Business

THE NEWS WRAP: Coles set to launch clothing line

Emma Krieger /

Embattled Labor MP Craig Thomson has stepped down as chairman of an influential Parliamentary economics committee.

 

The MP for Dobell said that he wished to stay on the committee, which will question Reserve Bank governor Glenn Stevens on Friday, but that he will resign as its head.

 

Thomson is under pressure over allegations that his union credit card was used at escort agencies.

 

Coles set to launch clothing line

 

Coles is planning to launch its own clothing label, in a move that will significantly impact small retailers, according to a report in the Daily Telegraph.

 

An ad on the Coles careers website reads: “We’re entering into an exciting phase, with the launch of a new clothing brand.”

 

The supermarket giant has recently been involved in price wars with rival Woolworths over items such as milk and alcohol.

 

China overtakes US in PC sales

 

China became the largest market for PC use in the world in the second quarter of the year, surpassing the US for the first time.

 

New figures show that PC shipments to China hit 18.5 million units worth about $11.9 billion in the quarter, compared to 17.7 million units worth about $11.7 billion in the US.

 

Overnight

 

The Dow Jones Industrial Average rose by 322.11 points to 11,176.76. The Australian dollar was also up, to 104.73 US cents.

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