THE NEWS WRAP: Pacific Brands ponders US bid
Australian businesses are missing a trick by failing to grasp the opportunity presented by Indonesia’s economic growth, according to foreign minister Kevin Rudd.
Speaking during a trip to Indonesia, Rudd said that Australia’s services and manufacturing sectors, in particular, are overlooking potential deals in the country. Indonesia is set to overtake Australia in terms of economic size by 2020.
“There is a grave danger that corporate Australia [will] miss the boat,” Rudd said, according to The Australian.
Pacific Brands ponders US bid
Pacific Brands, the clothing company that produces brands such as Bonds and King Gee, is mulling over a $600 million offer from United States-based private equity firm KKR.
Pacific Brands says that talks had commenced over a deal, although there was “no certainty” a sale will take place.
Apple boss hits near-record payday
Succeeding the vaunted Steve Jobs is no simple task but it appears Tim Cook is to be well rewarded for his efforts, with the Apple CEO receiving a $US378 million pay package for 2011.
This total includes $US376.2 million in shares, with Cook’s base salary a relatively modest $900,000.
The Dow Jones industrial average climbed 64.56 points, or 0.52%, to 12,457.25. The Australian dollar rose to 103.25 US cents.