And the Australian dollar is worth nearly 105 US cents this morning. It'll also buy you 65 British pence and 126 New Zealand cents.

 

Switzerland's oldest private bank Wegelin & Co has been permanently shut down after pleading guilty in a New York court to helping Americans invade their taxes. The bank which has been in operation for over 260 years has agreed to pay almost 58 million dollars in fines to US authorities. The plea potentially marks a major turning point for authorities investigating Swiss bank secrecy.

 

France's music Megastore Virgin is facing insolvency, threatening 1,000 jobs across the country. The firm, which is predominantly owned by investment bank Butler Capital, has 25 stores in France and has already taken steps to terminate the lease on its Parisian store. It's the latest music chain to fail against the backdrop of consumers' shifting to digital music.