THE NEWS WRAP: Gillard urges business leaders to “speak up” for the Australian economy

Prime Minister Julia Gillard has urged business and union leaders to “speak up” for the Australian economy in order to take advantage of the opportunities provided by Asian markets.

Speaking at a two-day economic forum in Brisbane, Gillard said that strong confidence, along with reforms around productivity and company tax, would enable Australia to be a “winner in the Asian Century.” 

John Singleton eyes Qantas bid

Veteran advertising entrepreneur John Singleton is reportedly eyeing up a bid for troubled airline Qantas.

Singleton said he was “always interested” in attractive deals, pointing to the $3 billion in cash that remains in the company following its recent share price crash.

Sorrell faces WPP shareholder backlash

Sir Martin Sorrell faces a shareholder backlash over his pay packet as chief executive of WPP, the global ad firm he founded in 1985.

The pay package for senior executives includes a 60% increase in Sorrell’s remuneration, with the entrepreneur set to rake in £6.8 million ($10.6 million).

Overnight

The Dow Jones Industrial Average was up 162.57 points, or 1.3%, to 12,573.80. The Australian dollar was relatively steady at US98.95 cents.