The federal government is set for a showdown with AFL and NRL clubs over the contentious issue of poker machine restrictions, with Collingwood president Eddie McGuire labelling the proposals a “footy tax.”
The government is backing calls from independent MP Andrew Wilkie to introduce mandatory pre-commitment technology on poker machines to curb problem gambling.
However, McGuire said that the changes would “hit football clubs right between the eyes”, joining with the NRL and Clubs Australia in claiming that clubs’ income would be significantly damaged.
UBS chief quits
Oswald Gruebel, CEO of Swizz banking giant UBS, has resigned in the wake of a fraud scandal that is set to cost the company $2.3 billion.
Kaspar Villiger, chairman of UBS, said that Gruebel “feels that it is his duty to assume responsibility for the recent unauthorised trading incident.”
A UBS trader, Kweku Adoboli, has been arrested and charged over the fraud, which could push the bank into the red this year.
Apple sued over chip technology
Apple is being sued by a Taiwanese technology company that claims it has infringed patents it owns.
Via, a chip manufacturer, claims that its concept of how chips use, transfer and manipulate data was appropriated by Apple for its TV, iPod, iPad and iPhone products.
Apple has yet to respond to the claims.
The Dow Jones Industrial Average fell by 737.61 points, or 6.4%, to 10,771.48 on Friday. The Australian dollar slipped below parity to 98.16 US cents.