Energy industry leaders have attacked Opposition leader Tony Abbott for his pledge to scrap the carbon tax, claiming that the move would push up prices for families and businesses.
Jerry Maycock, chairman of AGL Energy, told the Australian Financial Review that continued uncertainty over the carbon price will impede investment in the energy sector.
Abbott has not only promised to ditch the tax, he has also ruled out any compensation for businesses that trade carbon credits when the market-based system comes into effect.
Samsung escalates Apple legal battle
Samsung has launched a legal bid to stop the sale of Apple’s iPhone 4S in Australia and Japan, in the latest face-off between the two technology giants.
Samsung claims that the new iPhone infringes its patents. The move follows Apple’s successful attempt to prevent the sale of Samsung’s Galaxy 10.1 tablet in Australia, alleging that it “slavishly” copies the design of the iPad.
Telstra shareholders to hold NBN vote
Telstra shareholders will today vote on the proposed $11 billion deal to switch off its old copper network, paving the way for the National Broadband Network.
Analysts expect shareholders to overwhelmingly endorse the deal, which will see Telstra shift its services to the NBN.
The Dow Jones industrial average dropped 237.84 points, or 2.04%, to 11,406.65. The Australian dollar fell to 101.87 US cents.