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Jun 17, 2011

RTTNews Morning Market Briefing

Morning Market Briefing
Commentary
Stocks are likely to show a notable move to the upside at the start of trading on Friday, benefiting from easing concerns about the Greek debt crisis. The major index futures are currently pointing to a sharply higher open, with the Dow futures up by 96 points. (Jun 17, 2011) Full Article
Economic News
Members of the Bank of Japan's monetary policy board said that the need for additional easing measures remains potentially strong, minutes from the bank's May 19 and 20 meeting revealed on Friday - due in part to the devastating earthquake and tsunami on March 11. (Jun 17, 2011) Full Article
Singapore's exports recovered at a stronger than expected pace in May as robust growth in shipments of non-electronic products outweighed the fall in exports of electronic goods. (Jun 17, 2011) Full Article
Eurozone trade gap widened more than expected in April due to an acceleration in import growth. (Jun 17, 2011) Full Article
Earnings News
Capital One Financial Corp. (COF) reported Thursday agreeing to acquire ING Direct, a subsidiary of ING Groep NV (ING) in a $9 billion cash and stock transaction that may complete in late 2011 or early 2012 and may contribute to the company's earnings in 2012. (Jun 17, 2011) Full Article
Research in Motion Ltd. (RIMM, RIM.TO) Thursday said first-quarter profit dipped year-over-year on lower margins and higher operating expenses. Earnings topped analysts' estimates, while revenues missed. The company also issued its second-quarter financial guidance with both earnings and revenues estimates missing consensus. Further, it also trimmed its fiscal 2012 earnings outlook. (Jun 17, 2011) Full Article
India-based Tata Steel Ltd. Thursday reported agreeing to sell its 26.22 percent stake in Riversdale Mining Ltd. (RIV.AX, RLMLF.PK) to Rio Tinto plc (RIO, RIO.L, RIO.AX, RTNTF.PK, RTPPF.PK) for 1.06 billion Australian dollars – approximately $1.12 billion. (Jun 17, 2011) Full Article
Todays WS Events
SAIC Annual Stockholder Meeting At 9:00 AM ET
SAIC Inc. (SAI) will hold its Annual Meeting of Stockholders. The event is scheduled to begin at 9:00 AM ET, June 17, 2011. To access the webcast, log on at http://investors.saic.com/phoenix.zhtml?c=193857&p=irol-EventDetails&EventId=3961137 (Jun 17, 2011)

MarketWatch | Pulse : Research in Motion shares tumble to 2006 level J.P. Morgan cuts rating on BlackBerry maker after RIMM cuts its view


Bulletin

By Steve Gelsi, MarketWatch

NEW YORK (MarketWatch) — Shares of Research in Motion fell to a five-year low Friday as Wall Street analysts cut their views on the BlackBerry maker after the company lowered its profit target for the year.

Shares of RIMM fell nearly 18% premarket to $29.02, its lowest point since 2006.
Among the brokerage actions, Research in Motion Ltd. RIMM -15.71%   CA:RIM -0.26%  was cut to neutral from overweight at J.P. Morgan on Friday after the company slashed its full-year earnings outlook. See story on Research in Motion earnings
“The severe EPS target cut and Bold 9900 delay put two final nails in the coffin of our overweight thesis,” J.P. Morgan analyst Rod Hall wrote in a note to clients.
The investment firm lowered its December price target to $30 from $40.50.
“On a positive note, the company announced a share buyback program for up to 5% of shares outstanding.”
Late Thursday, RIMM lowered its earnings outlook to a range of $5.25 to $6 a share, versus the Wall Street consensus of $6.31 a share.
Analysts at Sterne, Agee & Leach Equity Research said the biggest downside surprise from Reseach in Motion was its lowered profit target.
“It appears that the company is not only seeing margin pressure but unit and revenue as well,” Sterne Agee analysts said. “Our mistake (as well as the Street’s) is that we had thought that consensus estimates had already been cut aggressively reflecting a worst-case scenario but apparently not enough.”
Steve Gelsi is a reporter for MarketWatch in New York.
 

MarketrWatch | Indications U.S. futures rise on Greece hopes; RIM sinks UMich consumer sentiment survey, leading indicators due later





By Barbara Kollmeyer, MarketWatch
Reuters
Evangelos Venizelos is, reports say, appointed Greece’s new finance minister on Friday.
MADRID (MarketWatch) — U.S. stock futures pushed higher on Friday, after France and Germany displayed unity over solving the Greek debt crisis, while shares of Research in Motion Ltd. tumbled in preopen trade on disappointing earnings.
Futures for the Dow Jones Industrial Average rose 74 points to 11,974, while those for the Standard & Poor’s 500 index rose 9.1 points to 1,272.60.
Futures for the Nasdaq 100 rose 13.5 points to 2,209. 


 
Indications Archives | Email alerts June 17, 2011, 7:29 a.m. EDT U.S. futures rise on Greece hopes; RIM sinks UMich consumer sentiment survey, leading indicators due later Stories You Might Like Jeff Reeves: 11 reasons stocks will storm back soon MarketWatch First Take: Oprah’s O.J. gimmick… Europe stocks tumble as Greece worries weigh U.S. stock futures slip ahead of economic data Share: More Email Print Comment 104 By Barbara Kollmeyer, MarketWatch Reuters Evangelos Venizelos is, reports say, appointed Greece’s new finance minister on Friday. MADRID (MarketWatch) — U.S. stock futures pushed higher on Friday, after France and Germany displayed unity over solving the Greek debt crisis, while shares of Research in Motion Ltd. tumbled in preopen trade on disappointing earnings. Futures for the Dow Jones Industrial Average rose 74 points to 11,974, while those for the Standard & Poor’s 500 index rose 9.1 points to 1,272.60. Futures for the Nasdaq 100 rose 13.5 points to 2,209. Click to Play U.S. week ahead: Greek crisis, tech What happens in Greece's talks with international creditors in coming days could determine whether the U.S. stock market can shake its recent funk. Additionally, investors will get a look at the health of the tech and consumer sectors, along with an update from the Federal Reserve's policy makers. 

Futures climbed along with European stocks, which rebounded from earlier losses after German Chancellor Angela Merkel and French President Nicolas Sarkozy said they are committed to preserving the euro‘s stability and want the Greek crisis resolved quickly.
The benchmark stock index GR:GD +4.55%  in Athens rallied 2.8% with battered banks surging. Also helping out were reports that the Greek government has reshuffled the cabinet and appointed a new finance minister, Evangelos Venizelos, as the country seeks to head off a debt default.
Peter Cardillo, chief market economist at Avalon Partners, said “any positive hints will ease market fears.”
In an interview with Charlie Rose on Bloomberg TV on Friday, former Federal Reserve Chairman Alan Greenspan said a Greek default is “almost certain” and could push the U.S. into recession.
Cardillo added that markets could remain volatile on Friday owing to the effect of so-called quadruple witching, when stock-index futures, single-stock futures, equity options and stock-index options for June expire.
U.S. stocks ended mostly higher Thursday after a volatile session, with Wall Street weighing up the Greek crisis and economic data that offered a bit of relief. The Dow Jones Industrial Average DJIA +0.54%  rose 64.25 points, or 0.5%, to 11,961.52.
Data on tap for Friday include the University of Michigan’s consumer-sentiment survey for June, due at 9:55 a.m. Eastern time, and leading indicators for May at 10 a.m. Eastern.
“Consumer sentiment is going to continue to show consumers that are defensive and worried, and I don’t see that improving anytime soon,” said Cardillo. Economists polled by MarketWatch are forecasting a consumer sentiment reading of 73.5 in June against 74.3 in the prior month. Leading indicators for May are expected to rise 0.5% against a prior 0.3% fall.
Shares of Research in Motion RIMM -15.79%  slumped 15% in preopen trading after the BlackBerry maker posted weaker-than-expected first-quarter results and lowered its fiscal-year earnings outlook. Read more on Research in Motion's results
In Europe, Greek stocks led a turnaround for the overall market, with the Stoxx Europe 600 index XX:SXXP +0.47%  up 0.4%.
In Asia, the Hang Seng index HK:HSI -1.18%  fell 1.2%, after a 1.8% fall in the prior session as worries over Greece and the U.S. economic recovery pressured markets.
Commodity futures pared losses, while the dollar ceded territory, amid renewed optimism over Greece. Gold for August delivery fell $1 to $1,528.90 an ounce, while crude-oil futures for July delivery fell $1.33 to $93.62 a barrel.
The U.S. dollar index DXY -0.35% , which measures the performance of the dollar against a basket of six currencies, fell 0.4% to 75.117.
Barbara Kollmeyer is an editor for MarketWatch in Madrid.

Financial & Forex Info | Reuters Before The Bell: Stock futures jump after Sarkozy comments on Greece









News
LATEST NEWS
Stock futures jump after Sarkozy comments on Greece
NEW YORK (Reuters) - Stock index futures rose sharply on Friday after French President Nicolas Sarkozy hinted at a deal to resolve the Greek debt crisis that has hampered equities and worried investors over a possible credit dry-up. | Full Article

SEC could file civil fraud charges against some raters
June 17, 2011 07:46 AM ET
BANGALORE (Reuters) - U.S. regulators could file civil fraud charges against some credit-rating agencies for their role in developing mortgage-bond deals that helped bring about the financial crisis, the Wall Street Journal reported, citing people familiar with the matter. | Full Article
Capital One to buy ING's U.S. online bank for $9 billion
June 17, 2011 06:13 AM ET
AMSTERDAM/CHARLOTTE, North Carolina (Reuters) - Capital One Financial Corp plans to buy ING Groep NV's U.S. online bank for $9 billion in cash and stock, freeing the Dutch bank to repay bailout funds and sever its state ties. | Full Article
RIM shares plummet on weak results, outlook
June 17, 2011 07:41 AM ET
(Reuters) - Shares of Research In Motion Ltd fell more than 15 percent in pre-market trade on Friday, a day after the Blackberry maker posted weak quarterly results and outlook, prompting two analysts to downgrade the stock and several others to cut their price targets. | Full Article
Leonard Green, CVC to submit bid for BJ's Wholesale
June 17, 2011 07:49 AM ET
(Reuters) - Private equity firm Leonard Green & Partners said it has teamed up with CVC Capital Partners to submit a proposal to buy BJ's Wholesale Club Inc , the third-largest U.S. wholesale club retailer. | Full Article

Financial & Forex Info | Kitco Market Hourly Report






Market snapshot as of Fri Jun 17 07:02:56 EDT 2011 New York time (GMT - 5)
Gold
 Bid 1526.9
 Ask 1527.9
 Change
-2.3
-0.15%
 High 1530.7
 Low 1521.8
Silver
 Bid 35.46
 Ask 35.56
 Change
-0.13
-0.37%
 High 35.59
 Low 34.85
Platinum
 Bid 1745.0
 Ask 1752.0
 Change
-8.0
-0.46%
 High 1777.0
 Low 1740.0
Palladium
 Bid 748.0
 Ask 754.0
 Change
-6.0
-0.8%
 High 768.0
 Low 741.0

London Fix
  Gold Silver Platinum Palladium
  AM PM - AM PM AM PM
 $USD   1526.25  0.0  0.0  1747.0  0.0  744.0  0.0

Financial and Forex Info | Reuters - Morning Digest: : BlackBerry maker slashes forecast, shares tumble








News
LATEST NEWS
BlackBerry maker slashes forecast, shares tumble
TORONTO (Reuters) - Research In Motion's quarterly profit dropped and revenue missed its own limp forecast, forcing the BlackBerry maker to slash its outlook and sending its shares down 15 percent on Thursday. | Full Article

Rebels dismiss election offer, NATO pounds Tripoli
June 17, 2011 05:29 AM ET
TRIPOLI (Reuters) - NATO planes resumed bombardments of Tripoli after Muammar Gaddafi's son said the Libyan leader was willing to hold elections and step aside if he lost, an offer rejected by rebels and the United States. | Full Article
Dow, S&P rise in volatile session; Nasdaq slips
June 16, 2011 05:25 PM ET
NEW YORK (Reuters) - Stocks rose in volatile trading on Thursday, thanks only to technical factors and options expirations. But raging uncertainty about Greece prevented investors from committing money to the market. | Full Article
Exclusive: China software bug makes infrastructure vulnerable
June 16, 2011 10:28 PM ET
NEW YORK (Reuters) - Software widely used in China to help run weapons systems, utilities and chemical plants has bugs that hackers could exploit to damage public infrastructure, according to the Department of Homeland Security. | Full Article
Black hole shreds star, sparking gamma ray flash
June 16, 2011 04:41 PM ET
WASHINGTON (Reuters) - A monster black hole shredded a Sun-like star, producing a strangely long-lasting flash of gamma rays that probably won't be seen again in a million years, astronomers reported on Thursday. | Full Article
Dallas celebrates Mavericks' victory with parade
June 16, 2011 07:05 PM ET
DALLAS (Reuters) - Victory Plaza lived up to its name at last on Thursday, as hundreds of thousands of jubilant fans packed downtown streets for a parade in honor of the 2011 NBA Champion Dallas Mavericks. | Full Article
"Green Lantern" emerges from obscurity; critics pounce
June 17, 2011 01:24 AM ET
LOS ANGELES (Reuters) - The universe has probably never been safer if the proliferation of comic book superheroes on the big screen is any indication. | Full Article
Agents seize 159 pounds of iguana meat
June 16, 2011 10:25 AM ET
LOS ANGELES (Reuters) - Customs agents have seized 159 pounds of iguana meat at the Mexican border, hidden in coolers of fish, a U.S. Customs and Border Protection spokeswoman said on Thursday. | Full Article

WSJ | China Nres - China Real Timr Report: Video: Eloped Billionaire Self-Broadcasts


Video: Eloped Billionaire Self-Broadcasts

What has billionaire venture capitalist poet Wang Gongquan been doing since he shocked the Chinese microblogosphere by announcing on Sina Weibo that he had eloped with his mistress Wang Qin?

http://blogs.wsj.com/chinarealtime/?p=13939?mod=djemChinaRTR_t

* * *

Asia Today: Alibaba's Taobao; Sina Defends Deal

Alibaba announced a major restructuring of its e-commerce unit Taobao, and Sina's CEO defended China governance as concern lingers over the future of his own company.

http://blogs.wsj.com/chinarealtime/?p=13938?mod=djemChinaRTR_t

* * *

Public Enemy No More: A Property Tycoon's Microblog Makeover

Sina's Twitter-like microblogging service has completely changed things for outspoken Chinese real estate tycoon Ren Zhiqiang, once voted one of the most hated men in Chinese history.

http://blogs.wsj.com/chinarealtime/?p=13935?mod=djemChinaRTR_t

* * *

Take that China! U.S. is Number One (in IPOs)

After spending two years out of its traditional role as the global IPO market of choice, the U.S. is back on top.

http://blogs.wsj.com/chinarealtime/?p=13934?mod=djemChinaRTR_t

* * *

China Watch: Trouble in Tech Land, Turning Pork into Beef

Tech bubble fears spread to China, prison for iPad info thieves, Sina head defends share sale plan, an amazing meat metamorphosis and more.

http://blogs.wsj.com/chinarealtime/?p=13933?mod=djemChinaRTR_t



Latest WSJ Stories from China
_________________________

China
Breakup Becomes Social-Media Event in China

When billionaire Wang Gongquan, one of China's most famous investors, decided to leave his wife for his mistress, he broke the news to family and friends--and hundreds of thousands of strangers--in a message online. - China Real Time: Property Tycoon's Weibo Makeover - Video: Eloped Billionaire Self-Broadcasts

http://online.wsj.com/article/SB10001424052702304563104576357271321894898.html?mod=djemChinaRTR_t


___________________________________

VIDEO CENTER

Alibaba announced a major restructuring of its e-commerce unit Taobao, and Sina's CEO defended China governance as concern lingers over the future of his own company. WSJ's Jake Lee and Yun-Hee Kim discuss.

http://online.wsj.com/video/asia-today-alibaba-taobao-sina-defends-deal/330578C2-81BD-420C-B1DB-4C9604650BE0.html?mod=djemChinaRTR_t

NYT: Morning Business News: Wall Street Braces for New Layoffs as Profits Wane



BUSINESS
DealBook

Wall Street Braces for New Layoffs as Profits Wane

By SUSANNE CRAIG
Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.

RIM Profit Falls Below Estimates

By IAN AUSTEN
Research in Motion's stock declined 15 percent in extended trading after a poor earnings report and a second reduction this year in its forecast.

Worries Grow About Breadth of Debt Crisis

By GRAHAM BOWLEY
For now, at least, investors seem to believe that the United States has enough shock absorbers to comfortably withstand a default by Greece.

Financial & Forex Info | The Australian Business Briefing: Woodside sheds $1.5bn over Pluto delay






Woodside sheds $1.5bn over Pluto delay
110617 Woodside, Pluto, LNG UPDATED Ross Kelly WOODSIDE lost $1.5 billion in share value after news of a shipment delay and $900 million budget over-run at its flagship Pluto LNG project.
 
ASX rally fizzles after Pluto forecast
ASX sharemarket THE Australian sharemarket closed only slightly higher after a production downgrade from Woodside put an end to a strong morning session.
 
Rio to take Riversdale after Tata sale
Coal UPDATED Robb M. Stewart RIO Tinto has moved to mop up what remains of Riversdale shares after India's Tata Steel surrendered its stake to the Anglo-Australian miner.
 
Cape Lambert weighs $700m public offer
iron ore Stephen Bell CAPE Lambert's sale of a key iron ore stake in Sierra Leone could lead to a $700 million initial public offering in London by October.
 
Boeing lifts outlook for jet market
110617 Boeing David Pearson BOEING has raised its forecast for the global commercial-aircraft market, predicting growth of 8 per cent over 20 years.
 
Prada latest sign of IPO troubles
Prada Prudence Ho and Nisha Gopalan PRADA has raised $US2.14 billion from its IPO by pricing its shares at the bottom of its guidance, in the latest dour sign for IPOs.
 
Europe may have to forgive Greek debt
Greece crisis police ANALYSIS Alen Mattich EUROPE may have to choose wholesale debt forgiveness if it is to keep Greece from opting to default on its loans and exit the euro.
 
Hedge funds back Moss to run Charter
Bill Moss Bridget Carter A TRIO of hedge funds are proposing that the Bill Moss-founded Moss Capital become the new manager of the Charter Hall Office REIT.
 
Financial Markets
ASX rally fizzles after Pluto forecast
ASX sharemarket THE Australian sharemarket closed only slightly higher after a production downgrade from Woodside put an end to a strong morning session.
 
Value hunters push stocks up 0.5pc
Oversold sharemarket opens 0.5pc higher
 
Financial Markets Coverage
 
Mining & Energy
Woodside sheds $1.5bn over Pluto delay
110617 Woodside, Pluto, LNG UPDATED Ross Kelly WOODSIDE lost $1.5 billion in share value after news of a shipment delay and $900 million budget over-run at its flagship Pluto LNG project.
 
Cape Lambert weighs $700m public offer
Rio to take Riversdale after Tata sale
 
More Mining & Energy Coverage

SEABRIDGE GOLD : News Release: Royal Gold and Seabridge Agree to Private Placement/Royalty Partnership in KSM


TSX: SEA
NYSE Amex: SA


NEWS RELEASE
June 16, 2011


 Royal Gold and Seabridge Agree to Private Placement/Royalty Partnership in KSM

Toronto, Canada - Seabridge Gold Inc. (AMEX:SA, TSX:SEA) announced today that it has reached an agreement with Royal Gold Inc. (the "Agreement") whereby Royal Gold will take down a private placement in Seabridge common shares at a premium to market and Seabridge will grant to Royal Gold an option to acquire a royalty on production from Seabridge's 100% owned KSM project. The agreement is subject to TSX approval which is expected shortly.

The private placement in Seabridge is for 1,019,000 common shares at C$29.44 per share (US$30.39), totaling C$30 million in cash. The purchase price for the shares is equal to a 15% premium over the weighted average trading price of Seabridge shares on the TSX for the five day trading period ending 2 days prior to today's announcement. The option granted to Royal Gold is to acquire a 1.25% Net Smelter Royalty ("NSR") on all gold and silver production sales from KSM for C$100 million. The option is exercisable for a period of 60 days following the announcement of receipt of all material approvals and permits, full project financing and certain other conditions.

Complete news release - www.seabridgegold.net/news


Additional Information - info@seabridgegold.net

WSJ | India News - India Real Time: ndia, China Set to Resume Military Ties



June 17, 2011
India, China Set to Resume Military Ties
India and China will resume military ties a year after a cold freeze in relations, with a defense delegation set to travel to Beijing on Sunday, according to an official in the Indian government.

Deadline to End Afghan Surge
The military is asking Obama to hold off on ending the Afghanistan troop surge until the fall of 2012, in a proposal that would keep a large portion of the 33,000 extra forces in the country through the next two warm-weather fighting seasons.

Maruti Workers Call Off Strike
Workers at a Maruti Suzuki car factory late Thursday withdrew a strike which lasted for nearly two weeks and halted production and caused a revenue loss of 4.2 billion rupees ($94 million).

Ford Ramps Asian Car Plans
Ford believes it can earn a "competitive return" in China and India even as it rolls out new cars in those markets that will sell for much lower prices than the vehicles it sells in North America and Europe.

Asian Shares Mostly Down on Greek Woes
Asian stock markets were mostly lower, as sentiment remained fragile due to continued concerns over Greek debt woes. Japan's Nikkei Stock Average was off 0.6%.
Go to Page  MOST POPULAR
India Likes Books With a Local Flavor
The Indian publishing industry looks all set for explosion. Just as India prefers its own cinema to world cinema, it has become clear that local books do better than international blockbusters, writes Tanuj Khosla.

RBI Raises Rates to Fight Inflation
India's central bank raised its key lending rate by a quarter-percentage point and said its stance remains "firmly anti-inflationary," hinting at more raises to come.

Airbus Orders Pressure Boeing
Big orders announced by two Asian airlines for a more fuel-efficient version of Airbus's A320 jetliner will pressure rival Boeing to offer a version of its own 737 jet with more-efficient engines or leapfrog Airbus with an altogether new aircraft design that boasts lower operating costs.

Amul's Take on India's News
Under the banner 'A Taste of India,' over the years Amul Butter ads have addressed a range of issues India cares about: from the recent murder of a Mumbai crime reporter, to Bollywood to cricket. In pictures.

Tata Steel to Sell Entire Stake in Riversdale Mining
Tata Steel plans to sell its stake of 26.27% in Riversdale Mining to Rio Tinto for $1.1 billion. 
Go to Page  India Real Time

Does Microfinance for Profit Hurt Women?
The commercialization of microfinance has been blamed for a lot of troubling trends. But one impact that has been largely overlooked is its impact on women.

India Exports Ban Helps Pakistan Trade
India may be at loggerheads with Pakistan over a wide range of issues but one of its policies is unwittingly working in favor of its regional rival: New Delhi?s export ban on wheat and ordinary rice.

Career Journal: Resume Tips for Senior Professionals
Summarizing years of experience in a two-page resume can be tough for mid to senior-level professionals, but following these tips can help, says Nikita Garia.

India Digest: Jokepal, Round 2: Can’t Draft a Bill by Fasting, Warns Govt
Here is a roundup of news from Indian newspapers, news wires and Web sites on Friday, June 17, 2011. The Wall Street Journal has not verified these stories and does not vouch for their accuracy.

India This Evening: Anna Hazare Threatens to Protest Again
Here is a roundup of news from Indian newspapers, news wires and Web sites on Thursday, June 16, 2011. The Wall Street Journal has not verified these stories and does not vouch for their accuracy.

NYT: ALERT FGC BOLSA - FGC FINANCIAL MARKETS: Setbacks for Samsonite and Prada I.P.O.’s in Hong Kong





Alert Name: FGC BOLSA - FGC FINA
June 17, 2011

BUSINESS DAY / GLOBAL BUSINESS

The luggage maker’s shares tumbled in their market debut and Prada lowered the price guidance for its listing.

BUSINESS DAY / GLOBAL BUSINESS

Ministers from the 17 euro zone countries are to meet in Luxembourg on Sunday to try to agree on support for Greece that would satisfy the I.M.F.’s loan requirements.

BUSINESS DAY / GLOBAL BUSINESS

Western European governments have turned to China as a buyer of debt and investor that could help them pull out of their economic straits.

BUSINESS DAY

Easing a disclosure rule that has been burdensome for private companies should be done by tweaking, rather than gutting. And secondary markets need more scrutiny.

BUSINESS DAY

For now, at least, investors seem to believe that the United States has enough shock absorbers to comfortably withstand a default by Greece.

Financial & Forex Info | The Australian Capital Circle: Leadership tensions as PM shapes her vision




Capital Circle Newsletter
Leadership tensions as PM shapes her vision
 
Bad blood between Julia Gillard and Kevin Rudd is overshadowing the government's agenda.

The PM's Diary: Julia Gillard starts her day in Canberra. She will fly to Kingscliff, NSW at 9am for the funeral of Sapper Rowan Robinson. The 23-year-old combat engineer was killed during a fire fight with insurgents in southern Afghanistan on June 6th. She'll overnight in Newcastle ahead of an event on Saturday.
In a sit-down interview with The Australian, the PM has set out her vision for Australia. "In coming months, Labor will announce new policies in the areas of innovation, skills and training to meet the investment and workforce requirements of a nation in transition where, as the Prime Minister says, some regions and industries "are going to be leaping ahead and others are at risk of being left behind and suffering dislocation". The Gillard government will also introduce measures to help export industries battered by a high Australian dollar.
Dennis Shanahan writes: Julia Gillard is in a deep dark political hole, partly of her own making, and the Prime Minister has to dig herself out if she is to have a chance of winning the next election.
Tony Abbott starts his day in Sydney, having slept rough for the CEO sleepout. He'll attend the funeral for Sapper Robinson today too. He condemned the $12 million advertising campaign to sell the carbon tax  on the Today show, calling on independents Rob Oakeshott and Tony Windsor to "maintain their rage'' and said the campaign was "yet another example of gross inconsistency from this government''.
Asked about reports of rising tension between Ms Gillard and Kevin Rudd (front p
Read more...