THE NEWS WRAP: Swan warns banks over RBA rates decision

Treasurer Wayne Swan has warned banks that their customers will be “very angry” if they don’t pass on any interest rate cut decided by the Reserve Bank of Australia tomorrow.

Market analysts are predicting that the RBA will shave 25 basis points off the 4.25% rate, marking the third consecutive monthly rate cut.

Swan told the ABC that the banks must pass on any cut, adding: “Their customers will be very angry if they don’t pass [rate cuts] through in full. I say to their customers have a look around, you’ve got a greater capacity to shop around now than you’ve ever had before.”

US unemployment drops

There has been an unexpected dip in the US unemployment level, with the jobless rate dropping to a three-year low.

The US economy added 250,000 jobs in January, cutting unemployment to 8.3%, the lowest level since Barack Obama became president.

Apple overturns German sales ban

Apple has won a lifting of a German ban of its iPhone and iPad products.

Motorola Mobility had forced Apple to withdraw the products after successfully claiming in a German court that they infringed its patent.

However, Apple has successfully appealed, with the tech giant saying: “All iPad and iPhone models will be back on sale through Apple’s online store in Germany shortly.”

Markets

The Dow Jones industrial average was up 156.82 points, or 1.23%, to 12,862.23 on Friday. The Australian dollar rose to 107.76 US cents.