John Calabro, Director of Made in Gippsland and Marcus Westbury, Director of Renew Newcastle - Talking Business 2013 Ep 22

Summary: Interview with John Calabro (director, Made in Gippsland) and Marcus Westbury (director, Renew Newcastle) - How are new industries helping to revitalise regional areas? Interview with RMIT economist Sinclair Davidson regarding Chris Bowen's Treasury history, Wayne Swan's 'legacy' and other economic issues. Leon and Garry discuss issues including: · Greece receiving another financial lifeline to prevent bankruptcy, with the eurozone and the International Monetary Fund agreeing to a $9.5 billion deal that spares the country from defaulting on debt in August. Greece needs some of that money to redeem bonds due to mature next month. European finance ministers have provided $4 billion, but the deal comes with strict bailout terms, including cutting thousands of public sector jobs, raising taxes and selling state assets. · International Monetary Fund lowering slightly its global economic growth forecasts due to weaker domestic demand and slower growth in emerging market economies. · The head of the European Central Bank Mario Draghi warning that the region's persistent recession is weakening its banking system and is the most pressing risk it currently faces. The economy in the 17-member euro area has shrunk for six straight quarters and unemployment has risen to record levels · China's inflation rate rising by more than expected in June, increasing to 2.7 per cent from 2.1 per cent the month before. Food price inflation was 4.9 per cent in June, compared with 3.2 per cent in May, with rising pork prices partly to blame. · The US added 195,000 jobs in June, beating expectations but leaving the unemployment rate unchanged at 7.6 per cent. · In Australia, a National Australia Bank survey shows business conditions slumping to their lowest level in more than four years in June, with retail activity collapsing to a 16-year low while the Australian Chamber of Commerce and Industry's (ACCI) latest survey of investor confidence showing business conditions, sales and profitability declined further in the June quarter. · The ANZ Job Ads survey showing that job advertisements have declined for a fourth consecutive month, with Western Australia the hardest hit as the mining boom slows down. · Telstra outsourcing 170 jobs to India from one of its fastest-growing divisions which provides cloud-based IT services to businesses. · The downturn in mining continuing with Chinese coal giant Yanzhou Coal Mining Coal proposing the privatisation of its underperforming ASX-listed subsidiary Yancoal Australia Ltd, little over a year since it was floated, Minotaur Resources Ltd and Breakaway Resources Ltd looking set to merge as the sharp decline in equity raising activity continues to cripple junior resources stocks and Rio Tinto West Australian iron ore production hit in the June quarter by unseasonal rain and a conveyer outage, raising questions whether the miner will be able to meet its full-year guidance. The issues led to weaker-than-expected shipments for Rio, but the weather issues have also hampered BHP Billiton Ltd and Fortescue Metals Group. · The Australian dollar poised to fall below 90 US cents for the first time in almost three years as healthy United States jobs data boosts the greenback. The dollar’s decline is raising petrol prices around the country · A crackdown by the Australian Securities and Investments Commission on companies briefing analysts