Job slash
TWO of the world's biggest miners have slashed close to 1000 local jobs yesterday in response to falling coal prices and the high Australian dollar. BHP Billiton and Xstrata Coal yesterday separately announced plans to scale back their coal operations in Queensland, with BHP revealing it would shut its Gregory open-cut mine. The closure will result in nearly 300 coal miners losing their jobs, including 55 direct employees and 242 contractors, a BHP spokesman said. n AAP
Lead or leave
International financier George Soros has called for Germany to "lead or leave the euro" days before a crucial ruling on the eurozone's bailout fund by Germany's constitutional court. Mr Soros argued that the eurozone should target 5 per cent economic growth. That would require the bloc to abandon German-backed austerity measures and accept higher inflation, he says. n BBC BUSINESS
Slowdown fears
China's exports grew less than forecast and imports fell in August, adding to fears about a sharp slowdown in its economy. Exports rose by 2.7 per cent from a year earlier as global demand continued to remain subdued. Imports fell 2.6 per cent from a year ago, indicating a decline in homegrown consumption. n BBC BUSINESS
Retirement gift
BEFORE retiring, a Michigan car dealership owner wanted to thank his employees in a special way. All 89 employees at the Howard Cooper Import Center in Ann Arbor were given $US1000 ($1787) for each year of service to the 47-year-old car dealership. "The lady behind me had tears running down her face," employee Sandy Reagan told AnnArbor.com. "I sat next to a person who drives the parts van and he's been here almost 28 years. He doesn't make a ton of money, but he got almost $US28,000 (FJD$50,000)." n AAP
Home loans
THE Australian property sector remains in the doldrums with housing loans down almost 3 per cent since the start of the year, paving the way for further interest rate cuts possibly as early as next month. The lack of confidence in the housing sector has seen home loans approvals drop a further 1 per cent in July, according to figures released by the Australian Bureau of Statistics yesterday. The continuing weakness in the housing sector combined with the slowdown in the mining sector may force the Reserve Bank of Australia to cut the cash rate again in October. n HERALD SUN