Tuesday, July 09, 2019

Deutsche Banks begins axing 18,000 jobs worldwide

Deutsche Bank has begun laying off thousands of people worldwide in a bid for “reinvention”. The bank announced on Sunday that it would cut 18,000 jobs - almost 20 per cent of its workforce - following several years of annual losses. Reuters reports that a number of bankers have been laid off in Australia, London, New York and in some locations across Asia-Pacific already, though it is unclear how many the 700 staff at Deutsche Bank’s Sydney location have been affected. The news comes after chief executive Christian Sewing announced the lender would shut down its equities sales and trading business. Deutsche Bank has a history as a risky lender, with the International Monetary Fund once describing it as the “riskiest global systemically important bank”. Earlier this year, a proposed merger with another struggling German bank Commerzbank was abandoned. The proposal concerned regulators at the time as it would have placed Deutsche Bank in an even riskier position, and by extension, the German economy.  

Signs are pointing towards the ALP dumping the negative gearing and franking credit reforms it took to the federal election this year. The Australian ($) reports that both policies along with costings have been removed from the ALP website, and when asked at a press conference in Brisbane yesterday if the reforms were still a part of Labor’s policy platform, opposition leader Anthony Albanese said “no”. He then went on to say that all of Labor’s policies were up for review and that the party would “make announcements down the track about all of those policies”. Mr Albanese’s office told The Australian that “franking and negative [gearing] are not our policies any more,” before backtracking in a follow up to say that the policies were only under review and had not been formally scrapped.

A New South Wales coronial inquest is investigating the deaths of six young people who all took drugs at music festivals. The deaths of Alex Ross-King, Joseph Pham, Diana Nguyen, Callum Brosnan, Josh Tam and Hoang Tran, all aged between 18 and 23, are under scrutiny at the NSW coroner’s court, which will examine the circumstances of each situation and consider how future deaths at festivals could be avoided. Counsel assisting the inquest, Peggy Dwyer, said that while police played a “vital role”, their “presence and behaviours” exacerbated risky drug taking at festivals. She said a NSW Health survey found that music festival attendees “reported that their risky behaviours were driven by fear of police, including taking drugs prior to arrival at the event and avoiding the medical centre or open disclosure of substance use.” Hot weather was also found to be a factor in at least two of the cases. The inquest has added to calls for independent pill testing to be introduced at music festivals, although Premier Gladys Berejiklian has already ruled this out as an option. 

Actor John Jarratt, who was found not guilty of rape last week, has begun defamation proceedings against The Daily Telegraph and journalist Jonathan Moran. Jarratt was cleared of raping his housemate 40 years ago, but he has maintained his innocence since the allegations were made in 2017. He is suing The Daily Telegraph over its 2017 front-page story on the alleged rape. Both the newspaper and Moran were ruled to have defamed actor Geoffrey Rush in May this year. The Daily Telegraph is appealing against the record $2.9 million payout to Rush. While Jarratt’s defamation proceedings were initially lodged last year, the case can be heard now that the criminal matter is resolved. It comes at an interesting time for defamation cases against publishers, as only a few weeks ago a NSW Supreme Court judge ruled media outlets were liable for allegedly defamatory comments made on their pages.

In tennis, Ash Barty is out of Wimbledon, after losing to American Alison Riske in the fourth round. Barty had a strong start, winning the first set, before Riske took out the second and pushed the competition into a third-set decider. It ends Barty’s incredible 15-match winning streak, which took her to the No. 1 women’s singles ranking and saw her win the French Open. Barty said of her performance: “I didn't win a tennis match. It's not the end of the world.”

Cancelling citizens
Karen Middleton on why a High Court challenge is unlikely as the government produces legislation to temporarily ban foreign fighters from returning to Australia.


“About 23,000 whales have been killed using the research loophole in IWC rules. It’s now up to Japan’s own whalers to decide how many more they take. Support for whaling is intact in Tokyo. International conservation law has been rejected. Whaling remains ‘an inherently and exceptionally cruel practice’, as a protest letter to the recent G20 meeting says. So why should this shift by Japan be seen as a great step in the campaign to end all whaling?”


“The popularity of candidates seen by their electorates as authentic is not confined to Australia. In the US Alexandria Ocasio-Cortez was working as a waitress when she challenged the chair of the Democratic caucus, 10-term congressman Joe Crowley, and defeated him comfortably. Since her unlikely victory she has shot to international prominence and resuscitated interest in the Democrats among a large number of progressive voters. AOC, as she is often called, once explained her success against the Democratic establishment by saying: ‘You can’t really beat big money with more money. You have to beat them with a totally different game’.”


“There is clearly a darkness hovering just beneath it, as there is in the Yabba, the fictional town that provides the setting for Wake in Fright. It is Newman’s intention to explore this Janus-faced dimension of the Australian psyche, ‘the narratives that Australia tells about itself being the most multicultural nation on the planet, the most benevolent nation on the planet, and how that sits with the reality of what actually happens to people who are outsiders here’.”


“A record 650,000 people lodged their returns in the first week of July, with the Australian Tax Office working to deliver a $1080 offset to most workers' bank accounts as soon as next week after the Coalition's $158 billion tax package passed Parliament on Thursday. The government asked the ATO to work over the weekend to deliver the cash benefits in the hope of stimulating the economy out of is [sic] worst result since the global financial crisis.”


“Employers across Australia who have been letting their staff use ride-sharing services such as Uber, rather than a licensed taxi, could be liable for big tax bills, the Australian Taxation Office has confirmed. This month the agency declared on its website that while Uber and other ride-sourcing drivers are taxi drivers who have to register for and pay goods and services tax (GST), Uber and other ride-sourcing cars are not taxis for the purposes of fringe benefits tax (FBT) exemptions.”



“For Phillips, 37, writing about a supernatural threat felt like the most accurate way to explore the treacherous emotional terrain of motherhood and the lurking feeling that even the most mundane situations are freighted with peril.”

Anna Horan
is a Melbourne-based editor and writer.