THE NEWS WRAP: Bank of Japan injects an extra $84 billion into the marketplace

The Bank of Japan has again intervened to prop up the nation’s financial system, pumping an extra 7 trillion yen, or $84 billion, into the marketplace. 

The move, designed to boost consumer confidence and add stability to the financial system, comes as Japan’s nuclear crisis continues to unfold. Engineers are battling to cool a third reactor at a nuclear power plant after a second blast in three days.

Qantas boss backs carbon tax

The Federal Government’s carbon tax plan has found an unlikely supporter in Alan Joyce, CEO of Qantas.

Joyce told the Australian Financial Review that he understood why a price on carbon was necessary and that it would help Australian businesses move away from coal-fired power. Qantas spends an estimated $4.7 billion a year on fuel.

Buffett spends $US9 billion on chemicals firm

Investment kingpin Warren Buffett has shown that turning 80-years-old has not dimmed his appetite for a deal, splashing out $US9 billion for chemicals firm Lubrizol.

Buffett’s investment company Berkshire Hathaway said the deal was one of the largest in its history. Earlier this month, Buffett said he was keen to invest in further businesses, claiming that “Our elephant gun has been reloaded, and my trigger finger is itchy.”

Overnight

The Dow Jones industrial average fell by 73.68 points to 11,970.72. The Australian dollar fell to 100.95 US cents.