Garry Barker and Leon Gettler - Talking Business 2010 Ep 30c

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

Leon and Garry talk about China overtaking Japan to become the world’s second biggest economy and the implications for Australia. Blusecope Steel, OneSteel, Wesfarmers, Woodside Petroleum, Leighton, Lend Lease and Retail Food Group report strong profits but Gunns says its profits will be halved. The Canadian fertilizer maker Agrium is bidding for AWB, derailing the GrainCorp merger. Sigma offloads its drug making arm to Aspen. David Jones reports increased fourth quarter sales and the chairman of Downer EDI steps down after its profits crash by 98%. Engineering company Macmahon Holdings reports a solid profit while BHP Billiton bids for Potash Corp to expand into the fertilizer business. The price of labour rises marginally. Westfield see improved conditions ahead and the Reject Shop posts a better than expected 23% rise in full year profit while Boral slumps to a full year loss. RBA minutes show the central bank is comfortable with the current level of interest rates while housing affordability crashes. M&A activity in Australia and New Zealand more than halves this year while Virgin Blue announces it will stop flights from New Zealand. ANZ is conducting due diligence on the Korea Exchange Bank. Senior Telstra executives have their bonuses slashed. The Australian internet advertising industry cracks the $2 billion barrier, Australia’s competition chief Graeme Samuel steps aside in the fall out from the DFO debt debacle. Analysts warn that the housing bubble is set to burst with housing prices growing just 0.1% during July.

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Garry Barker and Leon Gettler
RMIT, Business, Economics