THE NEWS WRAP: Govt searches for new small business minister as Arbib quits

Julia Gillard is pondering who to appoint as Australia’s small business minister, following the resignation of Mark Arbib.


NSW senator Arbib, who was also Assistant Treasurer and Sports Minister, yesterday resigned from the Senate, citing the need to spend more time with his family.




Just one in four online sales via overseas sites: Report


Just a quarter of all online sales are made via overseas-based websites, a new survey has found.


The NAB Online Retail Sales Index revealed that just 4.9% of all retail spending last year was online, with just 27% of eCommerce transactions with foreign sites.


NAB said that the study challenges the perception that overseas sites were harming domestic retailers.




Billabong rejects new takeover bid


Struggling surf wear company Billabong has rejected a fresh, $765.3 million takeover bid from US firm TPG.


“The board has concluded that the indicative price of $3.00 per share proposed by TPG does not reflect the fundamental value of the company in the context of a change of control,” Billabong said in a statement.





The Dow Jones industrial average was up 16.38 points, or 0.13 per cent, at 12,999.33. The Australian dollar was up to 107.59 US cents.


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