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Ten Early News -

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(generated from captions) This program is captioned live.

Good morning. Welcome to Ten News.

Today - another volatile night on

global markets. Wall Street

fluctuates, while European stocks

suffer heavy losses.

Prime Minister Kevin Rudd to hold

an emergency meeting with business

leaders in Sydney to discuss the leaders in Sydney to discuss the financial turmoil.

And a British couple jailed for

three months for having sex on

three months for having sex on a

beach in Dubai. A quick check of the weather today:

it's been a volatile night on world

financial markets. Wall Street has

fluctuated after opening in the

red. The DOW is up 100 points. It's

been another bleak night in Europe been another bleak night in Europe

where stocks have plunged more

than 4%.

Wall Street is grasping at any

whiff of good news, and this

morning's reading on inflation was

enough to at least slow the

ununraveling in the stock market.

Prices at the consumer level

remained flat last month, which was

a welcome surprise. The latest

reading on unemployment was also a

bit better than forecast. New

claims for jobless benefits dropped

by 16,000 last week. Those are

positive signs, but even the

will Federal Reserve warns the economy

will continue to stumble. A will continue to stumble. A tough

assessment, but traders say it's assessment, but traders say it's

better than pretending everything

is OK. You keep standing on the

side of the 'Titanic' but saying, know your feet are wet but there's side of the 'Titanic' but saying, I

know your feet are wet but there's

nothing wrong. What traders want

to see is a breakthrough. But with

the Government injecting billions

into the banking system, it's not

any easier to borrow money. The

economy can't bounce back until

people are spending again. The US

banking system continues to haemorrhage. City group had a loss

of $2.8 billion. That mings the

company's losses to $28 billion

since last year.

Now, we'll have an update on the

markets shortly and the rest of the

finance news.

Prime Minister Kevin Rudd hals called

called an emergency summit of

Australia's business chiefs. It

will be held in Sydney today. Mr will be held in Sydney today. Mr

Rudd will hold talks with 100

business and industry leaders business and industry leaders on

how to soften the blow from the

looming recession. The Government

remains determined to act and act decisively, within ever necessary

to respond to the challenges which

now present themselves to the

Australian economy for the future.

Mr Rudd will appear in a TV special

on Sunday night to give Australians

advice on their financial problems.

More Australians will be exempt

from the Medicare levy sur charge

after the Senate passed the Rudd after the Senate passed the Rudd Government's

Government's bill. People without

private health cover will avoid the

tax if their income is un$70,000

for individuals or less for individuals or less than

$140,000 for couples. It is

estimated that 500,000 people

could desert private health

insurers as a result. There is no

question that premiums will have to

go up. The Opposition says it is

on bad policy that will put pressure

on the public hospital system.

The Federal Government is trying to

save Australia's ailing car

industry. But it is too late to

save the 450 jobs that Ford has

announced it will axe in Victoria.

Ford's jobs are the latest to be

plaguing the car manufacturing swallowed up by the severe downturn

sector. It's rock bottom. They can

stick it up their arse. 450

employees across two Victorian

plants are being offered voluntary

redundancys, taking to 1400, the

number of jobs slashed at Ford

Australia in the last 15 months.

Economic turmoil and a slump Economic turmoil and a slump in

large car sales are being blamed.

This is the right course of action

that will ensure that we can that will ensure that we can

operate profitably. Several south Australian manufacturers are signalling they're in trouble with

Holden reducing its production.

The Federal Government is planning a

hiked rescue plan for the sector

within weeks.

Three people have now been charged

over the bashing of an Irish tourist in Sydney. 29-year-old

David Keohane was found with severe

head injuries on a road Coogee in

August. Police have now charged a

39-year-old man with hindering

police and concealing a serious

offence. A 19-year-old man has

faced court, accused of attempted

murder. While his teenage

girlfriend has also been charged.

Police are now looking for another

19-year-old man who they say can

assist with their enquiries.

A British couple has been sentenced

sentenced to three months jail for

having sex on a beach in Dubai. 37-year-old Michelle Palmer and

34-year-old Vince Acor were

arrested in July under Islamic law that forbids sex outside of marriage. Palmer lost her job after

the incident which grabbed headlines

around the world. They were also

fined for being drunk in a public

place and will be deported once

they serve their sentences. They'll

appeal the prison term.

Barack Obama and jain -- Jane Jane

Jane are -- John McCain had their

debate. It was a little known

plumber from Ohio that emerged the

unlikely star.

The last debate was a must-win

The last debate was a must-win for

John McCain. Voters say he fell

short. Several polls show a

majority of the undecided think

Barack Obama won Wednesday's debate.

McCain pushed his opponent on

everything from healthcare to his

plan for dealing with the financial

financial crisis. What you want to

do to Joe the plumber is have their

taxes increased. What I said is I

want to provide a tax cut for 95%

of working Americans. 95%. Joe the plumber is Joe Wurzelbacher from

Ohio. He asked about taxes and small businesses. The candidates Ohio. He asked about taxes and

times mentioned him more than two dozen

times during the debate. I'm glad times during the debate. I'm

that I could be used to get some

other points across and hopefully make

into other Americans go out and look

into the issues. Obama hals the

upper hand. He's leading in the

national polls and gaining ground

in States that traditionally vote Republican.

He's been described as a hero of

women, and now Ian Frazer has

received the nation's top science honour

honour for his cervical cancer

vaccine. Professor Frazer was

awarded the Prime Minister's Prize

for Science at Federal Parliament

overnight. That's really what

science is all about. It's

delivering something to the

community that would not overwise

be available, helping to solve a

problem. Around 80% of Australian second

second school girls have been given the cervical cancer vaccine, Gardasil.

Hawthorn has put an end to rumours surrounding Shane Crawford's

playing future. The club champion

has announced he will play on next year. has announced he will play on next year.

It's the piece of bling that's

extended Crawford's career to 18

seasons. That's what I'm talking

about! The 34-year-old announcing

he's set to play on, but it's

expected the Number 9 jumper won't

grace the field for the full season.

The Hawks set to nurse the 305 game

veteran through 2009. The nuetz not

so good for Ryan O'Keefe whose

playing future remains up in the

air. The out of contract Swan will

know next week if his wish of

returning to Victoria is granted.

Trying to get the job done through

the grades but they didn't have

something for me. If I was to walk

out of Sydney and then not getting

anything for me, you know it is

probably something that I would

feel a little bit bad about. And

Brent Harvey has been handed the

captaincy for North Melbourne for the the international series against

Ireland. When they gave me the

opportunity to be captain, I jumped

at it and it is a huge privilege.

The first Test kicks off in Perth

next Friday night.

In cricket, stprail's bowling

stocks will be stretched even --

Australia's bowling stocks will be

stretched further following the

withdrawal of Stuart Clarke. The

fast bowler has failed to overcome

an elbow injury. He picked it up in an elbow injury. He picked it up in

the first Test, replaced by

23-year-old Peter Siddle, the third

debutant in as many matches. It's

been a long road and I've had a few

injuries and haven't played a lot

of first class cricket. Hopefully I

can do what I've been doing back

home and that can go great for

Australia. But it wasn't the best

start for the Victorian. He was

nearly left behind at the hotel as

the team departed for training. Stuart O'Grady has relink wished

the overall lead after Stage four

of the Jayco Herald Sun Tour. The

veteran couldn't maintain the pace as

as it wound up to the ski resort of

Mount Buller. And no-one could

catch Australia's Chris Jongewaard.

The pan ason yiblg rider taking a

painful stage win. I thought I was

going to win up and I wanted to see

500 and hopefully that would get me

over the line. Chris Jongewaard

doesn't have the overall lead. O'Grady trails Lars Bak heading

into the time trail.

Finance now and signs of recovery

on the local market today.

It's looking that way. Local stocks

are expected to open slightly

higher after yesterday's bloodbath.

Investors wiped $86 billion from

the value of Australian shares. The

All Ords closing below the 4,000

mark. The resource sector bearing

the brunt. Rio Tinto lost $12.

Financial markets are tipping a 2.

25% cut in the official cash rate.

To the market details in detail:

And briefly in other news,

Citigroup has reported a $2.8

billion loss, a better than

expected result.

And billions of dollars in Super

could be unlocked and invested in

major projects to protect the

economy from the global downturn.

Chinalco could lose its 9% stake in

Rio Tinto due to the collapse of

Lehmo Brothers.

And Aussie Home Loans is under

investigation by the Prieve asy Commission after personal

information was found in a bin in

one of the offices.

Now for a look at Friday's national weather:

Checking the newspaper front

paipbls, 'The Australian' says we

could be in for a cut of 2% by Easter. The 'Financial Review'

reports China's stake in Rio Tinto

is under threat because it's held

in an account overseen by Lehmo

Brothers. The 'Sydney Morning

Herald' says RPA Hospital will

close its women's ward and possibly

the children's ward.

The Queen embraces the digital age. That's next. I like it wild and crazy and out of control. But not for my hair. VOICEOVER: Elvive Smooth Intense from L'Oreal Paris. Our first shampoo with the power of nutrileum micro oil, I love it when they talk science. sleeker. Rebellious hair is history. Elvive Smooth Intense.

This program is captioned live. This

This is Ten News. Today's top

stories - Prime Minister Kevin Rudd

to hold an emergency summit with

business leaders in Sydney to

discuss the ongoing financial crisis.

Well, another rocky ride on Wall

Street. Stocks fluctuate overnight

as European markets close heavily

in the red.

And she was the first monarch to

send an e-mail. Now Queen Elizabeth

conquers YouTube.

But first Prime Minister Kevin Rudd

is having an emergency summit is having an emergency summit with

business leaders. The local market

looks set for a positive day with

Wall Street climbing back into the black.

Straight talking in sobering times.

The Government remains determine to act

act and act decisively whenever

necessary to respond to the

challenges which now present itself

to the Australian economy for the

future. That pledge will see the

Prime Minister meet with 100

business leaders at a summit in Sydney

Sydney today. He and the Treasurer

will seek industry's ideas on how

to weather the economic maelstrom.

The ASX took another battering closing

closing 6.7% down, erasing

promising gains earlier this week

and wiping away $86 billion. Commodities were down. More

ominously, mining and resources

stocks took a hit. Nobody likes to

see their personal health fall when

getting up in the morning. You're

working for money and then seeing

it disappear. And it's been another

bumpy night on European and US

markets as talk of a recession

swirls through Wall Street. The

economy is going down fast. What we

have to realise here is that we're

go about to go into a recession

that could be 18 to 24 months long.

Unfortunately, we are staring

vertically into recession, it has arrived.

Well, there's been a about bit of a

bounce back up on Wall Street but

hold your breath and it could

bounce back down again. We'll have

more details on finance later in

the bum tin.

The family of Britt Lapthorne will

begin their journey home today from

Croatia with the 21-year-old's body.

Before leaving, they paid tribute,

scattering white pettals on the sea

to mark the spot where her body was

found off the coast of Dubrovnik.

Her father, Dale and brother Darren and

and boyfriend Simon Imberger are

due to arrive back. Britt's mother

is expected to attend a candle light vigil before a light vigil before a memorial

service on Wednesday. A private

funeral will be held once the

Victorian coroner has carried out a

second postmortem on Britt's body.

Half a million Australians are

expected to abandon private health

insurance following a decision to

raise the Medicare levy threshold.

It means immediate tax relief for

hundreds of people. Despite the economic gloom, Kevin Rudd found something to smile about survived a vote in the upper house. after his government's Medicare bill by the Greens, The breakthrough was brokered who brought Independent Nick Xenophon back to the negotiating table. It's a question of getting that balance right between giving people a tax cut and not putting undue pressure on private health insurance premiums. It means singles on incomes of less than $70,000 and couples on less than $140,000 will avoid the tax penalty for not having private health cover. 250,000 Australians will receive these immediate tax cuts and for many it will be $1,200 and $1,300 for working families - very much needed at this time. Treasury estimates 492,000 people will desert private health funds as a result of the changes.

There is no question that premiums will have to go up. It was bad policy when it was first proposed and it is bad policy today. Lifting the Medicare levy thresholds is expected to save the Government $380 million in revenue, money it would otherwise have spent on private health insurance rebates. Murray McCloskey, Ten News.

Grammar will again be taught in

Australian schools under the draft

national curriculum to be released

today. Students will also be

educated in punctuation, spelling

and pronunciation and phonics from

the first years of school. The push

for students to learn the basics

is part of the Government's

proposal for a new national

curriculum in English, maths,

science and history. The National

Cirriculum Board says it will help

to boost literacy standards amongst

all students.

Internet giant, Google, has been given

given the Royal seal of aprofblal

after Her Majesty the Queen toured

the London headquarters. Queen

Elizabeth uploaded a video to

YouTube. It's not the first time

she's embraced the digital age.

That it's possible for some of you

to see me today is just another

example of the speed at which

things are changing all around us.

To celebrate the Queen's visit,

Google featured her image as part

of its logo on the UK home page.

Barack Obama and John McCain have

returned to the campaign trail

after their crucial final debate. The economy and The economy and dirty campaigning

were the big issues, with an

unknown plumber from Ohio the

surprise focus. What you want to do

to Joe the plumber. The

conversation I had with Joe the

plumber. I'm glad that I could be

used to get some points across and hopefully

hopefully make other Americans go

out and look into the issues. The

man who has become a metaphor for

Americans suffering harsh economic

times was mentioned 25 times in times was mentioned 25 times in the debate.

The AFL continues to push the game

into unchartered territory.

Football fields are being

constructed in Melbourne's Chinese

sister city, Tianjin, and as usual,

Kevin Sheedy was there to do the

spruiking. I wouldn't be surprised

if you play for four points overseas. A company owned by

Australian golfing great, Peter

Thompson, is building the ovals.

Trainer David Hayes has been

forced to scratch Kibbutz from the Caulfield Cup. That's welcome news

for Danny O'Brien who now has three for Danny O'Brien who now has three

horses in the race. He believes

that the defending champ, Master

O'Reilly, is still his best hope.

His preparation has been exactly

what I wanted and leaves hopefully

a bit more petrol in the tank for

the Cox plate and the Melbourne Cup. Weekend Hussler is the firm

favourite to take out the $2.5

million race.

Another milestone for Roger Federer.

He's now officially the world's

richest tennis player. He moved

into round three of the Madrid Masters with a win over Radek

Stepanek. In doing so, he passed

Pete Sampras in the all time money

list winning $66.56 million. Another

historic victory. One thing that

does elude him is the world number

one ranking. Something Rafael Nadal

is not going to give away lightly.

The Spaniard brushed away Richard

Gasquet. To more finance and a

rocky ride on the markets.

That's right. It's been a volatile

night. European stocks have been hammered, but Wall Street fared

better, creeping into positive

territory throughout the night.

With the latest from New York, I'm

joined by Alexis Christoforous. Hi.

Positive news on the jobs inflation,

but losses from two of the big

banks. Yes, it's really been a tug banks. Yes, it's really been a tug

of war today between some good and

bad economic news. First, the good

news. We saw that inflation eased

last month. We also have oil prices last month. We also have oil prices

continuing to slide here which is

good news for consumers getting

battered by high prices. Crude is

now below $70 a barrel. And also,

we saw a number that's very

important for us here on Wall

Street on weekly jobless claims.

The number of people applying for unemployment benefits fell a little

bit last week. It's still high, but

the fact that the number fell a little

little bit was positive. On the bad

side of things though, we saw that side of things though, we saw that manufacturing across the country manufacturing across the country

declined by the sharpest drop declined by the sharpest drop in

34 years. So again, recession fears

continuing here on Wall Street.

And it's been a dismal day across

Europe? It has indeed. The market

really didn't get much direction

there. The FTSE 100 tumbling once

again. Another black day for the

markets there. It was travel

companies that fared the worst and

we're hoping with the DOW up

better than 200, it can help Asia

and Europe rise and give them a reason to rally.

Thank you.

The car manufacturers -- sorry,

Ford manufacturing is set to axe a

further 450 workers. It comes on top of 350 job cuts already flagged.

The car giant calling victim to

higher fuel costs and preferrences,

moving away from large cars. It

will ensure that we can operate

profitably and effectively profitably and effectively and

efficiently as we move forward. The

jobs will go by the end of the year.

The battle for control of Rio Tinto

has taken a twist. It's been

revealed China could lose its stake

in the mining giant due to the

collapse of Lehmo brothers. It's

understood that Chinal co's stake

is held in Hong Kong. Liquidators

could decide that it is no

different to other creditors in

which case, it could be sold.

Taking a brief look at the markets:

Here's the forecast for the next

couple of days:

A British couple jailed for having sex

sex on a beach. Details when the

early news returns. I call them deep-set wrinkles.

Enriched with Pro-Retinol A and Fibro-Plastyl. Now, even close up, my wrinkles appear reduced, and my face looks softer. Ready for your close-up?

This program is captioned live. Our

headlines this morning - another volatile night on global volatile night on global markets.

Wall Street fluctuating, while

European stocks while European stocks while consistent were suffering heavy losses.

Prime Minister Kevin Rudd calls an emergency emergency meeting with business

leaders in Sydney to discuss the financial turmoil.

And a British couple jailed for

three months for having sex on a beach in Dubai.

Checking the weather briefly:

it's been a volatile night on the

world financial markents. Wall Street has fluctuated after

opening in the red. The DOW is up

100 points, but it's been another

bleak night in Europe where stocks

have plunged more than 4%.

Wall Street is grasping at any

whiff of good news, and this

morning's reading on inflation was

enough to at least slow the

ununraveling in the stock market.

Prices at the consumer level

remained flat last Monday which was a welcome surprise. The a welcome surprise. The latest

reading on unemployment was also a

bit better than forecast. New

claims for jobless benefits dropped

by 16,000 last week. Those are

positive signs. But even the

Federal Reserve warns the Federal Reserve warns the economy

will continue to stumble. A tough

assessment, but traders say it's

better than pretending everything

is OK. You keep standing on the

side of the 'Titanic' and saying,

yes, I know your feet are wet but

nothing is wrong. What traders

want to see is a breakthrough in

the credit markets, with you with the Government injecting billions

into the banking systems, it's not

easier to borrow money. Without

loans, businesses and consumers

can spend money, which means the

economy can't bounce back. The US

banking system continues to

haemorrhage. Citigroup having

losses of $2.8, bringing the total

losses for Citigroup to $28 billion.

And we'll have a chat to Commsec in

a moment for the latest on the markets.

Prime Minister Kevin Rudd has

called another emergency summit of Prime Minister Kevin Rudd has

Australia's business chiefs. It

will be held in Sydney today. Mr

Rudd will hold talks with 100

business and industry leaders on

how to sofpten the blow from the

looming global recession. The

Government remains determined to

act and act decisively whenever

necessary to respond to the

challenges which now present itself

to the Australian economy for the

future. Kevin Rudd will also appear

in a TV special on Sunday night to

give Australians advice on their

financial problems.

More Australians will be exempt

from the Medicare levy sur charge

after the Senate passed the Rudd

without private health cover will Government's Medicare Bill. People

avoid the tax if their income is

under $70,000 for individuals and

less than $140,000 for couples.

It's estimated almost half a

million people could desert private

health insurers as a result. There

is no question that premiums will

have to go up. The Opposition says

that it's bad policy which will put

pressure on the public hospital slment

A British couple got more than they bargained for after being bargained for after being caught

having sex on a beach in having sex on a beach in Dubai.

They were sentenced to three

months jail for breaking the strict

Islamic laws.

Dubai sells itself as the place

where Islam meets the West. There

are 100,000 Britons enjoying the

high life under the high life under the skyscrapers,

but it is a Muslim city, and when

night falls they can't lose sight

of this. Michelle Palmer and Vince

Acor learnt the lesson the hard way

today. Shamed and jailed for three

months. The couple met at a bubbly

brunch in a five star hotel,

they're quite an institution here.

?50 buys you all the champagne you

can drink. They had a long day at

the bar and then in the early hours,

they came to this beach to take

their new found friendship to the

next level. They were interrupted

by a policeman. He asked them to

stop and leave but they ignored

him. A moment of madness perhaps,

but also a total disregard for the

culture they were living in. The

couple denied indecency, but admitted being drunk in public.

Their lawyers say they will appeal.

But no matter the outcome, their

reputations and their lives here are in tatters.

Barack Obama and John McCain have

returned to the came pain trail

after their crucial final debate.

-- campaign trail after their

crucial final debate. The campaign

issues with a plumber from Ohio the

surprising focus. What you want to

do with Joe the plumber. The

conversation I had with Joe the

plumber. I'm glad I could be used

to get the point across and make

Americans go out and have issues.

Joe the plumber has become a

metaphor for people suffering hard economic times.

He's been described as a hero of

women, and now Ian Frazer has

received the nation's hop science

honour for his cervical cancer

vaccine. Professor Frazer was

awarded the Prime Minister's Prize

for Science overnight. That's

really what science is all about.

Delivering something to the community that would not overwise

be available, helping to solve a

problem. About 80% of Australia's

secondary school girls have been

kpwiveen the vaccine, Gardasil.

-- given the vaccine, Gardasil.

Hawthorn has ended the ruemours surrounding Shane Crawford's

playing future. The club has

announced he's set to play on announced he's set to play on next year.

It's the piece of bling that extended Crawford's career to 18

seasons. That's what I'm talking

about. The 34-year-old announcing

he's set to play on, but it's

expected the Number 9 jumper won't

grace the field for the full season.

The Hawk set to nurse the 305

veteran through 2009. The news not

so good for Ryan O'Keefe whose

playing future remains up in the

air. The out of contract Swan will

know next week if his wish of

returning to Victoria is granted. I

tried to get the job done through

the trades, but they didn't get

something for me. So yeah, if I was

to walk out of Sydney and then not getting anything for me, then I

suppose it is something that I

would feel a little bit bad about.

North Melbourne Brent Harvey has

been handed the captaincy for been handed the captaincy for the

upcoming international rules series

against Ireland. When they gave me

the opportunity to be captain, I

jumped at it and it is a huge jumped at it and it is a huge

privilege and honour and something

I'll never forget. The first Test

kicks off in Perth next Friday night.

Cricket, and Australia's bowling stocks will be stretched even

further in the second Test against India

India starting later today. Stuart

Clarke has withdrawn now. The fast

bowler has failed to overcome bowler has failed to overcome an

elbow injury he got in the first

Test. He's replaced by Peter

Siddle who is the third debuddant in

Siddle who is the third debuddant in

as many matches. It's been a long as many matches. It's been a

road and I had a few injuries over

the time and haven't played a lot of first class cricket. But yeah,

hopefully I can do what I've been doing back home and hopefully that can go well for Australia. It

wasn't the best start for the

Victorian. He was nearly left

behind at the hotel when the team

departed for training.

Australia's casey Stoner confirmed

that he'll have surgery on his

wrist at the end of the season.

He's currently preparing for the He's currently preparing for the

Malaysian Grand Prix. He'll go

under the knife next weekend after the final race in Spain. The injury

occurred five years ago but never

fuely healed. Stoner believes it

will help him get the title back

from the current champion, Valentino Rossi.

It's been a mixed night on the

financial markets. With the

details, we go to Commsec. What's

the latest from Wall Street?

Stocks are rallying and the Dow

Jones is currently up 2.5%. The

broader markets also up 2.5% while broader markets also up 2.5% while

the maze dak has climbed 3%. the maze dak has climbed 3%. Inflation figures are better than

expected and investors are

welcoming that news and disregarding the negative numbers

overnight. Over in Europe, stocks

were heavily sold off. London's

FTSE fell by 5.3%. There were heavy losses across Europe as investors again worried about the possible again

recession. And what's expected on

the local market today? Well, with

US stocks expected to close in

positive territory, it is looking

like a strong start for the market.

The Futures index is looking at a

gain of 173 points or 4.3%. However,

resource stocks are expected to be sold off after commodities fell

heavily. Oil has fallen by 7.5% and

is now at $75 a barrel. And base

metal prices have fallen sharply in

London overnight so we could see London overnight so we could see

the resource stocks heavily sold

off like we saw yesterday.

And briefly in other news, Citigroup

Citigroup has reported a $2.8

billion loss. It's the banking

giant's fourth straight quarterly

loss but was smaller than expected.

Merrill Lynch has posted its fifth

straight quarterly loss of $5.2

billion. And Chinalco could lose

its 9% stake in Rio Tinto due to

the collapse of Lehmann Brothers.

Friday's national weather now:

this morning's newspaper headlines

now, the 'Age' reports Australian superannuation funds may be unlocked for infrastructure

projects to protect the economy

against the market beltdown.

Business day says Fort skew metals

have been renegotiating its iron

roar. The 'Herald Sun' says the roar. The 'Herald Sun' says the

Magpies are not talking to Ben Cousins.

Sarah Murdoch walks the red carpet

for a good cause. Details next. with your local news, GOOD MORNING, Katy Roberts claims Chubb Security wants The Transport Workers Union to lock its armoured car drivers OUT of the Canberra depot this morning. The union says the company has applied to the Industrial Relations Commission, to lock the

drivers out for a week, starting today. It comes after the drivers reportedly stopped following company orders. company orders. The Labor Party has DENIED claims it's going to bring in pay parking at the Mawson shops on Canberra's southside. The Liberals claim the government will need to introduce it, to pay for a new park-and-ride facility in the suburb. The government HAS admitted pay parking will probably

be extended in Woden, to include the park-and-ride spaces there. Raiders player Bronx Goodwin will find out his fate today, when the club discusses yesterday's court ruling on his assault charges. Goodwin's been placed on a good behaviour order for punching two men outside Canberra pub, All Bar Nun in July. AND the Inter-city Challenge Cup has returned to the local soccer calendar, with Canberra sides playing Illawarra on Saturday. The two cities are currently battling it out for the last spot in the expanded A-league for the 2010-11 season.

The main game will kick off at 3 o'clock at the Tradies in Hawker, with the Youth sides playing at 1pm. TO THE SATELLITE...And it'll be clear over the west and south of the state today under a broad region of high pressure. Looking across the nation: Melbourne fine for 25 today, Perth partly cloudy, and clear skies for most other capital cities ... Looking a bit closer to home now...And a warm day

in Dubbo...25 the top, 23 in Wollongong and getting all the way up to 27 degrees in Wagga.

Staying inland and it's up to 22 in Bathurst...and blowing a gale in Perisher...a top of 13. The sun's out in Mudgee with a top of 24, a cold start in Cooma but getting to 24 degrees.

Looking ahead now... And it looks like being a cracking

weekend in the capital ...tops of 25 and 29 on Saturday and Sunday ...but a chance of a shower going back to work on Monday.

This program is captioned live.

This is Ten News. Today's stories -

Prime Minister Kevin Rudd to hold

an emergency summit with business

leaders in Sydney to discuss the

ongoing financial crisis.

But a rebound on Wall Street - the

DOW up more than 2030 points. European markets however closed

heavily in the red.

And she was the first monarch to

send an e-mail. Now, Queen

Elizabeth masters YouTube during a

visit to Google headquarters. Now

But first, the Prime Minister has But first, the Prime Minister has called an urgent summit with

business leaders to plot a course

through the economic crisis. The

global market looks set for a

positive day with Wall Street

climbing back into the black. Straight talking in sobering times.

The Government remains determined

to act and act decisively whenever

necessary to respond to the

challenges which now present itself

to the Australian economy for the

faur. That pledge will see faur. That pledge will see the Prime Minister meet with 100

business leaders at a summit in

Sydney today. He and the Treasurer Sydney today. He and the Treasurer

will seek industry's ideas on how

to deal with the maelstrom. The ASX

taking a battering again. It wiped

away $86 billion. Commodities were

down more ominously. Rio Tinto shed

$12. You know, nobody likes to see

their personal wealth fall when

getting up in the morning and getting up in the morning and

working for money and then all of a

sudden seeing it disappear. And

it's been a dumpy night on European

and US markets as talk of a recession swirls through Wall

Street. The economy is going down

fast. What we have to real ietz

here is that we're about to go into

a recession that could be 18-24

months long. Unfortunately, we are

staring vertically into recession.

It has arrived. Well, Wall Street

has rallied overnight after yesterday's record losses. With the

latest from New York, I'm latest from New York, I'm joined

by Alexis Christoforous. Good news

on jobs and inflation. Not so good

news for two of the big banks?

That's right, Bill. Citigroup and

Merrill Lynch out with

disappointing earnings, but Wall

Street was pretty much prepared

for that. Both of the stocks

selling off deeply today, even

though stocks overall are rallying.

Citigroup lost $2.8 billion last

quarter and says mortgages and

credit card defaults are rising.

In fact, the bad loans could reach

a record high. And Merrill Lynch

which recently headed into an

agreement with Bank of America to

be bought out lost more than $5

billion last quarter, more than

double what analysts were expecting

and all of this because of the

credit crisis. But you mentioned a

couple of good things. Inflation is

easing a little bit. And we also

saw the number of unemployment

claims drop just a bit last claims drop just a bit last week.

But on the down side,

manufacturing across this country

fell sharply last month. It's

biggest drop in 34 years. So,

there's sort of a tug of war

between good and bad news. Let's

not forget oil is below US $70 a

barrel for the first time in a year.

But even though, the DOW is up. I

think a lot of it is bargain

hunting. Europe is not in sync with

the US. It's been a dismal day? It

was, Paris and London and Germany

all down about 3.5% to 6%. But maybe the rally here might

influence trading overnight there.

We could maybe see a better day globally.

Alexis Christoforous, thank you for that.

Ellesa will be back in a moment

with the rest of the day's finance news.

Billions of dollars in super could

be unlocked and invested in major

projects to protect the economy

from the global downturn. The

Federal Government has spoken with

the heads of super funds about the

prospect of funnelling money into

nation building projects to offer

commercial returns. The Government

says it could fund projects if

credit is short and the economy

needs a further boost.

500,000 million Australians are

expected to abandon private health

insurance following an increase to

the Medicare levy threshold. The

Opposition says it is still bad

Despite the economic gloom, Kevin Rudd found something to smile about after his government's Medicare bill survived a vote in the upper house.

The breakthrough was brokered by the Greens, who brought Independent Nick Xenophon back to the negotiating table. It's a question of getting that balance right between giving people a tax cut and not putting undue pressure on private health insurance premiums. It means singles on incomes of less than $70,000

and couples on less than $140,000 having private health cover. 250,000 Australians will receive these immediate tax cuts and for many it will be $1,200 and $1,300 for working families - very much needed at this time. Treasury estimates 492,000 people

will desert private health funds as a result of the changes. There is no question that premiums will have to go up. It was bad policy when it was first proposed and it is bad policy today. Lifting the Medicare levy thresholds is expected to save the Government $380 million in revenue, money it would otherwise have spent on private health insurance rebates. Murray McCloskey, Ten News.

The family of Britt Lapthorne will

begin their journey home today from

Croatia with the 21-year-old's body.

Before leaving, they paid tribute

to Britt, scattering white pettals o

the sea to mark the spot where her

body was found off the coast of

Dubrovnik. Her father Dale, older

brother Darren and boyfriend Simon

Imberger are due to arrive back in

Melbourne on Sunday night. A

private funeral will also be held

once the Victorian coroner has carried out a second postmortem on Britt's body.

A British couple has been

sentenced to three months jail for having sex on a beach in Dubai. 37-year-old Michelle Palmer and 34-year-old Vince Acor were arrested in years if you play for four points overseas. A company owned by Australian golfing great Peter Thompson is building the Thompson is building the oveallys. Trainer David Hayes has been forced to scratch Kibbutz from the Caulfield Cup. That's welcome news for Danny O'Brien who now has three horses in the race after Barbicus was promoted to the field. He

believes that Master O'Reilly is still his best hope. His preparation has been exactly what I

wanted and leaves a bit more,

hopefully a bit more petrol in the

tank for the Cox plate and the

Melbourne Cup. Weekend Hussler is

still the firm favourite to take

out the $2.5 million race.

Another milestone for Roger Federer.

He's now officially the world's

richest tennis player. The Swiss

master moved into the

quarterfinals of the Madrid Masters

with a straight sets win this

morning. By doing that, he goes ahead

ahead of Pete Sampras on the ahead of Pete Sampras on the all

time money list. He's now won more

than $66.56 than $66.56 million.

COMMENTATOR: What a point.

Brilliant stuff. Well, he was the

world number one, but you could

forgive that error. Federer is

still chasing Rafael Nadal for the

prized end of season ranking. It's

not going to be easy. The Spaniard

brushed aside Richard Gasquet for

his place in the quarter e finals

and he will secure number one if he

makes the final.

Back to finance and the economic

downturn is hitting the car stpri now.

The Federal Government is

promising unprecedented action to

try to save Australia's ailing car

industry. But it's too late to save

the 450 jobs Ford has announced

it's axing in Victoria.

Ford jobs are the latest to be

swallowed up by the severe journ

turn plaguing the car -- downturn

plaguing the car manufacturing

place. They can stick it up their arse.

arse. 450 employees across twop

plants are being offered voluntary

rebundancey. Economic turmoil and a

slump in large car sales are being

blamed. This is the right course

of action that will ensure that we

can operate profitably. Several south Australian manufacturers are also signalling they're in trouble, with Holden reducing its with Holden reducing its production. The Federal Government

is planning to release a much hyped

rescue plan for the sector within weeks.

The battle for control of Rio Tinto The battle for control of Rio Tinto

has taken another twist. It's been

revealed China could lose its stake

in the mining giant due to the

collapse of investment bank Lehmann

Brothers. It's understood

Chinalco's stake is being held by

Lehmann Brothers in a custodial

holding account in Hong Kong. holding account in Hong Kong.

Liquidators could decide that it

is no different to any other

creditors in which case it would be sold.

To the finance figures in detail

and the Dow Jones is up 367 points

and the NASDAQ up 81. The FTSE fell

281 points and Germany's DAX slid 239.

And that's finance news for today.

Thank you. She has her own website

and send e-mails to her

grandchildren, but Her Majesty the

Queen has now gone deeper into

cyberspace. During a visit to

Google headquarters.

No-one could ever accuse Her

Majesty of being stuck in the past

as she stepped up to upload the

latest video on YouTube. To celebrate

celebrate the visit, her own image

has been imprinted on the company logo for today.

Through out her reign, the Queen

has kept up with the times. That

it's possible for some of you to

see me today is just another

example of the speed at which example of the speed at which

things are changing all around us.

That was 1957, the first televised

Christmas speech. Now also

available on the Internet.

She's become the first monarch to

have a dedicated channel on

YouTube, and she's no stranger to

the technology. Known to be the technology. Known to be regularly in contact with her

grandchildren via e-mail, she was

naturally delighted to meet these

youngsters who had won youngsters who had won a

competition to design new pages. At

the age of 82, the silver surfer

has certainly embraced the digital age.

Well, here's the weather forecast

for the next couple of days now:

Recapping this morning's top stories Recapping this morning's top stories

- a rally on Wall Street. The DOW

is up more than 4% but European

stocks suffer heavy losses.

And Prime Minister Kevin Rudd calls

an emergency meeting with business

leaders in Sydney to discuss the

financial turmoil.

And that's it for Ten News. I'll be

back at 11:00. Good morning.

Australia www.redbeemedia.com.au Supertext Captions by Red Bee Media