PricewaterhouseCoopers economist Jeremy Cooper - Executive vice president of Trend Micro, Steve Quane - Talking Business 2012 - Ep14

Summary: Interview with PricewaterhouseCoopers economist Jeremy Cooper Interview with Steve Quane, executive vice president of Trend Micro, the second biggest Internet security company in the world Leon and Garry talk about issues including: The Reserve Bank of Australia (RBA) cutting the official cash rate by 50 basis points to 3.75 per cent, beating market consensus of a 25 basis point reduction. The Australia Institute saying the big four banks save $12 million for each day they don’t pass along the Reserve Bank’s rate cut. The Treasurer, Wayne Swan, putting a number on the savings he will need to outline on May 8 to return the budget to surplus. He said a collapse in projected budget revenue of $5 billion in 2012-13 and another $5 billion in 2013-14 would mean he would need to find an extra $10 billion over the next two years. Very high-income earners can expect to see their superannuation tax concession cut in the May 8 federal budget, a reform that will net the government some $1 billion over the next four years. Manufacturing activity slowing sharply in April, with 10 of 12 sub-sectors within the Australian economy recording negative growth. The Dun and Bradstreet Business Expectations Survey reveals that one in every four businesses is anticipating a drop in sales and profitability next quarter. Qantas is set to axe 400 employees working in its heavy maintenance base at Tullamarine while another 660 are at risk at Avalon. Professional services company Spotless group has agreed to Private Equity Partners' (PEP) $2.71 per share bid for the company. The takeover bid is worth $720 million. Mining magnate Clive Palmer is due to take on Wayne Swan at the next federal election, announcing he will seek Liberal National Party preselection for the seat of Lilley. MYOB research has found one in two small to medium business operators are dissatisfied with the Federal Government’s support for helping businesses such as theirs succeed. The federal government has released its media convergence review, which includes recommendations such as the scrapping of TV broadcast licensing and the regulation of large, revenue generating content providers. The AFL, NRL and Telstra have won an appeal against an earlier ruling that allowed Optus customers to use the TV Now service to record matches and view them on their PCs, telephones and other devices. Retail spending is expected to be moderate over the next quarter, following a sluggish start to 2012, putting further pressure on Australian retailers and manufacturers, according to the fifth AFGC CHEP Retail Index JB Hi Fi warns that full-year net profit after tax would be $100 million-$105m, 15 per cent below consensus of $119m, and 9 per cent down on the previous year. NAB restructures its loss making UK operations and announces a higher profit of $2.82 billion. ANZ lifts its first half profit by 10 per cent to $2.92 billion. Optus will axe 750 jobs.