Business

THE NEWS WRAP: Australian businesses warned UK recession worse than first thought

Oliver Milman /

Australian businesses that rely on trade with the UK are set for further pain, with new figures showing that Britain’s recession is worse than first thought.

 

Official figures show that the UK’s economy shrank by 0.3% in the first quarter, a worse figure than the initial forecast of a 0.2% contraction.

 

UK household spending is also down, with the country affected by the euro zone financial crisis, even though it isn’t part of the single currency.

 

Businesses lagging on mobile sites

 

Less than a third of businesses have mobile-friendly websites and even fewer develop their own apps, according to new research.

 

The Optus study found that 72% of firms are doing the bare minimum to meet customers’ online expectations, with just 18% currently creating apps.

 

Crowdfunder platform launches

 

Crowdfunder, a new online funding platform for start-ups and small businesses, has launched following a $400,000 capital raising round.

 

The US-based site has positioned itself apart from other crowdfunding sites such as Kickstarter by allowing investors to take an actual stake in the business they pledge money to, rather than receive donations.

 

Overnight

 

The Dow Jones Industrial Average was down 3.33 points, or 0.03%, to 12,492.82. The Australian dollar fell to 96.90 US cents.

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