Garry Barker and Leon Gettler - Talking Business 2010 Ep 29b

A review of the week in business, with expert analysis and commentary

Garry and Leon look at the string of earnings figures with Bendigo and Adelaide Bank, Commonwealth Bank and National Australia Bank reporting profits. Telstra’s profits are down as are those for Qantas. James Hardie reports a profit but signals weakness in the US housing market. Coca Cola Amatil reports a record profit, Stockland reports a 10% lift in its profits and JB Hi Fi’s profits are up 17%. Computershare profits are up 15% and Cochlear’s rose 19%. Residential developer AV Jennings is back in the black and Myer has upgraded its full year earnings guidance, signaling more aggressive discounting. Food producers warn about price hikes and landlords have stopped raising rents. Fairfax Media to consider a strategic review and shake-up. Australian business executives are expecting increased sales and profits and job ads are up. However, unemployment rose to 5.3% and youth unemployment is at its highest level in nine years. The number of home loans has fallen to a nine year low and business borrowing is down. Australian business confidence is weaker but consumer confidence has surged with no rate rises. Australians are buying 530,000 fewer newspapers. Brazil’s mining giant Vale outlines its expansion plans for Australia. The ACCC has launched legal action against Black and White Cabs. A new survey shows most Australians don’t read annual reports. The float of Hoyts has been delayed. The Coalition outlines its broadband plan. Figures show there are more female company directors. Online listed sex toy operator Adultshop to merge its operations with a Sydney brothel and the local arm of streetwear company Ed Hardy is in voluntary administration.

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Garry Barker and Leon Gettler
RMIT, Business, Economics