THE NEWS WRAP: ACCC set to tackle further legal cases

New York has escaped relatively unscathed from Tropical Storm Irene, with hundreds of thousands of residents and workers to be allowed to return to the city.

Public transport, flights and Broadway shows remain disrupted, but the stock exchange will open today after fears that flooding could hit the financial district.

ACCC set to tackle further legal cases

The new chief of the Australian Competition and Consumer Commission has said that the regulator will not be deterred from pursuing businesses through the courts, despite a legal setback last week.

The ACCC was ordered to pay Metcash’s legal costs after unsuccessfully opposing its acquisition of rival supermarket chain Franklins.

However, ACCC chairman Rod Sims said that the watchdog will take on more cases, saying: ”I’m happy with the implication that ACCC staff handle cases well, but the flipside is that we have been too risk-averse.”

“We need to take on more cases where we see the wrong but court success is less assured.”

Bernanke backs US economy

Australian stocks are tipped to rise this morning after reassuring comments from Ben Bernanke, head of the US’ Federal Reserve.

At a meeting of central bankers, Bernanke ruled out any short-term stimulus measures, but said that the US economy should show improved signs of growth in the second half of the year.

Markets

The Dow Jones Industrial Average rose 134.72 points, or 1.2%, to 11,284.54 at the end of Friday’s trading. The Australian dollar was up to 104.9 US cents.