Business

THE NEWS WRAP: Labor under pressure

Oliver Milman /

Pressure is mounting on the federal government to call an early election following its decision to ask embattled Labor MP Craig Thomson to move to the crossbenches.

 

Thomson has been suspended while claims of improper use of union funds hang over him. Meanwhile, speaker Peter Slipper will also stand aside amid allegations of sexual harassment.

 

A Galaxy poll in the Herald Sun showed the majority of Australian voters want an early election, with just three in 10 planning to back Labor.

 

Spanish unemployment soars

 

The economic pain in Europe is continuing to bite, with unemployment in Spain hitting a massive 24.4% – a 20-year high.

 

More than 5.6 million people are out of work in Spain, amid fears that the country will become the latest to require a bailout from other eurozone countries.

 

Samsung overtakes Nokia as mobile leader

 

Samsung is now the world’s largest maker of mobile phones, overtaking previous market leader Nokia, according to new data.

 

Research firm Strategy Analytics said that Samsung shipped 93 million phones in the first quarter of 2012, compared to almost 83 million by Nokia.

 

Nokia had been in top spot since 1998, when it took the title from Motorola.

 

Markets

 

The Dow Jones Industrial Average rose 23.69 points, or 0.2%, to 13,228.31 on Friday. The Australian dollar was steady at 103.70 US cents. 

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