THE NEWS WRAP: Tiger suspension to cost $1.5m a week

Singapore-based Tiger Airways says the cost of grounding its Australian domestic flights will be about $1.5 million each week.

Tiger Airways Australia was forced to suspend all flights on Saturday for five days after regulators intensified a safety investigation.

Australia’s Civil Aviation Safety Authority said Tiger Airways Australia posed a “serious and imminent risk to air safety” after failing to address concerns raised in March.

Business to pay fuel carbon tax

Business will pay more for petrol and diesel through reduced fuel tax concessions under Labor’s carbon scheme, it’s been revealed.

Prime Minister Julia Gillard has confirmed petrol will be excluded from the carbon price, meaning “families, tradies, small business people do not have to worry about a petrol price increase”.

But while all liquid fuels will be exempt from the carbon price at the bowser, big businesses will have to pay an implicit carbon tax via equivalent cutbacks in fuel tax concessions.

Harvey Norman accused of ‘eco destruction’

Environmental activists have accused retail giant Harvey Norman of selling Chinese-made furniture harvested from Australian native forests. Tim Birch, chief executive of non-government organisation Markets for Change, undertook a year-long undercover investigation into the retailer, which is accused of profiteering from the destruction of Australia’s native forests.

Harvey Norman is yet to comment.

Overnight

The Australian dollar was trading at a one-month high today morning, as confidence returns to the market after last week’s crucial vote in Greece.

At 7am this morning, the dollar was trading at US107.79 cents, up from US107.28 cents on Friday.