THE NEWS WRAP: Clive Palmer to “protect democracy” from Queensland Government’s economic policies

Mining magnate Clive Palmer has hit out at the Queensland Government’s economic policies, calling himself “the last sentry at the gate to protect democracy” in the face of public service cuts and rising mining royalties.

Palmer said that strikes over public sector job losses and a rise in the levy charged on mining would damage business confidence and deter investment.

“I won’t put up with it, either. I remain the last sentry at the gate to protect democracy,” he said.

US Federal Reserve launches new stimulus

The US Federal Reserve has again attempted to jump-start the American economy, this time through the tactic of quantitative easing.

The central bank said it will pump money into the system by buying $US40 billion of mortgage-backed debt per month until the unemployment rate improves.

The move is seen as the largest intervention by the Federal Reserve since the US was hit by the global financial downturn.

500 Startups opens to all comers

Vaunted US incubator 500 Startups has thrown its doors open to all applicants for its next round of program participants.

For the first time, 500 Startups will allow anyone to apply to its accelerator, which involves start-ups being mentored by a network of experts in order to grow the businesses.

Typically, 500 Startups invests $50,000 for a 5% stake in a start-up, with an option for a further $200,000 in funding later on.

Overnight

The Dow Jones Industrial Average ended up 206.51 points, or 1.55%, to 13,539.86. The Australian dollar was up to US105.48 cents.