THE NEWS WRAP: Former Opes Prime boss Laurie Emini pleads guilty

Laurie Emini, former boss of collapsed stock broking firm Opes Prime, has pleaded guilty to three counts relating to his role in the downfall.

Emini admitted that he used his position at the company, which folded in 2008 with $630 million in debts, for financial advantage. Fellow former director Anthony Blumberg pleaded guilty to one count of the same charge.

Emini, who apologised to victims of the collapse in the Victorian Supreme Court, could face 12 months jail over the charge.

News Corp suffers share price slump

News Corporation’s share price has dropped by a sixth since the July 4 revelations that its now-defunct newspaper the News of the World hacked the phone of murdered schoolgirl Milly Dowler.

Yesterday, the media company’s shares dipped by another 61 cents, or 4.1%. The material loss has been estimated at $750 million.

WA is “strongest state economy”

Western Australia is the best performing state economy in the country, according to a new report.

The quarterly Commonwealth Bank study found that WA has overtaken the ACT as Australia’s leading economy, boosted by its mining and engineering industries, as well as strong retail spending.

Meanwhile, NSW and Queensland were identified as the two weakest state economies. NSW is suffering from a soft job market, while Queensland is still coping with the knock-on effects of widespread floods and a cyclone earlier this year.

Overnight

The Dow Jones Industrial Average slid 94.57 points to 12,385.16. The Australian dollar edged down to 106 US cents.