THE NEWS WRAP: David Jones unveils plan to tap in to rising online sales

David Jones is to invest $160 million in the next two years in a desperate attempt to turn around its fortunes in the face of rising online sales.

Chief executive Paul Zahra, who warned that profit will drop by 35% to 40% this year, said that the retailer’s online offering will increase from 9,000 to 90,000 items, along with a point of sale system that allows consumers to track purchases via the web. 

ATO warning over foreign income

The Australian Tax Office has highlighted its crackdown on undeclared overseas income, warning that offenders risk fines or jail.

The ATO said foreign pensions, investments and wages will be scrutinised for tax evasion.

Twitter reaches sixth birthday

Twitter is celebrating its sixth birthday by revealing that it has hit 140 million active users and 340 million Tweets a day.

The growth of the social media site is underlined by the fact that it was attracting 140 million Tweets a day just one year ago. 

Overnight

The Dow Jones industrial average slipped 28.88 points, or 0.22%, to 13,141.31. The Australian dollar was down to 104.55 US cents.