THE NEWS WRAP: Ruslan Kogan goes head-to-head with Gerry Harvey over China-based website
Kogan, founder of the eponymous online technology retailer, claims that Norman, chairman of Harvey Norman, and Myer are “trying to stir up popular unrest” by threatening job losses and outsourcing to China.
However, Norman told the Australian Financial Review that that the chance to set up in China and offer GST-free purchases for consumer was “too good an opportunity to pass up.”
Economists expect the Reserve Bank to leave interest rates on hold later today at 4.75%. A survey of 21 economists saw all of them predict that the Reserve Bank, in its last interest rate meeting before Christmas, will leave rates unchanged.
Brian McCarthy has resigned as CEO of Fairfax, just two weeks after unveiling a new strategy for the company to investors. McCarthy, who was in the role for two years, has been replaced as acting CEO by Greg Hywood as Fairfax conducts a “global search” for his replacement.
The Australian dollar has moved closer to parity after steady decline in the last two weeks, edging up to 99.01 US cents. The Dow Jones industrial average was down by 4.39 points.