THE NEWS WRAP: New Tiger chief committed to ‘long-term future’

Tiger Airways’ new chief executive, Tony Davis, says his appointment shows the airline is committed to its operation in Australia, despite speculation mounting on the future of the company.

The Civil Aviation Safety Authority has applied to the Federal Court to extend a flight ban on Tiger’s domestic services until the end of the month, a move the airline says it will not oppose.

CASA spokesman Peter Gibson says the safety regulator needs more time to sift through concerns about the airline.

Optus fined $5m for misleading ads

Telecommunications company Optus has been fined more than $5 million by the Federal Court for misleading ads about some of its broadband internet plans. It is the biggest fine handed out so far under the new consumer protection laws.

The Federal Court found Optus advertising misled consumers because it did not sufficiently disclose a service speed limit would be applied once peak data usage was exceeded.

Optus says it is disappointed by the judgment and it did not intend to mislead customers.

Figures show surge in corporate insolvencies

The pace of corporate insolvencies has reached its highest since the global financial crisis, with retailers, manufacturers and transport players feeling the squeeze from the slump in consumer spending and a high dollar.

While official insolvency figures for last financial year have yet to be finalised, the latest monthly figures show corporate collapses running 4.4% above levels for the same time last year.

A string of high-profile collapses have occurred in recent months, including REDgroup Retail, clothing retailer Colorado and pub owner Compass Hotel Group.

Overnight

At 7am this morning, the Australian dollar was trading at US107.77 cents, up from US107.51 cents at close on Thursday.

Since Wednesday, the local unit has traded between US107.16 US cents and US107.82 cents.