Dr Michael Hewitt-Gleeson from schoolofthinking.org - Economist Stephen Koukoulas - Talking Business 2012 - Ep47

Summary: 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.