Money
Australia Post agrees to pay former CEO $1m
Australia Post has agreed to a $1 million termination payment for Christine Holgate
The former CEO will also receive $100,000 to cover legal costs.
Australia Post says the matter is finalised “so that both parties can move on”. But the payment comes without any admission of liability.
It means Holgate now releases her former employer from all legal claims.
Australia Post says it acknowledges that it has lost an effective CEO following a scandal, where senior executives were given Cartier watches as bonuses.
Australia Post and Ms Holgate participated in a mediation on Friday 23 July 2021 before the Hon. Peter Jacobson QC, a former Justice of the Federal Court of Australia.
The parties have reached a settlement and Australia Post has agreed to pay $1,000,000 to Ms Holgate to be taxed as an employment termination payment.
“To finalise the matter so that both parties can move on, Ms Holgate has released Australia Post from all legal claims and Australia Post is making the payment without any admission of liability,
Australia post said in a statement
“Australia Post acknowledges that it has lost an effective CEO following the events on the morning of 22 October 2020,
“Australia Post recognises and thanks Ms Holgate for her outstanding contribution and strong leadership during her employment as CEO of Australia Post,” the statement continued.
Australia Post said they wish “Ms Holgate the best in her future endeavours.”
“Ms Holgate wishes the employees, partners and licensees of Australia Post her best wishes as they strive every day to provide a vital and affordable service to all Australians no matter where they reside.”
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews
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