THE NEWS WRAP: International Monetary Fund set for Italy bailout
Food manufacturers are pushing for the Federal Government to ban Coles and Woolworths from making “copycat” home brand versions of private label brands.
The Australian Food and Grocery Council said that the supermarket giants are trying to “confuse” shoppers by supplying similar-looking home brands, at a much lower price.
The council's chief executive, Kate Carnell, claims that Australia’s intellectual property laws aren’t strong enough to protect businesses that make food products.
IMF set for Italy bailout
The International Monetary Fund is reportedly ready to bail out Italy with an $827.36 billion loan, in a bid to avoid an escalation of the European debt crisis.
The loan would give Italy 12 to 18 months to refinance its huge debt. The mooted bailout comes as Belgium became the latest Eurozone country to have its credit rating cut.
Government mulls tax break cut
Tax breaks for wealthy executives and foreign workers could be slashed by the Federal Government in order to make budgetary savings.
Finance minister Penny Wong said that the Government was looking “very closely” at the tax breaks, potentially resulting in the end of the tax exemption for living-away-from-home allowances given to executives on top of their salaries.
The Dow Jones Industrial Average was down 25.77 points, or 0.2%, to 11,231.78 on Friday. The Australian dollar edged up to 97.82 US cents.