THE NEWS WRAP: Telco watchdog accused of going easy on Vodafone

The telecommunications watchdog has been accused of letting Vodafone off the hook over privacy and network problems suffered by customers.

The Australian Communications and Media Authority has told Vodafone to comply with industry regulations or risk a $250,000 fine.

However, the Australian Communications Consumer Action Network said that Vodafone had been let off “scot-free” for privacy breaches and poor complaint handling.

IMF chief attacks European dithering

Olivier Blanchard, IMF’s chief economist, has criticised European leaders for taking too long to tackle the eurozone’s debt crisis.

Blanchard said that inaction in Europe left the eurozone’s economies open to “schizophrenic” investors. 

Facebook urged to overhaul privacy practices

Facebook has come under pressure in Europe to make widespread changes in order to allay concerns over privacy.

The Irish data protection commissioner has called for Facebook to make terms and conditions clearer on the site and allow users greater control over how their data is used. 

Overnight

The Dow Jones industrial average fell 66.64 points, or 0.55%, to 12,036.9. The Australian dollar dropped to 100.77 US cents.