Independent panel finds 50 7-Eleven employees owed more than $1 million; SMEs to be hit as commercial fishing banned in Melbourne’s Port Phillip Bay: Midday Roundup

The independent panel set up to investigate claims of widespread underpayments by 7-Eleven stores has so far found 50 workers are collectively owed more than $1 million.

The panel was brought together in September following claims of widespread underpayments by 7-Eleven franchisees and a cover-up by head office.

Professor Allan Fels, who heads up the independent panel, told Fairfax there are more than 300 claims still in need of investigation.

“Of the claims we have received there is widespread underpayment of staff across franchisees and across states,” Fels said.

“We hope that the first set of compensation payments will encourage others to come forward and make a claim.”

SMEs to be hit as commercial fishing banned in Melbourne’s Port Phillip Bay

Commercial fishing operators in Melbourne’s Port Phillip Bay will be compensated by up to $1.6 million as part of the Victorian government’s plan to end commercial fishing in the region.

Victorian agriculture minister Jaala Pulford said in a statement the plan to phase out commercial fishing over the next seven years will help protect local wildlife.

“Removing netting from Port Phillip Bay will help attract more visitors to this prime fishing destination, boosting local economies and supporting local businesses,” Pulford said.

“We have listened to affected commercial licence holders and this compensation package appropriately recognises individual investment, while giving commercial fishers certainty.”

However the plan could see local seafood prices skyrocket and in turn affect small businesses, according to The Herald Sun.

Shares up on open

Aussie shares shot up this morning off the back of a very strong lead from Wall Street.

However Ric Spooner, chief market analyst at CMC Markets, said local traders should not be too optimistic this afternoon.

“Despite three attempts to do so, the ASX 200 index has been unable to move clearly above resistance around 5305 since late August,” Spooner said.

“This is now setting up as something of a psychological barrier for the market. An emphatic move above this level over coming days could easily lead into a strong finish to the year for stock markets.”

“However, traders will also be alert to the possibility that the index will only achieve a limited break above this level in coming days, continuing to oscillate around this resistance and failing to set up self-fulfilling confidence.”

The S&P/ASX 200 benchmark was up 95.3 points, rising 1.78% to 5359.1 points at 11:48am AEST. On Thursday, the Dow Jones closed 320.55 points higher, up 1.87% to 17,489.16 points.