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(generated from captions) We had some really good movement from business spending in the US. Also investors recovery remains on track betting that the economic

following most of that positive

upbeat data. We also had

through in the US home sales

really positive as well of the data. Most of that looked

everything working really well

in investors' favour. That's

why we saw such a good movement

coming through on the Dow

coming through on the Dow Jones

index over the course of the

week, the Dow was up 2.5%. The

broader share market rose by

more than 2%. The Nasdaq added

interesting to see on Wall close to 3%. What was

Street on Friday was that the

fell by around 9%. So certainly fact that the

showing that investors appear

more calm and in control at the

moment. Of course, the weaker

Australian dollar. US dollar is good news for the

the 96 US cent mark this morning? The Aussie dollar

continues to rise. We saw euro and commodity currencies and commodity currencies rally against

against the greenback. Over the

course of the weekend the

Aussie dollar breaching that 96 US cent mark as predict parity or above par US cent mark as we continue predict parity or above par

tee. Our forecast

tee. Our forecast is that the

Aussie dollar will reach $1072

by March next year. Two weeks

ago, there was ago, there was only a 2% chance

that we would see an interest

rate hike next week. Last week

that increased to about 40%.

And today there's a 75% chance that home owners will be facing

a rate hike next week.

Obviously that keeping the Aussie dollar very strong as well. It's looking

well. It's looking good against well. It's looking good

the other major currencies.

Just under 61 British pence and

above 71 euro cents this morning. If

that would be very good news

What's happening for airlines in Australia.

What's happening in gold and

oil markets? The gold price

continuing to rise. That's very

much linked to the dollar momentum. We saw the much linked to the Aussie

gold price breach US $1300 on

Friday T closed slightly below

that at 1298 US dollars. The

New gold price had a good price in

New York on Friday. Up by New York on Friday. Up by about

2%. That was on stronger US which is a very positive

sign for supply for gasoline

and oil. In Australia and

around the region, what

economic data is out this week that investors will be

watching? It's a bit of a quiet

start to the week here in

Australia then on Wednesday the

RBA hands down its half yearly

assessment of the health of our

financial system. We also have

job vacancy data along with job vacancy data along with

home sales. In the US, data and in the region, we data and in the region, we have

Japan's trade balance being

release ed today and the survey on release ed today and the Tankin

survey on Wednesday. Thanks

for that. Now a look at what's

happening in currencies and

commodities.

Soaring demand for

decision over the Wagerup that may see Alcoa modify its

refinery. Alcoa Australia

Managing Director says there

will be no decision on a

of the WA refinery before a proposed $3 billion expansion

price has been set for carbon.

The US based company also says reasonably priced gas to power it's looking to secure

the project. US the project. US President

Barack Obama has Republican plans to cut

for wealthy Americans. Republican plans to cut taxes

President Obama said the President

initiative which

initiative which extends tax cuts from

cuts from the Bush era will

need $700 billion of borrowings

to fund it. Cut taxes for

millionaire s and billionaire,

cut the rules for Wall Street and the special interests and

cut the middle class loose to

future. In his prescription for a better fend for itself. That's not

future. In his weekly Internet prescription for fend for itself. That's not a

address, Mr Obama says

Republican plans to roll back

health care reform and bring in

the tax cuts for top US earners

will not fix the nation's

economic woes. Tax is shaping

up as a major issue in next

month's mid term elections.

Foreign investors have ignored

criticism about

influence and heavily supported criticism about government

the share sale by state run Brazilian energy giant Petrobras. The

Petrobras. The world's biggest

share offer which took place at

nearly $70 billion. The the end of last week raised

unprecedented offering offshore exploration project help bankroll a massive

could elevate Brazil into could elevate Brazil into the top 5 global oil Analysts said the deal top 5 global oil producers.

uncertainties of operating uncertainties of operating in

in deep water. In New York on Friday, the stock traded down nearly 2% from

nearly 2% from its opening price. A government-backed

panel in the UK has launched a

probe into the banking sector.

The independent commission The independent commission on

banking will look into

separating retail and investment banking within banks and look into

boosting competition within the sector. Despite public anger over banker bonuses in

particular, the Chairman of the

ICB says the commission will

not have the power to tackle the

Virgin Blue is trying to

move tens of thousands of extra passengers after a computer

glitch threw the reservation glitch threw the

system into chaos. The airline hopes its computerised by later this morning systems will be

by later this morning to deal systems will be up

with the backlog of flights.

Yesterday more than 100 flights were cancelled and around

100,000 passengers had their

travel plans disrupted. Many travellers

travellers were angry about a

lack of information from the

supplier has been blamed for airline. An external computer

the problem. There are some

hopes for a turnaround in hopes for a turnaround in the

airline industry. After the

global financial crisis saw many airlines around the globe Transport Association says the

recovery has been stronger and

faster nan some predicted. But not everybody agrees. Jones is the former chief financial officer of Qantas and I spoke to him a I spoke to him a short time ago. Today. It's my pleasure. Is

there a turnaround in there a turnaround in the world's airline

world's airline industry? There

has been about, subsequent to the recovery from the global financial crisis, which is obvious, that people have

started to spend money travel. It hasn't happened so

much from people in Europe

actually travelling. It's

people travelling to Europe where the currencies are soft.

And in Asia, particularly, there has been a very big

increase in tourist travel to

and from Asia since the global

financial crisis and that will

obviously benefit the

airlines. What do you think of

IATA's report which came out last week that says that the

world's airlines are expected

to post a profit of $9 billion?

Do you agree Do you agree with this? I

sincerely hope

but I have some doubts about

it. Europe is going

The North American market is still very flat. So it would

rely on the Middle East and

Asia for that sort of recovery.

I'm not sure there's that much in it. It will improve

undoubtedly. But even at undoubtedly. But even at 9

billion that's hardly covering

the cost of capital for the airline industry. It's not a massive

that far. What's the future

for the airline industry in Asia? Oh very Asia? Oh very strong,

particularly in China. You probably know there is a

massive growth in the

massive growth in the

infrastructure charter. They're

building many, many new

airports in China. The internal

traffic in China is increasing

rapidly. If you look at the

orders that have been placed by the Chinese very large so it's very

positive for Asia. The rest of

Asia's good. People are attracted to the quality that's

been provided by these Asian characters. Last week the Air

New Zealand Chief Executive

said Qantas, Virgin Blue and

Air New Zealand are all at risk

of being marginalised by the

accelerated pace of mergers

that are happening. Do you

agree with this? No, I don't. I

believe that Air New Zealand

will continue, because it's basically a national carrier,

it will continue to attract a

good local and international

support. They may have to have closer ties through some

mechanisms, but I wouldn't be

too concerned about the threat

that he's talking about. What about the role of the national

carrier? How could that affect

expansion or merger plans, not

around the globe? They have natural strength, they're

large. Particularly the Middle

Eastern carriers. They will be the inquisitive airlines. They

will be the people who will be

bike and consolidating. So

there will be more of this

going on in the next few years.

I think it will be good for the

travelling public. As to the Asians, that probably won't

happen to the same happen to the same extent within Asia. Their strong carriers have a number of intermediate

or medium sized carriers who

are also very strong and they

have a very big domestic market

on which they can base their

very much consolidation activities going on in Asia. Graham Jones, thanks very much for joining Business Today. My

pleasure. After years After years of recriminations and delays,

Australia's uranium industry

seems set for expansion.

while the industry's supporters are delicate political negotiations

still have to take place. The

key battleground appears to be

an issue that's dogged the

Labor Party internally for the

best part of best part of three decades.

uranium mining banned. But now Uranium mining. The Greens want

federal Labor is hoping to exploit the billions of dollars

worth of resources that lie

underground. I actually expect

our export earnings to reach

about $1.# billion by about 2013/14, which represents a

more than doubling of our

export capacity in earnings between now and

comments are completely 2013/14. Martin Ferguson's

pre-emptive. We have people at

all levels of government right now analysing the

environmental, public health,

transport impacts. The minister

has said he will be signing has said he will be

these things off no matter

what. It's a deliberate and

quite provocative quite provocative overriding of way at the moment. But Martin the processes that are under

Ferguson says the uranium industry's inevitable expansion will adhere to the most environmental rights practices. I have no

intentions of interfering that. I always respect them. If intentions of interfering with

anything, I normally find it's people like Scott

people like Scott Ludlum that are running political campaigns

aimed at ensuring those things don't occur. While the ALP and

difference, industry Greens thrash out their

say the heat has gone out of difference, industry leaders

the uranium mining debate in Australia. Particularly with

the focus of climate change, I think people's attention has

electricity generating shifted to what are those

in Australia to help address technologies which we can use

climate change? I think the

nuclear power issue a much salient issue for people these nuclear power issue a much more

days than uranium mining four years ago. He days than uranium mining was

safety concerns about uranium

mining have been overdone, and now is the right time now is the right time to think about expanding the

industry. There are currently

industry. There are currently

about 60 nuclear power plants

under construction around the

world. Most of those in Asia.

And I think we can expect to

see quite rapid growth in the nuclear power industry around

the world. And resources

analyst Warwick Grigger says there is money to be made even though the uranium though the uranium price has been in the doldrums for 18

month and sits around ?48 a pound. That's the --

long-term price. That's what $48 a pound. $60 a pound is the

you can achieve if you have

good mine life, good reserves.

At that level, there are a number of projects in Australia number

that would make big profits. While the industry is While the industry is talking

up its prospects, the up its prospects, the ALP still has its own internal divisions to resolve. At the 2007 Labor national conference, the party

dumped its 25-year prohibition

on new uranium mines. But State Governments in South Wales and Queensland

maintain their own pans. If you

draw a line between Karumba in

the Gulf of Carpentaria and Mount Gambier in South

Australia you can mine to the west of that line but you can't

mine to the east of that line.

What a strange

thing. Queensland What a strange political position at the thing. Queensland has political position at the

moment which is an opposition

to uranium mining. It change as a matter of course to uranium mining. It will

but in the meantime other

States and Territory also get windfall gains out of the expansion of the industry. While both the major parties want

parties want to expand uranium parties want to expand

mineing there is little in Canberra for nuclear mineing there is little support

in Canberra for nuclear power.

The Liberal Party says it's off

the agenda while Labor opposes

nuclear power outright but the head of Australia's nuclear

research organisation says now

is the time to rethink the

issue. We will need anyway. It's going to have to electricity generating capacity

be clean that is it can't be

based upon fossil fuel. When it

the only comes to base load electrician

the only alternative available

to us and most other countries

is nuclear power.

the only nation in the world's

top 25 economies without

nuclear power. But that argument looks unlikely to the politicians. Unlike a lot argument looks unlikely to sway

of other countries we don't

have to resort to nuclear power. We're rich in virtually

every opportunity. This is not something we can afford to do

in Australia but it's evidenced

legal to build nuclear power by the fact that if it were

stations in Australia f ahead electricity government said alright go ahead electricity industry,

build nuclear build nuclear power stations

would be in Australia, not a single one

would be built. But Ziggy

Switkowski argues once a carbon

power becomes more price is factored in, nuclear

commercial. It's less expensive

than wind and solar. But more

expensive than we currently

have. The total bill may go up

by perhaps 20% over 20 years.

However, with federal politics nuclear power is the kind of

policy debate that has all the

appeal of a spent fuel rod. At

least during this term of

Parliament. To agriculture Parliament. To agriculture now

and farming is never easy

particular my for new come kers

to the industry. Five years in

and Megan Bertram and partner are starting to gain a and Megan Bertram and her reputation with their boutique vegetable farm but it hasn't been an easy path. It's been difficult at times.

We don't have a family that's We don't have a family

been doing this for

generations. We're way. In 2005 Megan and her generations. We're paving the

acre flower farm. We produce partner began converting a 3

certified organic boutique

produce. At the moment we're produce. At the moment

growing a range of edible flowers. With very rocket powers, zucchini flowers, heirloom tomatoes over summer.

We're currently growing French We're currently growing

breakfast radishes which doing as petite vegetables. A

lot of our crops we ended up

putting in at the request of

one of our customers. Some things don't work and we will

abandon it but some of the

crops have worked quite well.

But it hasn't been easy

pickings. There's been tens of

thousands we've put into the

business. I think at this point

it's safe to say we're not

making a profit. If a crop

doesn't work or if a customer

can't buy from us or if we have a terrible weather event, a terrible weather event, that can really, really knock us for six and to get back on our feet. You

have to wait for the crop to grow then you have to sell it and then you have to wait for

that money to come in. That's probably

probably the hardest thing for us, is the turnaround. us, is the turnaround. The

patience that we have to have.

The hard lessons of business

began immediately. In the first

year, we gruesome gorgeous

heirloom tomatoes but at that point we didn't have the right contacts. Even though we had a

gorgeous crop a lot of stu went to waste. That's probably been the most difficult the most difficult thing. Finding the best avenues sell our produce. At the moment

we're marketing towards

restaurants which we sell

direct to, providores and we send some produce into market. This year the couple

desited to kick-start an

expansion into farm-gate sales

by hooking on to a major

cultural festival. When we

hosted the Melbourne food and

wine festival event, it was

really about getting exposure.

The festival side of the event

was fantastic. Lots of people turned up. didn't sell as well as we hoped. That would've been where

we recouped our expenses.

The financial wounds proved nearly fatal for nearly fatal for the young business. Because of the fact

we don't normally open to the public we had to invest a lot in

in infrastructure. That's where

the cost lay. It was probably

above and beyond the risk. We

shouldn't have spent as much as

we did, you but I didn't think it was going to be the risk that it was. We're still

getting back on our feet now. It was probably the last straw

in the sense that over the last

five years, we've got a lot of variables to deal with.

Hosting the vents ao vent has

made it really difficult for us

this year. We're not going to

be doing farm-gate sales any

more. We're not in a position more. We're not in a position

where we're strong enough to diversify

diversify in that way. The food

and wine festival team were fantastic. Once they knew it

hadn't gone as well as we might've hoped they had a

meeting with us and put us in

some contact with some good industry contacts. That's been fantastic. Ones of those contacts a Melbourne's exhibition and Convention

Centre They pride themselves on helping local growers helping local growers and

producers deal with this so if

we have a glut of tomatoes we

know we can ring them up they'll help us out with know we can ring them up and

it. The change of seasons is

also bringing fresh optimism to what's been a very testing year. Certainly coming year. Certainly coming into

summer that's our best season.

If we get a phone call from a

prominent chef, if we find new customer thaers inspiration for us to in buying lots of produce

keep going. We've enough indicators to indicators to suggest we're on

the right track and we should keep going. There are variables that go into producing an producing an award winning

long process of testing to beer. For the judges it's a

decide which brew satisfies all

the criteria. It's a labour of

love but they say until have tasted these brews you love but they say until you

have in idea what real beer

is. It has the complexity of caramel that we expect. beers out of 111 entries as gathered to judge the best

they try to emulate and better

beer from around the That's what our brewers have

tried to do, is create beers tried to do,

that can stand up against the best international examples.

Some of the Russian beers, the

very strong Russian imperial stouts, it's a

very strong version, you would

think most stouts you buy at

the pub, put them on steroids.

Almost a meal in themselves.

Fantastic. Unlike mass produced

here are served warm. At pub beer the hand crafted aels

between 6 and 8 degrees. It's

only then that the full flavour

and character of the beers

emerge. A VB or a Tooheys isn't

temperatures and at its best at those

flavour that they lack compared to the real ales being judged. It has a craft element

about it. It has depth of

effort gone into it. The character. It has time and

judges have the onerous task of

finest ale over the tasting some 24 batches of the

weekend. We've had some very good beer looking nor that one that just good beer already. We're

blows us straight yet? Not yet. The top beers will compete with yet? Not yet. The top scoring

Australia's finest at Australia's finest at the month National Championships next

month in Melbourne and the judges, they will be Christie's has auctioned off

the art collection of failed

investment bank Lehman Brothers

over the weekend. With the

works fetching 12.3 million.

This was a better than expected

result but still a far cry from

the billions owed by the the billions owed by the bank

when it folded in 200 8 . The

bankruptcy of Lehmann some two years ago does give this

collection an infamy and was

very well pub sized at the collection time. However I think the

collection itself transcends

that and there are some very

interesting works that really

reflect the history of reflect the history of Lehmanns

not just the last two

years. Several items fetched

record prices for the artists.

Now let's look at what's making Now let's look at what's

headlines around the region.

The 'Standard' reports on The 'Standard' reports on the $10 billion cost blow-out of the new MTR 'Financial the new MTR line. The suggestions Japan's ruling 'Financial Times' looks at

Democratic Party will introduce

a further $5 billion in

for this edition of Business stimulus spending. That's all

Today. If you want to look back

over any of our sber over any of our sber views,

please visit our web site. look forward to your please visit our web site. We

I'm Brigid Glanville. Thanks look forward to your feedback.

day. for your company. Enjoy your

Closed Captions by CSI

This morning, the moratorium

over. Israeli settlers prepare

to resume building on West As long as nobody is inconvenienced or hurt or forced out of anything, it's land. This Program Is Captioned Live. Also this morning,

Australian at heats begin

arriving in New Delhi but the village still isn't finished.

Virgin Blue tries to clear the Virgin Blue tries to clear

bag log. Passengers face more

delays. And the AFL eyes a

financial windfall. Melbourne

preparing for another grand final. Good morning. You're

watching ABC News 24. I'm Joe

O'Brien.

Israel has called on the Palestinians to continue Palestinians to continue with

peace talks after the end to a freeze

freeze on Jewish settlements. The ban on West Bank today and Jewish settlers are

preparing to resume building in