THE NEWS WRAP: Retail takes tentative steps to recovery

Retail sales appear to be in recovery mode, with spending rising by 1% in June – the second consecutive monthly increase.

The Bureau of Statistics’ figures are better than analysts expected, with a 0.8% increase. Food, clothing, footwear, department stores and cafes were the main drivers of the growth, with household goods retailing the only segment to decline.

Darrell Lea closes 32 stores

Darrell Lea has closed 32 of its stores across the country, including its iconic outlet on Melbourne’s Swanston Street, which has been in operation for 74 years.

PPB Advisory, Darrell Lea’s receivers, closed the stores, shedding 198 jobs in the process, in order to make the stricken company more attractive to potential buyers.

Abbott to unveil overseas investor rules

Federal Opposition Leader Tony Abbott is to unveil new proposals that would make it harder for foreign investors to get hold of certain Australian assets.

The plans are expected to include new hurdles for state-owned entities and a national register of property owned by foreign interests.

Overnight

The Dow Jones Industrial Average dropped by 92.18 points, or 0.71%, to 12,878.88. The Australian dollar fell to US104.63 cents.