Recommend
Print

Business

Reserve Bank of Australia fuels interest rate cut speculation, Shares plummet in Europe over Greek deadlock, Paul Howes warning over union movement, Australian dollar slides below parity: The News Wrap

THE NEWS WRAP: Reserve Bank fuels interest rate cut speculation

By Oliver Milman
Tuesday, 15 May 2012

The Reserve Bank of Australia has stoked hopes of a further interest rate cut by stressing that inflation must be kept low and that non-mining businesses needed to grow in order to keep unemployment down.

 

Philip Lowe, the RBA’s deputy governor, told a Davos Connection forum in Melbourne that growth in non-mining businesses needed to jump 0.75% to 1% in order to keep a lid on unemployment.

 

Shares plummet in Europe over Greek deadlock

 

Shares have plummeted across Europe following political deadlock in Greece, with the country considering whether to exit the euro.

 

Markets in London, Paris and Frankfurt all dipped as Greek political leaders attempted to form a government following election results that showed growing support for anti-austerity parties.

 

Howes warning over union movement

 

Australian Workers Union national secretary Paul Howes has warned that the union movement is at “breaking point” because it has failed to modernise.

 

Howes told the ACTU Youth Congress that the Health Services Union scandal, which has embroiled Labor MP Craig Thomson, had damaged all unions in the eyes of young people.

 

“We have to ensure that we never allow something like this to happen again, because if it does that could be the thing that wipes us off the map,'' he said.

 

Overnight

 

The Dow Jones Industrial Average dropped 125.40 points, or 0.98%, to 12,695.20. The Australian dollar slid below parity, to 99.70 US cents. 

Did you like this article? 

Sign up to the StartupSmart Newsletter to receive a daily news wrap-up straight to your inbox AND a free eBook!

Invalid Input

Comments (0)

Subscribe to this comment's feed

Write comment

smaller | bigger

busy
Invalid Input
 
SmartCompany Smart Reads
  • Google looking at opening its own stores
  • Opera announces $US155 million takeover of Skyfire
  • More Microsoft Windows Blue details leak via job ad
  • VIDEO: Understanding the ARM processors in your smartphone or tablet
  • Apple boosts Indian smartphone marketshare to 9%, still lags behind BlackBerry

Follow us

StartupSmart on Twitter StartupSmart on Facebook StartupSmart on LinkedIn StartupSmart on Google+ StartupSmart on Youtube

Subscribe to StartupSmart RSS feeds

Allianz Allianz Small Business Insurance
Save up to 10% when you buy a new policy online*
Protect your business in minutes.
Sponsored Links

Our Partners

SmartSolo sign up
 

Private Media Publications

Crikey

loading...

Smart Company

loading...

Property Observer

loading...

Leading Company

loading...

Womens Agenda

loading...