PRESS DIGEST-Australian Business News - Nov 11

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

Diversified corporation Wesfarmers' (WES.AX) chief executive, Richard Goyder, yesterday expressed caution over rising interest rates and the new workplace regulator, Fair Work Australia.

Mr Goyder - who oversees Coles supermarkets, Bunnings hardware, and chemical and insurance businesses - yesterday said these two factors may hinder the economic recovery. 'I for one am concerned that increasing interest rates, coupled with people working less hours, may impede the pace of recovery,' Mr Goyder added. Page 49.

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The global financial crisis continues to affect media group Fairfax Media's (FXJ.AX) earnings, with chief executive Brian McCarthy yesterday reporting that underlying earnings were down 15 percent in the four months to the end of October. Mr McCarthy announced the figure at the company's annual general meeting, which was chaired by the newly appointed Roger Corbett. Outgoing chairman Ron Walker and director Julia King both stepped down from their roles at yesterday's meeting. Page 49.

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Department store David Jones (DJS.AX) has bolstered staff working hours by 10 percent, and part-time and casual staff numbers by 1700, ahead of the Christmas and New Year trading period. DJs chief executive Mark McInnes yesterday said that trading continues to be volatile, and that the store has no plans to lift fixed costs. 'Consumers are still fragile and whilst we're building momentum it's still susceptible to shocks,' Mr McInnes added. Page 50.

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