THE NEWS WRAP: Auto industry defends government handout

Car industry bodies have insisted that other businesses will benefit from the Federal Government’s latest handout to the ailing sector.


General Motors Holden will receive $215 million in taxpayer money for assurances that it will remain in Australia for the next decade. Prime Minister Julia Gillard said the move would save jobs, with car industry representatives pointing out smaller manufacturers of vehicle components will also benefit


Chinese currency deal set to boost trade


Australia and China have signed a $31 billion currency exchange deal which aims to boost trade and investment between the two countries.


The swap will potentially aid businesses by allowing them to settle trade terms in local currency.


Rinehart ponders radio move


Resources billionaire Gina Rinehart is reportedly considering another foray into the media by financing a move to buy the radio assets of Fairfax Media.


According to The Australian, Rinehart is looking to fund Macquarie Radio Network’s bid for the stations.




The Dow Jones Industrial Average fell 80.26 points, or 0.6%, to 13,044.36. The Australian dollar edged down to 103.85 US cents.


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