Strike costs government money; Formula One to hit the market; Round-up
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Monday March 10, 1997

The public transport strike in Melbourne during last weekend's Grand Prix has cost the government 10 million Australian dollars (US$ 7.8) organizers say. The government had counted on a A$2.9 million profit. The authorities had to use private busses, 600 in total, to get everyone to the track.

The total amount of visitors was about 107.000 compared to 154.000 in 1996.

A union leader, Leigh Hubbard, who are aiming for a wage increase and improved working conditions said: "It is a war and the unions will use whatever tactics they think are appropriate."


Formula One to hit the market

It was announced yesterday that Formula One boss Bernie Ecclestone has contacted the investment bank Salomon Brothers to prepare the company for the stock market in London and New York by August.

This could value Formula One to US$ 3.8 billion. One reason for the New York stock market is to get the American people more interested in Formula One.

This deal will make Ecclestone a very rich man. He already earns about US$ 45 million per year but this could make him a billionaire.


Round-up


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