BusinessDay Newsletter

5 December 2013 PM Edition Banks lead $20b sell-off Shares dropped to their lowest level in seven weeks, shedding about $20 billion in value and led down by the big banks and Qantas. Qantas jobs to go, Jetstar in play Australia signs South Korea trade deal Westfield World Trade Center deal Advertisement Adele Ferguson Elizabeth Knight Qantas saga to get more brutal Time up for Qantas Latest Business News ASX Banks lead $20b sell-off Aust bonds weaker on Fed taper ... Aust shares close lower IPO Veda Group makes impressive ASX ... Markets Dollar drops below 90 US cents, bears move in The Australian dollar has shed half a US cent after a surprisingly strong US employment report boosted the greenback.   European stocks slide on big banking fine Europe's main stock markets are down, with the banking sector sliding after the European Union slapped huge fines on six banks over rate-rigging.   ASX 200 5198.0 -75.75 -1.44% All Ordinaries 5196.9 -70.55 -1.34% NZ 50 4719.9 -14.21 -0.30%   Dow Jones 15889.8 -24.85 -0.16% Nasdaq 4038.0 0.00 0.00% Hang Seng 23630.0 -98.70 -0.42%   at 4:42PM AEST, 5 Dec 2013   End of day figures for Dow Jones and Nasdaq All other figures are intraday (20 min delay)   The Economy Trade deficit gives Aussie dollar another hit Australia's trade deficit almost doubled in October, sending the dollar briefly tumbling towards US90¢.   Australia's economic growth falling short The economy has continued to expand at a below-trend pace in the third-quarter of this year, with the annual growth rate at 2.3 per cent.   Retail Doubts raised over GST windfall NAB's chief economist has demolished the online GST argument put forward by retailers.   The Economy Court told ANZ 'dressed up' fees ANZ continued to charge customers fees to raise revenue but relabeled them as service fees to avoid scrutiny from the financial watchdog, a court has heard.   Mining & Resources Rio Tinto looking to cut spending Rio Tinto has flagged further cuts in capital spending over the next two years.   World business EU fines banks $2.5b for rate fixing The European Union has imposed a record 1.7 billion euros ($A2.5 billion) in fines on six institutions for rigging key interest rates that affect vast sums of money around the world.   Money London calls but is it bridge too far? We want to sell our share portfolio, borrow $100,000 and buy a property in London for our children. Executive Style How much should good Scotch cost? You can pay from $50 to $500 for dad's festive tipple. Is good whisky worth the extra? Small Business Never hunt for clean undies again Caught with your pants down? No worries. This business has you covered. Free Guide to Investing in Art Collectors, experienced art investors and first time buyers, can gain useful, tips & make better-informed decisions. We've sent you this email because your email address (kwacijowo@gmail.com) has been registered for a Fairfax Media membership. You can unsubscribe from this email at any time. At Fairfax Media, we'll never ask for your personal or credit card information via email. If you receive a suspicious email claiming to offer Fairfax Media services in exchange for your details, please delete it. Copyright © 2013 Fairfax Media Privacy Policy Conditions of Use Unsubscribe Our Sites: Small Business AFR BRW Smart Investor Trading Room Money Executive Style