Woolworths, a sheep in disguise?
September 13th 2006 13:22
"Hi, How you going?", the cashier greeted.
"I'm good, thanks", responded automatically by all of, if not, most of us.
All sounds too familiar and if you are a regular shopper at any of Woolworths chain of stores such as Safeway or Big W, and with all those friendly gestures and smiles by its staff, who would have thought that its parent, Woolsworth would lock out its own workers for demanding a pay rise. A small protest outside QV Complex today, in the heart of Melbourne CBD, opened our eyes to all that glitter is not gold afterall. UNITE, one of the newest union, representing fast food and retail workers brought up the plight of thier Kiwi counterparts employed by Woolworths, through a small protest outside QV giving out flyers and urging people to sign the petition. They claimed that over 500 employees were locked out of thier workplaces until they abandon thier 8% pay rise demand, who earn about 35% less than thier Aussie counterparts.
A quick check on Woolsworth stock price saw a decline of 1.26% closing at $20.33 followed by a day of steady downturn. The protest and the fall in stock price could very well be a coincidence afterall Woolworths recently joined the billion dollars profit club by posting a 24.3% increase of profits at $1.2 billion. There were no market moving news arising from the protest as well. A further check revealed that as of 1st September 2006, there were three share transactions by its directors (Change of Director's Interest), although at a paltry sum. A sign of better times to come for Woolworths despite the lock out? Over time, the issue would sizzle out as another forgotten David workers vs Goliath capitalists battle. All sounds too familiar, again.
You can find out more of the protest at UNITE
The market today regained some grounds lead by resource sector play again, charged by BHP. The ASX S&P 200 benchmark index gained 0.9% while the Portfolio 1.5 - EW, outperformed the index by 0.54%, closed 1.44% higher to 8.86% to date. Unrealised portfolio profits closed at $2,800, a gain of $607.
"I'm good, thanks", responded automatically by all of, if not, most of us.
All sounds too familiar and if you are a regular shopper at any of Woolworths chain of stores such as Safeway or Big W, and with all those friendly gestures and smiles by its staff, who would have thought that its parent, Woolsworth would lock out its own workers for demanding a pay rise. A small protest outside QV Complex today, in the heart of Melbourne CBD, opened our eyes to all that glitter is not gold afterall. UNITE, one of the newest union, representing fast food and retail workers brought up the plight of thier Kiwi counterparts employed by Woolworths, through a small protest outside QV giving out flyers and urging people to sign the petition. They claimed that over 500 employees were locked out of thier workplaces until they abandon thier 8% pay rise demand, who earn about 35% less than thier Aussie counterparts.
A quick check on Woolsworth stock price saw a decline of 1.26% closing at $20.33 followed by a day of steady downturn. The protest and the fall in stock price could very well be a coincidence afterall Woolworths recently joined the billion dollars profit club by posting a 24.3% increase of profits at $1.2 billion. There were no market moving news arising from the protest as well. A further check revealed that as of 1st September 2006, there were three share transactions by its directors (Change of Director's Interest), although at a paltry sum. A sign of better times to come for Woolworths despite the lock out? Over time, the issue would sizzle out as another forgotten David workers vs Goliath capitalists battle. All sounds too familiar, again.
You can find out more of the protest at UNITE
The market today regained some grounds lead by resource sector play again, charged by BHP. The ASX S&P 200 benchmark index gained 0.9% while the Portfolio 1.5 - EW, outperformed the index by 0.54%, closed 1.44% higher to 8.86% to date. Unrealised portfolio profits closed at $2,800, a gain of $607.
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