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The Business -

View in ParlView

(generated from captions) dropped. Central Melbourne

ground to a halt today, pausing

to pay tribute to Jim Stynes.

The football champion and

humanitarian was honoured with

a state funeral at St Paul's

Cathedral. 1,200 mourners

attended the service. As Guy

Stayner reports, thousands more

were watching outside at

Federation Square to honour a

remarkable life. For a man who proved so hard

proved so hard to stop in life,

it seemed fitting Jim Stynes'

death brought Melbourne to a

standstill. While dignitaries

and AFL identities were among

the 1,200 mourners, thousands more gathered outside St Paul's Cathedral to hear the moving

service. Big Jimmy would have

loved this. He thrived on a big

crowd. If he was here, he

would have us all standing up,

waving our hands above our hand

and singing and turning to the person next to you and giving

them hugs and shoulder

massages. He would have loved

the courage his wife displayed

honouring his request to read a

people for their children. Do

not stand at my grave and cry.

I am not there. I did not die.

But tears were not never far

from the surface. There he was

an inspiration to us all and we

could not have a better son,

brother and uncle. I tried

following in his footsteps but

they were always too big. I

will miss you, Styneser, my

brother and my best friend.

The service celebrated a

remarkable life. The Irish

immigrant who crossed the globe

to play Australian rules and

became the game's best player,

setting records that may never be broken.

be broken. Jim was adamant

that he battled with cancer was

going to be public. Because he

wanted to draw light on the

fact that there are many people

struggling with all types of

illnesses, and their lives are

just as important and as noble

as his was. Ironically, it was

Stynes' selfless attitude that

made his life special. In

Foundation establishing the Reach

Foundation for disaffected

youth, Jim Stynes proved much

more than a footballer. You

are my business partner, my

teacher, my guardian and my

best friend. We all want to

be like Jim. You were a warrior

poet, who was ahead of his time,

time, and your legacy gives us

all the greatest code to try

and live our lives by. His Irish and Australian heritage

was feature. As grand old

flags around the state flew at

half mast. The Federation Square

Square crowd spontaneously gave

him three cheers - twice.

Melbourne players formed a

guard of honour for for the

cortege that took Stynes on a

final journey past the MCG. His

ashes will be taken to Ireland.

Now to the weather. Showers

for Brisbane, Sydney and

Canberra. Mostly sunny in

Melbourne, Adelaide and Perth.

Becoming cloudy in Hobart. A

shower or storm for Darwin.

That's all from us. If you

would like to look back at tonight's interview with Sam

Coates or review any Lateline

stories or transcript, visit

our website. You can follow us

on Twitter or Facebook. The

'The Business' is coming up

Jones will be here tomorrow and with Ticky Fullerton, Tony

I'll seen you again on Friday.

Goodnight. Closed Captions by CSI. Fullerton This Program is Captioned

Live. Tonight, America's top

Reserve chairman Ben Bernanke banker won't be turned. Federal

makes no apology, he is keeping rates down to get employment

up. I think until we see a

significant move lower in US unemployment, and that might be

as low as 7 or

as low as 7 or even 6%, Ben

Bernanke will continue to man

those pumps. I'm Ticky

The Business. Fullerton, and you're watching

This Program is Captioned

Live. Ground Zero, that's

where US interest rates are staying as the

staying as the Fed chief goes

for growing. Ben Bernanke says

he's all about driving jobs, as

he keeps his foot on the gas.

Nufarm shares take a beating

but the chemical company is

confident it is a growing

business. And grappling with

social media, finding customers

on Facebook, turning tweets

into profit. First a quick

look at the markets. Things

were looking up across the

region after the Fed chief's

comments. The All Ords were

slightly up, the Nikkei took a

small jump and Hong Kong's Hang

Seng moved up. The US economy

may be improving but it won't

be off life support for some

time. Despite America's

falling unemployment rate, Federal Reserve chairman Ben

Bernanke has signalled the hard

work will only get harder so

the economy will need to help.

In what might be considered a

perverse response, financial

markets rejoiced at the thought

of more stimulus. America's

obscenely long unemployment

lines are getting shorter. We

are getting a quarter of a

million jobs created every

month on average. Back three or

four years they were losing

750,000 jobs a month, so they

have come a long way.

America's most powerful banker

is a long way from declaring

victory. The better job

numbers seem out of sync with

the overall pace of economic

expansion. The fed chief says

we are seeing the unwinding of

the chronic job losses from the

financial crisis three years dechtion of the global

ago. Getting beyond that will

be tougher as the government

Further starts reining in debt.

improvements in the Further significant

unemployment rate will likely

require a more rapid expansion

of production and demand from

consumers and businesses, a

process that can be supported

by continued accommodative

policies. The suggestion that

the central bank will continue

to support growth was enough to

temporarily remove concerns

about China's slowing economy.

Markets around the region were

up, with toke joy rising more

than 2% to its highest level in

8 months. I am puzzled about

the market Reiss on, that the

equity markets rallied so much

on a comment from the most

important central banker in the

world saying we are still

pretty sick and might need more

medicine. Some see it as a

get a slow recovery at the same win-win for investors. If we

time as plenty of stimulus,

time as plenty of stimulus,

that's a reason to she share

markets and other risky

investments like the Australian

dollar and gold to go higher.

Will plenty of stimulus in the

form of zero interest rates and

money printing be forthcoming?

Until we see a significant move

lower in US unemployment, as

low as 7 or 6%, better than

expected Bern will continue to

map the pups. If there

map the pups. If there is was

evidence the US economy was

falling back into recession,

they would do more quantitative

easing, but we do not think

that is likely. Perhaps those hoping for more stimulus should

be careful what they wish for.

Of There is a dire warning on

the economic crisis in the

European Union. In a report

released a short time ago in

Paris, the Organisation for Economic Cooperation and

Development says the EU economy

remains in a serious downturn,

remains in a serious downturn, and says the economy will

contract in the short term and

long-term growth prospect

remain dim. The crisis has left

many countries with weak

banking sills, poor public

finances and high rates of

unemployment. Among a raft of recommendation, it urges more

investment in skills, education

and labour market reform to

offset growing inequality and

social unrest. To stocks,

social unrest. To stocks, agricultural chemicals make

Nufarm has struggled to hit on

the right formula. Its shares

fell 5% today despite half year

earnings leaping by more than

300%. Investors seem

unconvinced that Nufarm has

finally put the problems of the

last few years behind it.

Poor weather conditions for

farmers and a narrowly focused

product mix have contributed to

a tough time for Nufarm in

recent years. The weather has

improved, so has the product

mix, which is why chief executive Doug Rathbone is

confident about the outlook.

We have a good season in

Australia, a good spring

starting in the US and Canada,

Brazil has had a good season,

the selling season is largely

done. Nufarm has operations in

more than 100 countries and

gets more than 60% of its

revenue from overseas. The

revenue was down 4% to 863

million dollars, net profit was

$18 million, compared to $4

million last time. This is

more a comforting result rather

than anything to get overly

excited about. If you have been

a long-term shareholder in

Nufarm, you probably have some

confidence that they seem to be

stable eyesing at the moment. A process that is

A process that is not being

helped by the high Australian

dollar. However, Doug Rathbone

says because Nufarm operates in

so many countries, the impact

of the dollar on Australian

exports is minimised. We have

three plants in Europe

manufacturing, and they export

about 70% of what they produce

to the USA, Brazil, Canada,

some to here, and that exchange

rate is helping us. While the

weather in Australia has been good

good for Nufarm in terms of

drought breaking rain, there

was a downside. Particularly

on the east coast, the weather

was unseasonally cool this

summer, keeping insects and

fungal disease in check.

Fungicide sales were down

approximately 20% year on year

and gross margin was slightly

down. Disease pressure in the

key southern hemisphere markets

key southern hemisphere markets

which drives first half

fungicide sales waltion not as

strong as last year. While

Nufarm is bullish about the

Australian and American

markets, it is taking a

different approach in Europe.

We are cautious in the Mediterranean regions where the

GFC has hit the hardest. We see

a lot of cooperatives in Europe

strong and will perform well,

particularly so in Germany, East Germany,

East Germany, Romania, Hungary,

Poland, those sorts of

countries. We see that as

functioning well. For Nufarm

shores, one of the best pieces

of news from the profit result

was the reinstatement of a

dividend, albeit a small one,

at 3 c a share fully franked.

Which now means that the

company is somewhat believes

that the worst tiles are behind

it, it is comfortable giving

away 30% of profits

away 30% of profits to shareholders, and shareholders

may take some faith that

possibly the debt issues of the

recent past are now behind it.

They didn't, though. With

Nufarm shares finishing the day

down 3%., The world's leading

technology company Apple has

incurred the wrath of

Australian's competition

watchdog. The ACCC will head to

the Federal Court tomorrow

alleging that Apple's recent promotion of

promotion of the new iPad with

wi-fi plus 4G is misleading.

The regulator says contrary to

Apple's advertising, device

cannot connect to high speed 4G

mobile networks using an SIM

card. The ACCC wants urgent

action, making sure consumers

are aware of the abilities of

the tablet and wants Apple to

the tablet and wants Apple to finance corrective advertising

and refunds to customers. WA's

Argyle diamond mine could be

put up for sale after Rio Tinto

announced it is reviewing its

diamond operations worldwide.

While lucrative, the diamond

industry is small and the

company is deciding whether to

focus on the much bigger and

more profitable iron ore and

copper operations. It appears

the diamond industry is losing

some of its

some of its sparkle. Just

months after BPH Billiton

announced it was selling its

Canadian diamond mine, Rio

Tinto told the stock exchange

it is reviewing its diamond

business. Rio Tinto operates

mines in Canada and Africa, as

well as the Argyle mine in

Western Australia, home to the

rare pink diamond. It is

estimated those three mines

combined are worth about $1.2

billion. Those are world class

assets and I do not think there

would be any shortage of buyers

looking to acquire them. I

guess top of the list would be

a group like De Beeres, which

has an extensive history in

diamond. According to

analysts, it is not a big

surprise that Rio Tinto is reassessing diamonds. Last

year, low production and high

costs meant earnings slumped by

86%. Analysts say the miner is

focussing on its more

profitable larger scale

commodities of iron ore and

copper. They are looking at

where they spend their dollars

and for every dollar they spend

in the diamond business, the

returns are nearly as high as

what they could be generating

from the iron ore business. It

is just a simple numbers game.

Rio Tinto's shire price increased slightly following

the announcement. Optimism

ruled on the local market,

finishing 1% higher following a

surge in Wall Street overnight.

I spoke to Marcus Padley from

Patersons Securities a little

earlier. A solid enough

session but not matching Wall

Street's lead or other Asian

markets. We did okay, up 39,

the high today was up 46, so it

held up. We closed at 4301 on

the ASX 200, with a lot of

trouble getting through the

resistance band at 4 300, 4

400, and we need to get through

that before we can target

5,000. The notable thing over

the last month or so is that

since the Greek bail-out, all

of Europe has disappeared out

of the headlines, and we are

of the headlines, and we are a

bit dead in the water, and

directionless. Really looking

for a break above 4,300, we are

1 point above it today. To

stocks, Leighton Holdings is

into a trading halt pending a

revision to its earns guidance

- not again, surely? It looks

like again. Of course, the fun bit

bit with Leightons is that they

have been find $300,000, which

is hardly relevant, by ASIC for

their profits warning last

year, where they gave guidance

and then had a $900 million

swing in the next month or so,

and were fined for that. Here

they are, now acutely sensitive

to continuous disclosure

requirements, and they have

made a forecast for this year

of $600 million to $650 million. The problem seems to

be the same thing as airport

link in Brisbane, which cost

them $430-odd million in April

last year, in writedowns. We

will see what the writedown is.

It is in a trading halt and

will stay there until Thursday

morning. Diamonds might not be

forever at Rio Tinto. You have

stolen everyone's

stolen everyone's line. Diamond

are not forever at Rio Tinto.

They are doing a strategic are

view of the diamond business,

which lost $76 million last

year, against profits of

billions in the minerals group.

They have a glowing outlook for

diamond, because they are

probably about to sell it.

Maybe we will get a diamond

share or they will sell it to

somebody, but it looks like it

is on the table. We will keep

an eye on that one. Rio Tinto

announced the completion of its

$7 billion share buyback. What

has that done to the stock? It is not is not really in the Australian

stock. It was a buyback in the

UK stock, in the PLC stock. It

hasn't really impacted here. We

will see if they introduce

another one. How

another one. How has QR

National fared following the

new Queensland Government's

plan to sell $3 billion worth

of its stock? It is a bit

unfazed, to didn't take it

particularly well early on, but

this is not new news. The Queensland Government said when

they floated it, they would

keep the rest of the stock for

two years. They floated it in

September 2010, so it is coming

up to September 2012 and it was

on the cards anyway. Investment

bap kers would have been all

over them trying to get them to

sell it. They have $85 billion

of debt and just the change of government causes some conversation, but I do not

think it is really new news.

Marcus Padley, thank you for

joining us. To the other

major movers on the local share

market, oil and gas producer beach energy went into a

trading halt to announce a $345

million capital raising.

Billabong was the star

performer, Macquarie Group up,

and a thumbs down to Oz

Minerals as it withdrew from the Romanian gold mine

auction. To currency markets,

the Australian dollar is slower

against the world's major currencies.

In New York, oil has dipped

slightly but remains at just

over US$107 a barrel. The price

of spot gold has moved closer

to $1,700 US an ounce.

Just how social are you?

Should you and your business be

more social? As many of us grapple with the opportunity

and pitfalls of social media,

an inforum conference in Sydney

drew a large gathering of wanna be groundswell experts. I

caught up with one of the

gurus, Laurel Papworth, named

this year by 'Forbes' magazine

in the top 50 social media influencers globally. Her clients include the Singapore

Government, Westpac, Sony and

Australian Government. She is

the CEO of The Community Crew,

managing massive gaming and

online communities. Laurel

Papworth, welcome to the

program. Hello. The

statistics are quite reveal,

75% of businesses do not think

social media brings value. Why

aren't more businesses able to

harness social media? The big

issue for social media is the

term social media. When we talk

to businesses about social

media, it implies party media,

thinking about parties,

tweeting their lunch,

Facebooking about where they

are going to the weekend. are going to the weekend. But

social means society, so it

means colleagues, vendors, competitors, future client,

past employees, the whole seat.

One of the issues is with the

term social media. Some big

businesses have had spectacular

success stories, Ford's entry

into the US and 25% of sales

from Telecom from referralals.

Is that clever thinking or is

it only for some companies?

Social media suits any type of

company that has clients. One

of the main things with social

media is to ensure your

customer is satisfied, so they

tell other potential customers.

You are not broadcasting

Ortizing to each person

directly, you are asking a

customer to give a referral, to

tweet about what they bought

and Facebook about a served they purchased and how happy

they were with it. The

important thing with any

business looking to come into

social poo media is that their customers are happy and will

talk about them. There have

been the big Boo-boos, Coles

with its Twitter, in my house

it's a crime not to, and they

ended up getting, a crime not

to buy locally, and bet out a

message saying, it's a crime

not to finish a sentence, and

that wasn't meant for Twitter.

Does that strategy work,

because you are under the eyes

of the groundswell? You are.

If you end up causing a

firestorm online, to be mindful

of how you approach the

firestorm. There are about

eight different options you

have with dealing with negative

criticism on Twitter and

Facebook. Humour is one. I

liked it when Qantas luxury

blue up, what is Qantas luxury,

it is planes that leave on time

with Australian pilots, the

prize was a pair of pyjamas, so

Qantas put up a pair of the

offending pyjamas, they called

it and used a light touch in

response. It is important to understand why the ground swell

is there, not just necessarily

because people are mucking

around but because there are

some real social issues they

are trying to address by fighting back against the

brand. People talk about the

demise of marketing and the

customer owning the brand. Do

you think social media is a

panacea for marketing or out to

destroy it? The market is

under fire in all sorts of ways

but not due to the customer

opening the brand. The customer

does not line up to speak to

marketing in an office, they

line up to speak to customer

service we are looking at

social customer service and

unless marketing can answer

questions like, what's wrong

with my router, how do I get a

return on this dress, marking

tends not to do that one-on-one customer service or have that

information, they are going to

struggle to engage with

customers who want to ask

questions about products and

services the company provides.

There are the tensions between

the marketing department and

the PR department. Who should

control social media? I would

say at this point in time we

are really looking at most

companies shifting their

Twitter accounts out of

marketing and PR and pushing

them to customer service,

because that is what the

customer wants. I look back to

the early days of email. In 1995, companies had one

computer connected to email, somebody would print occupant

the emails and distribute them

around the building, so only

one person had control of the

email account. Of course, today

everybody has an email account.

I expect that in the future

everyone will have a social

media account, everyone will

connect with their part of the

business, the accountant will

connect with other accountants,

the company lawyer will connect

with other lawyers, customer

service will connect with

customer. We will see social

media integrated across the

whole enterprise. You think social media could be

revolutionary in peer to peer

banging. What does that mean?

Peer to peer banking is where

you go to the social network

and ask for a loan for, say,

$100,000, but instead of one

person or a small group putting

up $100,000, everybody you know

puts up $1 and asks all the

people they know, and

advertises them to their social

network for them to put up

dollar. You see potentials

around fundraising and peer to

peer banking, where I can ask

for a loan on Facebook of

$8,000 or $10,000 and

collaboratively raise that

money in some form or another.

What about the security?

Particularly in these sorts of

market, on the funding side?

In a lot of cases of peer to peer banking the banks themselves are no longer

providing a service, they are

providing a platform. By that I

mean you have to put up your

drivers licence, banking

details and all the things to

verify who you are, but the

banks does not take on the

responsibility of the loan, the

social network does and they

decide whether you are a good

or bad Rick, depending on how

can you have been on the

network and what you are asking

for and how much you revealed

about yourself to the social

network. You can see Facebook

with its own currency It has

its own currency, something

called credits. Facebook

credits are being used mostly

in games. For instance, for

farmville and mob wars and

those games. However, you have

been able to buy cinema tickets

using Facebook credits. The

fascinating thing is when you

buy a cinema ticket, for

instance I'm going to the

movies at 5:00pm in John Street

to see The Artist, it will show

up in my news feed and people

have an option to say, like,

share, comment - the typical

Facebook things - or buy. When

they click buy, they use

Facebook credits to buy a tick,

and now it shows up in the news

feed, is a of your friends are

going to see The Artist tonight

at 5:00pm. Now for some back

to earth, environmentalists and farmers in southern Queensland

have lost a legal fight to stop

the development of a massive

open-cut mine in the Surat Xstrata coal mine. The proposed

Basin is projected to turn out

30 million tonnes are coal a

year for the next three decades.

decades. Xstrata coal's

legal team were pleased with

today's judgment. The land

court of Queensland recommended

the Queensland Government

approve the mining leases for

the $2.9 million project.

Today was a big milestone and

the next one is waiting to hear

from the government on their decision, and we hope it will

be favourable. The proposed

open-cut mine west of Wandoan

in the Surat Basin would

produce 30 million tonnes are

coal a year for the next 30

years. Today's judgment

recommended small areas of land

be! Included from the mining

leases. That is expected to

cut the project from 30,000

hectares to about 26,000, but

farmers say that is still too

much. The applicant never

showed that it needed any more

than 11,000 hectares.

Environmentalists had argued

increased greenhouse gas

coal it produces should be emissions from the mine and the

taken into account. The laws

are not coping with the new challenges that climate change

presents. Friends of the Earth

are considering an appeal.

In other stories making

business news, housing developer Stockland has blamed

bank rate rises and bad weather

for a slump in its earning

forecast. Record rains on the

east coast hit residential

satisfies, with more buyers

declaring purchase, despite

heavy discounting. They say

houses should find a floor in

the next 12 months. The rise

of the disloyal bank customer

is driving a big change in

orange banks. Global banking

intelligence specialist RFI

says consumers are switching

banks like never before as they

shop around for better deals. A

quarter of customers Sir Vafd

switched mortgages and loans,

apparently influenced by

government and media

campaigns. China's slowdown is

unlikely to hit the bottom line

of the country's major iron ore

exporters. Last week, BPH

Billiton stated Chinese demand

for iron ore will fall to

single digit growth in 2012 but

Fitch says high grade low cost

producers like BPH Billiton,

Rio Tinto and Fortescue will

still generate good returns

despite the softening in

demand. A look at what's

making business news overseas. The 'Wall Street Journal'

reports on Federal Reserve

chairman Ben Bernanke's

comments that the central

bank's easy money policies are

needed to confront deep

problems in the labour market

and his plan to keep interest

rates low for years. Britain's

'Daily Telegraph' says the Queen' banker Coutts has been

hit with a record fine for

failing to monitor whether

money it was handling was the

proceeds of crime. Coutts was

find ?8.75 million, a record

amount for a money laundering

offence. That's the business,

I'm Ticky Fullerton, thank you

for watching. Goodnight.

Closed Captions by CSI.

White Horse Village in western China. KERRY O'BRIEN: The place is much here in hundreds of years. The way of life hasn't changed on an epic scale. But now, it faces transformation to make way for a major city This village will soon be destroyed and life will change forever.

as you've never seen it before. This is the real China close up Welcome to Four Corners. this will be the Asian century The evidence grows daily that led by the powerhouse that is China. economically at least, We know that Australia's future, is substantially tied to China's. the Chinese miracle is unfolding And we know the basics of how Communist government driven by a centralised with limited capitalism allowed. from the outside What we have little feel for achieving its goals, is just how China goes about is managing the social upheaval how well or badly the government in the process that must inevitably be caused of hundreds of millions of people dramatically changing the lives in a very short time. was clearly evidenced That there is deep concern at the top Chinese Premier Wen Jiabao by the recent speech from retiring

apology to the people of China, which included a startling public in China's economy and society.' quote: 'for the many problems present growing public dissent. He also acknowledged inside the Chinese miracle Tonight, we present a rare glimpse and strains of the people, which explains some of the stresses the relentless government drive but also shows

that will not be denied. had unprecedented access For six years, a BBC team in western China, to this small village into a bustling modern city as it was transformed against the will of many residents. The reporter is Carrie Gracie.

the Chinese Government embarked CARRIE GRACIE: A decade ago, of social engineering. on an ambitious piece The plan was to drive development west to modernise thousands of rural communities. White Horse Village was on the list. After centuries as a rural backwater, it was destined to become a high-rise city in a few short years.

China's power and wealth are concentrated in its coastal megacities. White Horse Village lies a thousand miles inland, in remote Wuxi County. Now the challenge is to bring China's economic success to the hinterland. Xiao Zhang is 32 and she's a rice and pig farmer,

just like her mother before her. She lives on the outskirts of the village with her two children, Yang Yang and Pei Pei. Her husband works in a factory in Beijing, so Xiao Zhang is bringing up her children alone, as well as caring for her in-laws. (Speaks in Chinese language) There's no money to buy food, so she has to grow everything they eat.