THE NEWS WRAP: ACCC urges cartel whistleblowers to step forward

The head of the Australian Competition and Consumer Commission has vowed to take on abuses of market power, urging whistleblowers to come forward with evidence of cartel behaviour.

In a speech that outlined the competition watchdog’s 2012 priorities, Rod Sims called on small businesses and suppliers to produce evidence of wrongdoing by the likes of Coles and Woolworths.

He said: ''I think it is going to be an unfortunate day all round when we have to take criminal action in relation to cartels, but if that is what it takes then that is what is going to have to happen.''

ACCI denies Rudd approach

One of the Australia’s leading business lobby groups has denied that Kevin Rudd approached it to discuss his priorities should he return as prime minister.

Peter Anderson, chief executive of the Australian Chamber of Commerce and Industry, called on Labor to resolve the leadership issue for the good of the country, but denied that Russ had spoken to him about any potential challenge to Julia Gillard.

Billabong receives fresh offer

Troubled surf wear brand Billabong has received a fresh takeover offer, valued at $765 million.

The move, by US firm TPG, values the business at $3 a share. Billabong said it was considering the bid but urged its shareholders to not take any action.

Overnight

The US markets were closed for a public holiday, while London's FTSE 100 added 0.7% at 5945.25. The Australian dollar edged down to 107.45 US cents.