Australian dollar range-bound




On Monday morning, the dollar was trading at 93.77 US cents.

On Monday morning, the dollar was trading at 93.77 US cents.
Source: ThinkStock



THE Australian dollar is hovering below 94 US cents amid easing concerns over the health of Portugal’s biggest listed bank.


At 0630 AEST on Monday, the local currency was trading at 93.77 US cents, down from 93.87 cents on Friday.

The Australian dollar traded within a narrow range over the weekend, as Portuguese authorities moved to ease fears over the health of Banco Espirito Santo.

“There is no reason to doubt the security of the funds entrusted to the BES, and its savers have no need to be worried,” Portugal’s central bank said in a statement.



Where the world’s billionaires go to play

Melinda and Bill Gates.

Melinda and Bill Gates.
Source: AFP



WELCOME to Sun Valley, Idaho. Population 1394.


Set within the spectacular vistas of Bald Mountain, it’s no wonder the tiny resort town has been a favourite of the rich and famous since Ernest Hemingway sang its praises almost 100 years ago.

For the last 30 years, Sun Valley has become synonymous with the annual media and finance conference hosted by investment firm Allen & Company, which happens at this time every July since 1983.

The attendees of this uber-exclusive hootenanny are minted members of the billionaire club. Or if they’re not, they’re running billion dollar companies.

And they’ve all brought their private jets.

Rupert, Sarah, James and Lachlan Murdoch.

Rupert, Sarah, James and Lachlan Murdoch.
Source: AFP

The gathering of media moguls and titans of the technology world is incredibly secretive, and few details escape from within the confines of the resort.

This year’s attendees include, but are not limited to, Warren Buffet, Mark Zuckerberg, Rupert Murdoch, Barry Diller, Sheryl Sandberg, Jeff Bezos, Netflix’s Reed Hastings, Bill and Melinda Gates, Samsung heir Jay Lee, Apple boss Tim Cook, PayPal founder Peter Thiel, Disney chief Bob Iger, Jeffrey Katzenberg, Harvey Weinstein, GoPro’s Nick Woodman and Google’s Eric Schmidt.

Mark Zuckerberg with his wife, Priscilla Chan.

Mark Zuckerberg with his wife, Priscilla Chan.
Source: AFP

The famous roll call also features loads of investors with deep, deep pockets.

The conference is famous for greasing the wheels of big business with huge deals negotiated and inked within the week. Last year, Amazon founder Jeff Bezos struck the deal to buy The Washington Post at the Sun Valley confab.

Wouldn’t we all like to be a fly on those walls?

CBS boss Les Moonves.

CBS boss Les Moonves.
Source: AFP

Allen And Company Annual Meeting Draws Top Business Leaders To Sun Valley, Idaho

GoPro founder Nick Woodman.
Source: AFP

Facebook COO Sheryl Sandberg with her husband, Survey Monkey chief Dave Goldberg.

Facebook COO Sheryl Sandberg with her husband, Survey Monkey chief Dave Goldberg.
Source: AFP

Amazon boss Jeff Bezos.

Amazon boss Jeff Bezos.
Source: AFP

Hollywood mega producer Harvey Weinstein.

Hollywood mega producer Harvey Weinstein.
Source: AFP

Apple’s Tim Cook.

Apple’s Tim Cook.
Source: AFP

From nothing to billions in days

Who is behind the mysterious Cynk Technology?

Who is behind the mysterious Cynk Technology?
Source: Supplied



IT HAS no assets, no revenues and no business plan to speak of. But a company called Cynk Technology has seen its value soar as high as $5.09 billion.


Wall Street analysts have been at loss to explain the spectacular 24,000 per cent rise in Cynk, which trades on the lightly regulated over the counter (OTC) market. While its share price and market value fell at the close of trade, the company unknown in the technology or financial communities, for a time traded in the range of the value of firms such as Groupon, Pandora Media or Yelp.

“We must sadly conclude that the company is nothing but a fraud,” said the financial news website Zero Hedge.

“And it is nothing short of a testament to just how broken this excuse for a market is that a company with no assets, no revenues, no website and one employee can go from zero value to nearly $US5 billion in market cap in a few days.”

The stock trading at 6.3 cents on June 16 inexplicable surged to $2.39 the next day, and rose to as high as $17 on Thursday, before slipping to about $14.9 at the close — making its paper value still an eye-popping $4.26 billion or so.

The company avoided scrutiny until its disproportionate value drew the attention of Wall Street veterans.

Investors are gobsmacked over why Cynk’s stock soared by 24,000 per cent.

Investors are gobsmacked over why Cynk’s stock soared by 24,000 per cent.
Source: Supplied

The phone number listed on company documents was out of service. Richard Green of the market analysis firm Briefing.com examined the company’s regulatory filing, which indicated Cynk had no assets, no cash and an accumulated loss of $1.59 million.

Cynk calls itself a social network, based on its early incarnation as introbiz.com, which offered to put people in contact with celebrities like Angelina Jolie or Johnny Depp for $50.

“The company is no more of a functional business than your average college student’s entrepreneurial dream,” Mr Green said. “There was no news or other recognisable event to explain such stock trading activity.” Analysts note that the market value is merely on paper, based on trades of a small number of shares.

“We want to stop short of directly calling Cynk Technology a ‘scam operation’, as we have not yet been able to find a reason for the unusual trading, but it certainly has all the appearances of the typical ‘pump and dump’ scheme used to deceive ignorant investors into buying into ‘the next social media’ giant’,” Mr Green added.

One concern is that certain “momentum” investors who use algorithms to trade can be attracted to the stock simply because of its rise.

“There is no rational explanation for yesterday’s trading activity and the $US4 billion market capitalisation,” Mr Green said. “In short, Cynk has ‘stynk’ written all over it and we think the best approach to this stock is to avoid it entirely.”

Chelsea Clinton’s big speaking dollars

Former First Daughter Chelsea Clinton can command $80,000 for a speaking engagement.

Former First Daughter Chelsea Clinton can command $80,000 for a speaking engagement.
Source: AFP



LIKE her high-profile parents, Chelsea Clinton is becoming a draw on the speaking circuit, with some organisations shelling out as much as $80,000 per speech.


Attention to the younger Clinton’s speaking fees, first reported by The New York Times
, comes as her mother, Hillary Rodham Clinton, commands a reported $213,000 or more per speech while she considers another bid for the presidency.

The family’s finances have come under scrutiny in recent weeks after the former secretary of state said during her book tour that the family was “dead broke” and in debt when husband Bill Clinton left the White House in January 2001. She later called that description “inartful.” The Washington Post reported that the former president has earned more than $106 million in speaking fees since leaving the White House.

The Clintons in a selfie with Jimmy Kimmel.

The Clintons in a selfie with Jimmy Kimmel.
Source: Twitter

Student leaders at the University of Nevada, Las Vegas, meanwhile, have protested the UNLV Foundation’s decision to pay the former first lady and New York senator $239,000 for a speech in October. The University of California, Los Angeles, paid Hillary Clinton $319,000 to speak in March. Mrs. Clinton has said she donates her university fees to the philanthropic Clinton Foundation.

The youngest Clinton has taken a leading role in the family’s foundation, and she and her husband, Marc Mezvinsky, are expecting their first child later this year. Her own compensation drew scrutiny when Politico reported that she earned $639,000 a year at NBC News, where she has infrequently appeared on camera as a special correspondent.

Bill and Chelsea watche on as Hillary Clinton is sworn in as Secretary of State.

Bill and Chelsea watche on as Hillary Clinton is sworn in as Secretary of State.
Source: AFP

The Clintons are represented by the New York-based Harry Walker Agency, which arranges paid speeches for political, business and media figures, including former Vice Presidents Dick Cheney and Al Gore, former Pennsylvania Senator Rick Santorum and actor and former California Governor Arnold Schwarzenegger.

Kamyl Bazbaz, a spokesman for Chelsea Clinton, said the majority of her speeches are unpaid and “all speeches organised by the Harry Walker Agency are on behalf of the Clinton Foundation and 100 per cent of the fees are remitted directly to the foundation.”

Some of Chelsea Clinton’s recent speaking engagements have included an address in March to the South by Southwest Festival in Texas and an event with female college student leaders at the University of Maryland.

Chelsea Clinton previously worked at McKinsey & Co and Avenue Capital Group but now devot

Chelsea Clinton previously worked at McKinsey & Co and Avenue Capital Group but now devotes her time to the philanthropic Clinton Foundation.
Source: AP

Kelly Krause, a SXSW spokeswoman, said the festival did not pay Clinton for the keynote address. Katie Broendel, a spokeswoman for the American Association of University Women, which organised the Maryland conference, said it typically offers a small honorarium to speakers but that Clinton did not accept it for the June speech.

The currency to buy now

A Chinese clerk counts U.S. dollars in exchange for the Chinese renminbi at a bank in Hef

The Chinese yuan has more than doubled in use in the past year.
Source: AP



CHINA’S yuan is a growing force in global finance, more than doubling in use over the past year, according to a new study from the Institute of International Finance (IIF).


Although its use in the international payments system remains dwarfed by the dollar and euro, the yuan, officially known as the renminbi, grew to 1.4 per cent of total transactions.

That jump moved it ahead of the Hong Kong and Singapore dollars and even with the Swiss franc, the sixth most used currency in global transactions, the IIF study said.

In trade finance, overwhelmingly dominated by the US dollar, the yuan jumped into second place last year ahead of the euro and the Japanese yen, comprising eight per cent of transactions.

And despite Beijing’s still firm controls on its use, the yuan has become the ninth most-traded currency on foreign exchange markets, the volume hitting $US120 billion ($A129 billion) daily on average, compared with $US34 billion in 2010.

The study by the IIF, a global association of leading banks, said the gains have come as Beijing slowly frees up the currency for international use.

There are clearing banks for yuan transactions now in five international centres: Hong Kong, Macau, Taiwan, Singapore and, since early this year, London, the world’s leading foreign exchange centre.

Yuan-denominated bonds, so-called dim-sum bonds, have jumped since the government first permitted their issue in Hong Kong seven years ago.

“While true internationalisation would require much greater capital account liberalisation, the Chinese government continues to take measured steps towards opening China’s financial markets.” “Further gradual steps to widen the currency trading band — and a more market-determined exchange rate — will help this process,” the IIF said.

Heaps of money for doing nothing





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LDP Senator for NSW, David Leyonhjelm delivers his maiden speech to parliament, saying reducing taxes will always have his support.


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The Senate has rejected a government move to fast track the repeal of the carbon tax through parliament.

So many lobsters, coming your way. Picture: Thinkstock

So many lobsters, coming your way. Picture: Thinkstock
Source: ThinkStock



HOUSEHOLDS were today assured of a $1.5 billion tax cut from next July thanks to a Liberal Democrat senator using the balance of power to challenge the Government.


Liberal Democrat David Leyonhjelm, who has dedicated his Senate term to cutting taxes, effectively forced the Government to abandon legislation which would have blocked the tax reduction.

He was backed by Labor and the Greens.


CROSSBENCHER GOES ROGUE ON CARBON TAX

Here, have heaps of money for doing nothing

This, and more, could be yours. Picture: Thinkstock
Source: ThinkStock

The tax legislation was among a package of bills moved by the Government as part of its dismantling of Labor’s carbon pricing scheme.

The tax reduction originally was intended to be a second round of compensation for families to cover rises in household expenses from carbon pricing.

Not a big fan of taxes: Libertarian Senator David Leyonhjelm. Picture: Kym Smith

Not a big fan of taxes: Libertarian Senator David Leyonhjelm. Picture: Kym Smith
Source: News Corp Australia


But now it seems the Government will have to proceed with the tax cut next July — worth $1.5 billion over four years — even though it is highly likely the carbon price it is meant to compensate for will not exist.

The Government lost a vote on the tax 40-33.

And that means it has an even harder task getting its Budget repair measures through.


‘TONY, YOU LOOK A BIT WORSE FOR WEAR’

The carbon tax wasn’t abolished today, but Mr Abbott got the opportunity to chum it up wi

The carbon tax wasn’t abolished today, but Mr Abbott got the opportunity to chum it up with Japan’s Prime Minister Shinzo Abe. Picture: Getty Images
Source: Getty Images

The day began with the Government expecting it would be able to demolish carbon pricing with the help of three Palmer United Party senators and other crossbench members.

But it failed to get support for a motion ending debate and calling for a final vote.

Late today Labor will move amendments to effectively end the fixed carbon price and transit to a floating price.

The final vote now is expected tomorrow.



Climate chaos as Clive bullies Abbott


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The Abbott government’s carbon tax repeal bills have been defeated in the Senate.

Prime Minister Tony Abbott, left, and Japanese Prime Minister Shinzo Abe tour the Rio Tin

Prime Minister Tony Abbott, left, and Japanese Prime Minister Shinzo Abe tour the Rio Tinto West Angelas iron ore mine in the Pilbara, Western Australia, Wednesday, July 9, 2014. Abe is in Australia on a four day official visit (AP Photo/Alan Porritt, Pool)
Source: AP



CLIVE Palmer is belting the Government around the Senate and Tony Abbott is looking vulnerable.


But far worse for him, he is looking impotent.

Mr Abbott, conqueror of Labor at the September election and massively dominant in the House of Representatives, is puny in the Senate.

Case in point, today’s defeat of the carbon tax repeal bill.

Mr Palmer’s senators have sided with Labor and the Greens to stop the carbon tax being repealed. They were joined by Australian Motoring Enthusiast Party’s Ricky Muir.

The repeal legislation will now have to go back to the House of Representatives, which does not sit until next week.


CARBON TAX REPEAL BILL GOES DOWN IN THE SENATE

The crossbenchers are going rogue and Clive Palmer has mobilised them. Picture: Getty Ima

The crossbenchers are going rogue and Clive Palmer has mobilised them. Picture: Getty Images
Source: Getty Images


Mr Abbott is being bullied by a ragtag group of crossbench senators learning on the job but mobilised by Mr Palmer, a canny student of power politics.

um. wow.

— Scott Ludlam (@SenatorLudlam) July 10, 2014

When the Government wins a vote in the Upper House, Mr Palmer ensures he gets some of the credit.

When the Government loses a vote, Mr Palmer makes sure the Government gets all the blame.

Voters expect Governments to get things done and could quickly decide Mr Abbott simply can’t do his job should his agenda continue to be frustrated in the Senate.

Toast: The Prime Minister addresses guests during an official dinner for Japanese Prime M

Toast: The Prime Minister addresses guests during an official dinner for Japanese Prime Minister Shinzo Abe. The domestic political front hasn’t been as forgiving. Picture: Getty Images
Source: Getty Images

He doesn’t need that perception on top of hostility to his Budget.

“I guess I don’t need no introduction,” said Mr Palmer, clearly chuffed by events of the past two weeks, when he fronted reporters in Canberra today.

One of his achievements was what he called “a violent reaction” today from the Government over a Palmer United Party amendment to legislation dismantling Labor’s carbon pricing.

No amendment, no Government victory over Labor’s legacy.

Don’t smash the crockery! Victorian DLP Senator John Madigan, another influential crossbe

Don’t smash the crockery! Victorian DLP Senator John Madigan, another influential crossbencher. Picture: news.com.au
Source: News Limited

Mr Palmer wants the law to say companies which do not pass to customers savings from removal of carbon pricing be fined 250 per cent of those savings.

This was one of the provisions — others included time limits for action — Mr Palmer said “stiffened” the initial amendment written by the Government. In short, he was arguing the Government was wishy-washy about protecting the interests of voters whereas he was a no-nonsense custodian.

“I trusted the Government ministers they would draft amendments that would express our concerns,” he said.

Clive

Clive Palmer wore his favourite flanno at a news conference today. Picture: News Corp Australia
Source: News Corp Australia

But the outcome was a “white wash”: “They pulled a shifty on us.”

Call it populist (Clive wore a flanno at the press conference), but this performance is making the Government look weak and unable to control Parliament.

The PUP senators and others on the cross bench will eventually vote to remove carbon pricing but the process will be messy and reflect badly on the Government.

Clive Palmer will have made clear he cannot be ignored.

Why you can’t trust your co-workers


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More than half (53 per cent) of Australian workers said they would sacrifice a work friendship if it meant getting a promotion

Watch your back Michael. Dwight wasn’t really at the dentist.

Watch your back Michael. Dwight wasn’t really at the dentist.
Source: News Limited



YOU might spend quality time at the pub after work together but that doesn’t mean you can trust your colleague.


More than half (53 per cent) of Australian workers said they would sacrifice a work friendship if it meant getting a promotion, according to research from LinkedIn. Ouch.

It seems Australian millenials are a particularly ruthless bunch. The Relationships@Work survey found 80 per cent of those aged 18 to 24 years would sacrifice a workplace friendship, compared to the more loyal baby boomers, of which only 37 per cent would stick in the knife.

Seventeen per cent of millenials wouldn’t even think twice about throwing their friend under the bus while at least 35 per cent said that while they would still do it, they would at least feel a modicum of guilt about it.

Workers, watch your back

Do you think Petyr Baelish felt guilty about betraying Ned Stark?
Source: Supplied

Sarah*, 23, learnt the hard way her work mate couldn’t be trusted. Sarah and Jane* worked together and were close friends, visiting each other’s homes most weekends for barbecues and drinks.

Sarah called in sick for two days to travel interstate to deal with a personal issue. She told Jane the truth about her absence before she left. While Sarah was boarding her flight, Jane was in Sarah’s boss’ office ratting her friend out. As it turns out, Jane had been gunning for Sarah’s job ever since she covered for her “friend” during a two-week leave period. Jane told the company to investigate Sarah’s computer for evidence of her plane ticket.

When Sarah returned from her absence, she promptly got the sack. As soon as Sarah left the building, Jane marched into the boss’ office and asked for Jane’s old job and a pay rise.

Sarah told news.com.au: “I confronted her once I learnt all the facts. She denied it completely but everyone in the office backed me up. I’m still really good friends with everyone that I worked with, except for her.

“But I do find it hard now to trust work colleagues and I won’t tell them much about my personal life.”

Organisational psychologist Helen Crossing, director of Inspirational Workplaces, said job scarcity and competition for positions were often motivations behind this type of behaviour.

While millenials hadn’t yet been born when Working Girl hit the big screen, they could le

While millenials hadn’t yet been born when Working Girl hit the big screen, they could learn plenty by observing the dynamics of Melanie Griffith and Sigourney Weaver’s relationship.
Source: Supplied

She told news.com.au the other factor was that when someone was defined as a “work friend”, there was enough differentiation from that person being a “personal friend” for it to be okay to compete with them.

Ms Crossing said there was also a “me or them” mentality born from the perception that a work friend was competing with them.

However, she said betraying a work friend — as opposed to competing against them — was a very different matter, especially if the betrayal involved information obtained through trust or friendship.

Ms Crossing said a misuse of power could backfire because other people in the organisation could withdraw their support for that person if they were seen to have been promoted after using underhanded tactics.

So why are millenials such a ruthless bunch? It could well be that millenials were more likely to pursue work friendships. The survey found that more than any other age group (62 per cent), millenials derived happiness from work friendships, while three in five millenials said socialising with colleagues in person led to a better work environment.

Millenials were also much more open about their personal lives than their baby boomer counterparts. The younger set was more likely to discuss salaries with their colleagues, share details about their personal health and family issues and share relationship advice.

Have you ever been betrayed by a friend at work? Or have you done the betraying? Share your experiences in the comments below.

* Names have been changed.

What China really thinks of Abbott


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Australia and Japan will bolster trade and defence ties during Japanese Prime Minister Shinzo Abe’s visit.



IF Prime Minister Tony Abbott thought his summit with Japanese leader Shinzo Abe would pass unnoticed in Beijing then he had better think again.


The Xinhua news agency, the state-run press agency of the People’s Republic of China, has launched a scathing attack on Mr Abbott accusing him of crossing the “moral bottom line” with his overtures to Mr Abe.

It described Mr Abbott as “appalling and insensible” for showing such admiration for Japan’s wartime aggression.

More than 20 million Chinese perished at the hands of Japanese troops in the lead up to and during the war.

Xinhua’s Canberra correspondent quoted Mr Abbott’s speech to a special joint sitting of Parliament.

“We admired the skill and the sense of honour that they brought to their task although we disagreed with what they did. Perhaps we grasped, even then, that with a change of heart the fiercest of opponents could be the best of friends,” the prime minister said.

The correspondent said that Mr Abbott “probably wasn’t aware that the Japanese troops possessed other “skills”, skills to loot, to rape, to torture and to kill”.


PM DECLARES: We can’t mine without the help of Japan


TONY TELLS CHINA: Let’s fast-track free trade


BUT TONY TELLS JAPAN: Let’s have free trade too

Closer ties upset China ... Japan's Prime Minister Shinzo Abe, left, listens to Australia

Closer ties upset China … Japan’s Prime Minister Shinzo Abe, left, listens to Australian Prime Minister Tony Abbott during a meeting with members of Abbott’s cabinet on national security at Parliament House. Picture: Jason Reed
Source: AP

“All these had been committed under the name of ‘honour’ almost 70 years ago,” Xinhua said.

“By making such a comment, Abbott showed how insensible he is towards people in China and other countries who had suffered greatly as a result of the ‘advanced’ war skills of Japanese troops and their sense of honour during their aggression.

Done deal ... Japanese Prime Minister Shinzo Abe and Australian Prime Minister Tony Abbot

Done deal … Japanese Prime Minister Shinzo Abe and Australian Prime Minister Tony Abbott exchange documents after signing the Japan-Australia Economic Agreement and the Agreement on the Transfer of Defence Equipment and Technology at Parliament House. Picture: Mark Graham
Source: AFP

“It also makes people wonder how far Australia under his leadership would go to support Japan.”

The highly critical comments must have been sanctioned by the highest levels of the Chinese Communist Party leadership.

Power games ... Tony Abbott also met with Chinese President Xi Jinping in Beijing.

Power games … Tony Abbott also met with Chinese President Xi Jinping in Beijing.
Source: News Corp Australia

Ruffling feathers ... Tony Abbott visited the Forbidden City in Beijing earlier this year

Ruffling feathers … Tony Abbott visited the Forbidden City in Beijing earlier this year.
Source: News Corp Australia

Xinhua also attacked Abe’s plan to alter the nation’s pacifist constitution and Mr Abbott’s support for the move.

“While Japan has earned the reputation of a good international citizen, how much does it owe to its pacifist constitution, of which Abe and his cabinet are trying to change by reinterpreting its key article,” the agency said.

“Abbott, under fire for his unpopular budget, must have felt attached to Abe, who is also trying to push forward structural reforms in Japan.”

Who does he support ... Tony Abbott at a lunch with Chinese Vice Premier Wang Yang in Bei

Who does he support … Tony Abbott at a lunch with Chinese Vice Premier Wang Yang in Beijing, China.
Source: News Corp Australia

Xinhua also warned that personal favours should never be put ahead of national interests.

“Nor should it go under a moral bottom line.”

The attack by Xinhua is unprecedented from a nation that rarely ventures publicly into the internal affairs of another country.

Such is the level of feeling in Beijing against Japan that it approved a ferocious written attack that would never be tolerated inside China itself.

Crazy John’s stores to shut down




The original Crazy John's store in Brunswick. Photo: Josie Hayden

The original Crazy John’s store in Brunswick. Photo: Josie Hayden
Source: News Limited



IT’S the end for a once-irreverent brand which disrupted the staid Australian telecommunications industry.


Customers loved it for its unapologetic marketing and low prices. But the remaining customers of what was once Crazy John’s will be shifted onto Vodafone contracts from September and all its operations will cease at the end of September.

Approximately 100,000 customers will be affected.

The Crazy John’s empire was acquired by Vodafone in 2008 when founder John Ilhan’s widow, Patricia, sold 75 per cent of the business for a reported $150 million.

Mr Ilhan died suddenly in 2007 at the age of 42 from a heart condition.

John Ilhan started the business in 1991.

John Ilhan started the business in 1991.
Source: News Limited

Last year, Vodafone closed dozens of remaining Crazy John’s retail stores while it rebranded the rest to Vodafone stores.

The Crazy John’s brand effectively disappeared from the market then. Vodafone also closed the ‘3’ business at the same time as part of a “streamlining” strategy.

“Crazy John’s was a dynamic, energetic company that generated goodwill by putting the customer first,” Vodafone director of sales Ben McIntosh said. “We understand we need to respect this legacy and we’ll seek to be the brand that pulls the mobile phone industry closer to the customer’s needs, not the other way around.”

John Ilhan’s widow, Patricia, took over the Crazy John’s business after her husband died.

John Ilhan’s widow, Patricia, took over the Crazy John’s business after her husband died.
Source: News Limited

Mr Ilhan started the Crazy John’s empire in 1991 with a store in Melbourne’s inner city suburb of Brunswick under the name of ‘Mobileworld’. He rebranded it to Crazy John’s and expanded the business aggressively to become Australia’s largest Telstra mobile reseller.

Crazy John’s was renowned for introducing $1 mobile phones where customers paid back the cost of the phone over the length of the contract rather than outright.

After a legal battle with Telstra shortly before his death, Mr Ilhan moved his customers onto Vodafone’s network.

Mr McIntosh added: “We look forward to welcoming those Crazy John’s customers who are coming over to Vodafone, and we say goodbye to those who are leaving and thank them for their loyalty and support over the years.”