THE NEWS WRAP: Shareholders in Nokia approve Microsoft deal

Nokia investors have approved a $US7.4 billion deal that will see Microsoft take over the company’s mobile phone and services divisions.

Under the proposal, the Finnish communications company will retain its Nokia-Siemens telecommunications equipment business.

In total, 99% of Nokia shareholders voted in favour of the deal, with the deal, still requiring regulatory approval, expected to close in the first quarter of 2014.

“Nokia has faced major changes on several occasions in its nearly 150 years’ history and overcome them,” Nokia interim chief executive Risto Siilasmaa says.

RBA keeping an eye on the housing market

The Reserve Bank is leaving open the possibility of further cuts to official rates, but says it is keeping a close eye on the “stimulatory effects” of previous cuts flowing through the economy.

“Given the lags with which monetary policy operates, the stimulatory effects would likely continue coming through for some time,” the RBA says.

“It was appropriate to leave the cash rate unchanged while continuing to gauge the effects, including in the housing market, of the substantial degree of monetary policy stimulus that had been put in place over the past two years.”

Education failing to close the gender pay divide

Women are paid less than men in the workforce despite achieving better results in terms of education, according to Council of Australian Governments report.

The report shows that more women than men complete year 12 and attain advanced qualifications under the age of 30.

Despite this, the report says that the starting median salary for women is $5000 less than it is for men, with the average super balance ending up $85,000 lower at retirement.

The report also notes that women head just 3% of Australia’s top 500 companies.

Overnight

The Dow Jones Industrial Average is down 0.09% to 9433. The Aussie dollar is up to US94.33 cents.