THE NEWS WRAP: Bill Gates rules out a return to Microsoft

Bill Gates has ruled out a return to Microsoft, the company he co-founded, after dramatically scaling back his role.

 

“I’m part-time involved with Microsoft, including even being in touch this week to give some of my advice but that’s not going to change – the foundation requires all of my energy and we feel we’re having a great impact,” Gates said, according to Fairfax.

 

JB Hi-Fi admits downgrade

 

JB Hi-Fi has surprised investors with a late, pre-Christmas downgrade, announcing a 5% drop in earnings.

 

The retailer said that deflation hit sales, with TV sets falling by 20-25%.

 

Shorten proposes tax breaks

 

Financial Services Minister Bill Shorten will today announce reforms to offer tax breaks for overseas clients using Australian asset managers, in an effort to ease the managers’ ability to attract external funds, according to a report by the Australian Financial Review.

 

Overnight

 

The Australian dollar fell overnight, to 99.15 US cents

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