Kosmas Smyrnios, Lucio Dana and Sue Prestney on the decline of family-run businesses - Talking Business 2013 Ep 23

Summary: Interview with Kosmas Smyrnios from RMIT with Lucio Dana and Sue Prestney from MGI Interview with economist Stephen Koukoulas Leon and Garry discuss issues including: · The OECD warning that unemployment in the eurozone is set to hit a record 12.3 per cent in 2014 · China slowing to 7.5 per cent growth in the second quarter, putting the economy on track for its weakest year since the late 1990s as the country’s new leaders focus more on deep reforms than short-term stimulus. Weighed down by declining exports and faltering investment, it was the second consecutive quarter of weaker growth for the world’s second-largest economy, confirming that a rebound at the end of last year had been short-lived. · United States industrial production picking up 0.3 per cent in June after flat-lining in May but there are signs that the recovery in the United States might be sputtering. US retail sales slowed in June to a halt except for continued growth in car sales. Commerce department figures show US retail and food services sales rose 0.4 per cent from May, compared with a 0.5 per cent gain the prior month · The Reserve Bank of Australia saying the rebalancing of expectations around United States fiscal policy, combined with concerns over tightening liquidity conditions in China are weighing on the domestic economy. · A global Standard and Poor’s survey revealing that capital expenditure by Australian businesses could fall further than during the financial crisis amid an end to the commodity ''super cycle'', and as global corporate investment struggles to recover. · Australian Bureau of Statistics figures showing that total business finance commitments rose 2.5 per cent in the month to a seasonally adjusted $31.747 billion but personal lending commitments fell 3.1 per cent to a seasonally adjusted $8.087 billion in the month. · ABS figures showing that sales of new motor vehicles in Australia were flat in June · Resources companies and electricity retailers et to benefit if the Rudd government goes ahead with plans to shift to a floating carbon price sooner than expected. Under the changes announced by Treasurer Chris Bowen, the hundreds of companies now paying a fixed $24.15 for every tonne of carbon pollution will pay a floating price from July 2014, estimated at between $6 and $10 a tonne. Compensation for industry will be pared back and programs funded by the carbon tax could be cut to help the government find the $4 billion it will cost to shift the fixed carbon price to a floating price a year earlier than scheduled. Prime Minister Kevin Rudd is facing the likelihood of an uphill battle in his effort to cut the carbon price next year, with both the Coalition and the Greens vowing to oppose the plan, so he will take it to the voters. · The rollout of the National Broadband Network (NBN) facing fresh hurdles amid reports that subcontractors in Tasmania and parts of Victoria are at odds with the NBN's main construction partners over pay.