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(generated from captions) his supporters who feel

adamantly about this, but in

the end, probably serve him

well. Is it a decision that

would win the approval of the

main stream American

public. Without any question, public. Without any

this will not harm his standing this will not harm his

with the public, this will put

him at odds with those with

strong civil lib tare feelings,

and mind you, it's a serious -

civil libertarian feeges, in is

a serious issue, the -

feelings, this is a serious

issue, the use of torture,

policies changed, we are

operating under a different set

of rules, we've had tremendous

revelation, pictures, Abu

Ghraib, the question is what

public purpose is served now by

having entered the global media

and dominate public

discussion. Barack Obama has

though tried to draw a line under the Bush Administration

and mark this as the start of a

new era, by not being

transparent on these photos,

does he tie himself to the Bush

Administration. I don't think

many Americans queues the two

administration, the - confuse

the two ghgs, the differences the two ghgs, the

have been felt - administration, the administration, the differences

have been felt by many

Americans, the reality is

different. Everything can't be

black and white, they are

trade-offs, we see if with the

effort to implement his

decision to close Guantanamo,

it's complicated and we are

seeing that as you move from

campaigning to governing, you confront certain confront certain realities,

that is what is happening

now. Do you think this decision

today has anything to do

today has anything to do with

Dick Cheney's recent public

relations offensive. I relations offensive. I don't.

Dick Cheney has appointed

himself as the major public

spokesman for the Republican

Party, and as far as the

Democrats are concerned and the

there, the more he speaks the

better off they are, so no he

hasn't positioned them into

doing anything, this is a

President listening to his advisors, everything we know

about his decision making style

is that he is not rigid, he's

open to new information,

arguments, and if he thinks he

got it wrong, he'll change his mind. On the Dick Cheney point

during the two terms of the during the two terms of

Bush Administration

administration, he was low

profile operating quitely

behind the scenes, now it seems

he's everywhere, what is

motivating him. Probably only

he knows, I do feel as if he's

somewhat bitter that he is

taken on the role of the bad

guy in the administration, that

he was an insidious force, influential over President

Bush, leading us into trouble,

and he believes deeply in what

he did as Vice-President, those

are heart felt positions and

he's going to defend them, he

sees the President Bush decided

to move to the sideline, to not

criticise or second-guess his successor, but others successor, but others who

served in the administration

Vice-President Dick especially foreign

Vice-President Dick Cheney

decided to come forward with

guns blazing. I don't think it

Serfs President Bush or Serfs President Bush or the

Republican Party and in general

Democrats are benefitting from

it. So Dick Cheney certainly

has been the most prominent

critic of the Obama

Administration, is he filling a

vacuum, is it just that there's

nobody else in the Republican

side to step out so side to step out so prominently

as he is There's no other

prominent Republicans, how many

Americans know John Bainer the

house Republican leader or

Senator Mitch Mccon'em. - yes,

there's formal presidential candidates, none are candidates, none are visible.

Dick Cheney is the best known

Republican politician, maybe

Arnold Schwarzenegger is better

known, Republicans don't want

him as their spokesman, so he's

the only one, and what's

fascinating for a man who is

protected his privacy is see

the relish with which he's

taken on this new role. Last

month there was an avalanche of

analysis when Barack Obama

reached his 100th day, it's an

arbitrary milestone, is there

anything we can glean about his first months in office giving

us clues as to the way the us clues as to the way the rest

of his term will unfold. I

think so, it's important. It's

not so much tallying up how

many laws would have passed. He

had a good record, but we are

learning something about the

man, how he operates, his temp

rament, ambition, tile, this is

a man that rejected the -

style, this is a man that

rejected the advice that the

economic and financial crisis

dictate dropping the campaign

agenda and beaming like a laser

on the economic and financial difficulties. He, like Kevin

Rudd, here in Australia, has

rejected that. The argument is

we have got to start making

progress on health care costs,

now or we'll be overwhelmed in

the long run to allow large

deficits now that naturally

occur as a consequence of the

economic slowdown, the

financial stabilisation, the

stimulus would be to prevent

getting a handle on serious

longer term problems, so this

man is not shy, he is

ambitious. On the other hand we

have seen a kind of pragmatism

that we - some of us

that we - some of us expected

as well. This is not a naive

President who is overloading

the circuits of Congress, he's

working hand in hand with

Congress, he won't shoot well

beyond what he can accomplish,

on some point on health care if

he can get 30%, he'll take it,

bank it, and move the next year

to get more, on cap and trade

probably won't get anything of

real consequence, before the

Copenhagen conference in

December, but he'll try to rev

up investments in renewable

fuels, he's ambitious but pragmatic, he's cool and pragmatic, he's cool and calm,

in the face of economic crisis,

seems not to be overwhelmed by

the pressure, and frankly

establishing a relationship

with the American public that's

likely to provide a little more

patience among Americans for

what is likely to be a very

long and difficult economic

recovery. On that point,

recovery. On that point, the

Wall Street Journal

editorialised around the 100

day mark while President Barack Obama's personal approval

rating was high the public was rating was high the public

less certain about his policies, arguing those two

things would meet, he would

become less popular. Is that

inevitable. No, it's not

inevitable at all. The one part

of his agenda that is unpoplar

is the part started is the part started by

President Bush, namely the

Tarpeena program, the financial

stabilisation, - TARP program,

the financial stabilisation,

Americans have anger about

baling those out that got us

into trouble. Obama has to deal

with this as President. That's

the most unpopular thing he's

doing. They support the

stimulus, most of his domestic

policy priorities, so I policy priorities, so I don't

see the Department tour - in

fact, it's the Wall Street

Journal editorial page that has

a problem. They are clinging on

to a set of ideas that

dominated our politics for two

decades or more, but no longer

seem to most Americans to be

responsive to the problem, do

we need less Government in the

face of the collapse. Financial

system? Probably not. We

probably need to regulate it,

provide more transparency of

hedgen't hedge funds and

private equity and credit de

fault swaps, Obama is closer to

the public sentiment of

Government has to do more not

less now, and tax cuts are not

the solution for all

problems. We heard on the

program earlier some bad

economic figures coming out

recently, was perhaps Barack Obama's talk of the green

shoots of recovery

premature? You know, he played

that very carefully. He wants

to provide some optimism, but

also realism. If he just talks

down the economy, it has a

self-fulfilling effect. He's

trying to walk this narrow

line. He did not say the

economy is now in recovery, he

said it will get worse before

it gets better. There are signs

of improvement, more of improvement, more liquidity

in the financial

in the financial system, other

modest signs of improvement,

but no-one has any guarantee of

when we are going to come out

of this, I presume at some

point the recession or

depression will end, but

whether it's another six

months, 12 month, two years or

more, none of us know, more, none of us know, but I

don't think he's been polyanish

and panglosian in saying, "We

are on the road to recovery", I

think there's been a sobriety,

Americans appreciate that,

political spin and ideological

certainty have run their

course, I don't think there's

much appetite in America,

probably not in Australia for

that either. We'd like

realistic straight talk not depression, but straight talk

and I think for the most part

he's providing it. Thomas Mann,

thank you for coming in on thank you for coming in on your

trip to Australia and speaking

to us, hopefully you'll join us

again and speak to us

soon. Thank you. United soon. Thank you. United Nations

Security Council is voicing

grave concern about the

humanitarian crisis in Sri

Lanka and called for urgent

action to protect civilians,

the Obama Administration is

urging the Sri Lankan

Government to end

indiscriminately action. The

latest flur your of diplomat ic

- flurry of diplomatic action

follows the bombing of a

hospital. The island's nation

north-east is controlled by the

rebels, they are surrounded in

a tiny pocket of coastal land.

As many as 15,000 civilians are

trapped with them. After 30

years of law, this is the end

game. The army seized vast

tracks of Tamil Tigers

Territory, they are entry, the

civilians gone: up to 50,000

are trapped in a tiny shrinking

no fire zone, prevented from

leaving by the Tigers, this

footing released by pro-Tamil

groups showing the carnage

caused when shells hit a

clinic. It's impossible to know

for sure when or where the

footage was shot. The Tigers

claim the army is using heavy

weapons, the Government says

it's a lie and these images

propaganda. Today we spoke to

a Tamil political leader in

regular contact with one of his

members of parliament who is

hiding in a bunker in the

conflict area. People are

starving, they have no

medicine, people are dying

because their wounds can't be

treated. We are facing a grave

humanitarian disaster, and what

is most tragic is that this

continues by the use of heavy

weaponry and artillery despite

the Government's commitment

that this will not do

so. Possible shell craters can

be seen on news satellite

images of the no fire images of the no fire zone

released by Human Rights Watch.

One shows hundreds of temporary

shelters, by Sunday they have

gone, people fleeing, and more

craters appear. Some we are

certain they are shell certain they are shell craters,

they are distinct, we were able

to identify 19 new shell

craters that appeared on the

morning of 10 May as opposed to

6 May. This is 6 May. This

evening we showed the satellite

images to a Sri Lankan

Government Minister, and he

described claims that hundreds

have died in shelling by the

army as a

army as a lie. Our primary

objective is to get the

civilians occupant. Shelling is

out in so far as the Government

of Sri Lanka is concerned. What

is clear is both sides are

ignoring international plea,

the Tamil Tigers refusing to

let civilians leave the zone,

the army refusing to halt its

offensive, meaning thousands of

civilians are trapped and in

civilians are trapped and in

danger. Burma's pro-democracy

hero Aung San Suu Kyi will go

on trial for breaching house

detention after an incident

when an American man entered

her home. Burmese activists say

it's a desperate move ahead of

elections and the elections and the international

community joined in the

condemnation. Karen Percy

reports. Over the past 20

years Aung San Suu Kyi has

become accustomed to detention,

in that time she spent a total

of 14 years either under house

arrest or behind the walls of

the notorious Insein Prison

returning there today to be

charged with breaching the

conditions of her latest home

detention when she allowed

American John William Yettaw to

stay last week. The Burmese

Government has posted these

pictures on its web site

purporting to show John William

Yettaw and the means he used to

get across the Lake and get

access to her home. Exiled

activists say she tried to send

him away, but he would not

leave. Two of her house leave. Two of her house staff

have been charged over the

incident. I think she is the

only person to organise all the

people, the minorities and all

the Opposition groups, once she

is released she can organise

all the people to lead the

Democratic movement again,

that's a reason why the

military conduct is afraid of her. Aung San Suu Kyi's

problems began when she and here National League for

Democracy won the country's

1990 elections, she was never

allowed to take office. Suu

Kyi's latest detention order is

due to expire later this month.

Critics say the charges are a

way for the generals to keep

her locked up ahead of next

year's elections. They tried

to make sure that she would not

be able to participate in the

coming elections, it's a chance

for the Democratic leaders in

Parliament to participate or

take part in the Democratic

process. The trial is set process. The trial is set down

for Monday. If past experience

is anything to go by, the

judgment will be quick and the

punishment severe, with no

outside scrutiny and no right

to appeal. Now to the weather -

showers and windy for

Melbourne, Hobart, Adelaide and

Canberra, fine in the other capitals, that's all from capitals, that's all from us, Lateline Business coming up Lateline Business coming up in

a moment. If you'd like to look

back at the interview back at the interview with

Thomas Mann, or review the

stories or transcripts, you can

visit the web site at abc.net.au/lateline. abc.net.au/lateline. Now

Lateline Business with Ali

Moore. Tonight - deal or no

deal - Rio Tinto shares in

free-fall as investors bet on a split from

split from Chinalco. Well, definitely seems to indicate

that the chances of a that the chances of a deal

other than the Chinalco deal

going ahead are increased. The

markets are definitely pointing

towards that. And the market in

retreat as the rally runs out

of steam steam. Even though

stock markets picked up over

the last couple of month, we see the economic see the economic recession

having a long way to go.

Well to those markets Well to those markets and Australian shares slumped on

the back of a negative lead

from Wall Street, the All Ords

dropping 3.5%. As did the ASX

200. Japan exporters sold off

due to a higher yen. Hong

Kong's Hang Seng falling 3%,

the FTSE higher. We'll cross to

London shortly. Shares in Rio

Tinto plunged 12% as

speculation mounts the miner is

looking at a capital raising,

Rio's new chairman is holding

talks in London with the major

shareholders and later in the

month with Australian

investors, many in the market

take that as a sign the company

might walk away from the

proposed $20 billion deal with Chinalco, Neal Woolrich

reports. Just three weeks

reports. Just three weeks ago

Rio Tinto's new chairman faced

a shareholder revolt at the

company's annual general meet,

large and small investors

worried Rio courting a $20

billion on Chinalco on terms

too favourable giving a major

customer a seat on the board.

The Chinalco proposal and

broader market rally sparked a

broader market rally sparked a

70% recovery in the share

price, in the past two trading

days the price plunged 16% as

investors intekulate that the

company may raise - speculate

that the company may raise

equity. It indicates the

chances of a deal other than

Chinalco are increased. The

markets are definitely pointing

towards that. Mark Taylor says

the Chinalco deal was born in a difficult times and markets

improved considerably. You have

seen a swathe of companies

raising equity in the market,

there's a strong appetite from

investors to participate in

capital raisings, giving them

probably some probably some comfort that

there are other options that

are viable at the moment. Pengana Capital Tim Schroeders says there's scope

to modify the deal in a way

satisfying Chinalco and Rio

Tinto's existing shareholders.

That could include Rio taking a

smaller equity injection from

Chinalco, raising the

difference from existing

shareholders. Tim Schroeders's

argues the positives of

Chinalco's proposed investment

outweighs the negative allowing

Rio to continue growth

strategy It's not as attractive

today given looser equity

markets and freer cap fall in

the debt markets, in the

pricing thereof, but the deal

remains attractive because it

allows Rio Tinto to basically

tie-up a lot of loose end

quickly and get on with the

business that it does best. And

he says a number of factors

could be driving Rio's share

price over recent days including the fact that Australia's foreign investment

review board is weeks away from

making a decision on the

Chinalco investment. Rio Tinto

won't comment on market speculation but another

considers the firm may be

weighing up is the risk weighing up is the risk of

offending its biggest

customer. Losing face with the

Chinese has the potential to

damage their business in an

ongoing sense, for probably the

next 10 years. If China decided

to view them as an unfavourable

supplier of raw materials.

Morningstar's Mark Taylor says

the iron ore market is

dominated by three players, so

customers have little choice

for good quality product. He's

not concerned about the $200 million break free Rio Tinto

would be charged if it walked

away from the Chinalco

deal It's a small price to pay

for the flexibility that an

alternative deal affords. We

are talking about a decision

that it is going to set the

path for the company for years

and years to come. $200

million is neither here nor

there. A sign of the times

when a $200 million write-off

may be the least of Rio's

concerns. Leighton Holdings had

a bad day after warning full-year earnings would be

down 10% on earlier forecasts.

The biggest construction

company blame the property

development downturn in

Australia and Australia and deteriorating

building industry in Dubie

where it has a 45% stake in

local firm Al Habtoor, the

profit fell 41% to 220 million,

due mainly to the write-down of

holding in Australia's Toll

road operator connect east..

Leighton will cut its dividend

and closed 8% lower. Rio Tinto

and Leighton's weren't the only

stocks to tumble on a day when

the pessimists outnumbered the

optimists. The falls were

across the board and around the

Globe, the catalyst week retail

sales figures dash hopes for a

quick recovery. Sentiment is

shared by AMP warning

shareholders conditions will be

tough until 2010 and tough until 2010 and ynd. Desley Coleman

reports. Dropping for a fourth

day in a row the Australian

chairman gave up all the gains made obvious the past two

weeks. There's a sentiment

there's a lot of capital

raisages in the wings which

will be delusionry for

shareholders. It's a head wind

for our market. Disappointeding

US retail sales numbers

compounded those fears, and

rattled confidence in a recovery. The markets had a

good run, the US market had

been up over 35%, so it's no

surprise that we have seen surprise that we have seen some

sort of pull back coming, I

think that was a fairly inevitable challenge in sentiment that was going to happen. Resource and energy

stocks the hardest hit as investors pull their investors pull their money out

of the market or switched to

defensive stocks. What we are

going through is the inevitable

realisation that even though we

are not facing financial

meltdown, the outlook for the

next couple of years isn't that

strong and markets are starting

to grapple with that issue. At

AMP's annual general meeting

Chairman Peter Mason agreed

conditions will conditions will remain

difficult in 2010 and possibly beyond. Even though stock

markets picked up over the past

couple of months, we see the economic recession having a

long way to go. Chief long way to go. Chief Executive

Craig Dunn spects changes in

the industry structure and

competitive environment and

remains upbeat about the

long-term outlook despite

changes to the superannuation

contribution rules atownsed in the Tuesday Federal Budget

costing the industry as much as

$3 billion in annual funds. The Government has difficult

choices to make, we understand

that. Again, I think you need

to put those changes in

perspective and whilst they

will have some impact on

superannuation cash inflow,

Australia is an attractive

pension market. The pension market. The financial

group is 160 years old, not all

shareholders were celebrating,

some reprimanded the board for

not dumping ex-James Hardie

boss Meredith Hellicar and former Allco Equity David

Clarke from the board. Both

stepped aside of their own

accord in the lead-up to the

annual meeting today. To other

major movers, Fairfax fell 5.5%

following a ratings downgrade

from Standard & Poor's, a drop

in steel prices pushing

BlueScope 9.5 lower, BlueScope 9.5 lower, weaker

iron ore, weighed on iron ore, weighed on stock, Murchison Metal Murchison Metal plunging.

Incitec Pivot fell as Incitec Pivot fell as investors

digested the market report.

digested the market report.

Well, London is over halfway

through its trading day and for

the latest I'm joined by David Tinsley, United Tinsley, United Kingdom

economist at the NAB. Thanks

for join us, we had a sharp

fall on our market today, how

is Europe faring. It's been

quite a quiet morning in the

Europe, in London the FTSE is

pretty much unchanged on

yesterday, financials are up,

miners and energy stocks down,

Germany and France faring

worse. Is there a sense that

the rally is over, is it profit

taking or do you think it's

something more? Well, I think

the market is looking for

further evidence that this

prospective recovery is going

to come through, there's profit

taking going on, pause for

breath. Pause for breath, if

you look at recovery, you you look at recovery, you have

more news on job losses in more news on job losses in the

United Kingdom on top of

yesterday's gloomy report from

the Bank of England. Yes, the Bank of England. Yes, the Governor Mervyn King came out

and pushed down the forecast

for growth next year, in 2010

it looks weak leading people to

revise expecting on policy

rates. The bank's key interest

rate, and job losses mounting .

We saw Telecom job losses

announced in the United

Kingdom, we wouldn't be surprised to see unemployment

reach 10%. Work force by the

time the recession is played

out. Does that mean interest

rates in the United Kingdom

will whoever around zero for

some time to come. Exactly, probably until the middle of

next year, and the market has

been pushing back the time when

it thinks the Bank of England

will push rates, around the

middle of 2010. Unfortunately

you have Eurozone GDP numbers

for the first quarter out tomorrow. What do you

expect. We think that the

Eurozone will be lucky to

escape a fall in GDP of less

than 2%, it will be worse than

the United Kingdom and than in

the States. In particular the

German economy looks to fall as

much as 3% in the first quarter

as the crunch in global trade

and manufacturing is hitting

that hard. In the US we have

numbers on producer prices and

jobless claims, can you tell us

about them and the impact they

are having. Producer prices

came bang on line, they

came bang on line, they didn't

have a market impact. The

jobless claims data was a

little worse, more jobless

claims last week in the US than

people anticipated. The

bankruptcy of Chrysler is

partly responsible for that.

The Dow future is pointing to a

flat opening on Wall Street, a

little lower, but there's not

been a lot of impact from the

data. As we say here, flat's

almost the new up. David

Tinsley, thanks for joining

us. Thank you. Full year

earnings at Optus's parent

company Singtel fell 13%

because of a higher Singapore

dollar, Singtel earns

two-thirds of its income

outside Singapore including

from the wholly owned

Australian subsidiary. Optus up

3% at $2 3% at $2 billion. Paul

O'Sullivan said his business

benefited from the benefited from the Government

stimulus with consumers

spending more. In tough times

we need to eat some of us drink

and others enjoy a bet. and others enjoy a bet. Many

have been spending the stimulus

cheques on electrical goods,

all product have bun thing in

common - they are sold by wool

woorth,, that's why Michael

Luscombe is a man of optimism,

something he says is not

fashionable now. With solid

third quarter sales Michael

Luscombe addressed a business

lunch in Sydney and made it

clear not everyone was running

around pointing to the sky and

wondering when it will fall in.

I spoke with the Woolworths

boss shortly after today's speech. Michael Luscombe,

welcome to Lateline

Business. Thanks. You gave a

speech today where you talked

about the need for optimism. about the need for optimism. I

wonder in a week where we had

confirmation of the biggest

deficit in Australia's history,

we had forecasts of worse to

come for unemployment and

growth and on a day when the

markets took another dive, what

makes you optimistic. Well,

unless we are taking a positive

view of the way forward, it

will become a self-fulfilling

prophecy, so the thing this we

have focussed on within Woolies

is to make sure that we

understand that things are

different than they have been,

but by and large, our customers

are still wanting to eat every

day, they want the basic

commodities and if we are out

there delivering the best there delivering the best value

we'll be in a great position to

continue to prosper. Every day

the politicians tell us how

tough things are, how Australia

is buffeted by the winds of

global crisis, is the pessimism

being overdone. I think

policitians obviously need to

got gild the lily and tell the

truth about the circumstances

that both the world and our

country face at the moment.

Also I think we need to make

sure we have an equal balance

of the way forward. And what I

was trying to talk about today

in addressing the luncheon in addressing the luncheon was,

in fact, we believe there is a

way forward, and the way

forward is having a belief in

what you do, belief in your

people, and trust in your

people. Most importantly, do

everything you can to look

after your very best asset,

your people. The last thing we

want to do, the absolute last

thing is make someone

unemployed. What about unemployed. What about the

Federal Budget, do you think it

hit the mark? Look, you know,

it's very easy to be critical

of someone else's position. I

find it sometimes a little

tough to have criticism of

decisions that we make within

Woolworths because I know that

those that are criticising us

don't have the full

understanding of the various

circumstances in which we make

that decision. Clearly the

Government is in the Government is in the best

position at the moment to make

the decisions that they have in

the Budget, they are in the Budget, they are in the

best position to actually best position to actually have

all the necessary information surrounding the surrounding the circumstances

of those decisions, and I think

the first thing that you do is

not to publicly criticise

decisions that have been decisions that have been made

in the most difficult in the most difficult of

circumstances by Government,

but if you believe that there

is an ability to enhance that

decision, work with them in

private and express private and express your point

of view and that's the way that

Woolies tends to work and will

work in the future. So you

can't tell me what you are

talking to them about in

private? Look, at the moment

the first thing we need to do

is digest the Budget in total.

And there are many elements of

it, some of which has relevance

for Woolies, others that don't.

When we are in a position to

understand all the facts, I

think it's probably premature

at the moment to be rushing in

and making a judgment without

understanding all the finer

details, of course, we have

people working through that at

the moment. Once we have finer

details, if we believe have

something of value to add it

the Government, not just

criticisms, we'll offer that

suggestion. When you look at

the outlook from the standpoint

of today, you think the

recession is going to be

shallow, you spoke today about

the country taking a dive into

recession, does that also imply the rebound will be

quick. Look, I think it will be

shallow, we obviously have the

opportunity to talk to a number

of of the imminent economists

from both the major banks and

others, and whilst there's a

range of views, it's very clear

that the consensus is that we

will have a slight slowing down

between now and Christmas, but

you know, it should start

moving again next year. Well,

what do you see at Woolworths,

your third quarter sales were

strong, up 6% on a comparable

store basis, are they holding

in the current quarter. Clearly

being a public company we are

only a couple of weeks away

from the end of the fourth

quarter, so we'll need to wait

to - until we make that announcement. I sleep pretty

well at night at the moment. Is

now the time to expand, you are

growing your organic business,

are you on the hunt for

something else We are on record

as saying we believe this is a

good time for growth in the

appropriate manner, sobeit a

organic growth with new

services being added to the

business, you'll see over the

next little while we'll add

things to our various

businesses that are not in the

marketplace at the moment,

you'll see our new businesses

like Thomas Duchs growing and

the acquisition of the macro

stores will enhance that. If

the right acquisitions come

along that will grow the wealth

of our shareholders in the

medium to long-term, certainly

we'll entertain those, as I

mentioned today at lunch, now

is not the time to vet the

ship, you need to make sure

that when you are looking for

growth opportunities, that you

do in a prudent manner. What

about areas like pubs and bit

of rose, how are they faring. Look, - pubs and

Bistros, how are they doing

of Pubs are doing OK, sales

were slightly positives. Bistros were tough, they've

come back a little. We've had

to work hard to maintain the

customer base, but the team have done a terrific

job. There's a lot of

distressed assets in that

sector. They haven't come sector. They haven't come down

to the price that we to the price that we were

willing to take, a lot of them,

clearly a lot of them are

actually now in - under the

control of financial

institutions rather than the

original performers. If they

get to the price point we

belief represents could value

for our shareholders, we'll

entertain and take them entertain and take them on.

Michael Luscombe, thank you for talking to Lateline

Business. Thanks.

Now a look at the business

diary for tomorrow. Car brake

maker Pacifica holds an maker Pacifica holds an annual

meeting,economists forecast a

2% contraction in the March

quarter for the Eurozone.

Inflation figures and numbers

are out for the Eurozone and

for the US. The Herald Sun -

sharp fall on) on global share

markets. Australian - Rio Tinto

share price plunge. share price plunge. Australian

Financial Review looks at Financial Review looks at the

Federal Government planned

changes to employee share

scheme taxation. Sydney Morning

Herald - $125 million lawsuit

to recover Lehman Brothers

funds. The Dow has opened up

49 points, 0.6 of 1%, the FTSE

is plat up of the air eight

points. If you want to review

the program visit the web site at abc.net.au/latelinebusiness,

where you can watch the whole

show online or down load as a

vodcast. We'd love your

feedback. I'm Ali Moore,

goodnight. goodnight. Closed Captions by CSI

.