THE NEWS WRAP: Telstra warns NBN costs could be needlessly high for SMEs

Small businesses could face needlessly high costs for high-speed internet under the National Broadband Network’s pricing scheme, Telstra has warned.

According to The Australian, the telco has advised the competition watchdog that the NBN’s two-tariff pricing plan – which charges ISPs for connection as well as a usage fee – will be costly for users.

Big four banks risking downgrade

Australia’s “big four” banks could have their credit ratings downgraded due to their reliance on overseas funding.

Credit agency Fitch said that ANZ, Commonwealth, NAB and Westpac risked their AA ratings being downgraded by at least one ranking.

Tech giants to combat phishing

Some of the world’s largest technology companies have teamed up to launch a new crackdown on “phishing” scams.

A total of 15 businesses, including Google, Microsoft and Paypal, will work together to improve authentication. Phishing occurs when fraudsters pose as legitimate companies in order to obtain users’ personal information.

Overnight

The Dow Jones Industrial Average dropped 79.05 points, or 0.6%, to 12,581.41. The Australian dollar was down slightly, to 106.06 US cents.