Harish Rao, Global head of Business Development at Sundaram Business Services - Talking Business 2013 - Ep08

The market’s response to the plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation.

Interview with Harish Rao, global Head, Business Development at Sundaram Business Services
Interview with economist Nicholas Gruen

Leon and Garry talk about issue including:
· The market’s response to the plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation.

· Spain's public debt hitting a new record of 84.1 per cent of gross domestic product (GDP) at the end of 2012 while new poll confirms a surge in support for Britain's anti-EU UK Independence Party, as Prime Minister David Cameron's Conservatives fall further behind the Labour opposition.

· China’s new Premier, Li Keqiang (Lee kuh Chiang) vowing to roll out economic reforms that will have “an immediate and systematic” impact while cracking down on corruption and cutting government workers and spending.

· The Reserve Bank of Australia reiterating its belief that there was further scope for rate cuts before holding the official cash rate steady at its most recent board meeting.

· Labor's now-abandoned forecast for a budget surplus in the current financial year slipping further away, with the latest Treasury figures showing the federal budget fell $4.6 billion further into deficit during the first four weeks of 2013.

· Joe Hockey pulling away from Wayne Swan as the nation’s preferred treasurer after a rocky few months for the government in which its mining tax has underperformed and it dumped its promise to return the budget to surplus. The latest Australian Financial Review/Nielsen poll shows that after a dead heat between the pair for the past year, Mr Hockey now leads Mr Swan as preferred treasurer by 48 per cent to 40 per cent.

· The federal government opening the way for mum and dad investors to diversify their superannuation savings into corporate bonds.

· Commercial lending in Australia falling in January, following an uptick in the previous month, according to data released by the Australian Bureau of Statistics. For the month, commercial finance slipped a seasonally adjusted 8.7 per cent to $28.99 billion, from $31.75 billion in December.

· Hefty credit card surcharges on the way out after Visa became the first company to ban Australian retailers from slapping on the fees. New rules have come into force which Visa says it will use to restrict surcharges to as little as one per cent.

· Forecasts that the amount of money moving into the higher-yielding global property market could reach $1 trillion for the first time since early 2007, before the financial crisis engulfed the world.

· M2 Telecommunications buying rivals Dodo and Eftel for $248 million.

· The Fair Work Commission rejecting hospitality and retail sector calls for lower weekend and public holiday penalty rates.

· Coca Cola Amatil's (CCA) group managing director Terry Davis to retire in a little under 18 months

· Fair Work inspectors getting greater powers to oversee the 457 visa program for skilled migrant workers.

· The Foreign Review Board approving Virgin Australia Holdings Ltd's takeover of Skywest Airlines Ltd, removing the final local hurdle to the deal.

· Rio Tinto foreshadowing a fall in iron ore prices.

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RMIT University
Cyprus, bailout, EU, Reserve Bank of Australia, rate cuts, budget deficit, Joe Hockey, commercial lending, credit card fees, GE, Rio Tinto, Coca-Cola Amatil