THE NEWS WRAP: Ponzi scheme operator jailed for 13 years

Woolworths has denied that it is set to wage a beer price war on Coles, dismissing suggestions that it is planning to sell alcohol for $28 a slab.

The supermarket giant’s denial follows Foster’s decision to withhold supply from Coles and Woolworths over fears that its brands, including VB and Carlton Draught, would be used as loss leaders by the retailers.

Foster’s stance has been supported by small independent stores, politicians and even rivals such as Coopers.

Hoy jailed for 13 years

Graeme Hoy, the man behind a Geelong-based Ponzi investment scheme, has been jailed for 13 years.

The sentence is the longest for a white collar crime in Australian history. Hoy presided over the collapse of Chartwell Enterprises in 2008, leaving investors $68 million out of pocket, even though just $490,000 of their money was invested.

Japan counts rebuilding cost

Japan has revealed that it will cost nearly 25 trillion yen, or $US309 billion, to rebuild following the devastating earthquake and tsunami.

The estimate is the equivalent of 5% of Japan’s 2010 GDP. The World Bank estimates it will take five years for the country to fully recover from the disaster.

Overnight

The Dow Jones industrial average was up 45.37 points to 12,064.00. The Australian dollar rose to 101.53 US cents.