THE NEWS WRAP: Steve Jobs resigns as Apple CEO

 Steve Jobs has resigned as CEO of Apple, the company he has helped build into arguably the world’s leading tech business.

Jobs will move to the role of chairman, with Tim Cook, previously chief operating officer, named as the new CEO.

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” said Art Levinson, Chairman of Genentech, on behalf of Apple’s Board.

“Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”  

Government says BHP’s monster profit shows mining tax will benefit wider economy

Treasurer Wayne Swan has seized upon BHP Billiton’s record-breaking $22.5 billion annual profit as proof that a new tax regime for the resources industry will benefit non-mining companies.

Despite posting the largest profit in Australian corporate history, BHP boss Marius Kloppers warned that the looming carbon tax was a “dead weight loss” to the mining industry and said that it put Australia at a disadvantaged compared to other nations.

However, Swan said that the result showed that the government’s proposed tax reforms were needed to provide “substantial tax relief for businesses which aren’t in the mining boom fast lane.”

Apple tipped to launch cheap iPhone 4

Apple is reportedly planning to launch a cheaper version of its iPhone 4 product, in order to compete with Nokia and Microsoft in markets such as China.

According to Reuters, Apple could launch the cut-price model, which has less memory than the standard iPhone 4, within weeks.

The move follows Apple’s decision to roll out the iPhone 5 by the end of 2011.

National Broadband Network to undergo a revamp

The company that runs the National Broadband Network is to undergo a revamp, with a worldwide search underway for a chief operating officer.

NBN Co. said that it has grown from one employee to more than 900 in the last two years and needed extra senior staff to cope with the growth.

Overnight

The Dow Jones Industrial Average rose by 1.3% or 142.36 points to 11,319.12. The Australian dollar dipped to 104.78 US cents.