THE NEWS WRAP: Financial planning rules backed by industry

Heinz has lashed out at the power of the major supermarkets, saying that food brands face an “inhospitable environment” in Australia.

Arthur Winkleblack, Heinz’s chief financial officer, told US analysts: “The reality is with two key customers there has become an inhospitable environment for grocery manufacturers.”

The company previously spoke out on the issue in June, saying that the power of Coles and Woolworths didn’t provide the best value to customers, with many leading products edged out in favour of store home brands.

Financial planning rules backed by industry

Proposed legislation to closely regulate the duties and pay arrangements of financial planners has been largely accepted by the financial services industry, according to reports.

The Future of Financial Advice proposals, due to come in July 1, 2012, obliges planners to renew contracts with clients every two years. ASIC, the corporate regulator, will also be given wider powers to regulate the industry.

Beyonce beats tweet record

The number of tweets per second record on Twitter has been broken, following news of singer Beyonce’s pregnancy.

After announcing her pregnancy at the MTV Video Music Awards, a record 8,868 Tweets per second were sent regarding the news. The surge beat previous peaks caused by the death of Osama bin Laden, this year’s Royal wedding in the UK and the Japanese tsunami.

Overnight

The Dow Jones Industrial Average was up 2.26% to 11,539.25, while the Australian dollar was trading at 106.53 US cents.