Shadow treasurer Joe Hockey has predicted an end to the culture of “entitlement” within western countries, claiming that it is financially unsustainable.
Speaking in London, Hockey said that the Asian model of minimal state support for education, health and pensions was one that countries such as Australia should adopt.
Get business news first
Sign up to SmartCompany’s daily newsletter
US publisher in Bittorrent legal fight
A US publisher is pushing for a jury trial of people who have illegally downloaded its books, in the latest battle by a business against piracy.
John Wiley & Sons is targeting four specific defendants for using file sharing site Bittorrent to access its material. The company publishes the “Dummies” series of books.
Buffett reveals he has prostate cancer
Billionaire investor Warren Buffett has revealed that he has prostate cancer, but has ruled out stepping down from his role heading up Berkshire Hathaway.
In a letter to shareholders, Buffett said that the cancer has been caught in its early stages and that it is “not remotely life-threatening”.
The Dow Jones industrial average fell by 82.79 points, or 0.63%, to 13,032.75. The Australian dollar was up to 103.85 US cents.