THE NEWS WRAP: Greek debt crisis shakes markets

The Australian sharemarket fell 1.9% to a nine-month low yesterday and is now almost 10% below its peak in April this year, amid renewed concerns about the Greek debt crisis.

“Greece could have a contagion effect,” European Central Bank vice president Victor Constancio has warned.

Banks slug business in fee recovery ploy

Bank fees paid by businesses surged 13% last year as lenders sought to recoup sharp falls in charges paid by households, according to research from the Reserve Bank.

The research reveals banks’ total fee income in 2010 was unchanged at $11.1 billion. It was the first time on record that total fee income had not risen, and followed a political row over charges levied on customers, which eventually triggered a fee-cutting war by the banks.

Telemarketer fined $120k for calling barred numbers

A telemarketer has been penalised $120,000 for making marketing calls to numbers on the Do Not Call Register in a landmark case.

In the first court penalty of its kind in Australia, the Federal Court found that Queensland-based FHT Travel and its director, Yvonne Earnshaw, breached the Do Not Call Register Act.

It found more than 12,000 marketing calls were made to people who had placed their phone numbers on the register.

Overnight

The Australian dollar is a fifth of a US cent stronger, after the currency recovered some of its recent losses overnight and as the market waits for developments on Greece’s debt crisis.

At 7am this morning, the Australian dollar was trading at US105.55 cents, up from US105.35 cents on Thursday.