Business

THE NEWS WRAP: “White knight” Rinehart threatens to sell over Fairfax charter stoush

Oliver Milman /

Mining billionaire Gina Rinehart has threatened to sell her shares in Fairfax if she is not offered director positions at the business “without unsuitable conditions”.

 

In a statement made to the ABC by her company, Hancock Prospecting, Rinehart hoped she would be seen as “a successful business person and a necessary ‘white knight’” for the ailing business. She has been stymied from gaining three board seats by her refusal, so far, to sign Fairfax’s charter of editorial independence.

 

Australia’s banks top profitability list

 

Australia’s banks have been rated the most profitable in the world, for the second year running.

 

Shaky business customer satisfaction levels for the “big four” banks hasn’t prevented them from running higher profit levels than their equivalents in the developed world.

 

The Bank of International Settlements said Commonwealth Bank, Westpac, ANZ and NAB had pre-tax profits equal to 1.2% of their assets last year.

 

Judge halts Apple legal case

 

A US judge has halted the legal battle between Apple and Motorola Mobility, dismissing the iPhone maker’s smartphone patents lawsuit.

 

Judge Richard Posner ruled that neither party could re-file a lawsuit against the other, a decision Motorola Mobility welcomed. Despite Apple claiming that its rival had infringed its patents when developing its smartphone, the judge said the tech giant hadn’t shown it had “suffered loss of market share, brand recognition, or customer goodwill.”

 

Overnight

 

The Dow Jones Industrial Average fell 138.12 points, or 1.1%, to 12,502.66, The Australian dollar was down to US100.11 cents.

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