Gary and Leon - Possible Interest Rate Rise - Talking Business 2010 Ep 39c

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

Garry and Leon talk about the likelihood of an interest rate rise in November. Meanwhile, James Packer is back in the mogul business, taking out nearly 18% of the Ten network. The ACCC will investigate the impact that will have on competition. Banks face competition with moves to turn thousands of Australia Post offices into financial shop fronts. Rio and BHP officially declare their Pilbara iron ore joint venture dead. The Gillard Government’s mining tax seems to be unraveling as miners dig in over royalties, Tabcorp plans to de-merge its casino business from its wagering and gaming business. The parties in the David Jones sexual harassment case agree to a settlement. Wayne Swan says the government will not intervene to stop the dollar rising. The booming mining industry is luring workers away from the construction sector, creating a skills shortage. Meanwhile, the value of construction work is expected to rise according to a survey from the Australian Industry Group/Australian Constructors’ Association. Corporate annual reports show chief executives are living it up with private jets, wine and hiring consultants. D&B finds businesses are now taking longer to repay their debts. American private equity firm Kohlberg Kravis Roberts bids to buy asset manager Perpetual for nearly $2 billion. Flight Centre buys social networking site Coles now moves into the insurance market, taking on Suncorp and IAG. A report finds that Australia’s failure to impose a carbon price means less investment in renewable energy. Businesses will soon be on a better footing with banks and other lenders with the Financial Ombudsman Service planning to publicly name and shame the worst offenders for sloppy service. Tiger Airways has a new ploy to extract money from people without them even boarding a plane – they pay a membership fee to join an email list. Construction Company McMahon Holdings sounds a profit warning. The rollout of the NVN could be delayed with the Coalition wanting to have it reviewed. Australian retailers lost more than $10.31 billion from shop liftinFosters plans to revive beer sales with beers brewed from citrus, spices and lemon juice. The Future Fund sells its Telstra shares. In Tasmania, a deal between conservationists and the timber industry seeks to phase out logging in native forests. Woolworths sales are up 4.1%, Coles sales are up 5.9% but it’s still running second. BHP Billiton reports a boost in iron ore production. The Federal government finally introduces draft laws reforming the telecommunications sector ahead of the NBN. And rice looks to be the latest Australian food commodity to be snapped up by foreigners with Spanish company Ebro Foods launching a $602 million bid for SunRice.

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Garry Barker and Leon Gettler
Business, Economics, RMIT