Software giant Microsoft has been slammed with a $US290 million fine by a United States court after losing a patent battle against Canadian firm i4i.
The lawsuit has been raging for years, and Microsoft was even ordered to stop selling Word software by one court after the infringement suit was filed against it.
The US Supreme Court has upheld an earlier decision against the company for infringing the patent of the Canadian company, which argues Microsoft used some of its IP in software including the Microsoft Office suite.
Justice Sonia Sotomayor confirmed the decision, ruling against Microsoft which made various arguments regarding the standard of proof needed.
“This case raised an important issue of law which the Supreme Court itself had questioned in an earlier decision and which we believed needed resolution,” Microsoft said, according to AFP.
“While the outcome is not what we had hoped for, we will continue to advocate for changes to the law that will prevent abuse of the patent system and protect inventors who hold patents representing true innovation,” he said.
i4i said in a statement the decision was “one of the most significant business cases the court has decided in decades”.
The Government plans to release draft legislation of the controversial mining tax, it was reported by the Australian Financial Review this morning.
It is expected that a draft of the legislation will be released, after negotiations between mining companies and experts.
In its current form the tax will begin from July 1, 2012, and the Government expects $7.7 billion in revenue within the tax’s first two years of operation.
While the original plans for the tax were released last year, it has gone through several changes since then due to pressure from the mining industry.
The Australian sharemarket has opened earlier this morning after a strong night on Wall Street where stocks rose after data showed exports reached a record high.
The benchmark S&P/ASX 200 index was up 16 points or 0.37% to 4566.6 at 12.00 AEST, while the Australian dollar opened higher to $US1.06c.
AMP shares gained 1.43% to $4.95, while Commonwealth Bank shares lost 0.18% to $49.51. NAB shares lost 0.25% to $24.22 as Westpac gained 0.28% to $21.85.
In the United States the Dow Jones Industrial Average gained 75 points or 0.63% to 12,124.36.
The Australian Financial Review has reported that the recent split of Westfield and Westfield Retail is not going as planned.
The report suggests that both companies are not meeting expectations due to the weak retail sector and the high Australian dollar.
However, the report also claims executives say the separation needs more time.
New South Wales treasurer Mike Baird has told Business Spectator that the state will not return to a surplus in the short-term.
“Economic changes sort of can come and go quickly, but what has surprised us is that we’ve been hit almost by a perfect storm where the expense settings of the former government have ramped up exponentially,” Baird said.
“And indeed they suggested that on the historical rate, the AAA rating would disappear within a two-year timeframe and then the AA-plus rating would be challenged in a short period after that.”
However, Mr Baird said he did not plan to wield the axe on “frontline services” on the road to eradicating the current $5 billion dollar budget deficit, nor did the Government have plans to increase mining royalties as Western Australia recently did.
Leighton seeks compensation
Leighton Holdings is seeking compensation for the $430 million it expects to lose on the Brisbane AirportLink.
The road and tunnel project being completed by Leighton subsidiary, Thiess, part of the Brisconnections consortium, was originally forecast to net Leighton a before tax profit of $407 million.
However, in a presentation delivered to analysts yesterday, Leighton chief financial officer, Peter Gregg, said the cost of the project had increased partly due to the changes in designs.
Approvals from authorities and access issues had delayed the project and “substantially” added to the final cost.
Gregg added severe wet weather and recent floods in Brisbane has also “severely hampered” progress.
Designs are now 99% complete and Leighton has targeted a completion date for June 30, 2012, however, this figure is not set in stone.
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