THE NEWS WRAP: Ridout hits out at Greens’ “ideological” stance
Monday, April 16, 2012/
New Reserve Bank of Australia board member Heather Ridout has accused the Greens of having a “hard-nosed, ideological stance” that threatens investment, jobs and living standards.
Ridout, outgoing chief executive of the Australian Industry Group, says the Greens are being counter-productive on carbon pricing and their rejection of tax cuts for larger companies.
Business Council of Australia chief Jennifer Westacott also believes a strong economy and environmental protection are not mutually exclusive but complementary.
Apple’s iPad battle continues
A mediation session has failed to resolve a legal dispute between the competition watchdog and Apple.
The Australian Competition and Consumer Commission wants Apple to change the name of its latest tablet – currently sold as iPad Wifi + 4G – as it doesn’t work on Australia’s 4G mobile data network.
The parties have failed to resolve their differences, and will return to the Federal Court in Melbourne next month.
Tinkler to sell Whitehaven stake
Aston Resources founder Nathan Tinkler is widely expected to sell down part of his one billion dollar stake in Whitehaven Coal after shareholders approved a five billion dollar merger.
Under the deal, Tinkler is free to sell down his stake at any time once the deal takes effect on May 2. The deal remains subject to court approval on Wednesday.
The takeover deal, approved at a scheme meeting in Brisbane, will create Australia’s largest listed independent coal company.
The Australian dollar is higher after increased demand for the euro currency increased global investor risk appetite.
At 7am AEST, the currency was trading at 103.56 US cents, up from 103.27 cents on Monday afternoon.