THE NEWS WRAP: Wayne Swan pressures “big four” banks to pass on rate cut

Treasurer Wayne Swan has heaped pressure onto the “big four” banks to pass on yesterday’s 35-basis point interest rate cut by the Reserve Bank of Australia.

Swan said the cut was “a welcome decision for families and businesses both large and small” and urged the banks to pass on the reduction.

However, none of the main banks have yet reacted to the interest rate cut.

Heather Ridout quits AI Group

Heather Ridout has quit as CEO of the Australian Industry Group, following a 33-year career at the business lobby group.

Ridout’s decision to depart came just a day after she was appointed to the Reserve Bank’s board, a position she’ll take up in February. She will leave the AI Group in April.

Android hits 10 billion downloads

The Android app platform has hit its 10 billionth download, with Google saying that it is seeing one billion app installs each month.

However, Android still trails Apple’s app ecosystem, which has racked up 20 billion downloads.

Overnight

The Dow Jones Industrial Average rose by 43.93 points, or 0.4%, to 12,141.76. The Australian dollar moved up to 102.61 US cents.