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(generated from captions) else out there in the

Republican field is better Republican field is better

than I am? I think she will

run. Do you freedom? She is darling of

the tea party Coalition of

Conservative activists who

cannot get enough of the

hockey Mum and her home spun brand of commonsense. Is

this what their change is all about? I want the tell them,

no, we will keep clinging to

our constitution, guns our constitution, guns and

religion and you can keep the

change. This year will be remembered as

commonsense Conservative remembered as a year when

women get things done for our

country! of the failed 2008 McCain

presidential bid the self-described Momma Grizzly

is tacking into a rich vain

of Annie incumbent

of Annie incumbent sentiment

What she does for a is to be a celebrity, she is What she does for a living

a particular celebrity a

political celebrity, she is

good at being a celebrity. She received a million dollar advance for her memoirs which was runaway best seller. A second

book is planned called

America By Heart reflowses on

family, faith and flag. now commands 6-figure family, faith and flag. She

speaking fees and signed lucrative deal with Fox speaking fees and signed a

News. They cannot even get a

phone call returned. She is

filming a series for cable

television. In less than 2 years she is estimated to

have earned $12 million. The

Governor's office and its Governor's office and its

$125,000 salary is a distant memory. Sarah Palin gives few on-camera interviews and has

turned to the web to connect

directly with her followers.

There is her slick video only

available online. She has

over 1.8 million Facebook

fans and is approaching

200,000 followers on Twitter. Her tweets can her in trouble. They Her tweets can sometimes land

could... Wading into a her in trouble. They

over a plan to build a mosque

on the Ground Zero site. It

was a reminder of her gaffe-prone past. She has

always been a target. I

believe that diplomacy should

to be cornerstone of any

foreign policy. I can foreign policy. I can see

Russia from my house! Then there is the Sarah Palin

family soap opera playing out

before the cameras. The teen pregnancy of her 17-year-old daughter. Her own having her son when she

discovered he would be born

with Down syndrome. To the pro-life lobby she was a

dream come true She became the first woman on the dream come true She became

national stage to embrace

that pro-life feminism then

she became the icon for

us. The President of the

group that champions itself

as pro-life men is in the movement founded

movement founded the Team

Sarah web site and has become a powerful Sarah Palin ally.

Overnight it was tens of

thousands coming, coming,

coming until it was about 7

#0, 80,000 members. The power

of her voice the national

stage has grown even as Sarah

Palin has largely shunned what she calls the

lame-stream media. Like many

others we were not able to

get an interview with her but

on August 28 she will

demonstrate her undoubted

pulling power here at the

Lincoln Memorial at

audacious rally hang on the

eve of Martin Luther King's I

have a dream speech and she

is appear wing Glen Beck at a

rally designed to restore

honour in America. It has

generated controversy,

something else Sarah Palin is

good at. Polls consistently

show her as a strong figure

and according to the institute it is a problem if

she is serious about a White

House run. She has high passionate about her but many

people remember the stumbles

on the campaign trail. Why

wouldn't you run for

President? I would, I would

if I believed that was the

right thing to do for our country. If she runs for country.

President she will run to win

and I cannot imagine anyone

who could beat her in the

Primaries. Despite its on

give Sarah Palin's support

base is still relatively

narrow and this far out it is

hard to see how she can

broaden it into a mainstream

run at the White House and

even among tea party

I like her values and what

she stands for but I'm not

looking for Sarah Palin to

run for President. Will she

be America's first female

President? I think the odds

are still not with her. She would have to have some help

with a bad economy and real

stumble from the Barack Obama

there is a small chance but administration so I think

the odds are not with her

overall. Do you guys like Sarah? In the meantime Sarah

Palin is cashing in. As

continues. The weather -

rain clearing early from

Brisbane of partly cloudy in

Perth and Adelaide.

for Melbourne and Hobart.

Fine and mostly sunny in Sydney, Darwin and Canberra.

That is all from us. If you

would like to look back at

our in sues or stories visit

our web site and follow us on

Twitter and Facebook. See

you next week. Goodnight.

Good evening, welcome do 'Lateline Business' I'm Ticky Fullerton. Tonight record 'Lateline Business' I'm Ticky

profits for Rio Tinto,

booming sales to China puts

investment back on track. It

is our plan to complete investments of about another

$13 billion by the end of

2010. And a lot of those

investments will we hope be

made in Australia. Off the

planet results for Rupert

Murdoch's News Corporation.

It is not just a 'Avatar'

effect it is also about the

newspapers and the domestic

television business in the US

also picking up and broad-based strength across

the group. And Labor dusts

off plans for a very fast

train from Brisbane to

Melbourne but will Newcastle

to Sydney send it off the rails? unfortunately in a failed rails? Having been involved

attempt to get a very fast

train up in this country in

the '90s I can fell you to

try to find an easement that

parks gets you out of the national

that is very difficult.

First to the markets - with a

decent lead from Wall Street

the All Ordinaries was in

positive mood. The ASX was up

24 points. In Japan the Nikkei recovered some of

yesterday's lost ground while

Hong Kong's Hang Seng was flat. Booming iron ore sales to to China have giant Rio Tinto a record start to the year. Earnings

more than doubled to $6.3

billion an expansion is back

on the agenda. The Rio Tinto

burdened by more than $40

billion in debt through its

acquisition of Alcan less

than 2 years ago seems like a

distant memory. We benefit

from cost-reduction effort in

2009 and we are close to

capacity in a strong pricing environment:

$6.4 billion up 260% to June.

Net earnings in the major

iron ore business more than

doubled. The aluminium unit

turned a president of the and copper improved. The

resources windfall has helped

Rio Tinto slash debt from 42

to 13 billion over the past

the 12 months and position

itself for growth. There are

plans the spend $14 billion

over the next year and a half

on investments in Australia, China and Mongolia. Analysts profits and they were not

disappointed. The management

of the balance sheet has been

good and a big turn around.

They have raised a lot of

capital, gone through as yet investments, virtually debt-free and have an

an amazing expansionary capital expenditure program

in front of them. The only

thing you could possibly say

is they have not been

generous with the shareholders. Rio Tinto

declared a dividend of declared a dividend of 49

cents a share in line with

previous guidance. Rio Tinto

says its key markets improved

and the company does not see its fortunes diminish wing a global economic growth

forecast of 4% and Chinese

growth expected to be 9%.

There is nothing remotely bearish thin result particularly in their predictions going forward and they are putting their money

where their mouth is with an

enormous amount 6 capital investment. A view of the

world which seems untouched

by the mining tax. A dill-down on Rio Tinto's

latest results and developments with the miner I

was joined a short time ago by the Chief Financial

Officer guy Elliott. Welcome to 'Lateline Business'.

Thank you. Record results and

quite a turnaround from last

year after some really year after some really tough business decisions for I

imagine you in the financial

controls in particular?. It

has been a very dramatic turn

around in our fortunes over the last 18 months or so

particularly if you look at

the the balance sheet which has move from a state of

affairs where it was $38 billion of debt at the end of

2008 to just $12 billion at the the end of June this year. You have also this

afternoon just announced a

binding offer for 61% of your Alcan-engineered products.

Presumably that is quite a

sizeable amount t amount is not mentioned. But does that

mean that nearlial the Alcan

albatross has gone. It means

we have completed nearly all

the sale of the down stream

assets of the Alcan business.

I would not describe it as I would not describe it as an

albatross, they are good

businesses but we are not the

right parents for those

businesses and I think we are

moving more than 40,000

people out of the company in

more than 30 more than 30 countries. These

have been fantastically

complex transactions and we

are nearing the end of them when this engineered product sale is complete. Tom alber

these says growth is the new

focus, you have 3 billion in project development monies in

2010 already and you have

today announced an million investment in the

Pilbara. I'm assuming that is

only on the basis that this minerals resource rent tax

goes ahead as

are quite right to focus on

growth. It is our plan to

complete investments of about

another $13 billion by the

end of 2010 and a lot of

those investments will we

hope be made in Australia t

most important of them of course is the

the ex-pafntion iron ore in

the Pilbara which you

referred to and that we have

just made the beginnings of

that investment commitment recently but we have not taken the final decision. You

say you have not taken the

final decision on the Pilbara. Again that is

dependent on the minerals

resource rent taxing go

through unchanged? The tax uncertainty that we faced

earlier in the year did cause

us to pause on several our

investments. We have reached

agreement with the Government

but of course to go through a period of

consultation and it needs to

go through Parliament. What

if as might happen the Greens end up holding the balance of

power and start cutting a

rather different deal either

an increased tax or in any event a very different

conditions for you? We have

to watch this

I'm not going to get tank

lotted in the election. I

think the decision we make

later in the year we will be better informed. Yesterday David Flanagan of Atlas Iron

was crying foul saying the mineral resource rent tax is a barrier for entry for

junior players and went as

far as to say you and the other to big miners designed

it as such? I do not see it like

like that I do not - well

the tax was a problem to the whole mining industry and we

felt that by a much more constructive approach of engagement

engagement by the Government we were able the design something which I do not

think it was perfect was a

great deal better than the

first proposal. Remember that

the original proposal

affected the entire mining industry whereas this one is

confined to the iron and coal

businesses. But David Flanagan is right, it makes

your competitors one level

down, it creates a hurdle

forever for them and means a

company like Atlas does

have all the assets you have

to write off against its

assessable income? I think

each companies situation will

be different of course. The

important thing that is the

Government has Consul ever

shuttled the mining industry,

is continuing to consult the

mining industry mining industry under the

process that has been set

fort under the minister and

very much going to be part of

that consultation as I'm sure

will many other mining companies. Your chairman

today talked about your relationship with China

as a key priority building on

your latest joint venture.

But we hear today something

more about the Stern Hu case

that two Chinese executives

from other Chinese companies

were jailed back in March like information to Rio R you

a bit surprise about the timing of

timing of this coming out

today? Look I have only

moments ago seen this piece

of news on the wires. I do

not know anything about it

I'm afraid but to go back to

how you started your question

I think that it is very

important to us to establish

a sensible relationship with

our Chinese customers and

shareholder. The fact is that a quarter of our sales moment go to China and

Chinese buyers have a very

great influence over the

other three-quarters of our

sales which may be taking place

place elsewhere so place elsewhere so we wish to

be important suppliers the

Chinese market and I think

that the signature of the

joint venture last week was a

very good indication of

relations being back on an

even keel. You are bullish on

growth as far as China is concerned?

concerned? Absolutely. I

mean we certainly do see

signs of less strong growth

in the second half as the

effects of stimulus

but the important thing to

make that is growth in China

we believe will remain very

strong for the period ahead as industrialisation

continues as urbanisation

accompanies that and even if

we do not see rates of growth

at double digit levels we

certainly foresee high levels

of growth continuing in China

for several years to come.. I should caution this will not

be a straight-line growth, it

may be jagged. We will see volatility from time to time but I think the

picture is extremely

positive. Shares sin News

Corp surged ahead today after

the company roared back into

the black. Helped by the hit

movie 'Avatar' and a record performance from its cable television division full-year

earnings were just under $3

billion. Investors liked hat they heard from News Corp

which delivered a result even

chairman Rupert Murdoch found

hard to comprehend given the

problems facing the global

economy. I cannot help believe it stays fragile certainly in the Western world. On the other hand we

have good advertising. In 200 29 29 $10 billion of writedowns

more than wiped out News

Corporation's earnings. It

was a different story was a different story this

year with full-year net

profit beating analysts

forecasts and giving the share price a

not just a 'Avatar' effect.

It is also about the

newspapers and the domestic television business in the US

also picking up and broad-based strength across

the group. The 'Avatar'

effect saw the movie division

lift its earnings by 60% t

biggest division cable TV was up rose 14% while the best

performing division was the

much smaller Harper Collins

book publishers helped by book publishers helped by 19 No.1 best sellers throughout the

the year. On the downside

earnings in satellite TV were

affected by problems in Sky

Italia while continuing

issues with the MySpace social networking web site

saw the Digital Media Group

haemorrhage more cash. Since

Facebook has arrived the

position that MySpace has had

has been redefined by market t consumer market. More to the points, there is some questioning as to the

type of organisation news is,

is optimal for a MySpace-style product. The

News Corporation financial

officer David DeVoe singled

out cable television which

includes the controversial

and highly successful Fox

News in the US. They News in the US. They now represent over half the total income. We expect this

business to continue to lead

our overall growth for the foreseeable future. Although

newspaper earning Rosa

healthy 14% healthy 14% market analyst Greg Canavan believes Greg Canavan believes the

numbers reveal the challenges facing News facing News Corporation in a world of dramatic

technological change. In Australia for example

newspaper income was down

3%. This goes to show how important it is for News

Corporation to gets its digital strategy right.

Rupert Murdoch has done a lot

of work on charging for

online content and it is

going to be how that strategy plays out

because that is going to to

be driver of the old media's

profits. On that issue Mr Murdoch described tablet computers such as computers such as the Apple iPad as a game-changer in

which News Corporation must figure out the opportunities.

The while the stock market liked News Corporation's results investors should not

get too carried away. The

dividend will only be 8.5

cent and even after today's surge News Corporation shares

will still only be trade

writing they were in January 1998 and what is more at the

height of the dotcom boom in

March 2000 they hit $55 three times their value now which for Greg for Greg Canavan means choosing the time to invest

is even more important. News Corporation is

Corporation is the type

company you want the look to

buy at the bottom of the is

theing or economic cycle and

look to potentially take

profits on as times look

better as they probably are

around about now. News

Corporation is predicting

earnings growth this year in

the low double digits may be higher if the full take over of British Sky Broadcasting goes ahead. The

country's biggest gambling

company Tabcorp has seen

profits drop by 10%. the Government's stimulus

fading revenues have been hit

hard as consumers cut back.

Earnings at the casino

division were down 17%.

Tabcorp hopes to turn this

around with a costly refit of the Star City Casino in

Sydney aimed at attracting

more high roleers. We have are the same but the market

has grown significantly. So

if you have the same earnings in a in a growing market the

shares go down. It is based

on two things, wager and certainty and Tabcorp were

guideed to higher rate field

charges so there is

uncertainty. Star City is a

big number that cap ex-spend,

there is risk attached,

return are long-dated so the market will constituent back

the wait on a positive update

on that. Tabcorp shares

closed down 2% to $6.67.

Investors will receive a

final dividend of 55

cent. For a closer look at the local the local markets I spoke to

CommSec's Juliette Saly. It

is tracking closely. We had

good numbers out of Wall Street

Street overnight particularly

in terms of economic data, we

saw the US private sector employment growing services sector expanding in

July. The reason that is up

until today our earnings

season had not heated up so

we saw the Dow up 0.4 of 1%

overnight and our market followed

followed suit. Both major

indices adding 0.6% reversing

what we did yesterday. Downer? Downer appears to kick a lot of

goals and it continue to win

a number of contracts. Today we heard it had won a $3 billion contract with the Fortescue and will generate

650 jobs at the Christmas

Creek project in the Creek project in the Pilbara.

The group supported both

companies. Downer up and

Fortescue put on 2%. Take

over talk swirling around Whitehaven Coal? There is

nothing like a bit of take

over talk to bump up a share

price and we have seen good

movement from Whitehaven. The

miner has a value of $2.8 number of brokers say it

looks like an enticing

acquisition and has confirmed it has entered discussion was

other companies interested in Whitehaven. We saw stocks

jump as high as 9% to $6.28,

they closed up 6% or 34 cents

to $6.07 but a lot of movement in the coal sector,

Gloucester was up a massive

10% after it successfully

tapped the market for more

than $430 million. Lou did

other media stocks go

They did well. We saw a bit

of a weakness coming through

from Fairfax but it is not

reporting earnings until the

end of the month. The other

companies which have come out with their numbers performed

well on the back of News Corp

numbers. West Australian News

recovered up half of 1% from

yesterday and Austar having a

big recoveries from sell off

last week up 4% to 98 cents.

The 10 network and Consolidated Media holdings up by 1%. This bodes well for the reporting season? It

does. The report ing season

appears to have kicked off on

strong note. We have number

of key companies coming out

next week when the earnings season will kick into full

swing but hopefully things

can be as positive as we have

seen so far an pretty much as

positive as what we have seen on Wall Street. Juliette Saly

thank you. Thank you

taky. The other major movers

on the local share market.

Link Energy raised ahead

putting on 7% by the close. 7% was also

stock price after it signed a

uranium agreement with China. Retailer David Jones was half

a per cent higher and Qantas

gained after naming Bruce

Buchanan as Jetstar's CEO

sph. Currency markets now -

You can catch a

high-speed train in Europe,

Japan and China but would it

ever work on the east coast

of Australia? Previous attempts would suggest not

but the idea has been revived as

as a Labor election promise.

There is always plan for an

inland freight network where

goods could be transport from Brisbane the Melbourne in 22 doubts about whether the land

can be acquired to build the

track. Furs The idea of a

fast connecting Brisbane, Sydney

and Melbourne has been around

for almost 30 years. All

previous plans have failed

but Federal Labor want to get

the proposal back on track.

I have been speaking about

high-speed rail for some

period of time. What we have

done is work up a considered proposal which announcing today to actually

get to the detail That means

a $20 million 18-month feasibility study to examine

the first stage of the first stage of a potential network between

Sydney and Newcastle.

Determining the level of

passenger demand would be one

thing but those with

experience in the field

believe finding the land to build the track would be a

huge challenge. Anybody who knows anything about Sydney

will tell you that it is

surrounded by national parks

east, south, sorry, north,

south and west and the sea

and the east. If it national park it is military

and you know having been

involved unfortunately in a

failed attempt to get a very

fast train up in this country

in the 9 #0sz I can tell you to try to find an easement

that gets you out of national

parks the make something lake that is very difficult. Anthony Albanese promised a Labor Government

would begin work on the link between Sydney and Melbourne

through central NSW. We need

to take pressure off the big

capital cities. An inland

that. A route has been

identified in the study identified in the study by the Australian Railtrack

Corporation which says such a project would involve laying

another 600 kilometres of

track at a cost of track at a cost of $4.7 billion but the study estimates it would not be

economically viable until

2030 and Labor's plan would

not see money flowing until

2014 and that is two

elections away. A New Inn land rail corridor has been

debated for 100 years in

Australia. The die situation

to now settle on an alignment this has been a long-term Commonwealth can, the

decision to settle on an

alignment and to begin to

acquire the corridor is a

welcome move. But even if

does go ahead it is a long

way you have and a conference

in Melbourne bemoaned the

private investment. It has

been said it is a missed opportunity because there is

plenty of money available to

invest in low-risk reliable

assets. As a general rule

these assets range from the dead-boring

interesting and that is the

whole thesis. Others at the conference criticised the

recent debate about

Australia's population

growth. This rubbish that we

are at capacity in our infrastructure or what have

you cannot handle it is just

rubbish. We probably waste as much as we use in carbon,

water, electricity or whatever. Tony Shepherd argues that Australia will

eventually have to move on

from its status as a very big

country with a very small population.

population. The long-running Australia Bank's proposed

take over of AXA Asia Pacific

looks close to the end. AXA

Asia Pacific went into a

trading halt today and in an update to the ASX National Australia Bank said it was still talking the the

regulators about getting the

deal through. The ACCC

blocked the original $14

billion bid on competition

ground. Ever since then National Australia Bank has

been trying to put together a

plan to put together the

assets to allay concerns. The

business diary - Before we

go a look at what is making

business news in overseas

newspapers - the 'Wall Street Journal' reports that mobile

phones technology is being exploited by criminals and London's 'Financial Times' says 'Standard Chartered'

could be about to shift its

UK headquarters to become more

more competitive globally.

That is all for tonight. You can watch 'Lateline Business'

Monday the Thursday at 8.30

each night on ABC News 24 as

well as after 'Lateline' on

ABC. I'm Ticky Fullerton,

thank you for watching.


Closed captions by CSI

? Attracts me like no other lover ? ? Boy, you're gonna carry that weight ? Carry that weight a long time ? I nearly broke down and died ?

? Here comes the sun ? ? Come together ? Right now ? Over me ? ? Because the world is round ? It turns me on ? ? Sunday's on the phone to Monday ? Tuesday's on the phone to me ? ? Out of college, money spent ? See no future, pay no rent ? All the money's gone, nowhere to go ? ? Come together ? the very last record we made with the Beatles was called 'Abbey Road' and it was a fitting tribute to this studio which has made such a mark on recording. Everywhere I've been in the world, America, South America, the Far East, Australia, you come upon people walking across zebra crossing because of our record. There's your story. They haven't seen each other in 50 years and they came together for this. We walked across the zebra crossing, I was at one side, she at the other, and we met in the middle. Fantastic, isn't it? I remember we were recording trying to think of an idea for a label cover and I don't know who had the idea but it was very simple - just walking across the zebra crossing outside Abbey Road. The fact that Paul wasn't wearing shoes or socks was just coincidence. People then thought he was dead and this was his ghost walking across or whatever. I got so fed up with people trying to get hold of me on those stories.

? Something in the way... ? Do me a favour. Just bring the overall level down a little bit. Except for the vocal obviously. ? Something in the way she moves ?

? Something in the way she moves ? Attracts me like no other lover ? Something in the way she woos me ? I don't want to leave her now ? You know I believe and how ? Somewhere in her smile she knows ? That I don't need no other lover ? Something in her style that shows me

? I don't want to leave her now ? You know I believe and how ? You're asking me will my love grow

? I don't know, I don't know ? Stick around, and it may show ? I don't know, I don't know ? I don't want to leave her now ? You know I believe and how ? Something in the way she knows ? All I have to do is think of her ? Something in the things she shows me ? I don't want to leave her now ? You know I believe in how ? Know I believe in how ? Abbey Road is unique. And it has an aura about it.