Business

THE NEWS WRAP: Start-ups could lose out as Federal Government looks to cut grants

Oliver Milman /

Federal Government funding for innovative start-ups could be under threat after Treasurer Wayne Swan announced a freeze on $2 billion worth of grants.

 

According to The Australian, Swan is looking for billions of dollars in spending cuts in order to bolster the government’s budget situation. The grants cover an array of areas, including sport, community groups, universities and innovation.

 

Big guns hit by profit downturn

 

Australia’s largest listed businesses experienced an average 23% fall in profits in the last financial year, according to a new report.

 

The CommSec report found that 96 of the 114 companies listed in the ASX200 that had released results so far had reported a profit.

 

However, the overall profit level of $42.2 billion is down 22.9% on the previous financial year.

 

Samsung unveils new devices

 

Samsung has unveiled its first new range of products since a court ruling that found it had infringed various Apple patents in its smartphones and tablets.

 

The devices are a Windows RT tablet, a Windows Phone 8 smartphone and an Android-powered camera. Samsung is facing a $1 billion legal bill over its legal battle with Apple, which is attempting to stop its rival from selling various contentious devices.

 

Overnight

 

The Dow Jones Industrial Average was marginally up by 4.49 points, or 0.03%, to 13,107.48. The Australian dollar fell to US103.53 cents.

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