THE NEWS WRAP: Google accuses Apple and Microsoft of waging a “hostile” patent campaign

Google has accused rivals Apple and Microsoft of waging a “hostile” patent campaign designed to stymie its Android smartphone software.

A lawyer for the search giant said that its rivals were conspiring to “strangle” Google’s smartphone progress, adding: “Microsoft and Apple have always been at each other’s throats, so when they get into bed together you have to start wondering what’s going on.”

Stock market loses $30bn

More than $30 billion was wiped off the value of the Australian sharemarket yesterday as the US’ economic woes spooked investors.

The All Ordinaries index was down 102 points to 4,408.3. However, the US markets rallied overnight, with Wall Street breaking an eight-day losing streak.

States set for tax crackdown

Businesses are set to be the subject of a crackdown on payroll tax avoidance as each state sets its sights on ramping up their compliance activities.

According to the Australian Financial Review, WA will target mining companies avoiding stamp duty, Queensland will look at infrastructure projects and NSW will probe property deals.

Overnight

The Dow Jones Industrial Average was up 29.59 points to 11,896.21. The Australian dollar edged down to 107.59 US cents.