Economy

Target pulls R-rated video game; Online spending grows as Aussies order locally: Midday Roundup

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Target Australia has pulled R-rated video game Grand Theft Auto V after customers complained the games depicted sexual violence against women, Fairfaxreports.

Target says it will no longer sell the game, which was the subject of a Change.org petition launched on Saturday by three women who say they are survivors of violence.

Nicole, Claire and Kat, who didn’t give their last names, said in the petition: “It’s a game that encourages players to murder women for entertainment.”

The petition was signed by more than 40,000 people.

Target general manager of corporate affairs, Jim Cooper, told Fairfax the retailer has reached out to its customers.

“We’ve been speaking to many customers over recent days about the game, and there is a significant level of concern about the game’s content,” he said.

Online spending grows as Aussies order locally

Australia’s online retail spending increased to $16.19 billion for the year to October 2014, according to NAB, with more money being spent on home soil.

The bank’s latest Retail Sales Index showed domestic retailers still command the majority of market share, with Aussies online retailers accounting for around 75.2% of total online sales.

Online spending has increased by 11.9% annually and now represents around 6.8% of traditional retail spending.

NAB found that despite a recent pickup in the traditional bricks and mortar retail sector, it was still outpaced by the improvement in online retail growth over the past quarter.

Local shares up

Aussie shares are up this morning, despite the latest national account figures revealing the national income continues to fall.

Released yesterday, the September national accounts showed the economy grew by 0.3% in the quarter, up 2.7% year-on-year, but real gross domestic income declined for the second straight quarter.

“Australian investors are looking for a third daily rise in a row as positive US data and quieter commodity markets further ease the pressure from a constrained global growth outlook,” said Michael McCarthy, chief market strategist at CMC Markets.

“Falls in volatility, elevated trading volumes at lower levels, and a lower Australian dollar all point to the potential for under invested managed funds to continue to support the local market.”

The S&P/ASX200 benchmark was up 41.6 points, or 0.8%, to 5363.4 points at 12.11pm AEDT. On Wednesday, the Dow Jones closed 33.07 points higher, up 0.18% to 17,912.6 points.

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