Sydney, Aug 30, 2007 (ABN Newswire) -
Alinta has been found guilty of breaching the Trade Practices Act. The energy company was found to have breached undertakings in relation to the company's management of the Dampier to Bunbury gas pipeline. The Federal Court ruled Alinta broke the law after a member of the utility's staff was involved in commercial negotiations with gas shippers about the use of the pipeline. The undertakings were put in place by the competition watchdog to make sure Alinta didn't use its management to discriminate against other users of the pipeline. Alinta experienced its earnings highlight in 2005.
The ANZ Bank has decided to show compassion for those customers affected by the equine influenza outbreak. The bank says it will provide assistance on a case-by-case basis to customers whose jobs or businesses are affected by the horse-flue epidemic. Group managing director of ANZ Personal Brian Hartzer says the measures the bank's announcing are a small but tangible way they can assist them. The measures include suspending payments on loans for three months, and temporary adjustments to lending limits on credit cards. The ANZ Bank produced record earnings in 2006.
And it's been revealed the Commonwealth Bank chief, Ralph Norris, received a 58 per cent increase in his pay packet last financial year to $6.57 million. The increase came as Australia's second biggest bank posted an 18 per cent increase in annual cash profit to $4.604 billion on improved earnings from its business bank. The bank's next highest paid executive was former head of strategic development Hugh Harley who left the bank on the 16th of June. Mr Harley's remuneration came in at $5.4 million including $2.84 million in termination benefits. The Commonwealth Bank's earnings have been increasing over the three four financial years.
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http://abnnewswire.net/lnk/TZ63NCWOSource: Finance News Network © 2007
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