THE NEWS WRAP: Apple overtakes Microsoft as most valuable company ever

Apple has become the most valuable company of all time, overtaking rival Microsoft, with its market value rising to around $623 billion.

The tech giant’s value has surpassed Microsoft’s 1999 record of $620.58 billion, although this figure is not adjusted for inflation.

Apple, which is set to launch the iPhone 5 and a smaller, cheaper iPad, saw its shares hit $664.74 in New York overnight.

Henry predicts higher taxes, strong currency

Australians will need to get used to paying more tax and having a strong currency, according to former Treasury secretary Ken Henry.

Speaking at an Australian Industry Group conference, Henry said that Australian businesses will need to do more to integrate themselves with the rest of the region, even if that means moving part of their operations overseas.

Firms warned over increased cyber-attacks

Australian businesses are increasingly at risk from cyber-attacks, especially via laptops and mobile phones, the nation’s intelligence chief has warned.

David Irvine, director general of the Australian Security Intelligence Organisation, said that business leaders should be wary of leaving their mobile devices unguarded due to the threat of industrial espionage.

“Our societies and our economy are increasingly ‘internet dependent’. But there’s a downside, and the downside is that this dependence comes at a cost: it has created new or accentuated old vulnerabilities,” Irvine said.

Overnight

The Dow Jones Industrial Average was down 3.48 points, or 0.03%, to 13,271.72. The Australian dollar edged down to US104.49 cents.