THE NEWS WRAP: Microsoft records 31% leap in profits during the March quarter

The Parliamentary inquiry into small businesses’ access to finance has steered clear of any tough action to aid borrowers in recommendations released last night.

A report released by the inquiry recommends that banks should have a standardised notice period in which to tell business borrowers of any changes to loan terms and conditions. The report also calls for uniform definitions of “micro”, “small” and “medium” businesses.

However, there are no concrete recommendations on how to improve the flow of finance to small businesses, which, lobby groups claim, has dried up since the 2008 economic downturn.

Coalition fails to find business backers for carbon plan

The Coalition is struggling to get public backing from businesses for its ‘direct action’ climate change plan, according to The Age.

Dick Warburton, former Reserve Bank board member, has been tasked with selling the direct action plan to business leaders, but has failed to convince any to publicly support the strategy.

Under the Coalition’s plan, businesses wouldn’t have to pay for their carbon emissions but could apply for grants to cut their emissions.

Microsoft profit rises 31%

Software giant Microsoft enjoyed a 31% leap in profits during the March quarter, with net income rising to $5.23 billion. Strong sales of its Office range of applications contributed to the rise, although sales of its Windows operating system fell. Microsoft said that it had achieved “strong results despite a mixed PC environment.”

Overnight

The Australian dollar continued to soar, ending up at 109.12 US cents. The Dow Jones Industrial Average rose 72.35 points to 12,763.31.