THE NEWS WRAP: Japan earthquake has a knock-on effect for global markets

Japan’s worst ever earthquake has had a knock-on effect for global markets, with oil prices rising after refineries closed and the initial insurance bill thought to be $100 billion.

Japan’s central bank is drawing up an emergency budget which will take the brunt of the cost of repairs following the 8.9 magnitude earthquake, which triggered a devastating tsunami that hit the north-east of the country.

WA Chamber urges change in migrant pay rules

Businesses should be able to pay migrant workers less than the Federal Government threshold of $47,000 a year in order to solve skills shortages, according to Western Australia’s Chamber of Commerce.

In a submission to the federal population strategy taskforce, the Chamber argued that the pay threshold for temporary skilled migration visa applicants should be lowered and English language tests be relaxed.

Aldi set to enter NSW alcohol battle

Hot on the heels of ‘milk wars’, we could now be faced by a ‘booze battle.’ Supermarket chain Aldi has applied for liquor licenses in its 102 NSW stores, putting it on a collision course with Coles and Woolworths, which account for half of the $16 billion of alcohol sold in Australia.

Overnight

Japan’s Nikkei 225 Stock Average fell by 1.7%. The Australian dollar held steady in overnight trading to stand at 101.4 US cents, 72.9 euro cents, 63.1 pence and 83.1 yen.