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ABC News 24: 8am News (Sun) -

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Captioned Live. This morning - Captioned Live. This morning

Cancun breakthrough.

Delegates reach an agreement on climate change. They have done

a brilliant job here. It is

worse than herding cats but they have managed to bring

things together and pull off a remarkable outcome.

Also today - will you get Government set to reveal the banking reforms. The Foreign Minister concerned about the prospects for Middle East

peace. One, two, three.

(Cheering). And, Sydney puts on

show queen Oprah Winfrey. a dazzling display for talk

Good morning, welcome to

Sunday morning on ABC News 24.

I'm Joe O'Brien. Taking a look at the weather

A deal has been done in Cancun. Delegates Cancun. Delegates from almost 200 nations have signed off 200 nations have signed off on initiatives overnight at the UN

summit in Mexico. The agreement

is designed to curb global

warming and help poor countries

adapt to its impact pact.

Bolivia was the only country to dissent saying the rich

countries should do more. A

plea for action on global

resort warning. This is the Mexican

negotiations seemed to be faltering, dragging through the

night with no-one sure of the

outkom We have to wait and see

before we declare we have a

success. For this stage of

think more favourable. One the process, it couldn't be I

country, Bolivia, was objecting. Its negotiator

climate were not being protected from

climate change, but the rest

said the deal should go

through. Let us now do what through. Let us now do

it takes to support the Presidency, get this deal done, and put the world on a more

hopeful path toward lower emissions and sustainable future. Thank you. Eventually

agreement was reached. Not

for a new global treaty, that's

still a long way off. But

instead on elements of a deal. So, what's in the Cancun agreement? pledge by all countries to cut

emissions of greenhouse gases.

This is not legally but the cuts will This is not legally biepding

Next, there is a Green Climate

Fund, meant to help the poorest

countries, worth up to ?60 billion but the sources of funding aren't clear. funding aren't clear. The thrar

plans to save rain forests. Still, all this counts as

progress. It took a while, it

took many hours, many efforts, getting a substantial deal but we succeeded in the end

done. Ultimately what counts is

how much greenhouse gases are

cut and how fast. There promises but no guarantees. A cut and how fast. There are

sand sculpture on the beach at Cancun. The talks Cancun. The talks achieved more

than many expected but its

progress is modest. Our North America correspondent Lisa

Millar is in Cancun. She spoke to Australia's Minister for Climate

Combet, after - Greg for Climate Change, Greg

up. One of the important

achievements is we have emissions reduction targets

pledged within the instruments

of the United Nations framework of the United Nations

on climate change. There is

including the establishment of major breakthroughs in areas

a Green Climate Fund with a

pledge to mobilise up to $100

billion a year by 2020 to help

developing countries adjust to the effects of climate change and to reduce agreed that measures too that have been

agreed that will increase and to reduce their emissions

agreed that will increase the agreed that will increase transparency of

transparency of what countries

are doing. reduce emissions and live up to committed the pledges that have been what each other are doing to

reduce emissions and live up to

host of other important the pledges that have

commitments that have relation to technology because

technological innovation is the way in economic growth from increasing levels of pollution. Major

commitments reached here. It work over a long period of time for

for people. I think it is good

front. But there is a long news on the climate change

Australia we way to go too. Back in way to go too. Back in

carbon price into You can't come to the responsibility internationally.

international floor participate in agreements like international floor and

this and then not go home and do our best to meet our emissions emissions reduction obligations. We economy in Australia to drive

down carbon pollution, to

create an insent centive to a carbon reduce pollution is to bring in

are going to Gillard Government position. We

together. I take the roller skates on to put that

Abbott opportunity to call on Tony

reality. There is over 190

saying 'Let's take action to

reduce emissions'. Everyone has taken compromises and

flexibility. How about we commonsense, a bit of respect for the scientific evidence some responsibility taken by for the scientific evidence and

Tony Abbott to support efforts to economic economy? It is an important

be made and I think it is time he faced up to reality. That's Greg Combet speaking there in speaking there in Cancun after the agreement was reached at

the UN call there to Tony Abbott in

relation to a We have put in calls to hope Opposition this morning and we

hope to get their side

Climate Institute Erwin Jackson Millar also caught up with the

in Cancun for his take on the agreement. It is an agreement. It is an important

breakthrough. We have seen the Copenhagen political agreement made in

contract between limit their pollution and

climate change. action on reducing accelerating

time, we have countries that represent represent 80% of the world's pollution committing UN framework to limit their pollution committing within the

pollution and pollution and address accelerating climate change. What do you say to change. What do you say to the people who more? Well, there is work still to still to be done but we can't underestimate the importance underestimate the importance of capturing 80% of the world's emissions. What we have also achieved here is establishment dollars in new dollars in new ing vement and

reducing emissions in forest in

tropical countries. More work needs to be done but Australia

is the world is moving, it is

continuing to continuing to move and we need

to get a pollution price if to get a pollution price if we

are going to maintain our

competitive advantage. Do you

think it has patched up

everything that came out of Copenhagen? Well, there are a

lot of ghosts from Copenhagen

in this meeting but we haven't seen the howling banchees seen the howling banchees and country s now have a UN agreement.

Erwin Jackson there speaking

in Cancun. Moving on now, there have been two explosions on a busy shopping street in

the Swedish capital stoke home.

One person was killed and two

others injured. Police say a car containing gas canisters

blew up, then a few minutes

later another explosion went

off about 200m away. A man's

body was discovered after the

second blast. The cause of the explosion is not yet clear. You will soon be able to switch

lenders without having to pay exit fees? The Federal

Government will release a banking reform package today

which it says will make the industry more competitive. It

is believed exit fees will be abolished. It is expect ed

there will be greater support

for smaller kred credit union yos. For

yos. For more I am joined by Julie Doyle in

have waited a long time for

this but all will be this but all will be revealed

at . We will get details of

the proposals of what the

government is going to do.

The Treasurer has flagged some

things and there are reports

around this morning of some of

the things we can expect. One

of those is mortgage exit fees, there is will be abolished. These are the fees banks charged if you

want to get out of your mortgage and move to mortgage and move to another

lender. Sometimes the fees make it not worth your while to

do that. Another point is to

give the ACCC power to fight price signalling between the

banks. These where banks give each other signals when they intend to lift interest rates.

They want to crack down on that

and give the ACCC more powers

to do that. The other Wayne Swan has been talking

about is creating a fifth

pillar by giving credit unions and building societies power to

fight against the banks.

There will be a new There will be a new symbol,

logo, that indicates logo, that indicates government

protected deposits. That's

another thing that has been

talked about. As you talked about. As you mentioned,

all will be reveal ed in a few hours. Opposition's Joe Hockey

has claimed this as his own

territory over the past couple

of months with him coming out with his reforms before the Government did. We Government did. We can expect

the Opposition to be running a

fine tooth comb over the

proposal forms. Certainly.

Joe Hockey came out about six

weeks ago with his nine-point

plan for the banking sector.

Point one of the plan was the

idea of giving the ACCC idea of giving the ACCC more powers to fight price signalling. The Opposition got

in first. They before the House of

Representatives already to do Representatives already to do

that. They have taken the

front foot there and done that.

We can expect to see, I guess,

some support for that some support for that measure

when it comes to boosting the

powers of the ACCC. As for

the rest of it, they will be looking through it. Tony

Abbott has signalled yesterday

will be window dressing and he says these banking reforms

tinkering at the edges. Joe

Hockey has made some comments

where he has some concern about the impact the impact of abolishing those mortgage exit fees. We

mortgage exit fees. We

The other political players

have also been involved in this issue. It has taken on a life of its own. The

are talking about exit fees, no frills accounts, ATM bill has the support of cross benchers. bill has the support of the

a month ago the major parties

have been too slow to at on

this. Everybody is getting on it. After today we will see what the government is proposing to expecting that press conference

from the Treasurer at midday, that's eastern daylight time.

We plan to bring you that live here. There has been a lot of anticipation about what the reforms will be. We will bring that to you bring that to you live at

midday. The Foreign Minister

Kevin Rudd has warned time Kevin Rudd has warned time is running out on the Middle East

peace process. Mr Rudd made

the comments after a meeting

with Egyptian President Hosni

vift to Cairo to mark the 60 n versery of diplomatic ties vift to Cairo to mark the 60 at

between

Egypt. The son of convicted US fraudster Bernie Madoff has been found dead in an apparent suicide. oldest son, was found dead his Manhattan apparent on anniversary Saturday, the second

anniversary of the day his father was arrested. Bernie Madoff admitted to de frouding thousands of invest ors. He is serving a 150-year prison term. At least 15 people have been killed by a road side bomb killed by a road side bomb in southern Afghanistan. southern Afghanistan. A pick-up truck pick-up truck carrying

civilians ran over the bomb civilians ran over the bomb in Helmand province. Another six people explosion in Kandahar. Helmand and Kandahar have Helmand and Kandahar have been the epi city of a renewed raise

China has risen to a high. The inflation rate rose

by 5 pi 1% in November. China

releasing the information over took the unusual move of

the markets are widely anticipating

a rate hike to help bring rapid economic growth into the

country to a more sustainable level. Back here in Australia and while the clean-up has

begun in areas of NSW and Victoria, Queensland is on high

alert. Heavy rain alert. Heavy rain late yesterday has increased the

flood threat and caused flood threat and caused flash flooding in the south-east. In NSW, the has eased. In the north-east taun of Wee Waa, more than taun of Wee Waa, more than 1500 people are on evacuation alert. Minor and moderate flood

warnings remain in place for much of Victoria.

The Oprah band wagon has

rolled into Sydney and the city

put on a big show for her last

night. The talk show celebrated her arrival in

style, with 600 of her closest

friends. Sh It was a picture perfect opportunity. One,

two, three.

the queen of TV at her first red carpet was rolled out for

official Sydney function in the

Royal Botanic Gardens. She was honoured with a traditional

welcome ceremony with NSW

Premier Kristina Keneally

leading the contingent. Big

Sydney welcome. It was the

first time Oprah got to mingle

with all her US audience

members since they touched

down. They were thrilled to have her in close range. Really excited. Red carpet. I act like a person whofgs on drugs maybe. I was hysterical. Mrs

Macquarie's chair was

transformed to represent the

best Australia had to offer.

Tourism Minister Martin Ferguson says it is an opportunity Australia afford to miss. I think Oprah's opportunity Australia couldn't

gift. It's a one-off

opportunity to show case Australia. From our red centre, to Sydney, centre, to Sydney, to Melbourne, to WA. It wasn't just

just the landmarks the American

visitors were gushing about.

There is a genuine sincerity

and friendliness to the people

here. Oprah says she has been

hearing good things from her

Australian friends. It measures up to everything said. Everybody Hugh Jackman

said, Nicole Kidman and Keith

Urban. The night wrapped up

with fireworks and a big giant

O lighting up the Bridge.

Oprah is scheduled to film two episodes this Tuesday. 'Animal

Kingdom' has been named the

best Australian film of 2010.

It took home 10 AFI gongs

including best lead actor and

actress, best director and the

best film award. Jacqui Weaver was awarded best actress. Ben

Mendelson won best actor. Other winners included 'Tomorrow When The War Began' which received two awards. The Australian

athletic s community is abuzz

with the rise of a with the rise of a 16-year-old

runner who less than a decade

ago was in a refugee camp.

Timas Harik was born in

and has set his sights on

running for Australia in

Olympics. He is the national

under 18 800m championship. Timas Harik nine championship. Timas Harik was

via a refugee camp. He was

separated from his parents for

four years. Now the family is back together and

thriving. Timas is special. thriving. Timas is

This is my gift to this country because the country is give me

everything. At the national championships last weekend, he

ran the first of two ran the first of two times

needed to qualify for next year's world youth Olympics in London are probably

a little early given his claim their genes have made

their boy one of the best

teenage runners in this

country, the runner says it is down to his coach.

Without him, I would be on the

streets and starting all the

troubles. With his help, I am

sitting on the best school in Australia. He has received a Saint Kevin's college and Saint Kevin's college and is

supported by a not for profit group called sports without borders. Most of the

borders. Most of the children

we assist are from where he is

from. He wants other refugees. The motivation from. He wants to help inspire

comes from here, a couple

years, like Sudanese having a

really bad name but like now I try to give out a

name for the Sudanese community. A goal community. A goal this athlete is already achieving. Good luck to him. Time for a bit more support with Tulsen

Tollett. Heading into final day and Bobby Gates has maintained his lead into the final PGA championship on Sunshine Coast. Gates is chased by Aaron Townsend and Peter Senior and Peter

Fowler. What do you get when an American, an Australian and a Chinese man start the third

round of the PGA championship

on top of the leader board?

The answer was beyond a Senden both started with double bogies. COMMENTATOR: That is incredible. Bobby Gates was

struggling to hold on to his

lead, while Robert Allenby wasn't playing like a wasn't playing like a four-time champion. Andre Stoltz share of the lead. He was share of the lead. He was soon joined 51-year-old Peter Fowler the lead. Almost as senior as Fowler is a man with victories on the Australasian tour. You have seen it that many times, haven't you? A four Senior only one shot off the pace. It is nice to be in hunt. I think the key hunt. I think the key to today's round is I didn't miss any short putts. Townsend bogies on three of the last up a two-shot advantage with

four holes. A day of fortune somehow ended the way it started, with Gates In Newcastle has Newcastle has secured a win at

home to Liverpool in new manager's Alan manager's Alan Pardew's first match in match in charge. The Magpies managed a 3-1 victory. Skipper Kevin Nolan handed Pardew the dream Dirk Kuyt took advantage Dirk Kuyt took advantage of some slack defending to level the scores and hand his side a before a long goal kick was Joey Barton snuck Joey Barton snuck in to give them the lead. Andy Carroll was left with supporters celebrated the win. Yaya Toure netted a brace goals for Manchester against west ham with against west ham with the second requiring some neat foot work and a tight finish while he is he is he is three points for Aston Vila. In the A-League there were wins for the Victory over Heart. Gold Coast saw off the

challenge from Wellington in

Robina. The defensive calamity then allowed Robbie Kruse to score

his second goal before Archie

Thompson delivered another

cross for Adrian Leijer to

it 3-1. On the Gold Coast, the

home side took the lead through a Bas van den Brink a Bas van den Brink finish before a comedy of errors allowed James Brown allowed James Brown to score in front of another disapointing

crowd of 1700 crowd of 1700 and van den Brink emphasised the importance of

the win. To each other, a free

entry for everybody, we have to

win now to give a signal for

the crowd that they will come

in big numbers next week. In a

psychological boost for

Australia's batsmen, fast bowlers didn't trouble Victoria's batsman.

England piled on the runs in

the first session as the

tourists declared at 2/184 at

lunch. Victoria responded lunch. Victoria responded with blazing batting before

Panesar and Collingwood stepped

in. But with England looking for a replacement for injured for a replacement for injured

paceman broad brrd Stuart Broad, the three contenders

haven't made an impact. After

his shock Ashes selection,

Michael Beer enjoyed Michael Beer enjoyed a

frustrating day two in the Sheffield Bulls finished Sheffield Shield match against stumps in reply to the Warriors total of 331. Weather denied

Beer the chance to impress. Beer the chance to impress. He had a catch dropped had a catch dropped and

completed just two overs before rain intervened. Australian team Michael Beer, who will be

released earlier by the Let's take a look at the weather now. Over weather now. Over eastern Queensland there is a band of cloud in a cloud in a trough producing

rain and storms. The biggest

falls will be over the south-east of south-east of Queensland. Thick

cloud over the tropics is triggering widespread Low cloud over the south-east of the nation light showers. That is

For more details on the we are following today and to send us your comments and pictures, you can log on to web site. Closed Captions by CSI This Program is Captioned Live. (Theme music) Welcome to 7:30 Select where we feature some of the stories that have struck a particular chord with viewers in the past week. And it was a week in which the record drought in south-eastern Australia was finally swept away - by flooding rains. But it brought heartbreak to many farmers who watched helpless as bumper crops were swamped just as they were about to be harvested. Adding to those woes, swarms of locusts were taking to the wing in Victoria while drought was wiping out much of the crop om Western Australia. The broader ramifications for the wheat crop is worth more than $5 billion a year. Paul Lockyer filed this report.