THE NEWS WRAP: Clive Palmer lashes out at “intellectual pygmy” Wayne Swan

Mining magnate Clive Palmer has hit back at Federal Treasurer Wayne Swan, claiming that he is an “intellectual pygmy” and that he doesn’t understand the economy.

 

Palmer, who has been named an Australian living treasure by the NSW National Trust, attacked Swan after the treasurer claimed that “vested interests”, including Palmer, were distorting Australian politics for their own gain.

 

“I hope the treasurer would not attack me personally but attack what I’m saying,” said Palmer.

 

“While we can forgive Wayne Swan in the spirit of reconciliation we can never forgive the Labor Party for destroying the wealth of the mums and dads and the kids that live in this country.”

 

 

Eurozone woe set to his Aussie businesses

 

Australian manufacturers and tourism businesses are set to suffer due to attempts to prop up the Eurozone, economists have warned.

 

European Central Bank’s injection of $648 million into the eurozone last week is set to push the Australian dollar higher, potentially harming businesses that rely on overseas trade.

 

 

Yelp enjoys strong public debut

 

Much-hyped tech start-up Yelp enjoyed a strong first day of trading as a public company, with shares soaring by 64% by the close of business.

 

Yelp, a site that allows consumers to review local businesses, has never made a profit and recorded a $17 million loss in 2011.

 

 

Markets

 

The Dow Jones industrial average fell by 2.73 points, or 0.02%, to 12,977.57 on Friday. The Australian dollar was up to 107.88 US cents.