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Live.The top stories from ABC News - the Federal Opposition's broadband policy is under fire for relying on copper phone lines rather than optical fibre to bring fast Internet speeds to peoples' homes. The Opposition communications spokesman Malcolm Turnbull says their network will be rolled out sooner and more cheaply than the Government's scheme. The plan has drawn criticism because it won't connect fibre cables to most premises as the NBN aims to do. A group of asylum seekers who made it undetected into Geraldton harbour on WA's mid-west coast are undergoing health and secure checks. 66 asylum seekers were on the boat which was undetected until it reached the harbour at midday. The Immigration Department says the group, believed to be from Sri Lanka, will be transferred to Christmas Island.A funeral for the former British PM Margaret Thatcher will be held in London next week. The ceremony will be held with full military honours and will take place at St Paul's Cathedral. Buckingham Palace says The Queen will attend.Baroness Thatcher died in London overnight. She was 87.And the new owners of Black Caviar's half brother say they are delighted with their record-breaking purchase. BC 3 thoroughbreds bought the colt at the Australian Easter yearling sales in Sydney for a record $5 million. The unnamed colt attracted worldwide interest.Those are the top stories from the ABC newsroom.
back in the government broadband business. Malcolm Turnbull's promising a faster, cheaper roll out but slower Internet speeds.Malcolm is going to be Mr Broadband and an incoming Coalition government can finally bring Australia into the broadband world, into the digital world.I'm Ticky fuller tb, you're watching The Business.
The Opposition says its low fibre alternative is good for the taxpayer. Mr Broadband makes the connection unveiling a beefed up Internet plan. Exporting Thatchernomics, the Iron Lady's legacy across the political divide.And looking for a new model, the fashion industry falling victim to the Internet vogue.Well first a quick look at the markets and good Chinese inflation figures and the Bank of Japan's reflationary attack cheered investors.
Well better, cheaper, faster, that's the catch cry frr the Coalition's broadband plan unveiled today. Business wasn't buying into the politics but saw it as confirmation that both parties agree the country needs a better performing national broadband network.The risk for the Coalition is years of paralysis as it restructure s and renegotiates contracts to build the network in its own image.Jenny Johnson the head of the Rural Doctors Association doesn't need to be told how broadband can help her members' patients.Many of the consultations are taking place in real time so therefore we do need a fast and effective service. I've no doubt we need a service that is cost effective.And that's what the Coalition promised as its leader talked up the credentials of his communications spokesman.And I'm confident that in the years to come Malcolm is going to be Mr Broadband.Mr Broadband, also known as the cofounder of Ozemail Malcolm Turnbull, outlined the plan which will essentially take fibre cable to a box in the street rather than to every house. It means households will need to pay for the fibre cable to their homes from that box if they want it. The Coalition is promising to lay fibre to the premises where it's justified like business centres, medical and educational facilities.This will deliver all of the services and applications Australians want and are prepared to pay for online but it will do so sooner and cheaper.Malcolm Turnbull is going to build a one-lane Sydney Harbour Bridge because he says he can do it and faster.The Coalition says and faster.The Coalition its network will be finished by 2019, its network will be finished 2019, need less capital and funding and eventually deliver similar speeds. It's largely because the Coalition will not replace and use the existing ageing copper network servicing most homes.Can you quantitify in a number of years how long you expect the current copper infrastructure to be fit for purpose to deliver the sorts of broadband speeds that you say Australians commonly expect? Is it 5 years, is it 10 years, is it 15 years?The answer to your question is nobody knows.And that's why those at this telco conference were taking both sides' numbers with a grain of salt. Other matters were of focus.The biggest threat that they will see will be that they end up two years into a first term still sort of negotiating the finer details of a Telstra contract. And I think that is the main driver for the simplicity of the policy wherever possible. It's not an attempt to ob-Fi skate.Hardly surprising that Tony Abbott was hosing down any thought of policy paralysis.We aren't interested in going to war with Telstra and I think that's one of the problems that we've seen. Too much conflict between government and Telstra in the past.And as far as the politicians are concerned... The two sides are actually quite close now is in terms of their objectives.Unfortunately it won't sound like that as they begin the propaganda war. The death of Baroness Margaret Thatcher has reignited debate over not just her political achievements but her economic legacy as well. Although the Iron Lady retired from politics two decades ago, her reforms still influence economic thinking around the world including Australia. Various Australian governments embraced Thatchernomics in the '80s and '90s at both the federal and State levels selling off a swag of public assets and drastically cutting the size of government.When Margaret Thatcher took power in 1979 the British economy was a basket base. She undertook sweeping reforms dubbed Thatchernomics by privatising assets, cutting taxes, breaking the grip of trade unions and shrinking the size of government in an effort to let the private sector flourish.Rhetoric and heckling doesn't do it, Tory action does and will.She believed in individual responsibility and initiative, she believed in small business, she believed in self-help, she also believed in pride in country.Soon governments in Australia were embracing the same ideas. Prime ministers Hawke, Keating and Howard floated the dollar, freed up the financial system and privatised a string of major assets including the Commonwealth Bank, Qantas and Telstra.Australia's economy in particular is a far more stronger, flexible and resilient economy than it was or would have been had these reforms not been implemented.In retrospect it's certainly hard to see a feasible course of action that Australian governments could have taken in the would have come out much
better.And at the would have come better.And at the State level the Kennett Government in Victoria and the Greiner Government in NSW also embraced Thatcherite reforms.Alan Stockdale in privatising the Victorian energy industries in the 1980s was determined not to replace public sector monopolies with private sector ones but went to a great deal of trouble to set up competitive markets for gas and electricity.But Professor John Quiggin says in most cases privatisations in Australia have delivered poor results for both taxpayers and the public.So people were more open to the idea of privatisation in the 1980s than they are retrospectively now. Almost all of the privatisations that have taken place are judged negatively by the Australian public and I think in most cases correctly so.Margaret Thatcher followed the economic ideologies of Friedrich Von hike and Milton Freedman who preferred monetary influence the economy rather than government stimulus. Since the global financial crisis the tide of public opinion has turned again with austerity measures imposed by debt laden governments facing a backlash from both citizens and economists.Economics comeback in financial crisis in part because the financial crisis rendered monetary policy impotent. The free market economics and so forth, that's clearly failed, I think in the financial crisis but we don't yet have any clear alternative and any way forward seems to be blocked by the power, for example, of the banks, the rating agencies and so forth.Saul Eslake says Margaret Thatcher also made substantial contributions in ways not often associated with conservative politicians in identifying climate change as an issue early and in the way she dealt with the ever present threat of terrorism.Margaret Thatcher didn't build up a massive security estate with massive surveillance of people and intrusion into people's civil liberties. Margaret Thatcher did not expand the powers of the State viv-a-vis the citizen.Why it's still up for debate how much the Thatcher reforms have contributed to Australia's 21 years of uninterrupted economic growth politicians on both sides of the divide are happy to ac - acknowledge her legacy.To talk a bit more about the impact of the Iron Lady I'm joined from London by Mike Ingram from BGC Brokers. Welcome.Good evening to you, Ticky.There's been a lot of talk about Margaret Thatcher as a polemic and we've heard tonight about the street parties that are going on in places like glaz - Glasgow and Brixton, how do you remember thaich - Margaret Thatcher.You have to remember that I was a schoolchild in the 1970s and one of my earliest memories as a young schoolchild was washing my face in cold water and having to go to bed at 4:00 in the afternoon because we had no electricity. The country was on a 3-day week, there were miner strikes, we were economically broken and it really felt as though the country was going nowhere. There was no direction, it seemed the unions were in charge and everything was just drifting. Margaret Thatcher came in in May 1979 and whether you loved her or hated her she certainly came in with a sense of purpose, a program and you really felt that she was in charge and the Parliament was once again governing the country. But of course all that she face off with the unions over the next few years.It's very interesting because here you are now working in the cities but you didn't come from a particularly well off family?Absolutely not. Maybe not even now. We lived in a council house until I was 9 years old and we were later able to buy our council house and that was one of Margaret Thatcher's first policies. Obviously they didn't make us rich overnight but, you know, we were at least given the opportunity to better ourselves and of course, you know, a number of the other measures that she subsequently bought in in terms of making it easier to start up your own business and lowering taxes, you know, certainly helped us through the 1980s.It was very much - I mean you're in a way central casting for what she was aiming to do to provide those opportunities. Are you talking about the taxes. The taxes came down enormously, didn't they? I'm just looking at 83% income tax on the high end in '79, 60% in '84 and then down to 4% in 1986. What do you think that did for Britain?I think it incent - incentivised a lot of people who would have stayed in bed to go out and earn a bit of cash. If you know five sixth of your money is going to be taken away by the tax man you don't have a great deal of incentive to work hard. To a great extent she returned that to ordinary people. Obviously this billed as a rich man's tax cut but a lot of people became quite wealthy over the 11.5 years that she was in power. GDP was up 25% over that decade. It wasn't all bad news.One of her great achievements was how she did break the unions. I see Rupert Murdoch tweeting today and indeed it was something that really Tony Blair then took further with clause 4. He didn't wind things back. Do you think she went too far and was too brutal in any way?No, I mean people look back and perhaps a lot of people who weren't around at the time saying maybe we could have been more like Germany, maybe we could have negotiated, you know w the unions and found a balance, that was not on the table in the 1980s. There was a debate about who rules the country. And, you know, the unions didn't want to give, Margaret Thatcher wasn't going to give either. She'd seen 3 previous prime ministers effectively ousted by the unions so it was an absolute stand off and of course it culminated in the miners strike in 1984-85 which I remember vividly.She did have a big impact on manufacturing though, that was harsh?I mean - arguably, again the benefit of hindsight, the adjustment of the economy from manufacturing base to more service based economy was probably more brutal than it needed to be. In the first four years up to 1983 we lost a quarter of our manufacturing base. So yes, I mean there are obviously some very unpleasant memories about Margaret Thatcher, particularly in the north of this country where most of these heavy industries were based.And she was of course the original euro sceptic. I see Neil Ferguson in the FT say he and many other papers owe Baroness Thatcher an apology and not only should they respect her due to her being a great leader but they also owe her an apology because she was, after all, right to oppose the single European currency?She was absolutely spot on, as I was yesterday. The Eurozone remains a spot on, as I was writing
a slow motion economic train yesterday. The Eurozone wreck. So we don't know a slow motion economic wreck. So we don't know what
the end game wreck. So we don't the end game is on there but I'm very glad not to the end game is on there I'm very glad not to be playing I'm very glad not that particular game. So I I'm very glad not to be mean, we're going to look back in the years ahead and we're going to continue to rewrite history and see what Thatcher's legacy was but one thing's for sure she's not going to be forgotten in a hurry.Do you think one of our economists just now was John Quiggin was actually even putting today's crisis, financial crisis at her feet really saying that really all those Thatcher nom ics has had this inevitable conclusion?Well, if it was such a bad idea, you know, not to make a political point of it, but why weren't these measures rolled back by subsequent Labour administrations. We had a Labour government for 13 years until 3 years ago. As you said earlier the Labour Party went even further. Obviously I think the free market needs to have some checks and balances but that doesn't mean we need to roll back all the reforms that we've seen since the late 1970s. That way is just madness.And one-word answer, Britain arguably was great during the Thatcher years, then it was cool under Tony Blair and recently it's been little. Do you think there is any nostalgia for the Thatcher years?I think there is. There was if you like a purity of purpose and certainly from my perspective I've got I have to say a pretty low opinion on politicians generally. The thing that stood out about Margaret Thatcher was whether you agreed with her or not she absolutely believed in what she was doing and she believed it was good for the country. These days frankly I have trouble working out whether politicians actually believe in anything at all.Mike Ingram, thank you very much for joining us tonight.My pleasure. All the best.Back here Channel Ten's new boss says he's targeting an older audience after the network posted a steep loss. The media company lost $243 million in the 6 months to the end of February on the back of poor ratings and weak advertising. That compares with a profit of $14.8 million in the same period a year ago.
It led to program like 'Being Lara Bingle' being commissioned is not quite right for us.CEO hopes advertising revenue will pick up in the lead up to the federal election.Echo Entertainment has launched a counterattack against James Packer's plans for a second casino in Sydney. Echo owns the Star Casino in the city which holds the exclusive gaming licence until 2019. The company has applied to the Government to extend that licence indefinitely. Last year Mr Packer's Crown group made an unsolicited proposal to the State Government for a second casino hotel at Barangaroo on the Sydney fore-Shaw shore.Both of these proozals will be-ed under the same process because both can't proceed. You can't proceed with the Crown proposal if Echo gets an extension of their exclusivity arrangement.The proposals will be assess ed by an independent panel chaired by businessman David Murray.Well the local bourse enjoyed its strongest one-day for three weeks. I spoke to Michael McCarthy from CMC Markets a little earlier. Michael McCarthy, a decent rally at last. How much was to do with these Chinese inflation figures?They were one of the key markets this morning. We're off on the right food in early trading after positive leads not only from US and European share markets but from rises in industrial metals prices and so the market had started positively but once the Chinese date, was released we saw a kick along in the market and a sigh of relief from many market participants had been very concerned that authorities in China might move to choke off growth in an effort to contain inflation. With inflation falling to the bottom end of the official range those fears abated and the market continued to rise, helped along as well by that continuing stimulus out of Japan.Well let's go to some stocks and investors in Sundance Resources would be licking their wounds today. What now for the company?Sundance seems to be running out of options. Its share price halved again today closing just over 11 cents. That's from a high of 77 cents just over 12 months ago. Investors there must be very concerned. It appears with the fall over of this potential takeover deal from Hanlong that Sundance needs a partner. The money they require to get this project started seems impossible to raise without somebody coming in and taking some equity in the project.Speaking of equity, Bluescope Steel is looking to raise capital. Why such a solid rally in the stock there?I think one of the things the shareholders like there is the fact that Bluescope is going to debt markets rather than the equity markets. It's a $300 million bond issue. It will be million bond rated double B which means it will be quite expensive for Bluescope but investors prefer to see them pay more for debt than dilute the current to see them pay more shareholders by issues than dilute the sharings.Industrial builders Watpack look like they're getting a major share horld. Kevin Seymour is selling down his 15.7% stake and the company revealed today he's in negotiations with Belgian's largest corruption group to sell that stake. They do have a presence in Australia with a marine project in WA but it looks as if they're expanding their operations in Australia with this potential deal and there's potential for the two companies to cooperate in future bids and construction projects. Investors certainly seem to like the deal. Shares traded up 2 cents to close at 72 cents today.Michael McCarthy, thanks for joining us.Thank you.To the other major movers on the local share market:
Well it's the place to be for fashionistas. Fashion Week is the show case for designers to sell their creations to the world. But with Internet shopping very much in vogue many bricks and mortar design houses have fallen out of fashion. And while the figures on the cat walk may look pretty snappy, the figures in the books tell a different story. Andrew Robertson reports from the runway.Ticky, working for the business can be really tough at times and today is one of those days. Lots of beautiful people in beautiful dresses, where else would you rather be?
It's Australia's fashion week of weeks where designers buy for the attention of national and international buyers, where models prepare for a walk down the runway which could make or break careers. Unlike these fresh faces though, much of the industry isn't looking good.What we were doing 5 years ago doesn't work so well anymore. We've, you know, we've got like major groups that come in and selling well priced fashion at incredible prices. There is people shopping online, that whole Internet, you know, model of shopping has changed the landscape.Around 50 designers are strutting their stuff, hoping to generate tens of millions of dollars in sales. But off the cat walk in a wider fashion world revenue is predicted to fall another 2% this year to just over $12 billion, the 6th consecutive year of decline.Consumers have prioritised savings and debt repayments in lieu of unnecessary expenditure, if you will, in which fashion fits squarely into.While high-end designers such as Alex Perry continue to thrive, it's the middle of the fashion market being hammered.The likes of long-term Australian main stay is really the likes of Premier Investments group that own Jay Jays, Just Jeans Portmans have struggled with a number of store closiers last year. Billabong has seen a number of story closures. In addition to likes of RM Williams that are looking to potentially sell their business due to lacklustre sales.IBIS World said nearly 600 fashion and footwear shops closed their doors in 2012.Local designer and retail verse to try harder and look at more innovative approaches to how they tackle the market and u ho they talk to their consumer.For Jazoo part of that innovation is to join forces with Fashion Week to sponsor the first Internet streaming of Fashion Week events. The aim is to get early feedback on whose designs are most popular.The partnership with IMG is all about promote ing Australian fashion and the brands that we work with directly to a consumer that otherwise wouldn't have access to that.It's an approach Alex Perry agree s with. He said the fashion industry needs to get closer to its customers.That old fashion mentality of like being a dictator is like, you know, you will wear this length. It doesn't wash anymore. I think as a designer you've got to be focused on women, like what do you want to wear? How do you want to wear it? How do you want to buy it so let me give it to you.Which is why designers at Fashion Week are hoping a good bottom line on the cat walk will transfer to an even better bottom line on the balance sheet.
And a brief look at other business stories making news. Now, business conditions have fallen to a near 4-year low despite an upswing in confidence. The weaker sectors were manufacturing and retail according to the National Australia Bank business survey. NAB's chief economist said a poor result indicates the need for interest rate cuts to get the economy moving. And Australia leads the world when it comes to the price of love. Sydney is the most expensive place to date with an average night out costing $230 followed by Melbourne.The Deutsche Bank cheap date index compared prices for roses, pizza, a movie and taxi fares. India's the cheapest with a night out in Mumbai setting daters back $87.And start some free love in Sydney, I think. That's The cap skap dsh Business. I'm Ticky Fullerton. Thanks for watching, goodnight.Closed Captions by CSI.
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This Program is Captioned Live. Tonight the The World, remembering Margaret Thatcher, the shop keeper's daughter who became the Iron Lady. Margaret Thatcher took a country that was on its knees and made Britain stand tall again Debate over the legacy of a divisive figure, both loved and loathed at hole and overseas. If you are really strong minded in politics, you are also going to attract opposition. Also ahead, it's 7:00pm in Beijing and Prime Minister Julia Gillard is wrapping up her visit to China, having secured an annual meeting between Australia and China's political leaders. It's 1:00pm in the Serbian capital Belgrade, where a nation is in shock after a man went on a rampage, shooting 13 people dead, including neighbours, relatives and a baby. It's 2:00pm in Nairobi, where the new Kenyan where the new Kenyan president
hurk hurng has been sworn in, despite facing accusation s of crimes against humanity for violence dating back to 2007. Hello, I'm Claire Aird. It's midday in London, and even in death Margaret Thatcher continues to divide the British nation. The country's first and only female Prime Minister died overnight of a stroke. She was 87. While many Britons are deeply proud of her achievements, her opponents could hardly contain their vitriol for the woman and her policies, taking to the streets to celebrate. In a moment, to London for more reaction. First, Europe correspondent Philip Williams. The Iron Lady may have been decades out of office, but among her rusted-on supporters there was certainty she alone had saved Britain from she alone from terminal decline. Margaret Thatcher took a country that was on its knees and made Britain stand tall again. This and made Britain again. This was no run of the again. mill Prime Minister. again. This was no mill Prime Minister. This was somebody of global significance and worldwide impact. The flags are at half mast. flags are at half mast. People prayed for her and brought flowers. It's sad that she was sick in her later years, but we remember her as a perfect human being. Margaret Thatcher destroyed my home town, I'm glad she's dead. In parts of the country, people gathered to celebrate her passing.CHEERING AND APPLAUSE . She divided Britain like no other modern later, but Baroness Thatcher left an undisputed mark on the country. She was the grocer's daughter, Oxford educated, the lawyer turned politician and married to her right-hand man Denis Thatcher until his death in 2003. She believed in radical change, mass privatisation, some prospered, others did not. Battles with