Subway co-founder Fred DeLuca dies of cancer; Small Business Ombudsman legislation granted royal assent: Midday Roundup

Fred DeLuca, the co-founder of sandwich giant Subway, died on Monday after a battle with leukaemia.

DeLuca had been fighting the cancer since being diagnosed in June 2013.

As part owner of one of the world’s biggest food chains, DeLuca’s rose to fame from humble beginnings.

DeLuca grew up in the Bronx neighbourhood of New York and got his first break in 1965 in the form of a $1400 loan, which allowed him to open his first sandwich shop.

DeLuca famously knew nothing about the sandwich business or food industry, as outlined in his book, Start Small Finish Big: Fifteen Key Lessons to Start – and Run – Your Own Successful Business.

Small business ombudsman legislation granted royal assent

Legislation to establish the Small Business and Family Enterprise Ombudsman’s office was granted Royal Assent last week.

Taxpayers Australia chief executive Moti Kshirsagar said in a statement the establishment of the new office will give some comfort to small businesses that have often found it tough to deal with larger competitors.

“Small businesses are struggling. Our members report that they are facing challenging times. It is only appropriate that small businesses have the opportunity to complain against any unfair treatment through a formal dispute resolution process,” he said.
“We encourage tax practitioners to understand the new process so that they are able to advise their small business clients appropriately of their rights.”

Local shares enjoy boost

Local shares enjoyed a good start to the day on the back of rising share prices and commodity prices and a creeping Aussie dollar.

Michael McCarthy, chief market strategist at CMC Markets, said in a statement the stars have aligned.

“Rising share prices, rising commodity prices, and the AUD creeping higher, all point to strong support for Australian shares today,” he said.

“The quarterly futures expiry will add extraordinary liquidity, and combined with the overnight impulse could see a heavily traded surge higher. However, the key market event remains the US Federal Reserve’s interest rate decision due early tomorrow morning, and investors may curb their enthusiasm ahead of the call.”

The S&P/ASX200 benchmark was up 1.5%, rising 79.8 points to 5178.7 points at 12.06pm AEST. On Wednesday, the Dow Jones closed up 0.84%, rising 140.10 points to 16740 points.