THE NEWS WRAP: Warren Buffett rules out chance of a “double dip” recession in the US

The Australian Securities and Investments Commission could be stripped of its role overseeing liquidators, under reforms proposed by the Senate.

The Senators’ recommendations would see liquidators become licensed and face competition from lawyers and even small businesses to handle cases.

ASIC was “overburdened” by its insolvency role and reform was needed, the report states.

Turnbull returns

Malcolm Turnbull is back in front-line politics, with the former Liberal leader brought into Tony Abbott’s shadow ministry in the broadband and communications portfolio. The Australian Financial Review leads on an Abbott quote that Turnbull has been installed to “demolish” the National Broadband Network.

Future Fund looking for new leadership

The Future Fund, which provide finance for infrastructure projects in Australia, is on the hunt for a new general manager. Paul Costello has announced his resignation from the fund.

Australian dollar soars

The Australian dollar hit peaks not seen since the global economic downturn, touching a peak of US 94.57 cents overnight. The rise was aided by a fall in the US dollar.

Buffett rules out double helpings

Warren Buffett, one of the world’s richest entrepreneurs, has confidently ruled out a “double dip” recession in the US. Australian business leaders are reportedly nervous over the current state of the US economy.