Shorten to run for Labor leadership; Kogan may sell stake: Midday Roundup

Bill Shorten will put up his hand to lead the federal Labor Party later today, according to numerous reports.

It is expected he’ll be giving a press conference to announce his candidacy later today.

He’ll be the first Labor MP to formally put up his hand for the role, but will have to wait until Friday’s ALP caucus meeting to be formally nominated.

Another name being flung around is that of Anthony Albanese, but it’s not clear whether or not he will contest at this stage.

Kogan investigating potential sale

Online retail entrepreneur Ruslan Kogan is reportedly investigating a potential sale of the company, The Australian Financial Review has reported.

The publication has reported KPMG has been hired to investigate possible strategic options, one of which could include a sale.

Kogan’s business has been the centre of speculation for some time about whether the company would pursue a public listing.

Obama delays action on Syria

United States President Barack Obama has requested the Congress delay a vote on military action in Syria in order to fully explore more diplomatic options.

In a televised address, Obama said Secretary of State John Kerry will travel to Russia where he will discuss potential solutions to ongoing problems.

One deal would see Syria’s Assad handover chemical weapons.

“If we fail to act the Assad regime will see no reason to stop using chemical weapons,” he said, also adding he would “not put boots on the ground in Syria”.

“This will be a targeted strike with a clear objective,” he said.

Shares higher as Chinese recovery continues

The Australian sharemarket has opened higher this morning, as economic data from China continues to show solid growth.

The benchmark S&P/ASX200 index was up 21 points or 0.4% to 5222.3 at 12.00 AEST. In the United States, the Dow Jones Industrial Average rose 127 points or 0.8% to 15,191.1.