Telstra Shareholders Supporting The NBN - Talking Business 2011 Ep 38c

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

Leon and Garry discuss how Telstra shareholders have overwhelmingly voted for the NBN. Telstra says it will consider a share buy-back. The RBA says it may cut the cash rate if inflation is under control. The European debt crisis goes from bad to worse but RBA assistant governor Guy Debelle says Australia is well shielded from the funding pressures facing Europe's banks. Prime Minister Julia Gillard warns European leaders the time for "muddling through" is over. The taxpayer-owned Future Fund has $2.8 billion worth of assets in the troubled euro zone. The International Monetary Fund warns the Australian government to be prepared to abandon plans for a budget surplus. Major international funds managers warn that Tony Abbott's vow to scrap the carbon tax represents a "political risk". The Australian Federal Police prepares to investigate serious fraud that could arise from carbon pricing. Bank of Queensland's credit rating has been placed on review for possible downgrade after the bank reported a rise in bad debts. Australia’s economy will pick up pace in 2012, according to the Westpac-Melbourne Institute Leading Index. The Commonwealth Bank business sales indicator (BSI) rises by 0.2 per cent. ING Direct finds that consumer confidence is rising and spending could increase. NAB survey shows a drop in business confidence but there are signs the worst could be over. Australians spend big on home improvements and groceries pumping up Coles and Bunnings sales by 8 per cent. Pre-tax profit for Webjet rises 23 per cent to $4.65 million. Australia slips in the World Bank rankings. CSL says it is on track to deliver double-digit profit growth next year despite the high Australian dollar and it announces a buy back. Australian employees are hard-working but rank among the least productive, according to the inaugural Australian Productivity Pulse survey. Thousands of protesters rally across the nation condemning Australia's multi-billion dollar coal seam gas (CSG) industry. Virgin Australia says Honolulu will be added to its growing international network, after signing a codeshare agreement with Hawaiian Airlines. Qantas Airways Ltd cancels domestic flights, with the airline blaming it on industrial action. Prime Minister Julia Gillard says she can't yet intervene in the Qantas industrial dispute. Virgin Australia says it will provide additional capacity to minimise the impact of ongoing Qantas industrial action. Leighton’s offshore division is awarded an additional $US79.85 million ($A78.57 million) contract by Iraq's South Oil Company (SOC). But Standard & Poor’s lowers its credit rating for Leighton. Sonray Capital Markets co-founder Russell Johnson is sentenced to five years in jail for stealing millions of dollars from clients' accounts. ANZ is tapping Europe's jumpy money markets for fresh funds. More than half of Australian mid-market companies believe they are not prepared for continuing fluctuations in business conditions, according to the inaugural Commonwealth Bank Future Business Index. Super Retail Group snaps up market-leading sports goods retailer Rebel Group from Archer Capital for $610 million. New motor vehicles sales fall one-and-a-half per cent, according to the Australian Bureau of Statistics but ABS figures show business lending jumped last month.

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Garry Barker and Leon Gettler