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(generated from captions) Live More big losses on global

markets. Wall Street follows

Europe to close down more than 4%. This is now skittish 4%. This is now skittish and temperamental the market is. It reacts not only to fact

yacht and fundamental aspects

about what's going on but also

rumours. The British Prime Minister authorises emergency police powers in a bid to prevent more riots. Whatever

tactics the police feel they

need to employ they will have

legal backing to do so. We will do whatever is necessary

to restore law and order on to

our streets. Five men arrested

as police hit an Australian

drug trafficking ring. And

Cadel Evans touches down in

Melbourne to celebrate Melbourne to celebrate his Tour

de France victory in home. To bring the yellow jersey home to

Australia, I'm proud to do it

but so happy to be able to give

something back to everyone who

supported me. Good morning,

I'm Virginia Trioli. you're watching ABC News 24.

Australian investors have aer

in have you hour to wait until

ASX opens to see if the Australian stocks follow the

dooif dive on our even and US

markets. All street overnight

the S&P 5 and doup Jones lost the S&P 5 and doup Jones

5%. In Europe an early rally

was shortlived after French

banks shares were marked down

heavily. Then French stocks heavily. Then French

dropped more than 5% and

Frankfurt's DAX index fell help

limit the FTSI was down 3%.

Early this morning our North America correspondent Craig

McMurtrie told us European

rumours seem to be driving Wall

Street. It was a strange Street. It was a strange day.

Wall Street took the lead of Wall Street took the lead

what was happening in Europe when there was a sharp sell down in all the major down in all the major indices

in Europe. That followed

through to Wall Street T seems

to be based on rumours out of Europe. Firstly, Societe

Generale, for example, was unfinancial pressure. It unfinancial pressure. It is

There was concerns France's second largest bank.

exposure to exposure to Greek sovereign

debt. Societe Generale issued

a statement denying the market

rumours but pegged to that also concern that the ratings rumours but pegged to that was agencies would

agencies would be taking a look at France's triple A credit

rating. The US triple A rating

was downgraded to double A-plus

just last week. That then led to the ratings to the ratings agencies, the three major ones, public statements reassuring three major ones, issuing

the market that no, the French

rating was secure. After that sell-off Wall Street started to

come back, but at the close

there was more there was more aggressive

selling, it was led by the

financials, so we wound up with Goldman Sachs, Elysse Morgan, Citigroup down 10%, Bank of

America down by more, that

followed the lead in brirp, for

example, where British banks

were down, real any bank that had exposure to debt problems in Europe, and had exposure to the sovereign

that's left analysts here in America today at least

scratching their heads because

no-one can say for certainty

where this market goes because

the structural problems with the sovereign debt issue Yu

with Europe and America's

problems with its deficit are

not going anywhere in a hurry.

This volatility, concern and nervousness in the market

there's no sign of any relief

from it. At the White House haven't heard from Barack Obama from it. At the White House we

today, but he was sitting down with the US Federal Reserve

Chairman Ben Bernanke for Chairman Ben Bernanke for a

meeting and his senior economic

team. The White House was

playing it down saying it wasn't an emergency meeting that the President was watch

being up with his advisers, but

statement we were getting the

names now of these politicians who will be responsible on the

identifying another up to $1.5 super committee with

billion trillion in cuts. We know from

know from the Republican side the three house members, the three senators are three senators are all

signed a public pledge to conservative, they've all

increase taxes. Craig McMurtrie

there. The scenes of rioting and looting that have stunned

Britain have spurred the Prime

Minister David Cameron into

action. The Prime Minister has

authorised a series of emergency police powers authorised a series of new

including the use of rubber

pull bullets. Norman Hermant reports. The scenes of and looting have stunned reports. The scenes of rioting

Britain. Minister David Cameron into

action. He's vowed any

to measures necessary will be used

to enforce order including

rubber bullets and even water

Canon. We needed a fight and a fight back is under way. Canon. We needed a fight back

We have seen the worst of

Britain but I also we've seen some of the best of

Britain. Any fight back will

come too late for three young

south Asian men in Birmingham T

they died in a hit-and-run as

they tried to protect their

The father community on Tuesday night.

The father of one of the

victims says rioters are to blame. Anything I ever wanted

done I would always ask Haroon

to sort out for me, not my

eldest or my daughter more my

youngest. And they killed

him In areas hardest hit by the violence, there's a steady stream of condemnation. We

shouldn't be in this war. shouldn't be in this war. This

is England. I'm just disgusted. So far more than 800

people have been arrested. This Magistrate's Court sat

through the night to deal with

the backlog. Those involved

in the riots are appearing in court with some already

convicted. Get away from me man. One of the first convicted is man. One of the first people

convicted is a 31-year-old

teacher's assistant. He

pleaded guilty to burglary. Other charged include

university student, a graphic designer and 11-year-old boy.

London police have posted

pictures of hundreds pictures of hundreds of other

convictions begin, the debate suspects online. As the

rages on about what caused

this. A lot of them are the

scum. Is it any wonder? Look

around here. What have you

got. They've got nothing. That

doesn't give them right though to come and smash the place up. Whether this the work up. Whether this the work of hooligans or the or hooligans or the marginalised or forgotten, either way many

seem to agree with David

Cameron. Part of British

society is broken. Badly.

Norman Hermant, ABC News

London. Staying UN K, has

London. Staying UN K, has been

running a website from his home of Birmingham running updates

on the riots in a bid to tray

on help people stay safe. He says it is hard to know why the

rioting has become so

widespread. What we have here is something that has been

caused by anger and frustration

at the hooting of one individual which has just

erupted into a certain age

group, a certain social strata rioting against what they would

perceive to be the system, I'm

not sure how would you describe

T now what you are getting is a lot of right-wing lot of right-wing groups in the

UK, a white right-wing supreme

sises becoming vigilantes and you're getting you're getting the Asian community being worried not

only from the jobs and the

looters, but also what can

happen when these two elements

come together. You are getting

police making sure that the EDL

don't come into touch with some

of the more multicultural communities because otherwise

you don't have just looting and rioting, you can have full-blown, I don't know full-blown, I don't know what you'd call t you don't you'd call t you don't want

that sort of stuff to happen. The underlying problem here is

in equality. You cut in equality. You cut benefit,

funding, youth service, you

speed up unequality. You speed up unequality. You have

people such, groups such as the EDL who seize on this and you

forget the fundamental issue at hand and it becomes a hand and it becomes a race issue or it becomes an issue or it becomes an age

issue. That's the problem that

people are having now, how far

is too far. You have vigilante is too far. You have vigilante groups on the streets, you have

not only vigilante groups, but

people like the EDL who are

policing areas and then you

have the other communities that are policing their areas just

to make sure things are safe.

The police are stretched. It comes to a point where you

wonder whether the police are wonder whether the police are

actually going to turn up. Pakistani official have confirm the alleged Bali bombing Umar Patek will bombing Umar Patek will be

extradited to Indonesia. Patek

was captured 6 month ago in

Pakistan's north-west. He's

believed to have built the

bombs for the 2 to 2 Bali

nightclub attacks in which 202 people died including 88 Australians. morning 'ABC News Breakfast'

spoke to professor Greg Barton from the Global Terrorism Research Centre at Monash University and he says at rest may have had links to the

killing of Osama bin Laden. It

is a very curious story. He was arrested on 25 January. We

were told about it on 30 March.

He was arrested at the

Pakistani authorities when they

told us on a tip-off the CIA.

There were almost certainly CIA

operatives in town watching him

and that's where the tip-off

came from. He may have came from. He may have been there to meet with Osama bin there to meet with Osama bin Laden, we don't know. It is

the road that goes north, it is possible a I could went

difference in and he stumbled

across a CIA stake out possibly

he has in town he was told if

he waited here he could he waited here he could meet with Osama bin Laden or somebody senior. They believed's assembled believed's assembled the

devices used in the 2002 bomb

notice Bali, he was a key mastermind, he was one of mastermind, he was one of the

inner core leadership of JI. The Indonesian authorities were

reluctant to have him Indonesia, it is difficult to prosecute. They had anti-terrorism laws brought in

2003 but they can't use that

for crimes in 2002. They'll

probably charge him on lowser

charge and he may face charges in Australia and

America. Coalition courses in

Afghanistan have killed Taliban militants that they militants that they believe were responsible for shooting

down a US helicopter last

weekend. NATO says an air strike killed a Taliban leader

and the insurgent US says fired

she Chinook helicopter she Chinook helicopter on

Saturday. The rise of China is

being debate bid leading international scholars at an

event in Melbourne this week.

The 2011 full bright symposium brings together influential

thinkers from Australia China

and United States. Gilbert

Ross man is expert on China and

foreign policy based at

Princeton university. Earlier

this morning he told 'ABC News

Breakfast' that while Australia is benefiting from China

booming economy, we also need

to monitor China's power. The

upside all of us should

celebrate. The downside is

what does China want to do with

all that poumplt in the last

year or two we have're seen

China's goal is not compatible

with the way the world system has evolved recently. We have to be very concerned about some

of the things happening in

China. In particular, in North

Korea, where we saw Korea, where we saw another

incident in the last 24 hours

of North Korea firing on South Korea, that China is refusing

to criticise North Korea for

that and blaming the United that and blaming

States and South Korea for

provoking North Korea and not handling things well N many respect, China is not respect, China is

try to resolve these problems responding to encouragement to

peacefully. Australia can be a positive influence on the United States in case we forces who want to deto United States in case we get

monthnise China. We don't want

to try that. We want to

encourage China. On the other hand, if suss, South Korea,

Japan be other countries very close to the United States

don't work together and say how can we help shift China towards a peaceful environment a peaceful environment rather

than saying each of than saying each of us will

make our own deal with China

because we think we can get a better economic result, that would be very harmful to us. Papua New Guinea's new

government says it has given in principle support to

Australia's proposal to reopen the Manus Island centre. the Manus Island detention

some In seeing that it might boost

some economic activity in the

Australia region. It is at home here in

Australia for the Federal Government where support will

be harder to come about. The Greens, as you've said, are

already criticising this. She see days resurrection see days resurrection of John Howard's policies Assen tore Howard's policies Assen

Sarah Hanson-Young put it, Sarah Hanson-Young put it, as

Manus Island was initially used

as a detention facility as a detention facility under the Pacific Solution. The

opposition will be taking opposition will be taking this

news as support for the Howard

Government policies and no

doubt will expect that they

will say why don't we open up

the Nauru detention centre as well, bring back the Pacific Solution and temporary

protection visa which has been

their policy. The Federal Government will be well coming this news from Papua New this

that they have an in principle this news from Papua New Guinea

support to open the centre.

There's no agreement done yet,

though, and as we've seen with

the Malaysia deal, that could

take months to thrash out as

they get down to the

nitty-gritty of coming to that

arrangement. The Government

will be happy, the Prime

Minister confirmed a couple of days ago

was days ago that Papua New Guinea

is looking at aside was the own other option ghooft

Malaysia at this point in time. The Greens are going to

be absolutely furious about

this. At the same time, as the

Greens leader Bob brown is

telling the Federal Government

we'll ease up on you if you

can't make your budget surplus deadline of 2012-13. They're

going to be caught in this pin sermovement it going to be caught in between

seems. That's right. It seems

the Greens are in a sense

throwing the government a

Lifeline and saying don't need to get back to surplus quickly.

There are other priorities.

The opposition, of course, have jumped on that and said we

never expected them to get back

to surplus. In the past week we've seen Government's

language change slightly on the way they've been talking about the surplus after the budget,

the Treasurer Wayne Swan told

this year's Budget and getting

back in the black and getting back into surplus and he was

adamant that's going to happen

next financial year. He's saying that international next financial year. He's now

situations are making situations are making things

but that bit harder as he put it

determined to do so. There's but he says he's still

determined to do so. There's

been a rare outbreak of bipartisanship as we mentioned

a while ago. All sides endorsing a faul call for National Disability Insurance endorsing a faul call for a

Scheme. That's correct. The Federal Opposition supporting the need to change Federal Opposition are

the system and move towards National Disability Insurance

Scheme. The only person who

doesn't seem to be giving it

absolute support at this stage

is the West Australian premier

Colin Barnett who says he's not

happy to stick up his hand and

accept what he calls clumsy Commonwealth take over. accept what he calls another

At a Federal level, the

coalition is supporting coalition is supporting this. They are reserving their right to criticise how the government proposes to fund the arrangement which is yet to be seen, but the Federal Opposition is throwing some

support behind the need to do something. Something has to

be done about this. It is a

tragedy for so many families.

It causes enormous economic and

even relational problems in

families. I don't think

there's any disagreement about there's any disagreement

something to do so . Something. What we're disappointing about there doesn't seem to be the funs to

get on do the job and put a

timetable in

Andrews speaking on ABC News 24 timetable in place. Kevin

this morning. The Andrew important Wilkie is concerned with

important historical matters. Yes, that's right.

This is an historical matter that is close to Mr

heart. Andrew Wilkie was a

former intelligence andist who

blew the whistle on weapons of

mass destruction in Iraq saying

there was no evidence this were

any. Therefore, there was no

reason to go to war in Iraq.

Now that he's got power in the

sense that he's a supporting

the Government, the minority

government in the Lower House, he's been wielding that power to try to get other things

across the line, such as poker reform. Now he's saying that

he would like to see the former

Prime Minister, John Howard, and the former Foreign Affairs

Minister Alexander Downer front

a formal inquiry to explain why

they went to war in Iraq when

that there was a need to go to he says there was no evidence

war there. He wants them to

front up and explain

themselves. He says the two previous inquiries have been too narrow and he actually thinks that John Howard thinks that John Howard and Alexander Downer would actually

welcome the opportunity to come along and explain along and explain their

reasoning behind going to that war. Good to talk to you, thank so much. Thank you. Five men

are going to appear in court

today charged with trafficking the drug ice. Police the drug ice. Police allege

the principals of this drug syndicate trfld from Malaysia

to Australia to stab a new ice distribution centre for Sydney,

Melbourne and Queensland. All are Malaysian national and

police have seized 2 kilograms

of ice and heroin as part of

the operation. After a lengthy grounding due to safety

concerns, Tiger Airways is due to start flying again from

tomorrow. Some analysts

predicted the ground wog spend

spell the end of the airline.

Peter Harbison is the chairman

of the centre for Asia Pacific.

He expects the airline to return to full strength. There

will be a bit of will be a bit of circumspection initially by the travelling public. Tiger has generatedist

travellers through low prices

and they'll continue to offer

low prices. Reliability is

going to be one of the things they'll focus on much more than

they have previously. People

will come back, yes. I would

imagine what's happened over the last month is they've

probably gone through a more

stringent safety process than

any of the other airlines in

Australia. From that point of

view they've had every box that

they could possibly could have ticked. Tying tietion tried to

be a lot bigger than it

actually was and operate actually was and operate more routes it could routes it could effectively have enough aircraft to

operate. It was stretching its

resources. It meant if any

aircraft had a technical problem, particularly when problem, particularly when it wasn't operating wasn't operating a daily

service on a route, a lot of passengers could be considerably disadvantaged.

What they're trying to do now

is focus much more on Melbourne

and have a reduced route network that should

they're a whole lot more

reliable than they were in the

past. Let's take a look at past. Let's take a look at the top stories on ABC News 24 this

morning. Global morning. Global stockmarkets

have taken another battering.

The Dow Jones, the Nasdaq The Dow Jones, the Nasdaq and

S&P 500 all closed down more

than 4%. Markets and Frankfurt fell heavily. British police

have charged 800 people in

connection with violence and

looting over the past four

days. London, Manchester and

Birmingham are calm, but there

are concerns the violence could

flair again. The Prime

Minister David Cameron authorised emergency police

powers. Police have powers. Police have charged

five men with trafficking the

drug ice. Police allege the principals of principals of the syndicate

travelled to Malaysia from

Australia in order to establish

a new ice distribution network

in Sydney, Melbourne and

Queensland. in Tasmania, a 96-year-old woman is facing deportation back to the United

Kingdom. British Kingdom. British woman Gladys

Jefferson has been refused a

visa to live out her visa to live out her days with her only surviving family in

the state's north. The

Immigration Department says the great grandmother would be a

burden on the health system.

Her family says however she

does have the means to does have the means to support herself. Jessica Kidd

reports. It is everyone's reports. It is everyone's wish

to be surrounded by family in their final years. But 96-year-old Gladys Jefferson is

facing deportation back to the

United Kingdom. We're not

asking for money from the

Government. We just want her

to be legal. The to be legal. The great grandmother was living on the Isle of Wight when her health

and memory started to fail.

She asked her only surviving

family in Australia to look

after her. They brought her to

white hills in Northern Tasmania on a 12-month tourist visa and immediately applied

for a contributory parent visa. That was refused last week.

The bottomline is she doesn't

fit the health requirements and would be a drain on the

Australian pocket. The family argues Gladys Jefferson's

financial savings and on going pension from the British Government means she Government means she can

support herself. Things have

not been assessed properly. I've got really I've got really quite quite

angry almost it's got to this

stage. They've applied for a

12-month medical treatment visa

as a stop gap and have written

to the Immigration Minister and the Prime Minister pleading for

them to intervene. The Griggs are worried they'll have to close their business and leave

their own children to care for

Mrs Jefferson in the UK. Why

wreck something like that? Why

wreck one person's life or a family's

family's life just through

bureaucracy. The Minister, bone

best Chris Bowen says it's best Chris Bowen says it's been

longstanding policy. He says

the department is working with

the family on pathways for Mrs

Jefr ston to remain in

Australia. We'll take a look at the markets now. The Dow

has closed down 519 points.

That's almost 5%. The Nasdaq

was 101 points lower. S&P 500

51 points lower. The FTSI

closed down just over 3%. Looking at commodities prices: Now is the time to pawn all

that gold that you don't need.

The Australian dollar is buying

just under 102 US cents. 57

euro cents. Speaking of gold,

Paul Kennedy joins to us talk

about sport. A rather yellow

tinged jersey made its way back to Australia. That's thought you were to Australia. That's where I thought you were going. Were

you worried? Yeah. I'm always

worried. Cadel Evans has come

back to Australia with his wife

Chiara Passerini and he will

spend the next two days

spend the next two days being celebrated and congratulated by Australians inspired by his

Tour de France victory. He

will ride with some junior will ride with some junior

cyclist as long the kill kill

road tomorrow and that will probably probably attract tens of thousands of people. Is a

humble man and seems to be humble man and seems to be a little bit surprised by all of

the attention. He's all in now and it should

and it should be a busy couple

of days for him. Let's of days for him. Let's hear

from Cadel Evans. I'm

actually going to see some of my close family and sit with

them for a while and it's always always nice to come home and

get a hug from your mum. I

usually go away 10 months of a

time so it's come home, it's

always one thing, and just to

be back in Melbourne, it's

always something... It's always special. Cadel Evans. The Australian cricket team has

beaten Sri Lanka in a one day

match. It was the bowlers who

did the work for the Australians. Xavier Australians. Xavier Doherty

knocked off the first wicket

and Mitchell Johnson bowled

career best figures 6 for 31.

Helped out by great fielding.

Michael Clarke. The chase went

as well as could be expected

with Shane Watson smashing 69

in no time. Ponting made a

half century and Michael Clarke

the new skipper made runs as

well. They did it with 7

wickets in hand. England and

India day one completed, India

all out for 224. MS Dhoni 77,

Tim Bresnan and Broad four

wickets. England none wickets. England none for 82.

Trailing by 140. They'll move

on to to a commanding lead. The

Socceroos have beaten Wales in

a friendly 2-1. Carl Tim a friendly 2-1. Carl Tim

Cahill scored before halftime.

Robbie Kruse just half after

time and Wales eventually

scored a goal towards the end.

The coach was very pleased with

the performance and it doesn't

mean too much in the overall

scheme, but for those players

who were able to take part, particularly the younger one and developing players, and developing players, it means good time in the green

and gold. Of course the USPGA

starts tonight. We're starts tonight. We're looking

forward to who can be the top

golfer in that final major. Will Tiger Woods come out and

play his best? Will the Australians be there? No. I

tend to agree but. He hasn't

had enough match practice. I

admire how he keeps trying.

Disgles's going for the W. I feel like I've helped educate some people this morning. Cow some people this morning. Cow explain what the W is? I think

it is a win. Michael Rowland

raised some doubts in my mind.

Who knows? He's going for the

win. I'm backing Adam Scott or

Jason Day. You will be down in Melbourne on the boulevard

there, St Kilda Road for the Victory ride by Cadel

Evans. Yes. No champagne along

that ride. That's a

shame. We're hoping for the

ticker tape. There will be

lots of people. It will be lots of people. It will be a nice morning. I'll speak to

you from there. Paul Higgins

joins us for a look at the

weather. Thank you. We have cloud along the east coast this

morning with a pressure trough.

A cold front clipped the

south-west early today. A few

coastal showers. The end is in sight for the rain for Victoria's Gippsland and the south coast of NSW as that south coast of NSW as that low

moves away. Around the states:

Thank you so much. That's a

round-up of the morning news.

Up next is of course Business

Today. Of course all the Today. Of course all the news continues to be covered on ABC News 24 right through the out

the day. Vigil held in

Birmingham for those three

young men killed on Dudley road

last night. I'll see you

tomorrow morning on blek 'ABC

News Breakfast' at 6 am. Have

a great day. Closed Captions

a great day. Closed Captions by CSI This Program is Captioned Live

Live Good morning, welcome to

Business Today for Australia Network I'm Whitney

Fitzsimmons. Coming up Fitzsimmons. Coming up on management, confidence crisis

Wall Street and European stocks plunge plunge on fears about the health of French banks. Gold

rush, the turmoil on equity

markets pushes gold to yet another

another record. And staying put, Rupert put, Rupert Murdoch remains

firmly in control as News Corp posts strong profits. Those

stories coming is the up shortly. A quick look at the

markets. The another horror session on Wall Street

overnights that major indices

tumbled on speculations that