THE NEWS WRAP: ACCC indicates more pragmatic approach to mergers

The Australian Competition and Consumer Commission will be taking a more pragmatic approach to mergers and acquisitions in the future, according to the competition watchdog’s chairman.

 

Speaking to the Australian Financial Review, Rod Sims said that there was no need for a “root and branch” review of mergers, in the wake of the High Court’s decision to allow Metcash’s takeover of the Franklins supermarket chain.

 

“We will not be taking on theoretical points, we will be making proper, commercial assessments,” he said.

 

 

 

Finance sector braces for further job losses

 

Australia could be set for a “white collar recession”, with warnings that thousands of finance sector jobs are at risk.

 

Following job cuts by the Royal Bank of Scotland and ANZ, there are fears that further redundancies could be made after a boom 2010 recruitment year. 

 

 

French PM defiant after ratings cut

 

French prime minister Francois Fillon has defended his government’s economic policies following the credit downgrade of France.

 

Standard and Poor's stripped France of its AAA rating on Friday, in a further sign that the eurozone debt crisis is damaging Europe’s largest economies.

 

However, Fillon said: "This decision constitutes an alert which should not be dramatised any more than it should be underestimated.”

 

 

Markets

 

The Dow Jones industrial average fell by 48.96 points, or 0.39%, to 12,422.06 on Friday. The Australian dollar dipped to 102.88 US cents.