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(generated from captions) behaviour. Today his Chief of

Staff Kirk Fordham said he told

the speaker of the House about

Mr Foley's behaviour three

years ago and he became the

second scalp, forced to resign

from his new job as Chief of

Staff who said he was surprised

by the depravity of Mr Foley's

behaviour. When I saw the de

spickable, deplorable emails

that no child, no person should

have to see, then I said, "He's

got to go. Can we get his resignation?" The scandal

could reach higher. The Speaker

Dennis Hastert is under

pressure from his own party to

resign as well. I've known

him for all of the years he's

served in this house and he

deceive ed me, too. After

initially denying he ever heard

the allegation, Mr Dennis

Hastert changed his tune. He

went to Foley and confronted

him and he said he wouldn't do

it anymore. He was sorry. He

was just trying to stalk to the

kid, he liked the kid, nice kid

and he wouldn't do it anymore.

We told him not to do it any

more there or anybody -

period. The speaker has gone to

ground issuing a statement

saying it will be dealt with

tomorrow. There's union nimty

that he hasn't done enough or

taken responsibility for it and

ordered the right reforms and

he's in dope trouble. Some

fundraisers a head of the

mid-term elections reportedly

have been called off to avoid

questions about the scandal. In Britain, it's the end of the

political party's annual

conference season and the

morning newspapers have

delivered a mixed verdict on

the key-note speech to the Tory

faithful by Conservative Party

leader David Cameron. Aiming to

stay on top in the polls he'

made big promises like pledging

to never cut health funding.

They wonder why there is no

health policies. That doesn't

worry Mr Cameron. 7 Often

derided as the heir to Blair, David Cameron's most important

speech so far, may not have

persuaded all in the media, but

he's more interested in voters

who've side ed with Labour

three times and now want

change. In just one year, David

Cameron has radically re-vamped

his party's image. Right.

Welcome to webcam Ron. Watch

out BBC -- Daddy. I'll do it

in a minute. His Internet diary

could be the future of

politics. It's helped give the

Tories their best polling

numbers in almost 20 years.

Perhaps also because he's often

seen like this - the

39-year-old family man with his

disabled child Ivan. The care

his son receives has Mr Cameron

promising he'll never cut

spending on public health . When your family relies on the

the NHS day after day you

realise just how precious it

really is. At the last election

as the Tories' policy chief, he

was promote ing vouchers for

people to opt out of the public

health system. But the son of a

stockbroker and graduate of

Eton and Oxford wants to be a

man capable of winning over

middle England. We're reaching

out for what we can achieve, so

let us say here today,

confidently that for Britain,

APPLAUSE the best is yet to come.

Labour says the Tories are all

image and no substance, but

some of the concrete policies

they have considered have

already been spoken about by

the Government. Like the idea

of tax-free pay to

soldiers. Yes, we are cautious

about bringing out a lot of

policiesiers before a general election. We are laying down

the principles this week. Any

election is three years away

but the Tories are more

optimistic than they have been

in a long time. The British

public rates them higher than

Labor on key top picks like

health and education. He's

released no detailed policies

on either subject. Margaret

Whittlam t wife of the former

Australian Prime Minister Gough

Whitlam tonight celebrated the

release of her biography at a

gathering in Sydney. The book

was launched by comedians Kath

& Kim to say they've a lot in

common with Prime Minister's

wives. From Bondi Beach girl to

mother of four, social worker

and Prime Minister's wife,

Margaret Whittlam has seen a

lot in her 86 years.

lot in her 86 years. Hello,

Margaret. Tonight, her

biography was launched by some

fans who say they know what it

is like to live in the

Lodge. Seriously, look, we are

majorly chuffed to have been

invited here tonight. Wow. In

front of so many pollies and

journos and other extinguished

guests. Yeah, I don't

recognise anyone. Is there

anyone from 'Big Brother' here?

No. Margaret Whittlam is known

for her razor-sharp wit and

tonight was no different. After

years of watching and

supporting the feminist movement in Australia she had

this to say about gender in the

lucky country. Men may have

many faults, but women only two - everything they say and everything they do.

Margaret Dovy was a champion

breast stroker and represented

Australia at the Empire Games.

Four years later during the

World War II she married Gough

Whitlam. Believe it or not, he

couldn't spell his name when

she first met him. She worked

that out. It with as hot,

steamy December night. Across a

crowded room she saw this

fantastic looking hunk of a

spunk. Her husband also had

other admirerers. Of course

Margaret attend ed Specific

Drive Primary School where Kym

and I both went. That's

right. So we all have the same

roots. That's right. Hi, Gopf.

Remember that. Push my

buttons. Most people know about

her husband's famous dismissal

by the

Governor-General. Nothing will

save the Governor-General. But

many people don't know that

Margaret Whittlam worked as a

social worker in a public

hospital. She was the social

work er at the hospital. Not

one of the social workers, but

THE social workers at the

hospital when Gough was Deputy

Leader of the Opposition at the

time Her marriage is now in its

64th year. They spend an awful

lot of time in each other's

company and I think my mother

could probably survive my

father, but my father couldn't

survive without her. Margaret

Whittlam says at 86 she doesn't

have all of the answers and

doesn't expect to. The events

of 1975 are now just another

chapter in an extraordinary

will see. life. You read the book and you

will see. It's time for a

quick look at the weather.

Tonight's interview with

Chris Ellison will be on our

website shortly. You can also

download individual stories or

view the whole program. Maxine

McKew will be with you tomorrow

night. Please join her then.

For now, over to 'Lateline

Business' with Ali

Moore. Thanks, Tony. After 121

days of hearings today the

judge in the C7 case reserves

his verdict. The biggest world

producer of gold announces and

Medibank Private posts a record

profit, its boss says there is

plenty of room for improvement.

If the company was to be

privatised, it would be logical

to spread the income stream so

you wouldn't be reliant on just

one source of income, in terms

of private health insurance,

but the assumption there is the

business would be privatised

and you would make those calls

and expand the business

accordingly.

To the markets and Australian

shares bounced back today to

their highest close in almost 5

months. They were inspired by a

strong lead from Wall Street.

The All Ords and ASX 100 put on

1%..investors snapped up

blue-chips. In Hong Kong,

strong buying pushed the hang

seng to its highest level for 6

years and the Dow of course opened shortly at the second

record high it reached

overnight, void by a consensus

that remarks by the chairman of

Federal Reserve meant interest

rates would stay put or even

fall. For the latest from

London we crossed a short time

ago to Tom Hougaard, chief

market strategist at City Index

Limited. Tom Hougaard, thanks

for joining us. The latest

economic news in the UK is no

change to interest rates and

the FTSE is up. The FTSE is up

and we haven't really seen much

movement in some of the major

stocks like some of the banking

stocks or the pharmaceuticals

that usually tend to drive the

indices and it really wasn't

something that we expected. We

gave it something like a 3%

chance that they were going to

hike rates, so all in all the

reason we are of course trading

lying is because of the

phenomenal effort we saw on Wall Street last night and that

is driving sentiment more than

anything else is doing right

now. Commodities, too, are they

having an impact? Well, of

course because you had a

beautiful day in the commodity

yesterday where a lot of funds

who had been along this market

really get published out. You

saw gold spike down to around

$560 an ounce and you saw crude

oil float for $58 but this

morning we had comments out of

the OPEC about production Kut s

and that has driven it back up

60 and we've seen bargain

hunters coming in thinking that

goal here - this is something I

definitely can support -

somewhat over sole mere. What

we saw yesterday was to use a

good old phrase here in London

they threw the baby out with

bathwater. We will see the gold

make its way back up to 580 or

590. However, that being said

this for me would be more of a

trade rather than investment.

I'm not really looking to go

into commodity stocks just yet

because I still think that the

trend for me is very clear we

are seeing a tran gretion out

of commodity stocks back into

the main indices such as the

Dow and that's another reason

you saw the Dow make an

all-time high and close

yesterday. So that intermarket

trend is definitely continuing

with money flowing out of

commodity stocks and into more

defensive blue chip stocks. We

certainly have someone

disagreeing with you in

investing in gold. We speak to

someone from Barrick who

understandably thinks it's a

good buy. What's the outlook

for New York? (Laughs). We are

looking for a slightly negative

open but that's kind of natural

after you have such a strong close. Whenever you close high

it is indicative of behalf we

call a bye program in the

market and a bye program is a

program that has to be executed

by the close of that day and

often you see a lot of the market makers who are selling

into this, bringing the quotes

down to the next morning. We

call the Dow down 10 or 15

points. All in all, that being

said, the trend in the Dow is

definite ly into an upside but definite ly into an upside but

as we mentioned yesterday I

think we are over-Dow a

correction to the down side.

Bring it back to the 11,000

before we see another leg up into November, December time

and that's the leg I'm going to use, too. Pardon the

expression, load up the boat

for the rally going into the

end of the year. Tom Hougaard,

once again, thanks for your

time. Thank you.

Back home and Australia's

biggest health insurer has

confirmed its recovery from the

financial sick list with

another big leap in earnings. The government-owned Medibank

Private has posted a record

profit of $200 million, up 53%

on last year. The company says

it achieved the result through

a combination of membership

growth, premium increases and cost

cost cutting. It's also

branched into travel insurance

and continues to look for

higher margin businesses. The

Government has announced plans

for a public float of Medibank

Private in 2008, providing it

wins the next federal election.

To discuss the results and the

future, I was joined earlier

today by the boss of Medibank

Private, George Sawides from

Melbourne. George Sawides, thank you very thank you very much for talking

to 'Lateline Business'. Thank

you, Ali. A record profit,

strong member ship growth - all

ready for sale she We continue

to improve the performance of

the fund, but look, against the

industry we are coming up to an

average performance in terms of

other health insurers. How much

better can you do? The fund of

our size being the market

leader and the sort of scale

advantage that we should apply

to the market, I'd to the market, I'd expect you'd

want to see Medibank Private in

the top quartile. How long is

that going to take you to be

able to out-perform? Look, our

program of containing our

costs, in terms of the scale of benefit outlay growth that

exists in our profit and loss

statement, that program has a

continuing timetable and we see

two and throw and four years of

work being done there with continuous continuous improvement coming

from those years and productivity improvements

coming from system changes and

the ability to introduce new

products going forward. There's

still a lot of upside in this business. You are now well

placed for a public float, but

you've got to wait not just a

few months, but until 2 o 08.

That's a long time to have a float hanging over your

head. At least the pofrnt thing

for the company is un certainty of the method

of the method of sale is being

removed and the fact that the

shareholders have come out and

indicated an IPO is their

preference and 2008 is a

timetable. That's a much more

positive situation then to

spend time wondering what the future will look like as we

have in the last few months. Is

an IPO your preference as well

or would you have preferred a

trade sale? There are a lot of opportunities you could talk

about in about in terms of method of

sale Think members would

probably appreciate being.able

to be voters and shareholders

in the fund going forward, But

that may not be every members'

view but many have expressed

that view. Going forward, I

think bringing more competition

to the sector, there are 37

health funds in the market. It

turns over $10 billion worth of

revenue a year, but there's not

one on the ASX to the decision one on the ASX to the decision

to put Medibank there will

change the dynamics of the private health insurance

market. You say you are running

the business not according to

float but according to your

long-term plan, but how do you

counter your perception over

the next two years that all of

the decision use make are part of dressing Medibank Private up

for sale? Look, our focus as a

management team is to make sure

that the business of private that the business of private

health insurance is as affordable and attractive to

our members and potentially new

members going forward as we

possibly can make it. The

issues of privatisation is an

owners' event and owners issue.

If we continue to drive this

business the way we have in the

last five years in a different

ownership paradigm, I'm sure it

will continue to be

rewarded. But if you're on the

block, can you still make the

big strategic decisions, the

big spending decisions? You're

not holding pattern to a

certain extent? Look, the

dialogue with the shareholder

on strategic initiatives over

the next couple of years before

sale will be an active

discussion and I'm sure they as

a shareholder would want to

make sure that the company if

it is presented as an IPO

candidate will be in the best

form to achieve a good outcome. Does that mean you could make a big could make a big purchase you,

can spend money? Are there any

limitations on what you can do

in Look, I don't think

expanding the business is off

the cards, but I think we need

to seriously look at the

business case and make sure

that any change to the current

footprint doesn't actually

create un certainty, but adding

adjacent products to the port

foamio, we've done that with

months and it's travel insurance in the last 12

months and it's been a

successful introduction and

introduced a higher margin product to our core business and there are other insurances

that we will certainly look at.

We may pilot them. But whether

we do anything more than that,

is yet to be seen.

So is it fair to say moving

into other areas is one issue

where you may be reluctant to

move if you did haven't a float

hanging over your head, what

would be to stop you moving

insurance into life insurance or personal

insurance straight

away? Diversification is the -

is a key component of our

strategy going forward. The

typing of expanding the

portfolios will be carefully

looked at, not just there may

be a sale on the horizon two

years out, but also we would

want to test and make sure

absolutely sure a move into a different product stream would

be a successful move. Looking

privatise, can you see down the track if you

privatise, can you see a day

when maybe 60% of your business

is health, but the rest comes

from other forms of

insurance? If the company wants

to be privatised, it would be

logical to spread the income

stream so you wouldn't be

reliant on just one source of

income in terms of private

health insurance, but the

assumption there is the

business would be privatised

and then you would make those

calls and expand the business

accordingly. What's the perfect mix? I don't mix? I don't have a prescribed

formula at this point, Ali. At

the moment it is 99.9 private

health insurance. What would

you like it to be? Give than

the low margin in private

health insurance does constrain

the ability to substantial y

impact premium costs going

forward, a balanced mix of a

portfolio of at least one-third

in other businesses would certainly make it certainly make it possible for

the private health insurance

business to be that much more

competitive for its members,

but also to contain a much more

whole listic - holistic service

for its customer base. What

about you? Have you give an

commitment to stay on after the

sale V you got some golden

handcuffs? All of those issues

are issues still to be dealt

with going forward. The

decision about IPO was only a

recent one. The contracts in recent one. The contracts in

terms of mine have been renewed

and we are going forward with a

team that's delivered great

results, but the discussion

around IPO and retention of

senior executives, they are

things we will deal with at an

appropriate time. You're not

locked in for post sale? No. My

contract is a government business enterprise contract

and that was just recently renewed and the annual report

that was released today has all

of those details that dis close within

within it. George Sawides,

thank you very much nor your

time. Thank you, Ali.

From health care to

investment and Washington H

Soul Pattinson has lifted

full-year profit by 7% and at

the same time slammed the

policies of the NSW Government.

It claims State Government's

failure to move with the times

has cost it up to has cost it up to $20 million

in after-tax earnings in the

past few years. Andrew

Robertson reports. To most

people, the name Soul Pattinson

means one thing and that is the

local chemist. Although

pharmacy was the genesis of the

country more than 100 years

ago, it is now only a small

part of a very diversified

business. We have interests in

coal mining, TV station,

telecommunications. We have a telecommunications. We have a

very, very large investment

portfolio. We have a funds

management business. We have an

investment bank. So, we have

our very large investment in

brick works. Which provided

more than half the group's

revenue of $910 million. Net

profit after tax was down 77%

to $92 million, but when

one-off items such as last year's $400 million sale year's $400 million sale of a

major business is stripped out,

operating income rose to $103

million. Brick works managing

director Lindsay Partridge says

his company's contribution to

the result would have been

higher if the NSW Government

took a more en litened approach

to the shortage of land for

home building. Particularly in

Sydney, there is less land

being released than any other

capital city in Australia and

the levels haven't been seen in the levels haven't been seen in

possibly three or four decade

s. Which Mr Partridge believes

is adding to the problem facing

the building industry in NSW

with brick work fak tri s

running at half capacity and

laying off staff. NSW is doing

it tough but Western Australia

is running so hot we're having trouble

Ing. We have been importing

from Malaysia. Not with

standing that, standing that, Brick Works

lifted operating earnings to

$102 million but some other

distributions, such as the

Keith Harris Food Operation

struggled with a full-year loss

of $480 million. The company

was keen to reward

shareholders, though, raising

the final dividend by 7% and

bringing the total payment to

27 cents a share. Souls never

miss pay ago dividend. We normally increase them normally increase them over the

years and we've paid $170

million out to shareholders in

fully Franked dividends. The

market embrace ed Soul

Pattinson's results. Brick

Works was up 3.5% to $11.50.

For a look in more detail at

trade on today's market and to

explain the latest survey

results on business

expectations, I spoke earl year to David de Garis to David de Garis of

NABCapital. David de Garis,

thanks for your time. Strong

rises on our market today, following on from Wall

Street? Very much, Ali. The market had an exceptional day

today up 77 points. Futures

looked strong this morning, but

I think there's scepticism

given the base metals and gold

prices took a bit of a beating

overnight. But the market

really went on with strongly

today and more this afternoon today and more this afternoon

as well so held on to its

initial gains. It pretty much crossed the board and the

material sector was up 1.25%

and energy was up. We saw that

rebound in oil prices overnight

and a domestic sector as well.

The health sector is up by over

2%. Wait as strong day all round. The market really wants

to believe in a soft-landing

story for the US, doesn't it? I

think so. We saw last night the Fed chairman say

Fed chairman say there was a

substantial correction in

housing going on, but we saw a

tight rally in the bond market

and fed fund futures last

night. The markets got priced

in so the Fed could start

cutting rates in the early part

of next year so it believes the

pull back in bond yields and a

possible easing from Federal

Reserve would be sufficient to

engineer a nice soft landing

from the US and with the rest

of the world still doing of the world still doing pretty

well, that augurs well for the

world economy. At the same time

at home on our economy we've got the National Australia Bank business survey out today and

confidence has been

dented. Confidence actually is

in our survey surprisingly the

lowest in five years. Business

conditions which tells us about

profitability and employment how business - the trading and

right now, they are saying

that's still very up-beat, but

we have seen we have seen this deterioration

in business conditions, which

is a little bit more forward

look ing. Forward ors are down

and actually over the past year

or so we've seen quite a re

trenchment in business

expenditure, capital

expenditure plans. In fact, if

we go back a year, the business

of planning on raising cap 175

to 280% and we've seen those

in the second half of sorts of numbers particularly

in the second half of last year

and earlier this year, but now

they are only planning to raise

cap next 20% at the most.

Business has had a lot of

constraints from unavailable

labour and those types of

issues, but obviously seeing

sales slow down, so maybe we

are starting to see signs of

domestic demand slowing as we

would expect. David de Garis,

thank you very much for your

time. Thanks, Ali. Looking at

today's major movers, it today's major movers, it was a

lively day for oil and gas

stocks. No-one matched takeover

target Queensland Gases but

small companies are being

revalued in the expectation of

availablision. The rise in oil

prices, fuelled by strong hints

from OPEC it might cut

production by 1%, pushed up

shares in companies like Oil shares in companies like Oil

Search which gained 6%. Big oil

companies like Woodside also

recovered some of their losses

of recent days. Newspaper

publisher Fairfax, which

opposed government media

reforms, rose by more than 4%.

The group's shares have gone up

by more than 10% in the past

fortnight. Banks continued this week's strong showing with the

ANZ leading the pack. One of

the few losers today was AWB the few losers today was AWB as

it awaits the verdict of the

Cole Inquiry. To the

long-running C7 court case Maui

finally is nearing its end with

the judge reserve ing his

verdict. After more than a year

the Seven Network has delivered

its closing arguments in a case

against the major media

players. Seven Network are sug

its rivals saying they conspired to put conspired to put its C7

business arm out of

business. Sue Lannin reports.

It's a fight about football and

television. Seven Network says

it pay TV business C7 failed

bus its competitors stopped it

from winning the right s in

28000 to broadcast the AFL and

NRL. As the case drew to a

close, the barrister told the court after failing to win court after failing to win the

AFL and NRL rights:

He dismissed arguments that

the network hadn't put forward

a competitive bid for the AFL

rights. He said in November

2000 email from Seven Network boss Stokes Hill Wharf stoke

showed he was prepared to lose

$50 million over five years to

win them. The task now falls on

the judge to decide on the over the judge to decide on the over 120 possible outcomes,

including which damages claims

he accepts. He told Mr Sheehan

in order to assess the damages,

he would have to make findings

on disputed facts.

A number of witnesses,

including Kerry stokes and

senior News Limited executives

have been accused of lying.

These are claims denied by both

sides. After 120 days of

sitting, Justice Sack

Villarreal will go and study

the thousands of pages of transcripts, cross-examination

and documents. He hasn't said

when he'll hand down his

judgment, but says it will

certainly be before he retires

in 2013. Also reserving

judgment was British QC

Jonathan Sumption who led Seven

Network's case and who Network's case and who charges

?10,000 a day. Seven Network is

seeking up to $480 million in

damages, but its legal costs

are around $100 million. The

overall legal costs could be

more than $200 million, enough

perhaps to set up a pay TV

channel. Sue Lannin reporting.

Oil and gas producer Santos has

made a $606 million bid

made a $606 million bid for

coal seam Meath than operator.

John Ellice-Flint says the

acquisition was consistent with

the company's strategy to

extend its eastern Australian

gas business. Santos is

offering $1.26 a share, but the

bid sent QGC shares soaring 23

cents higher with the market anticipating another higher

bid. Santos already has brought bid. Santos already has brought

3.9% of the company on

market. Last night we brought

you a story from Perth about

Barrick Mining, the world's

biggest gold producer whose Toronto-based boss Greg Wilkins

is touring Australia and the

group's local operations.

Tonight we talked to Greg

Wilkins who says he is

considering listing Barrick on

the Australian Stock Exchange.

He joined me yesterday after

function in addressing a mining industry

function in Melbourne. Greg

Wilkins, welcome to 'Lateline

Business' . Barrick is the

world's biggest gold producer.

How important is Australia in

your global strategy? Australia

is a very important part of our

overall global strategy. We

produce about 25% of our

consolidated gold production

from here. You've said cost of

production has to be kept below

US $500 an ounce to US $500 an ounce to remain

viable. How does rate rate on

the cost front? Well, Australia

is a challenge on the cost

front. The goldmining industry

is a small component of the

overall mining industry here in

Australia and of course that is

booming. So there's been great

deal of competition for people,

so it is difficult to attract

them and of course then

compensation levels, you compensation levels, you know,

are commensurately higher as a

result of that and we are all

facing higher costs in

commodities and consumables and

energy. So, it's a challenge

and the properties are long in

the tooth and in some places so

there are more challenging and

a little more expensive without

in-line cost inflation. So we are working hard to stay

are working hard to stay

competitive. Are you our

highest cost country? I would

Australia Australia is the

highest cost region for our

business, yes. If we're that

expensive are we nudging that

US $500 barrier? Are we

anywhere close in We're not un

comfortably close. We are still

maybe ago good return on our

business here in Australia.

Obviously, with the volatility

in the gold price you do in the gold price you do concern yourself about what

might happen in the future, but

for the time being at least the

gold prices are hanging in

there and making a good margin

here. But we have to be

vigilant with the way we manage

our business. Why is Australia

your highest cost country

because those issues of skill

shortage and higher imput costs

are global? It's not as acute

in some of the other countries

we operate in so we haven't

seen the same kind of seen the same kind of wage

inflation many other parts of

the world that we've seen here.

Some of the compensation levels

have increased dramatically.

They are much higher than what

you would expect from a normal,

even competitive inflationary

environment. It's really been

quite significant. Barrick is

listed on the Toronto, the New

York, the London and the Swiss

Stock Exchange. Is a listing in

Australia now on the

Australia now on the

cards? That was a very popular

topic at the lunch today and I

must say to be candid I hadn't

give ain lot of consideration

to a listing? Australia.

However, on this trip I've met

with some investors and perhaps

more importantly had

discussions with many of our

employees and they are en

couraging us to seek a listing

here and I'm going back to

Toronto with that in mind and we'll take a serious look we'll take a serious look at

it. Would this market have the depth and liquidity that you

are looking for? Would it add

anything to your current listings? Interestingly I am

not sure if we listed here we

would see a lot of volume of

our listings here but it makes

ineligible for Australian

institutions to but stock of

their choice. If we can turn to

the gold price you said you can

see it returning to US $#00 see it returning to US $#00 an

ounce, which is where it was in

May. Do you see the volatility

continuing? Yes, actually I

think volatility is a new

future of the gold market. We

for many years when there was

very little interest in goal,

we would see ds 2-3 moves in a

day and think that was

volatility. In the second

quarter by way of example we

sieve aen it trade sieve aen it trade back down to

5.50 all within a 90-day period

and that is volatility but

that's good for the market

because it creates interest.

You need to have a product that

you can make money at and I

think that gold is really

re-establishing itself as a

viable financial asset. What's

your long-term forecast? It's

always a mug's game the try and predict where gold price also

be, but I think be, but I think the industry

will require stronger gold

prices. I mentioned at the

moment it would be ds 500 an

ounce to be sustainable and by

sustain Abe that's having

enough return on your capital

to keep investors interested.

We will have to be mindful of

the cost structure going

forward to see where the mine

price would settle at. Give en

the volatility associated with it

it we can see new highs occur

in a relatively short period of

time by simply a change in

sentiment in Joio political

term or in financial

terms. What's a new high in

your term? I think 800. I think

800 will be an important test.

We could see the market start

to get some momentum and trade

up through 730 and 800. We will

be dealing with a new be dealing with a new market at

that time and we will have to

see how people react. What

timeframe for 800? If I only

knew. Greg Wilkins, thank you

very much for talking to 'Lateline Business'. I enjoyed

it. Thank you. #7

To currency markets and the Australian dollar moved up

against the green back. against the green back. Tonight

the local currency is trading

at US 0.746. It's made gains

against the your row and the

pound. The price of gold has

moved up today as if it was

listening to the head of

Barrick. Bullion is $6 higher.

Oil, too, is about $1 higher.

for a brief look at for a brief look at tomorrow's

business diary, the major focus

will be on Telstra, which is

having its investor information

day. CEO Sol Trujillo will be

briefing the market about the

strategy and performance a head

of the release of the

prospectus of T3 on Monday.

Before we go, a look at what is

making news in the business sections of tomorrow's

newspapers. The 'Age' has a

story about another Australian

icon looking to change its name.

name. Foster's CEO Trevor O'Hoy

is reportedly telling investors

the company's corporate

identity needs updating. The

'Australian' focuses on the swp by Santos on Queensland gas

with the QCG managing directors

advising shareholders to take

no action leading to a

speculation of a higher bid. The Federal Government will

reward existing investors in

Telstra with sweeteners to Telstra with sweeteners to

encourage participation in T3,

according to the 'Australian'

financial review. And the

'Sydney Morning Herald' reports

on a radical proposal to solve

James Hardie's stand-off with the Australian Tax Office.

That's all for tonight. As I

leave you, the FTSE is up 34

and the Dow is yet to trade.

Tomorrow, Maxine McKew will be

here with all of the latest

business news and I'll rejoin

you on Monday night for a

thorough analysis of the thorough analysis of the

Telstra prospectus N the

meantime, if you want to review

any of tonight's stories or

earlier programs, log on to our

website at the address on our

screen F you'd like to write to

us, the address is:

I'm Ali Moore. Goodnight. Captions by Captioning and

Subtitling.