Industrial Workers of the World

Almost 7,000 companies facing collapse: Dun and Bradstreet Tue Feb 17, 2009

http://www.abc.net.au/news/stories/2009/02/17/2493891.htm

A survey has found almost 7,000 Australian companies are close to collapsing this year. The survey's author, Dun and Bradstreet, says that is 12 per cent higher than last year. It says firms in the finance, insurance and real estate sector are the most at risk. Dun and Bradstreet's chief executive, Christine Christian, says the risk of insolvency has surged because businesses are not paying enough attention to their cashflow levels. "Many companies have been relying on cheap funding from banks and they have taken their eye off the basic fundamentals of business," he said. "That is what's emerging from the latest research, many businesses are just not managing cash-flow sufficiently."

Hold-on Biz shaken who's next Fraud, Toyiota ? GM to cut 47,000 jobs, begs for cash Holden's US parent company General Motors says it will cut 47,000 jobs - 26,000 of them outside the United States - as part of a massive restructuring plan this year. GM says it may need another $US30 billion ($47 billion) in government aid - more than doubling its original aid - and will run out of cash as soon as March without new federal funding. More:

http://www.abc.net.au/news/stories/2009/02/18/2494422.htm

Virgin Blue cuts surprised staff: union The Transport Workers Union (TWU) says it will meet with Virgin Blue representatives today to discuss staff cuts. The airline says it is cutting about 400 jobs and grounding five aircraft as it scales back in the face of the economic slowdown. It says it will try to minimise job cuts by transferring staff to its new international airline V-Australia and introducing part-time work, job sharing, and leave without pay.

More: http://www.abc.net.au/news/stories/2009/02/18/2494290.htm

Fair Work Bill 'jeopardising Cochlear productivity gains' The maker of world-leading Cochlear implants says forcing the company into enterprise bargaining with unions would risk driving down productivity gains and wage rises. Cochlear Australia has been giving evidence to a public hearing in Sydney into the Federal Government's Fair Work Bill. The company is responsible for award-winning hearing aid technology, and their product is the world's top-selling hearing aid. Cochlear Australia has been involved in a dispute with unions over putting its largely female migrant workforce on individual contracts. More:

http://www.abc.net.au/news/stories/2009/02/18/2494853.htm?section=justin