THE NEWS WRAP: World leaders gather at G20 summit amid GFC warnings

The world’s leaders have gathered at the G20 conference in Mexico amid warnings that the world’s economy could be set for a second financial crisis.

Outgoing World Bank head Robert Zoellick warned that Europe was set for a “Lehmans moment” if Greece pulls out of the single currency, resulting in a collapse of confidence.

ACCC reveals supermarket complaints

The Australian Competition and Consumer Commission said that numerous suppliers and small operators have come forward to complain about “bullying” behaviour by Australia’s two large supermarkets.

The consumer watchdog’s chairman, Rod Sims, told the Herald Sun: “We’ve had 40 or 50 people come forward with more or less useful information.”

The ACCC is looking into claims that suppliers are being squeezed due to Woolworths and Coles’ ongoing price wars.

Apple 1 sold at auction

A rare, functioning Apple 1, Apple’s first product, has sold at auction for $374,500 in London.

The computer sold for nearly double the estimate set by Southeby’s. Only about 200 Apple 1s were ever made, handmade by Apple co-founder Steve Wozniak.

Markets

The Dow Jones Industrial Average was up 115.26 points, or 0.9%, to 12,767.17 on Friday. The Australian dollar was up to US101.16 cents.