THE NEWS WRAP: Queensland floods set to cost the state’s economy $13 billion

The Queensland floods are set to cost the state’s economy $13 billion, according to latest estimates of the disaster’s impact.

Citigroup said that it could cost up to $20 billion to rebuild homes and infrastructure, with the Federal Government set to cover 75% of the reconstruction costs.

Virgin Blue

Virgin Blue has been fined $110,000 by the Australian Communications and Media Authority for sending spam emails to customers who had cancelled their subscriptions to its mailing list.

The airline said that the sending of the 10,000 emails was a mistake but the regulator ruled that it should’ve acted sooner. 

Facebook

Cameron and Tyler Winklevos, the American twins who claim to have given Mark Zuckerberg the idea for Facebook, have reignited their legal action to get a larger share of the company’s earnings.

The brothers have fronted the US Court of Appeal in an attempt to set aside the $65 million settlement made in 2008. They claim that Facebook’s valuation entitles them to a larger settlement. 

Overnight

The Australian dollar rose to 99.46 US cents and the Dow Jones industrial average was up 91.88 points to 11,763.76.