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