remain subdued, but the group was well-placed to withstand the continuing headwinds. “The group has a strong portfolio of businesses and a…

Patrick Carlyon 16 Aug Smoking is bad. Big tobacco is evil. These truisms are as entwined as pies and sauce. Therefore, the plain packaging of cigarette packets must be a progressive step, given tobacco companies have spent tens of millions of dollars fighting the idea. Yesterday, the High Court made such legislation binding. An industry so scary they now make funny movies about it… Even smokers might gloat at the idea of tobacco companies being flogged in a courtroom. And Australia, once again, gets a gold medal for showing the world how it should be done, which is a step up at least from some of ourl male swimmers. It was a “victory for all families who had lost someone to a tobacco-related disease” said a Gillard Government press release. It was “a relief for every parent”. “For anyone who has ever lost someone, this is for you.” Cigarettes, it…

August 16, 2012 The Age Big Tobacco may have suffered a loss in the High Court yesterday, but a look at the share prices of tobacco companies shows the market sees a future in smoking. While most tobacco stocks eased on the news of the court’s ruling on the plain packaging of cigarettes, shares in the companies are still up dramatically over the past year – underscoring the loyalty investors have for these lucrative companies and the booming markets they are tapping in Asia. The Chinese and Eastern Europeans smoke at bloody breakfast. Shares in Imperial Tobacco fell 1.7 per cent, or 44 pence, to £24.89, yet they are up 24.3 per cent over the past year. British American Tobacco stock fell 65 pence, or 2 per cent, to £33.80, but are up 27.5 per cent for the year. “Those stocks still have a defensive quality to their earnings in…

BRIAN X. CHEN August 15, 2012 The New York Times Cash, credit or debit? You may one day have far more choices to make at the checkout counter. A group of big retailers, including 7-Eleven, Best Buy, CVS and Wal-Mart, said on Wednesday that they were forming a company that would offer a way for customers to pay for purchases with their smartphones, joining a wide array of businesses seeking a piece of this market. Other than announcing the formation of the payment network, to be called Merchant Customer Exchange, the companies gave few details about how their mobile system would work or when it would be released. They said that their payment application would be available for virtually any smartphone, and that it would use a secure technology to process transactions. Fourteen companies so far have agreed to help develop the mobile wallet system, and more are expected to…

August 16, 2012 The Age Wesfarmers said full-year net profit came in at $2.126 billion, boosted by a strong showing from its Coles supermarket chain. Shares in the company jumped on the news, rising as high as $1.14, or 3.5 per cent, in recent trading to $33.63. Net profit for the Perth-based conglomerare rose 11 per cent for the year and matched estimates from analysts. The earnings growth was driven by the continued resurgence of the once struggling Coles division which recorded a 16.3 per cent increase in 2011-12 pre-tax earnings to $1.356 billion. Revenue for the group, which also includes hardware store Bunnings, Kmart and other investments in coal and insurance, rose 5.8 per cent to $58 billion. The group’s other consumer-focused business units also put in solid performances, with pre-tax earnings at Bunnings up 4.9 per cent to $841 million, and Kmart also showing strong signs of improvement…