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(generated from captions) of lean on an innate understanding

may be in 15 or 20 years. In

15 or 20 years this region may

years after be as peaceful as it was in the

years after the Vietnam War.

We don't know. We have to plan

for all sorts of contingencies.

That's the sensible thing to

do. We must try and maintain a

peaceful coexistence of states

and the idea that trade will

sort of dampen everything down,

you should remember that

Germany was at the end of the

19th century to the 19th century to the world what China is today, the great major

manufacturer. It didn't stop

the First World War. Let me ask

you this then - I said earlier

you don't presume to advise the

Government, but you are

ing ina general sense about

me ask you this -- this policy being wrong, so let

A. No. Well, at least

misjudge the

symbolism. Understand this -

having the United States in

this region is not wrong. It

is positive and good. Increasing modest ly military

engagement with the Americans

through an Australian base is

fine. What is not fine

getting caught up in the

rhetoric of what can be conceived as a nays sent

containment policy. Is there,

then, getting back to my

question, a way to fix the

damage that you see that's been done here?? What would you have to do if

damaging? back from what you see as

damaging? I just think keep

continue to be fair and in our our eye on the main chance and

commentary. The main chance is

- I've got to interrupt you

there. You just said you can't

see a possibility for senior

ministers being welcomed in

China at the moment. I said

it would be tech Chee meetings.

They will be welcome. The

China r knees will be clever enough to be polite. On another

issue finally, the issue of issue finally, the issue

uranium sales to India. It is

going to be hotly debated at

the Labor Party conference in a

on that. The think the Prime on that. week or so. Where do you stand

Minister is right about it. I

think that the kind of commitments that commitments that the United

States now has from India as a

nuclear weapons state and as a

major developer of civil power,

civil nuclear power, while not

the NPT, are sufficient, I

should think, for us to be able

to export uranium for these

sorts of purposes. What do you

think about the way this

has been handled then? It is

very strange the way the

Foreign Minister was kept out

of discussions about this. He

was not inform this was going

to be put on the agenda. Well,

I don't know what the answer to

that is. I don't know what the

answer is. As far as I know,

Kevin Rudd supports the policy.

I don't know what the reason

Government has got very - after for that is. But I

the American story got leaked

to 'The Sydney Morning Herald',

I think the Government has got

very, very gun-shy about broad

conversations? conversations. Or specific

conversations? Or specific conversations. With specific

ministers. Perhaps. Paul

Keating, very good to to once

again your perspective. We

thank you very much for joining us on Lateline tonight. Thank

you, Tony. To US politics now

and contender in the race for

the Republican presidential

nomination have clashed over

foreign policy and national

televised debate, there was security. In their latest

also division over how to deal with America's 11 million

illegal immigrants. The

Lateline Washington correspondent Lisa Miller prepares this report. The Republican candidates for President 69 United States.

The candidates strode into the

hall surrounded by all the trappings of a trappings of a sporting final. (Sing's

anthem). Pakistan was the first

country to feel the heat. One

of the most violent, unstable nations that there is. Until

Pakistan clearly shows that

they have America's best

interests in mind, I would not

send them one penny. Newt

Gingrich's strong debate

performances have seen him rise

in the opinion polls. He split

from other candidates on how to

deal with the estimated 11

million illegal immigrants in

the US automatic deportation. I'm

prepared to take the heat for

saying let's be humane in

enforcing the law without

giving them citizenship, but by finding a finding a way to create

legality so that they are not

separated from their

family. Rup cans bounced from

linking one global hot spot to other

linking those problems back to

the US debt. There's nothing

cut against the military and

the people on the hill

hysterical because they're not

the Budget isn't going up as

is a road that is disaster. rapidly as they want it to.

We'd better wake up. Our

biggest problem is at home.

You can see is on every street

corner. It is called

joblessness. There were no

major gaffes although Herman Cain struggled with the

moderator's name. I meant

blitz, wolf. Since we on a

blitz debate, I apologise.

Woolf. In the post debate spin

room the verdicts were

delivered. One of the reasons Governor hunt man finally got

would make a better President

than Barack Obama. The won

who won was Barack Obama. His

policies are except for empty rhetoric, are pretty much

unchallengeable. The Republican

candidates were in the nation's

capital the president headed

north to the primary battleground of New

Hampshire. How are you? He deliberately stayed on the

sidelines of the super

committee'ses tussle but now

that it's officially failed,

he's ram being up the

Republicans to increase taxes

on the wealthy while being

willing to let tax cuts for the

middle class expire. One push comes to shove are you Will

willing to fight as hard for

working families as you are for the wealthiest Americans?

What's it going to be? That's

the choice. Voters are also

making choices. The opinion polls consistently rate Barack

Obama's job approval at just

above 40%. In the

Galaxy Poll take over ompb the last three days those

disapprove of the job he's

doing 50%. I hope people are still encouraged four years

later despite our economy that

he has some really good ideas

and that he's a viable president.

president. I think that the

President is really trying to

get the economy going, but is

meeting with great

resistance. That resistance

will become an even more prominent theme in his as he moves into campaign mode

and blames Republicans for

America's woes. Lisa Miller, Lateline. The West Australian Government will mentally impaired man Marlon

Noble who has in custody for

more than 10 years without

conviction. Premier Colin

Barnett says the Government will review conditions attached

to a recommendation to release

the 29-year-old early next

year. Noble was deemed unfit

to stand trial in 2003 on

sexual assault charges. He has

been held on a ever since. Earlier this year,

his alleged victims denied they

were interfered with. Charges

against him have been dropped.

Very sad situation on all

counts. He's going to counts. He's going to be released and there will be

measures put in place both fro

text him and to ensure that

there's no offencing. I don't

know whether he offended or not

and this is one of those issues

that no doubt will be delved into. At the moment the concern of the Government is

the welfare of Mr Marlon Noble.

He has been provided with

housing, he'll be provided with

support services and we want to ensure he poses no risk to the community. Under the

conditional release order, west Australia's mentally impair add

accused review board has

recommended that noble be placed on the child sex

offenders registry and he stay

in the same place every night

and be subject to random drug

and alcohol testing. Up to a

dozen homes have been damaged

and 720 hectares of bushland

destroyed by wildfires near Margaret River in the south

west of WA. Fire crews remain

on high alert as still burning out of control.

The fire was sparked by a

planned burn carried out by the WA Department of Environment and Conservation. Andrew

O'Connor reports. What started 24

24 hours earlier as a

controlled burn designed to

prevent bushfires rapidly

turned into one today. . There

are six or eight houses

destroyed. We haven't confirm

the numbers yet. When embers

flew across the fire boundary it triggered a major fire-fighting

were right in the line of the

smoke. Whenne first coming, it

just came very quickly, on

yeah. Very strong winds.

That's my major impression. We

tried to douse the house but I don't think we were going to

have much luck. I think our

house might have gone. I think

a feeling The fire started with

a controlled burn and spread

south-west towards Prevelly.

Images posted online residents showed the intensity

69 fire with a huge Paul

69 fire with a huge Paul of

smoke visible from choms away.

With the fire out of control,

emergency services began

evacuating people under

threat. Either go early or

prepared to defend. We're not

prepared at our age to do that.

The state's emergency

coordination group has been briefed on the fire and is holding another meeting. To

get an update on the fires and

to make sure that there are

sufficient resources down there to deal with the

situation. People are expected

to remain at the evacuation

centre until fire authorities

say it is safe for them to

return to their homes.

There's still a threat to after the fire has gone

through, there will be

smouldering embers left behind and they can be undetected in

the first pass through

firefighters, but at a later stage they can

flare-up. Several schools in

the Margaret River area have

been closed for at least one

day due to the continuing fire

threat. A quick look at the weather now. Showers and

thundery rain peeds in

Brisbane, a shower or two for Sydney, a possible shower in

Canberra and Adelaide, sunny in Melbourne and ho Bart. That's

all from us. If you would like

to look back at tonight's

interview with Paul Keating or

review any of Lateline's

stories or transcript visit our

website and follow us on

Twitter and FaceBook. I'll

join you again tomorrow night.

Until then, good night. Closed Captions by CSI This Program is Captioned

Live Good evening and welcome to Lateline Business. I'm

Ticky Fullerton. Tonight - a

mining tax just as China slows

and differing figures on how

much it could raise. The

decimal place indicates

precision that's just not

there. I mean, there's

obviously a lot of variables

that will impact on the final

take, not least of which is the

commodity pricing and exchange

rate. We chew over why gold

stocks aren't following the

gold price. One people start to

look at some of these gold

pining stocks that are paying

pretty a traffic dividends and we'll see money coming into

gold stocks. How the floods in Thailand

Thailand threaten major disruption in the computer industry. This is a business

where cleanliness is very, very

important. You're in a

situation where you're loading

machines in and got forklift

trucks going around aurn trying

to keep the place clean. Triple

trouble today courtesy of weak

Chinese manufacturing, a lower

US GDP growth and rising costs

to Spain. The ASX lost 2%. In

Japan the Nikkei was close

foshd a public holiday. The

Hang Seng was also down. Investors aren't recoiling at

the sight of Australia's mining

tax. It is small beer in the context of the northern

hemisphere's debt crisis and it

could be small beer for

Government as well. Critics

say the Government won't raise

enough money to fund its

promises and the tax take is

hostage to the uncertainty of

exchange rates and resource

prices. Here's Phillip Lasker. Shovelling dirt and

shipping it offshore may look

simple, but there's nothing

simple about the politics and

economics of taxing it. It is

certainly been messy. The tax

is I guess at best ill

designed. The water downed

mining tax or mining resource

rent tax is a shadow of the comprehensive proposal put

forward by the Henry Tax

Review. It taxes coal, iron

ore, gas and petroleum but not

minerals or metals like copper

or booming gold. I think over

time we will see interest in

expanding or broadening the mining resource rent

tax. According to John

Robinson, the broadening will

occur out of necessity rather

than choice because this

revised tax won't make cash

cows out of the giant miners. It positions the major

companies, the BHP and Rio

Tinto's in a fairly good

position in as much as they're

able to re-jig their

depreciation base back to market value. In other words,

start all over again in terms

of the depreeshation base they

use and this means this they're

going to have fairly major

offsets to the tax,

particularly in the early

years. As for the Government's

expectation that the tax will

raise $11.1 billion in the

first three years... We know

from looking at past budgets

that revenue estimates are

often out by something of the

order of plus or minus 10

billion or more. It's very,

very small thing in the scheme

of things I think. It is enough

to raise doubts about the

Government's ability to fund

its mining tax linked spending

promises like interest income

discounts, a 1% cut in company

tax and the gradual increase in

compulsory superannuation from

9 to 12% of salaries. The

kindest thing you could say it

is heroic and the concern

obviously that flows from it is

once the shortfall in tax take

becomes evident over time,

given that the spend side is

already committed, there is a

going to have to be further

pain for somebody. As if to

underline the resource sector's vulnerability in the face of

the Government's optimism, a

survey showed Chinese factory

activity was the weakest in

nearly three years. There's

obviously a lot of variables

that will impact on the final

take, not least of which is the

commodity pricing and exchange

rate. Both would be undermined

bysation can slow down in China. The mining boom has

finally seen construction take

off in Australia with its

biggest quarterly jump in at

least 25 years. The dry of

statistics figure show a 12.5%

surge to the three months in

September, well above expectations. The spike was

driven by a lift in engineering

work in the mining and energy

sectors which rose 22% to 28

billion dollars. The big

private infrastructure project

are compensating for weakness

in other areas with residential

building and public infrastructure flat. Analysts

say the figures indicate the

mining boom is picking up steam

and is likely to stay strong in

the near future. A move into

the business market appears to

be paying off for Virgin

Australia. Shareholders at its

AGM in Brisbane today were told

the company has had a solid

first quarter, despite high

fuel prices and the impact of

natural disasters. The airline

however was unable to provide

clear profit guy dance to what

it described as the uncertainty economic environment. At Emily

Stewart reports. Competition in

the budget airline space

prompted the original cut price carrier, Virgin Australia to

alter course earlier this year

heading up market with business

travellers now making up more

than 13% of the company's total

revenue. Last November, we

had secured two new corporate

accounts, the AFL and the NBN.

I'm very pleased to say by the

end of the financial year 2011,

we had secured an extra 39 new

accounts and we have seen improvements since then, may I

add. Overall, 2011 was a

disappointing year for Virgin

hit by natural disasters,

system outages arcs and global

economic unrest, the company

posted a net loss of $68

million. But chairman Neil

Chatfield reassured investors the company's annual general

meeting in Brisbane today that

Virgin's new strategy has

turned its fortunes around. In the first quarter of the

current financial year, that's

the 2012 year, we are

profitable and we are tracking

ahead of the budget and on last

year. We anticipate

improvement in our full-year

results in the full financial

year 2012 compared to last

year. Virgin says it is also

focused on expanding its

regional Australian routes and

will announce new destinations

in the next six months. It

will also hire more

staff. Today, I can also

announce it that we will be

providing up to 250 new cabin

crew roles mainly based in

NSW. Shareholders might have

been hoping the two-day shut

down at Qantas last month would

help boost Virgin's

bottomline. I think there will

be travellers that probably

coming on Christmas feel a

little insecure are they going

to book and then there could be

strikes. I feel they will gain

customers that way. It might

be helpful, yeah. However,

Chief Executive John Borghetti

says it has had little impact.

He told reporters via a

teleconference after the AGM

that the costs of putting on

more aircraft chewed up any

additional revenue and that the

Qantas shut down has played

only a small part in boosting

Virgin's passenger numbers. We

are already starting to see

this before. My personal

belief is that the bulk of this

is strategy related. While

Virgin refused to give a profit

guidance because of the

uncertain economic environment,

it hopes to continue driving

revenue growth through the

corporate dollar. Not a pretty

day on the local market. Earlier I spoke to Charlie

Aitken from Bell Potter. Just

appointment on US economic

growth and Chinese

manufacturing plus spiralling

borrowing costs in Spain. It

is a try effect staff trouble

really. Trifecta of trouble,

more than that today. We've

got concerns about decks ya,

the bailout there, the Belgian

bank failing. Stress tests

from the US bank from the fed.

It was a slaughterhouse today.

There wasn't a good headline to

be found. You're not going

bearish. I'm not going bearish

because stocks are very cheap.

It is the trifecta, the

straight six, anything, it was

just no good news in the

sharemarket, couldn't cope

with, down we went 2%. Let go

to companies. Rio Tinto has

secured regulatory approval in

Canada for the takeover of

uranium explorer hath that exploration. That was quite

good marngal news nor Rio

Tinto. On a day like today

no-one cares. Rio Tinto is

seen as a big play on iron ore

and the stock lost 3.5%. When

the world gets over its obsession with Europe and

settles down and looks at

fundamental for companies it is

a good development for Rio

Tinto but nobody cared. The

company that makes rail tracks

NRU has urged in value. The

market must have liked what it

heard at the AGM. It is

interesting. Inside this mess

there's good news in Australia.

I was in Perth on the weekend

visiting company. This is an

example today. MWU it makes

rails for companies like

Fortescue and Rio Tinto. They

had an AGM today.

had an AGM today. Their profit

was up 1%. The stock was up

13% after rallying in the month

previously. There's good news

but the market need to be told

it. Regional express has been

marked down after its AGM. Not

a con strinsing enough story on

the profit outlook? I think

all of us thought like Rex and

Virgin Blue might have been

fitted from the Qantas

disruptions that are ongoing.

Rex came out today and gave

profit guidance. They said

they would be profitable. In a

market like this you have to

itemise how profitable you're

going to be. The shares fell

3% because the market didn't

get clarity on how profitable

they're going to be. IOOF after

its AGM was another company to

suffer. AGM are having a huge

effect today. It is not just

the broader market malaise

today. IOOF said profit would

be down 16% for the year. The

market would have accounted for

that considering it is really

an asset manager and asset

price are down but apparently

not. The market marked the

shares down another 10% today

on the AGM. Some wild moves

around AGMs today also inside a

pretty bearish market but we'll

see what the rest of the week

brings. Charlie Aitken thanks

for joining us. Thanks. The

other major movers on the

sharemarket. The financial

sector weighed heavily with the

big four all down. The NAB the

worst losing 3 and a quarter

percent. Resources sector too

was lower with the passage

through the Lower House of the

mining tax. BHP Billiton

falling 3%. Gryphon Minerals

fell 12% after a $58 million

share sale to help fund two new

overseas gold projects. Coles

owners Wesfarmers gave up 1%

amid reports the two big

supermarket are about to launch

a new range of Home Brand

another cent against the products. The dollar is down

greenback on this time

yesterday. It is also down

against the other major currencies. On to the

commodity markets, in New York

oil is up a dollar and gold is

back over $1700 US an ounce.

The worries have been piling

up this week and it is only

Wednesday. Soaring borrowing costs Italy and Spain and no

sign of concerted action from

Europe to stop the rot.

America's GDP growth remains

lacklustre. A slew of and deck

dotes and statistics that shows

China slowing. To pick other

way through this mess I was

joined in the studio earlier

today by Grant Williams author

of "the us Things That Make You

Go Hmm" and adviser to the

Singapore based hedge fund

Vulpes Investment Management.

Very nice to have you on the program. Thank for having

me. Let's cut to the chase. Is

there a way out of this mess in

Europe and does it involve

anything other than a loot of

printing by the European

Central Bank? That's a good

question. It is the $64,000

question. Or more. Or a lot

more at the moment. The

problem is debt. Too much

debt. It is per waysive and

whenever you had debt your

options are lilted. You can

default on it, with defactor

what you've seep in Greece.

You have find the growth to

grow or way outs of problems.

You can get forgiveness for the

debt and inflate it way.

Certainly the most politically

palatable option to float the

debt away. That's what they're

doing with what's become known

money easing. There's

resistance from Germany about

this. If that happened, if

presumably would give

governments some time to get

their house a little bit more

in order and some time for

Germany to create itself

stability pact that it it is so

keen on? Yes. Right now they

need time. Things are moving

too fast for Governments and

the politicians to keep the lid

on things. The quantum of the

moves is picking up speed as we

go along. You've seen bond

yields in Italy and Spain

scream through 6 and 7%, very

rapidly, much faster and Greece

and Portugal. There's a sense

they're losing control. They

need to draw a line. Let's go

back to bank. Bass sell 3

which is requiring them to hold

capital at 8% of risk weighted

assets. There's obviously a

huge encouragement to hold

sovereign debt, but that

provides a really circular

problem, doesn't it? It does.

Top story it is something I

wrote a piece about recently

and it is not talked about. We

had the MF global situation in

the US. MF global went to the

wall purely and simply for

holding government bonds. We

Baz sell 3 which Shepparding

banks into buying more

government debt because it is

supposedly the safest

investment on the planet. Clearly that's not the

case. Where do banks go to avoid risky sovereign debt? Do

they try and share the

sovereign debt around? Do they

head for US treasuries. What

would you do if you've got to

keep with the bass sell 3

commitments A great question.

We're seeing the flight to

perceived quality. People are

piling into US treasuries,

they're piling into the Bunds, although that's started to slow

down now. What we're seeing is

I liken it to people running

outs of a burning house and

jumping on to the deck I've

sinking ship. They see stockmarkets tanking on bad

news and inactivity by the

European leaders and they rush

to treasuries when if you look

at the debts that the US has,

which is significant, if you

look at Germany's debts they're

not as bad as the other

countries but they're

significant enough. People

talking about the worry about

France losing its triple A

rating. What I didn't realise

because of the connections, if

that happens the stability fun,

the E SFS actually loses its

rating as well. Yes, that's

correct. The whole thing has

become very circular. We're at

this point whichever way they

move it all comes back to the

fact that there's simply too

much debt. Why doesn't the

market - this is a situation

we're talking about is a lot

worse than the last time the financial crisis happened. Why

doesn't the market take a step

back and call the emperor for

having no clothes and

tank. There's no certainty that

that won't happen. What they

did in 2008 was step in and

transfer that debt, transfer

that leverage to the balance sheet of the sovereigns. They

back stopped a lot of these

banks that would have gone

under. Really there's nowhere

to go now. The market is doing

what the market does and it is

pushing at the weak spots. It

is pushing at Italian bond

yields, Spanish bond yields, the gold price are going up because people are worried

about this. That's the market

speaking. Let me ask you about

gold. You're sitting up there

in Singapore advising a hedge

fund. What are the investments

that you can make now to make

money and what are the safe

plays? It is difficult. When

you invest money, if you're

investing in companies which we

do, you look for a good

business that's a well run

profitable business, and

they're out there and they're

actually doing okay. Business

are generally doing okay. The

good runs. You're looking at

fun men taltion. You have to

to. Everything comes down to

fun men taltion. We've had

this long trend upwards for 20

years and people are used to it

being simple. The problem is

when you invest in ideas, you

invest in companies or gold as

a commodity, to hedge that you

look forward where the problems

are and things that could hurt those investments. Generally

they come in the form of

government bonds and poor

political process. You tend to

find yourself aligned against

governments because you want to

create a safety net that stops

or guards against sovereign

bonds defaulting. To do that

you're against the... You agree

investing in fundamentals

right. Why are gold stocks not behaving the way they should

be? You're asking great questions. They're questions

I've asked myself a lot of

times. Fundamentally gold

stocks have never been cheaper.

If you price them in ounces of

gold, if you look at the price

of the shares in the stuff they

pull out of the ground, thief

never been cheaper. They were

more expensive in 2008. I

think they haven't acted well. Gold's gone up they haven't

perform as well. People are

running scared of them. Once

we start to get zeens inflows,

once people start to look at

some of these gold mining

stocks that are paying pretty attractive dividends and start

to see them more like precious

metal utilities we'll see money

going into gold markets. Your

take on China. I notice on

your website I've just been

looking at we've got a Chinese

professor waiting for the

economic tsunami coming to talk

about rubbery figures. This

was the chair of the finance

fact faculty of Hong Kong

University. He asked for the

recording device to be turned

off, a mistake on his part. He

said China was on the verge of

bankruptcy. The problem with

China you never really know

what's going on in China. If

people are right and and James

make a erudite case for China

about to collapse, there's no certainty we're going to find

out when it happens. They

cover things up and mask things

because it is a centrally

planned economy. The numbers

they put out are pretty much

the numbers they want to us

hear. I hope this is the

beginning of a longer

conversation. Thank you so

much for coming in and talking

to us. An absolute pleasure.

Thank you. The price of compute

equipment is expected to rise

due to massive flooding in

Thailand which has wiped out

more and Amar Kerr of the world's hard drive production.

Thailand is a centre for high-tech manufacturing and the

floods have inundated industrial estates around

Bangkok which makes computer,

camera and automotive parts.

It will take months to repair

the damage. The ABC's

South-East Asia correspondent

Zoe Daniel reports. It was a

desk pretty fight. The army,

the staff, the volunteers, all

working together to protect

factories and livelihoods. But

in the end, it was a battle

lost. A series of industrial

estates to the north of Bangkok

gave way to the force of water.

Micro-electronics company Hana

has producing 15 million units

per day the. Their products

used cameras computers and

phones among other things.

Chief Executive Richard Han

says since the flood output is

down to 1 million. The main

factory at Ayutthaya stripped

and sub merged. . These are

very heavy pieces of equipment

arranging between 800 kilos and

two tonnes which had to be

hoisted out on to a raft and

sailed out of the industrial

estate and put on truck and

driven down here in the road

which itself was flooded.

Extraordinary surreal

exercise. The worst monsoon in

decade has flooded thousands of

factories. About 700,000 jobs

are lost. Has vowed to keep

all its staff but continuing to

operate has been a logistical

nightmare. This is a business

where cleanliness is very

important. You're in a

situation where you're loading

machines and got forklift

trucks coming around and you're trying to keep the place clean.

It is a very difficult

situation. Ordinarily, it is

like working in a hospital with

workers walking around with mud

deboots. It may take a year to

get back to full production.

As a rough guide, I think by

the middle of next year we

could running at 50 to 60%. 7

to 8 million units a day. Then

over the course of the second

half of next year, we could

ramp-up. I really believe that

some of my customers will not

bring all the business back

because they've had to move it

to my competitors, to be

honest. Analysts expect a

shortage of key computer components will push prices up

in the short term because the

floods have wiped about 30% of

global hard drive supply. In

total I think it is hurt a bit.

I think in the future maybe

they locate some production to

other country to re dues the

risk of flooding. Are Toshiba

and Western Digital. They

together hold 45% of the mobile

device market. Western Digital

makes 60% of its product at two

Thai factories, both of which

have shut down. It is expected

that shortages related to their

lack of production will kick in

early next year and could

increase prices by more than

10% until supplies get back to

normal. That will take three

to six months at least. As

water recedes, you can see just

how destructive this flooding

has been. Around me are drums

of chemicals, various forms of packaging, electronic

componentses and medical

supplies. All pushed here by

the force of the water which at

its peak was about the height

of me. Already computer

manufacturer Dell has put out a

price warning due to the impact

of the flooding. Former Gunns

chairman John Gay will face

court next month on charges of insider trading, the

insider trading, the

68-year-old will appear in

court in Launceston on two

counting of an incider

dispossessing of irs shares.

They relate to Mr Gay selling

3. 4 million Gunns shares in

November 2009. The value of

shares dropped 20 cents to 70

cents when the half-yearly

result was made public two months later. Mr Gay stood

down as chairman in May last

year. Gunns shares fell 10%

today finishing the day at 17

cents. A look at tomorrow's

business diary. Glenn Stevens

addresses the Australian

economist economist annual conference Bin dinner. There

are AGMs for Woolies, good mean

maelder Macquarie Airports and

guns. David Jones has first

quarter sales. Overseas there

are Q3 GDP figures for Germany

aufnlt K while in the US

Thursday is a public holiday

for Thanksgiving. Before we go

a look at what's making

business news in overseas newspapers. The Wall Street Journal highlights meetings

between the US Federal Reserve anarchy Wall Street figures

ahead of major announcements.

It says some investment man

guess get legal access to the

Fed's thinking allowing them to

front run the market. 'The

Financial Times' says the

world's biggest oil tanker

operator frontline has warned

it will run out of cash early

next year as a slowing global

economy hits shipping profits.

The Norwegian listed company is

in talks with its larger

shareholder about a cash

injection before the end of the year. Britain's 'Daily

Telegraph' says markets are

dashed any hopes after investor

houn man for Spain's incoming

leader sending shares in Madrid

crashing. That's all for

tonight. You can watch

'Lateline Business' Monday to

Thursday at 8.30 each night on

ABC News 24 as well as after

Lateline on ABC1. I'm Ticky

Fullerton, thank you for

watching. Good night. Closed Captions by CSI

The South Pacific is, on the face of it, still a healthy ocean.

We depend on it. Over 60% of the world's fish catch comes from the Pacific. But like all oceans, it has little or no protection, so it may not stay healthy much longer.