THE NEWS WRAP: Flight Centre calls on government to intervene in the Qantas IR dispute

Travel firm Flight Centre has called on the Federal Government to intervene in the Qantas industrial dispute, claiming that it is causing serious damage to the tourism industry.

More than 500 flights have been cancelled due to industrial action taken by Qantas ground staff and engineers over pay and job security.

Flight Centre managing director Graham Turner said: “It is time for the Government to take some positive action in this.”

“I don’t think it can do any damage, and there is no doubt I think that the unions are trying to take control of the situation while they have got a friendly government in.”

Australia slips in ease of business rankings

Australia has slipped in the rankings of the best countries in the world to do business, according to a new report.

The International Finance Corporation and the World Bank’s study places Australia 15^th out of 183 countries based on how easy it is to conduct business.

Australia has fallen from 11^th position last year, despite being rated highly in the ability to access credit, pay taxes and enforce contracts. Singapore was placed first, followed by Hong Kong and New Zealand.

Microsoft moots Yahoo bid

Microsoft is part of a consortium preparing a bid to buy troubled online portal Yahoo, according to reports.

Private equity firm Silver Lake Partners is said to be working with the Canada Pension Plan Investment Board and Microsoft to construct a bid for Yahoo, which is currently assessing its strategic options.

Overnight

The Dow Jones industrial average was up 37.16 points, or 0.32%, to 11,541.78. The Australian dollar dropped to 101.55 US cents.