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Lateline Business -

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(generated from captions) behalf of the Palestinian

people. So let them give the

people the right to express

their voice. Let us go to free democratic elections. Already

almost two years have passed

since we had Legislative

Council elections and almost

three years since we had presidential elections so.

Let's go again to have the

voice of the people and give

the people the chance to vote

and then everybody must respect

the democratic choice of the

Palestinian people. At the end

of the day, it shouldn't be

Iran or Syria or the United

States or Israel that decides

who governs and who leads

Palestinians. It should be Palestinians who decide who

should govern. And what happens

if everybody votes for Hamas? I

don't think this would be the

case. And that was my

establishment of national unit philosophy behind the

government. I believe in

people, I think people are

reasonable. When they voted for

Hamas for this huge majority

they wanted to punish Fatah, they wanted to punish

corruption, they wanted to

punish the same patron ichbling

system that we could see rise

again. And these people then

did not think Hamas would get

so much majority. Now they've

tried Hamas. They've seen that

Hamas, who promised reform did

not do reform. They also did

some form of patronage system.

I think people made conclusions

about that. That's why I think,

I cannot give def finnive

promise, I think in next

election neither of the two

forces, especially after the

last night, will be able to get

an absolute majority. There

will be three voices in Palestine - the democratic

voice, the Hamas voice and the

Fatah voice and then I think we

will save and rescue this

country from this terrible

polarisation. You left out the

Israeli voice and tonight as we

speak there are reports that

Israeli tanks and troops are

moving into northern Gaza, are

you concerned those by

reports? I am very concerned

because I'm very concerned

first of all for the innocent

lives that could be killed and

in such an invasion because

each Israeli invasion has left

so many civilians killed and

dead and I hope this doesn't

continue. At the same time I'm

not very sure the Israelis really want to conduct a whole

fight in Gaza. I think they're

happy with this division and

they will try to use it to the maximum. Dr Mustafa Barghouti,

we thank you very much for

coming in to join us tonight.

We'll await what happens in the

next 30 days an hopefully we'll

have you back to talk about it

at that time.

Four Australian men are among

dozens arrested in a crackdown

on an international Internet

child pornography ring. A

police investigation

investigated hundreds of men

who are using British-based

Internet chat rooms to exchange

images of children being

sexually abused. The images are

described as despicable. 30

children have been rescued from

the network and local police

identified one Australian child

as being at risk. It was a

tightly organised Internet

conspiracy, involving hundreds

of men operating from dozens of

countries including Australia,

allegedly using the web to

commit abominable crimes. They

could share images of children

who had already been abused,

information of children who

could be accessed by other

paedophiles an perhaps one of

the most horrible things of

all, to arrange public showings

within their own group of young

children being abused to

order. In the end, a joint

operation between police in 35

countries shut down the

operation. The investigation

began in Toronto. Here police

arrested a man who called

himself Chevman. This led to a

Tennessee man with the nickname

God. From there they tracked

the head of the operation, a

man owho called himself Son of

God. Son of God is this man,

27-year-old Englishman Timothy

Cox. Cox was arrested in September last year. Police

then assumed his online

identity to snare other

suspects. It sends the message

out that you can't hide. You

may sit behind a screen and

think you're anonymous and you

can carry on looking at images

of abuse. These are children

that are abused at the end of

these pictures but you're not

anonymous to the people who

know, to the the people who are

looking for you which are the police force and other

international agencies. Cox is

now serving an indefinite jail

sentence. So far 63 men have

been arrested. Four are

Australian. These four are just

the start of our inquiries.

These four that were

immediately evident to us as

being offenders. Throughout the

course of the investigation we

garnished a host of information

in relation to potential

more arrests in the Australian users and we expect

future. Along with the arrests

more than 30 children were

rescued. The AFP has identified

one Australian child as

potentially being at risk at

coming into contact with a user

of the website. A child at risk

is a child who is living in

residence or has accessibility

for these people who are

engaging in this chat room

online through a family

connection or some education

facility. Images from the site

are still being processed. More

arrests are expected. A day

after Melbourne's triple shooting, police tonight say

they've found what they believe

is a second car linked to the

gunman. But the man they're

looking for, Christopher Wayne Hudson, continues to allude

them. The 29-year-old has

connections to the Hell's

Angels motorcycle gang. This

evening a black Mercedes Benz

was towed away by police. I was

found in the parking lot of a

block of flats in inner

Melbourne at a known address of

police believe the car's Christopher Wayne Hudson and

connected to him. Everyone's

inside keeping their doors

locked at the moment because

they done know where he. Is I'm

down here waiting for my

partner to get home so I can

walk her upstairs. Earlier

today I was an observant truck

driver who found the first car

connected to the suspect. He

nltsed the vehicle less than

100 metres from a police

station. This morning when I

heard on the radio I thought

black CRV, NSW plate, I saw the car sitting there 24 hours

earlier, something's on and so

I rang up. The car was found

near service departments which

police believe the suspect

stayed at the night before the

shooting with the female victim

of that shooting. Evidence was

collected from the apartments,

which front one of Melbourne's

most popular laneways. Police

have warned Hudson is dangerous

and probably involved in

illegal bikie gang activity.

And they've revealed they were

already looking for him in

relation to a volley of shots

into a truck factory last

week. This is a big city, 3.5

million people. We're trying to

find someone in it and we had

resources focused on him but we

didn't find him. If family and

friends of the slain man spent

the day privately grieving. And

the legal community spoke about

losing Brendan Keilar. Any

lawyer is involved as a lawyer

because they're looking after

people. He was just extending that to look after a person who

was in frubl. We should all be

very proud of him. The

condition of the other two

victims, 25-year-old Kara

Douglas and a 24-year-old Dutch

backpacker has improved. Floral

tributes have been placed at

the scene of the crime. And the

issue of gun control became a

national talking point. It is

not a matter of the toughness

of the laws, it's about the

implementation of the laws and

how State jurisdictions are

enforcing compliance with those

laws. The shootings also raised

questions about the safety of

Melbourne's King Street where

patrons of strip clubs and bars

tumble out into the city as

workers are making their way to

their offices. Last month the nightclub associations wrote to

the government to ask for help

to improve security in this

area including having a stronger police presence.

Victoria police says it already

has appropriate resources for

the precinct. Look, I think is

not about violence in King

Street and I think to suggest

this is related to the whole nightclub industry is not

right. Police say they're

throwing all available

resources into the search for Hudson.

coastal communities may be hit

by massive se seas with wavings

up to 10 metres high in NSW.

Residents in Sydney, Wollongong

and the Hunter Valley have been

warned to stay in hair homes

and keep away from windows.

If you would like to look at our transcripts you can look at

our website. Now here's

'Lateline Business' with Ali

Moore. Tonight - surgical

strike, Sigma make as last

minute raid on Symbion's consumer and pharmacy

divisions. It doesn't look like

a knock out bid from Sigma.

What it - it's an incremental

bid. Hot property, picking

winners and losers in a patchy market. Australia has a

long-term love affair with

property and it will continue

so particularly with the growth

in the superannuation

funds. And business as usual.

Investors continue to ignore

the threat posed by peak

oil. Think there is a real

market failure here that people

are simply not aware of the

impending problems here and

many of these investment decisions several years from

now may look very foolish in

retrospect.

To the markets and Australian

shares enjoyed their fourth

straight day of gains. The All

Ords added 28 points. Higher

oil prices boosted energy

stocks helping the benchmark

ASX 200 rise 0.5%. In Japan the

Nikkei managed a 14-point gang

while the Hang Seng was closed

for a public holiday. In London

the FTSE has drifted lower. The

battle for control of Symbion

Health has taken another twist with Sigma Pharmaceuticals

fooind finally launching a

million dollar bid for parts of

the business. Symbion's board

has declared the offer superior

to an earlier proposal from

Ironbridge and Archer Capital.

But analysts say Sigma has

failed to land a knockout blow, leaving Symbion's future far

from settled. It's becoming as

complicated as surgery and the

operation to carve up Symbion

Health still has some way to

run. Last month a private

hospital operator Healthscope

launch add $2.9 billion bid for

all five businesses. Under that

deal the private equity

partners would pay just over $1

billion for sim by con's

pharmacy and consumer

divisions. That deal was

supported by Symbion's board

but now Sigma Pharmaceuticals

is making a last-minute pitch

for the pharmacy and consumer

businesses offering an extra

$42 million. At face value it

does look like a very good deal

for Sigma and also it looks

like a good deal to Symbion

shareholders as well. The bid

is about 5% above the bid by

Healthscope and the Ironbridge

and Archer Capital so. The

Symbion directors will be

looking at this as a good

counter offer. Symbion's board

has declared Sigma's partial

bid superior to the earlier

offer. Ironbridge and Archer

Capital now have two days to

decide whether to increase

their offer. It doesn't look

like a knockout bid from Sigma.

What it - it's an incremental

bid. The ability to be able to

raise the bid by the private

equity firms is well in their

capabilities. It wouldn't

surprise me to see ooirn

brichbling and Archer Capital

cop back and improve their bid

slightly. They don't need to be

materially over where Sigma has

come in with its partner. Only

slightly over and that will

secure the deal for the

original Healthscope

consortium. Sigma has long been

talked about as a potential

spoil ner the Symbion sale. Competition concerns mean it

will have to hive the pharmacy

business off to its private

equity team. But analysts say

the consumer business will make

an attractive addition to

Sigma's operations. Sigma is

not very large in the vitamin

and supplement type area.

Symbion is the preeminent

player currently in Australia

in that area. And so this will

be an opportunity to become a

market leader in the nutraceuticals or supplement

and vitamin type area. John cresel credits Symbion's management for turning the

business around and now setting

up a competitive auction. I

think Symbion has done a very

good job in securing a very

full price for its assets from

the culmination of trade buyers

an private equity consortiums

that you've seen step up to the

pleat in both the original bid and the second bid. While

uncertainty remains over

Symbion's future Healthscope is

on track to get what it wants.

The company is the only bidder

for Symbion's diagnostic

business and is prepared to work with Sigma on any

deal. The recent heavy rains in

south-east Australia have

dramatically revived Australia's winter crop

production. The Government's

economic forecaster ABARE says

the total crop should double

last year's output for 37

million tonnes. Despite the

promising outlook, farmers say

the rain has only partially

offset the impact of the

drought. This is rain fed

agriculture, there are risks

involved. The money's not in

the tin yet and certainly it

does little for irrigated

agriculture because the dams

don't have a lot of water at

this stage. But with parts of Western Australia and Queensland still in the grip of

the drought, the summer harvest

is tipped to fall 57%. After

failing to find a buyer for its

stake in the Ten network,

CanWest has decided to convert

its securities into ordinary

voting stock. The move is

subject to Foreign Investment

Review Board approval and if

successful, would give the

Canadian media giant a 56%

majority holding. Ten was in a

trading halt ahead of the

announcement when the shares

resumed trading, they fell 1%

by the close. For a look at the

rest of the day's action on the

markets I spoke with

commentator Marcus Padley

earlier this evening. Marcus

Padley, thanks for talking to

us. Our market was in the red

early this afternoon and then

had a change of heart, what was

behind that? Yes, big turn

around. We were down 23 at one

point and we closed up 29 from

about 1:30 January wards the

market just went up. There were

two rumour. The first was John Howard had answered the

question in parliament saying

that the resources boom could

go on for some years and that

was the first excuse but I

think the real reason was a

rumour that went around that

the future fund had started to

invest some of its $52 billion

and on the back of that things

like Telstra had a 4.8% turn

around in the middle of the day

today. Now on resources,

there's also been a fair bit of

takeover speculation in that

sector, hasn't there? Yep,

tensions still remains in the

sector. We've seen rumours in

particular about woodside.

They're up about 9% in the last

weeks on really a very little

new news. The story is that

maybe Shell were going to bid

for them again however the

everyone thinks the government

blocked them last time why

would they have them this time.

The other story was BG Group or

British gas out of the UK might

bid for them ft there's also

been talk that BHP have

definitely had another look at

Alcoa and the feeling is that

with the new CEO coming in

October he's going to be more

aggressive and make acquisition

s. There's also been talk that

Rio might merge with Xstrada or

be bid for and that might be

the analysts went last week and

they'll put out a bit of title

tattle. The asset manager

Wilson HTM listed today. I was

a stellar day beaut, a little

like Perennial. To stock

brokers they are a broker but

they clefrly rebadged

themselves and reengineered

their business into a funds

management. They've got $3.3

billion worth of money under

management. They've done that

over the last three years and

they've come on at a 70%

premium to their $2 listing

price, I think closed at 341.

This follows plat yum asset

management that listed at $5

and went to $9.11, so they

followed in their foot steps.

The problem with the stock is

there is no stock around. They

only sold 13 million shares an

I think there are 95 million or

soen issue. 68% of the stock is

with staff and 34% of that is

escrowed and only 1.3 million

shares traded today which means

the staff aren't selling. And investors clearly wish they

were. Finally f we look at the

PBLMalco gaming joint venture.

Investors are down something

like 50% on that stock could

now be a time to buy? I think

so on PBL. But you might just

remember as regards listed

casinos, the Crown Casino

listed in Australia some years

ago and got up to I think $2.80

at its high and ended up at 29

cents before it was bailed out

or basically bought at the

bottom by Packer. The same sort

of thing seems to be happening

with Malco joint venture that

they've got cost overruns and

investors aren't convinced. But

it has knocked about 15% off

the PBL share price. There are

a few brokers suggesting now is

the time to look at PBL. It is

about of course to do its split

and that's usually value

creating and of course the MD

at the moment is away in the

south of France with his eyes

on other things getting

married. Where's your

invitation? I'm surprised you

didn't get one yourself. Marcus

Padley, many thanks for joining

us. To other major movers today.

The AWB now Fay asthird class

action in the US.

The NSW Government has

followed the lead of Canberra

and other States such as

Queensland with plans far big

boost to infrastructure spending this year. Its budget

is back in the black by $400

million after slipping into

deficit last year. However, the

business community's hopes for

a big cut in payroll tax were

dashed. Andrew Robertson

reports. Infrastructure bottle

necks an their affects on the

economy have occupied the minds

of all Australian governments

in recent times. In the era of

economics it's about

electricity, water, our ports,

what is needed to keep the

State moving. And to keep NSW

moving, the budget spending

program includes $2.9 billion

on boosting the electricity

supply, $2.2 billion on water

including a desalination plant

in Sydney, $1.9 billion on

roads and $191 million on

improving the State's ports at

botany in Sydney, Port Kembla

and Newcastle. All up a record

$12.5 billion, much of it borrowed, but economists such

as Westpac's Bill Evans believes it's money well

spent. I totally applaud the

concept of gearing up and

spending money on much needed

infrastructure in this economy.

We're seeing that in the other

States as well and we really

don't think that a $20 billion

increase in net State borrowing

is going to threatton AAA

credit rating. It's a view

shared by business leaders such

as NSW business chambers Paul

Ritchie but Mr Ritchie is

critical of the failure of the

budget to significantly lower

payroll tax which is forecast

to grow by nearly $1.5 billion

in the next four years. It's a

tax that's applied to the

biggest businesses in NSW. It

is the businesses that make the

fundamental difference to the

State's competitiveness. It's a

tax that is the highest in NSW

versus other States. The global

resources boom has given a huge

boost to commodity rich states like Queensland, Western

Australia, leaving former power

houses NSW and Victoria in the

slow lane of Australia's

two-speed economy. But despite

that, NSW Treasurer Michael

Costa believes his State is in

excellent shape to provide

sustain able levels of good

economic growth in the long

term. We've moved from a low

growth to a relatively more

acceptable growth rate but it's

all been done within the

context of a fairly diversified

economy that's been able to

take some shocks in some area,

including the drought and also

the higher dollar because

people forget that NSW is also

the largest manufacturering

State. NSW time will come when

the housing market and the

consumer become the dominant

forces in terms of growth terms

for the Australian economy and

I think that's going to be some

way off. Bill Evan s believes

the only shadow over the NSW budget is the forecast growth

of 2.5% a year in public sector

salary, a target history

suggests won't be reach and

which may wipe out the budget

surplus. The NSW budget also

aims to stimulate the sluggish

property market by providing

relief on land tax and mortgage

duty. But in realising its

releasing its annual property

outlook today, Macquarie Bank is pointing to the global

economic boom for higher growth

opportunities and it's advising investors to choose their

targets carefully in a patchy

market. Kept in the dark and plied with fine food and wine,

Australia's real estate movers

an shakers want fod see some

light shed on their future and

they didn't have to wait long.

Macquarie's eighth annual

market outlook was eagerly

anticipated. Previous projebs

have been reliable and as far

as this audience was concerned there's nothing quite like

being ahead of the game. This

year the man with the crystal

ball, head of real estate

business research Rod Cornish

says non-residential markets

are on the up, propelled by a

booming global economy, boyant

business conditions and big

number investment funds looking

for somewhere to put their

money. Look at the real state,

the non-residential real estate

market activity in the last 12

months. The office sector

according to Macquarie is where the best opportunities will

arise. Globally it's in its

strongest phase for 20 years an Australia is following the

trend. The demand in Melbourne

over the last three years has

been higher than at any time in

the past 35 years with no sign

of a downturn. And in Brisbane

and Perth they're experiencing

the lowest vacancy rates on

record. The office sector has

been very strong. We believe

this will be continuing. On the

back of a very strong global

economy. We've seen the

strongest global economic

environment in 30 years. We're

also seeing domestically or

Australia wide business

conditions at their strongest

level in about 17 years. Both

of these influence office demand. The residential market

is expected to pick up on the

east coast with more people

heading there to live. The

strongest overseas migration in

about 17 years. Here in Sydney,

we've seen the strongest

migration now in five

years. But in Perth, with affordability becoming a key

fact, the forecast is for

slower conditions. It was very

strong up until about September

of last year. 40% growth in

that 12 months, but now

starting to slow down and also

sales volumes also starting to

moderate. The view from the

floor, perhaps not

surprisingly, was upbeat. It is

a good investment. It's heavier

cost to get in and out of it

when you compare to simple

things like shares or simply

putting your money in the bank,

but for long-term investment

it's still a pretty good

investment. Australia has a

long-term love affair with

property and will continue so,

particularly with the growth in

the superannuation funds. But

there were some dissenting voices. Things that stood out

for me was Hong Kong, Singapore

were the top two where the

growth was and Sydney just

looked like a little pea at the

bottom of a pile kind of thing.

Our focus obviously being in

Sydney is Sydney but when you

see nit a global context it's

like why both

like why both sner With

Macquarie managing $23 billion

in real estate assets, it would

argue because it pays. Well, as

we said earlier, the price of

oil reached a 10-month high yesterday making a debate about

the realities of peak oil

timely. Peak oil is when the

world's oil production

literally peaks before going

into terminal decline with dramatic ramifications for

global economy. Just when that

time will come is the subject

of intense debate though the

issue receives far less

coverage than the related focus

on climate change. One man

who's urging global action is

Dr Roger Bezdek, president of

the Washington based research firm management information

systems. He's written two

reports for the US Department

of Energy on how the mitigate

the possible effects of peak

oil and he's spending the next

two weeks in Australia talking

to Government and industry

leaders. He joined me from our

Canberra studios earlier this

evening. Dr Roger Bezdek,

welcome to the program. Thank

you, plesh your to be

here. Peak oil is a theory

first talked about in the

1950s, are we there yet? We're

getting - we're probably

getting close. As far tz the

experts can tell, it will probably occur within the next

10 or 12 year, probably sooner

rather than later. However the

point is that the implications

are so severe that even if it's

as long as 15 or 20 years away,

it's almost too late to take

many of the measures that are

required to deal with it. That

said, there have long been

predictions, haven't there, of

the imminent depletion of oil

supplies. It was said it would

happen in the '7 #0s and it

didn't. The man who came up

with the peak oil theory said

it would happen in 1995 and it

didn't. US Department of Energy

says we won't be there even by

2030. What makes uright? You

are correct for the past 150 years there have been many

false predictions of world

running out of oil or running

short of oil or peaking oil.

Some of the predictions have

been correct, for example, King

Hubbard 1957 propredict ed that

US oil production would peak

about 1970. It actually peaked

in 1971. The problem is now

that we've had 50, 60, 70 years

of exploration of the entire

earth, the entire world has

been explored for oil. For the

past 25 years the world has

been consuming much more oil

than it has been finding and

the ratio is getting worse

rather than better. For

example, last year the world

discovered about 6 billion

barrels of oil and consumed

about 28 billion. This is only

go on for so long is why I'm relatively pessimistic that

we'll see world oil peaking

within about the next decade or

so. So you don't see or believe

the argument that the greater

the technology, the greater the

technological development, the

more likely that not only will

we find more but previously impossible wells will become

viable? There's no doubt that

technology will assist us and

we'll find more and more oil.

The problem is that the world

is already consuming producing

about 87 million barrels a day

of oil, projections are the

world will need, by 2030, 120

million barrel asday. The new

giant fields simply aren't out

there and most of the world's

oil producing regions have

already peaked are in decline,

declining at the rate of 2 or 3

or 4% a year. Right there it

tells you you have to discover

at least 2 or 3 million barrel

asday every year. Just to stay

even. And we can't stay even,

the world requires 2 or 3% more

oil per year. It's just an

unsustainable trend. Even with

the focus on climate change and

the impetus that's giving to finding alternatives and I

guess also to making alternatives more competitive? Well, climate

change is indeed a very serious

problem and I would say that

climate change and oil peaks

are the two most serious,

intractable long-term problems

that the world faces. Many of

the problems with climate

change are contrary to what is

required solving the peak oil

problem. For example, one of

the solutions or partial

solutions to peak oil is

ramping up production of colder

liquid fuels which happen to

produce a lot of greenhouse

gases. So if you're trying to

of the other you can't.... They solve one problem independently

have to be viewed and solved in

tandem. So how do we mit geated

this threat? The mitigation of

peak oil is required on both

the demand side and the supply

side. On the demand side we

have to make the world stock of

vehicles much more fuel

efficient as soon as possible.

We also have to introduce

policies and incentives that

will make the world's

population less dependent upon

driving vehicles and automobiles, increase use of

mass transit, rail system,

smart growth, what have you. On

the supply side, we have to

pursue all of the supply

liquid options that are out there for

liquid fuels, including oil

shale, oil sands, colder

liquids, renewable technologies, biomass,

biodiesel, electrical vehicle,

plug in electrical vehicles,

etc. So a massive effort is

required both for the supply

side and demand side to address

the problem. A massive effort

and I guess none of that is

particularly new. What will be

the impetus for people to wake

up and say we must do this now,

not tomorrow, but now? One imp

tes would be to wait until it's

too late when there are actual

shortages and the price of oil

has increased dramatically.

Hopefully we and the world will

be smarter than that and see

the problem on the horizon and

begin to take some of these

mitigation options well in

advance and let me stress that

time is running out and we have

to start implementing these

initiatives as soon as

possible. Time's running out,

what, in the context of a

country like Australia, what

would be the impact of peak

oil? We already import

something like 30% of our

energy requirements, we have massive resources though, what

would be the impact here? Well,

the potential impact in

Australia could be quite

severe. Petrol prices could

increase dramatically, there

would be shortages. There would

be some sort of rationing. The

entire country would be

severely affected as your whole

transportation system would be

severely disrupted. People who

have to drive to work or to industry to commerce would

simply be unable to get there

at any reasonable prices. The

economic and social potential would be for massive

dislocation. Have you done

economic modelling of what it

would mean and would any

industry sector be immune? We

yes werks have done extensive

modelling and there's virtually

no industrial sector that would

be immune. They would all be

impacted to a lesser or greater

degree. At the same time though

we're not seeing it reflected

in investment trends are we?

We've just seen a private

equity group try to buy our

national airline for $11

billion and if any sector is

exposed to the threat of peak

oil you'd have to say aviation

is? Indeed and I think there's

a real market failure here that

people simply are not aware of

the impending problems here and

many of these investment

decisions, several years from

now, may look very foolish in

retrospect. So you've been

talking, you're going to be

talking over the next week or

two to both industry and bids.

Today you've been meeting with

the department of defence,

what's been the reaction to

your story? Well the reaction

thus far, I think, has been,

um, contemplative listening, a

lot of good questions have been

asked but much of the

information that I'm trying to

get across simply is difficult

to absorb because what we're

looking at here is a very

serious energy transition the

likes of which the world has

never seen before and many

people are simply not aware of

the problem itself, the

magnitude of the problem or the

magnitude of the efforts and

the time required to resolve

it. Dr Roger Bezdek, many

thanks for talking to us. Thank

you. Now a look at tomorrow's business diary. Network Ten

will be back in the spotlight

with the release of its third

quarter earnings. The Westpac

Melbourne Institute leading

index of activity is out and

oversea, US Treasury secretary

hennor poll son will address

the issue of China's

currency. Before we go what's

making news tomorrow. The the

'Australian' looks at CanWest

aes decision to take full

control of the Ten network. The

'Australian Financial Review'

runs its ruler over the NSW

State budget and the 'Sydney

Morning Herald' questions PBL's

decision to sell its major

media interests without shareholder approval. That's

all for tonight. As I leave you

the Dow is down 10 and the FTSE

is down 21. If you want to

review any part of tonight's

program, you can visit our website at:

I'm Ali Moore, goodnight. Closed Captions by CSI

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