THE NEWS WRAP: Samsung to appeal ruling in Apple patent case

Samsung has said that it will appeal a US court ruling that it stole patented designs from Apple to make its smartphone and tablet products.

A jury in California ordered Samsung to pay Apple $US1.05 billion in damages for breaching patents that covered things such as making the text bigger on a screen by tapping on it.

Samsung said that the ruling will lead to “fewer choices, less innovation and potentially higher prices” and said that it will appeal.

Boom not over, insists Emerson

Australia’s mining boom “is not even halfway” over, federal Trade Minister Craig Emerson has claimed, amid speculation that the resources peak has passed.

Despite his colleague, Resource Minister Martin Ferguson, seemingly calling an end to the resources boom last week, Emerson said that “the commodity price boom is over, but in terms of investment in Australia, the boom continues.”

Abbott’s wrecking ball goes awry

Tony Abbott has admitted for the first time that the carbon tax hasn’t quite been the economic “wrecking ball” he predicted.

Speaking to Tasmanian Liberals, Abbott conceded that carbon pricing “may not be absolutely catastrophic”, but maintained that BHP’s delay to the Olympic Dam project, despite assertions to the contrary by BHP’s CEO, was due to the tax.

Markets

The Dow Jones Industrial Average rose 100.51 points, or 0.77%, to 13,157.97 on Friday. The Australian dollar dipped to US104.05 cents.