THE NEWS WRAP: 23% of insolvencies happened in Queensland in March quarter

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Queensland endured the largest rise in business failures of any of the states in the March quarter, again highlighting the perils of the “two-speed” economy.

 

The resource-rich state accounted for 23% of all insolvencies in the quarter, according to the Australian Securities and Investments Commission.

 

While mining projects continue to boom in Queensland, its tourism, retail and property businesses have been left to struggle.

 

Facebook tests paid promotion idea

 

Facebook is experimenting with a new system that will allow users to pay to promote or highlight posts.

 

In a move that will interest small businesses, Facebook said it was testing the payment idea with its New Zealand users.

 

Yahoo CEO steps down

 

Scott Thompson, the CEO of Yahoo, is to step down after becoming embroiled in a controversy over a fake computer science degree on his CV.

 

Yahoo has admitted that Thompson, who was only hired in January, did not have the qualifications he claimed he did, resulting in shareholder pressure for the CEO to resign.

 

Markets

 

The Dow Jones industrial average dropped 34.44 points, or 0.27%, to 12,820.60 on Friday. The Australian dollar was barely above parity this morning, at 100.01 US cents.

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