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THE NEWS WRAP: Gerry Harvey forecasts new year retail doom but plans to be “the last man standing”

Wednesday, 28 November 2012 | By Oliver Milman

More retailers will go bust next year after the Christmas sales are over due to dire conditions, Harvey Norman supremo Gerry Harvey has warned.

 

In his latest downbeat assessment of the retail industry, Harvey said that businesses are under the worst pressure he’s seen in 50 years.

 

He added that Harvey Norman’s goal was to be “the last man standing.”

 

Abbott promises a million new jobs

 

The Coalition will add a million new jobs to the economy over a five-year period and five million jobs in 10 years, should it win power, Opposition Leader Tony Abbott has pledged.

 

Abbott said that he would achieve this aim by abolishing the carbon and mining taxes, as well as making deep cuts to red tape.

 

IMF strikes new Greek debt deal

 

The International Monetary Fund has struck a new deal with European leaders over Greece’s crippling debt.

 

IMF managing director Christine Lagarde said that the agreement will require Greece’s national debt to fall to 124% of GDP by 2020.

 

Overnight

 

The Dow Jones Industrial Average was down 32.47 points, or 0.25%, to 12,934.90. The Australian dollar moved up to US104.91 cents.