THE NEWS WRAP: Myer to close stores due to rise in online shopping

Myer is to close stores in Victoria and the ACT, as well as downsize other outlets, in response to the rise of online shopping.

According to Fairfax reports, two stores are to shut, with a further two expected to follow suit. Myer said that the move helps “evolve” its business model alongside eCommerce.

Four more banks added to fees class action

Four further banks have been targeted by law firm Maurice Blackburn in its class action against excessive fees.

The Commonwealth Bank, National Australia Bank, Westpac and Citibank have joined ANZ in the $197 million lawsuit. More than 150,000 bank customers are taking part in the case.

Fitch revises French credit outlook

Fitch, the ratings agency, has confirmed France’s AAA credit rating but has lowered its outlook to “negative” from “stable”.

Fitch said the change, which could lead to a credit downgrade in 2012, was due to France’s increased exposure to the Eurozone debt crisis.

Markets

The Dow Jones Industrial Average was down 2.42 points, or less than 0.1%, to 11,866.39 on Friday. The Australian dollar was stable at 99.72 US cents.