THE NEWS WRAP: Harvey claims to be the target of “vicious and hateful” media attacks

Gerry Harvey has said that he will back away from the campaign to impose GST on online sales after claiming to be the target of “vicious and hateful” attacks via social media and talkback radio.

Harvey, founder of the Harvey Norman retail chain, told The Age that he will “sit back” from the push, which has also been supported by retailers including Myer and David Jones.

Hogan sues Australian Government

Actor Paul Hogan is planning to sue the Australian Government for up to $80 million over allegations that he evaded tax.

The Crocodile Dundee star claims that the five-year investigation by the Australian Tax Office into his tax affairs impacted upon his earnings.

Scramble for Facebook shares

Shares in Facebook have become so popular that Goldman Sachs plans to stop taking orders for stock in the social networking giant.

Goldman has told clients to expect a small fraction of the shares they have requested after being flooded by interest. Investors in Facebook are required to put in at least $2 million and not sell shares until 2013.

Overnight

Disappointing Christmas sales figures hit the Dow Jones industrial average, forcing it down by 41.62 points to 11,681.27. The Australian dollar also edged down, to 99.55 US cents.