Qantas engineers call off strikes: Midday Roundup

Qantas has also said the Licensed Aircraft Engineers Association will no longer follow through with previously planned industrial action for Monday and Tuesday.

The union had also planned to strike today, but that action was also called off yesterday. In a statement on its website, the union said that going ahead would “not win us too many friends with the public”.

The dispute is due to wage claims the union has put to the company, which Qantas says are unreasonable.

Qantas executive of government and corporate affairs Olivia Wirth said in a statement that calling off the action will mean no passengers are disrupted.

“These tactics from the union of threatening strike action and cancelling it at the last minute, cause uncertainty for passengers, our staff and the airline.”

“There is no basis to the union’s claims they are cancelling industrial action due to aircraft maintenance issues, this is just a tactic.”

James Hardie asbestos case to continue as ASIC permitted to appeal ruling

There’s been another twist in the long-running James Hardie case, with The Age reporting that the Australian Securities and Investments Commission has been permitted to appeal a previous ruling.

According to The Age’s website, Chief Justice Robert French and Justices Ken Hayne and Dyson Heydon this morning set aside three days to hear the corporate regulator’s appeal, with a further High Court hearing this afternoon to set a timetable.

The case is related to a decision by the building products company to set up a compensation fund for victims of asbestos exposure. The fund was in 2004 found to have a shortfall of at least $1.5 billion.

ASIC launched civil penalty proceedings against the board of 2011, and three former James Hardie executives, saying directors had breached their directors’ duties by approving a release saying it was fully funded.

Sharemarket flat after Wall Street gains

The Australian sharemarket has opened flat today following a slightly more positive day on Wall Street than yesterday, with commodity prices rising.

The benchmark S&P/ASX200 index was down 16 points or 0.35% to 4679.9 at 12.00 AEST, while the Australian dollar has risen slightly to $US1.06.

AMP shares fell 0.36% to $5.22, while NAB shares dropped 0.48% to $26.80. ANZ fell 0.67% to $22.33 as Commonwealth Bank fell 0.74% to $51.32.

In the United States, the Dow Jones Industrial Average gained 65 points or 0.52% to 12,695.92 due to higher commodity prices.

Woodside names chief executive

Woodside has named Peter Coleman as the company’s new chief executive and managing director, who will succeed Don Voelte who announced his retirement last year.

Coleman comes after working at ExxonMobil group, where he filled various positions over 27 years – most recently as vice president of ExxonMobil Development Company.

“The board is delighted that Mr Coleman has agreed to lead Woodside through the company’s next phase of growth,” chairman Michael Chaney said in a statement. “Mr Coleman brings to the role a wealth of experience across all aspects of the oil and gas industry.”

Debt crisis may worse

The International Monetary Fund has warned the debt crisis in Europe may spread even further as inspectors investigating Greece’s compliance with rescue package rules had found issues.

“Contagion to the core euro area, and then onward to emerging Europe, remains a tangible downside risk,” the IMF’s latest report found.