Talking Business

Interview with Andrew Gorecki, managing director of Retail Directions Interview with economist Saul Eslake Leon and Garry talk about issues including: · The OECD finding that Eurozone economic growth is beginning to emerge but Portugal is in its worst recession in 37 years and Fitch has downgraded Italy's sovereign debt rating · The US announcing better-than-expected jobs data, with the unemployment rate falling and solid jobs growth in February. The jobless rate fell to 7.7 per cent, from 7.9 per cent in January, and a net 236,000 jobs were gained · China’s industrial output having the weakest start to a year since 2009 and lending and retail sales growth slowed, toughening challenges for a new leadership that wants to narrow the gap between rich and poor. · The Australian stock market this week hitting a fresh 54-month high · The National Australia Bank's latest monthly business survey finding that the just-right rate of economic growth the Reserve Bank of Australia likes to call "trend" continues to recede toward the horizon and the economy growing at about three-quarters of its long-run average pace. · Deloitte Access Economics expecting soft consumer demand will continue to affect retail in 2013, after a disappointing 2012. In its latest quarterly retail forecasts report, real or inflation adjusted sales are likely to grow by 2.2 per cent in 2012/13 and by 2.5 per cent in 2013/14. · The Reserve Bank of Australia having its computer networks repeatedly and successfully hacked in a series of cyber-attacks to infiltrate sensitive internal information, including by ­Chinese-developed malicious software. · The sale of poultry processor Inghams Enterprises to US private equity group TPG · Taxation commissioner Chris Jordan planning to overhaul the way the Australian Taxation Office deals with taxpayer ­disputes by creating an independent appeals division, a major change to the operation of the agency long sought by business. · Australia Institute research finding that one in four superannuation holders would be prepared to shift investments if their fund were found to be investing in coal or coal seam gas extraction · The federal government overhauling the way complaints against the press are handled and ensure there is no further reduction in media diversity. · The Fair Work Ombudsman launching legal action against a national advertising company, OhMedia, alleging it underpaid 45 workers almost $60,000. · The newspaper and publishing unit being spun off by media giant News Corp will begin operations with $2.6 billion in cash · Building products company CSR Ltd cutting 150 jobs from its glass business in response to the high Australian dollar and low construction activity and reducing guidance on its profits. · National Australia Bank Ltd closing its wealth unit in the United Kingdom, in a move that will cost 130 jobs. · Australia's big four banks being accused of gouging hundreds of millions of dollars in unfair fees from their New Zealand customers in a new class action. · Sirius Resources becoming Australia's newest billion-dollar company · The Federal Government extending the Apprentice Kickstart Initiative in the hope of boosting new entrants into the building, construction, and engineering trades.

Interview with Jefferson Harcourt from Grey Innovation Interview with RMIT economist Alberto Posso Leon and Garry talk about issues including: · EU governments delaying a decision to introduce controversial bank bonus caps after Britain, partly backed by Germany, sought adjustments in extra-time negotiations. · Leaders from both sides of the bitterly divided United States Congress optimistic about a funding bill averting a possible government shutdown at the end of the month. · The Dow Jones Industrial Average rising to its highest level ever, erasing losses from the financial crisis after a four-year rally fueled by the fastest profit growth since the 1990s and monetary stimulus from the Federal Reserve. It reached 14,226.2 climbing above the 14,164.53 record closing level it reached before the global financial crisis · Business activity in China continued to expand in February, though at a slower rate than in the previous month, according the HSBC China Composite purchasing managers' index. · The Reserve Bank of Australia (RBA) leaving the official cash unchanged for the second straight month at three per cent. · Australian corporate leaders nominating the strong dollar, a high cost base and the political uncertainty of a long election campaign as the main impediments to main­taining profit growth in a slowing economy. · Australia facing another two years of economic volatility as the strong dollar undermines growth outside the mining sector before the start of a new boom. And unemployment will rise this year despite the Reserve Bank's interest rate cuts, according to BIS Shrapnel · Company gross profits falling in the December quarter, slightly more than analyst expectations, according to the Australian Bureau of Statistics (ABS). According to the data, gross profits for the three months to September dropped one per cent, in seasonally adjusted terms. · Building approvals falling against expectations again in January, for the second consecutive month, according to the Australian Bureau of Statistics. ABS data showed the number of buildings approved slipped a seasonally adjusted 2.4 per cent to 12, 920 during the month. · Strategists warning that cost-cutting by companies aimed at preserving their bottom lines may achieve short-term goals, but are likely to lead to a series of downgrades to 2014 forecasts. · The Australian dollar softening to a seven-month low · Australia's current account deficit narrowing in the December quarter, against expectations of expansion, according to data from the Australian Bureau of Statistics. The data showed Australia posted a seasonally adjusted current account deficit of $14.678 billion in the three month period. · Australian job advertisements in newspapers and on the internet rebounding in February, with a second month of gains hinting at some stabilisation in demand for labour after a long period of weakness. A survey by Australia and New Zealand Banking Group showed total job advertisements rose a seasonally adjusted 3.0 per cent to 140,733 in February. · Australand Property Group Ltd confirming several parties have expressed interest in acquiring either part or all of its assets. · Telstra developing contingency plans for Tony Abbott winning the election and moving to derail its $11 billion NBN deal with Labor.

Interview with British Telecom Customer Experience Futurologist Nicola Millard Interview with RMIT economist Sinclair Davidson Leon and Garry discuss issues including: · The EU Commission saying the EU recession is worse than we thought · Italy at an impasse after an election seen as crucial for the eurozone failed to produce a clear winner and provided a shock debut for a populist anti-austerity party, rattling world markets and setting off alarm bells across Europe. · Britain losing its top AAA credit rating by Moody’s Investors Service, which cited weakness in the nation’s growth outlook and challenges to the government’s fiscal consolidation program. · HSBC's Flash Chinese manufacturing purchasing managers' index (PMI) pulling back from a two-year high in the previous month, but the sector still showed signs of expansion in February. For the month of February the index came in at 50.4, a slight fall from the 24-month high of 51.7 recorded in January · More news on negotiations around the automatic US budget cuts and “sequester” · The Reserve Bank of Australia raising the possibility of participating in a global currency war if the Australian dollar rises much beyond its current level, possibly flooding the markets with newly printed Australian dollars to artificially lower its value · In what is now an escalating crisis at the Ten Network, James Warburton getting sacked as chief executive. · The Coalition preparing to demand that NBN Co make plans for a Labor loss in the coming federal election and understand how it would be affected by a change of government. · The coalition considering compensating big companies that are part-way through expensive refits to reduce their carbon price liability when the carbon tax is abolished · The 457 visa scheme for temporary overseas workers getting overhauled to stop rorting of the system, with the federal government accusing some employers of discriminating against Australians. Immigration Minister Brendan O'Connor says the 457 visas will be tightened to ensure they are only used to address genuine skills shortages, and local workers are getting a "fair go". Under the crackdown, employers will be required to demonstrate they are nominating a position where there is a genuine shortage of workers · Ratings agency Standard & Poor's has downgraded its outlook on the A- long term rating assigned to mining giant Rio Tinto Ltd. · Company administrators suggest that Timber giant Gunns Ltd may have traded while insolvent · Changes to existing media ownership laws could see subscription television networks added to rules preventing a single media company from owning more than two media platforms in a given licence area. · An 18 per cent increase for Australia’s online advertising expenditure in 2012 · Lawyers preparing to mount a class action against Vodafone after years of complaints about the telecommunications provider. · MasterCard has launched a new digital wallet program designed to streamline online shopping. Australia to be the first country to get the service in March · QBE cuts jobs. · Profit figures for QBE, Caltex, IOOF, Patties Foods, WHK Group, Austrill, Whitehaven, Oil Search, Atlas Iron, Virgin, Flight Centre, Ramsay, Charter Hal, AGL, Westfield and Transfield.

Interview with Neil Campbell from Dimension Data Interview with RMIT economist Jonathan Boymal Leon and Garry discuss issues including: · Leading members of the European Parliament threatening to veto the seven-year budget agreement reached by government heads 10 days ago, seeking more money for Europe as they prepare for negotiations on a final deal. · US President Barack Obama cranking up the blame game over "meat cleaver" budget cuts due in 10 days, painting a dire picture of damage looming for the US economy and accusing Republicans of refusing to deal. · Encouraging signs for the US housing market. · The Reserve Bank of Australia (RBA) saying global conditions have improved since the end of last year, and reiterated scope for further interest rate cuts. · The Gillard government's budget deficit set to balloon to $11 billion this year, with new data showing its fiscal position continuing to deteriorate. · The Australian stock market hitting a fresh 53-month high in morning trade this week relatively positive earnings reports and despite mixed offshore leads. · BHP Billiton Ltd chief executive officer Marius Kloppers announcing his retirement from the role, effective May 10. · The BT Australian Financial Health Index showing that one in three Australian households is living pay cheque to pay cheque and many would not be able to cover a major emergency. · The OECD urging Australia to cut its corporate tax rate and increase the rate of the GST and broaden its base. · A Federal government plan to cut $1 billion from research and development tax incentives to big business to pay for measures to boost smaller companies means Australia’s major banks, miners and pharmaceutical companies will lose access to the Federal Government’s Research and Development Tax Incentive, to help pay for a new jobs plan that focuses on manufacturing, small business and startups.The tax incentive will no longer be available to companies that have more than $20 billion in Australian turnover. · APN News and Media's two major shareholders forcing the resignation of the trans-Tasman publisher's chief executive, chairman and three independent directors. · The ACCC's investigation into Woolworths and Coles includes probing allegations of "cliffing", where suppliers are given an ultimatum - agree to tougher terms or be pushed off the shelf. I · Wesfarmers’ Coles supermarkets testing mobile phones that could replace credit and loyalty cards at the checkout, a big step in retail payments that may give it an edge over rival Woolworths. · Clive Palmer's Blue Star Line submitting a priority trademark application for words including Titanic, · Profit figures for companies including BHP Billiton, Toll, Seek, Bluescope Steel, Lend Lease, Speciality Fashion Group, Arrium, Coca-Cola Amatil, Bendigo and Adelaide Bank, Pacific Brands, Amcor, Fortescue, Breville, Ausenco, Automotive Holdings, Boart Longyear, nib, Mt Gibson, Southern Cross Media, Mt Gibson, Woodside, APA, Seek, and Asciano. · BrisConnections Ltd being placed in voluntary administration as revenue generated from its toll roads failed to offset the level of its debt. · Construction and maintenance firm Transfield warning it will have to make up to $285 million in asset writedowns.

Interview with RMIT economist Sinclair Davidson Leon and Garry discuss issues including: · European Union leaders agreeing to a drastically reduced seven-year budget worth €959 billion ($A1.26 trillion) - the first cut in spending in the 27-country group's history. · The Australian stock market pushing through the key psychological 5000-point threshold, its highest point since April 15, 2010. · National Australia Bank's (NAB) monthly business survey showing business confidence lifting slightly in January mostly, helped by a rally in the local sharemarket. · Despite last year’s interest rates cuts, the demand for home loans falling against expectations for the second consecutive month in December, according to the Australian Bureau of Statistics. · ME Bank's Household Financial Comfort Report showing that one in two Australian households are struggling to stash cash and have no money left at the end of each month · The Reserve Bank of Australia (RBA) selling its 50 per cent stake in money printing firm Securency, which has been accused of offering bribes to overseas officials, for $65 million. · Australia’s leading mining companies set for a wave of profit upgrades with bullish analysts factoring higher iron ore prices into earnings forecasts as China's economic recovery gathers pace · The Climate Change Authority – the federal government's key climate change adviser – receiving modelling that suggests carbon tax prices could decline in 2015-16 and create a $4 billion revenue hole in the federal budget. · The Labor government under rising pressure from the Coalition. Greens, independent MPs and even corners from within Labor to reform the underachieving mining tax which produced only $126 million in the first half of the financial year, rather than the $2 billion predicted for the full 12 months. · The financial sustainability of spending commitments made by both Labor and the Coalition ahead of the September 14 federal election shaping-up to be a central campaign issue, with the Treasury and the Department of Finance informing Labor that the government's long-term spending items such as the national disability insurance scheme (NDIS) will be included in their independent pre-election assessment of the budget. · Industrial relations returning as an election issue with the Gillard government legislating soon to make it harder for employers to refuse to allow new parents the right to work part time. · Miners are preparing for an exploration boom in Tasmania's north-west after the Federal Government rejected a bid to put large parts of the area on the National Heritage list. Tasmania's resource-rich Tarkine region is also home to the largest temperate rainforest in the Southern Hemisphere. · Profit figures for companies including Commonwealth Bank, Ansell, Boral, Leighton, CSL, OZ Minerals, JB Hi Fi, Bradken, Carsale.com, SkyCity and Newcrest Mining and Computershare · Share market operator ASX retaining its dominance of processes behind share sales after the federal government put off a decision to consider new competitors. · A Mercer report showing retirement savings of Australians lag behind schemes in other major developed nations and that the tax concessions here are not as generous as those overseas.

Interview with Ruslan Kogan from Kogan Electronics Interview with economist Stephen Koukoulas Leon and Garry discuss issues including: ·         Hopeful signs that the Eurozone economy might be picking up with better than expected figures on unemployment, manufacturing and inflation and Greece’s finance ministry says Greece narrowing its public deficit to 6.6 per cent of output in 2012 ·         Unemployment in the United States ticking up in January and the labour market having a better year in 2012 than previously estimated ·         Interest rates in Australia being left on hold at 3 per cent with the Reserve Bank adopting a "wait-and-see" stance as signs of a greenshoot recovery in the US boosts the global outlook. ·         The Australian trade deficit narrowing in December, as mining companies scale back investments in equipment from overseas, fueling a collapse in the value of imports over the month and rebounding from its largest deficit since 2008 in the previous month ·         Australian capital city house prices rising more than analyst expectations in the December quarter, according to the Australian Bureau of Statistics. The data shows the weighted average of house prices across Australia's eight capital cities rose 1.6 per cent in the three months to December ·         Sydney confirmed as what we've long suspected: one of the most expensive cities in the world. It's moved up the rankings in The Economist Intelligence Unit index from seventh to third-most expensive, behind only Tokyo and Osaka. ·         Australian businesses and the federal government pledging money and services to help people in Queensland and New South Wales get back on their feet after the recent floods. The government has announced clean-up and recovery grants of up to $25,000 for small businesses, primary producers and not-for-profit organisations in areas severely affected by flooding in Queensland. This assistance is in addition to the support already available, including concessional loans of up to $250,000 for primary producers and small businesses. ·         Insurance group Suncorp Group receiving about 23,000 claims associated with ex-tropical cyclone Oswald, saying the cost of claims will be limited to no more than $220 million ·         Australia’s $1.5 trillion ($US1.555 trillion) superannuation fund pool becoming the fourth-largest in the world, according to the latest Towers Watson Global Pension Assets study. The nation's total superannuation market, now bigger than the Australian economy, compares with the $US16.8 trillion in pension fund assets in the US, $US3.7 trillion in Japan and $US2.7 trillion in Britain. ·         Superannuation tax policy is shaping up to be a hot-button federal election issue, with Coalition leader Tony Abbott confirming he would cut super tax breaks for the low paid just as Labor plans a major review of super concessions ahead of the May budget. ·         Businesses slashing their profit expectations, amid declining sales and intense price discounting. The Dun and Bradstreet Profit Expectations Index, released on Monday, fell 12 points to an index level of 11 for the three months to June 2013, indicating a smaller proportion of business expect to post increases in profits than in the previous survey.

Interview with Dr Michael Hewitt-Gleeson from schoolofthinking.org Interview with economist Stephen Koukoulas Leon and Garry discuss issues including: · Protests from thousands of Spanish medical workers and residents angered by budget cuts and plans to partly privatise the national health service while Italian Prime Minister Mario Monti announces his plans to step down, leaving the way open for Silvio Berlusconi to make a return · The US economy adding 146,000 jobs in November and the unemployment rate fell to 7.7 per cent, the lowest since December 2008 · China’s industrial output and retail sales exceeding forecasts last month while inflation rebounded from a 33 month low in signs the economic recovery is accelerating but at the same time, its monthly trade surplus falls 38.6 per cent · Australian government producing modelling which ­suggests that the bigger than expected fall in commodity export prices will produce a multibillion-dollar budget hole that could keep it in deficit over the next two years · The NAB latest monthly business survey finding that business confidence has plummeted in November to its lowest point since April 2009, amid concerns about the soft global economy · The Australian Bureau of Statistics revealing that the demand for home loans grew much less than expected in October · An MYOB survey finding that small business confidence may have reached a turning point after some difficult times in the past couple of years · Research by CPA Australia finding that Australian small businesses are among the least optimistic in the Asia-Pacific region · The fallout from the 2Day FM prank call tragedy has hit the wallets of its owner Southern Cross Austereo, with losses in advertising revenue costing the station up to $150,000 a day this week. The station suspended advertising until Wednesday. It was reinstated on Thursday with all profits until the end of the year to be donated to a fund for the family of deceased nurse Jacintha Saldanha. · Starbucks, Google, Apple, eBay and other ''shape-shifting'' corporations that route their business through intermediaries in tax havens facing an Australian tax from which other corporations will be exempt. The idea will be discussed at a special reference group set up to advise Treasury on a scoping paper setting out the extent of multinational tax minimisation and ways the Australian government responds. · Leighton Contractors banning staff working on the project from using chairs and instructed them not to sit down during their shifts in an effort to improve productivity on the massive Gorgon liquefied natural gas (LNG) project\ · Better known for selling bread and milk, supermarket operator Woolworths now rapidly emerging as one of the world's biggest pokies operators. With 11,700 machines in operation across Australia, Woolworths' pubs and gambling venture, ALH, runs more poker machines than six of the largest casinos in Las Vegas combined. · Shopping centre owner Centro Retail Australia Ltd changing its name. It has chosen Federation Centres as its new name, and will ask shareholders to vote on it at a meeting on January 22. · GPT Group’s making a $3 billion bid for Australand.

Interview with David Owen from BAE Detica - Interview with economist Nicholas Gruen Leon and Garry discuss issues including: • German MPs overwhelmingly backing a deal aimed at trimming Greece's debt load and keeping the country financially afloat but the country's finance minister insisted it’s irresponsible to raise hopes of more radical debt forgiveness soon. • Spanish Prime Minister Mariano Rajoy saying it will be difficult to meet the goal of cutting Spain's public deficit to 6.3 per cent of gross domestic product this year in line with European Union demands • The Chinese economy showing strong signs of a rebound, dispelling the notion that the nation is heading towards a hard landing. The official November Purchasing Managers Index, a key barometer of the economy, reveals the powerful manufacturing sector is expanding after a long period of contraction. The figure of 50.6 was in line with the expectations of most economists and was the highest reading in seven months • US manufacturing shrinking in November to its weakest level since July 2009, the first month after the Great Recession ended. • The Reserve Bank of Australia cutting the official cash rate by 0.25 per cent, as had been widely expected. At its December board meeting, the RBA board lowered the official cash rate to three per cent, after holding the rate steady at 3.25 per cent in November. The official cash rate is now equal with the lowest rate during the financial crisis in April 2009 • The Gillard government asking public servants to search for fresh spending cuts in the lead-up to Christmas in a new attempt to achieve a 2012-13 budget surplus. The package of measures that could form a mini-budget or several separate announcements would be unveiled early in the new year in time to improve the position of the 2012-13 budget in the remaining months of the financial year. • Liberal states planning to block Prime Minister Julia Gillard’s plan to cut electricity prices by reducing over investment in poles and wires, criticising key elements of Labor’s reform blueprint, including a rollout of smart meters, time-of-use pricing and a beefed up energy market regulator • Building approvals dropping in October, more than analyst expectations, according to the Australian Bureau of Statistics. • Australia's current account deficit widening more than expected in the September quarter, according to data from the Australian Bureau of Statistics. The data showed Australia posted a seasonally adjusted current account deficit of $14.9 billion in the three month period. Economists were forecasting a current account deficit of $14.7 billion • Inflation fell in November, after rising in the previous two months, according to the latest TD Securities-Melbourne Institute survey • The number of Australian job advertisements dropping for the eighth straight month in November, taking the series to its lowest point since January 2010 • Wages growth under enterprise bargaining agreements being reined in during the September quarter • Australian retail sales flat in October, weaker than market expectations of a 0.4 per cent rise. In trend terms, monthly sales growth came in at 0.2 per cent

Interview with James Cattermole from JadeLynx, founder of the Hexigo management decision making system Interview with RMIT economist Sinclair Davidson: Leon and Garry discuss issues including: Greece winning breathing space with long-frozen eurozone loans to restart from December and a first clear admission that a chunk of the country's debt burden will need to be written off down the line. After 13 hours of talks in Brussels, the eurozone and the International Monetary Fund agreed to unlock €43.7 billion ($A54.63 billion) in loans and grant significant debt relief going forward for decades to come. Talks on the European Union's €1 trillion ($A1.25 trillion) budget ending in deadlock when leaders of the 27-nation bloc failed to overcome seemingly irreconcilable differences on spending. The OECD warning that the world economy is at risk of a fresh contraction if euro-zone and US policy makers fail to restore confidence by resolving their fiscal problems Qantas Airways bracing itself for a public showdown with the group of its former executives and their co-investors who have bought a strategic stake in the airline and are pushing a different management strategy Ratings agency Moody's cutting the outlook of Queensland's Aa1 rating from stable to negative as the state's financial performance continues to deteriorate. Housing affordability rising for the seventh consecutive quarter in the three months to September, according to the HIA/CBA housing affordability index which increased by 5.3 per cent in the September quarter, which places the index 15 per cent higher than the corresponding quarter in 2011 GM Holden chairman and managing director Mike Devereux warning that next year will be when Australia decides whether it wants an auto industry or not Prominent businessman Mark Carnegie revealing plans to join with investor Perpetual to tackle the 43-year cross-shareholding binding investment company Washington H Soul Pattinson to brickmaker Brickworks in the hope of unlocking up to $1 billion in value for shareholders and create more shareholder activism. Woolworths Ltd property spin-off, Shopping Centres Australasia Ltd, making a successful debut on the Australian Securities Exchange, listing at a premium to its offer price before climbing even higher Shares in Melbourne IT Ltd sinking to a nine-month low after it downgraded its earnings guidance and flagged the sale of some assets New data showing that retailers participating in last week's Click Frenzy event have registered a record number of online sales, despite the early technical problems The Reserve Bank of Australia looking to get rid of the detested 10 per cent surcharge whacked onto taxi fares for the privilege of paying by a card A study by BCG consultants finding that companies focussing on labour productivity have boosted profit margins by more than 7 per cent on average in five years while others have gone backwards The owner of Coles supermarkets, Wesfarmers, considering $1 bet limits on the poker machines it owns as the company explores options to distance itself from the pubs and gambling business. James Packer and Lachlan Murdoch and their associated companies being pursued by One.Tel's liquidators for nearly $400 million The Future Fund has struck a binding agreement with Australian Infrastructure Fund Ltd to buy assets including Melbourne Airport.

Interview with Tim Kentley, Nick Bland and Danielle Conroy at Wheelbarrow Interview with economist Stephen Koukoulas Leon and Garry discuss issues including: US Federal Reserve chairman Ben Bernanke warning that the looming 'fiscal cliff' tax hikes and spending cuts "pose a substantial threat" to the country's economic recovery. Moody’s cutting France’s credit rating while the EU and IMF can’t yet agree on releasing the latest instalment of rescue funding needed to save Greece from bankruptcy. The OECD saying Australia's South-East Asian trading partners look set to grow at a robust rate over the next five years, matching the pace before the 2008/09 global financial crisis US President Barack Obama leading efforts to fast-track plans for a Pacific free trade zone in a move that confronts China's growing economic influence and would introduce free trade amongst countries, including Australia, that represent about 30 per cent of global GDP The International Monetary Fund (IMF) saying Australia's four largest banks should be forced to raise billions of dollars in additional capital to better protect them against a downturn because the health of the four banks is so crucial to the country's banking sector. The IMF calls for tougher stress tests to assess how banks would manage a financial crisis like the one that hit after the Lehman Brothers collapse. But the banks reject it Commonwealth Bank's (CBA) Business Sales Indicator (BSI) showing that despite three interest rate cuts since May, consumers aren't spending any more than they were five months ago. But according to an AMP survey, consumer optimism is starting to look up in Australia and we are planning to spend more on clothes, shoes, local holidays and technology The Reserve Bank of Australia flagging the potential for further rate cuts in the period ahead. Federal financial services and superannuation minister Bill Shorten announcing a swathe of changes to market integrity rules, aimed at protecting investors from concerns surrounding high frequency trading Tensions between Indonesia and Australia while a trade, investment and economic co-operation agreement is being negotiated between business groups from Australia and Indonesia would allow unskilled Indonesian workers with limited English skills to fill labour shortages in Australia Australian retailers launching ClickFrenzy, and it crashes under the strain. Qantas management hunkering down amid a renewed attempt by some of Australia's best-connected businessmen to secure a cornerstone stake and overhaul the airline. A consortium including financier Mark Carnegie, Leighton finance boss Peter Gregg, adman John Singleton and former Qantas CEO Geoff Dixon has been seeking support for a partial float of Jetstar and Qantas' frequent-flyer loyalty scheme. Under their plans, the consortium would take a cornerstone stake of about 20 per cent in Qantas, seek three board seats and agitate for management change. Graincorp rejecting a $2.68 billion takeover proposal from US-based food processing giant Archer Daniels Midland Company ACCC taking 11 Harvey Norman franchisees to the Federal Court for allegedly misrepresenting consumer rights. Mike Smith emerging as Australia's highest-paid banker with a package worth nearly $10 million last year.

Interview with Ron Clarkson, Vice President, Mobility Products at Trend Micro Interview with economist Nicholas Gruen Leon and Garry talk about issues including: The OECD predicting that China will overtake the US as the world’s largest economy as early as 2016 in terms of purchasing power. China's export growth meanwhile accelerating in October, adding to evidence the world's second-largest economy is bouncing back as the ruling Communist Party chooses new leaders The Greek parliament approving a slashed 2013 budget which will secure the release of foreign aid vital to save the debt-ridden country from insolvency. Meanwhile an Italian prosecutor has filed charges of market manipulation against Standard and Poor's and Fitch ratings agencies over downgrades of Italy's credit rating that helped fuel the euro debt crisis. Japan's economy contracting 0.9 per cent in the three months to September, official data showed, the first dip into negative territory in three quarters. That leaves Japan facing the prospect of five recessions in fifteen years – that's one every three – which would have to be a record. Australia’s economic prospects getting downgraded by the Reserve Bank for the third time this year as weak export prices, a stubbornly high dollar and budget cuts take a hefty toll on growth NAB latest monthly survey finding that business conditions slumped in October to their lowest point since May 2009, weighed down by subdued wholesale and manufacturing sectors. A BankWest survey finding that small businesses remain pessimistic about trading conditions, with concerns about the Chinese and European economies and the high Australian dollar hurting confidence Former Labor government Treasury secretary Tony Cole saying it is “inevitable” that a future government will extend the goods and services tax into areas such as health, education and fresh food and lift its 10 per cent rate National Australia Bank (NAB) paying $85 million in a settlement of a class action relating to its heavy losses over toxic subprime home loans in the United States. The demand for home loans growing in September, broadly in line with expectations, according to the Australian Bureau of Statistics. ABS data showed the number of home loans granted in September rose a seasonally adjusted 0.9 per cent to 46,395. Analysts were expecting the figures to show a one per cent increase in loans for the month. Also, a lift for commercial finance. Mining giant BHP Billiton Ltd being given until 2016 to go ahead with the expansion at the Olympic Dam mine in South Australia. Chemicals manufacturer Orica Ltd's annual profit falling by 37 per cent. Orica's net profit in the 12 months to September 30 was $402.8 million, down from $642 million in the previous corresponding period. Shares in insurance giant QBE Insurance Group Ltd crashing after the group said it expects its losses from superstorm Sandy in the United States to be up to $US450 million ($A434.85 million) Lend Lease getting sued in a federal court in New York over the collapse of a construction crane during superstorm Sandy.

Interview with GJ Gardner CEO Darren Wallis - Interview with RMIT economist Jonathan Boymal Leon and Garry discuss issues including: Obama planning his second term agenda as US employers add 171,000 jobs in October and hiring is stronger over the previous two months than first thought, pointing to a slowly improving jobs picture. The unemployment rate inched up to 7.9 per cent from 7.8 per cent in September as more workers resumed job hunts. German chancellor Angela Merkel warning that the Eurozone will take at least another five years to recover from the crippling debt crisis that has hampered even Europe's most powerful economy. This warning comes as Greek public transport and media workers launch strikes, contesting a planned new round of austerity measures needed for a creditor lifeline to the crisis-gripped and cash-strapped nation and the G20 powers warn of possible delays in Europe's anti-crisis measures and a potential sharp fiscal tightening in the United States threaten global growth The Reserve Bank of Australia (RBA) holding the official cash rate steady, marking the first time the central bank has not delivered a rate cut on Melbourne Cup day since 2005. The ANZ jobs advertisements survey revealing that the number of Australian job advertisements fell to their lowest point in more than two years in October, with weakness in all states, including those supported by the mining sector. The TD Securities-Melbourne Institute monthly inflation gauge showing that consumer prices rose by 0.1 per cent in October after a lift of 0.2 per cent in September and a 0.6 per cent gain in August. Activity in the Australian services sector has fallen falling for the ninth consecutive month, weighed down by weak consumer confidence Australia's trade deficit narrowing less than expected in September, according to data from the Australian Bureau of Statistics. Retail sales in Australia rising in September, just beating expectations, according to data from the Australian Bureau of Statistics (ABS).The data showed retail spending lifted 0.5 per cent to a seasonally adjusted $21.5916 billion in the month. Australian capital city house prices rising in the September quarter, but significantly less than forecast, according to the Australian Bureau of Statistics. The RP Data Buy Vs Rent report finding that it’s cheaper to buy than lease in a record 388 suburbs across the country. Former NSW Liberal leader Nick Greiner — tasked by Treasurer Wayne Swan in March with reviewing the carve-up of the GST — calling for a national debate about its rate and scope. Despite opposition from both federal Labor and Coalition senior leaders, pressure is increasing on Australian policymakers to reconsider the scope of the GST from the IMF. Westpac reporting that its statutory net profit fell 15 per cent to $5.97 billion, owing to a one-off tax benefit and Commonwealth Bank profit goes up 6 per cent to $1.85 billion in the three months to September 30

Interview with David Noble, chief executive of the Chartered Institute of Purchasing and Supply Interview with RMIT economist Sinclair Davidson Leon and Garry discuss issues including: Spain's new 'bad bank' paying steep discounts for toxic loans and assets weighing on the stricken financial system while Spain's Prime Minister Mariano Rajoy says his debt-laden economy has no need of a European bailout, after holding a summit with Italy. Greece meanwhile reaches agreement with its international creditors on new austerity measures necessary to release fresh bailout funds and Britain finally breaks out of its double-dip recession in the third quarter with its strongest three-month period of economic growth since before the 2008 global financial crisis US stock markets closed for two days over Hurricane Sandy but US growth picks up two per cent and US consumer spending increases 0.8 per cent The Gillard Government unveils its Asian blueprint with Asian studies to become a core part of Australia's school curriculum under the federal government's ambitious plan to capitalise on the region's growing wealth and influence. It calls for gains in economic productivity to lift Australia into the top 10 nations by per capita GDP, up from 13th place in 2011 and says a third of all board members at top Australian companies should have "deep" Asian experience to maximise opportunities in the region. The blueprint is criticised by business leaders who say it will prove either too costly or a hindrance to business growth. Poll showing that only a quarter of Australian voters believe the federal Labor government will be able to deliver on its promise to return the budget to surplus before the next election. NAB posting cash earnings of $5.4 billion, a fall of 0.5 per cent on the previous corresponding period. New home sales falling to an 18-year low in September, highlighting a persistent lack of confidence in the sector, according to the Housing Industry Association The latest Global Ambition survey revealing that foreign investment in Australia is being inhibited by its strong dollar and perceptions about its attitude to offshore investment The Reserve Bank of Australia moving to limit the growth in the value of the Australian dollar, by allowing offshore purchases of the currency to be absorbed on its own balance sheet but saying that conditions are not right for it to intervene in currency markets to reduce the value of the Australian dollar Virgin Australia announcing deals that will change the landscape of the Australian aviation industry and provide serious competition to Qantas. The carrier has bought a 60 per cent stake in low cost airline Tiger Airways Australia for $35 million, and has struck an in-principle agreement to completely acquire Skywest Airlines. BHP Billiton slashing more than 150 million tonnes of annual iron ore production from its Pilbara iron ore expansion plans. Up to 1000 workers facing the chop after the company operating some of Australia's biggest discount chains collapses for the second time in four years and administrators are appointed to Retail Adventures.

Leon and Garry discuss issues including: European Union leaders emerging after 10 hours of summit talks wielding an agreement on a eurozone banking supervisor - but are still left facing a minefield on the way to solving their debt crisis. Meanwhile, Greece's national statistics agency has revised upwards the country's 2011 deficit and public debt figures to 9.4 per cent of GDP The federal government cutting its projected budget surplus for the 2012/13 financial year, despite wide expectations it would stick to its original forecasts. The government's mid-year budget measures that will force large companies to pay their tax monthly and slash research funding. The budget update has recommitted to a surplus for this and later years, but the 2012-13 surplus is projected be $1.1 billion, rather than the $1.5 billion forecast in May. Among the "hits" the government has made to achieve $16.4 billion gross savings over four years, the baby bonus will be cut on July 1 next year from $5000 to $3000 for people having a second or subsequent child, saving $461 million, and the help for private health insurance will be trimmed, yielding more than $1 billion. International Monetary Fund statistics revealing that Australia has the third most expensive currency in the world, and the most expensive of the world's 20 largest economies A survey finding that a clear majority of Australia’s top chief executives expect the economic slowdown in China to have a large negative impact on the Australian economy, particularly in the next 12 to 24 months, and the expectation of an increase in their own companies’ profit has dropped significantly A CPA Australia report revealing that Australia's ability to compete internationally is under pressure as business leaders struggle to engage with Asia. A Deloitte Access Economics report claiming that Australia's growth could slow in 2014 and deliver headaches for business as commodity price falls put a brake on mining construction projects. Big mining projects that were approved a few years ago will drive output gains in the next two years, but the next round of project approvals will be a "pale shadow of the last lot". Exports of agricultural goods, processed food, wool and other fibres surging by more than $900 million last financial year, to almost $9 billion, thanks largely to widespread increases in exports to Asia. The federal government introducing a foreign ownership register for agricultural land The Australian Competition and Consumer Commission (ACCC) raising concerns about Carsales.com’s proposed acquisition of Trading Post from Telstra, with the regulator saying that the deal will diminish competition in the online automotive classifieds market. United States-based food processor Archer Daniels Midland Company (ADM) proposed a $2.68 billion takeover of the Australian grains marketer Graincorp Australian Tax Office data showing that at June 30, 2012, there were about 478,000 self-managed super funds holding more than $439 billion in assets, up 8 per cent on last year.

Interview with Paul Solomon, co-CEO of Moose Toys Interview with economist Stephen Koukoulas Leon and Garry discuss issues including: The OECD warning The world faces a "dangerous" cocktail of low growth and high unemployment. At the same time, The European Union has won the Nobel Peace Prize for its efforts to promote peace and democracy in Europe - an award given even though the bloc is struggling with its biggest crisis since it was created in the 1950s. But there are signs of a recovery in the US with US consumer sentiment unexpectedly rising to its highest in five years and US retail sales rising sharply in September, reflecting higher consumer confidence and improvement in the job market. Meanwhile, Chinese inflation is starting to fall ANZ Banking Group Ltd cutting its standard variable mortgage rate by a 20 basis points, failing to pass on the Reserve Bank of Australia's 25 basis points reduction. ANZ was the last of the big four to respond to the RBA's decision. The RBA set to cut rates further with economists tipping they could go as low as 2 per cent. The median wealth of Australians continuing to be the highest in the world but Queensland has the nation's widest gap between the poor and not-so-poor, according to a new comprehensive study of poverty in Australia. Sales of new motor vehicles in Australia rising in the month of September, beating analyst expectations, according to data from the Australian Bureau of Statistics. Demand for home loans grows and housing affordability is Australia is at its best levels across most capital cities since the first half of the last decade US private equity fund TPG walking away from a $695 million takeover proposal of Billabong. The Nine Network staving off administration, with lenders agreeing on a debt-for-equity deal where two US hedge funds and investment bank Goldman Sachs will take a stake in the broadcaster. The lenders have reached an agreement on the $3.3 billion debt Prime Minister Julia Gillard vowing to press ahead with negotiations to allow uranium sales to India despite fresh concerns about the safety of the country's civil nuclear program. Workplace Relations Minister Bill Shorten offering limited relief to business by announcing changes to the nation's unfair dismissal laws but more significant industrial relations reforms are likely to be delayed until next year. Australia losing ground against Asian competitors in its plan to build a financial services hub, Sydney's global ranking as a financial services centre has fallen to 15th – a decline of six places in five years Fortescue planning to restart its Kings mine expansion plans after the extension of its credit facility. Australia Post planning to spend over $2 billion in a bid to transform its national logistics network and create a universal digital platform to deliver the modern communication services. Australian building giant Lend Lease facing the prospect of being banned from billions of dollars of Victorian government work after signing a sweetheart deal with a powerful construction union.