THE NEWS WRAP: Quiksilver signals poor retail conditions in Australia

Surf brand Quiksilver has warned that retailers face “recession”-like conditions in Australia, with many having to resort to intense price discounting and promotions.

Quiksilver co-founder and executive chairman Robert McKnight said that the business was performing well in markets such as South America and Europe, but pointed out that Australia was an extremely challenging environment for retailers.

OECD warning over China growth

Countries in the eurozone are showing signs of recovery, but there are signs that the economies of China and Brazil are flagging, according to The Organisation for Economic Cooperation and Development.

In its analysis of its 33 member countries, the OECD said that there were “stronger, albeit tentative” indications of recovery in Europe, but that emerging economies such as Brazil and China are now below trend.

Rinehart accused of switching trust date

Three of mining magnate Gina Rinehart’s children have accused the billionaire of extending the vesting date of a family trust without telling them.

In the latest details to emerge from the legal battle between Rinehart and her offspring, John Hancock, Bianca Rinehart and Hope Rinehart Welker said that they were due to have access to the trust last year, only for Rinehart to change the date to 2068.

Overnight

The Dow Jones Industrial Average rose by 0.29% to 12959.71. The Australian dollar was up to 105.04 US cents.