Two high-powered businessmen pass away; Aussie dollar hovers low: Midday Roundup

The business world lost two highly respected executives from major corporations on the weekend, as they passed away from an accident and cancer, the Australian Financial Review reports.

Goodman Fielder managing director of Australian business Andrew Hipperson, 51, died in a motorcycle accident near Nowra in NSW.

He had been with Goodman Fielder for 12 years.

Southern Cross Media Group chief financial officer Stephen Kelly, 54, lost his battle with pancreatic cancer, the AFR reports.

Aussie dollar hovers low ahead of inflation data

The Australian dollar slumped to a three-year low yesterday of US87.66 cents, increasing slightly to US88 cents at the time of publication today.

The drop has pleased some businesses in the the retail and consumer goods sector, reports suggest, but conditions remain tough for manufacturing and import businesses.

OzForex chief currency and payment strategist Jim Vrondas says tomorrow’s inflation data will be carefully watched.

He says that if the annual rate comes in below 2.2%, we could see increased of the Australian dollar.

He thinks there is a “strong possibility in my view that inflation can get below 2% this year so still see more room for further rate cuts by the RBA”.

Shares steady on open

Aussie shares have opened flat this morning, after a mixed performance by international markets overnight.

The S&P/ASX200 benchmark was up 1.5 points to 5296.5 at 12:02pm AEDT. Last night the Dow Jones closed 41.55 points higher, up 0.25% to 16,458.56.

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