THE NEWS WRAP: The value of funds covered by banking guarantee scheme drops

The value of funds covered by the government’s banking guarantee scheme has fallen from $161.7 billion to $144.1 billion in the year to October.

The fall has been put down to a decrease in the amount of businesses depositing $1 million or more. The government guarantees deposits up to $1 million, although this will be reviewed next year. 

Female entrepreneurs back mentoring

Mentoring, rather than a government-imposed quota system, would do more to help women in the workplace, according to a selection of Australia’s top female entrepreneurs.

A poll of finalists in the Telstra Business Woman of the Year awards found that 72% felt that mentoring programs are essential in helping achieve gender equality. A further 68% believed that work/life balance was the major challenge for female staff.

Electric car market faces scrutiny

The charging of electric cars is putting strain on Australia’s electricity supply at peak times, energy regulators have been told. Better Place Australia, a developer of an electric vehicle network, says that the growing sector should be subject to ‘smart charging’ which recharges cars batteries but delays topping up those that are mostly full.

Overnight

If you were planning to make a large purchase of gold stock for your business, you may want to hold off. The precious metal hit an all-time high of US$1410.10 an ounce last night. Meanwhile, the Australian dollar dipped slightly, to 100.77 cents.