Storm class action payout 'unfair': court

THE corporate watchdog has won an appeal against an $82 million settlement between former Storm Financial clients and Macquarie Bank Ltd.

The Federal Court on Monday ruled the May 3 settlement was unfair following an appeal by the Australian Securities and Investments Commission (ASIC).

The settlement followed a class action brought against Macquarie Bank by Sydney law firm Levitt Robinson.

Under the terms, Macquarie Bank was to pay $82.5 million in final settlement of the claims of 1050 Storm clients who took out margin loans with the bank.

A total of 317 investors who funded the class action were to be reimbursed legal costs and also compensated for 42 per cent of their losses.

The remaining 733 Macquarie borrowers who were not involved in funding the class action were to only get back about 17.6 per cent of their losses.

The Federal Court in its written judgment found the distribution of the settlement pool among former Storm investors was unfair and unreasonable, and set aside its earlier decision to approve the deal.

ASIC is taking legal action against Storm Financial founders Emmanuel and Julie Cassimatis.

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No GST change under Abbott govt: Pyne

MANAGER of opposition business Christopher Pyne has ruled out changes to the GST under a government led by Tony Abbott.

"There will be no change to the GST in an Abbott government," Mr Pyne told told ABC's Q&A program on Monday night.

He said the GST should be included in a review of the Tax Act, but the opposition's policy position was that it should not be changed.

"Tony Abbott has said it, I've said it, Joe Hockey's said it, Julie Bishop has said it," Mr Pyne said.

"If the review says the GST should be increased, the commitment from the Tony Abbott opposition is that we will not change either the GST or the basket of goods and services upon which it applies."

He said it was "nonsense" that Labor's tax review led by Ken Henry had not addressed the GST.

"It's like North Korea with the Labor party. You can't discuss the GST under any circumstances."

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Dutch prince dies

DUTCH prince Friso, who was brain-damaged after being buried by an avalanche in Austria last year, has died in The Hague, the royal palace says.

"Prince Friso died from complications as a result of oxygen shortages during his ski accident on February 17, 2012," a palace statement on Monday said.

Prince Friso was the brother of King Willem-Alexander.

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US stocks drop on weak Japan data

US stocks have opened lower on the heels of disappointing economic data out of Japan.

Five minutes into trade on Monday, the Dow Jones Industrial Average dropped 40.47 (0.26 per cent) to 15,385.04.

The broad-based S&P 500 dipped 6.67 (0.39 per cent) to 1,684.75, while the tech-rich Nasdaq Composite Index gave up 12.86 (0.35 per cent) at 3,647.25.

Earlier on Monday, Japan said growth in the second-quarter came in at a 2.6 per cent annual pace, down from 3.8 per cent in the first quarter.

The Japan news disappointed investors, who have seen the world's third-biggest economy as a strong growth story in 2013 following aggressive stimulus moves.

Monday's losses followed declines in US equities last week as investors cited the need for equity markets to consolidate after recent valuation gains.

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NGOs urge asylum seeker policy rethink

SIXTY-FOUR church groups, charities and refugee advocates have called for an end to the "negative and distorted" political debate on asylum seekers.

The non-government organisations (NGOs) say the federal government's deterrent policies haven't worked. They also took a swipe at the opposition's "regressive" boat policies.

"The negative, distorted and myopic political debate on refugee and asylum seeker policy has been allowed to go on for far too long," the NGOs said in a statement on Tuesday.

"It is time for a new approach which focuses on protection rather than punishment, on facts rather than fear-mongering, and on long-term solutions rather than short-term political gain."

They called for an end to offshore processing, prompt access to permanent protection and opportunities for refugees to reunite with family.

The NGOs issued their statement on the first anniversary since the Houston expert panel on asylum seekers handed down their recommendations to former prime minister Julia Gillard.

The NGOs acknowledged federal Labor had done some good work on asylum seekers, such as lifting Australia's humanitarian intake to 20,000 but criticised the government for focusing on punitive deterrence-based measures such as offshore processing.

Signatories include the NSW Teachers Federation, the Australian Council of Social Service and the St Vincent de Paul Society.

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Troubled BlackBerry eyes sale

STRUGGLING smartphone maker BlackBerry is examining "strategic alternatives", including the possibility of selling off the firm.

The Canadian firm on Monday said it had formed a committee to consider "possible joint ventures, strategic partnerships or alliances, a sale of the company or other possible transactions".

The announcement comes with BlackBerry marginalised in a smartphone market dominated by makers using the Google Android operating system and by Apple's iPhone.

A statement issued by BlackBerry said the board's committee would seek ways "to enhance value and increase scale" to help deploy its products based on the new BlackBerry 10 platform.

"We continue to see compelling long-term opportunities for BlackBerry 10, we have exceptional technology that customers are embracing, we have a strong balance sheet and we are pleased with the progress that has been made in our transition," chief executive Thorsten Heins said.

A survey by research firm IDC found BlackBerry's global market share had slipped to 3.7 per cent in the second quarter, the lowest since tracking began, while Android accounted for nearly 80 per cent.

While BlackBerry helped create a culture of mobile users who were glued to the company's smartphones, many of those customers have since moved to Apple or other smartphone makers such as Samsung, mainly using Android.

In a turnaround bid, the company unveiled its new platform on January 30, as it dropped the corporate name Research in Motion to rebrand as BlackBerry, but staggered sales launches across regions.

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Govt sitting on NBN report: Turnbull

Catfight at Next Top Model

THE much hyped catfight between two ANTM contestants model hopefuls Taylah Roberts and Ashley Pogmore airs tomorrow night.

It's forever, Big Ears ...

IT'S the lobe-stretching tribal trend loved by teens - but surgeons reveal the true legacy of gauging will be anything but music to their ears.

PM turns cabbie in campaign stunt

NORWEGIAN Prime Minister Jens Stoltenberg went undercover as a taxi driver for an afternoon, in a bid to find out voters' real concerns.

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Egypt judiciary extends Morsi detention

EGYPT'S judiciary says it is extending ousted president Mohamed Morsi's detention for a further 15 days pending an investigation into his collaboration with Hamas.

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