THE NEWS WRAP: Budget forcasts 500,000 new jobs: Swan

The Federal Budget will forecast an extra 500,000 jobs will be created over the next two years, treasurer Wayne Swan has revealed.

Swan said that the budget, to be officially released on May 10, will show that unemployment will be pushed down to 4.5%. The treasurer said that the budget will focus on moving people off welfare dependency and into work.

Kerry Stokes rebuts contempts of court

Billionaire media entrepreneur Kerry Stokes has refuted his contempt of court charge, following comments made about Seven Media Group’s ongoing legal battle with its former sales chief, James Warburton.

Warburton, who is attempting to speed up his defection to Network Ten to become CEO, accused Stokes of contempt of court following comments made by Seven’s largest shareholder to journalists. However, Stokes’ lawyer said that the alleged contempt was “totally inadmissible” as a criminal charge.

Buffett admits ‘big mistake’

Warren Buffett has been grilled by his company’s shareholders over the resignation of the executive many expected to succeed him as CEO of Berkshire Hathaway.

Billionaire investor Buffett admitted he made a “big mistake” by not pressing David Sokol over his purchase of $US10 million in stock in Lubrizol, before recommending a takeover of the company. Buffett said that Sokol’s actions had violated Berkshire Hathaway’s insider trading and ethics rules.

Overnight

The Australian dollar came within touching distance of 1.10 US cents, hitting a high of 109.83 US cents.