THE NEWS WRAP: Spanish bailout fears prompt Aussie sharemarket drop

The Australian sharemarket had its worst day in two months yesterday amid renewed concerns over the eurozone debt crisis.


The All Ordinaries index lost 1.7% to 4,159 and the ASX 200 shed 70 points to 4,129. There were losses across the board, including Myer, Telstra and JB Hi-Fi.


The drop follows fears that the Spanish government will require a bailout similar to that of Greece, Ireland and Portugal.


TPG makes second Billabong bid


Troubled surfwear brand Billabong has been made the subject of a further, and much lower, bid by US investment firm TPG.


According to The Australian Financial Review, TPG has offered $695 million for Billabong, well down on the $850 million it offered in February.


Online shopping set for further growth


Online shopping is expected to grow to the point where it accounts for 6.3% of all purchases by the end of the year, according to a new report.


The PwC and Frost and Sullivan Global Retail and Consumer report found that a record 53% of Australians aged over 15 are using the web to buy goods and services




The Dow Jones Industrial Average fell 101.11 points, or 0.79%, to 12,721.46. Concerns over the eurozone pushed the Australian dollar down to US102.80 cents.


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