Markets In Turmoil - Talking Business 2011 Ep 36c

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

Leon and Garry discuss how the RBA has kept interest rates on hold with expectations that it will cut rates before the end of the year. Markets are in turmoil over the prospect of Greece defaulting. The federal government will set up a business tax review, increase the personal tax free threshold and work with the states to make their revenue raising systems more efficient, in the wake of a two-day tax forum. But experts say don’t expect too much too soon. Wayne Swan moves to fix up Australia’s superannuation system. Debt sales have dropped. Home building approvals rise 11.4 per cent. A study of Australia's mortgage industry shows home lending growth has slowed in the last 12 months. ABS data shows that Australia had a surplus of $3.1 billion in August. Australian manufacturing activity contracts further in September. But then, figures show global manufacturing has shrunk for the first time since 2009. Retail spending rises 0.6 per cent. Still, retailers are bracing for a lean Christmas. Steve Jobs dies, rocking the IT industry. AMP censors a report on corporate governance at News Corporation. The Occupy Wall Street Movement is coming to Australia. Death threats have allegedly been made against Qantas CEO Alan Joyce and other senior executives. Qantas Airways Ltd baggage handlers and ground staff vote to keep fighting for better pay, with strikes possibly increased to 24 hours. Sundance Resources board endorses an improved $1.65 billion takeover offer from China's Hanlong Mining. Support for the carbon tax is falling, according to News Limited newspapers. Liberal front bencher Greg Hunt says the opposition has done its homework on budget savings and "is ready to go" if there's an early election. The RBA is setting up an office in China. Industry super funds consider a recommendation to vote against the re-election of six News Corp directors. A new fee for debit cards at eftpos machines. US oil producer Apache Corporation will develop the Balnaves oilfield off Western Australia. The Australian Government signs an open skies agreement with Japan’s leaders allowing an unrestricted number of direct flights between Australia and Tokyo. Australia's largest class action is back in courts with the case against ANZ bank fees. Low cost airline Tiger Airways forecasts a large loss for the September quarter. Aston Resources has sold another stake in its flagship Maules Creek coal project to a Japanese-backed company for $350 million to help fund development of the project. A second credit-rating agency downgrades National Australia Bank's British banking arm, amid doubts over whether the Australian lender was planning to offload all or part of Clydesdale Bank. Seven West Media Ltd moves to slash costs, calling in management consultants to reduce spending at the group as it moves to maintain profit margins in a weak advertising environment.

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Garry Barker and Leon Gettler