THE NEWS WRAP: Insurers expect the Queensland floods bill to hit $1 billion

The human and financial toll of the Queensland floods continues to mount, with 10 people confirmed dead and power cut to a further 100,000 people. 

Insurers expect to take a $1 billion hit from the floods, while economists predict the disaster will slice 0.2% to 0.6% off Australia’s GDP.

China exports hit record high

Exports to China hit record levels in November, with $5.7 billion worth of goods traded sold to Asian economic powerhouse.

The increase of 74% compared with the same month in 2009 was mainly fuelled by the mining industry, but sales of wool and meat also soared.

MySpace axes jobs

MySpace is to slash nearly half of its global workforce as it continues to struggle in the shadow of Facebook.

The social networking site, which was purchased by Rupert Murdoch’s News Corporation in 2005, is jettisoning 500 staff, or 47% of its workforce. 

Overnight

The Queensland floods are putting downward pressure on the value of the Australian dollar, with the currency falling to 98.64 US cents overnight.