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Transcript1, on Koyaanisqatsi, edited by homeway2000
The Prime Minister Kevin Rudd says signs of a global economic recovery are fragile, and the world still faces serious economic dangers. After a meeting with the German chancellor2 Angela Merkel, the Prime Minister said an economic turnaround could easily be reversed. Starting rising unemployment in Europe and the United States, the Prime Minister says that the recovery needs to be carefully managed. But he says the G20 is the best mechanism3 for coordinating4 a global response, rather than this week's G8 summit.
US investors5 didn’t need Kevin Rudd to tell them about the volatility6. Stocks on Wall Street fell to their lowest level in more than two months. The prospect7 of a second government's stimulus8 plan has fueled fears that the economy isn't recovering as fast as first hoped. To the figures, the Dow slumped9 161 points, and the NASDAQ lost 41. European stocks were also in the red, London's FTSE lost eight points. And the Australian dollar is buying 78.9 US cents.
The soft drink industry denies it’s blackmailing10 environmental groups over efforts to introduce a national recycling levy11. Green groups want recycling to be funded by a levy on bottles and cans, and the Total Environment Centre says the packaging industry’s threatening to withdraw funding for those that support the proposal. But the Food and Grocery Council says the claims are false.
That's ABC Business News.
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