A former titan of Wall Street has been found guilty of insider trading. Prosecutors alleged that Raj Rajaratnam made more than $60 million from illegal trades over six years. He's been convicted on all 14 charges of fraud and conspiracy in what's been called the biggest ever insider trading case, involving a hedge fund. Raj Rajaratnam could be jailed for up to 20 years when he's sentenced in July.

 

There have been violent scuffles on the streets of Athens during another large protest against the government's austerity measures. Dozens of hooded youths hurled stones and petrol bombs at police, who fired tear gas in return. The 24-hour strike closed schools and hospitals. Many flights were cancelled and public transport ground to a halt.

 

Two earthquakes have rocked southern Spain, killing at least 10 people and injuring many more. A quake measuring 4.5 was quickly followed by a slightly stronger one. Several buildings collapsed in the town of Lorca. The government has sent in the military to help rescue efforts.

 

Tony Abbott will focus on the cost of living in tonight's reply to the budget. The Government is trying to put pressure on the Opposition leader to spell out specific spending cuts, but Mr Abbott is resisting that, saying he doesn't intend to tell the Government how to do its own job.