Sydney, Sept 17, 2007 (ABN Newswire) - Telstra has been accused of spending millions of dollars on free flights to US executives who've recently joined the company. News Limited Press reports that about $3 million worth of free flights has given to dozens of US executives and their families. Since Sol Trujillo took over as chief executive two years ago, Telstra has hired 30 foreign executives. However there's further speculation the amount spent on free flights may be higher with critics saying more than 100 US consultants have worked for Telstra and its business partners as the telco giant undergoes "Americanisation". Telstra has reported profits over the last five years with 2005 the highlight.
Transfield Services has announced its further expansion into the world's largest outsourced market with the acquisition of US company. The company has bought VMS, which operates and maintains services for road transport infrastructure across the US, for $35 million. Transfield Services' Managing Director and Chief Executive Officer, Peter Watson, says the acquisition will be used to build market share in the US market, following the successful bid to operate and maintain the Port of Miami Tunnel. Due to aging road infrastructure in the US, Public Private Partnerships and the outsourcing of operation and maintenance is emerging as an increasingly attractive option for US State Departments of Transportation. Transport Services' profit highlight was in 2007 with just over $114 million.
Australian metals recycler, Sims says its first quarter earnings were expected to be below $60 million but second-quarter profit will exceed that. The news sent its shares down nearly 2 percent after a strong rally in the past week. The company's second-quarter forecast is based on a strong global pricing environment for metal prices, although this would be partly offset by competition for source material and high freight costs. Reuters news also reports that Sims is considering a transaction. The company, previously stated it was looking at metal recycling opportunities in North America and Europe, as well as recycling solutions globally. Sims posted a yearly profit of just over $196 million in 2006.
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http://acnnewswire.net/lnk/3IHW5428Source: Finance News Network © 2007
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