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red. yesterday was sharply in the a moment. First the session a moment. First the to happen on regional market in We'll have more on what's set look at the markets first. coming up shortly. A quick coming up shortly. A quick mainstream. Those stories internet sensation evolving entity, how to take an many developed economies. And but still robust compared to but still robust compared Australia's growth schooling through. Solid footing, Greece's debt swap will go positive jobs data and hopes positive jobs data and European stocks bounce on rebound session, US and Coming up on the program - I'm Whitney Fitzsimmons. Today for Australia Network. Morning, welcome to Business is Captioned Live. This Program tomorrow. Closed Captions by Business Today. See you goodbye. Stay with us for as well. But from us it is the weather situation in Sydney

For more on the market action I'm joined by Cameron

Peacock from I the G market. Willow markets follow the US and Europe higher?

and Europe higher? Good

morning. It looks like they

our worst session in the year will. Yesterday we came off

falling about 61 points or 1.5%

to close at 4144. Really for to close at 4144. Really

the last 7 weeks we've been caught in this 100 caught in this 100 point

trading range between 4200 and

4300. Yesterday we fell below

that. We're set to pair back

some of those losses today with

the market set to open half a

percent higher around that

percent higher around that 4

163 level. Gains will be led

by some of those sectors

heavily sold off in the selling

of last few days, material,

energy and financial sectors.

On the economic front today we

have the February Australian

jobs report. We are respecting

to see 5,100 jobs created to see 5,100 jobs created and

the unemployment rate to rise

to 5.2% from 5.1%. This number

is going to be very closely watched as it will have an impact on the Australian impact on the Australian dollar

and rate expect it is a going

forward. What about the rest of

regional indicies? I think global markets are closely correlated at the global markets are pretty

moment. We did see Asian

markets selling off in the last couple of days on the concerns

with the Greek swap deal. I

expect them to rebound today in

line what we saw in European

and US markets overnight. 10.50 and US markets overnight. At

10.50 we have Japanese GDP

figures due out. We're expecting to see a contraction

of 0.2%. We're respect

expecting the Nikkei to open up

point 7 of a percent this morning. Solid jobs growth in

trade higher there. Yes, that's the u. United States pushed

right. We saw US stocks

rebound ing modestly from the

worst day of the year. A we worst day of the year. A we

had the S&P up 7..7%. We had

the private sector jobs report

that showed 216,000 private

sector jobs were created last month. That was better the 208,000 that the market month. That was better than

the 208,000 that the market had

expected and sets up quite

nicely nor Friday's nonfarm payrolls payrolls support we're

expecting to see 200,000 on

Europe are hopeful that report. Investors in

Europe are hopeful that

creditors will agree to this freak debt swap? That's right. One of the main reasons global

equity markets sold off heavily

over the last couple of days

was this concern Greece

wouldn't get the necessary

update on the bond deal. They

would possibly default. We did see a number of financial institutions putting their hand institutions

up saying that they up saying that they would

tender their own bonds for new

ones and that provided some re

assurance to the market. assurance to the market. It is

a complicated process, but the

minimum number we're looking

for is a 66% take up. We'll

hear probably more on that

point figure in 24 hours time. Looking at commodities, oil and gold oil and gold are both

higher. Yes. In recent days we

have seen an elevated level of risk and fear in the market and an elevated level an elevated level of concern

about the global growth and as about the global growth

a result of that, we've seen money flowing out of some of

the commodities and risk

currencieses and into the US

dollar. Last night we saw risk

sentiment improve somewhat and

some of that money flowed back

out of the US dollar and into

those risk currencies and

commodities. We did see gold

up about $11 or 0.6 of a

percent. It is trading at 16

86. We also saw the oil price spiking 1.2%. Cameron, thanks for joining us. Peacock from IG Markets there. for joining us. Cameron

what's happening with Let's take a closer look at

currencies and commodities. More private sector lenders

have signed up to Greece's debt

swabs deal ahead of tonight's deadline that will see the

value of their holdings more

than halved. Private investors main bring banks and pension

funding holding more than 50%

of Athens' eligible debt have reportedly committed to

swapping their Greek above the government bonds for new debt. A participation of 75% is

needed for the restructuring or

cutting of Greece's debt by

$140 billion . I have the

feeling that we'll have a soft

landing with PSA. I think can

it will have made good work and

they'll succeed to land the

well prepared ground. The default plane of Greece in a

successful completion of the

Union and International swap is needed if the European

Monetary Fund Monetary Fund are to provide second bailout worth Monetary Fund are to provide a

billion to the Greek Government second bailout worth $170

enabling it to avoid defaulting

on its remaining debts later

this month. Treasurer Wayne

Swan says yesterday's account figures ground score Swan says yesterday's national

Australia's strong Australia's strong economic

fundamentals and re sill yebs compared to economies such as

Japan, the UK and Italy.

That's despite numbers showing

Australia's economic growth was Australia's economic growth

half what was sected during the

December quarter. The crisis

in Europe had a it dramatic impact on activity across the board. The National Accounts board. The National Accounts

showed the economy grew by 0.4%

during the December quarter,

half what was expected.

Leaving the growth rate for

2011 below average at a slower

2.3%. Probably the one 2.3%. Probably the one that

surprised us a little bit was

on the consumer. We saw the

consumer pullback after a rufn six

six to nine months spending and being quite strong. I being quite strong. I think that reflects the fact that

household incomes really slowed a lot. Treasurer Wayne Swan is

still promising to bring down still promising to bring down a

budget surplus but flagged more

hardship ahead. I fear that

there will be less revenue and

we will certainly need to we will certainly need to go

through another savings exercise. The numbers also reflected

reflected some pain in those

parts of the economy like tourism which are struggling due to the strong Australian dollar.

dollar. But don't expect the Reserve

Reserve Bank to be cutting interest rates to lower the

dollar. They're both playing

important role in pre--er everything overall macro

stability something which has

proved very difficult to

achieve in previous resources booms. Analyst are sticking to their forecasts despite the

gloomy news from Europe. Maybe

the economy is growing a bit faster than what these National Accounts figures actually say. They'll be watching whether history repeats and

growth is knocked off course by

more than trouble in

Europe. And to look at how this affecting currency markets I'm

joined by John Noonan, senior currency strategist with

Thomson Reuters. Welcome to the program. Good morning. The

hopes of this deal for Greece passing

passing has boosted the our.

This is positive or negative? .

It is positive. Rumours yesterday they weren't yesterday they weren't going to

get 50% of the take up, it

looks like the latest mail it

is going to be between 75 80%. Greece wants 90% participation otherwise they're

going to invoke what they going to invoke what they call the collective action clause which will force all those

investors who don't agree to

the deal to actually pony up

and force them to agree to it.

That will create - That will create - that's

factored into the market - some uncertainty towards bonds of other countries. It is a very aggressive action against

investors and Portuguese bonds

and bonds of other peripheral Europe would Europe would suffer as a result long-term. Long-term that

wouldn't necessarily be a wise

move, would it? No, not at all. None of the experience

that we've seen with Greece is

very investor friendly at all.

very investor friendly at all.

When investors initially bought

Greek bonds they were under the

flag of the euro they believed

they were going to be paid on

time and in full and obviously

that hasn't happened. There's assurances coming from European officials that that is a one off

off case, it will not happen

again, but the same assurances

were given at the time start of

the Greek crisis that it

couldn't possibly happen with

Greece. The credibility of the

European sovereign debt market European sovereign debt market

is still damaged and this

experience even though they

have averted disaster by a

messy default is not helpful for restoring that confidence. It is a bit confidence. It is a bit like

the boy who cried wolf really.

If the deal doesn't go through, isn't ratified and Greece is

forced to default, there are

some people out there who are

scenario then? saying that it will, what's the

scenario then? A messy default would be disastrous at scenario then? A messy Greek

this point in time. Would you

see very quick contagion. The

IIF representative said

yesterday there would be a trillion dollar price tag to

the European economy. I think

there are forces within Germany

who wouldn't mind seeing Greece

default and leave the euro but

no-one's best interests for a everyone realises it is in

chaotic chaotic messy default outside the tent to happen at this

time. What we've seen place, you know, there's no time. What we've seen take

doubt about it, is a default,

but it is one that's - It is

default you when you don't but it is one that's - It is a

really have a default. That's

right. A messy one would be

very chaotic. The biggest fear

would be the contagon effect would be the contagon effect in Portugal, Irish, Italian and

Spanish bonds would be very

quick and scary. The other quick and scary. The other knock on effect of course knock on effect of course with

this news is that it has this news is that it has pushed

the Australian dollar up which

has been off its highs for the last

last week. What's your reading

of that? The Australian dollar

point is poised at a very interesting

point right now. There's also

global growth concerns in the

background on Tuesday we had

the Brazilian's GDP was at much the Brazilian's GDP was at much

lower than the market expected. They only grew at 2.75%. We

also have the China data that

came out the revision there to?

That's right. Also there are fears

fears that the China economy

will slow a little bit more to that 8% growth level that

economists have been

forecasting. There are global

growth concerns holding the

Australian dollar back. What's supporting the Australian supporting the Australian dollar back. What's

dollar there are hopes there

could be a fed QE3. The

Reserve Bank is not ready to

lower interesting rates any lower interesting rates any

time soon. Commodity markets are the key. They are healing

up right now. If you start seeing commodity prices go

down, the Australian dollar

could start to lose some

value. What's driving hopes

after hi QE3. Burn burn came

out a week ago saying a week

don't mention the elephant in

don't mention the elephant in

the room. Ben. We don't want to talk about it. I certainly

took it out of my file of

things to look forward to. A

'The Wall Street Journal'

article last night apparently

sourced from officials saying

that the fed is looking at

perhaps renewing the bond

purchasing program but by what

borrowing in the short-term they called sterilising,

market so it is not printing money but doing some

money but doing some form of

Surprised a lot of people, QE3 or QE3 light that.

particularly US data has been

buoyant of late and exceeded

expectations. They're wore

bead about the global growth

story and feels US they need a

lot of pick up. Investors love

the sound of any sound of

QE3. I like QE3

QE3. I like QE3 light. It's

interesting the tags they put

on things. If we look at

commodity currencies then.

so volatile we don't know What's the market like. Is it

whether it is good for

commodity currencies or not. The commodity surns The commodity surns are

dependent on the global growth

story and particularly the

growth out of China the rest of

the emerging markets. There

are some signs now that that

might not be as robust in the

coming year, particularly if

the European recession takes a

hold and deepens to any great extent. These economies, extent. These economies, China

and Brazil, the rest of the

emerging market economies, are

still very dependent on exports

and exporting to Europe is one

of their export destination,

the main one for China right

now. There are some worries

about Europe does go my deep

recession these economies will not have enough

not have enough domestic

that. consumption to make up for

that. That will push down commodity prices and the commodity currents like the

Australian and Canada will come

down a bit. Is it too early for

you to give us a you to give us a ballpark figure where the Australian

dollar would be around June,

early June and July July? I think that ploobly as

early June and July we'll

probably still be in a range

I'm predicting between 103 and

102. That's pretty wide.

102. That's pretty wide. I do

there's think in the short terms

there's chance the Australian

dollar will come down to 103,

104. Will it go down it below Paribas rit. I don't think I

so. You would need some kind of so. You would need

shock. That's not unlikely. You don't know what you're going to read in the newspapers when you

read in the newspapers wake up in the morning,

wake up in the morning, that's

nor sure. Boring a left field

shock, I will say it will stay

shock, I will say it above parity in the

short-term above parity in the very

short-term it could go down

above parity in the very 103, 104 quite easily. John short-term it could go short-term it could go down to

Noonan, thanks for joining us. Thanks, Whitney. The $5 billion northern Australia industry has been billion northern Australia beef

industry has been dealt a billion us. Thanks, Whitney. The $5

double blow. It's tell reeling

from the ban on live export and now Indonesia's planning to

ramp up its self-sufficiency in beef production. Northern

beef production. Northern

Australia carries after the

nation's herd and the Australia carries nation's herd and the hopes of

an industry going through a nation's herd and the hopes of an industry going through a tough time of change. It is tough time of change. It is a

tough time to be a cattle man in tough time of change. It is a

in northern Australia. We're tough time to be a

seeing a crisis in confidence which seeing a crisis which is take some time to seeing a crisis in which is take some time to wear

out of the imed I have or to which is take some time to

come out of the out of the imed I have come out of the system. The Northern Territory has around

200,000 people but more than 2

million head of cattle. 200,000 people but more than million head of cattle. Last year, they were

year, they were left stranded. The ex exposure of cruel

practices in Indonesian abattoirs led to a Federal

Government ban on live export

for two months. Indonesia b is

by far Australia's largest live

export market but rammed up its

plans for self-sufficientfy and Dee reduced its live import quotas for next Dee reduced its quotas for next year. We quotas for next year. We are

concerned if the quote Tahs aren't freed

aren't freed up more we're going to aren't concerned if the quote Tahs

going to have a backlog of

cattle that don't have a market in FESA. at other options. Clearly from in FESA. People have to

a live export perspective there aren't many other options for

northern producers. Demand for beef is growing across developing northern producers. Demand for beef

developing countries but if northern Australian producers carp find

developing countries but carp find other live export northern Australian producers

market they'll have to turn carp find other live market they'll have to turn toks porting market they'll have toks porting processed

beef. Any model for further

development of the development of the northern herd has to

herd has to be based around

fattening and finishing. That's

herd has to be based around That's one of the fattening and That's one of the challenges. It would need

investors to build a processing plant challenges. It would need investors

plant to service the area. Australia's plant to Australia's largest

Australia's largest processor, JBS Australia, isn't keen. From

JBS JBS Australia, isn't keen. From our perspective, we're all about JBS Australia, isn't keen. From our

about making sure that our four

Queensland plant are working to optimum capacity and we have sustainability in those

businesses and continue sustainability in those

businesses and continue to produce high quality businesses and produce high quality product for the domestic and export market With the season about to produce

market With the produce producers could be caught on the horns of a

dilemma. Olympus hand dilemma. Olympus hand three of

the company's former senior the company's former senior

executives have been charged in

connection with an alleged 1.7

billion accounting cover-up.

The three who were arrested

last month have been charged

with conspiring to falsify the company's balance

company's balance sheet in with conspiring to falsify the company's balance sheet in 2006

and 2007. Former Olympus president Tsuyoshi president Tsuyoshi Kikukawa has

been named as a key player in been been named as a key player in the scheme. The Tokyo Stock

Exchange says it will not automatically expel automatically expel Olympus as a result of the a result of the criminal

charges being laid against the

company. A spokesman says charges being laid against the

action will only be taken if

new facts action will only be taken new facts come

new facts come to light. Vietnam central new facts come light. Vietnam central bank has

announced plans to xwut its main interest light. Vietnam central bank has announced main interest rate by 1

percentage point to 14% within

the coming days. percentage point to the coming days. The planed the coming reduction follows a government the coming days. The reduction follows a government call for action to boost production reduction follows a government

production and the domestic call for action production and the domestic

market to keep growth and at an

appropriate level. Analysises

say the cuts were expected appropriate level. after a say the cuts were after a Vietnam's inflation

rate fell for a 6th consecutive

month in February to its lowest level rate fell for a 6th consecutive

level in nearly a year month in February to its level in nearly a year to just

level in nearly a year to just above 16%. level in nearly above 16%. However, there are still warnings above 16%. However, there still warnings about upside

risk and the bank is being urged to be conscious. Government announced a 10% urged to be Government announced a 10% rise

in petrol prices and flagged

interest rate cuts,

in petrol prices and flagged interest rate cuts, mirror similar moves in similar moves in Indonesia and

the Philippines as growth rates around the similar moves in Indonesia and around the region the Philippines as growth rates around the region slow. Three men

men are due to be sentenced in London for their involvement men are due to be sentenced London for their involvement in Britain's so-called biggest ponzi

ponzi scheme ever to have ponzi scheme ever to have been

investigated by the police. ponzi scheme ever to

investigated by the police. One of the men has already

pleaded guilty

One of the men has already pleaded guilty to pleaded guilty to defrauding

investors of $180 million. It has

has found them investors of $180 million.

has found them guilty on lesser charges. They've period to charges. They've period to be

financial wizards but the only

trick was making people's trick was making people's money disappear.

disappear. Lon admitted to being

being the mastermind, a

disappear. Lon admitted being the mastermind, a career

fraudster wauns jailed in

America. Kenneth pea con and America. Kenneth

John Anderson were today found

guilty of lesser offences. John Anderson were today guilty of lesser offences.

They spent the money renting these luxury homes. They travelled to meetings by helicopter and one of travelled to

helicopter and one of them even

bought a private jet.

helicopter and one of them even bought a private jet. These supercars seized by police are

some of the few assets assets to be recovered from assets assets to from a massive scam.

from a massive scam. John Anderson from a massive scam.

Anderson told investors they Anderson Anderson told investors they

were putting money into a loan

business but list found no

evidence of it. He and evidence of it. He and his codefendant were cleared by a jury of codefendant were jury of misleading investors

but found guilty of unlawfully accepting deposits. accepting deposits. People's lives have been but found guilty of unlawfully accepting

lives have been devastated. accepting deposits. People's lives have lives have been devastated.

They've lost homes, pension funds, and there They've lost funds, and there are people in

the latest stages of their

lives having to start again and

face decision that they wouldn't have lives having to

wouldn't have to face lives having to start again and face decision that wouldn't have to face normally. From this office in London's wealthy nights bridge

nearly 800 people were persuaded to

persuaded to part with their

month, promised return of up persuaded to part with their month, promised return of up to 20% a month. Among month, promised return

20% a month. Among the victims 20% a 20% a month. Among the victims were 20% a month. Among the

were former cricketer Darren Government.5seen here on strictly come dancing a few

years ago. What the investors

didn't know is that it was

didn't know is that it was a massive response spi fraud

massive response

scheme. The mastermind would

take money from new investors and use it scheme. The mastermind would take and use it to payout to existing investors. He then

squandered rest on a lavish

lifestyle. When the splief new investors dried up, this scheme collapsed. Owing investors dried up, this scheme collapsed. Owing ?115 million.

Nathan and his partner from

bath lost nearly half a million pounds,

pounds, all the money they had.

I have my gooef yeef and

ignorant because I had good

fredge who said this was a idea

good and a trusted them and it was perfect timing and I didn't really trust the High Street

banks and didn't know what to

do with the money because I'd never invested money

do with the money never invested money before in any life. I was perfectly set

up for the job as it were. The up

men behind the scheme will be

sentenced tomorrow morning,

less than ?3 million of the

money less than ?3 million of the

money is expected to be returned less than ?3 million of returned to investors. Apple has unveiled its has unveiled its much anticipated third version tablet contributor which is called the

called the new IPad. The upgraded version of its upgraded version of its popular

IPad tablet was launched as a presentation in San Francisco IPad tablet was launched as

where Apple CEO presentation in San where Apple CEO Tim Cook

detailed the faster 4G equipped

device that can run

device that can run at speeds three times device that can run

three times a faster that the 3

X technology. It is powered by

a A 5X schip with improved

a A 5X schip a A 5X schip with improved graphics performance. We have

take it to a whole new level

and we're redefining and we're redefining the category that Apple created with category that Apple created

with the original IPad. It

makes amazing improvements over

the most fundamental features of

of the design of the most fundamental features of the design of the device while of the design of the device while retaining everything that

millions of people have grown

to love about it. The latest

version will be released on

March 16 with Apple hoping March 16 with Apple hoping it can safeguard

March 16 with can safeguard its dominance as

rivals from Amazon and rivals from Amazon and Samsung

pile into the market N 2011 there were

there were 67 million tablet

users with Apple claiming to thirds of users with Apple claiming thirds of that market. Forbes

nab ceiling has issued its

annual list of the nab ceiling has issued annual list of the super annual list of annual list of the super wealthy. Europe's downturn is

it take a toll. Carlos Slim is still number 1 in the billionaires club with billionaires club with an estimated net worth of estimated net worth of $69 billion. Bill Gates and Warren

Buffet round out the top three,

Buffet round out the top three,

while Asia's richest individual Hong while Asia's

Hong Kong tycoon comes in at

9th position with 9th position with $25.5

billion. The Indian steel billion. The Indian steel boss

in 21st place was one of the biggest Cas salts dropping out of biggest Cas of the Top-10. is the

list. She's is the only Australian on the

list. She's number 29 with list. She's number 29 with $17

billion. If you have a child between 6 and 12 between 6 and 12 you've

probably heard of the latest probably probably heard of the latest internet sensation, Moshi

Monsters. Now it's creator is

making his online success in a

retail empire and turning over

making his online success in a retail empire and turning over

$100 million a year. He's a mop

top Britt but no this isn't

top Britt but no this isn't

beetle main ya. He's Michael Acton-Smith reate or of Moshi

Monsters where young children play puz selz and Monsters where young play puz selz and share content. I always wanted play puz selz and content. I always wanted to

create a game where kids would learn while playing games. learn while playing games. It

is a really powerful way learn while playing is a really powerful way of is a is a really powerful way of educating. Most of Moshi monitors 60 million citizens

educating. Most of monitors 60 million citizens play for free play for free but subscriptions

to play higher levels cost $6 a month. Now mind Candy is

month. Now mind Candy is turning the online craze into retail wares like toys,

magazines as muk music. Last

year we sold over $100 million

of Moshi monster products at retail value throughout the

world. This year we expect world. This year we expect it

to be sub staggally higher. The

The business that's been

profitable since 2009 and our net

net profit has been growing

dramatically last couple of

dramatically last couple of

years. To be able to anchor

their product and their brand

in the off-line world really

gives comfort to consume other continue using and invest ing

inthat brand. Retail history is littered with to a fads that

have come and gone and Michael

Acton-Smith makes to make Moshi

Monsters one of those rare presencials like barbie and lego. One of the key things

these brand does is they refresh them. They

refresh them. They add new

content and characters and

features and story and this is

something we are spending a lot of time doing with Moshi Monsters. The successful game

developers look at the game

model backward. They don't

look at monetising the look at monetising the consumer upfront. They look at the

consume are across the whole

lifetime span of being in that

game. The other delicate

balancing act is to keep

parents on side. Mind Candy

parents on side. Mind Candy has denied not to advertise on

the Moshi monitors website and

trying to limit the downside

limit of peser power. We need

to be careful we don't overcommerm lies it. We overcommerm lies it. We don't drive parent around the bend.

We could look a lot more mosh

is a rather than a sub scrpg model.

model. . Michael Acton-Smith

says it is too early to

consider whether to sell consider whether to sell or float the business. But with potential buyers already

knocking at his door, he might soon start learning about pes

at that power himself. Let's

take a look at what's making

headlines around the region. 'The Wall Street Journal'

reports that for apparel

companies lower cotton prices might not pride the boost they

were hoping for. 'The Hong

Kong Standard' covers HSBC's offloading jets general

insurance urntss in Asia and

Latin America for a total of $9

40 million as the bank tries to hive off its noncore operations. That's all for this

edition of Business Today. If you'd like any more you'd like any more information

on the program please check our website or follow me website or follow me on

Twitter. Thanks for joining me. Enjoy

me. Enjoy your day. Closed Captions by CSI push

This Program is Captioned

Live. This morning, friends

family and colleagues of explain policeman David Rixon

gather to pay him their

gather to pay him their final

tributes. Also this hour, towns isolated, hundreds

evacuations and there's more

severe weather on the way for

NSW and Victoria. Stephen Smith defends his handling of the

the ADFA skype sex scandal.

Six British soldiers killed in

an explosion in an explosion in Afghanistan's Helmand Province.

Helmand Province. And

Australia prepares for day's

one day decider one day decider against Sri Lanka without captain Michael

Clarke. Good morning, you're

watching ABC News 24. Live

across Australia, I'm Jeremy

Fernandez. Taking a quick look