THE NEWS WRAP: Australians “wealthiest in the world”

Telstra is to scrap its own tablet device, just a year after it launched, in favour of selling Apple’s iPad2 instead.

The T-Touch Tab has sold “tens of thousands” of units, the telco said, but it wasn’t enough to save it from the axe.

The device was priced at $300 and aimed at buyers unwilling to pay a large fee for a branded tablet. Telstra will now sell the iPad2, after initially not stocking the original iPad.

Australians “wealthiest in the world”

Australians are the wealthiest people in the world on a median basis, according to a new report.

The Credit Suisse study shows that Australian adults are worth $US221,704 on a median basis, nearly four times the amount of US citizens.

Australia also accounts for 4% of the world’s 27.9 million millionaires. The country’s lofty standing is down to the strong Australian dollar, property ownership and a healthy labour market.

Apple revenue jumps

Apple has recorded an 85% leap in revenue in its full-year results, although its share price dropped due to lower than expected iPhone sales.

Profit stood at $25.9 billion for the year ending September 24, although revenue for the quarter was $1 billion short of analyst predictions, at $28.27 billion.

Apple sold 17.1 million iPhones in the last quarter, although experts were expecting 20 million.

Overnight

The Dow Jones industrial average fell 75.49 points, or 0.65%, to 11,501.56. The Australian dollar was down to 102.2 US cents.