Summary: Leon and Garry discuss how Australian banks are planning worst-case scenarios in the event of a European Union bust-up. Analysts are paring back their profit growth forecasts for the banks. A taskforce will look at the tax threshold on online purchases. Treasury secretary Martin Parkinson warns that achieving the promised budget surplus in the next financial year will be hard. An NAB survey shows a rise in business conditions. Consumer sentiment slumps, new car sales ease, JB HiFi warns of a 5 per cent drop in earnings and 61 Fletcher Jones employees to lose their jobs. AMP sells a 15 per cent stake to a Japanese company in a $425 million deal that continues the group's push into Asia. Hedge funds now control more than half of Nine Entertainment's $2.7 billion in senior debt. Gina Rinehart, joins the Ten Network Holdings board. Treasurer Wayne Swan sets the clock ticking on plans to give tax relief to loss-making companies. Mining companies Aston Resources and Whitehaven Coal merge to form Australia's largest independent ASX-listed coal company. Qantas Airways is in talks on setting up a premium airline in Asia. The number of home loans expands for a seventh month, fanning hopes that the housing market will improve but housing starts fall 6.8 per cent. The value of personal finance rises 5.2 per cent and commercial loans soar 16.5 per cent. Australia's resource and energy exports are expected to be worth a record $206 billion in 2011/12, 15 per cent up on the previous year. Australia’s corporate bond market will be thrown open to "mum and dad" investors under Federal Government proposals. Telstra plans to release a subscription service next year letting customers stream video games directly to their T-Box. News Ltd chief operating officer Peter Macourt is leaving the media company. China Petrochemical Corp (Sinopec) increases its stake in Origin Energy Ltd and US giant Conoco Phillips' Australia Pacific liquefied natural gas (LNG) project. Wesfarmers will slash the value of its Coregas industrial gas arm before a possible sale of the business. Prime Minister Julia Gillard appoints Greg Combet to take charge of the steel industry rescue package, Kim Carrr is out and Bill Shorten takes over Workplace Relations. Hong Kong investment group Wah Nam International says it wants to buy the 44 per cent share in Brockman Resources it doesn’t already own. Former Gunns Ltd executive chairman John Gay appears in the Launceston Magistrates Court on two counts of insider trading. The Federal Government urges states to privatise power with a report calling on states and territories to deregulate their energy markets. Construction contracting group Watpac Ltd tips a substantial lift in net profit for the full year. Generation Y is more financially savvy than they are given credit for, research shows. Rio Tinto Ltd is free to launch a takeover bid for Canada's Ivanhoe Mines. Orica resumes production of ammonium nitrate at Kooragang Island after the plant was shut down in November following a chemical leak. CHAMP Private equity buys oOh!media for $163 million. ATO figures show the self-managed superannuation fund sector grew twice as fast as any other super asset over the last five years. James Packer says Consolidated Press Holdings won't be getting back into free-to-air television. Amcor and VISY finally come through with $97 million in settlement payments over price fixing. AXA Asia Pacific chief executive Andy Penn becomes Telstra’s CFO. The nation's biggest gas pipeline group, APA, makes a long-awaited $1.8 billion tilt at its main rival, Hastings Diversified Utilities Fund. Shares in junior coal explorer ZYL jump almost 30 per cent. The Queensland government announces the go-ahead of another giant new coal port. Rogue liquidators are put on notice after the government announces new laws to protect creditors from misconduct by corporate undertakers. Bega Cheese takes over Tatura Milk Industries.
