THE NEWS WRAP: Government may ease tax burden on small miners

The Federal Government could offer concessions to small miners to help combat opposition over the proposed $7 billion tax on the resources industry.

The Australian Financial Review reports that the Government is considering several different moves to lessen the burden of the tax on small miners, such as phasing in the levy over a period of time.

Chinese ban hits lobster exporters

Tasmania’s $70 million rock lobster industry has been shaken by a ban on imports by the Chinese government. China has barred the import of Australian rock lobsters, but will continue to allow imports from New Zealand and South Africa. Firms in Tasmania, Western Australia and South Australia will be worst hit if the ban continues.

EU launches Google probe

The European Union has launched an antitrust probe into Google. The search engine giant will be investigated over claims that it has manipulated search results to stifle competition and pushed traffic to its own services to maintain its market dominance.

Overnight

US stocks continued to be spooked by the credit crisis in Europe, although the market rebounded to see the Dow Jones industrial average down by just 0.08%. The Australian dollar fell further against the US dollar, to 96.06 US cents.