Kerry Stokes’ Seven West Media has announced Tim Worner will replace Don Voelte as its chief executive, while private equity firm Kohlberg Kravis Roberts has announced it is selling its 12% stake in the media giant. “When I asked Don [Voelte] to accept the responsibility [of chief executive], it was on the basis that he would recommend when he thought he had delivered what he could deliver to the team, and we've arrived at that point,” Stokes said. “Our decision to sell our shareholding is based on a broad range of parameters on which we based our initial investment and how we sought returns for our investors. We know Seven West Media is a great company; its future is strong and we know it has a well-credentialed board and management,” said KKR local head Justin Reizes. Apple defends tax minimisation strategies Apple chief executive Tim Cook has denied the tech giant uses offshore holding companies in Ireland and the Caribbean to minimise the amount of tax it pays in the United States to a US Senate hearing. “It is completely outrageous that Apple has not only dodged full payment of US taxes, but it has managed to evade paying taxes around the world through its convoluted and pernicious strategies,” Republican Senator John McCain. “The way I look at it is that Apple pays 30.5 per cent of its profits in taxes in the United States… We do have a low tax rate outside the United States but this tax rate is for products we sell outside the United States,” Cook said. “We don't depend on tax gimmicks. We don't move intellectual property offshore and use it to sell our products back to the United States to avoid taxes... We don't stash money on some Caribbean island.” Door-to-door sales tactics cost AGL nearly $1.5 million A lawsuit by the Australian Competition and Consumer Commission in the Federal Court in Melbourne has resulted in utility giant AGL being fined $1.48 million fine in Victoria and a further $70,000 in South Australia over its door-to-door sales tactics. The lawsuit was largely the result of a CPM Australia contractor who sold gas and electricity for the firm in Coburg making false statements to customers about prices while claiming he was not selling anything. AGL has since stopped using doorknocking as a sales tactic, describing it as a “risky sales technique”. Overnight The Dow Jones Industrial Average is up 0.35% to 15,388.27. The Aussie dollar is steady at US98.06 cents.
Apple shares have plummeted 10% in after-hours trading today, the biggest drop in years, after the company announced mixed results for the holiday quarter.
US President Barack Obama might be the world’s most powerful person, according to Forbes, but there’s a handful of entrepreneurs on this year’s list for start-ups to draw inspiration from.
The Federal Government might drop is much-vaunted target of bringing the budget back to surplus next year, after the Australian economy posted its slowest rate of growth in the past six quarters.
Apple announced the iPad Mini this morning, with the new gadget to start at $369 and launch in Australia on November 2.
Small businesses have been urged to follow Apple's lead when it comes to corporate apologies, with experts saying Tim Cook's admission of fault over the company's poor-performing Maps app is an ideal way to address severe customer service issues.
More than half of Australian households say they are cash-strapped at the end of the month, despite an increase in the rate of saving rather than spending since the global financial crisis.
After months of speculation and waiting, Apple is set to announce its new iPhone tomorrow – and there are plenty of rumours flying around about what exactly the tech giant will unveil.
How can I go about finding a business brain for my start-up?
Google has announced it will now provide developers with in-depth statistics about how their apps are performing in its Chrome Web Store, in its latest attempt to lure developers from arch rival Apple.
Macbooks and a 3D maps app were among the announcements made by Apple at its Worldwide Developers Conference in San Francisco this week.
A failure to invest in ways to combat mental illness among young men is proving a drain on the Australian economy, with businesses losing $3.3 billion a year due to the problem, according to a new report.
Business leaders have urged Prime Minister Julia Gillard to stick to her decision to allow 1,700 foreign workers to be employed by Gina Rinehart after Gillard stated that no Australian jobs will be replaced by overseas staff.
Australia is set to outperform the world’s major economies over the next year, with Europe at “severe” risk of recession, according to the Organisation for Economic Co-operation and Development.
Several European political leaders have called on the debt-stricken eurozone to embrace growth over austerity, as the UK plunged back into a double-dip recession.
Apple launched its new iPhone 4S at its press event in San Francisco this morning, and introduced a new, powerful voice recognition technology, but stopped short of releasing an improved iPhone 5 with an all-new design.
Apple has confirmed that it will hold a press conference on October 4 to possibly announce a new iPhone product after weeks of tips and rumours that have flooded the industry about the likelihood of the iPhone 5 hitting the shelves next month.
The announcement of Steve Jobs’ decision to quit as CEO of Apple may, on reflection, not be entirely unexpected, but it draws to a close one of the finest chapters in entrepreneurial history.
A succession planning expert says start-up founders should be wary of “becoming the business” following the shock resignation of Apple chief executive Steve Jobs.