THE NEWS WRAP: Employers set to battle over staff flexibility
Wednesday, May 16, 2012/
Employers look set for a battle over staff flexibility following a new union report that claims that workers’ jobs are now far more insecure than they used to be.
The report, by former Labor deputy prime minister Brian Howe on behalf of the ACT, said that the rise in casual and contract work had eroded workplace conditions for employees.
“The internationalisation of the Australian economy over the past 30 years has undoubtedly improved living standards,” he said.
“But at the same time, changes occurred in our economy and in our society that have given rise to the unprecedented growth of insecure work.”
Trio Capital investigation urged
A parliamentary committee has called for a probe into the collapse of Trio Capital after more than 6,000 investors saw their money vanish, with some losing their entire retirement savings.
Liquidators have recouped nearly $300 million from Trio Capital, a trustee of a series of super funds, but more than $200 million is still unaccounted for.
Facebook increases share pool
Facebook has said that it will issue 25% more shares than first anticipated, due to strong demand for its stock ahead of its public flotation.
The social media giant has also upped the share price by 21% to between $34 and $38 a share.
The Dow Jones Industrial Average was up 4.35 points, or 0.03%, to 12,636.35. The Australian dollar was down to 99.02 US cents.