THE NEWS WRAP: AOL slashes 900 jobs, nearly 20% of its 5,000-strong workforce

Australian retailers are set for further overseas competition, with UK department store John Lewis set to expand its eCommerce operation.

John Lewis says that is it planning to sell its products in 25 countries, including Australia and the US. However, the retailer denies that it will open stores in Australia.

Treasury dismisses competition call

The Federal Treasury has rejected calls to change competition laws in response to Coles’ milk price war with rival Woolworths.

Speaking at a Senate hearing, Brad Archer, Treasury’s principal advisor on competition, said that reintroducing a ban on anticompetitive price discrimination – where big suppliers offer similar goods for different prices – would negatively impact consumers. 

AOL slashes jobs

Internet portal AOL has slashed 900 jobs, nearly 20% of its 5,000-strong workforce. The move is part of a restructure following AOL’s recent purchase of The Huffington Post for $US315 million.

Overnight

The Dow Jones industrial average slumped 212.59 points to 12,000.50. The Australian dollar fell to 100.11 US cents.