THE NEWS WRAP: Bank war spreads to business banking

The marketing battle between the major banks is set to intensify, with Commonwealth Bank making a major push for NAB’s business customers.

CBA’s business banking group CEO Ian Narev told The Australian that NAB had been “disingenuous” over its business banking boats.

CBA has launched full-page newspaper ads and a website in order to lure NAB’s customers, a week after the latter bank made a direct pitch to CBA and Westpac’s mortgage holders.

Forrest considers Federal Court appeal

Andrew Forrest, one of Australia’s leading business figures, is considering whether to appeal following a Federal Court ruling that he misled investors.

According to media reports, Forrest, the billionaire founder of Fortescue Metals, is waiting to see the penalty handed to him by the corporate watchdog before deciding whether to appeal.

The full bench of the Federal Court ruled on appeal that Fortescue has engaged in deceptive conduct in 2004 and 2005 by claiming to have “binding” contracts to build a railway, port and mine in Pilbara.

Google chairman praises NBN

The chairman of Google has praised the National Broadband Network, claiming that Australia has shown “leadership” on the issue.

Eric Schmidt, speaking at a conference in Barcelona, said that it was “wonderful” that Australia had decided to provide broadband to 93% of its people.

Overnight

The Australian dollar climbed slight in edged in overnight trading to 101.4 US cents. On Friday, the Dow Jones industrial average was up 73.11 points to 12,391.25.