THE NEWS WRAP: IMF again slashes global growth expectations

The International Monetary Fund has again slashed its forecast for global economic growth this year, warning that a further recession is looming.

The IMF said it expects worldwide GDP to grow by 3.3%, down from its previous forecast of 4% growth. But the situation could worsen to a full-blown recession if the eurozone debt crisis spreads, the IMF warned. 

ACCI calls for rate cut

Australian businesses require an interest rate cut to help combat the worst trading conditions for 14 years, according to the Australian Chamber of Commerce and Industry.

The business lobby group called on the Reserve Bank to cut rates at its next board meeting, on February 7, claiming that mainstream businesses are under “significant pressure.”

Apple loses latest Samsung court battle

Apple has lost the latest case in its protracted legal battle with Samsung, with a Dutch court ruling that its iPad design rights have not been infringed.

The Dutch appeals court said that Samsung’s Galaxy Tab 10.1 didn’t infringe any patent, despite Apple’s claim that its rival was indulging in “blatant copying.” 

Overnight

The Dow Jones Industrial Average slid by 42.50 points, or 0.3%, to 12,666.32. The Australian dollar was down to 104.82 US cents.