THE NEWS WRAP: Regulators from around the world agree to new rules to prevent another GFC-style banking collapse

Australia’s start-up companies have a new minister to represent them in government, with Nick Sherry appointed in Julia Gillard’s cabinet re-shuffle.

Sherry replaces Craig Emerson, who has become minister for trade in Gillard’s post-election re-jig. 

The re-shuffle saw a new position created for skills and higher education, although this move has been attacked by universities.

Virgin brand will stay

The Virgin brand will remain in Australia’s aviation industry, according to Sir Richard Branson on a trip to Melbourne. There has been speculation that the Virgin Blue brand may disappear in a rebrand, but Branson dismissed this.

Branson’s plans for Virgin could see a price war with Qantas that may result in a 40% reduction in fares to Europe, according to News.com.au.

New rules for banks

Regulators from around the world have agreed to new rules to prevent another GFC-style banking collapse. The new rules will require banks to have double the amount of capital on hand to offset losses.

Businesses want more tourists in Melbourne

The Victorian state government needs to do more to lure tourists to Melbourne, according to a business group. The Victorian Employers’ Chamber of Commerce and Industry says that Melbourne could become Australia’s main port of entry for tourists.

Transparency urged on NBN

As Telstra gears up to take up its $11 billion agreement for the National Broadband Network, the Future Fund has expressed its concerns over a supposed lack of transparency in the deal, according to the Australian Financial Review.

Overnight

Strong data from China over the weekend helped the Australian dollar hit US93 cents, its highest level since April.