Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
ABC Asia Pacific News -

View in ParlView

(generated from captions) Block Unimaginable mistakes

assaying chairman defends big

bonuses, Britain and Australia

crackdown on corporate pay-out.

Fritzl awaits sentence after

changes his plea. The World

Bank highlights China's an

economic bright Captions by CSI crackdown on corporate pay-out. bonuses, Britain and Australia assaying chairman defends big Block Unimaginable mistakes

Bank highlights China's an changes his plea. The World Fritzl awaits sentence after

economic bright spot. Good

morning. The head of the

struggling American ensurer AIG

has told a congressional

hearing that the company made

mistakes on a scale that few

could have maijed. The Government appointmented

chairman, Edward Liddy has also

defended the payment of

millions of dollars in

executive bonuses. Mr Liddy has

reiterated AIG is contractually

bound to make the payments,

even though personally he

thinks they are distasteful.

The public fury spilled into

the hearing. If I see any more

signs on camera you're gonna be physically removed from this

room. One Congressman said AIG

stands for arrogance,

incompetence and greed. The

company's chairman concedes the

bonuses paid to executives were

distasteful.. Americans are

asking quite simply, why pay

these people anything at all?

Here is why. I'm trying

desperately to prevent an

uncontrolled collapse of that

business. This is the only way

to improve AIG's ability to pay

taxpayers back quickly and

completely. Mr Liddy read out

death threats received by AIG

to highlight the concerns he

has for his staff, particularly

if the recipients of the

bonuses are named. I'm really

concerned about the saft of our

people, let me just read two

things to you. Safety of our people "All the the executives

and their families should be

executed with pino wire around

their nexts, my greatest hope.

If the Government can't do this

properly we the people will

take it in our own hands and

see that justice is done. Mr

Lid y says AIG made mistakes on

a scale few could imagine

possible, he has called for

some of the bonuses to be

handed back. I've asked those

in excess of $100,000 or more,

to return at least half of those payments. Some have

already stepped forward and

offered to give up 100% of

their payments. A situation

where excess greed, excess

compensation, excess risk take

ing have all made us vulnerable

and left us holding the

bag. The US President says he

is planning to set up a new

financial regulator that would

act as another watch dog to

give the Government greater

control over institutions like

AIG. Nobody here was

responsible for supervising AIG

and allowing themselves to put

the economy at risk. By some of

the outrageous behaviour they

were engaged in. We are

responsible, though, the buck

stops with me. Mr Obama says

the country needs a new model

for economic growth, one that

does not rely on the financial

sector. Simon Conway ABC News.

Bernard mad-off's auditor has

surrendered to US investigators

after being charged with

securities fraud. Mad-off was

jailed last week after pleading

money laundering, perjury and guilty to 11 counts of fraud,

theft but he has always

accountant David Friehling is insisted he acted alone. His

the first person to be charged

after Madoff and he is facing a

pe teption prison sentence of

up to 105 years. Australia has

introduce ed legislation to

kerb large bonuses. It's not

the only country trying to

tighten the screws on corporate

excess pncht Britain's

financial watch dog also wants

to crackdown on bonuses as part of sweeping changes proposed

for the banking sector. in

recession and with visitors

from the world as top 20 rich

and developing nation due to

arrive next month Britain is

feeling the pinch. I think the Leader of the Opposition

doesn't understand one thing

this is an unprecedent ed

global banking crisis.

Unprecedented means without

precedent. global means...

Gordon Brown says the Asian

economic crisis 10 years ago

should've better prepared him,

but he says the unprecedented

nature of the current crisis

made it impossible to

avoid. Banking crisis means

it's affecting every bank in

the world. And the sooner he

wakes up to the fact that we need global action to deal with

it the better for our country.

Sdp as part of miss plan to

deal with it British Prime

Minister says he will introduce

tougher financial regulations

including a kerb on corporate

bonuses. And try to sellate

approach to delegates at the G20 summit next month.

Australia will atend the sumt

it fresh from announcing new

corporate regulations of its own. The Government will kerb golden hand shakes in the form

of excessive term naig payments. The Government wants

shareholders to have the final

say on bonuses before they are

paid out. Under the previous

government term naig payments

could reach up to 7 times a

director's annual pay. Before

there was any shareholder

approval. Thail thank will be

reduce down to one sometimes

times their base pay. The G20

summit, expected to be

dominated by the global

financial crisis, begins in

London in 3 weeks. The Austrian

man who fathered 7 children

with his daughter after locking

her away in a cellar for 24

years will be stengsed later

today after changing his plea

to guilty on all charges.

73-year-old Josef Fritzl said

he had a change of heart after

watching his victim give

evidence about her ordeal in a

video interview. in a dramatic

day in court Josef Fritzl did

an about Fridays a, calmly and

without warning changing his

plea. He told a panel of jumgs

he pleaded guilty to the crimes

he has been charged with at one

stage referring to his sick

behaviour and adding only "I'm

sorry". Even the defence team

was surprised by the day's

events. I was very very

surprised because a man, his

personality, he always want to

be powerful. I was very

surprised that it was possible

for him now to speak in - for

whole public how gilly he is.

It's not yet clear what effect

Josef Fritzl's admissions will

have on the trial which was

adjourned after his

plea. TRANSLATION: He made a

full coon fession to all facts.

If this means the planned schedule will be shortened I

can not say at the moment. The presiding judge did not speak

about further proceedings.

Earlier this week the

73-year-old admitted committing

insist, rape and sequestration,

but denied murder and

enslavement. It seems the video

testimony of his daughter

Elisabeth prompted a rethink.

For more than 2 decades Josef

Fritzl kept her secretly locked

in a purpose-built cellar

repeatedly raping her and

fathering her 7 children. One

baby boy a twin, died

underground and his body was

burnt in a boiler. Josef Fritzl

admitted being there when the

baby was born, told the court

the child had breathing

difficulties but said he didn't

know why he did nothing to

help. Despite the change of the

heart, the man whose actions

shocked the nation is receiving

little sympathy from the

public. TRANSLATION: He simply

is a monster. He has to be

locked away just as long as he

locked away his daughter answer

his children. That seems likely

with Josef Fritzl now facing

life behind bars. The World

Bank has offered an upbeat

assessment of China's economy despite the global financial

crisis. It's described China's

a bright spot in an otherwise

gloomy world market. However,

the bank has warned China it

won't meet its 8% growth

forecast. gr on the surface,

not a has changed on the

streets of Beijing, while

domestic life continues China's

es ports have been battered by

the global economic downturn.

Although the economy is

suffering there is a glimmer of

hope being offered by the World

Bank. A lot of things will go

down in 2009, globally we see

China's contribution as being

very positive in keeping many

markets from going down as far

as they would otherwise. The

down turn is particularly

hurting China's exports, affecting investment and

slowing manufacturing. In line

of that the World Bank is

adjusting its protection

downward to 6.5% for 2009. So

we see some areas of strength,

we see some very clear

weaknesses, and we think 6.5%

is a good - in some sense,

compromise forecast, compromise

in the sense we know there is

some hurting sectors of the

Chinese economy. And there are

some areas that are doing

pretty well. That's down 1.5%

on Chinese Premier went ji

bow's forecast only 2 weeks ago

of 8%. We have set some major

targets for this year's

development, GDP will grow by

about 8%, and the economic

structure will further improve.

We don't forsea any

significant rebound of China's

economic growth until the World

economy starts to

recover. World Bank experts are

quick to caution China is still

likely outgrow most other

countries. A delegation of

South Korean officials sep to

Yemen for investigate a fatal

booming has also comened

attack. A suicide bomber

targeted the convoy, none of

the officials was hurt. They

were in Yemen to look into a

suicide attack last Sunday that

killed four South Korean

tourists and their yem eni

driver. The bomber walked on to

the road and blue himself up -

blew himself up. 12 suspects

have been arrested in

connection with Sunday's

attack. Coming up - all the

action from the Asian Champions

League. And the Pope stirs up a

storm over AIDS on his visit to

Africa. President Hamid Karzai

has told the Nato secretary

general foreign countries

should stay out of government

affairs in Afghanistan.

President Karzai made his

comments during a meeting in

Kabul to discuss Afghanistan's deteriorating security

situation and reconstruction

effort. Leekings are looming in

Afghanistan, Hamid Karzai is

hoping he will be the one to

lead the country again. The President pledging to offer his

people hope. The country is

still going through a stage of

fragility. My job is to ensure

we move forward in stability,

and have the confidence of the

Afghan people for a better hope

for tomorrow. His presidency,

though, has been criticised by

the new US Obama administration

and others as being inefficient

and corrupt. This criticism

comes after the United States

announced it would increase its

troop numbers by 17,000 to help

tackle the growing Taliban

insurgency, the US is also

calling on NATO countries to provide greater assistance.

During a meeting with the NATO

secretary general, Mr Cars eye

warned the international

community to respect and honour his country ace independence. The international

community's assistance in the

war against terror is welcome,

their assistance for the

reconstruction is most welcomed, we appreciate that.

But the issue of govern angs

and the creation of a mek nim

for - mechanism for good

governance is the work of the

after gan people. The NATO

secretary general made it clear

there is a lot of work still to

be done in Afghanistan. If we

speak about reconstruction f we

speak about development,

security and stability and that

is what we are trying to

provide, with you, of course,

with the Afghan National army,

with the Afghan national

security forces, the Afghan national police and other

police forces, is of course a

precondition for reconstruction

answer development. Mr Karzai

plans to run again in the

August election. The United

States says North Korea's

decision to refuse further

consignments of food aid is

designed as a smoke scene, the

Americans claim the mood is

aimed db move is aimed at

taking attention way from their

plans of launching a missile.

North Korea has relied on

outside aid to help feed its 23

million people since famine in

the 1990s killed estimated 2

million. The United States has

supplied almost 170,000 tonnes

of food, themost recent

deliverry was made in January.

Pyongyang has slammed the

door. This is food acistance

the North Korean people need.

That's why we're concerned.

This Hume answer tearian assistance we provide to the

North is nothing to do with the

six-party talks. Five US

non-governmental organisations

who had planned to work in

North Korea through May, say

they'll leave by the end of the

month, after distributing about

half the food they intended.

Pyongyang's given no reason

for rejecting the aid. The decision comes during a stand-off with the

international community over a

plan by North Korea to launch a

satellite. The US fears is a

ballistic missile. Anger in

Pyongyang over joint South Korean/US military exercises

has seen it twice close the country's border with South

Korea preventing workers there

getting to a joint industrial

complex. South Korea says the

disruptions have created

uncertainty damaging

business. Currently we are not

considering shutting down the

instril complexion, our

Government is going to steadily

and thoroughly manage the

complex and develop it. Amidst

the reeblg nal teng, North

Korea - regional tension North

Korea's Premier is in China to

rel brait the - celebrate the

year of friendship. marking friendship between the two

countries. North Korean flags

were flying over Tiananmen

Square for the first time in

more than 20 years. Premier Kim

Jong-Il arrived in China on

Tuesday for a five-day visit

that underscores Beiijing's

go-softly approach to Pyongyang's missile launch

plans. While China may not

welcome the launch, it doesn't

want to disguard North Korea as

a partner. On his first visit

to Africa since becoming pontiff Pope Benedict has

restated the Catholic church's

opposition to condoms a a means

of combatting AIDS. The pontiff

says they won't stop the AIDS'

virus and what's needed is a

change of attitude to sex.

Whilst inroads have been made

in some countries, African

nations have some of the

world's highest known infection

rates. The United Nations

estimates 22 million people in

subis a har an Africa were

infected with HIV AIDS in 2007,

two third of the worldwide

total. To motion health experts

the introduction of condoms is

vital to reducing infections.

But the Pope made it clear the

clurch clutch's - the Catholic

church's attitude hasn't

changed. You can'tover come

this problem of AIDS with just

money. It helps but if there is

no soul the money can not help.

You can not overcome it just by

distributing condoms you will

increase it. Groups in us a yay

say the Pope's words risk

undoing.... Unfortunately it

guesses I think the imprimatur

for young ar can men not to use

condoms in their negotiations

with African women. The Pope

says the answer is what he

calls a humanisisation of

sexuallity. Done Baxter says Christian and Muslim

denominations are battling for

a foot hold in many parts of

Africa and are atrarkting a lot

of followers. There are a lot

of investment s going on on

behalf of churches, there is

great competition for changing

the values and attracting

African people to particular

churches. He said the Catholic

church's approach to combatting

HIV has failed. The Bush

administration which previously

ran an an abstinence line. In

Uganda, a clear case example of

how abstinence does not work.?

Pope den dict did not restrict his comments to the AIDS

crisis, he sought to add a

moral element to debate about

the currently global economic

turmoil. We knot the

fundamental element the crisis

is the deficit of ethics in

economic structures, we

understand ethics is outside

the concept of economy but the

economy can not work if it does

for the work within ethics.le?

The pontiff also urged

Christians to work against violence, poverty and corruption, later in the week

he will meet HIV AIDS sufferers

in Cameroon. Australia's

ambitious foreign policy agenda

is said to be at risk because

diplomatic ranks are under

funded and overstretched. The

Lowy institute says a

diplomatic deficit is

threatening the nation's trade

and security. A new engagement

with Asia, stamping out nuclear

weapons, a seat on the UN Security Council, the Prime

Minister has big ambitions for

Australia's role on the world

stage. It may be too much. We

have too few staff and too few

overseas missions doing too

many things. The Lowy Institute

has found diplomatic core has

been hollowed outs by years of

under funding. I've heard of

it, of a post, major post at

which staff are not allowed to use mobile phones because

they're too expensive. The the

think tank concluded Australia

has too few staff at too few

embassies. It pointed out even

Iceland has more overseas

missions, such as its consular

office in Canberra.

Importantly, it found that

Australia has no presence in

areas emerging as powerful economies like central China.

And all of these problems will

cut into Kevin Rudd's plans.

They won't happen as easily or

as effectively, There's a gap

between government rhetoric

about the importance of foreign

policy and the actual substance

that's going into it. The

Government agree. The

department needs more money,

but it's not making any

promises. It requires long-term

application of resources and

that can now only be done of

course in the budget context,

which this year is very

difficult. One report author

argues a final of global

economic strain is precisely

the time Australia should be

out in force in the world to

secure trade, and that one in

five Australian jobs that flow

from it. You're watching ABC

News. In developing news - the

US House of Representatives is

to vote on legislation aimed at

recovering millions of dollars

in bonuses paid to AIG

executives. The bill proposes a

90% tax rate on bonus income

over $250,000. Let's check

financial markets. In the

United States markets redofred

recally losses after the

Federal Reserve announced a

plan to add another trillion

dollars to effort to ignite the

economy.

Wednesday a fourth straight

rise in Japan. in South Korea

gains in technology and

construction firms outweighed

banks. buying in metal stocks

in China. Banking shares led

India to a one-month high.

Sports news - to football,

South Korea's Blue Wings have

maintain ed their record in the

group statements of the Asian

Champions League. the other

winners were Japan's Kashima

Apt lers. - antlers. Blue Wings

travelled to Singapore to take

on armed forces. The

breakthrough came 14 minutes

into the second half when

Bennett was harshly ruled to

have handled the ball. edu maid

it 2-nil with an emphatic

finish. It was the same

scoreline in Japan where

Kashima defeated China's

Shanghai shen war, Shanghai

could've gone ahead. Kashima

responded by scoring the opener

on the stroke of half-time. the

Japanese team doubled its lead

on 79 minutes, Osako the

scorer. In Tianjin the home

side went a head after 28

minutes after Australia's

Central Coast Mariners,. 3

minutes after the break the Mariners were level through

substitute Caceres. Socceroo

Matt Simon the scorer. Tianjin

saved a point when a corner was

deflected off the goal keeper's

shoulder and into the net.

South Korea Steelers went

ahead after 10 minutes after

cow asaki. the Japanese

equalised 12 minutes later. The

result leaves Kawasaki ahead.

The Blue Wings lead group G. in

second place. In cricket -

centuries from New Zealand

captain Daniel Vettori and

Jesse Ryder recued the home

side on day one in Hamilton.

The Kiwis were bowled out for

279. Rain delayed the start to

the second day's play, India

has now resumed its first

innings, sitting on no wek for

33. Bangladesh has postponed

all tours by foreign sports

teams indefinitely because of

security issues, the Pakistan

team was due to play in

Bangladesh at the end of this

month. Let's check the regional

weather forecast. In Australia,

fresh easterly wind between a

Tasman high and developing low

are bringing rain to the

Queensland coast. Showers for

Cairns, a high pressure ridge.

Chance of a shower in

Melbourne and Hobart. Cloud

will increase during the day in

Perth. A mild day with showers

in Wellington, occasional

showers for Auckland, Nadi will

have rain as a pressure trough

crosses the southern part of

Fiji. Stormy for Port villa,

Rarotonga, Apia and Honiara.

thunderstorms are the feature

across South East Asia. They'll

hit most parts at some time during the day. Chance of storms from

bangcock to hoe chi ministry. -

Ho Chi Minh City.0ck to hoe chi

to hoe chi ministry. - Ho Chi ministry. - Ho Chi Minh City.ck

Minh City.Bangkok to hoe chi

ministry. - Ho Chi Minh City. pressure trough crosses the the feature across South East and Honiara. thunderstorms are for Port Vila, Rarotonga, Apia southern part of Fiji. Stormy

Chance of storms from Bangkok some time during the day. Asia. They'll hit most parts at

Minh City. to hoe chi ministry. - Ho Chi

Cooler but fine over

Pakistan. An underwater

volcanic erups has sen up

spectacular clouds of smoke,

steam and ash within sight of

the tongn capital Nuku'alofa. A

team from the Ministry of lands

will go out to the area west of

the many island to investigate

the phenomenon which began as

an earthquake, a similar

under-sea eruption occurred in

the same area in 2002, it

eventually subsided. Let's

check our top stories again

carbon AIG's chairman he tells

the US Congress huge bonus os s

paid to the executives are Des

tasteful but contractually

unavoidable. Josef Fritzl

pleads guilty to all charges

after watching the daughter he

abused for 24 years give

evidence on video That's the

bulletin for now. For more news

answer current affairs from the

region visit our web site.

Thanks for your company. See

you soon. Closed Captions by CSI