Gina Rinehart has been named the richest woman in the world on the BRW Rich List, with the mining magnate’s family legal woes failing to dent a huge leap in her personal wealth.

 

Rinehart has a $29 billion fortune, according to the list, with her wealth increasing by $18.87 billion over the past year. The total makes her comfortably the richest person in Australia, as well as the richest woman in the world, eclipsing Wal-Mart heiress Christy Walton.

 

Facebook facing IPO legal challenge

 

Angry investors have launched a series of lawsuits against Facebook over losses incurred during its botched IPO on Friday.

 

Smaller shareholders claim that the social networking site and large banks withheld information crucial to the float, which has seen Facebook’s initial share price drop significantly. Facebook said that it will “vigorously” defend itself from the lawsuits.

 

Coalition blames carbon tax as 500 jobs lost

 

The Coalition has claimed that an aluminium smelter in NSW is the first business to close down due to the carbon tax, which is due to be introduced on July 1.

 

The Kurri Kurri plant is set to close with losses of $35 million, which it blames on a range of factors including the strong Australian dollar.

 

Overnight

 

The Dow Jones Industrial Average fell 11.65 points, or 0.09%, to 12,491.16. The Australian dollar was down to 97.49 US cents.