ANZ’s chairman has hit out at politicians for bashing banks over interest rates and job cuts, claiming that they are spreading misinformation.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
According to the Australian Financial Review, John Morschel was critical of MPs, such as Greens leader Bob Brown, who have attacked banks for not keeping in line with the Reserve Bank’s official interest rate.
“I wish the politicians would get their facts straight before they start making public statements,” said Morschel.
“There was no capital provided to any Australian bank by the Government and the only thing they did was guarantee wholesale funding, for which they charged a fee and earned a hell of a lot of money from.”
Apple warns rogue app developers
Apple has issued a warning to developers who artificially inflate the ranking of their apps, after a whistle-blower exposed the practice.
The anonymous developer said that it was common practice for app makers to use automated PCs – known as bot farms – to push their apps up the charts.
Apple said that it will kick any developer who uses such tactics out of its App Store.
Yahoo chairman to step down
Yahoo chairman Roy Bostock has become the latest senior executive of the troubled internet company to step down.
Bostock, who controversially fired former CEO Carol Bartz via the phone last year, said that he will not stand for re-election as chairman. The move follows co-founder Jerry Yang’s decision to cut all ties with Yahoo two weeks ago.
The Dow Jones Industrial Average dipped 4.96 points, or less than 0.1%, to 12,873.24. The Australian dollar fell to 107.94 US cents.