THE NEWS WRAP: Rising dollar to hurt small firms at the petrol pump

Businesses have come under renewed union pressure for higher pay levels based on the rising cost of living and spiralling executive pay.

The Australian Financial Review reports that the Australian Council of Trade Unions will claim that corporate profits have risen by 27.5% over the last year, 10 times higher the rate of private sector wage growth.

Employers braced for DJ ‘copycat’ claims

Employers should brace themselves for a wave of sexual harassment claims following the David Jones case, according to lawyers.

Fairfax reports that lawyers have already seen “copycat” claims based on the accusations of Kristy Fraser-Kirk, who claimed $37 million in damages for alleged advances made by former David Jones CEO Mark McInnes.

Meanwhile, SmartCompany.com.au has come up with five lessons for businesses to come from the saga. 

Petrol prices set to rise

The rising dollar will not protect small firms from price hikes at the petrol pump, with new research suggesting that fuel prices will rise by two to three cents over the next fortnight.

Overnight

In the US, the Dow Jones Industrial Average rose 80.91 points while the Australian dollar remained close to parity at US$99.12 cents.