Business

THE NEWS WRAP: Gina Rinehart loses bid for court suppression order

Emma Krieger /

Mining magnate Gina Rinehart has lost her bid for a new suppression order to be put in place during her family’s court battle.

 

Rinehart, Australia’s richest person, won the right for details to be withheld until March 9, but a permanent suppression order was rejected by the NSW Supreme Court.

 

Three of Rinehart’s children are attempting to remove her as head of the family trust. It was claimed that the suppression order was needed due to fears that Rinehart’s children could be kidnapped due to her huge wealth.

 

Bob Jane wins naming rights case

 

Bob Jane has won the right to use his own name in new business ventures, although he won’t be able to use it to sell tyres.

 

The founder of Bob Jane T-Marts was duped by an “incompetent, ignorant charlatan” who gave him bad legal advice, according to federal court judge Justice North.

 

The court overturned a ban to allow Jane to use his name separately to his eponymous company, which is now run by his son, Rodney.

 

Bono set for Facebook payday

 

U2 singer Bono has emerged as a major winner from Facebook’s flotation, with the Irishman’s investment group set to make $800 million from the IPO.

 

Elevation Partners, which Bono co-founded, spent $210 million on buying around 1% of Facebook in 2009 and 2010.

 

Overnight

 

The Dow Jones Industrial Average dropped 6.58 points, or 0.1%, to 12,709.88. The Australian dollar rose to 107.16 US cents

 

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