Summary: Interview with Allen Cullen from Cullen Capital Interview with economist Saul Eslake Leon and Garry discuss issues including: · Data showing the Eurozone is emerging from its worst recession on record · Japan disappointing markets with its gross domestic product growing by 0.6 per cent in the second-quarter of 2013, less than expected · United States retail sales edging up in July despite a drop in car sales. · The department of Treasury and Finance's Pre-election Economic and Fiscal Outlook confirming Australia's deficit in the current year is expected to be $30.1 billion, in line with Treasurer Chris Bowen's forecasts. · The coalition backing away from establishing before the September 7 election a timeline for returning to the federal budget to surplus, arguing that Treasury data is too volatile to rely on. · Australia Bank July monthly business survey revealing that business confidence has fallen to an eight-month low despite a falling Australian dollar and lower interest rates, while conditions remain at four-year lows · A new report commissioned by the Australia China Business Council revealing that the average Australian household engaged in $14,480 worth of two-way trade with China in 2012 · Australian Bureau of Statistics data showing that business finance commitments rose in June, while personal finance commitments fell · Reserve Bank data showing that But Australians are remaining cautious about taking on new debt despite the Reserve Bank slashing the cash rate to all-time lows, with the value of credit card purchases falling to their March levels. · UGL proceeding with a demerger of its engineering and property businesses as soon as possible, after posting a steep fall in full-year profit. In the year to June 30, UGL's net profit was $36.472 million, a 72.8 per cent decline on the previous year's $135.392 million. · Newcrest Mining Ltd planning to slash capital expenditure after slumping to a $5.78 billion full-year loss, after its shock writedowns blew out by hundreds of millions to to $6.23 billion. · JB Hi-Fi's net profit rising to $116.4 million, an 11.22 per cent increase on the $104.6 million recorded in 2012. · Falling profits for property outfit GPT Group at $257 million, a 6.7 per cent fall from the $275.5 million booked in the previous corresponding period, Stockland which posted a statutory profit of $104.6 million, a 79 per cent decline on the $487 million recorded in the previous year, mining services group Bradken which posted a net profit of $66.9 million, a 33.4 per cent decline on the $100.5 million recorded in 2012 and Mirabela Nickel which posted a US$68.9 million loss for the first half to June, which came in 14 per cent higher than the US$60.612 million loss recorded in the previous corresponding period. · Stronger profits for online real estate advertising group REA where profits rose 26 per cent to $109.7 million in fiscal 2013, compared with $87 million in the previous corresponding period and Domino Pizza which will spend more than $235 million to take over its Japanese-based sister company. · National Broadband Network rollout threatening to erupt into legal action
