Business

THE NEWS WRAP: ACCC nears the end of its shopper docket investigation

Andrew Sadauskas /

Consumer watchdog the ACCC is nearing the end of its investigation into shopper docket discounts on fuel, with Coles and Woolworths suggesting recent foreign investment into fuel retailing shows the sector remain competitive.

 

After a business lunch in Melbourne, ACCC chairman Rod Sims said there were complicated arguments on both sides of the debate.

 

“We’ll take that all into account, but there’s various arguments in relation to shopper dockets, including what’s happening to the base level of prices because of them,” Sims said.

 

“The arguments are quite complex, and given we’re quite close to the end of the investigation, there’s not much more I can say.”

 

Palmer threatens to sue Murdoch

 

Clive Palmer has threatened to sue media baron Rupert Murdoch, claiming a recent opinion article in The Australian is defamatory.

 

The article alleges that Palmer is not really a billionaire, a mining magnate or a university professor, and suggests he is unsuitable for public office.

 

“Murdoch will be sued by me today and will be brought to Australia to answer these questions in the Supreme Court,” Palmer said.

 

“It’s time this fellow was brought to account, this foreigner who tries to dictate what we do.

 

“All I’ve said is, I’m an Australian and I want to stand in the election. I fear for Australia, with Kevin Rudd and Tony Abbott.”

 

Lexus recalled

 

Auto giant Toyota has announced the recall of 40,000 cars worldwide, including 2500 in Australia, over concerns a fault could cause the vehicles to stall suddenly.

 

The recall covers Lexus IS 350s built in 2010 and 2011, with the fault caused by bolts pinning a valve-control system inside the engine that could come loose.

 

The company says affected owners are being contacted and any alterations will be made free of charge.

 

Overnight

 

The Dow Jones Industrial Average is up to 14937.48. The Aussie dollar is up to US91.32 cents.

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Andrew Sadauskas

Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.

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