Economy

Former Smart50 winner ispONE sold to CONEC2; Chris Bowen rules out ALP leadership: Midday Roundup

Yolanda Redrup /

A Melbourne-based telecommunications company Conec2 Group has acquired former Smart50 winner ispONE after it was placed in receivership in August.

Earlier this year ispONE lost a court battle with Telstra, which resulted in a cessation of its wholesale agreement with Telstra. The company had been reselling prepaid access to Telstra’s 3G mobile network.

All 29 of ispONE’s employees and its 61,000 customers have now been transferred to CONEC2, but the sale price remains undisclosed.

The sale includes ispONE’s core assets such as the iBOSS platform and the customers of ONEseniors, One Mobile and One Telecom.

In a statement, CONEC2 chief executive Cameron Adams says the acquisition will help consolidate the group’s position in the competitive market.

“The unique iBOSS platform provides the CONEC2 Group with a competitive edge and key point of difference in this fast developing and competitive market with its high volume transaction and product offering capabilities,” he says.

Bowen rules out ALP leadership

Outgoing Treasurer Chris Bowen has announced he will not run for the leadership of the party, clearing the way for a likely contest between Anthony Albanese and Bill Shorten.

Speaking to media in Canberra, Bowen said reflection was necessary so the party could be a “credible alternative government for Australia”.

Bowen did not rule out running for deputy leader of the party.

Powerbroker Shorten, who was instrumental in both the fall and resurrection of Kevin Rudd, has said he’s “genuinely undecided” about running for the leadership.

Albanese, who became the acting leader when Rudd stepped down on Saturday night, is rumoured to be strongly considering throwing his hat in the ring.

Job advertisements in decline

Job advertisements have fallen further in August, dropping 2% according to new figures.

The ANZ monthly job ad figures revealed the fall, which was on the back of a 1.1% drop in July.

August marks the sixth consecutive month of job ad declines, as numbers are 19% lower than this time last year.

The number of ads is also 5% lower than the lowest point during the global financial crisis.

The figures point to a softening labour market, in line with predictions of a rising level of unemployment.

Shares open higher

In the first day of trade following Saturday’s election, Australian shared have opened up on the back of positive economic news from the US, China and Japan.

The S&P/ASX 200 benchmark was 18.5 points higher at 5163.5 just after midday.

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