Founder and chief executive of Melbourne-based Outware, Danny Gorog - Economist Nicholas Gruen - Talking Business 2012 - Ep28

Summary: Interview with Danny Gorog, founder and chief executive of Melbourne-based Outware, one of the largest and most successful mobile app developers in Australia. Interview with economist Nicholas Gruen on introducing competition for Australian banks Leon and Garry discuss issues including: Italy's prime minister Mario Monti warning that the eurozone's sprawling debt crisis has created resentment amid the bloc's nations, which could ultimately trigger a break-up of the wider European Union, senior Spanish officials holding out the possibility that the government might need to ask Europe for a financial bailout, some of the world's largest companies pulling cash out of European banks and drawing up contingency plans for the break up of the Euro, the European Central Bank saving Greece from bankruptcy, Standard and Poor's cutting Greece's already junk-level debt rating outlook to negative, saying the worsening economy and political challenges could soon force another downgrade and growth in England at zero per cent. The Reserve Bank of Australia holding interest rates steady at 3.5 per cent as expected. The Australian Chamber of Commerce and Industry's (ACCI) expectations survey showing that interest rate cuts in recent months have failed to lift sentiment in the business sector, with a new survey showing conditions went backwards in the second quarter. The Australian dollar trading at a five month high, at over $1.05, with its value has been bolstered by the world’s tech giants. Consumer prices rising only slightly in July, despite the start of the carbon tax at the beginning of the month. The TD Securities-Melbourne Institute inflation gauge rising 0.2 per cent in July, after a 0.2 per cent fall in June and a flat result in May. Construction activity falling for a 26th consecutive month because of poor demand for work and subdued workloads. The demand for home loans growing in June, but missing analyst expectations, according to the Australian Bureau of Statistics. ABS data showed the number of home loans granted in June rose a seasonally adjusted 1.3 per cent. The number of job advertisements on the internet and in newspapers in Australia falling again in July, the fourth consecutive monthly decline, according to the ANZ job advertisements survey. Dun and Bradstreet finding that business confidence has posted a turnaround, with expectations reaching levels not seen for 10 years. Prime Minister Julia Gillard taking on the mostly coalition-led states to draw a line between the impact of the federal Labor's carbon tax and rising household power bills. A leading economist saying the Gillard government is able to maintain its budget surplus only because of an accounting loophole created by a previous Coalition government. Harvey Norman Ltd warning that its full-year profit before tax will tumble, after posting a fall in full year sales. For the 12 months to June 30, the retailer now expects to post a full year profit before tax and minority interests of $227.6 million, 39.1 per cent weaker than the previous corresponding period. Transurban posting a net profit of $54.905 million, down 51.2 per cent.