Telstra’s shareholders have strongly backed the telco’s National Broadband deal, in a move that will allow its fixed-line customers to join the network.
An overwhelming 99.45% of shareholders backed the NBN deal, which will see Telstra get $11 billion in public money. The NBN said it will start installing high-speed fibre-optic cables in 28 locations between now and 2012.
Chinese economic growth slows
China’s economic growth slowed during the third quarter, new figures have shown, heightening fears that it has been impacted by the instability in the US and European markets.
Growth stood at 9.1% in the three months to September, down from 9.5% the previous quarter.
The slowdown has been blamed upon the Chinese government’s attempts to dampen down inflation, which has risen sharply in recent years.
News Limited set to introduce paywalls
News Limited is set to introduce its paywalls to Australia, with the company due to unveil its paid content model tomorrow.
Access to ‘premium’ content on the website of The Australian is set to be priced at $2.95 a week, while other information such as stock market data will be free.
The Dow Jones industrial average edged up 180.05 points, or 1.58%, to 11,577.05. The Australian dollar was steady at US103c.