THE NEWS WRAP: ACCC warning over carbon tax price hikes

European Union leaders have hailed “good progress” in solving the continent’s debt crisis, after coming under pressure from several countries, including Australia, to prevent international markets becoming destabilised.

A $589 billion package has been agreed to prevent Italy sliding into crisis, although concerns remain that more will be needed to safeguard the country’s economy.

“Work is in progress and progressing well,” said European Commission president Jose Manuel Barroso.

“We expect those decisions to be taken in 72 hours and I am confident those decisions will be taken.”

ACCC warning over carbon tax price hikes

The competition watchdog has warned businesses that they will be scrutinised to ensure they do not introduce unnecessary price hikes due to the carbon tax.

The Australian Competition and Consumer Commission will release a new set of guidelines in November, which will deal with how companies react to the carbon tax.

“We need to make sure that consumers are not misled into accepting price increases which they would normally question,” Rod Sims, chairman of the ACCC, told the Australian Financial Review.

Jobs praised Zuckerberg for “not selling out”

Steve Jobs praised Facebook founder Mark Zuckerberg, according to a new biography, hailing him for “not selling out”.

In the latest extract from a new book on the late Apple co-founder, Jobs said that he saw it as his duty to mentor Silicon Valley entrepreneurs.

“You know we talk about social networks in the plural but I don’t see anybody other than Facebook out there. It’s just Facebook. They’re dominating this,” he told Walter Isaacson, the book’s author.

“I admire Mark Zuckerberg. I only know him a little bit, but I admire him for not selling out. For wanting to make a company. I admire that a lot.”

Overnight

The Dow Jones industrial average rose by 104.83 points, or 0.89%, to 11,913.62. The Australian dollar was up to 104.66 US cents.