Need to know: Friday

Last updated 08:22 11/07/2014

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What you need to know on Friday morning, July 11.

- NZX50 up 5.27 points (0.10 per cent) to 5128.013

- NZ dollar at US88.18 cents, A93.91c, 89.38yen, 51.43p, 64.65€c

- Brent crude oil at US$108.82 a barrel (up US54c)

- Spot gold at US$1337.80 an ounce

What's on today

- Statistics New Zealand's food price index, an important part of the overall inflation picture, will show whether your favourite meals are getting cheaper or more expensive

Stocks to watch

- Mainfreight: Yesterday's ANZ Truckometer was overshadowed by other data as well as the focus on the rise of the New Zealand dollar, but it showed some worrying signs for trucking companies such as Mainfreight. The heavy traffic index fell a further 0.8 per cent in June, after an even bigger 2 per cent drop in May, signalling a wider slowdown in economic growth is on the cards.

Top international news

- faces a lawsuit filed Thursday by the US government over allowing children to rack up millions of dollars in charges related to mobile apps without getting permission from their parents, who are then stuck with the bills.

The US Federal Trade Commission (FTC) asked the court in a lawsuit filed against the online retailer on Thursday to refund the money spent without parental authorisation and to end the practice of allowing unlimited purchases without requiring a password or other mechanism to give parents control over their accounts.

The unauthorised charges are generally associated with children's apps, such as games, which can be free to download but allow players to buy "coins" or other digital products with the credit card associated with the device, the FTC said in its complaint.

The FTC settled a similar case with Apple Inc in January. Apple agreed to refund consumers at least US$32.5 million (NZ$37m) in unauthorised charges made by children and agreed to change its billing practices to require consent from parents before charging for such in-app spending.

Something else for your morning

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- The high New Zealand dollar is causing concern among exporters but it is opening up opportunities for bargains for those looking to buy imported electronics and white-ware. While retail spending isn't rising much overall, people buying products such as tablets and fridges are getting more bang for their buck, allowing them to buy extra gadgets or even upgrade to a better model.

- Stuff

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