THE NEWS WRAP: News to double stake in Foxtel

News Limited will double its stake in Foxtel within a fortnight after Consolidated Media shareholders approved a $1.94 billion takeover deal yesterday.

Consolidated Media will seek Federal Court approval for the deal on Friday and wind up the company next week, making all Consolidated Media employees redundant.

Only 0.09% of shareholders voted against the takeover deal, which was recommended by board members because no superior offers were made.

Major retailers step back from online GST campaign

Billabong chief Launa Inman has conceded tax exemptions on internet shopping are unlikely to be scrapped.

Speaking at a forum on the future of retail, Inman said it was understandable retailers would want online shoppers to pay GST, but it was unlikely to eventuate.

Meanwhile, Woolworths supermarket boss Tjeerd Jegen believes it was wrong for retailers to push for GST to be levied on online purchases.

Former ANZ bank manager jailed for six years

An ANZ bank manager who stole more than $5 million and spent it on luxury cars, homes and the stock market has been jailed for six years.

Michael Phan was earning a base salary of $130,000 and average annual bonuses of $20,000 when he launched an elaborate multimillion dollar rip-off.

When an internal investigation revealed the missing millions last year, Phan told bosses he had been trying to provide for his parents.

But in jailing him yesterday, a County Court judge said he did not accept this had been the only motive behind Phan’s “well planned, systematic” crimes.

Overnight

The Australian dollar is slightly higher, following a quiet night on world markets and ahead of crucial Chinese manufacturing data.

At 7am, the Australian dollar was trading at US103.78 cents, up fractionally from 103.77 cents yesterday.