Morning Market Roundup: Apple’s Attack Down Under, AIG to Show Us the Money

Here’s what’s important in the financial world this morning:

Apple: The Australian Competition & Consumer Commission (ACCC) — Australia’s consumer watchdog — alleged on Tuesday in Australia that Apple Inc has made “misleading” claims when promoting its new iPad’s 4G capability, reported The Wall Street Journal. The group plans to file an application in Federal Court on Wednesday accusing Apple of breaching consumer law.

The ACCC statement said, “The ACCC alleges that Apple’s recent promotion of the new “iPad with WiFi + 4G” is misleading because it represents to Australian consumers that the product “iPad with WiFi + 4G” can, with a SIM card, connect to a 4G mobile data network in Australia, when this is not the case.”

Symantec: The company is expected to end its joint venture with the Chinese company, Huawei Technologies, in the next two weeks. Symantec has expressed concerns that the joint venture would not allow it to gain access to classified documents from the U.S. government that discusses cyber-threats. It is expected to sell its 49 percent stake to Huawei for $530 million.

AIG: After the company repays its estimated $45 billion to the government, taxpayers may see a $5 billion to $10 billion profit. CEO Bob Benmosche shared this figure with CNBC on Monday. This month, the Treasury has already received over $14.6 billion of its AIG investment including $6 billion from selling shares.

Sony Corp.: The incoming chief executive who takes over next week, Kazuo Hirai, will take direct control of the company’s ailing television division in an attempt to turn things around. The company’s weakening TV division, as well as other Japanese brands, have faced stiff competition from rivals including Apple Inc. and Samsung Electronics. Sony is facing a fourth consecutive year of losses with this year’s coming loss to hit YEN 220 billion ($2.7 billion) thanks to its failing TV business.

[Editor’s note: the above is from  a cross post that originally appeared on Wall St. Cheat Sheet.]