julia gillard remains in power but the australian prime minister must now restore unity within her own party. >>> first up, though, european stock markets have been open for a touch over an hour now. it's not get off to the best week so far. it wasn't much different in asia where the trend was overwhelmingly a downward one. let's go over to andrew. zblf that's right, nina. our top story today, the world bank plus a chinese think tank issuing a stern warning to the chinese government. in a report entitled china 2030, the two institutions say china has to move to a freer, more commercially driven economy if it wants to sustain its rapid growth path. estimates suggest that state-owned enterprises, the soes like an oil giant, account for some 40% of china's total economic output, total gdp. the new report recommends an overhaul of the powerful state-owned companies, turning them into commercial enterprises. growth is largely govern driven. it calls for greateren innovation and greater competition. china's economy is the world's second biggest and growing at a rate of 10% a year and it's be

julia gillard is the favorite. maybe it is the size of kevin rudd's defeat that will be more important. it could leave of italian politics even more uncertain. -- australian politics even more uncertain. >> the syrian government is again facing internal condemnation. it is another date. the city of homs has come under assault. recall the and -- marie colvin and remi ochlik were killed when they were shelled by government forces. >> today's shelling of homs was indiscriminate. it has been like this every day for almost three weeks. syria's regime is trying to crush the resolution. the opposition is running out. houses have been reduced to rubble. this was the base of the few foreign journalists here. among them, marie colvin, one of the most respected war correspondents of her generation. speaking to the bbc yesterday, she described an attack on the city and the hungry civilians. >> it is absolutely sickening. shelling started at 6:30 in the morning. i counted 14 shells hitting civilian areas within 30 seconds. ther

i think julia gillard is the favorite. but it depends on the size of her victory and more importantly the size of kevin rudd's loss. if he is totally decimated to get the handful of votes, well then it's curtain for him and back to the back benches but if he gets in the 30's or 40's number of votes from his back bench m.p. supporters, then that's a different matter. he could still go back to the back benches but from there he could continue the sniping and still try to undermine julia gillard. this is all about kevin rudd and the future of the labor party, the future of australia. so it's important that as for the numbers we won't know until mid morning on monday. >> that was duncan kennedy in sydney. the syrian government is facing international condemn nation. >> it is because for yet another day the syrian city of homs has come under sustained assault and this time two western journalists were among the victims. american-born marie colvin, a veteran war correspondent, and also the french photo journalist, remi ochlik. t

in response, australian prime minister julia gillard told a news conference that a leader should be chosen on strength of character. >> the choice the nation faces and my parliamentary colleagues face on monday is a choice as to who has got the character, the temperament, the strength to deliver on behalf of the australian people. this is not celebrity big brother. it is about working out who can lead the nation, who has got the ability to get things done. >> australia's princeton julia gillard. staying in australia, a fourth in quest into the death of a baby girl who disappeared in the australian outback more than 30 years ago. the girl's mother, lindy chamberlain-creighton, insist that the baby was taken by a dingo. she was convicted of the child's murderer in 1982 but freed four years later when the baby's jacket was found near a dingo's ir businessmen will be extradited to the ninth states for conspiring to sell missile parts to iran. -- extradited to the united states. the man says he was the victim of an fbi sting and he could be jailed for up to 35 years if convicted. in bolivia, ri

there had been speculation that rudd was trying to challenge julia gillard for leadership amid reports she was getting ready to sack him. that's it for headlines. i'm zain verjee, and world business today starts now. >>> good morning from cnn london. i'm charles hobson. >> and good afternoon from cnn hong kong. i'm pauline chu. this is "world business today." here are the top stories we're following. >>> greece gets its bailout, but now comes the hard part. lawmakers have just days to deliver on promised reforms that are already running into determined opposition. >>> and a chinese company is trying to stop shipments of apple's ipad into and out of china. pro view says the ipad trademark belongs to them. the world stock markets have had more than 24 hours to absorb a greek debt deal. we've seen a pretty muted response to a supposed resolution. most stock market benchmarks here in the asia pacific region rose this wednesday but not decisively, and investors in europe are currently showing some caution as well. charles? >> caution is right. now, the greek finance minister evangelos veniz

julia gillard winning the leadership ballot.n fact, they were the ones that pulled this market lower. new zealand 50 down 0.5%. sensex up 0.28%. some caution in this particular market as traders are are worried about state election results. so overall, a softer session, a lot of caution in the markets today for a monday. ross, what are european bourses looking like? >> slim gains last week that have been swamped by the loss this is morning. we're down a percent. the yen has just come off multimonth lows against the dollar and the euro. y euro/yen is where we stand at the moment. we have gotten to the high of 109 earlier. dollar/yen coming off nine-month highs. 80.42 is where we stand. euro/dollar has just slipped down from those 1.3480 highs. as far as the bupd markets, steady 1.8%. ten-year. more qe coming. they have fallen back down. yields below 2%. keep your eyes on the oil markets. a lot relates to the oil price. here we have seen profit taking up to $125 a barrel. brent down. nymex off a little bit. we still have a 108 han

party, as a showdown between the former foreign minister, kevin rudd, and the prime minister, julia gillard, comes to a head. the ballots will be held on monday. mr. rudd quit the government on wednesday. he'd been deposed as prime minister by ms. gillard back in 2010, and he said the party is going to lose the next election unless he is put back in the top job. >> i believe that to do the best for the australian -- the best for australia and labour, things have to change. it's no secret that our government has a lot of work to do if it is to regain the confidence of the australian people. rightly or wrongly, julia has lost the trust of the australian people, and starting on monday, i want to start restoring that trust. >> well, in response, julia gillard herself told a news conference that the choice of leader should be based on strength of character. >> the choice that the nation faces and my parliamentary colleagues face on monday is a choice as to who has got the character, the temperament, the strength to deliver on the -- to deliver on half of the australian people. it is about workin

point where decisions weren't being made, dysfunctional leader, to such a degree that in the end julia gillard had to step up and take control of circumstances here, take control of the government and lead a challenge that she won in 2010. now, since then, it is alleged kevin rudd has run a campaign of essentially leaking against the prime minister. she barely got home with the government in 2010. she in fact had to form a minority government with the help of three independents and difficult for her ever since. this is her intent to clear the air,. if she doesn't win overwhelmingly on monday, there's a danger that kevin rudd will go, sit on the back benches, plot, sulk, do whatever else is needed to be done and have another crack at her in a few month's time. will it clear the air? we'll have to wait and see on that. >> that's hugh rem inning ton reporting from australia there. we'll have to see what happens down under with that leadership ballot. still to come on wbt, china, the u.s., russia and india have finally found something in common. they've all got it in for the eu's aviation carbon t

. >> reporter: julia gillard repeated that phrase getting things done numerous times. she had another crack at kevin rudd over undermining her government and she won't be written off as a loser. >> i am confident i can lead labor to a victory at the next election. >> reporter: julia gillard believes she will win on monday. the prime minister is holding around 70 caucus votes with 29 solid for kevin rudd and four undecided but that is fluid. so what if he loses? >> i will go to the back bench and i would not challenge julia a second time. >> reporter: that is what they all say. hugh recommending ton, 10 news. >>> still to come on "world business today," things may be grim in greece, but in europe's economy one industrial giant is celebrating. stay with us on cnn. i don't want healthy skin for a day. i want healthy skin for life. [ female announcer ] don't just moisturize. improve the health of your skin with aveeno daily moisturizing lotion. the natural oatmeal formula goes beyond 24-hour moisture. it's clinically proven to improve your skin's health in one day, with si

there is speculation he is planning to challenge the current leader, julia gillard. kevin rudd outlined the reasons for him stepping down. >> the truth is i can only serve as foreign minister if i have the confidence of the prime minister and her senior ministers. in recent days, a number of men have publicly attacked my integrity and therefore my fitness to serve as the minister in the government. when challenged today on these attacks, the prime minister chose not to repudiate them. i can only reluctantly concluded that she therefore shares these views. >> kevin rudd talking about his job. another job has been on the line. not yours. >> absolutely. your children are fans of chelsea. should he stay or go? >> i think they should give him more time. >> chelsea lost last night against napoli. were talking about how this was going to be a big game. they did lose. some that defensive errors. is he going to stay or go? it is a big decision. a moment, they are saying there are fine. >> it has had a difficult time of it the last few months. chelsea tends to change their man

crisis in the governing labor party by challenging the current prime minister and party leader, julia gillard, who called a vote on monday on who should lead the party into next year's elections. >> doctors in austria say the dutch prince, who remains in a coma after being buried in an avalanche while skiing, may never regained consciousness. doctors say the son of the dutch queen suffered severe brain damage. his heart had stopped beating for almost 50 minutes before he was readmitted. he was skiing outside the mark trail's last week when he was caught in the avalanche. >> coming up after the break, it is a place that is both beautiful and perilous. we report on the search for hostages in the remote borderlands between ethiopia and eritrea. >> all right. we will be right back. stay with us. dw on the internet with a new address and a completely revamped online presence. journalistic quality in 30 languages -- insightful, diverse, and in multimedia format. visit us at dw.de. >> welcome back, everyone. last month, a german working on a construction site in nigeria was kidnapped. days before th

he said julia gillard had lost the trust of the australian people. >> i believe that to do the best for australia, things have to change. it is no secret that our government has a lot of work to do. if it is going to regain the confidence of the australian people. she has lost the trust of the australian people. starting on monday, i want to start restoring that trust. that is why i have decided to contest the leadership of the australian labor party. i want to finish the job the australian people elected me to do, and i was elected by them to become prime minister. >> president obama has offered a written apology to the afghan president after three days of violent protests sparked by burning of copies of the koran. the taliban has urged afghans to target foreign military bases in retaliation. two u.s. soldiers were shot by a man in an afghan army uniform. >> on the streets, the people have turned against america. it was police on the front line firing live runs. -- rounds. it has become a nationwide backlash with even small u.s. bases coming under attack. the clashes have claimed the l

the country announcing he would quit as foreign minister saying he could no long 0er work with julia gillard. he would mount a challenge for the leadership which he lost to gillard in 2010. speaking in washington, d.c., kevin rudd made his pitch for the leadership but has not yet said whether he'll throw his hat in the ring. >> can i say the australian people, the australian business community, need to have confidence that the government is in strong and stable hands. >> reporter: the prime minister hopes the leadership challenge will finally end the ongoing speculation that's been dogging the government. >> if against my expectation i do not receive the support of my colleagues, then i will go to the back bench, and i will renounce any further ambition for the labor leadership. >> reporter: there have been on going leadership tensions since gillard ousted rudd in 2010. the next few days will see both sides of the gillard and rudd camps work the phones as they try to drum up enough support to win monday's ballot. matthew taylor, cnbc, australia. >>> and take a look at the australian dollar.

so far reports say that julia gillard has the numbers to be re-elected on monday. back over to you. >> that was matt taylor talking to us. >>> australian stocks largely dismissing the unfolding political drama. take a look at aussie/dollar. the aussie/dollar is tracking higher in tandem with what's happening in the eurozone, in tandem with the stronger euro. let's get more reaction, more analysis with adam lyle, a member of the chamber of commerce here in singapore. good to have you with us. watching this drama unfold in australia, rudd is saying that gillard has lost the trust and confidence of the australian people. do you share those comments? >> i think he's obviously going to say that and he wants to challenge her. i think tough times at the moment. she is is dealing with a lot of tough issues. so i don't think you can say that she has lost the trust of the australian people. >> you look at rudd, according to the polls, he is popular with the people. can he muster support to pose a se serious challenge to gillard? >> i think that's exactly the issue. if you lo

we're waiting to hear from prime minister julia gillard as well. she'd made a statement today by way of e-mail statement saying kevin rudd has made his resignation. he was a strong advocate over seas. he strongly pursued australia's interests in the world. she's disappointed that mr. rudd has publicly expressed what he did this evening and never personally raised these issues with herself. the prime minister will also be making an announcement tomorrow. clohloe chloe. >> yeah, interesting these developments are happening a few days after there was some speculative reports suggesting there could be another mutiny of course. in case there is a leadership vote, does kevin rudd have enough votes. >> well, that's the million-dollar question. at this moment it appears he might be short of votes. the next few days are going to be critical when it comes to determining this point. he and his supporters are going to be rallying around to try and drum up support for him, of course, the prime minister julia gillard is going to be doing the same thing. as you p