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(generated from captions) Today in a moment. what will happen in traded to markets. We will have more on take a quick look at the stories shortly but first let's move into the fast lane. Those all reved up - an icon sales Pacific's economic future. And Pacific's economic greater involvement in the Asia attention, the borrowing hits a new high. Full borrowing hits a new economic pain as the cost of economic pain as the cost Italians warned to prepare for program - tough choices - program - tough choices - Fitzsimmons. Coming up on the Network. I'm Whitney Business Today for Australia Good morning. Welcome Live. This Program is Captioned

For more on the market

action, I'm joined by Tim Piper

from Bell direct. Will regional from Bell direct. Will regional markets follow the US and

Europe markets low Europe markets low ther

morn? It look likes we will be

follow ing global macialgs this

morning. Other s will be continued to be swayed by the evens in the Eurozone. The Australian market did finish in

However we continue to

significant ly underperform the

US market. For example, our lead yesterday was gain of 260 points on the Dow, that is

2%. We only managed gains of 0.2% as we 0.2% as we saw a late sell-off

in Banks and materials sector, hit our market quite hard. Hang

Seng performed well after top

economists predict add soft landing: However, today the SPI is points down and we are likely to see weakness in the

market declined after concerns banking and energy stock. The

at of Europe: The US markets are of Europe: The US markets

at the mercy of Europe.

Investors remain very nervous Italy last night which saw followed a bond auction in followed a bond

record yields for record yields for Italian

borrowing costs. This hit the

financials hard: We saw Morgan

Stanley and Bank of America

falls over 2.5%. However,

Boeing added 1n't.7% after Boeing added 1n't.7% after it

won a $26 billion contract with Emirates. So we will be

watching some retail numbers

out of the US tonight but euro

in the US. In Europe, nervous

investor s sat ob the

sideline? They did. We saw euro

market & fall as well. Again

after that Italian bond auction

raised in five-year bonds for where we saw 3 billion euro s

Italy and that is at a record

yield since 1997 at 6.29%. That

is up from 5.32 just last month

in October. So this triggered a

sell-off in financial stocks in in October. So this triggered a

Europe as well. Now equity markets had been more positive

following the resignation of Berlusconi, and the

of the resignation of

market continues to Berlusconi. However the bond

market continues to point to

tough times ahead as it tian bond yields continue to soar higher. How are oil and gold performing? Crude around 1% after breaking performing? Crude declined

through that $100 a barrel mark, settling around $98.20.

After reaching 99.70 yesterday

. The Italian crisis again in

focus there. The possibility of lower global question mand

depressing oil price we.s saw

gold fall half a per cent in situations where

weakness in equities often gold

rises as a safe haven asset.

However it was the strength of

the US dollar which pushed gold

prices lower. The outlook for gold still however as gold still does look good

however as uncertainty the globe will continue to however as uncertainty around

it as an alternative the globe will continue to push

Australian dollar trading? The asset. Before we go, how is the

Australian dollar followed

equity markets lower as

investors sold out of risky

assets. The Australian dollar lost and is down to 101 minute 71 US. 71 US. That is down from 1 O2.86 yesterday. Traders will O2.86 yesterday. Traders

be watching the RBA minutes

being released today. For be watching the RBA minutes

being released today. For an

indication on the indication on the possibility

of any further rate cuts coming

for joining us. Thank you. Now in the future for

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

what's happening with currency

and commodities.

Italy's cost of borrowing has reached a new Eurozone high of

of 6.29% in its latest bond auction overnight. Prime

Minister elect Monti has warned

Italians of sacrifices ahead.

And asked

patient as he tried to assemble

a unity government. They've

changed the guard in Italy and

Greece. Out with Silvio and George. In with the grey

men. In Rome

men. In Rome today, Mario

Monti, the new Prime Minister,

was being hailed as the man to

save Italy and, save Italy and, by extension,

the euro. He's an economist, a respected university President,

he knowed how Europe he knowed how Europe mark

decade and he's a staunch works, he was a

defender of the euro. One of his former students gave this

assessment. Given the

assessment. Given the present emergency, he important role and can be the

right man at the right time. At least for least for a little while. Financial markets also

seemed relieved. But for how

long? Here in Brussels, Monti's appointment has been

broadly welcomed. He is seen broadly welcomed. He is seen as

a can-do man, during his time

at the Commission here in

Brussels he was known as Super Minister the fundamentals in Mario and

Italy having

still have record nerms Italy having chained. They

and interest rate payments on still have record nerms of debt

the money that they Greece too, there's a new the money that they borrow. In

leader on the block. Lucas Papademos is also referred Papademos is also referred to as a technocrat, an economic expert felt to be influenced by

public pressure. And yet in the

clear that may Greek Parliament today it was

clear that may not be possible.

The Opposition hinted at political problems to come. It

could derail Greece's next

slice of important point is the euro is

still in crisis, just listen to Germany's Angela Merkel.

TRANSLATION:Europe is in the

middle of what may be its

toughest hour since World War II. We mustn't

II. We mustn't be discouraged

by that. We must succeed in

getting Europe out of this

crisis., stronger than crisis., stronger than when it went in. But she knows the

problem now is trust, or lack

of it. Germany is the only euro country investors see as truly

safe. Italy and Greece may have

changed the guard but they and others remain under huge

pressure. APEC has concluded

with its 21 members including

with its 21 members including the United States, China, Japan

and Russia pledging to remove

barriers to green trade by

limiting tariffs on environmental goods to 5% by

the end of 2015. The forum has been marked by dr - marked by President

President Obama's intention to

re-establish America's leader

147 in the Pacific. The President President and the Prime Minister genuinely relaxed in each other's company, so are their policy

policy pronouncements. APEC policy pronouncements. APEC is setting an example to the world on clean energy and green growth. This would be a huge

step toward createding clean

energy, economies and fight ing climate change. APEC leaders

have agreed to cut import tariffs on green goods like Australian-made fuel cells Australian-made fuel cells and to make their economies more

energy efficient. But the

Opposition says that is a sideline issue. So she should

sideline issue. So she should

be asking other leaders when

they plan carbon tax on their

citizens. The APEC meeting was about free trade, which Julia Gillard says will protect

Australia and the region from Australia and the region from a European-style European-style meltdown. We're

got nothing to fear from free

trade. We're good at it. We're

good at the things we

do. Leaders agreed not to raise

tariffs until at least 2015 and Mexico

Mexico and Canada want in Mexico and Canada want in on talks about a regional trade pact. Our 21 economies are

nearly 3 billion sit Jens - citizens bring our economies closer. For

leaders to be so clear about

their free trade desires and

their refusal to close in markets is very, very

significant. But not all the

talk in that - Hawaii was very

sub stabtive. In a major break

with APEC tradition, lead ers

didn't don the regional costume

for the for the class photo. Australia

is one of nine countries to

sign up to partnership that aim s for the phased elimination of all tariffs and other tariffs and other trade barriers to boost growth and create jobs. Australian farmers who claim farmers who claim they're unfairly unfairly locked out of a number

of markets in Asia and the US

are hoping the talks lead somewhere. The other areas of

gain for us and this is what is

going to be different about this arrangement is that there will be commitments to reduce barriers to investment and there will there will be commitments to

open up the services markets. These two areas are

really the' to future Goat growth

growth the Asia Pacific sector but more pain for

manufacturing, according to the unions, as tariffs are removered completely. Tariffs

are already very low. We are already very low. We won't

have to make very significant reductions in our

they're already close to rock

bottom. I think there is an argument that Australia should

retain the flexibility to have

some tariff protection in some

key sectors like the car

industry. But it's China that

many think is the real target of this proposal. It's

negotiated a number of

agreement s where areas aren't

are weak, where there is really no pressure to reduce barriers

to foreign investment or

services. And the difference

here is that the model that is

going to be created p will be

quite tough in terms of an commitments. In the long

run, that is what we need. That

may be why the talk won't necessarily lead to action. And

to look more closely at the

developments to come out of

APEC in what that means for

Australia and the region, I

spoke earlier to Geoffrey

Garrett, the CEO of the US

Studies Centre. Welcome to the

program. My pleasure. Now, on the face of it, this APEC -

APEC meeting appears to be more

important than those in the

past. Is that because of what's

happening economically in the United States

United States and Europe? I

think it actually - this was

Obama-fest, it was in Barack

Obama's one of his home towns

Honolulu. He said Honolulu. He said for a long

time he wanted to be the US's

first Pacific President and it

was on the fringes of the APEC

meeting, the announcement of

the commitment to complete the the commitment to complete the trans-Pacific partnership, free trade agreement of the Asia Pacific agreement coupled

with the new Japanese Prime Minister's announcement that he

wanted to join. That was the

big news story because the TPP

with Japan in it would now with Japan in it would now be 1.5 times as big as the EU, it

one the biggest trade deal since the completion of the

Uruguay round in the early

1990s. So it wasn't APEC per se, it was what happened se, it was what happened around the edges of the edges of the APEC meeting that really mattered. There are

many analysts who are saying for some time that APEC and

East Asia summits were sort of out of date out of date and needed to be

revised. Are they more

important now, though, because

of what we're seeing in the

northern hemisphere and northern hemisphere and the resurgence of Asia? Two

I think are true. Both east

Asian summit and APEC have become something between talk shops and photo opr. But shops and photo opr. But the talk shop stuff talk shop stuff is important

when we're talking about global coordination which clearly

coordination which clearly has

risen in importance. By what's

APEC going to do about Not very much. Clearly there is

a re focus on the Asia Pacific

and the question is what is the

institutional form of that

going to take? I don't think

the US, a late come tore the east Asian summit, wants it to

be the vehicle. APEC is

problematic not only because

it's talk shop but because it's

got Taiwan nit. So government

agreement are extremely

difficult. That's why I think

we will hear more about trans-Pacific partnership, even

if the rubber won't meet the

road in terms of compleement

pleetion, probably until 2013

or later. So these sorts of these sorts of organisations of

APEC and the East Asia summit,

those sorts of meetings will

then become obsolete once we

start focusing on the start focusing on the Pacific partnerships? I doubt partnerships? I doubt it.

Certainly it could happen - APEC could become less

important TPP on the economic side. But I think the east Asian summit will stick around

for while because it's so symbolically important to

countries in Asia, not only ASEAN, which is really ASEAN, which is really the host, but also the other Asian nations - China, India - who

but they want to do it more or

less on their terms. That is

what it looks like. But I think

if you're Barack Obama and the

US, you want to respond to criticism that the US has been out of Asia but you don't want

it to be done on Asian terms.

That's why the trans-Pacific partnership is attractive partnership is attractive to Obama and the US Obama and the US more generally. On that front

there's been a lot of talk about the relationship between

President Obama and Prime Minister President Obama's due to arrive

in Australia tomorrow. To what

extent buzz does the perceived

warmth between the two play a

role in political ties? We know

that George W. Bush and jourld both were very personal

both were very personal

politicians. I think neither

Julia Gillard or Barack Obama is like

is like that. In some sense

Obama is more coolly an

litical. He is not - an lit qual. He is someone who has deep

friendships. I think Gillard is

like that as one well. But the

underlying story is that it

doesn't matter who is in the

Lodgetor White House. The

US-Australia relationship US-Australia relationship rolls

on. We will probably hear a big

announcement about American troop rotation s through

Australia in Darwin in a couple

of days. Australia is really

the US's partner in crime the US's partner in crime when trans-Pacific partnership is concerned and the US-US economic relationship

busters. So the structure busters. So the structure says

that US-Australia is a rock sol

id relationship that just goes

from strength to strength. It probably doesn't matter neither in terms of personality nor in terms of personality nor in

terms of party who is leading both countries. The relationship just continues. If

we look at the APEC's move on

green products, do you think that that signals a positive

support for Federal Government's carbon tax? It's interesting. I think let's take

two big countries. In the US, I don't think the big issue is

climate mitigation, it's energy independence. So anything that goes to alternative goes to alternative energy,

weans you off fossil fuel and

Middle East oil that is good in

the US. Maybe the Chinese don't

care about climate but they

care about their demand for

fossil fuels driving the prices

impossibly high. So China has incentives to wean itself off

fossil fuels because of prices.

The US is interested in energy

independence. The pure sort Copenhagen kind of we really

care about climate seems to have dissipate add bit. But that

that doesn't mean there is no

push for alternative energy. I

think that is what we think that is what we saw at the APEC

this also gives a bit of a tick

of approval to our government's

move on the carbon move on the carbon tax. Yes,

but Australia is in a very

different position. Sauce a different position. Sauce a big

exporter of - Australia exporter of - Australia is a

big exporter of fossil fuel,

not importer. Not only coal but

we're now staring at the

prospect that Australia will become the long larger become the long larger LNG

exportsiner the world innant decade. I think the carbon tax

is quite smart not to touch

LNG. We've obviously got a big

debate about coal seam gas in

Australia at the moment. The argument that says that gas is

a transition fuel to a lower

greenhouse gas emissions world,

it looks on its face to be collect and

collect and you thinkous should

be a leader there. In some sense there are two sense there are two policy gossing on in Australia. One gossing on in Australia. One is looking to the Greens dominated

move which is looking to a no fossil fuels future, the other

one where Martin Ferguson, the Resources Minister has been

taking a lead, is maybe one of

the biggest things Australia

could go do for climate is to

export more cleaner gas to the export world and to the

emerging ace giants. We saw om

great photos come out of the

Hawaiian summit and no doubt

there will be some also great photo opportunities whieltion President Obama is in the rest of the region and the Australia

and East Asia summit in Bali. To his domestic image? I his domestic image? I don't

think it's going to help him at

all domestically. The big thing

to remember about this is that

Barack Obama is spending more

than a week in Asia when

Washington is obsessed with the

next round of debt reduction

talks and Obama has been

criticised for not being in

Washington doing the deals.

He's out on the global stage in

Asia. What that tells me Asia. What that tells me is that Asia really is that Asia really is that important to Barack important to Barack Obama. I think the is that he's really trying to

do a strategic pivot for the US

and say, listen, the US's

reaction to the war on terrorism after September terrorism after September 11 was per Federal Court was per Federal Court ly

understandable but what understandable but what we've

got to do is essentially end

those conflicts. I'm going to

end Iraq and Afghanistan and I will focus on what's important - which is - which is the Asia Pacific. That's why I'm spending this critical time in critical time in the region. Geoffrey Garrett, thank

you for joining us. My

pleasure, Whitney. Australia will begin exports

uranium to India but the

decision is certain decision is certain to cause a political backlash. Prime Minister Julia Gillard has

signaled Labor's ban on all

shipment s will be dropped a

that will boost exports by

around 1.7 billion each year.

The policy shift comes after recent criticism by Indian governments and business

leaders who warned Australia was missing out on billion was missing out on billion of

dollars by keeping the ban in place. BHP Billiton to be the major winner from the

change. Along with energy resources of Australia and

Paladin Energy. Japan's economy has rebounded for first time since the March earthquake. Gross earthquake. Gross domestic

product grew by 1.5% in the

three months to the end three months to the end of September, compared to the month before. TRANSLATION: The TRANSLATION: The pos thif growth in the July-September

period is based on the rapid progress in the restoration of supply chains after the earthquake disasters. The latest figures show exports are to pick up. However, some

analysts believe there are

still a number of threats to Japan's fragile economy. The

strength of the yen as well as

global economic problem and the impact of the floods in

Thailand on the supply chain of

Japanese exports are likely to

adversely impact further recovery. The Dulux Group has

been put to the test and in

more ways than one this year,

having to deal with floods and

earthquakes. However the paint

maiger has still managed to post a respectable post a respectable Private proft in proft in the first year after a stand alone company after

separating from Orica. Earlier this year flood waters

inundated Dulux Group's main paint factory in

Queensland. The rockly factory

was a significant impact on was a significant impact on the business, over half of the

profit that derives from Dulux

Group relates to Group relates to products

coming out of the factory in Brisbane. The Australian paints

business lost about 3% of total pail Sales. That is about 2% of the group. The best estimate at

the moment is total costs of around important to also remember that

the ultimate cash impact of the flood ing and instruction at

Rocklea was really mitigated by

business continuity and insurance they had in place. The Rocklea plant however only became fully operational again in July. Despite the difficulties in Despite the difficulties in it first full 12 month result since the snit from Orica, Dulux Group has postadd professional of 93.2 million,

up 86% on last year. It shows the strength management and their brand coming to the fore. The company's delivered company's delivered manchin

expansion and picked up some

market share gains. Dulux Group's hasn't fare sod well hasn't fare sod well with sales in New Zealand flat as the economy continues to economy continues to remove fr the Christchurch earthquake.

Sales in China have also

sloweds because of tighter

residential finance

lendsing. But Dulux 'em perts

sales in both countries sales in both countries to rebound soon, as the re building continues in

Christchurch and the China Christchurch and the China ease business announced we are seeking to

complete in the next month or

so a merger between our China

business and Camel paints China business.

business. This will in double the size of the business

we have on the ground. Dulux is

forecasting a good year across

the entire business and

expecting to increase its full year net profits year net profits in 2012. Love

it or late it, - hate it. The

the grunt of the Harley

Davidson engine has been known

to drown out all other sounds

around it. The American hearts of Australian riders but

with its overreliance on baby beerms seeking fun later beerms seeking fun later in

life the company is having to

work hard on finding new markets. BAD TO THE BONE PLAYS Considered the bad

boy's choice, Harley Davidson's

first roared into life 109 year

s ago in Milwaukee USA and are In the past six year, Harley

Davidson has reved up its and moved into China, India and most recently Russia. In Australia, they're doing roaring trade roaring trade too. The growth in Australia we are in Australia we are headed up

which is great. Bill David on

is the great grandson of one of

the company's co founders the company's co founders William Davidson and has been

working in the company since he graduated from university. He

puts local growth down to customer loyalty cheaper prices. But also the

brand. It's much more than a motorcycle. It's a lifestyle, it's an experience. And the camaraderie amongst other ridesers and people develop

great friendships, you know,

going to the rallies and so

forth. It's just a great part

of owning a Harley Davidson is

that whole that whole lifestyle. Local sales manager Greg Ryan agrees.

He's been riding the bikes for

35 years and selling them for

the past 11. There's nothing like getting

Feeling it, feeling

Feeling it, feeling the vibration, the vibration, the sound. Once you

get someone on that, it doesn't

matter what age they, are

that's it. Unique to Australia,

there's also been

from cashed up miners. It's a

great marriage, if you great marriage, if you will. Because they're making good

money, working hard then they

have a week of free time and what better

what better to do than to buy a

Harley Davidson and enjoy the

freedom during that week freedom during that week of riding round the beautiful

roads of Australia. The company forecasts

forecasts sales of the forecasts sales of the bike should be close Australia and New Zealand this

year alone. Some will go to

women as the number of fe

riders has doubled in the past

10 years. But mostly they will sell to older sell to older men. I'm quite sure that baby boomer men are

looking to re capture their

youth. If you think about this,

these people are in their 40s

and 50s, that is even into

their 60s and have prospered,

raised families and raised families and never

really had the time or the

money to indulge the passions of their youth of their youth youth. The challenge now is to win the 18 to 35-year-old market. With this markets they

realise they have to get a

younger buyer back in and younger buyer back in and a new

core buyer for next 30 years. Younger but still willing to live the dream and

pay for the privilege.

Now let's take a look at

what's making headlines around

the region. The Standard says the Bank of America is

off-loading about 10 billion

shares in China construction

rate. The 'Wall Street Journal'

says Japan's three main banks appear to

appear to have voided the -

avoidsed the European turmoil with earnings figures showing

they've been out performing their Western pierce. The

'Financial Times' reports Hong

'Financial Times' reports Hong Kong based commodities Noble group will push ahead with

preparations for an initial

public offer ing of its

agricultural division. That is

all for Business Today. If you

would like to look over any of

our interviews, please visit

our website. We look forward to

your feedback. I'm Whitney

me. Enjoy your day. Closed Captions by CSI

This morning This morning - Julia Gillard declare s Australian

uranium should be sold to India,

India, the Greens are not

impressed. You cannot guarantee

non-proliferation once you start selling uranium into a

world market. This Program is Captioned

Live.

Also today an asylum seeker

to be sent back to Afghanistan

says he fears for his life. A pressures on Syria's leader,

the King of Jordan calls on Bashar Al-Assad to step down. And the Socceroos prepare

to get Australia's World Cup

campaign back on track, on Thailand in tonight's

qualifier. Good morning. Good morning. You're watch ing ABC News 24, I'm Joe

O'Brien. Taking a quick look at