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Lateline Business -

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(generated from captions) it... He wants backbenchers to

hand out information kits to

insulators and set up street

stalls to explain what is going

on. Let's not try and sugarcoat

this, you and I don't begin to

for one minute. This program

has created real problems on

the ground, it has resulted in

a lot of difficulty for a lot

of people. As Prime Minister of

the country I accept

responsibility for that. My job

now is to fix it up. He'll have

to counter groundwork laid by

his opponent. The rescue

package has been put together

in one helluva panic without

any consultation, and it just

looks to me like a Government

that is floundering, it doesn't

really know what it's doing, I mean, it's certainly not

talking to people, is it. Well,

I don't see it. The Prime

Minister is taking his response

to the next level. I'm

disappointed in myself for not

asking more questions, that's

the problem that Government

must get on with to make a

difference, to make amends for

what has been frankly a program

which has failed the people's

expectations of the Government,

and failed the high standards I

set for myself and the

Government as well. MPs

departing Canberra tonight kept

the debate going. Mr Garrett is

out of ideas, he's a walking

dead Minister. He was a good

singer, but as a representative

in this place, he's been an

abysmal failure. Look, I think

the Prime Minister came to the

fore this week and handled the

issues at hand with aplum. The

week isn't quite over yet,

tomorrow the Opposition

continues its Senate Inquiry

into insulation, at the same

time Tony Abbott will go on a

hunt for policy ideas, from his

own round table of experts.

He's called together a bunch of

thinkers, including former

defence chief, economists and

APPLAUSE an indigenous leader.

It has a familiar ring. The

Coalition is the party of

ideas, ideas that will make a

difference, not ideas that will

bring a lot of A list

celebrities to Canberra to rub

shoulders with the Prime

Minister for photo

opportunities, like the 2020 Summit, only

greyer. Authorities are urging

social networking sites like

Facebook to take responsibility

for offensive material posted

on sites easily accessible to

children. This week two sites

schoolchildren have dedicated to murdered

schoolchildren have been

desecrated, another was set up

abusing a man charged with

killing on 8-year-old girl,

already an Italian court

sentenced Internet executives

to jail after a questionable

video was posted. Australian experts say it's impossible to

curtail what is posted on the

Internet. Donna Field reports

from Brisbane. They are set up

as a virtual memorial to help

people grieve. Visitors to the

pages can be anonymous and have

the worst of intentions. These

individuals placed not only

derogatory comments but

sickening photographs. Hackers

attacked sites set up after the

schoolchildren 12-year-old murders of two Queensland

Elliot Fletcher and 8-year-old

Trinity Bates and authorities

say someone has to take control. I have

control. I have asked the

company to accept some responsibility for the teerps

on their site and take steps to

prevent this happening to

similar sites in the future. An

Italian court took a stance

after a Google site showed

video of a handicapped teenager

being bullied. Three Google

executives have been

sentenced. The web we know will

cease to exist. Internet expert

Dr Bradley Schatz said it will

be a step backwards. It will be

a mistake to go in and regulate

the Internet too much before

it's matured. Civil libitarians

agree online freedom is

paramount, but say there's a

risk, the justice process could

be influenced by internet

material after a man was

charged over Trinity Bates

murder, sites were set up

calling for the death penalty. The only way that can

be achieved is to go down the

American path allowing defence

lawyers to question jurors

about whether they did research

on the case. When users upload offensive material reviewers

take action to respond and

remove the concept. It says

it's not always possible to

stop a person with

stop a person with a sinister

agenda online or in real life.

Vancouver has become

Australia's most successful

Winter Olympics ever with gold

today in the aerial skiing.

Lydia Lassila nailed a pair of

jumps in fog to take out the women's freestyle event,

Australia's third medal at the

2010 gales and the Nation's second gold after Torah

Bright's snowboarding win in

Bright's snowboarding win in

the halfpipe last week. Karen

Barlow reports. Lydia Lassila

triumphed over strong Chinese

competition and dense Canadian fog, the 28-year-old

Victorian's first run put her

in second place. The second

jump was even more clinical. And she's done

it. You've done what you came

to do. Lydia Lassila to wait

for a final Chinese tumble, but

the gold was

hers. Representing Australia

Lydia Lassila. The proud family

watched back in Melbourne.

Well, sort of. I actually could

not watch the last jump, so I

closed my eye, and I prayed and

then I screamed when everyone

else screamed and I knew

everything was OK. The Prime Minister interrupted

Lydia Lassila's parliamentary matters to praise

Lydia Lassila's achievement. This is really

good, her magnificent year,

winning two World Cup gold

medals in 2010, at daefr, and

Lake Placid, and this I'm

advised Mr Speaker, makes this

the most successful Winter

Olympics that Australia has

ever had. So can I just say to

28-year-old LAS are, the

country is proud of you, really

good achievement for Australia.

The three-time Olympian had

dark days leading up to the

gold medal, her knee had to be

reconstructed twice, the second

after an excruciate ing crash

during competition at the 2006

Turin games. Once she landed

the gold, we were so relieved.

And we are so damn proud, you

know. Of her achievements.

She's worked very hard, she's

dedicated her life to

dedicated her life to the sport

and it's come to fruition which

is fantastic for her, fantastic

for us. Lydia Lassila's second

Australian woman after Alisa

Camplin to win Olympic Gold in

aerial Skiing, Lydia Lassila

will get her gold medal

tomorrow. And a quick look at

the weather, a shower or two

for Brisbane, heavy falls

around Darwin, flooding in

Alice Springs, overnight and tomorrow, afternoon thunderstorms possible in

Perth, fine in the other

capital cities. That's all

from us, 'Lateline Business'

coming up, if you'd like look

back at the interview with

Yossi Melman, or review stories

or transcripts visit the

website and follow us on

Twitter and Facebook. Here is 'Lateline Business' with

Whitney Fitzsimmons. Tonight - shareholders punish Toll

Holdings failure to deliver the

Holdings failure to deliver the

goods. I guess 17 years of

thrilling the market with our

results - I guess to some

extent may be we are paying the

price for that Good luck and

good management are turning IAG

around. Pricing appropriately,

underwriting risk selection,

claims management and cost control we think contributed

the majority of the improvement

to our result. Lend Lease goes

cap in hand to shareholders to

fund high-profile projects. The

issue of raising $800 million

is to appease ratings agencies

to retain their ratings, and

get the shorts of deals they

want in terms of financing.

First to the markets.

Concerns over Greece's credit

rating sparked a wave of

selling in Asia, a strong lead

from Wall Street not enough to

prevent a is% drop on the All

Ords. ASX 200 lost 54 points n

Japan, the Nikkei fell 1%, Hong

Kong's Hang Seng closed 72

points weak e and in London the

FTSE is flat in early

trade. Tolls shareholders are

more than a billion poorer

after the transport group

delivered its terrible set of

numbers. Toll Holdings says the

one-third drop in profit came

during the toughest trading

period in years, warning

conditions won't improve much

in the second half, Frances

Bell reports. Bad news travels

fast. Toll's Managing Director

Paul Little had barely finished

his results presentation when

he had word that investors

didn't like the numbers and

marked the stock down 18% by the

the close. I guess 17 years of

thrilling the market with our

results, to some extent maybe

we are paying the price for

that. The first half net profit

of $107 million was down 32% on

last year, revenue dropped 6%

to 3.3 billion, despite new

contracts signed during the

period and a string of

acquisition wigses including Japan's Japan's leading freight operator footwork express. Across the business

there was disappointment on the

volume and revenue side and

with the fixed cost leverage

there was alarminger drop in

profit as a result. The market

was shocked by the weak

performance of Toll's

businesses, accounting for 80%

of earnings. Given how the

Australian economy performed

over the last 6-9 months, I

over the last 6-9 months, I think a lot of investors

expected something

better. While for us the low

point in terms of activity in

Australia was in our first

quarter, we did see conditions

recover in the second quarter,

that continued in the early

part of the third quarter. Paul

Little says toll remains on the

look out for acquisitions,

particularly those leveraged to

the resources sector, the group

bidding for 600 million of

contracts at three knew developments incalleding Inpex

Development near Darwin. We

have a Track record standing us

in good stead particularly

being Australian-based. While

Paul Little says he's confident

conditions will improve to

pre-global financial crisis

levels he gave little hope to investors in the short

term. All in all we expect trading

trading results for the second

half of the year to be broadly consistent with the first half. Consistency at these

levels is not what the market

has come to expect of a company

with a track record as

impressive as tolls. Property developer Lend Lease

is laying the foundations for

future growth with an $800

million capital raising, the

rights issued together with a

fast-improving bottom line will

give the property developer

better access to the funds it

needs to complete an ambitious

pipeline of projects. Michael

Troy reports. Lend Lease

started in Sydney 52 years ago,

and grew to be a major

international developer, one

analyst hear he's keen to

return to his roots. Our

objectives it to re-establish

ourselves in our home market

and achieve scale platform

in. Its foray into foreign

markets hurt Lend Lease, it

emerged from the GFC in good

shape. Lend Lease was an entity

not caught up in the bidding

wars taking place buying assets and property for

development. Lend Lease posted

a 204 million profit for the

December half, a 134% rise op a

year earlier. But the

developers pre-GFC restraint

appears over, announcing an

$800 million capital raising to

finance new projects and ease

pressure on its credit

rating. Today's equity raising

shows that Lend Lease is

willing to fund recent growth

that it had with a mind to debt

and equity holders in funding

that growth. We see it as a

positive for the triple B

rating. Analysts say the market

anticipated the move. The issue

of raising $800 million is to

appease the ratings agencies so

they can retain their ratings

and get the deals they want in

terms of financing and so

on. Many new projects will be

in Australia, already lower risk. The equity will be used

to fund the redevelopment.

Barangaroo site. Lend Lease

awarded the contact for the

biggest CBD development in

December and hopes to start

work in July. This is a

significant win for us , we are

honoured and excited at the

opportunity to develop this

iconic site. Lend Lease says it

will leverage third party

capital to complete the $6

billion project which has

interest from tenants for 30%

of the office space. For a look

at the day on the rest of the

markets I spoke to Martin Lakos

from Macquarie Private

Wealth. Martin Lakos, soothing

words about US interest rates

from Ben Bernanke, but the conseriousness over Greece

seems to have rained on the

parade somewhat. Very much so.

Ben Bernanke's commentary that

the Federal Reserve will look

to keep rates at a stimu

lottery level saw markets

improve in the ewes and the

tale end of European trading,

we saw the best of that in the

morning, with the first half

hour's trade, we were rallying

up 40 points at one stage, we

had a 94 point range, we turned

down to about 54 points, the

sell-off has been predicated on

a couple of things, firstly

commentary out of the United

Kingdom in a tabloid that the

Deputy Prime Minister of Greece

made fairly negative commentary

with regards to Germany's

war-time efforts, and that is

obviously not going to help

their chances of bailout in

regards to Germany's attitude

towards Greece. It may be a bit

of a storm in a teacup. It

doesn't help their chances. The

other thing that's impacting

our markets is we have seen

significant unwinding of

currency trades, where there's

been overseas investors. That's

unwound. We saw two day's worth

including today of heavy

selling in portfolio styles.

The other side of the day has

been obviously we have been well embroiled in the reporting

season. On the reporting

season, it's virtually at an

end. What is your

verdict. You'd have to say,

without a doubt, across the

bode in broad terms ative

reporting season. We are now

through 80% of the number of

companies owned by market

capitalisation, it appears the

earnings are up about 5.5% above analyst estimates, that

is before the reporting season.

That has to be deemed as a good

outcome. Let's break it down.

What has been featured is

there's no doubt that corporate

Australia has been focussing on

costs, where marginal expansion

and profitability kicks in this

when we see revenues, starting

to grow, and some sectors saw that, others are lagging

behind. We are expecting to see

a good reporting season for the

June period as well. But

there's no doubt the market has

penalised those stocks that

have not come up with expectations and a great

example was today with JRR

Tolkien, and that stock was

sold down hef - Toll Holdings,

and that stock was sold down.

I'll go through key sectors

that did well, obviously the

bank, we are happy with the

banks in all respects and the

big feature was the improvement

in bad and doubtful debt side

and we expect to see the banks

pick up dividend payouts in

towards the end of this year.

Amongst the cyclicals, mix.

Steel storks, OneSteel a good

result, BlueScope

disappointing, amongst the

defensive, Coca-Cola great, and

Fosters disappointed as well.

It's worth noting the listed

property trust stocks was

fairly benign for them in terms

of the broad reporting seen and

we saw within the reporting

seen also, that contractors and

mining did well, one stock did

mar that sector's performance,

worly, they had given the

market a heads up on their

result. Leighton Holdings, a

nice high quality result. One

or two stocks that have been

well received, CSL, good result

and also Wesfarmers, where

there's an improvement from the

Cole's food and liquor, and the

cyclical side, hardware and

coking coal business. Martin

Lakos, thanks for the wrap

up To the other major movers on

the market. Flight Centre

dropped 2% despite nearly

doubling first-half profit. Oz Minerals

Minerals lost 2% after posting

a full-year loss of $517

million, Perpetual announced a

half year net profit of under

$50 million, shares slipping 9

cents. Westfield week at 1% on

persistent rumours it will bid

for the US based general growth

properties. On currency the

Australian dollar is down

against the greenback, Euro and

yen, up against the pound and

the New Zealand dollar. On

commodity markets, gold has

fallen to a 2-week low and in

New York oil is trading below

80 US a barrel.

Two years ago BG launched a

hostile and ultimately

unsuccessful takeover bid for

Origin Energy, now all seems

forgiven and the two companies

are teaming up to develop the

coal seam gas reserves which

attracted BG in the first

place, the deal coming as

origin unveils a first-half

profit result benefitting if

from the failure of BG's fail bid. Andrew Robertson

reports. Origin Energy passed a

milestone Monday, the 10th

anniversary of its listing on

the stock exchange. Grant King,

it's founder is in

charge. Expectations for origin

were low. Origin hit the boards

with a value of $600 million,

today it's worth $14.5

billion. Grant King steered the

company through the regulatory

quagmire and extracted

phenomenal returns, and his

acquisition track record is

second to none. But it's Mr

King's ability to defend the

company from predators which

had the biggest impact on its

first half result. In 2008 he

successfully fought off a

takeover bid from Britished

based BG when he formed a $700

million joint venture with

Conoco Phillips to develop

Queensland's LNG coal seam gas

deposits. This year without

Conoco Phillips money net

profit returned to something

approaching normal. Underlying

earnings are impacted by the establishment of the joint

venture and were up 28%. The

real driver of the 28% increase

in profit was the fact that the

payments we received for the

traction were substantially

period on period reduced

interest expense. Origin Energy

has four division, gas and

electricity retailing, with 21%

of the National market, power

generation, contact energy in

New Zealand, and exploration

and production. Mark Taylor

says the fall in earnings from

exploration and production was

more than he thought it would

be. Prices were a bit lower

than we expected. There was a

lower proportion of liquids production, condensate

production than expected. They

lost a bit on the price front

in operating costs were higher than expected as

well. Queensland coal seam gas

came of age, having fought off

BG's takeover attempt 18 months

ago Origin is joining forces

with BG to develop and sell its

reserve. We have short

memories, not long memories, at

the end of the day we make the best decisions for the

shareholders, the past is the

past for Origin. Origin will be

heavily impacted by attempts to

cut Ruben Gracias, Grant King

says it's frustrating politics

is creating further

uncertainty. We believe the

world needs to reduce carbon

intensity of fuel use, we

believe it's strong and long

term trend. The world hasn't

decided how to do that. We are

not dependent on that choice.

We believe the opportunities

We believe the opportunities in

gas, particularly renewable

energy will work for us no matter how the details play

out. Mr King is frustrated by

the NSW's Government's

indecision on electricity privatisation, Origin Energy

will be a dean bidder if and

when the assets come to

market. After his success at

Promina, investors had high

hopes that Mike Wilkins could

turn around the chronic

underperformer IAG, it's being repaid with the insurer

delivering half year profit of

$329 million compared to $4

million a year earlier. Good

weather, and the rebound on

global markets helped, but

margins improved and costs

contained under the new

management team. I spoke to CEO Mike Wilkins earlier

today. Mike Wilkins, welcome to

'Lateline Business'. Thank

you. Now you have put a

restructuring plan in place,

how much of this result can by

attributed to that? We are very

pleased with the result we've

put out today. The efforts we

make around the fundamental of

our business, pricing appropriately, underwriting

risk selection, claims

management and cost control we

think contributed the majority

of the improvement to our

result today. Given that this

has been an 18-month journey

for us, I'm pleased it's

starting to show up in our

results. Was there an upside left. We think we are about

halfway through the journey,

we'll continue to concentrate

on the fundamentals of our

business. However, insurance is

somewhat unpredictable, we are

prone to issues beyond our

control. You have tabled a

slim, if not stagnant growth in

premiums. There's two issues

that impacted that. Firstly,

the strength of the Australian

dollar has muted the strong

results that we had from New

Zealand, the United Kingdom and

in Asia. And, in fact, in some

areas has meant that we have

gone backwards. The second

thing is that the comparable

first-half result in 2009

included premiums that were

written by the businesses that

we divested during the second

half of that year. So when you

strip all of those out on an

underlying basis our gross

written premiums grew by in

excess of 5%. Mike Wilkins,

you have a strong capital

position, is this so you can

grow through acquisitioning. We

believe it's prudent for us. To carry excess capital. Certainly we are not building

a war chest towards that. We

have some debt obligations that

are maturing in April, and

having excess capital gives us

the opportunity to lock at

alternatives veil. Your

predecessor Mike Hawker had a

growth rate of 15%, you dialled

that back substantially where,

is the happy medium. We are

prepared to grow when the

circumstances are right. I

don't want to have growth for

growth's sake. If you set a

topline target in a business

such as insurance, you need to

be careful of what you wish for

because certainly you can grow,

but if you are getting an

inappropriate price for the

risk you are being asked to

take, I think that is not in

the long term centres of the organisation. So Suncorp said

it was going to get out of its joint ventures in South

Australia and Queensland, is

that something IAG will jump

into. IAG will be Friday in speaking to any parties that

may want to speak to us,

however, we are all about - if

we are acquiring, we are all

about making sure that it does

something for us from a

strategic point of view, rather

than bulking up. What would be

a strategic move. If it takes

us into new markets, into areas

that - in which we haven't been

involved previously, or

provides some other skill or

intellectual property, that

clearly is an interest to

us. There's a great deal of

competition in the sector, does

the advent of Budget insurers

like UIE and real insurance

hold concern for you. We take

all competitors seriously, and

we respect all competitors. We

are seeing a lot of noise from

some new competitors coming

into the market. We certainly

haven't seen that translate

into any impact on our market

shares, nor on our reputation

or pricing profile. But as I

said, we treat all competitors

very, very seriously, and will

continue to do so. Looking at

the home insulation issue, do

you think this is some sort of

sleeping giant for the

insurance sector. I don't

believe so. We have not seen

any incidents of the home fires

that we have had, and the

incidents of fires over the

last six months has been about

the same as we would have

normally expected, and

certainly there's been no

suggestion that there's been

anything to do with insulation

around all that. I don't

believe it's a major issue for

the insurance industry. If we

look at another industry that

the insurance sector is

focussed on, the underinjured

and noninsured, would it be

and noninsured, would it be

fair that State taxes and

levees are largely to blame,

and how should it be

addressed. We believe that the

imposition of fire services

levy and stamp duties from the

States leads to non-insurance

and underinsurance, because it

just leads to premium prices

that are well above and the

industry wants to charge. Also

we think that there's an

inequity in a lot of this , in

that those policy holders who

prudently protect themselves

are the ones funding the fire

brigades to the benefit of the

whole community. On top of that

we have a tax on a tax on a tax

regime. We think that those

taxes are inequitable and in a

lot of ways regressive and

would prefer to see alternatives addressed around

how we can properly fund the

fire services in those states

but make sure that that is

spread across the entire

community. The Johnson report

agrees with you, mentioning if

Australia is to be a financial hub, the taxes need to be

addressed. So do you expect the

same sort of support from the

Henry Tax Review. We'd like to

see that in the Henry Review,

we think the Henry Review is a

once in a generation chance to

address a lot of these historic

anomalies, and to look at the

whole taxation system. We'd

like to see that there and would be supportive of any

moves that looked at alternatives to the current

situation. Mike Wilkins, thanks situation. Mike Wilkins, thanks

for joining 'Lateline Business'

Pleasure. Thank you. The

Government stimulus package had

Government stimulus package had

a marked effect on the spending

habits of companies, private

capital expenditure jumped 5

#30i 5% in the December quarter

to $28 billion, the headline

number soared with companies

taking advantage of Government

tax breaks particularly for the

purchase of new commercial vehicles, going forwards

spending intenses for this

financial year are healthy at

$110 million, moat of

$110 million, moat of that

investment will be in the mining - most of that

investment will be in the

mining sector. Investment in

the mining sector will be a key

driver of growth over the

coming years. A look at the

business diary, two retail

heavyweights in Walworths and

Harvey Norman to release first

half results, there'll be a

trading update from ANZ, and

QBE Insurance will table its

full-year insurance report. And

a look at the business news,

'The Herald Sun' - Toll assist surprisingly weak profit report. 'Sydney Morning Herald'

'Australian Financial Review' - looks at the same story,

reports on the surge in mining

investment. That's all for

tonight. As I leave the FTSE is

trading lower by 8 points, or

0.15%, and the Dow futures are

down by 15 point. I'm Whitney Fitzsimmons, thanks for watching, goodnight. Closed Captions by CSI

FAST RHYTHMICAL STRUMMING Un, deux, trois. APPLAUSE # Here she comes # You better watch your step in two, # She's going to break your heart # It's true # It's not hard to realise # Look into her false-coloured eyes to just to put you down # She builds you up # What a clown # Cos everybody knows # She's a femme fatale # The things she does to please # She's a femme fatale # She's just a little tease # She's a femme fatale # Hear the way she talks

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# She's a femme fatale. # STRUMMED FLOURISH APPLAUSE ROCK PIANO artists of our time. Here's one of the most influential the rigor and ambition A songwriter who has brought into rock'n'roll, of his literary influences what is admissible and permissible. changing forever CHEERS He is a New Yorker!

A guitar player! An acclaimed photographer!

in the art world. And a singer with a unique place Commander of the Arts and Letters In 1997, he was made Chevalier by the Republic of France. into the Rock'n'Roll Hall of Fame The year after, he was inducted of The Velvet Underground - as a member this song. the group who first recorded Please welcome - Lou Reed! Ladies and gentlemen! RIOTOUS APPLAUSE I wanna thank you very much for agreeing to be here on Spectacle with me. You know, I grew up in England, as you can probably tell, and the songs that I heard growing up gave me the idea that America had many romantic locations. I think the reality was, it was probably less glamorous than that. When you were a boy, did you have an imaginary New York that came out of songs and films? My New York came out of radio. I was listening to the radio all the time. What I was listening to...around then would be doo-wop, rockabilly, the New York of Dion. That image. That street-corner sound. That's where that came from. And you grew up in Long Island, so it was a little ways away? No, I grew up in Brooklyn.

When I was around nine or ten, they moved to Long Island. What age did you recognise a vocation as an artist? And when that arrived, did you think of it first as a writer, or a musician? Out on the island, I had a little amp and a guitar. And I learned to play it from the radio... ..or 45s. And since I had it, I was in bands since I was about 14. I've always had trouble reading, anything with long paragraphs. I'm a little dyslexic, and I reverse things.

I thought I was unemployable. Now, you had a job for a while actually as a staff songwriter, Pickwick Records? I don't know how I got this job, but, ah... It was a budget label. Budget label in those days, you could buy an album 99 cents vinyl and it was make-believe groups doing 14 surfing songs. Concepts. Songs that got popular, they had a car song. Three of us were there and we would write car songs. Like, I Got A Tiger In My Tank. LAUGHTER Cycle Angel, you know. These things, ever since... ..are now available as bootlegs. There's nothing left sacred or secret. It's amazing, like, you know, some horrible thing from Pickwick Records in 19...God knows when.