Four Lisa Wilkinson myths busted

Lisa Wilkinson’s sudden departure from the Today show has sent the Nine Network’s publicity machine into overdrive as they attempt to mitigate the fallout from one of their biggest stars switching teams.
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Nine spinners have been working overtime to shelter the network from potential backlash, then throw in what Ten and Wilkinson’s allies have had to say and an already highly-contentious subject has become a very muddy pond of spin and speculation.

There has been exhaustive coverage of Wilkinson’s contract negotiations over the past 48 hours, and rightly so. But you shouldn’t believe everything you read.

Here are four myths that have been doing the rounds since the saga unfolded:

Myth 1: The final straw was Wilkinson’s contract negotiations being leaked

Nine management have been on the phone to reporters saying they’ve long disliked Wilkinson’s arrangements with commercial rivals, but the final straw was when her contract renegotiations were leaked to the Murdoch press.

This may have made TV bosses hot under the collar, but it ignores an inconvenient fact: Wilkinson’s longtime co-host Karl Stefanovic also leaked details about his contract renegotiations to the Murdoch press this time two years’ ago.

It goes without saying, but Stefanovic’s professional relationship with Nine is still going strong. This is despite a front page story in The Sunday Mail in October 2015 that reported the Gold Logie winner’s contract was up for renewal and there was a “strong possibility” he would be leaving Today the following year.

It’s common practice for some of TV’s biggest personalities to leak details of their contract negotiations to newspapers in the hope it will give them stronger bargaining powers. Producers have been known to do it too, not just the people in front of the cameras.

Myth 2: Stefanovic is worth more

Nine’s chief executive Hugh Marks lashed out at Wilkinson’s “defection” in The Daily Telegraphon Wednesday morning, defending his network against claims of pay disparity.

The TV boss said Stefanovic was simply worth more money. Nine’s final offer was reportedly around the $1.8 million mark, in comparison to Stefanovic’s $2 million salary.

While Stefanovic films several 60 Minutes episodes a year as well as the high-rating program This Time Next Year, it is important to note that he steps away from his Today hosting dutiesto fulfill his other in-house commitments.

Yes, Wilkinson is paid a six-figure sum for her involvement with HuffPo , but Nine sources say she wasn’t provided the same prime-time opportunities as Stefanovic. Hence why Ten’s plan to use her more broadly across the network, with some reports indicating they intend to make her “‘s Oprah Winfrey”.

The fact Ten was reportedly willing to fork out $2 million for the TV star and former magazine editor proves Wilkinson is worth as much as her former co-host, if given the opportunity to shine in prime time along with the gruelling breakfast shift.

Myth 3: Wilkinson could replace Carrie Bickmore on The Project

A bizarre story that circulated on Tuesday was the possibility of Wilkinson replacing longtime Project host Carrie Bickmore.

The basis of these reports? Not well-placed sources at Ten, but instead a nice bit of PR cooked up from betting agencies.

It didn’t take long for Ten to rubbish those claims, pointing out it’s possible for The Project to have two female anchors at the same time.

“Carrie is contracted to host the show four days a week and that role won’t change,” The Project’s executive producer Craig Campbell said. “She’s been here since day one and has led The Project all the way to the Gold Logie podium. Having these two strong, intelligent and independent women, both at the top of their game, on our team is a privilege.”

Myth 4: We saved 10 people’s jobs

Ahhh that old chestnut. Let’s appeal to the bleeding hearts whose deep concern is for all those poor young journos gripping to their desks for grim life as Greedy Lisa demanded more money than they could ever dream of making.

While times are tough in TV-land with people moving over to streaming platforms, it is hardly Lisa’s fault if Hugh Marks can’t balance the books and pay his two breakfast presenters the same wage.

Further to that is the fact they haven’t revealed how many jobs had to go when they bumped up Karl’s salary a few years ago. Yes, the media landscape has changed in the past two years, but the whole thing smells of desperate spin to turn some of the heat Nine is getting back onto Lisa.

ASX extends winning streak to nine sessions

The n share market finished marginally higher on Wednesday but managed to extend a nine-session rally as the index approaches six-month highs.
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The benchmark S&P/ASX 200 index climbed 1 point to end the day at 5890. The All Ordinaries index slipped 3 points to 5954. The n dollar was at US78.46 cents.

The recent hot run on the ASX has added $100 billion worth of value over the past nine sessions, with investors hopeful that the powerful sharemarket gains enjoyed in other countries has finally reached n shores.

“Risk assets are in a sweet spot where despite messages of pending monetary tightening and elevated valuations, improving growth momentum on the back of highly accommodative liquidity conditions is fuelling a coordinated rise,” Macquarie n equity strategist Jason Todd said.

” has been caught up in this slipstream, helped also by a move lower in the n dollar which was an underappreciated headwind through May-August this year,” Mr Todd said.

“We believe the best way to play an ongoing global risk rally is via banks who stand to gain from steepening yield curves as well as miners and energy and global industrials.”

By sector, an advance for healthcare and utility stocks offset losses from telecoms and consumer discretionary firms on Wednesday.

On the individual company level, Rio Tinto fell 0.8 per cent following news that two former executives have been charged with fraud by the SEC. BHP shares slipped 0.5 per cent after the mining giant released mixed production figures.

In a busy day for corporate news, Specialty Fashion Group plunged 14 per cent after it said its first half earnings will halve after poor trading conditions continued into the new financial year.

Crown shares fell 4.3 per cent after the firn deliberately tampered with poker machines to increase gamblers’ losses while turning a blind eye to drug use and domestic violence, federal parliament has been told.

Blood products giant CSL rose 1.8 per cent after averting a second strike against its remuneration report and reaffirming profit guidance.

Brambles boosted its first-quarter sales 6 per cent – a performance that impressed investors who pushed the stock 0.8 per cent higher.

LendLease was another heavy faller, losing 10.5 per cent after UBS downgraded the property manager after it sold some of its stake in its retirement living business.

Magellan Global Trust traded for the first time, the $1.6 billion listed investment trust managed by Magellan closed at $1.53 versus its $1.50 offer price. Market moversStock Watch: Afterpay Touch Group

Shares in the payments solutions company have continued their rally, bumping up 10.2 per cent on Wednesday to $5.18. Afterpay announced that underlying annualised sales are now tracking in excess of $1.5 billion based on its recent monthly performance. The fintech’s first quarter sales hit $367 million, up from $271 million in the fourth quarter and comes after Target, Luxottica and Petbarn recently adopted its online payments system. The company says more than 8600 merchants are now on board, up from about 6000 at June 30. More than 1.1 million customers now use the service, up from 841,000 at June 30 and new customers continue to grow on average by more than 3000 a day. Afterpay has also spread to travel after Jetstar began a trial of the platform last month for domestic bookings. China Congress

Markets around the region were cautious on Wednesday as China’s President Xi Jinping spoke at the opening of the Communist Party Congress. Though many expect little to emerge from the twice-a-decade congress in Beijing, investors will focus on any comments about de-leveraging, capacity reduction and the global belt-and-road infrastructure plan. While equities consolidated, there was violent movement in the Chinese yuan which is experiencing the largest average intraday swings in the past decade. Home loan arrears

The number of delinquent housing loans underlying n prime residential mortgage-backed securities fell to 1.1 per cent in August from 1.17 per cent in July, according to a recent report by S&P Global Ratings. The fall, which is not unusual because arrears typically have fallen in August for the past 10 years, was partly influenced by an increase in loan balances outstanding during the month, according to the ratings agency. Oil

Oil prices bumped higher on Wednesday, lifted by a fall in US crude inventories and concerns that tensions in the Middle East could disrupt supplies. Iraqi government forces captured the major Kurdish-held oil city of Kirkuk earlier this week, responding to a Kurdish independence referendum, and there are concerns that fighting could disrupt supplies. Traders said that prices were pushed up by a drop in US crude inventories, which fell by 7.1 million barrels in the week to October 13. Fed chair worries

Yields on two-year US Treasuries hit their highest since November 2008 amid speculation President Trump could choose a more hawkish leader to replace Federal Reserve chair Janet Yellen. A Reuters poll conducted on a group of 40 economists said Jerome Powell was the next likely candidate after Janet Yellen. The majority surveyed expect Yellen to stay in place. Interest rates futures imply around a 90 per cent probability of a Fed hike in December.

The simple household jobs no one knows how to do anymore

Question: How many Millennials does it take to change a light bulb? Answer: None – that’s what outsourcing is for. OK, so that’s a gross generalisation, but if statistics are to be believed, the joke is not that far from the truth.
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A recent survey, by the British company YouGov, found that one in nine young Britons don’t know how to change a light bulb, and 35 per cent don’t know how to sew on a button. It gets worse – the Good Housekeeping Institute (GHI) recently published a guide on how to – wait for it – properly wash the dishes. But its introduction reveals its first mistake, to wit:

“Whether you’ve got a dishwasher or not, sometimes there’s no escaping the washing up.”

“Oh, no? Watch me!” cried a chorus of 10,000 men, aged 18-24.

Yes, it seems that what mothers have long suspected is true: boys are the worst at this.

Indeed, 18 per cent of men are so afraid of the washing machine, they’re wearing their underpants twice or more before washing them. Twice or more. Sorry. I just think such a gaping lack of hygiene and personal respect bears repeating.

And bless the British newspaper, The Guardian, because it has written its own guide to doing basic household tasks, including “how to make a bed”, little realising that it’s not ignorance stopping young people from learning about these household tasks, but rather the will to care.

“ns in rental accommodation are less likely to be spending on renovations and repairs (generally the landlord’s responsibility), or even redecorating,” is how Michele Levine, chief executive of Roy Morgan Research puts it. Related: The garage sale is making a comebackRelated: A buyer’s guide to washing machinesRelated: Why I am giving up being a house guest

“When they do, the timing and decision-making process are very different, with longer-term tenants being more inclined to make home improvements. No doubt, feeling secure in their lease and established in their rental residence would play a role in this.”

And that’s just it. You need to actually own a house before you can be house proud. If young people aren’t galavanting about eating their avocado sandwiches, they’re usually renting or living at home, so the incentive is simply not there.

This still does not explain why so many kids these days don’t know how to, you know, do stuff.

Wait, that’s probably too harsh. Let me confess that there was a time when I did call a handyman to change two lightbulbs in my flat. It’s not that I didn’t know how, it’s that the ceilings were too high for me. Well, that and I couldn’t be bothered.

We are living in a fast-paced society, OK? And Georgie Walker, the marketing manager at Hire a Hubby, agrees with me.

“The type of customer [we see] has changed along with the general population,” she says of the Handyman franchise, which began in 1996. “These days more families and couples need to work full-time, so often the customer is time poor.”

We’re outsourcing everything from grocery shopping to baby sleeping, because we just don’t have the time, so why would we spend four hours working out whether we need to buy a bayonet or a screw-in style of bulb, going back and forth to Bunnings, when a quick email to an expert will ensure the job is done and done properly?

“Life has changed,” Trisha Schofield, director of the GHI told The Guardian. “But it’s sad that we’re losing all those skills. They can save us money, are often quicker to do than farming it out, more satisfying and relaxing.”

If she thinks changing a light bulb is relaxing she’s obviously never gone on a Netflix binge.

There’s also this. In the late 1980s, when my father was doing all the handy jobs in our house, from fixing the toilet to rewiring the TV antenna, he was letting fly a stream of expletives so colourful I can’t even hint at them here and I’m sure I’m not alone.

So, “satisfying” and “relaxing” are not how many people would describe handy work. Also, men no longer feel pressured to prove their masculinity through handy work and shouldn’t that be celebrated?

The downside of this, of course, is that women are doing more of the groundwork. “You’d be surprised how often I hear that women have waited and waited for their partner to fix something, and he hasn’t, so they call me,” says one handyman, who wishes to remain anonymous. “Or the guy’s had a crack at it, and he’s made it worse.”

But before we go on blaming the youth and the men, we should remember that there’s one demographic that actually needs to outsource.

“Many repairs seem simple on the surface,” Walker says. “But changing a globe or smoke alarm batteries is a classic case where, for the elderly, this can be a difficult job.”

A recent survey from Oneflare – an n online marketplace that connects customers and businesses – found that the most popular household service that n’s outsource was cleaning, followed by landscaping and carpentry/handiwork.

The online marketplace, partially owned by Domain Group, also found that the majority of those surveyed didn’t feel compelled to supervise the job and were happy to leave it to the professionals.

Rio’s board should have come clean over dishonesty allegations

If the fraud allegations made by the US regulator against Rio Tinto, its former chief executive Tom Albanese and finance director Guy Elliott prove correct, serious questions should be asked of those directors in the January 2013 line-up.
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Those questions should go not just to their competence but also to their public characterisation of what went on during a troubled time for the mining giant.

In announcements at the time heralding the departure of Albanese and Elliott after the $US3 billion writedown of its Mozambique coal assets and up to $US11 billion on its aluminium assets, there was no mention by the board of it being misled, no allegations of fraud, no suggestion the pair had inflated asset values.

Indeed Rio said Albanese’s departure was based on mutual consent. Chairman Jan du Plessis even thanked him for his contribution, integrity and dedication.

The US Securities and Exchange Commission paints a very detailed, and different, picture of what was going on inside Rio Tinto from the time it outlaid $US3.7 billion for coal assets in Mozambique in 2011 to the time it admitted the assets were virtually worthless less than two years later. Mounting problem with coal assets

The allegations outlined in a court writ released on Wednesday describe an elaborate deceit employed by Albanese and Elliott to hide the huge and mounting problems with those coal assets, one of which began only months after they were purchased.

In a nutshell the coal reserves were smaller than anticipated at the time Rio acquired them but, more significantly, Rio’s plans to transport the coal to port collapsed because the Mozambique government refused to allow coal to be barged down the river. Meanwhile, rail capacity was very limited and building a new railway was ruled out because the $US16 billion cost made it financially unviable.

So for more than a year the true value of the coal assets was allegedly hidden by Albanese and Elliott from others in the organisation, including the wider board, its audit committee, the executive in charge of asset impairments and Rio’s independent auditors.

Thus the SEC alleges a series of financial documents, including half yearly and annual statements and others supporting two separate bond issues totalling $US5 billion, were based on misleading statements.

This explains why the SEC is calling fraud on Albanese and Elliott.

But it’s the events of December 2012 and early 2013, once the board apparently became aware of the alleged deception, that call for more scrutiny.

The SEC investigations reveal that overvaluation of the Mozambique project only came to the attention of the chairman thanks to a whistleblower who was part of a technology and innovation team that did a valuation in August 2012. They concluded project was worth between negative $US4.9 billion and positive $US300 million, a far cry from Rio’s $US3.7 billion book value. Red flags

The head of the technology and innovation team had previously raised a red flag, having discussed with Elliott the valuation problem in November 2012 on the eve of a board audit meeting.

He was assured Elliott would raise the “significant valuation issues” confronting the coal business in Mozambique (Riversdale) at the upcoming audit committee meeting.

Instead, and bizarrely, Albanese and Elliott said nothing when a different executive – the controller who was in charge of internal valuations – submitted to the audit committee an upgrade to the value of the assets of between $US4 billion and $US5 billion.

According to the SEC: “Contrary to his promise, Elliott did not disclose the significant valuation challenges that T&I (Technology & Innovation) had flagged for him in their previous call”. Rather, Elliott merely alluded to the information he had received from T&I as “late-breaking” news of a “technical nature”.

Having heard nothing further from Elliott, the tenacious whistleblower made his concerns known to Albanese who sought and later received verification of the inflated value of the Mozambique project.

The whistleblower wasn’t satisfied so went over the heads of Albanese and Elliott and approached the chairman. Things then started to move. A fresh investigation was activated by chairman Du Plessis and, weeks later, at the January 2013 board meeting, the assets were formally written down by 80 per cent.

The SEC’s complaint against Rio does not mention if the board had pieced together the alleged fraud and cover-up at the time it announced Albanese and Elliott’s departures.

It is hard to believe that the chairman’s investigation in the December 2012-January 2013 period did not uncover, for example, that Albanese and Elliott had allegedly been told by the Mozambique subsidiary’s management in early 2012 that the assets were worth negative $US680 million.

If the board found out it was misled by these executives, then it should have told investors. If they were the victims of deceit, this should have been disclosed to the market.

Meanwhile, Rio has also been charged by the SEC with fraud and inflating the value of assets. It told the market on Wednesday it would vigorously defend the charges.

“Based on the complaint’s allegations, Rio Tinto plc, Rio Tinto Limited, Albanese, and Elliott are charged with violating the anti-fraud, reporting, books and records and internal controls provisions of the federal securities laws,” the SEC’s legal filing said.

“The SEC seeks permanent injunctions, return of allegedly ill-gotten gains plus interest, and civil penalties from all the defendants, and seeks to bar Albanese and Elliott from serving as public company officers or directors.”

The SEC is taking a tougher stance than Britain’s Financial Conduct Authority, which determined the company breached its disclosure and transparency rules and hit it with a $36.4 million penalty but made no findings of fraud.

Tokyo toilets are an electrifying experience

THE following column contains copious references to toilets, rear ends, butts and other things ablution-related that might offend some readers, or at least put you off your Weetbix.
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Yes, I have just come back from Japan–a land of gorgeous public gardens, spectacular food, stupendously busy but efficient railway stations andelectronic toilets that scare the pants off unsuspecting tourists.

Within a few minutes of landing in Tokyo with friends, I was in trouble.

Picture the scene. Tired, middle-agedn woman wanders an airport corridorminutes after landing from a nine-hour flight.

“I just need to duck into the toilet,” I threw over a shoulder as our group headed for the baggage area.

A few seconds later everythingchanged.

It would be fair to say I like the simple things in life. Sit me down with apot of tea, some toast anda good book and I’m just about the happiest person on the planet.

I like quiet, and gardening, and walks in the bush. I can’t stand it when things that should be simple–like dealing with government departments, or negotiating complicated automated processes to do everyday things like bill-paying–are made onerous by bad technology or needless complexity.

So I was always going to be challenged by what was hiding behind the cubicle door in that Tokyo airport women’stoilet, and unprepared.

Somewhere back in the past–in June, 1980 according to Wikipedia–Japan decided, for some unknown reason, to bring together two previously unrelated items, the toilet and electricity. Going to the loo was never the same again.

The Tokyo airport women’s toilet, like virtually every Japanese toilet we used over the following two weeks, had a control panel. It had plenty of buttons anddinky little stick-figure pictures. It had lots of Japanese and English writing. It had a heated seat. It had bells and whistles all over the place that were enough of a distraction that all thoughts of relieving myself went out the window for a minute or two.

So complex and wondrous was the Tokyo airport women’s toilet that when it came to actually flushing the thing and departing, I was suddenly flummoxed. Without my glasses, which were in my bag outside, I couldn’t actually read what the buttons and bells and whistles said. I couldn’t make out what I had to flush, and I was nervous about randomly pressing things for fear of what might happen.

And thus began the strange toilet ritual that occurred quite regularly during ourJapanese stay, because who thinks to take their glasses for a trip to the toilet? Even the blokes I know who take a magazine with them for quality toilet time only look at the pictures.

My Japanese toilet ritual involved squinting at the control panel from very close range, checking the cistern for flushing buttons or levers, waving my hands near things that might have been sensors, and calling out to friends in nearby cubicles to see if anyone else had worked out where the flush was on the particular model we were using.

A typical conversation across cubicles went like this:

Me: “Has anyone worked out where the flushing thing is?”

Friend 1: “Have you tried the little flat button on the far left of the control panel?”

Me: “No.”

Friend 1: “Me either. It just looks like it might be the right one.”

Friend 2: “It’s the lever on the left hand side of the cistern, down the back.”

Me: “How on earth did you find that?”

Friend 2: “I’ve been in here for five minutes. I just pushed everything until something worked.”

I can’t remember where we first experienced two other fabulous features of the Japanese toilet cubicle–the automatic water sounds that erupted from the control panel to coverembarrassing noises, and the public toilet cubicle intercom.

The water noises seemed to come in two versions –loud waterfall or crashing waves –although people talked about visiting toilets with the option of classical music and singing. Wikipedia helpfully advises it was an innovation introduced to stop Japanese women from repeatedly flushing the toilet and wasting water to cover their toilet sounds, and the option is known colloquially as “Sound Princess”.

I don’t know when the public toilet cubicle intercom was introduced, but it was a huge temptation as I sat and pondered where the flush point was on a number of occasions.

Who would be on the other end of the line if I hit the intercom button? The Toilet Emergency Response Department (TERD)? What government authority would cover that? I will die wondering.

One of the first companies to develop and market the new “washlet” toilets from 1980 thought it was on a winner with an electronic toilet that had a control panel which allowed users to select bidet options.

By 1982 it was ready to promote its wonder toilets with a commercial that featured a young pop singer and the advertising slogan “Our butt wants to be washed too”. True.

There were complaints. Viewers weren’t thrilled about advertisements for toilet seats during dinner, and they objected to the reference to “butt”. But they bought the electronic toilets so that now more than 80 per cent of Japanese toilets areelectrified, to confound and entertain people like me.

I loved Japan. It is a gardener’s and food-lover’s delight and its people are friendly. And I almost miss its loos.