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2025-01-22
Business Don't miss out on the headlines from Business. Followed categories will be added to My News. On November 8, 2024, a Qantas Boeing 737 suffered an engine failure during takeoff at Sydney Airport. Disaster was narrowly averted, thanks to the exceptional skill of the pilot and crew. This incident, however, sparked a storm of criticism around Qantas’s reluctance to renew its ageing fleet. The aircraft was 19 years old, nearing its operational “life limit”. This revelation paints a stark picture of a national carrier that may have neglected safety in favour of short-term shareholder returns. This critique is not new, but the engine failure incident has thrust it into the national consciousness, reigniting debates around the practice of share buybacks commonly used by Qantas and the wider corporate world. Former Qantas CEO Alan Joyce speaking before the last Qantas Boeing 747 airliner departed from Sydney airport to the US. Picture: Peter Parks/AFP When individuals accept a position as directors, they pledge to act in the company’s best interests. This is a cornerstone of corporate law worldwide. However, this duty is frequently misinterpreted and often conflated with acting in the best interests of shareholders. Shareholders are not the company, and they do not share the same interests. This confusion is not trivial – it has profound implications, particularly when a board authorises share buybacks that prioritise immediate shareholder returns at the expense of the company’s long-term viability. Share buybacks provide a vivid illustration of this misalignment. When a board chooses to repurchase shares, it boosts metrics such as earnings per share and stock price. This may satisfy investors and inflate executive bonuses, but it comes at a cost: less capital is available for investment in critical infrastructure, research and development and safety. A share buyback reduces the number of outstanding shares on the market. This drives up EPS – a key metric tied to executive compensation – and puts cash directly into the hands of shareholders. While buybacks can be a legitimate way to return surplus capital to investors, the practice was viewed as market manipulation for much of the 20th century. It was effectively banned in the US until 1982. The shift came during the Reagan era, under the belief that economic benefits would “trickle down” from shareholders to the broader economy. The introduction of SEC Rule 10b-18 gave companies a “safe harbour” for conducting buybacks, and they were adopted throughout the corporate world, with Australia following suit in 1995. Today, buybacks are a common practice, but they remain controversial, particularly when executed at the expense of strategic investments. Qantas: a case study Under former chief executive Alan Joyce, Qantas embarked on an aggressive program of share buybacks. Between 2015 and 2019, the airline spent nearly $2bn repurchasing its own shares. While this buoyed the share price and enriched shareholders, it coincided with a stark increase in the average age of its fleet, from under eight years in 2015 to nearly 15 years by 2022. Compared to competitors such as Singapore Airlines (average fleet age of 6.9 years) and Emirates (8.9 years), Qantas’s fleet is significantly older, which translates to higher maintenance costs, lower fuel efficiency and diminished customer satisfaction. Critics argue that Qantas’s capital allocation decisions reflected a preference for financial engineering over operational excellence during this period. The alignment between CEO payments and share buybacks is critical to understanding the issue. Executive compensation often hinges on financial metrics such as EPS and share price, which are directly influenced by buybacks. For a CEO, authorising buybacks can lead to an immediate executive bonus, even if the company’s long-term interests are compromised. In the case of Qantas, Joyce’s remuneration package heavily emphasised financial performance. Each buyback not only enriched shareholders but also bolstered Joyce’s personal compensation. This alignment of incentives underscores how buybacks can create conflicts of interest for corporate leaders, prioritising short-term gains over strategic imperatives such as fleet renewal and workforce investment. Adam Goodes, Anthony Albanese and former Qantas CEO Alan Joyce at Qantas’ unveiling of their Yes23 livery being carried on some of their aircraft at Sydney Domestic Airport in Sydney last year. Picture: Dean Lewis/AAP Image The Qantas example is far from isolated. Across industries, companies have used buybacks to bolster financial metrics, often at the expense of long-term sustainability. Boeing’s pre-pandemic focus on buybacks, which contributed to underinvestment in safety and quality, is another high-profile case. Similarly, General Electric’s aggressive buybacks in the 2000s left the company over-leveraged and vulnerable to market shifts. When companies divert cash reserves or take on debt to fund buybacks, they often forgo critical investments in innovation, infrastructure or employee development. This trade-off can erode a company’s competitive position and leave it ill-prepared for economic downturns or industry disruptions. The hard questions The Qantas engine failure raises urgent questions about corporate governance and fiduciary responsibility: • Did the board discharge its fiduciary duty by prioritising shareholder interests over the long-term viability of Qantas? • Did the board put monetary returns for shareholders ahead of safety and even threaten the lives of its customers and staff? • Does the board that approved Qantas’s buybacks bear legal responsibility for passenger and staff safety henceforth? • Should the Australian government recognise the inherent conflict of interest in share buybacks and ban them? As the dust settles on the Qantas engine failure incident, these questions demand answers – not just from the airline but from policymakers, regulators and corporate Australia as a whole. Graham Kenny is the managing director of Strategic Factors and a regular contributor to the Harvard Business Review More Coverage As financial advice moves up-market, super funds stand still James Kirby Meet this year’s Top 150 financial advisers James Kirby Originally published as Share buybacks: How the Qantas story puts them on trial Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? Register Join the conversation, you are commenting as Logout More related stories Business Why women find small business funding not much fun Almost three quarters of female small business owners believe there are gender biases when trying to get a loan. Here’s why. Read more Business Australians suffering aged-care anxiety The majority of older Australians are suffering a crisis of confidence as they age and the possibility of moving into aged care looms. Read more20 pesos minimum deposit casino philippines real money

Trump wants to turn the clock on daylight saving timeHughes Could Correct His Mistake and Have a Chance to Bring Back Jake Allen as Backup This SummerThe Associated Press NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing . But it wasn’t just Apple, Nvidia and the like. Bitcoin , gold and other investments also drove higher. Here’s a look at some of the numbers that defined the year. All are as of Dec. 20. Remember when President Bill Clinton got impeached or when baseball’s Mark McGwire hit his 70th home run against the Montreal Expos? That was the last time the U.S. stock market closed out a second straight year with a leap of at least 20%, something the S&P 500 is on track to do again this year. The index has climbed 24.3% so far this year, not including dividends, following last year’s spurt of 24.2%. The number of all-time highs the S&P 500 has set so far this year. The first came early, on Jan. 19, when the index capped a two-year comeback from the swoon caused by high inflation and worries that high interest rates instituted by the Federal Reserve to combat it would create a recession. But the index was methodical through the rest of the year, setting a record in every month outside of April and August, according to S&P Dow Jones Indices. The latest came on Dec. 6. The number of times the Federal Reserve has cut its main interest rate this year from a two-decade high, offering some relief to the economy. Expectations for those cuts, along with hopes for more in 2025, were a big reason the U.S. stock market has been so successful this year. The 1 percentage point of cuts, though, is still short of the 1.5 percentage points that many traders were forecasting for 2024 at the start of the year. The Fed disappointed investors in December when it said it may cut rates just two more times in 2025, fewer than it had earlier expected. That’s how many points the Dow Jones Industrial Average rose by the day after Election Day, as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world . The more widely followed S&P 500 soared 2.5% for its best day in nearly two years. Aside from bitcoin, stocks of banks and smaller winners were also perceived to be big winners. The bump has since diminished amid worries that Trump’s policies could also send inflation higher. The level that bitcoin topped to set a record above $108,000 this past month. It’s been climbing as interest rates come down, and it got a particularly big boost following Trump’s election. He’s turned around and become a fan of crypto, and he’s named a former regulator who’s seen as friendly to digital currencies as the next chair of the Securities and Exchange Commission, replacing someone who critics said was overly aggressive in his oversight. Bitcoin was below $17,000 just two years ago following the collapse of crypto exchange FTX. Gold’s rise for the year, as it also hit records and had as strong a run as U.S. stocks. Wars around the world have helped drive demand for investments seen as safe, such as gold. It’s also benefited from the Fed’s cut to interest rates. When bonds are paying less in interest, they pull away fewer potential buyers from gold, which pays investors nothing. It’s a favorite number of Elon Musk, and it’s also a threshold that Tesla’s stock price passed in December as it set a record. The number has a long history among marijuana devotees, and Musk famously said in 2018 that he had secured funding to take Tesla private at $420 per share . Tesla soared this year, up from less than $250 at the start, in part because of expectations that Musk’s close relationship with Trump could benefit the company. That’s how much revenue Nvidia made in the nine months through Oct. 27, showing how the artificial-intelligence frenzy is creating mountains of cash. Nvidia’s chips are driving much of the move into AI, and its revenue through the last nine months catapulted from less than $39 billion the year before. Such growth has boosted Nvidia’s worth to more than $3 trillion in total. GameStop’s gain on May 13 after Keith Gill, better known as “Roaring Kitty,” appeared online for the first time in three years to support the video game retailer’s stock, which he helped rocket to unimaginable heights during the “ meme stock craze ” in 2021. Several other meme stocks also jumped following his post in May on the social platform X, including AMC Entertainment. Gill later disclosed a sizeable stake in the online pet products retailer Chewy, but he sold all of his holdings by late October . That’s how much the U.S. economy grew, at annualized seasonally adjusted rates, in each of the three first quarters of this year. Such growth blew past what many pessimists were expecting when inflation was topping 9% in the summer of 2022. The fear was that the medicine prescribed by the Fed to beat high inflation — high interest rates — would create a recession. Households at the lower end of the income spectrum in particular are feeling pain now, as they contend with still-high prices. But the overall economy has remained remarkably resilient. This is the vacancy rate for U.S. office buildings — an all-time high — through the first three quarters of 2024, according to data from Moody’s. The fact the rate held steady for most of the year was something of a win for office building owners, given that it had marched up steadily from 16.8% in the fourth quarter of 2019. Demand for office space weakened as the pandemic led to the popularization of remote work. That’s the total number of previously occupied homes sold nationally through the first 11 months of 2024. Sales would have to surge 20% year-over-year in December for 2024’s home sales to match the 4.09 million existing homes sold in 2023, a nearly 30-year low. The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. A shortage of homes for sale and elevated mortgage rates have discouraged many would-be homebuyers.

The Thai beer market is expected to grow at a rate surpassing the country's projected GDP growth in 2025, supported by government stimulus measures, a robust tourism sector and a wave of new product launches, says Chang International. The National Economic and Social Development Council projects Thailand's economy to grow by between 2.3% and 3.3% in 2025, with a midpoint estimate of 2.8%. Thai beer consumption is anticipated to exceed 2 billion litres next year, said Songwit Sritham, chief executive of Thailand beer business at Chang International Co Ltd. He said the mainstream beer segment, priced from 55-60 baht per 490-millilitre can, accounts for 60-70% of total market value. "For the mass market, we expect Thai mainstream beer sales to grow slightly faster than the country's GDP growth," said Mr Songwit. The company also anticipates its mass beer business will outpace industry growth. The "mainstream plus" segment, with an average price of more than 60 baht per bottle, accounts for about 20% of the market. It is projected to achieve double-digit growth next year, according to Chang. The company knows consumers have different preferences and are shifting towards more premium beer options, driving the robust growth of the mainstream plus segment, while the mainstream segment has not grown dramatically. He said mainstream plus represents a single-digit proportion of the company's portfolio, but Chang wants to expand this share. "We want to grow more than the market and increase the proportion of this segment in our portfolio," said Mr Songwit, without specifying a timeline. The economy beer segment, priced cheaper than the mainstream segment, continues to decline, accounting for less than 5% of the total market, compared with 10% 15 years ago. The remaining market share is held by foreign beer or speciality beer. To tap the premium trend, the company introduced "Chang Unpasteurized Screw-top Aluminum Bottle" two years ago in select markets such as Chiang Mai. Starting Dec 19, Chang plans to begin distributing this product at 10,000 branches of 7-Eleven convenience stores nationwide.Trump says he can't guarantee tariffs won't raise prices

How the stock market defied expectations again this year, by the numbersHorse and cattle owners see shortage of veterinarians willing to take the reins of large animal care

Wind Self-climbing Crane Market Analysis By Top Keyplayers - Enercon, Mammoet, Nucleon (Xinxiang) Crane, Henan Yuntian Crane, KoalaLifter, Nabrawind, Lagerwey, Liftra 11-25-2024 12:29 AM CET | Advertising, Media Consulting, Marketing Research Press release from: Verified Market Research The "Wind Self-climbing Crane Market" is expected to reach USD xx.x billion by 2031, indicating a compound annual growth rate (CAGR) of xx.x percent from 2024 to 2031. The market was valued at USD xx.x billion In 2023. Growing Demand and Growth Potential in the Global Wind Self-climbing Crane Market, 2024-2031 Verified Market Research's most recent report, "Wind Self-climbing Crane Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2030," provides an in-depth examination of the industry that includes insights into the market analysis. Along with competition and geographical research, the report also covers recent developments in the worldwide industry. The market for cosmetic packaging has been rising dramatically in recent years due to a variety of important factors, including rising product demand, a greater client base, and developments in technology. The market is thoroughly examined in this study, along with its size, trends, factors driving and impeding growth, competitive aspects, and potential for expansion. Download Full PDF Sample Copy of Wind Self-climbing Crane Report @ https://www.verifiedmarketreports.com/download-sample/?rid=218556&utm_source=Openpr&utm_medium=210 Wind Self-climbing Crane Market business report has been produced with a thorough grasp of the business environment that best fits the client's needs. This market analysis can also help businesses understand sustainability initiatives and financial growth. This report's explanation of market drivers and constraints helps readers understand how many factors might affect how much demand a given product has from consumers. All of the leading companies' and brands' company profiles are included in this market analysis. In-depth research and analysis are used to appropriately elaborate on each area in order to produce an accurate Wind Self-climbing Crane Market survey report. Who is the largest manufacturers of Wind Self-climbing Crane Market worldwide? Enercon Mammoet Nucleon (Xinxiang) Crane Henan Yuntian Crane KoalaLifter Nabrawind Lagerwey Liftra Wind Self-climbing Crane Market Segmentation Analysis Segmentation analysis involves dividing the market into distinct groups based on certain criteria such as type and application. This helps in understanding the market dynamics, targeting specific customer groups, and devising tailored marketing strategies. Wind Self-climbing Crane Market By Type All-Terrain Crane Crawler Crane Flat-Top Crane Wind Self-climbing Crane Market By Applications Onshore Wind Offshore Wind Get Discount On The Purchase Of This Report @ https://www.verifiedmarketreports.com/ask-for-discount/?rid=218556&utm_source=Openpr&utm_medium=210 Detailed TOC of Global Wind Self-climbing Crane Market Research Report, 2023-2030 1. Introduction of the Wind Self-climbing Crane Market ►Overview of the Market ►Scope of Report ►Assumptions 2. Executive Summary 3. Research Methodology of Verified Market Reports ►Data Minin ►Validation ►Primary Interview ►List of Data Sources 4. Wind Self-climbing Crane Market Outlook ►Overview ►Market Dynamics ►Drivers ►Restraints ►Opportunities ►Porters Five Force Model ►Value Chain Analysis 5. Wind Self-climbing Crane Market, By Product 6. Wind Self-climbing Crane Market, By Application 7. Wind Self-climbing Crane Market, By Geography ►North America ►Europe ►Asia Pacific ►Rest of the World 8. Wind Self-climbing Crane Market Competitive Landscape ►Overview ►Company Market Ranking ►Key Development Strategies 9. Company Profiles 10. Appendix For More Information or Query, Visit @ https://www.verifiedmarketreports.com/product/wind-self-climbing-crane-market/ Contact us: Mr. Edwyne Fernandes US: +1 (650)-781-4080 US Toll-Free: +1 (800)-782-1768 About Us: Verified Market Reports Verified Market Reports is a leading Global Research and Consulting firm servicing over 5000+ global clients. We provide advanced analytical research solutions while offering information-enriched research studies. We also offer insights into strategic and growth analyses and data necessary to achieve corporate goals and critical revenue decisions. Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance using industrial techniques to collect and analyze data on more than 25,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research. This release was published on openPR.Impact Development Group Inc. Provides Corporate Updates On Activities In Panama

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I Never Ask-My Hierarchy To Stay But For A Chance To Turn City's Form Around: GuardiolaA BRITISH Airways stewardess could face the sack after revealing online she was on the flight taking Liam Payne’s body home. Summer-Leigh Morrison also gave the names of those on board. She breached strict guidelines by sharing a snap of the BA flight manifest detailing who was travelling with the tragic One Direction singer’s coffin. And she said to more than 10,000 Instagram followers: “Just been told we’re carrying a coffin with us today. “To then find out it’s Liam Payne’s body and his family are on our flight too, heart-breaking.” She has been stood down while bosses investigate. Liam fell to his death aged 31 from his hotel balcony in Argentina on October 16. His funeral was on Wednesday. A BA source told us: “This stewardess cares more for her online social media following than her job. “She has been brought to the attention of bosses due to previous posts. “It is a serious data breach, not to mention a callous and heartless move to tell the world of Liam’s final journey for the good of her online following. “She will be lucky to ever fly again with the airline.” BA said: “We are investigating this matter so it would be inappropriate to comment further.”

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