Australian retailers are facing a “turning point” which many won’t survive, according to retail kingpin Gerry Harvey.
Harvey, executive chairman of Harvey Norman, told the Australian Financial Review that sectors other than resources are “struggling”. He admitted that he had no plans to open a major new store in Australia for the first time in 30 years, instead focusing on overseas expansion.
AFP warning over cyber attacks
The Australian Federal Police has warned businesses that cyber attacks on them are becoming more common.
The warning follows overseas online sabotage that downed the trading sites of ANZ and St George. The AFP said that “organised criminal gangs and motivated individuals” were finding it easier to hack into or disrupt business’ websites than ever before.
Cameron promises executive pay curbs
British Prime Minister David Cameron has thrown his weight behind a move to allow company shareholders to veto executive pay packages.
Cameron said that he supports a simple shareholder vote on executive pay, in the wake of growing public anger over large salaries and bonuses.
“The market for top people isn’t working – it needs to be sorted out,” he told The Sunday Telegraph newspaper.
The Dow Jones industrial average was down 55.78 points, or 0.45%, to 12,359.92 on Friday. The Australian dollar slipped to 101.94 US cents.