THE NEWS WRAP: Tributes pour in for Apple co-founder Steve Jobs

Tributes have poured in for Apple co-founder Steve Jobs, with news of his death yesterday sparking a record for Twitter traffic.

US president Barack Obama said that Jobs had changed the world, while Facebook CEO Mark Zuckerberg called him a “mentor and a friend.”

Microsoft founder Bill Gates, Jobs’ long-time rival, said: “The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come. For those of us lucky enough to get to work with him, it’s been an insanely great honour.”

It’s estimated that 10,000 tweets a second were sent in the wake of Jobs’ death, a new record for Twitter.

Henry rebuffs conflict of interest claims

Former treasury head Ken Henry has denied a conflict of interest in joining the board of NAB, branding the criticism ”both disappointing and absurd.”

Henry has taken the position despite heading a major review by the Gillard Government into Australia’s engagement with Asia. However, Henry said that he saw no problem with the two roles.

Billabong debt warning

Billabong could breach its debt agreements if the Australian dollar continues to drop in value, according to a new analyst report.

RBS analyst Daniel Broeren said that of all the stock he has assessed “the threat of a global recession is most concerning for Billabong”.

“While underlying earnings in the Americas and Europe may come under pressure, the immediate risk, in our view, is a debt covenant breach as its US dollar-denominated debt expands on translation.”

Overnight

The Dow Jones industrial average rose 183.38 points, or 1.68%, to 11,123.33. The Australian dollar was steady at 96.42 US cents.