Take your FX strategy online to protect profits and improve your bottom line
By: Darren Tomich, Senior Corporate Foreign Exchange Dealer, Western Union Business Solutions

International operations can be daunting for any small business owner. Moving money from country to country is a particular challenge – whether you’re paying suppliers for new equipment, disbursing wages to staff in foreign countries or exporting to international regions. However, the wonderful World Wide Web has introduced new innovations that can help companies navigate the complex world of foreign exchange (FX) and streamline business operations in the process.

The campaign to have Federal Government review the Low Value Importation Threshold is continuing. As I advised in my last update ASGA has partnered with the Australian Retailers Association and other groups and has been meeting with representatives of Government to push for a full Government review.

Last week, ASGA joined a group of Industry Associations who met to discuss forming a coalition to campaign together for a review of the threshold and for reform – the Fair Imports Alliance.

New consumer laws come into effect in 2011 and it will be important for members of the sporting goods industry to make sure they are across them.

From 1 January Australia will have a single national consumer law - Australian Consumer Law.  The Australian Consumer Law includes unfair contract terms law, law guaranteeing consumer rights when buying goods and services, product safety law, law for unsolicited consumer agreements, rules for lay-by agreements and new penalties, enforcement powers and consumer redress options. The Australian Consumer Law will apply nationally and in all states and territories.

For more information go to http://www.consumerlaw.gov.au

PUMA bags German Sustainability Award
Sportlifestyle company PUMA received the German Sustainability Award 2010 in the category “Most Sustainable Strategy”. The jury rewarded PUMA’s ambitious strategy that envisages the transition of the company’s product portfolio to sustainable products. PUMA’s sustainability concept PUMAVision combined the sustainable business process with creativity and innovation, said the jury headed by Dr. Günther Bachmann, Secretary General of the Council for Sustainable Development.

PUMA’s Chief Executive Officer and Chief Sustainability Officer of PUMA’s majority shareholder PPR Jochen Zeitz who received the award from Federal Environment Minister Dr. Norbert Röttgen at the award ceremony in Düsseldorf said: “We are very pleased that PUMA’s extensive endeavours to become not only the most desirable but also the most sustainable Sportlifestyle Company worldwide have been recognized and rewarded with the German Sustainability Award. I am convinced that it must become a given that every company has to be sustainable and I am grateful that the German Sustainability Award acknowledges sustainable business strategies and hence underpins the imperative for corporations to change their business practices for the better.”

Recently members would have seen an increase of media attention about the campaign by the retail industry about the Low Value Importation Threshold.

ASGA is partnering with the Australian Retail Association (ARA)
 on this issue and is working collaboratively with the ARA and other industry bodies.

This week, on Tuesday and Wednesday I met with and briefed Ministers and their staff, Members of Parliament and Shadow Spokespeople in Parliament in Canberra about the Low Value Importation Threshold. I outlined ASGA’s concerns about the effect of the Low Value Importation Threshold, the rising trend toward online overseas retail purchasing, the rising dollar and the increasing abuse of the threshold by illegitimate businesses and individuals to avoid tax.

Members have expressed a great deal of concern over the last few months about retail leases and their problems dealing with major retail shopping centres.  Unjustified rent increases, unfair arrangements, and the blanket sharing of retail sales figures to landlords have all been raised by ASGA members as key concerns.
ASGA is taking up the fight on this issue and is working with the Australian Retailers Association. 

The ARA have invited me to be a member of a working group they have formed to campaign for reform in this area, to both State and Federal Governments. We will be working on a campaign over the coming months and I would like to hear from members about their concerns.

Are you concerned about protecting your brand? Do you know of counterfeit products coming into Australia but know how hard, time consuming and costly it is to take action?

ASGA is concerned that Australia’s arrangements place far too much onus on the brand owner to take action, spend money and time to pursue counterfeit imports, and still don’t stop them making their way into the market place.  Our current regulatory and legislative frameworks could be tougher and protect brand owners and trademarks.

As a member of the Australian Golf Industry Council I travelled to Canberra on Monday to be part of a delegation presenting the Golf Industry economic report to Government and meeting with members of Parliament about the Golf Industry.

A copy of the economic report can be found here.