THE NEWS WRAP: ACCC backs franchise dispute shake-up

The Australian Competition and Consumer Commission has endorsed a range of franchise dispute resolution options flagged by the Federal Government, which could see the commission replaced as the first port of call for the disputes that erupt between franchise partners.

Proposed options include a national small business hotline, low-cost dispute resolution service, small business tribunal and a small business advocate.

Ten to ditch staff

Network Ten has told its staff it is looking for 60 voluntary redundancies over the next few weeks as it seeks to cut costs.

The company’s acting chief executive Lachlan Murdoch confirmed the layoffs in an email sent to Ten staff late last night

Murdoch said the company will start a process of consultation leading to redundancies at all levels of the network. Ten is looking to make 38 operations and engineering positions redundant, along with 22 editorial positions.

Rates tipped to remain on hold

The Reserve Bank is expected to leave interest rates on hold when it meets today, on the back of weaker economic data and the strong Australian dollar.

The cash rate has been steady at 4.75% since a rate rise last November. Yesterday, economists were caught by surprise when both retail sales and housing approval figures unexpectedly fell.

Overnight

The Australian dollar opened weaker this morning amid renewed concerns about Greece’s debt, after a credit rating agency warned that the latest bailout deal could still amount to a default.

At 7am, the dollar was trading at US107.35 cents, down from US107.41 cents on yesterday.