The organization's chief economist Doctor Frank Gilber says cutting costs and wages would do little to remedy the situation.

 

“You know, the dollar's too high, we are losing industry. In the current industry, it's just the latest, you know, long list of examples that we've been going through for the last seven or eight years and before. And there..there won't be the last. There will be more before this is over while the dollar remains too high.”

 

One of the world's largest bitcoin exchanges Mt. Gox has gone off line. Bitcoin exchanges allow the users to the digital currency for US dollars and other currencies.

 

The exchange has been hit by technical issues and recently halted all customer withdrawals after it spotted what it called “unusual activity”. The move is a setback for backers of bitcoin who'll be pushing for greater adoption of the currency. 

 

Let's go to the markets.

 

And stocks in the US lost ground as key figures revealed the American home price gains slowed in December. In London overnight, the FTSE lost half a percent.

 

To commodity prices.

 

West Texas Crude is trading at 102 US dollars a barrel. Tapis Crude is 115 US dollars a barrel. And gold is trading at 1341 US dollars an ounce.

 

To the currencies.

 

The Australian dollar is buying 90 US cents, 66 Euro cents and 54 pence sterling.