Australian businesses reliant on exports or exposed to competitors’ imports have shed 90,000 jobs in the last three months due to the strength of the dollar, according to new figures.
A report by The Australian shows that manufacturing has been hardest hit, losing 30,000 jobs over the three month period.
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Agriculture, hospitality and tourism have also been badly hit, with the strength of the Australian dollar, which has consistently traded above $US1 for the past six months, blamed for the job losses.
Trader arrested over $1.95bn fraud
A trader has been arrested in London after allegedly masterminding a fraud that cost Swiss banking giant UBS $1.95 billion.
The trader, named as Kweku Adoboli in media reports, worked in the exchange-traded funds part of UBS. Share in the company dropped by 10% amid fears the rogue trading will push the bank into the red.
RIM sees profits halve
Research in Motion, manufacturer of the Blackberry, has seen its second-quarter profits more than halve, due to falling demand for its older models.
Net profit fell to $329 million, despite RIM shipping 10.6 million Blackberry smartphones during the quarter. Shares in the company fell by 10% following the results.
The Dow Jones industrial average rose 149.21 points, or 1.33%, to 11,395.94. The Australian dollar was up to 103.27 US cents.