THE NEWS WRAP: Rinehart increases her Fairfax stake to 15%

Gina Rinehart, Australia’s richest person, has lifted her stake in Fairfax to above 15%, further consolidating her position as the ailing media company’s largest shareholder.

 

Rinehart bought around half of the 78.7 million shares traded yesterday, upping her stake by 2%. The mining magnate has been sharply critical of the performance of Fairfax, which has seen its share price slump 85% in the last five years.

 

Australia urged to embrace digital future

 

Australia needs to shift from selling minerals to embracing new opportunities in health, education, tourism and business services, according to a new report.

 

The IBM report warns that 15 of Australia’s 509 industries are set to disappear unless they exploit the “hyper digital era.”

 

Nokia makes 10,000 further job cuts

 

Nokia has slashed a further 10,000 jobs and warned that its second-quarter losses from its mobile division will be worse than expected.

 

The Finnish company has now shed 40,000 jobs since 2010 and has seen its share price fall by 70% over the past year.

 

Overnight

 

The Australian dollar moved above parity, rising to US100.28 cents.

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