Concern lingers over Australians’ consumer spending after new figures reveal that retail sales rose by just 0.3% in September from the previous month. This was below the 0.5% expected by economists.
Meanwhile, new car sales are expected to break through the one million barrier in 2010. Sales of passenger cars fell 2.7% in October compared with the previous month, although the sports utility vehicle market surged by nearly 23%.
Qantas fleet grounded
Qantas has suspended its key A380 fleet following engine failure during a Singapore to Sydney flight yesterday. Passengers reported hearing “loud bangs” before the plane managed to land safely at Changi Airport.
Packer thwarted Ten private bid
James Packer thwarted an attempt to take Ten private by making his $280 million raid on the broadcaster, it has been reported. Nick Falloon, the executive chairman of the Ten Network, had been secretly working with private equity investors Hellman & Friedman to sell the company.
Dollar remains strong
The Australian dollar continued its impressive run against the US dollar, hitting US$1.0157 this morning as investors stayed away from the weak greenback.