After much optimistic hype and almost equally as much pessimistic speculation, the debut of Facebook on the NASDAQ stock exchange turned out to be a bit of an anti-climax, with shares closing at almost the same level as the US$38 IPO.
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Stuart Corner
Monday, 16 January 2012 06:05
Macquarie Telecom has issued a damning assessment of Telstra's revised structural separation undertaking saying it fails to provide for equivalence, transparency, monitoring and compliance in an appropriate and effective manner.
According to the Macquarie submission: "While the revised SSU now contains an overarching commitment to equivalence of outcomes, Macquarie submits it does not address those issues and concerns raised by the ACCC in its August discussion paper and many of the substantive concerns raised by Macquarie and extensively documented in the previous submissions."
Macquarie accused Telstra of having "focused its attention on developing complex processes and procedures, rather than providing wholesale customers with positive commitments and obligations to provide equivalence and transparency."
It claimed that: "Despite the changes made by Telstra, the SSU remains a regime which is riddled with the convoluted process driven features, undue complexities and excessive discretion which blighted the operational separation regime and lead the ACCC to declare that regime an abject failure."
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