THE NEWS WRAP: Andrew Forrest to lead court challenge against mining tax

A High Court challenge led by billionaire Andrew Forrest to the Federal Government’s mining tax is to take place as early as March.

A full bench is set to decide whether the tax discriminates between the states. Forrest’s Fortescue Metals Group is leading the constitutional challenge to the tax.

Obama ahead as US poll looms

US president Barack Obama is holding a slight lead in most opinion polls on the eve of election day in America.

Amid frantic last minute campaigning by Obama and his rival, Republican Mitt Romney, national polling shows the candidates either level or the incumbent marginally ahead. Obama also holds slender leads in 10 of the 12 key battleground states.

Apple paid just 1.9% in overseas tax

Apple paid an income tax rate of just 1.9% on its income outside the US in the last financial year, it has been revealed.

A regulatory filing by the tech giant shows that Apple paid just $US713 million in tax on foreign earnings of $36.8 billion in 2011-12.

Overnight

Dow Jones Industrial Average was down 0.05%to 13,086.98 points. The Australian dollar fell to US103.61 cents.