THE NEWS WRAP: Qantas industrial dispute set to rumble on

The damaging industrial dispute between Qantas management and unions looks set to continue, with each side blaming the other for the impasse.

Five planes have been grounded this morning due to industrial action by aircraft engineers, with 400 flights cancelled over the next four weeks.

Unions have accused Qantas of walking away from negotiations to resolve the dispute, while the airline has attacked union demands for pay increases and job security provisions as unreasonable.

“Occupy” protests spread across globe

Anti-capitalist rallies have been held in 80 countries around the world, with protesters set to continue their “occupation” of cities including London, Amsterdam and Frankfurt.

Protests were held in Sydney and Melbourne, while violence flared in New York and Rome, Italy, with several local businesses attacked. 

Aussies’ work being wasted: Report

Australians are among the hardest working, yet least productive, workers in the world, according to new figures.

An Ernst & Young report found that Australians work an average 44-hour week, although 18% of this time is spent on work that wastes time and effort.

As a result, Australian employees rack up $109 billion in wasted wages each year, Ernst & Young said.

Markets

The Dow Jones Industrial Average rose by 166.36 points, or 1.5%, to 11,644.49 during Friday’s trade. The Australian dollar edged up to 103.35 US cents.