THE NEWS WRAP: Failure to combat mental illness a drain on the economy, study finds

A failure to invest in ways to combat mental illness among young men is proving a drain on the Australian economy, with businesses losing $3.3 billion a year due to the problem, according to a new report.

The Inspire Foundation study found that suicide remains the leading cause of death for young men, with poor mental health resulting in nine million working days lost a year. 

Gillard faces down miners over dinner

Julia Gillard has had another showdown with the mining industry, reminding the sector that it doesn’t own the minerals it digs up and sells.

Speaking to the Minerals Council of Australia dinner in Canberra, the Prime Minister said that no one begrudged the hard work of miners, but added: “And here’s the rub – you don’t own the minerals.”

Cook denies he is the next Jobs

Tim Cook, Apple’s CEO, has denied that he is trying to emulate the late Steve Jobs in his first live media interview.

Asked about the Apple founder, Cook said: “”Steve was a visionary. My role was never to replace him. He was an original.”

“I’ve never felt the weight of trying to be Steve. It’s not who I am and it’s not my goal in life.”

“I am who I am, and I’m focused on that, and being a great CEO of Apple.”

Overnight

The Dow Jones Industrial Average dropped 161.13 points, or 1.28%, to 12,419.56. The Australian dollar fell to US 97.10 cents.