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Lateline Business -

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(generated from captions) There's been more violence in

Pakistan with gunmen launching

coordinated attacks on police

centres in the stiff Lahore. A

suicide bomber - city of

Lahore. A

Lahore. A suicide bomber

targeted the north-west. Seven

people have been killed,

joining 100 killed in similar

attacks over the past 10 days,

from the Pakistani capital Islamabad, South Asian correspondent Sally Sara

reports. Police ran for cover

as terrorists launched

coordinated attacks in Lahore.

Heavily armed gunmen stormed

the headquarters of the Federal the headquarters of

Investigation Agency, and two

police training stras

police training stras at

Manawan and Bedian, hundreds of

recruits were caught offguard.

Commandos were called in to

hunt and kill TRANSLATION: We are searching hunt and kill attackers.

the area at the moment. The

dead bodies of terrorists are

lying inside, we have seen

about five dead bodies, some

have blown themselves up, the

others have been killed by our

security forces. It took more

than three hours for

than three hours for security

forces to regain forces to regain control.

Several senior officers were

killed, dozens of police recruits

Investigation Agency recruits injured. Federal

headquarters and the headquarters and the Manawan

Police Academy have been bombed

by terrorists in the past two

years, casualties years, casualties filled

Emergency Departments of nearby

hospitals. In the north-west

doctors dealt with the victims

of another attack, 11 people killed when a suicide bomber drove a

drove a car packed with explosives into a police

station at Kohat. The last

demolished part of the police

station just as officers were

preparing to start work.

Several civilians were killed and

and injured.

TRANSLATION: Suddenly a

powerful bomb blast took place,

and the roof of the room fell

on us, we were stuck understand

it. People came and dug us out,

bringing us to the hospital in

an ambulance. The latest

violence comes after a

succession of attacks claiming

125 lives in the past 10

days.Le Taliban warned the

Government the bloodshed would

continue in retaliation of

operations by the Pakistani

army, security forces are on

alert. There's tensions,

alert. There's tensions, the

terrorists showed they could

strike high value targets at

whether. There are veers

violence could worsen when the

offensive is started in South

Waziristan. The Taliban has

shown they are willing and able

to inflict multiple attacks.

Pak stancies are worried about

their safety when the security

forces are struggling to

protect their own troops and

protect their own troops and

bases. In breaking news a blast

has been reported in the

Pakistani city of Peshawar,

near the Afghan boarder. Early

reports say a child was killed

and seven people injured. The

cause of the blast is unknown. Queensland

firefighters endured a tough

day with 20 bushfires burning

across the state. The worst is in Central Queensland where

homes have been evacuated and

several properties put on high

several properties put on high

alert. The fire as burnt out

2,500 hectares of bush in 2,500 hectares of bush in the

Mt Archer National Park, and is

crack ling towards the regional

centre of Rockhampton. Given

the climatic conditions and the

changes with El Nino, etc, over

the last decade, they seem to

becoming a regular

occurrence. A large blaze at

Toorbull jumped containment

lines this afternoon. Residents

were forced to battle the fire

alone until emergency crews

arrived Where the hell is the

fire brigade, that's what I

want to bloody know. This could ruin many lives, this

fire, you know. It's a great

friend but a very bad

enemy. Waterbombing helicopters

spent the day battling to

contain grass fires near major

highways north and south of

motorists. There's Brisbane, threatening

motorists. There's been 2,500

fires across the State in the

past three weeks. Firefighters

on the NSW North Coast battle

to protect houses from three

blazes near graft ton. The worst worst threatening Brooms Head

in the Clarence Valley

overnight. Locals joined

firefighters to hold the flames

at bay. Conditions ease said

during the day and properties

are no longer understand

immediate threat. Fires nearby

are at Gurranany, and Matenga Creek

are still out of control, but

property there is also

considered to be out of

danger. He's watched his

climbing partners die around

him, and given up his own lofty

ambitions to rescue others from

the world's tallest peaks. Now

Canberra mountaineer Andrew Lock has been Lock has been named Australian

Adventurer of the Year. A

fortnight ago he finished a

record ascent of a

record ascent of a Tibetan

mountain completing an epic

climb of the world's 14 highest peaks. Craig Allen

reports. Andrew Lock is head

and shoulders above his peers,

reaching the summit of the

world's 14, 8,000m mountains,

no other Australian has

completed the feat. It took

three attempts to complete the three attempts to complete

Grand Slam. The

Grand Slam. The true summit... If climbing the

8,000m monster was tough,

getting down was harder. Bad

weather forcing Andrew Lock and

his climbing partner to bivouac

without provisions. We had a

ledge and slept through the

night for probably close to 10

hours. A cold, long bivouac at

7,600, where we

7,600, where we shook

uncontrollably in the cold. It

was somewhere around -30, Safely back in -30, Safely back in Australia

Andrew Lock is about to be

named the Australian Geographic Society Adventurer of the

Year. If Australian adventurers

do it right, then they receive

accolades. If they make a

mistake or if things go wrong,

despite good planning they tend

to get cut down fairly Andrew Lock to get cut down fairly quickly.

Andrew Lock says adventurers

need Australia's support, need Australia's support, even

in the face of high profile

incidents like Victoria's

missing Minister Tim Holding,

and Jessica Watson yachting

mishap and he has unfinished

business with Mt Everest. He

plans a risky Travers of the

mountain next year without

oxygen. I need to finish 8,000m

climbing soon, I've been lucky

to survive this long, that's

why I say one more climb and

it's time to hang up the

boots. One last climb costing

$30,000 in permits before

getting to the foot of the

mountain, part of the price for

summit fever. To the weather -

cool, showers in Canberra,

Melbourne, Hobart, Adelaide,

fine and warm in Perth,

Brisbane and Darwin, mild and

sunny in Sydney. That's all

from us, Lateline Business coming up in

coming up in a moment. If you'd

like to look back at the

interview with Lindsey Tanner

or review stories or

transcripts visit the web site

at abc.net.au/latelinebusiness.

Now Lateline Business with Ali Moore. Thanks. Tonight Moore. Thanks. Tonight the Bank

of Queensland posts a healthy

profit but still cries foul on

competition. Now, I firmly

believe we all have to wean

ourselves off the Government guarantees.

guarantees. I I don't think

Australia can move prior to the rest of the world moving on

this. Getting ahead of himself,

business, says the Reserve Bank

Governor is jumping the gun on

interest rates. Confidence and expectation levels in the

economy are lifting, business

conditions are not rising at

that same rate. There's a need

for caution. And real estate

icon LJ Hooker bought back by

its founding family. My

grandfather and father were so

involved in the real estate

business, it was something business, it was something that

I think was destiny.

Also tonight we'll have

extensive coverage of the latest results from the US

financial sector, which helped

send the Dow crashing through

the 10,000 point barrier in

overnight trade. That impetus

flowed into our market with flowed into our market with the

All Ords closing up 28 points.

The ASX 200 was up 28 points as

well. In Japan the Nikkei

jumped on the good news jumped on the good news from

New York, ending nearly 2%

higher, Hong Kong's Hang Seng

extended its rally to a third

day, with a half a percent

gape. In London the FTSE falls

in morning trade. Shares in

in morning trade. Shares in the Bank of Queensland surged after the institution

the institution posted a $187

million profit. And stepped up

its fight against the big four,

despite the good result the

banks' outspoken CEO David

Liddy believes the Government's

guarantee on bank deposits is

giving the big four an unfair

competitive advantage. Neal

Woolrich reports. Australia's

major financial institutions

have tightened their grip on

the local banking market during

the local banking market during

the global financial crisis, but although smaller players

are losing market share, their

earnings are holding up. In a

final year starting just before

the collapse of the

the collapse of the US investment bank Lehman Brothers, Bank of Queensland

has unveiled a 2% rise in net

profit. I think we are the only

bank amongst our peer group providing guidance and

delivered on that guidance, our cash normalised

cash normalised profits up 21%

to $187.4 million, which a

testament to our ethose of

doing what we'll say we

do. While Bank of Queensland's

bad debts rise David Liddy

expect they'll peak this

financial year and forecasts

net interest margins will

recover soon. Those comments

helped spark is 2% jump in the

share price. However, David

Liddy continues to argue

Liddy continues to argue that

regional banks aren't competing

on a level playing field with

the bigger rivals and it's

magnified during the credit

crunch, saying regional banks,

with lower credit ratings paid

too much for the Government's wholesale funding guarantee

compared to the big four. I

believe we have to wean

ourselves off the Government

guarantees, I don't think

Australia can move prior to the

rest of the world moving on

this, yes, I believe we'll be a

beneficiary, we won't have an

impost of 80 basis points on

top of where the majors are today. And he says today. And he says the Australian Competition and Consumer Commission should be

more active in monitoring anti-competitive behaviour. It

was amazing, there's not was amazing, there's not a

Chief Executive of a major bank

out there that's been proactive

as David Liddy

as David Liddy is encouraging

further intervention. It's an interesting sign of the new

world in banking that it's a more political game than it

was. Last year the ACCC

reluctantly allowed the

Commonwealth to take over

BankWest after the smaller bank

was unable to compete

aggressively in the wake of the

financial crisis. However, the

commission has signalled it

will be less likely to approve

will be less likely to approve bank takeovers in the bank takeovers in the future.

Stewart Oldfield says that may

frustrate David Liddy's

ambition to make Bank of Queensland the new fifth Queensland the new fifth force

in the industry. He sees a real

niche there outside the majors,

he's tried, he's pushed to

merge with the likes of Bendigo

Bank, and I'm sure he'd love to

form a super regional bank

based on a combination

based on a combination with

Suncorp banking book as Suncorp banking book as well. However, Bendigo Bank has

already signalled its reluctant

to join with Bank of

Queensland, and if Bank of

Queensland is eyeing off

Suncorp's banking business

Suncorp's banking business it

may face stiff competition from

the likes of the National or

ANZ. They have been on

spending sprees of late as they

try to make up lost ground on

their two biggest their two biggest rivals. The

National Australia Bank has

National Australia Bank has

announced it stands to lose

$110 million by cutting a raft

of account fee, the bank, which

had a large slice of the

business banking sector in

Australia wants to improve its

relationship with non-business

clients. NAB says the fees were

unpopular and could cost some

customers up to $120 a year.

The Commonwealth Bank reveals

it faces a

it faces a $210 million tax

bill in New Zealand, the CBA is

reviewing its position after reviewing its position after a

New Zealand court ruled Westpac

must by $750 million for

undertaking tractions designed

to avoid tax. In the United

States big financial players

are in quarterly reporting

mode. JP Morgan was the mode. JP Morgan was the first

of the big four to report at

$3.6 billion, results were

$3.6 billion, results were

above expectations, driving the

Dow through the 10,000 point

barrier, while investors lapped

it up, what do the numbers tell us about the health of

financial sector. Shortly we'll

cross to London and look at

results, first I spoke earlier

to David Trone a lead analyst. Welcome to Lateline

Business. Thank you. If the big

financials are a bellweather for the

for the sector, and for the

broader economy, going on the

numbers we have seen so far, it

seems the US is in route

health, is it a case of crisis,

what crisis or is that too

simply. I think the credit side

continues to be a big problem,

you know, the data coming out

here is a bit disconcerting,

there's climbing credit costs

and probably the worse news

and probably the worse news is

that it's not spiking, it's

dribbling out worse and worse,

and sounds like it's going to

be a very long, slow process to

the peak, which I think will

lead to a lot of investor frustration eventually. The

other side of the story is

outside of credit, you know,

the profits are actually strong

in not only the new loans, in not only the new loans, but

also certainly anything associated with the securities

associated with the securities

business. When you look at that

side, the loans side to what

extent are the banks rape

reaping the benefits of the

Government's largest, there's a

lot of money shown in their

direction. Government supports

cheap interest, and the idea

that while the loan demand is

not great, the supply of

lenders is not either, so

lenders is not either, so

there's limited competition for

loans, therefore the pricing is

quite strong. So when you look

at the result you have seen so

far, JP Morgan, what is your overwhelming impression, there

was an enormous rally on the do

you off the back, it came in

above expectations, but you

point to the consumer issues,

are you more cautious than

optimistic. Yes, we pretty

cautious on the bank group. We

cautious on the bank group. We

have a concept called a reed

across, you look at the results

and determine whether they will

be the same at the other banks,

and unfortunately the answer is

no, JP Morgan has a fortress

balance sheet, they can handle deteriorating credit

conditions, most others cannot.

That's bad news. JP Morgan has

a strong growing franchise with

big market share gains and

other banks are more on the

defensive, and not getting

share gains. So do you think

the market is getting ahead of

itself. I do. I think the

market is looking for sunnier

days sooner rather than later,

and we believe on our team that

the credit problem is going to

have what we call a long tail,

meaning we are going to have a

slow steady painful climb to

the peak, and in charge of

which could be late next year

or some time in 2011. The stock

mark, I think will be impatient

and frustrated and we'll have a

lacklustre period coming lacklustre period coming up

over the next few quarters. You

say lacklustre, if you look at

price earning ratios, are they

not at levels appropriate for

an economy well in

an economy well in growth. Absolutely. The

investors that we talk to are

basically looking behind legacy

loan issues, looking out to

sunnier day, saying, "Well,

when all the problems are

behind, what will the company

earn. They call it normalised

earnings, basically the stocks

have priced up to that point

with also healthy multiples on

top of, you know, idealistic

top of, you know, idealistic

earnings projections, so the

combination of stocks are ahead

of themselves, really it's of themselves, really it's -

they are pretty much priced for

perfection. Priced for

perfection with a Dow at

10,000, 53% above the bare

market low. Do you see a pull

back in the near future? Yeah,

I mean we are not necessarily

predicting any isolated

negative catalyst per se, I think

think it will really be just a

frustration that a quick

recovery is not necessarily

coming, and I think the will

get, you know, a bit frustrated

and disillusioned without any

job growth, any improvement in

credit quality, and I think

we'll get in a sideways range

for an extended period of

time. If there's no negative

time. If there's no negative

catalyst, it's a sideways

range, does that mean the

financial sector is out of the

wood. Our team at Fox-pit Kell

ton, had an underrating leading

into the spring, for five

years, we had a notorious

upgrade, we called the worst

over and felt they were out of

the woods , but we are not

necessarily supportive of the

extent to which valuations

extent to which valuations have

gotten so high. No, we are not

- we think the worst is over

for the banks, we don't see

big, you know, negative

downside catalyst, there's too

much Government support now,

and the psychology improved a

bit. Barring something

geopolitical out of the left

field, you know, we think it's

one of these things where the

credit cycle will be very long and extend

and extend and the stock market

will go sideways. We are just

about to get the Citigroup

result and we have Bank of

America, Goldman Sachs and

other majors, you don't think

they'll be as impressive as JP

Morgan. I think Citigroup will

be less impressive. We expect

them to lose money, their

franchise is impaired by

departures, lay offs,

devestiges of business units,

devestiges of business units,

and I think the credit problems

are bigger there. Citigroup we

expect a weak number and a poor

read across from JP read across from JP Morgan,

Goldman Sachs, the connection

would be to fix income trade,,

that was strong, with bid

spreads in the market wide,

that's great for fixed income

dealers, Goldman is one of the

biggest out there, their numbers should look good.

numbers should look good. The

problem is stock is built into

a whisper number of $5.50 or $6

when consensus is in the $4s,

they'll have to put up a big

number to get the stock going

higher. David Trone, thanks for

talking to Lateline

Business. Those were the

forecasts, since the interview,

in the last half hour, Goldman

Sachs and Citigroup announced

third quarter profits.

third quarter profits. I'm

joined from London by Nick

Parsons, head of market

strategy with NAB Capital. JP

Morgan results set the market

alight. First up, tell us alight. First up, tell us about

Goldman Sachs numbers, how did

they fare. You are right, the

JP numbers raised the bar

significantly. Markets were

looking for earnings for

Goldman around $4.18 per share, the number

the number came out, it beat

the expectations, $5.25. So it

beat the expectations, the

problem is though that it

didn't sort of meet the didn't sort of meet the really

sort of high whisper numbers we

had in mind. Your last had in mind. Your last guest

talked in the preview about the

market's thinking secretly

around $5.60, we heard talk of

$6. What we have seen today is

yes, Goldman's beat the

yes, Goldman's beat the number,

yes they beat it by a wild

margin, after JP the bar had

been set so high, if anything,

there's scope for

disappointment in the numbers,

odd as it sounds and the S&P is

trading lower since the results

were out. Odd is an

understatement when you

considered where we were 12

months ago, when it comes months ago, when it comes to Goldman Sachs, and where the

profit was, was it in the fixed

income trade. It largely was,

if you look at revenues in

total it was $12.75 bill con,

the mark thought in terms of

$10. More than half coming from

fixed income and trading,

declaring $5.9 billion from

fixed income trade ugging, they

have the widening of spreads,

increase of volume, this was

the year to be a global

investment bank, the two

quarters, second and third of

2009 we'll look back on as the

peak of the earning cycle. This

was when the peak and the

perfection came through in the

numbers. I think the important

point is not only is this

unlikely to be sustainable, but

it's also the case that not

every component of the S&P 500

is on investment bank, there's

only three or four of them. only three or four of them. We

have to have serious doubts

about the rest of the S&P 496.

That's where they'll build and grow. Tell us about the

Citigroup results, what do they

tell us, they've been out in

the last 15 minutes. Citi came

in as expected, 27 loss per

share, they talked about the

problems in the consumer

division, we think unemployment

is a lagging

is a lagging indicator in the

sense when the economic cycle

turns unemployment lags behind,

it's not for several quarters

that we see a pick up in

employment. What is happening

in this cycle is today's

unemployment is actually

tomorrow's lack of final

demand. We are starting to see

unemployment, itself, becoming

a lead indicator of future

activity special for the US

economy in particular, so much

of that is driven by what is

happening to the consumer. 7

million people lost their job,

bear that in mind, it's quite understandable I think that

that increase in unemployment

is now leading to worries over

bad debts and worries over

demand for the rest of

2010. It's interesting you say

the results are not indicative

of what is happening in the

Citigroup they tell us banking centre but looking at

something about what is

happening in the economy. They

most certainly do. You are

absolutely right. I think those absolutely right. I think

worries are going to rise to

the fore, I think, over the

course of the next couple of

months and going into early

2010 the market is priced for a

great deal of good news, it has

got to where it is on the

absence of bad news, it was

Armageddon that didn't priced for an economic

materialise, the absence of bad

news took it to where it is, it

is priced at such a level that

unless you get positive

surprises, it's going to be

difficult to step these levels,

I fear the sentiment amongst

traders and investors is very

much now buy the mystery, sell

the history, if I can phrase it

like that, we have got here on

the expectation of good news,

even if that materialise, it is

not perhaps enough of a positive shock to sustain positive shock to sustain us

into further gains from

here. Very nicely put. Finally,

and briefly, I understand back

in London sterling is having a

pretty good time. Well, it is,

and it's not often we can say

that. Sterling is a star

performer of the day, we are up

3 cent against the Aussie

dollar, 4 cent against the dollar, 4 cent against the US.

I think what happened here is

that really everyone had got a

big downer on Sterling, it was

difficult to find anyone other

than exceptionally bearish,

both about the economy on

interest rates, fiscal

position, the economy. There

are a host of reasons to stele

sterling over the last few

weeks, yesterday's unemployment

figure were not as bad as

feared, and the belief we have

now that the Bank of England is

by no means talk the pound

down. There's been a scramble

to cover the short positions,

there's a bit of a disweez

going on, it could continue -

squeeze going on there, it

could continue over the next

few sessions, it looks like the

period of sterling weakness is

coming to an end, and we can

hope to be looking at a period

of some stability and an

extension of gains. It's a long

time since we said it. The

pound is the star performer on

the day, so far. Potentially

beating the Aussie in terms of rises, Nick Parsons, many

thanks for joining us. You are welcome.

To some. Major movers on our

markets, shares in electronic

retailer JB Hi-Fi jumped 5%

after a strong quarterly result

and broker upgrades. Strong

corporate results out of the US

gave Westfield a boost, up more

than 1%, Rio Tinto up $1.54

after a decision to scrap a

plan to jointly market iron ore

from a proposed joint venture

about BHP Billiton. Elders

shares dropped 13% an an

extraordinary general meeting

voted in favour of a $550

million re capitalisation plan.

Australian dollar rose Reserve Bank Governor's Australian dollar rose after

comments on interest rates.

Australia's business lobby

is alarmed at today's is alarmed at today's rhetoric

from the Reserve Bank Governor

who signalled he's not afraid

to put the brakes on inflation

by raising interest rates.

Analysts were surprised by the

frank speech given by Glenn

Stevens to a business breakfast

in Perth and are tipping two

more rate rises before Christmas. Louise Negline reports.

Australia is only just emerging

from the global financial

crisis, but the Reserve Bank

Governor says the economy is

ready for what he calls the

next phase. The period of greatest weakness in the

Australian economy is probably

passed. Barring another serious international setback,

economies are likely to

continue on a path of gradual

expansion in 2010 As the global

gg crisis took hold the Reserve

Bank slashed its official cash

rate by 4.75% that matter of

signalled he's prepared to lift months, now Glenn Stevens

them as quickly. If we were

prepared to cut rates rapidly

to a low level in the face of a

threat but were too timid to

remove the stimulus when the

threat passed, we'd end up with

a by as, serious bias in the

policy framework. Bitter

experience here and elsewhere

counsels against that

approach. The strong had financial analysts changing

their views on the timing and

mag ni sued of future rate

increases. It made be -

magnitude of future rate increases. It made me inclined

to think December and

February. The dollar driven to

new 14 month peaks, well above

92 US cent, that's prompted

calls for caution from business groups. The groups. The Australian Chamber of Commerce and Industry says

the Reserve runs the risk of

being too far ahead of the

economy. Whilst confidence and

expectation levels in our

economy are lifting business

conditions are not rising at

that same rate and there's a

need for caution. Business is

also bracing for a big change

in tax laws, in Sydney in tax laws, in Sydney the

Treasury sect ry Ken Henry

delivered his final speech

before delivering to the

Government his review. The

transport industry among the

targets, Ken Henry raising the

prospect of a congestion

tax. The case for change needs

to be made. It's fast becoming

one of the biggest public

policy issues of the age in

Australia. We need innovative

ways of dealing with the

communities concerns. As part

of his review Dr Henry

investigated the changing

ageing population. I think he

was sending the message that

social justice counts and he

sees his brief clearly to

create a tax system which, going into the future

going into the future will

deliver social justice. Dr

Henry warned that Budget pressures caused by pressures caused by the global

financial crisis could delay

some of his reforms,

accountants say the business

community may be prepared to

accept reforms, now the economy

is movingle If times are

positive people may be prepared

to take a bit of pain, changes

adverse to their own personnel

positions for the sake of

improving the efficiency across

the board. Ken Henry will hand

over his tax review in

December, it's unlikely to be a Government response until next

year. One of Australia's oldest

real estate firms LJ Hooker has

been bought back for more than

$80 million by its founding

family. Suncorp Metway owned LJ

Hooker for the past 20 years,

it's a dream come

it's a dream come true for the

grandson of the original LJ

Hooker. LJ Hooker is an

Australian corporate icon which

for the last 20 years has been

owned by Suncorp Metway, owned by Suncorp Metway, for

Janusz Hooker, the grandson Janusz Hooker, the grandson of

LJ Hooker founder Leslie Joseph

Hooker, it's been a long-term

ambition to get the company

back My grandfather and father were so involved in the real

estate business, it was something that I

something that I think was

destiny, when the opportunity

came, I essentially thought it

was a dream come true. That

opportunity came courtesy of

the problems at Suncorp, which struggled in the face of global financial crisis, and struggled in the face of the

the debt it took on to buy

insurance group George Romero

at the top of the market. It's

now disposing of non-core

profit of assets and will book a pre tax

profit of $50 million from profit of $50 million from the

LJ Hooker sale. The business

has been operating well, it's

not important in the scheme of

things for Suncorp. They things for Suncorp. They have

bigger issues to deal

with. Such as getting its

banking business back on track,

but Brett Le Mesurier believes

more assets need to be

sold. Given some. Traction

transactions that happened

involving the major banks, they

may find the sale of the life

business to be something interesting, whether or not

they would consider that to be

non-core may be a stretch too

far for management at this

point. As far as as the Hookers

are concerned the challenge is

to improve the performance of

the business as it returns to

the family foal. Property

analyst Winston Sammut says

despite rising interest rates

and the winding down of the

first home owners scheme now is

not a bad time to buy a real

estate firm. Overall the

residential market held up

reasonable well, and I guess

the expectations are for it to the expectations are for it

without actually continue to do reasonably well

overshooting. The new owners of

the LJ Hooker plan to

strengthen its presence in

Victoria and Western Australia

as well as build on its

expansion into Asia. Now a look

at the business diary, Managing Director Graeme at the business diary, Orica

Liebelt addresses the American Liebelt addresses the

Chamber of Commerce, Biotron

holds an Annual General Meeting

and in New York News

Corporation holds its anun general meeting and Wells

Fargo, a major US bank posts

third quarter profit results. A

look at what is making news in

the papers - Herald Sun -

dollar rockets after

dollar rockets after the Reserve Bank Governor's tough talk on interest talk on interest rates. Australian Adventurer of the

Year looks at BHP Billiton and Rio's decision to

Rio's decision to scrap its

joint marketing plan for joint marketing plan for shared iron ore iron ore interests, Sydney

Morning Herald looks at the

same story. That's all for

tonight, as I leave you I hate

to te you the 10,000 level on

the Dow is not holding for the

opening, it's down 41 points or

0.4 of 1%. The FTSE down 26

points or 0.5 of 1%. I'm Ali Moore,

Moore, goodnight.

Closed Captions by CSI

CHEERING AND APPLAUSE

(LAUGHS)

# I don't call my friends when I'm far from home # I just hook 'em up with a cellular tone

# With a... All in key # A message mes amie With the one, two, three # Now, I got the MP3 on the dial # Who would have thought not a very long while ago # Somebody said, "I need to walk and talk" # "Ring ring from this here brick"

# Now this brick is smaller than my card ID # I'm about to lose it underneath my big car keys # A jing-jingle your keys A jing-jingle your keys

# If you never heard sounds like these # A jing-jingle your keys # If you ever heard sounds like these # Hook me up with all that's new # All that's new

# Hook me up with all that's new

All that's new # At the first separation It was six degrees # At the friend's celebration it was five degrees # By the next damn occasion it was four degrees # Jing-jingle your keys # When my mess became a grime it was three degrees # I put the speckle in my shine it was two degrees

# By the time it was one degree # Hook me up with all that's new

# All that's new

# Hook me up with all that's new