THE NEWS WRAP: G20 targets 2% additional global growth

The G20 finance ministers meeting has wrapped up, with the forum agreeing on a global growth target 2% higher than current forecasts over the next five years.

“In a major step forward, the G20 finance ministers and central bank governors have decided to put a number on our aspiration,” Federal Treasurer Joe Hockey says.

“We are committed to implementing policies that aim to lift our collective GDP by more than 2% above the trajectory implied by current policies over the next five years.

“Put differently, our policies could deliver over $2 trillion more in real economic activity and tens of millions of new jobs.”

BHP Billiton boss still bullish about the Australian economy

BHP Billiton chief executive Andrew Mackenzie says he remains confident about the state of the Australian economy, despite auto manufacturers ending Australian production and the closure of Alcoa’s Point Henry smelter.

“To be pro-Australia for a moment, I wish [the closures] hadn’t happened … but I have a global perspective, I see what happens elsewhere in the world and I still think Australia has an awful lot going for it,” Mackenzie told Channel Nine.

“’I think examples like Alcoa and other industries around there just simply underscore the importance of the whole country to get behind an agenda of competitiveness and productivity.

“I think we have got to all remember that the world economy is still growing quite well, Australia is still growing and growing a lot better than Europe, so please keep that up because that is one of the bets we are making, that you are going to continue to grow a bit better than Europe.”

David Jones still open to a Myer takeover – at the right price

David Jones is set to have discussion with Myer in a fortnight to further discuss the possibility of a merger between the two iconic retailers.

Senior executives at David Jones are saying they are not opposed to a merger or takeover in principle, although are warning any deal with Myer will have to properly value their company.

“It’s not a merger of equals, it’s a takeover, and in any takeover they have to pay a premium. What we can bring to the table is very valuable and that should be fully recognised in the value,” a David Jones source told Fairfax.

Overnight

The Dow Jones Industrial Average is down to 16103.3. The Aussie dollar is up to US89.85 cents.