Australia’s tax regime is in danger of deterring overseas investors from putting money into the country’s businesses, the head of a US private equity firm has warned.
The Riverside Company co-chief executive Stewart Kohl said that the $2.4 billion float of Myer by US firm TPG has caused great uncertainty for investors.
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The Australian Tax Office initially ruled that any profit made in the 2009 float would be booked as revenue and liable for tax to overseas investors. Kohl said investors were getting “increasingly nervous” about the long-running saga, which has still to be resolved.
iPad dominating tablet market
Apple’s iPad has claimed an 80% market share in the US and Canada, despite the emergence of several competitors in the tablet market, new figures have shown.
The iPad accounted for six million of the 7.5 million tablets purchased in North America during the second half of 2011, according to Strategy Analytics, which called Apple a “formidable market leader”.
Kutcher promotes start-ups
Actor and start-up investor Ashton Kutcher has taken to promoting the businesses he has backed on TV show Two and a Half Men.
Kutcher, who recently replaced Charlie Sheen in the hit comedy, uses a laptop covered with the logos of start-up companies in the show.
His character, Walden Schmidt, is an internet billionaire who now backs other start-ups.
The Dow Jones Industrial Average rose 146.83 points, or 1.3%, to 11,190.69. The Australian dollar edged up to 99.10 US cents.