THE NEWS WRAP: Global markets drop on Greek vote promise

Business groups have vowed to oppose any union moves to gain extra industrial powers in the wake of the Qantas grounding debacle.

According to a report in The Australian, industry organisations such as the Australian Chamber of Commerce & Industry have accused unions of being “highly opportunistic” and attempting to change the Fair Work Act to eliminate the drastic action taken by Qantas.

Global markets drop on Greek vote promise

World markets have plunged in response to a pledge by the Greek Prime Minister to allow the country’s citizens to vote on a 130 billion euro bailout.

George Papandreou said that a referendum would be held over whether the debt-ridden country should accept the bailout, causing several of his MPs to defect in protest.

Yahoo buys Interclick

Troubled online giant Yahoo has acquired online advertising network Interclick for $270 million, with the deal expected to close by the end of next year.

The purchase will help Yahoo target its advertising to its online audience. The company has been subject of takeover rumours since firing CEO Carol Bartz two months ago.

Overnight

The Dow Jones industrial average fell 295.01 points, or 2.47%, to 11,660.00. The Australian dollar was down to 103.5 US cents.