Suspected terror attack closes Glasgow airport

June 30th, 2007

An apparent car bomb attack has been attempted at Glasgow Airport’s main terminal. (br/) Witnesses have reported that a blazing Cherokee jeep containing two Asian-looking men appeared to ram the terminal building at high speed. The car reportedly crashed into the main doors of the terminal. One of the two men in the vehicle was said to have ran from the blaze with his clothes on fire. He was restrained by passengers until police arrived. Witnesses have told how the other occupant of the vehicle struggled with police at the scene immediately after the incident and was wrestled to the ground by officers. The airport was immediately evacuated and all flights to and from the airport have been cancelled as a result of the incident. There have been no reported injuries. Strathclyde police say told two vehicles had been involved in a collision just outside the airport at approximately 3.15pm today, and that one of the vehicles had burst into flames as a result of the accident. Police have confirmed that the vehicle did not enter the building, and the blaze is now under control. Strathclyde Police spokeswoman Lisa O’Neil could not confirm reports that the vehicle may have been driven at the terminal building deliberately. Eyewitness James Edgar said: “There was chaos at the airport. “I was in the airport building trying to book a holiday. Suddenly people were running past us. Suddenly everyone said to get out of the airport. Anther witness told how the vehicle had been driven at high speed towards the terminal building and appeared to explode into flames when it hit the outer wall. BAA, who manage the airport were not immediately available for comment.

Apple, AT&T unveil pricing for monthly iPhone service plans

June 30th, 2007

(06-26) 13:43 PDT Cupertino, Calif. (AP) —

AT&T’s service plans for the Apple iPhone will cost $59.99 to $99.99 a month, the companies said Tuesday.

The monthly fee is on top of the phone’s price Д $499 for a model with 4 gigabytes of storage and $599 for one with 8 gigabytes. The phone is slated to go on sale at 6 p.m. local time Friday at Apple and AT&T stores as well as Apple’s Web site.

Apple claims the iPhone Д which combines the functions of a cell phone, iPod media player and Web-surfing device Д will be easier to use than other smart phones because of its unique touch-screen display and intuitive software that allows for easy access to voice mail messages, the Internet, and video and music libraries. AT&T is the gadget’s exclusive carrier.

The $59.99 monthly plan includes 450 minutes of voice time; a $79.99 plan includes 900 minutes; and a $99.99 plan includes 1,350 minutes. All three offer 200 text messages, unlimited data services, minutes that roll over month-to-month and mobile-to-mobile calls. There also is a $36 activation fee.

Customers will be able to activate their wireless service from home through Apple’s iTunes software, the companies said.

Skeptics question whether even the most innovative product can live up to the iPhone’s lofty expectations. Scrutiny of the product is so great that any small disappointment could send Apple’s stock plunging, analysts say.

Apple shares fell $2.69, or 2.2 percent, to $119.65 Tuesday. Shares of AT&T gained 21 cents to $39.29.

Andy Hargreaves, a Pacific Crest Securities analyst, said Apple shareholders have run the stock up in anticipation of the iPhone’s release, and they don’t feel it will go much higher after the product is available, he said.

“I think expectations are very, very high and some people are taking some money off the table ahead of the launch,” WR Hambrecht analyst Matthew Kather said.

Super changes don’t add up to much

June 30th, 2007

FROM today, Australians who are aged 60 or over and retired can receive their superannuation benefits tax-free, according to the Federal Government’s advertising campaign promoting the latest super changes.

What the TV and newspaper ads don’t say is that you need a lot of superannuation to take advantage of these changes. If you hold less than $140,000 in super you would have received your super benefits tax-free under the old super rules anyway. The average Australian thinking about retiring now holds nowhere near $140,000, so the carrot of tax-free super is relatively meaningless.

According to a report released by the Association of Superannuation Funds of Australia in June 2007, the average retirement payout for men retiring in the 2006-07 year is likely to be $130,000, while women, on average, will receive a meagre $45,000, which gives an average retirement payout for Australians of $90,000.

Although alarming, the figures are not surprising given that the Superannuation Guarantee system was only introduced in 1992, and only required employers to make super contributions representing the equivalent of 9 per cent of an employee’s salary from July 1, 2002. Most men retiring today, who relied only on the guarantee, will be seriously underfunded for their retirement and can expect to rely on the age pension.

The reasons for the low payouts for women are more disturbing and can be traced back to discriminatory work and superannuation policies over the past 50 years.

The workplace was unkind to women in the fabulous ’50s and the swinging ’60s. Only employees in full-time work, and invariably male employees, were offered entry to company super funds. Women were paid half the money men were paid for the same job until the laws were changed in 1975. Even now, according to countless studies, women are paid less than men in similar roles, although the gap is closing.

Today, family responsibilities, including rearing children and caring for elderly parents, still predominantly fall on women’s shoulders. Women, if working, are more likely to have part-time rather than full-time work, although female participation in the workforce is increasing.

Superannuation policies tend to reflect the culture of the times. The biggest super issue for women continues to be time out of the workforce, because virtually all super policies are linked to work.

So, what has the Federal Government done for women who are seeking to have a better life in retirement? Not much.

The Superannuation Guarantee still only applies to workers earning more than $450 a month, and women on paid maternity leave are still not entitled to the guarantee.

One of the more innovative Government super policies, the co-contribution scheme, promoted as a female-friendly policy, excludes many women because it is only available to the self-employed and employees.

The co-contribution scheme involves the Government paying a tax-free super contribution of up to $1500 each year, if an individual makes a $1000 after-tax contribution each year to a super fund but you have to be working.

Here’s my advice to the Government in an election year: widen the co-contribution scheme to include stay-at-home mums (and dads) and full-time carers. It’s only fair.

Trish Power is superannuation editor of Eureka Report, an online publication financially backed by Carnegie, Wylie and Company.

deartrish@eurekareport.com.au