ACCC seeks leave to take TPG to High Court: Midday roundup

The Australian Competition and Consumer Commission has requested leave from the High Court of Australia to appeal a decision made by the Federal Court which found TPG’s Unlimited ADSL2+ advertisements were not misleading.

The Full Court’s decision was handed down on December 20, 2012, against the decision of the trial judge Justice Murphy, who deemed the ads misleading for suggesting the broadband service was only $29.99 per month, when in fact it had to be acquired with a “bundled” home telephone line for an additional $30 per month.

The ads aired between September 2010 and November 2011.

Move Rio to Western Australia: Gina Rinehart

Mining magnate Gina Rinehart has told Rio Tinto’s new chief executive Sam Walsh he ought to move the headquarters of the company back to Australia.

In a statement, Rinehart, who owns Hancock Prospecting and operates a joint venture with Rio Tinto, said she was disappointed Tom Albanese had been replaced but said the company should return where “it logically belongs”.

“In congratulating Sam on his promotion to such an important position within Rio Tinto, we have urged him to take this opportunity and also move the Rio Tinto headquarters from London to Perth where given most of Rio Tinto’s revenue is generated in Australia, it logically belongs,” Rinehart said.

“We also hope other Australians will join our call that now that there is an Australian CEO for Rio Tinto, and given the history of mainly success for Rio Tinto’s projects in Australia, a renewed emphasis will be undertaken by Rio Tinto to reinvest more of the profits it earns in Australia.”

Shares fall on open

Australian shares have fallen slightly this morning, with the S&P/ASX 200 benchmark at 4765.4, down 5.8 points down at midday.

The disappointing open comes after the Dow Jones Industrial Average finished off the American trading week was down 53 points or 0.4% to 13,649.