THE NEWS WRAP: A further 16 Borders stores set to close

A further 16 Borders stores are set to close in the wake of the collapse of parent company REDgroup, adding to the one Borders and 48 Angus & Robertson stores already shut.

The closures, across NSW, Queensland and Victoria in the next eight weeks, will result in more than 500 job losses. Yesterday, it was revealed that a group of Angus & Robertson franchisees have launched a bid to break from REDgroup to continue trading.

Swan’s ASX merger decision queried

Senior business figures have questioned Treasurer Wayne Swan’s decision to block the takeover of the Australian stock exchange by its Singaporean counterpart.

Several economists rejected Swan’s claim that the merger wouldn’t be in Australia’s national interest, while ANZ chief executive Mike Smith said that the move could hamper foreign investment in Australia. 

Jacob’s Creek hits a bad spell

An audacious plot to sell counterfeit bottles of Jacob’s Creek wine in the UK was foiled due to bad spelling on the labels.

Hundreds of bottles of Jacob’s Creek were seized by UK authorities after suspicions were raised by the label, which read ‘Wine of Austrlia.’ It’s believed that the knock-off product was made in China.

Overnight

The Dow Jones industrial average climbed 32.85 points to 12,426.75. The dollar remained on its upwards trajectory, moving to 104.43 US cents.