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SYDNEY, March 2 Asia Pulse - Highlights of today's newspapers:
THE AUSTRALIAN:
- Dozens of freighters carrying Australian iron ore are stalled outside Chinese ports amid a collapse in demand for steel. Zimbabwean President Robert Mugabe's weekend birthday party cost $390,000, had 3,000 people in attendance and an 85kg cake.
- Defence Minister Joel Fitzgibbon has foreshadowed major reform of the military bureaucracy in the wake of his bruising spat with the top brass over the SAS pay bungle.
- The University of Canberra has topped the list for the lowest percentage of socio-economic disadvantaged students at an Australian university.
- US President Barack Obama has declared his schedule of higher taxes and massive spending a fundamental reordering of federal priorities that would deliver "the sweeping change that this country demanded when it went to the polls in November".
- The Australian market looks set to drop into new negative territory on Monday, pulled down by a slumping US share market and fears of a creeping nationalisation of ailing bank Citigroup.