THE NEWS WRAP: IMF head urges more action to boost global economy

The head of the International Monetary Fund has called on the US and Europe to do more to bolster the flagging global economy.

Christine Lagarde said that “urgent” action was needed from policymakers to aid the global recovery, despite upcoming elections in the US.

“We all hope that political clarity emerges soon, and with it actions to avoid the fiscal cliff and, also, a concrete plan to bring down debt gradually over the medium term,” she said.

“We need decision-makers to be real action-takers. We need delivery.”

MySpace set for new relaunch

MySpace has undergone the fourth redesign in its history in an attempt to regain relevancy among users that have drifted to sites such as Facebook and Twitter.

Users are being asked to sign up to see a sneak preview of the new site, which is co-owned by Justin Timberlake. A message on the MySpace homepage states: “We’re hard at work building the new MySpace, entirely from scratch.”

iPhone 5 sales hit five million

Apple has said it sold more than five million units of the iPhone in the first three days since its launch.

The initial demand for the phone outstripped supply, according to the tech giant. The iPhone 5 will be available in 22 countries by Friday and 100 countries by the end of the year.

Overnight

The Dow Jones Industrial Average was down 101.37 points, or 0.75%, to 13,457.55. The Australian dollar dropped to US103.83 cents.