THE NEWS WRAP: Qantas fined $12 million by the European Commission

ANZ has risked the wrath of its customers by raising its standard variable mortgage rate by 39 basis points. The bank followed the Commonwealth Bank by hiking rates, provoking immediate condemnation from Prime Minister Julia Gillard. 

In better news for small firms looking to move banks, ASIC has vowed a crackdown on exit fees. ANZ aimed to sweeten the pill of its rate rise by abolishing exit fees for mortgages.

Qantas fined by European regulator

Qantas’ woes have continued with the airline fined $12 million by the European Commission. Qantas was penalised for coordinating prices with other airlines, although the fine was smaller than expected. 

Krispy Kreme closes stores

Nearly half of Krispy Kreme’s Australian stores have been closed following the company’s descent into administration. It’s anticipated that around 200 full- and part-time jobs will be lost as a result of the move. 

Overnight

The Australian dollar held steady at 100.5 US cents, while the Dow Jones Industrial Average was also flat, up marginally by 0.01%.