THE NEWS WRAP: AOL buys Huffington Post for $US315m

Struggling online giant AOL has purchased news and opinion portal the Huffington Post for $US315 million.

The deal will see Adrianna Huffington, founder of the eponymous site, become editor-in-chief of all AOL editorial content. The Huffington Post was created in 2005 and became profitable last year. It has an estimated audience of 25 million people. 

EFTPOS considers fee hike

Retailers could face higher transaction costs, with the company behind the EFTPOS payment scheme considering a rise in fees.

EFTPOS Payments Australia in in talks with the major banks over a fee increase to fund an upgrade of its system. A rival company, Tyro Payments, has warned that smaller retailers will feel the brunt of any price rise. 

Brooks hits out at flood levy

Retailers may also be adversely affected by the flood levy, according to Myer supremo Bernie Brookes. The retail chain’s chief executive said that the Federal Government levy would divert disposable income from the retail sector.

Overnight

The Dow Jones industrial average rose 77.99 points to 12,170.14, while the Australian dollar edged up to 101.61 US cents.