An investigation will be held after the Australian sharemarket suffered a four-hour blackout yesterday following a technical glitch.
The Australian Securities Exchange suspended trade due to a ”network connectivity” problem, before trade resumed at 2pm.
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The embarrassing failure left investors, keen to capitalise upon an expected surge in shares following the European debt deal, frustrated, with prominent options trader David Waterhouse calling it a “disgraceful day”.
Greens propose SME tax cut
The Greens have proposed that small businesses are given a significant tax cut, at the expense of the big banks.
The Gillard Government is planning an overall 1% cut in the corporate tax rate as part of its mining tax package, but the Greens want the big banks frozen out of the deal, handing a 5% tax cut to small companies instead.
RIM faces outage lawsuit
BlackBerry maker Research In Motion is facing a class action lawsuit from customers in the US and Canada over a recent global outage of its service.
The legal action claims that RIM is guilty of a breach of contract over the system failure, which left millions of users without email, instant messaging and internet access.
The Dow Jones industrial average soared 340.19 points, or 2.87%, on news of the European debt deal, ending at 12,209.23. The Australian dollar also rose, to 107.33 US cents.