THE NEWS WRAP: Aussie retailers brace for job losses

China’s economic growth beat expectations in 2011, despite a slowing in GDP towards the end of the year.


According to the National Bureau of Statistic, China’s economy grew by 8.9% in the fourth quarter, bringing annual growth to 9.2%, down from 10.4% in 2010.


Retailers brace for job losses


Australian retailers are bracing themselves for job cuts following a sluggish Christmas sales period, analysts have warned.


Sales growth was flat in November, down from a 0.2% rise in October, pointing to weak Christmas retail activity. There are fears that a number of retailers will follow the likes of Borders and Angus and Robertson into administration in 2012.


Wikipedia plans Sopa shut down


Wikipedia is poised to hold a one day “black out” later today in protest at proposed anti-piracy laws in the US.


The popular user-generated online encyclopedia is shutting down temporarily over the Stop Online Piracy Act (Sopa), which is set to be debated in Congress.




The Dow Jones industrial average was up 64.78 points, or 0.52%, to 12,486.84 overnight. The Australian dollar rose to 104.50 US cents




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