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(generated from captions) matter under investigation and

we don't jump to any

conclusions until the police have done their job. In a statement, Collingwood said

it's leaving the investigation

to Victoria police and will

make no public comment until

it's established all the facts.

is That's backed by the AFL. This

Our role will be to liaise with

the police and the club, to

keep ourselves informed of any quement developments, but in terms of looking at the incident something the police all-R doing and

doing and we'll leave them to

do their job. The report has

taken many by surprise but fans aren't jumping to conclusions

yet. It's a little bit diss

appointing but we'll see. Time

will tell. Let's wait and see what happens. I'm so prod

prOued to be part of

will Collingwood. The AFL says it

investigation to run its course

before it considers taking

action of its own. No criminal

charges have been laid. we won't do any investigating for

the current time because it's

that while the police are doing not appropriate for us to

their job. They don't want us

to do that. They want to be left to do their job and they'll keep us informed as appropriate. And after the

loss of Gary Ablett to the Gold

Coast team last week, Geelong

is on the hundred for a new

coach with Mark Thompson resigning after 11 years,

saying fatigue has gotten the

better of him. I've just got to coach anymore. The real

challenge now is to find a

coach who's got that energy and

the skills to take the club forward and that's not me. And

in NSW, NRL Premiership

celebrations have witnessed the

death of a fan. Steven death of a fan. Steven Bosevski

was at the Saint George leagues

club last night celebrating the

Dragons' victory along with had

hundreds of other supporters. Officers trying

Officers trying to arrest Mr

Bosevski used capsicum spray and a bat tonight subdue him.

Keith Breene has the storting.

It was an abrupt, sobering end

to the celebrations. Just after midnight police were called to

break up a brawl at the crowded

Saint George's club. 35-year-old Steven Bosevski

died after officers tried to

arrest him. One fan said she

saw police using a taser on the

dead man. They just kept

tasering him. He asked them to

stop. They kept tasering him

then they his heart. He stopped

breathing. That account has

been flatly denied by police.

They did confirm using a taser

on one man but not Steven

Bosevski. It is important I

clarify and put on the record

that the gentleman who

subsequently died was not

tasered by police. But they

have said that after being

sprayed with capsicum Mr

Bosevski was struck with a

baton before he lost conscious

ness. Inside the club before

the match the atmosphere was

very different but by the time the fight broke out here some fans have been drinking for 15 hours. Whether people were

served too much alcohol will

form part of the

investigation. They extremely well behaved right

through the day. Then we had

one incident involving only

three patrons. Having watched

club CCTV, police say it was

much bigger than that, with

many more people involved.

Whilst I don't mean to differ

with the fellow at Saint

George, I've seen a few fights beyond a fight. Police have in my time andyard say this was

set up a critical incident team

to investigate. It's hoped a post-mortem examination will be able to find the exact cause of

Steven Bosevski's death. Now to the weather.

That's all from us. If you'd

like to look back at tonight's interview with David Kilcullen

or review any of Lateline's

interslews or transcripts, you can visit our website, visit us

on twitter or Facebook. Goodnight.

Closed Captions by CSI This Program Is Captioned

Live.

Good evening. Welcome to

Lateline Business. I'm Brigid

Australian dollar edges closer

to parity with the greenback,

we look at the escalating

currency wars that are seeing

the US and others manipulating

export their currencys to gain an

clear with the talk of the

quantitative easing in the US

that the US authorities are

quite determined to lower the value of the US dollar to support their trading

stris. Fresh ideas or a lot of

hot air? What will the

round-tables on climate change

come up with? In the context of

climate change, we have

relatively clear ideas on the table. There are table. There are clear alternatives that are

available. So

will probably not be very gab-fest as one would call it

effective. And Cuba one of the

succumbs to free enterprise. In last bastions of Communism

the long run I think it will the long run I think it will be

a positive step. 'Cause it

basically signals to foreign

investors that Cuba can run its

economy in an efficient way.

To the markets. Strong Chinese

manufacturing data gave a positive start to the week.

The dollar hit 97 US cents

in trading today and the Australian dollar bulls are

talking about when, not if, it

reaches parity. But the rate against the greenback is as much about the deliberate

weakness of the US currency as

it is about the strength that the Australian economy. Rather

than resorting to trade

tariffs, talk of more quantitative easing or printing

money by the Federal Reserve is

driving the dollar down. With

the side effect of making

America exports cheaper. It's

been a volatile few months for middle of the year it tumbled

to less than 81 US cents. Now a

dramatic recovery has it poised

once again to reach parity with

the greenback. We have a large trade surplus in have a low current account

balance, we have a very strong

government balance sheets, we

have interest rate dif Rexs

with the US now wideninging and commodity prices continuing to

look strong. Which all points to the Australian dollar continuing its

continuing its upward march

helped greatly by a US dollar

which is the weakest it's been against most major currencies

for a long time. The US dollar

hasn't got a lot going for it rates are close to zero. interest rate, the interest

Economic growth, it's trudging

along at a substandard pace,

and there's concerns that the

economy will go into economy will go into a

double-dip recession. While

the Australian dollar's surge

over the last few months has

caught the attention, its

current value is not a surprise

to many people who follow it

closely. At the start of the year, Lateline Business asked five experts where they thought

the dollar would be in

December. Only one of those experts predicted it would be

lower than it is now. And

despite being well long-run average the International Monetary Fund in

a report released last week

said the Australian currency is

only mildly overvalued. If the

IMF means by that that it's

making life difficult for some sectors, particularly, say,

tourism or some local

manufacturers, yes, that is

true. But it is merely a

reflection of what's happening

in the mining sector and the commodities sector, which for

those sectors, it's those sectors, it's a natural

hedge anyway, the fact that the

commodities go up, the Aussie

goes up. CommSec's Craig James

isn't convinced. I think it

might make good headlines but

we aren't seeing currency wars across the globe. The Europeans aren't overly concern about

their currency you look at the

Asian countries. That's not making headline news there

about the strength or weakness

of their currencies. But there

are some battles under way, led

by the United States, which is

locked in an ongoing fight with

China to try to force China to try to force Beijing

to raise the value of the

remnimbi. It's quite clear that

the US authorities are quite determined to lower the value

of of the US dollar to support

their trading industries. But

of course, every time they talk

about quantitative easing, then the Japanese Central Bank gets

up and starts selling the yen

down. The manipulation of

currencies has raised the risk

of a rise in protectionism as

governments come under political pressure to keep

exports competitive. The

Congress has recently given

President Obama the power to

impose tariffs on Chinese imports. Economists warn,

though, there will be no

winners from a trade war. The

Australian dollar could go even

higher tomorrow, if as many

economists predict the Reserve

Bank raises rates. After four

months on hold, pressure is

pricing in a 73% chance they'll

go up. Retailers say a rate

rise before Christmas would be

a disaster. And there are fears

the big banks will add extra

pain for pain for those with a mortgage

by putting rates up beyond any

official increase. A strong

economic outlook fuelled by

near full employment and a

renewed mining boom could spell

bad news for those paying off

mortgages. It does now seem

likely that the Reserve Bank

will vote at tomorrow's meeting

to lift interest rates. Most

economists think the official cash cash rate will rise 25 basis

points to 4.75%. The

predictions have been

reinforced by a key private

sector measure which shows inflation rose again in

September. It's about inflation, inflation, yes, but also about

keeping growth in the

Australian economy within

sustainable parameters, and in

that sense, preventing a rise

in inflation further down the

track that would be much more

destabilising. But there are arguments

arguments against a rate hike,

like a recent fall in housing

approvals, and retailers say

consumers are still feeling cautious. The last 18 months

has been extremely tough for to come out the other side of that. We don't want anything to

impinge on that. If rates do go up, there's concern the big

banks will lift their rates

beyond the official increase.

The banks say they need to

recover rising funding but they're being warned. I

don't believe there is any case

that the banks can make to move

over and above any decision

that may or may not be taken by the Reserve Bank tomorrow. And

if rates don't go up tomorrow,

they probably will soon. Most analysts expect several

interest rate rises over the next year.

Despite it being holiday in some State s a busy

and good day on the local share market. Earlier I speak to Charlie Aitken at Southern

Cross Equities. Today on the

markets Han been a markets Han been a 1% rally.

How much has been due to the firming copper prices? Firming

materials prices and the firm Australian dollar all played a

big role today. It was quite a

strong day, markets up 1% on a partial public holiday in Australia which is quite

surprising but the market again

led by material stocks, energy stocks an even banks doing better. All doing nicely today. today. Now, oil has also

kicked in higher in recent offshore trading sessions.

What's been the impact on local

energy stocks here? All the energy stocks are doing pretty

well. The smaller the

stock the better it did. The

big energy stocks all up about

half to 1%.

A lot of traders are watching

that the West Texas

intermediate oil price has broken the 200 day moving

average. That sounds technical

but it's a bullish short-term

signal that traders of Review Board has given its

approval for the takeover of Wayne -- AWB Limited. Any surprise

flz? No surprises there the share not reacting

was a given. Some investors are

holding out some home that

GrainCorp might come back with

an improved offer. I wouldn't

be waiting around for that one.

That deal is all but done Wheat

Board going out the

door. Xstrata looks like having

a rival for its takeover for

the locally listed Sphere Mineral. This was hugely trading 20 cents above the cash

offer from Xstrata. I mean,

most people have never heard of

Spear Minerals, a hopeful iron

ore producer which got a ore producer which got a 400

million dollar-odd takeover bid

fra Xstrata. Now there are fra Xstrata. Now there are some Chinese enterprise showing up

on the share register. This

shows you a bigger issue. The

Chinese are going to spoil

anything that Xstrata, Rio

Tinto or BHP try to do. That's

why I think BHP will have

trouble with potash as well.

The Chinese running spoiling

tactics all over this deem. example of it. Thank you for

injoin ing us. Thank you. To

the other major movers on the

local share market.

With a carbon With a carbon price firmly

back on the agenda, and the Federal Government Federal Government is to

establish two round tables to

provided a vice and lead the

debate. Environment and non-government organisations

are on one table, business on

the other. But with the details

and the membership still being worked

about how effective it will be.

The Federal Government is keen

to set a price on carbon, as a

way to reduce pollution and drive investment in renewable energy. energy. A carbon tax will have a huge impact on the

future of many industries,

which is why business needs to

have a say on the price. But

some believe the business

round-table on climate change will be a waste of time. Round tables like this could be used

to just generate new ideas but

in the context of climate change we have ideas on the table there are clear alternatives that are

available. So having just a gab

fest as one could call it probably won't be very effective. Many believe it's

the process of setting up the round-tables that will round-tables that will be the

key to their success. Co-chairs

of the business group will be

the Deputy Prime Minister and

Treasurer Wayne Swan and the Minister for Climate Change

Greg Combet. The round-table is

expected to meet monthly and

the government says it is still

working on the composition and

the invitation list. It's most effective

effective if you have really top industry leaders providing

their input and getting buy and

from not only their own

companies but the whole

industries that they'd

represent. So it's really a

matter of getting the top

people in rather than having a most broad representation.

Dexter Dunfey says it's

important the business

round-table isn't too dominate

bid powerful mining groups. We

must have representatives of

the the new industries, the

industries of the future, as well

well as the industries of the

past. It's in that dialogue

with government involved as

well between dwhos will benefit from the new who have to make a shift from

the old economy. A number of

business leaders including the

Chief Executive of BHP Billiton

Marius Kloppers want a price

put on carbon to proof eyed certainty for business. Some other senior business leaders

have already put up their hands

to be included in the discussion. We're very keen to

participate in the round-table

discussion that's going to take

place on this with industry. We

think there is important

considerations to be made into

the dlib deliberations over a

carton tax. The aviation industry globally is interested

in a global approach. But even

with the inclusion of top

leaders, it's still unclear as

to how much influence they'll

have over policy-making. And whether whether both the business and environment round-tables will

be equally weighted. This academic says there are better

ways to include business in the

decision making process. Having a consultation process with

formal representation and

written reports by various industries and non-government organisations have that same

goal and can do so with more effectiveness. He says

ultimately the price should be

determined by market forces.

'S been a call for boards to

lift their corporate

be more open to shareholders. It comes as some of Australia's

largest listed companies want to increase directors'

salaries. The Australian Council of Super Investors

represents $300 billion of retirement income from across

39 super funds. I spoke with

Phil Spathis manager of

strategy at the council and

asked him how likely it is that

boardroom salaries will be

boosted. Well, when a company submits a proposal to increase its remuneration pool for shareholder considerations, we

take into account a range of

factors as to whether or not

it's reasonable to do so. We

look at issues like the extent

to which there has been

previous increase, when the

last increases occurred, how

big that proposed increase will

be, and how in fact it will be

applied. A few years ago, there

was a kick in the size direct pool remuneration to take into account structural

changes that came about through

a range of governance reforms.

We also take into account in

this day and age those sort of

issues but also the extent which companies have been effective in their governance

oversight, and of course, we

can't ignore how a company has

performed overall. If you look

at Asciano, they want an

increase in their pool, their directors' fees from 1.5 million to 3 million. Now,

given their last profit results

nt weren't as good as many

would've liked, their profit results results were down, why should these directors be rewarded

based on their performance

wasn't as good as what people

would've hoped? The optics of

that aren't exactly favourable,

and the question has to be

asked why such a significant

increase on the back of such poor performances. We'd

encourage companies to actually

utilise this regime of seeking the endorsement of shareholders to engage with shareholders

directly and go beyond I guess

the boiler plate disclosures

that are submitted in annual reports, and

explain the reasons why

companies still wish to

allocate a higher remuneration pool. It's only through this

way we'll get a better idea of

how this remuneration

exactly be applied. Asciano

and other companies argue they need

need the bigger pool to attract

more people. How difficult is

it to attract people onto

boards? I don't think it's that

difficult to attract people on

to top 100 boards. There are

directors who are clamouring to

- there are people who are

clamouring to get onto these

boards. Is it reasonably well paid? It

paid? It is, and I think it's a

very responsible position to

hold a directorship of a top

100 board. There is a lot at

stake in relation to the

strength and

company at stake, and the flow-on effect it has on

investors throughout. I mean,

take our industry at .40% or

thereabouts of Australian

superannuation fund investments are tied up in the Australian

equity market. Therefore will's a lot at

a lot at stake in that regard.

We are happy to see directors

well remunerated but it also has to ensure that there is commensurate performance in the

way they manage their executives, and so from our

point of view, we want I guess

the confidence to ensure the confidence to ensure that

directors run their CEOs and

the executives and not the

other way round. What's the

feeling amongst the

institutional investors about

this push for high director salaries to increase? Overall we've been reasonably well

serve bid our directors.

However, I think we've gone However, I think we've gone - we've come out of a period

where there was a lull in the increase of director

remuneration and I guess we are

very acutely aware about any sort of catch-up sort of catch-up that may apply when we're still not out of the

woods when it comes to I guess

a very demanding and stretching

environment. Is there

environment. Is there an

imbalance in the way boards

operate? You've got boards that consider themselves as the

guardian of the company of

course, but then the company is

actually owned by the shareholders? Look, we do not

want to be steping into the

shoes of fiduciaries for that very

reason, that they have an

unequivocal position in the law

and in practice to basically

act in the best interests of the company, and the company, and in the best

interests of shareholders. So

we elect these directors to do

a job, so we want them to be

paid well. And we want them to

basically provide effective

oversight on strategy and

implementation when it comes to

decision making. So we make no

bones about it. There's a lot

at stake here, and so it's

incumbent on boards and directors to follow through. Are protected? It seems when

something does flare up, boards can often

can often say, well, we didn't know the ,ed board didn't know

about it and it seems to be

that you have to take the

board's word for it? We've got

to ask the questions of each of

our boards and we do that quite extensively, and more so pro-actively as time goes on.

We actually asked them what

processes they have in place to

ask what you call the stupid

question. 'Cause there is no

such thing as a stupid

question, only stupid answers.

So we really have to dig a bit

deeper through our engagements as

as we do with chairmen to

ensure that boards are equipped to

to be able to to be able to ask those questions, and look, quite

significantly, there's been improvements in the

representation of new blood on

boards. You've had in the last

two years, more than 50% of new

incumbents on the ASX 100

coming from outside the ASX

100, which is a very positive

sort of move. However, we sit

dismally low in representation of skilled women

on boards. And having only 11%

representation of women on

boards means that from a very

specific economic argument, we

are not taping into the available resources in the

economy to be able to get

necessarily the people on these boards. Phil Spathis we'll

leave it there thanks very much

for talking to us this

evening. Thank you.

It's a country famous for

its cigars but the Communist state of

breathe new life into its

ailing economy. Half a million

public servant jobs are to be

axed in the next six months in

what's being seen as a clear

signal that Cuba wants to open

up its economy and encourage private investment. Australia has already taken tentative

steps to establish relations as lobbying intensifies in the US

to end the crippling embargo.

1950 American classic cars are

a common sight on the streets

of Cuba. But it's certainly not

happy days for the Cuban economy think thought to be in

the worst shape it's been for

decades. One of the reasons is

that the State controls 95% of

the economy. But last week, the government announced half a

million public servants would

go in the next six the lounge run, I think it's

going to be a positive step. It

basically signals to foreign basically signals to foreign

investors that Cuba can run

its economy in an efficient

way. This doctor from Sydney

University has been studying Cuba for many years and

believes the transition to a

modern economy is already under

way. But he doesn't believe the

sackings will bring sackings will bring about instability. Cuban authorities

say in taking this step they're

also going to create jobs in

the private sector for people.

This is something that's been

going on for a number of but especially in the last

month or two. There have been

really steps to allow greater

plot taggism from small

entrepreneurs and the vision is

that many of these people will

be sort of relocate ed into

those types of jobs. The most

likely model Cuba will follow

is China's following a visit to

Beijing by the new

President. When Rowell Castro

visited China he went there

specifically to look at urban reform, reform, privatisation, industrial reform in the sense

that we see it happening over

the last couple of weeks, and

absolutely I think cube yar

wants Chinese investment and

China wants to invest in Cuba. The United States embargo has

crippled Cuba economically

since 1962. But now the

pressure will be on to end

that. Especially with the ailing 84-year-old Fidel

ceding the presidency to his

brother. Late last year

Australia's first official

visit by a Foreign Minister in

15 years was noted as a fresh start to the relationship

between the two countries. The then Foreign Minister Stephen

Smith signed a memorandum of

understanding which he said

would provide the future basis

for cooperation between Australia's Department of Foreign Affairs and Trade and Cuba's ministry Cuba's ministry of Foreign

Affairs. Also discussed was the potential for collaboration

between Australia and Cuba between Australia and Cuba in science and technology, moving away from its traditional

exports of sugar and cigars, Cuba manufacturing base for items such as refrigerators,

televisions and even cars. There's change under way

in Cuba in terms of what it's producing and manufacturing at

the moment. And really the word

manufacturing is indicative of that

that change. Because now what

you see is well electronics

manufacturing beginning to take place. Travel restrictions

imposed by the United States have already been partly

lifted. And with Cuba

signalling its intent to change

its economy, it may not be long

till all trade barriers come

down, too.

Now a look at torms a business diary.

Before we go a look at what's making business news overseas. The 'Wall Street

Journal' has the results of a

poll which shows Americans are becoming increasingly hostile

towards free trade agreements,

believing they are hurting the US

US economy. London's 'Financial

Times' says US insurance giant AIG is having to lower the sale

price of its Asian business to

get cornerstone investors on

board. AIA is being spun off in

a float in Hong Kong as part of

a float in Hong Kong as part of AIG's attempts to pay back

American taxpayers. And that's

all for tonight. You can watch Lateline Business Monday to

Thursday at 8.30 each night on

ABC News 24, as well after 'Lateline' on ABC1. I'm Brigid

Glanville. Thanks for watching.

Goodnight. Closed Captions by CSI DRAMATIC MUSIC PLAYS

The world contains evil. And if it didn't contain evil, we probably wouldn't need to try to construct religions. No evil, no God, I think. No, of course, no evil, now war. But this is not a human possibility that we need to entertain. There will always be plenty of evil. And there'll always be wars. Because human beings are aggressive animals. The hard won Allied victory in Europe had delighted Americans back home. But the hundreds of thousands of men still fighting in the Pacific knew that the war was far from over. Eugene Sledge of Mobile, who had endured the horrors of the Battle of Peleliu, would once again be forced to enter what he called, "The abyss." Glenn Frazier from Fort Deposit, Alabama, who had survived 3.5 years of brutal captivity, would find that the Japanese were not his only enemy. SEWING MACHINE WHIRRS And the people of Sacramento and Luverne, Waterbury and Mobile, and every other American town knew that there would be more bad news from the battlefield before they could dare hope to know what it would be like to live once again in a world without war. ARTILLERY THUDS SHELLS BOOM

BATTLE RAGES AUTOMATIC GUNFIRE It didn't really make much difference on Okinawa. The Japanese were not gonna fight any less hard because Hitler was out of it. I suppose there was a certain satisfaction that we'd beaten that lot, and could now turn our attention entirely to this lot. But aside from that I don't think there was much excitement. CANNON FIRES RAPIDLY ACTOR: "Nazi Germany might as well have been on the moon. "On Okinawa, no-one cared much. "We were resigned only to the fact "that the Japanese would fight to total extinction, "as they had elsewhere. "And that Japan would have to invaded

"with the same gruesome prospects. "Eugene Sledge." The Battle for Okinawa was not going well. The marines had cleared the northern and central parts of the island by mid-April.

But in the south, the army had been unable to blast the Japanese from their main defensive positions - a succession of limestone ridges around the walled town of Shuri. PLANE WHINES, AAA GUN BLASTS The navy, battered daily offshore by kamikazes and other Japanese warplanes, demanded that the army undertake a landing behind the Japanese lines

so that they could be attacked from two sides simultaneously. The army commander refused. And on 1 May, the 1st Marine Division, Eugene Sledge's outfit, was sent south to shore up the centre of the American line. ACTOR: "A column of men approached us on the other side of the road, "from the 106th Regiment, 27th Infantry Division "that we were relieving. "Their tragic expressions revealed where they had been. "They were deadbeat, dirty and grisly, "hollow-eyed and tight-faced. "As they filed past us, one tall lanky fella caught my eye, "and said in a weird voice, "It's hell up there, Marine." "I said, with some impatience, "Yeah, I know. I was at Peleliu." "He looked at me blankly and moved on." EXPLOSION BOOMS Japanese shells shrieked down as the marines struggled to find cover. BATTLE RAGES Friends died, old friends who had fought alongside Sledge on Peleliu. "Replacement lieutenants were killed or wounded with such regularity, he remembered, "that they rarely saw them on their feet more than once or twice. "And never got to know their names." BATTLE RAGES SAFETY PIN CLICKS Get down! Get down! GRENADE EXPLODES The marines inched their way towards Shuri, blasting and burning the enemy out of their hiding places, one ridge, one village, one gully at a time. ACTOR: "I found it more difficult to go back "each time we squared away our gear to move forward. "The increasing dread of going back into action obsessed me. "It became the subject of the most torturous and persistent "of all the ghastly war nightmares that have haunted me "for many, many years. "The dream is always the same - "going back up to the lines during the bloody month of May on Okinawa."