THE NEWS WRAP: Business leaders question merits of a carbon tax

Business leaders have again questioned the merits of a carbon tax, urging the Government to focus on protecting jobs and the economy in the wake of a new climate change report.

The Climate Change Commission’s first report, passed down yesterday, warns of one-metre rises in sea levels globally due to climate change, calling on the Government to act within the next decade or risk major changes to standards of living.

However, the Australian Chamber of Commerce and Industry said the report was “alarmist” and claimed that it was pointless for Australia to act before the rest of the world.

Banks claim credit reforms could hurt borrowers

Reforms aimed at making consumer lending more rigorous have gone too far and could restrict borrower choice and reduce the flow of credit, according to the major banks.

The changes, set to come into force in January, will place a greater onus on lenders to assess a borrower’s ability to take on credit. IT will apply to all consumer lending products, such as credit cards and mortgages – two tools regularly used by budding entrepreneurs to start businesses.

Jimmy Choo sold for $US500 million

Shoes and accessories brand Jimmy Choo has been acquired by luxury goods group Labelux GmbH for $US500 million.

The fashion label’s high-profile founder, Tamara Mellon, and CEO Joshua Schulman, will remain at the company. Jimmy Choo was founded 15 years ago and reported net sales of $US244.2 million last year.

Overnight

The Dow Jones Industrial Average fell by 131 points to 12,381.04. The Australian dollar slipped to 105.05 US cents.