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(generated from captions) powerful US senators cold

shoulder. So now he's agreed to

sit down with them. They do

that at the British

ambassador's residence this

evening. Mr Cameron will also

talk to Barack Obama about the

Lockerbie situation and BP.

What sells on the agenda and

what - what else is on the

agenda and what approach will

David Cameron take to this

first official visit? The White

definitely talk about House was saying they will

Lockerbie, that is un avoid

able. There are all these

concerns in America about the circumstances surrounding the

release of the Lockerbie bomber

and whether BP played a role in

this because in 2007 BP was

lobbying for drilling rights in

Libya, very lucrative rights.

BP has of course denied any

circumstance s surroundsing the specific involvement in the

release of the Lockerbie

bomber. Apart from that, they

will talk about BP in general

and what's going on in the Gulf

of Mexico still try ing to

Afghanistan, the global contain this runaway well. In

economy, but in terms of the approach David Cameron will

take it's interesting. He's

written a piece in the 'Wall

Street Journal' where he is

quite unsentiment al about the

alliance. He writes this is a

partnership of choice that

serves our national interests

and that he is hard head and

realistic about US-UK relations

and he says, "I understand that

we are the junior partner." Now

Barack Obama's advisers are saying privately that already

the two men have struck up

something of a rapport, that

they get on well together and

there is a suggestion it's a warmer relationship than Barack

Obama enjoyed with Gordon Brown

it It's just been announced

that an international

conference ka n Kabul has

endorsed a plan of Hamid Karzai to start peace talks with the

Taliban. Is that something

about which David Cameron and

Barack Obama would be

happy? Well, I guess only they

David Cameron - I don't think could answer that. I think

it will be a problem for either

man actually. The in-principle

agreement at this international

conference in Kabul is broadly

in line with certainly British

think ing - David Cameron has

out within five years and flagged he wants British troops

they're talking about 2014 for

this peace deal and for

Afghanistan taking control of

itself and further terms at

this conference. Certain ly

they will be talking about

that. The key thing from the US

perspective is where David

Petraeus is on this because

such is David Petraeus's

political capital is where he

is that's where the

administration will be. Thank you. As we just heard an international conference in

Kabul has backed a plan by the

Afghan President to start Peak

peace talks with the Taliban.

Hamid Karzai also told the conference delegates that

Afghanistan is determined to

take responsibility for its own

security within four years. Representatives from 70

countries have gathered for

historic talks. The United

Nations and the US-led

coalition are call tong Afghan

Government to do more to

improve security and crack down

on corruption. South Asia

correspondent Sally Sara

reports. There hasn't been a

gathering like it in Kabul for

three decades. Delegates around

the world have converged on the

Afghan capital to draw a road

map for the future. Hamid

Karzai is hopeful Afghan's security force s will be ready

to take the lead within four

years. I remain determine that

our Afghan national security force s will be responsible for

all military and law

enforcement operations

throughout our country by 2014. The United States says it

will accelerate the transfer of

responsibility to Afghan forces

when US troops start a gradual

withdrawal this time next year.

The US is also promising

Australian unprecedented

civilian surge to develop the

Afghan economy. The July 2011

date captures both our sense of

urgency and the strength of our

resolve. The transition

process is too important to

push off indefinitely but this

date is the start of a new

phase, not the ends of our

involvement. The UN UN has

concede some f its aid programs

could have been delivered more

effective. Ban Ki-moon is

calling on foreign donors and

the Afghan Government to

improve transparency and

accountability. Just as we are taking greater responsibility

for governance and development,

so must they take greater

responsibility for security as

well. Hamid Karzai wants up to

50% of foreign aid to be

controlled and distributed by

the Afghan Government. NATO is

encouraging a gradual handover

of security and economic

responsibilities. It says that

process can only go ahead when

the condition s are right. We

will not leave the Afghan

people behind. We will never

accept that the Afghan

Government will be overthrown

by extremists. We will never

accept that Taliban once again

will get a safe haven in

Afghanistan. Many donor nations

are caught between domestic

political pressure to get out

of Afghanistan and reluctance

to leave without seeing some

measurable progress. But the

insurgent s are warning they

will fight for as long as it

takes. Al-Qaida's second in

command has released un an

undated Internet message,

goading the US President.

TRANSLATION: Poor Obama comes

to a Kabul and he promises that

Taliban shall not return to

power. You poor man. With k you

promise your hordes will return

safely to America? If US and

many of its allies still have

at least another four years of

risking lives and pouring funds

into the uncertainty that is

Afghanistan. Now to the

weather - a shower or two for

Sydney and Melbourne. Partly

cloudy in Adelaide, mainly fine

and sunny in the other capital

cities. That's all from us. If

you would like to look back at

tonight's discussion with Paul

Howse and Michael Kroger croeg,

or review any stories or

transcripts, you can visit our

website. Lateline will be back

again tomorrow. Goodnight. This Program is

Captioned Live.

Good evening and welcome

to Lateline Business. I'm Ticky

Fullerton competent tonight -

the Dr Who of business. We talk

to futurologist Dr Ian Pearson

about the shape of retail to

come. But first our headline

stories and the RBA declares

the election no barrier do

another interest rate rise.

The board will meet, consider

all the issues for the economy

and do its job. What else would

people expect? Blame it on the

GFC - Babcock and Brown's

former boss tells a court the

investment bank was not high

risk when it collapsed. No comment. Why did Babcock and

Brown fail? And move over

Apple, the super store concept

adopt ed by the world's largest

eye wear maker Luxottica. How

could we reinvent our future and provide an environment for

our customers that was second

to none In the cautiously

update mood overseas was

reflected here. The All Ords regained some of yesterday's

lost ground with a 1% rise. The

ASX 200 finished up 45 points.

Back from a long weekend in

Japan, the Nikkei closed down

just over 1%. And Hong Kong's

Hang Seng was up. The Reserve

Bank governor Glenn Stevens has

reiterated that the RBA will do

its job on monetary policy

settings, regardless of the

looming general election. At a

financial market charity

function, Mr Stevens also said

that the domestic economy was

growing at an estimated trend

growth rate of 3.5%. And that

means that rates could go up halfway through the campaign.

Here is Phillip Lasker. The ground rules haven't changed

for the man who put up interest

rates on John Howard's watch

during the last election. The

board will meet, consider all

the issues for the economy and

do its job. Today's appearance

didn't change expectations.

Some are expecting Glenn

Stevenses to do to Julia

Gillard what he did to John

Howard, and raise interest

rates next month. He could have

talked down the growth story

given that for instance despite

Ian ore prices are down about

30% since they released their last growth forecast global

bond rates are down about 70 basis points a and the share

market is off a bit. But he

didn't. He referred to strong

global growth running at around

a 5% pace and remaining around

trend. And refer ed to the

strength of the domestic

economy particularly in the

labour market. The governor

attempted to steer clear of any

political charged issues.

Focusing offshore on the longer

run fallout of the financial

crisis. He says shrinking or

slow growing populations in

Europe would combine with weak

growth, making it difficult for

the region to emerge from its

debt crisis quickly. And the

cost of increased regulation following the financial crisis

with requirements for banks to

lower leverage an increased

capital would not be borne by

shareholders. Put simply it has

to mean that the customers of

banks around the world

especially of the large internationally active banks

will generally be paying more for intermediation services in

the form of higher spreads

between what banks borrow at

and what they lend it. At. The

reason for that is the capital

is not free. The results of a

stress test for European banks

is to be released on Friday,

and its implications for global

sentiment will be watched

carefully by the Reserve Bank.

The July Reserve Bank board

minutes, released today,

indicate the RBA kept rates on

hold pending the results of

that test and Australia's June

quarter inflation number, due

next week, which will show a

big increase in utility charge

s which the governor argued

were inflationary, even though

they could be seen as taxes. It

really is inflation because

what we're seeing is for one

reason or another there is not

enough supply capacity to

deliver the water, the power

and the other things that

people desire. The governor

didn't give too much away

except to they that those

increases in utility prices

that are adding to inflation

can be quite important in the

sense they might let inflation

expectations become un annored. There was some

weakness in the economy, with

Commonwealth Bank figures on

credit and debit card

transactions for June growing

at the lowest pace since the

global financial

crisis. Although the governor

does not seem to see a domestic

threat at this stage. The

general medium term picture for

Australia is fairly positive,

unless the rest of the world

really tanks in the near term

or unless something goes wrong

in the medium term China

story. Julia Gillard will soon

find out if Australia's fairly

positive outlook means higher

interest rates and proves a big

negative for her outlook. The

former chief executive of

Babcock and Brown has Dee nigh

denied suggestions that the

bank took too many risk prior

to its collapse. He told the

court that the bank went bust

because of the global credit

crisis. It was a rare public

appearance for Phil Green. The

man who styled Babcock and

Brown on Macquarie Group was

called to earns the liquidators

questions on last year's

collapse of the investment bank. Mr Green denied the

company had been too optimistic

in predicting a $750 million

profit for 2008, despite its

plunging share price and the

global financial crisis. But he

admitted

Phil Green rebuffed suggestions that Babcock and

Brown took too many risks and

was too highly geared. He told

the court that the company

collapsed because of the global

credit crunch and because its

business model was not

supported beity market place or

by government. Mr Green was

asked about Babcock and Brown's

responsibility to investors who

bought corporate notes and who

rr owed more than 600 million

dollars. He denied there was a

conflict of interest rate in

the - interest in the issue of the notes because investors

were not told that their debts ranked below those of the

company's lenders. So the note

holders have no recourse. That

is the consequence of the terms

under which the notes were

issued: Mr Was questioned about

a $40 million loan to disbraced

stock broker Tricom, which

nearly chanced after it failed

to settle its trades on time in

January 2008. He admitted Babcock and Brown made the loan

to protect its own financial

position. And had an angry

exchange with the company's

founder Jim Babcock over the

issue. Mr Green was the biggest

beneficiary of the deal because

he deposited 800,000 shares

with Tricom to support margin

lending arrange nls with

Babcock and Brown staff and

client. After the hearing Mr

Green was not talking. No comment. Deloitte is investigating the collapse on

the behalf of creditors and

trying to recover some of the

money owed. They have raised

the prospect of suing some of

the former directors including

Mr Green to try to return some

funds to creditors. Now for a

look at the local market,

earlier I spoke to Martin Lakos from Macquarie Private Wealth.

A solid dose of RBA speak

today. What will the market be

paying closest attention

to? There are a couple of key points. The Reserve Bank will

be watching the CPI number, the

inflation data die out on 28

July. They're looking for a

0.8% for that June quarter,

anything move that would give

them cause to be err concerned.

They're focusing on wage s

growth, and they're also going

to be very much closely

watching the stress testing for

European banks which comes out

on Friday. In particular to see

how markets react to that. If

we see as we did in the US with

the stress testing going well,

would be a concern for the an over reaction by market s

Reserve Bank. There's a couple

of issues in the baaance. If

that inflation data is above

expectations we expect to see

the Reserve Bank raise rates

bring 25 basis points in their

August meeting. Today it's been

a broad based recovery, any

sector doing well? We had a

slow start but volume is pick

up and the materials sector is

doing quite well due through

day as is utilities. And consumer discretionary and

consumer staples up strongly.

Does that surprise you? A

little bit surprising. Stocks

like Wesfarmers an Woolworths

doing well on the consumer

stables side but its heeda

stocks that are drying the

consumer discretionary. There's

now numbers of at least $10

million of additional

advertising revenue to come out

of the election advertising

process. We're seeing those key

media stocks rallying on the

back of that today. Looking

offshore again at the US

reporting season, so far

earnings have been a bit above

expectations. What is that te s

us? . Going into the reporting

season we're look at Iraning up

26%. We they're currently

running 28 act%. And last night

we had good numbers out of

Halliburton which showed a

profit up 83% this time last

year. The tee quay is that

revenues are flat or down

against expectations. So

companies have done very well

cutting costs to the US. Their

balance sheet is returning to

good shape but we've not seeing

the kick-off in revenues. That

might be the reflection of a

mid- suk le pauz in the US

economy. - mid-cycle pause in

the US economy. The consume ser

still not standing to spend and the housing is slowing in the

US. So we're watching those

areas closely . Overall the

report ing season would have to

be deemed a success. Thoonks

talking to Lateline

Business. Thank, Ticky. To the

other major movers on our

market - Aquarius Platinum

bounced back, new safety

guidelines in South Africa may

not be as costly as first

thought. Arrow Energy lost 6%

spin-off Dart Energy on Aled of the debut of its

Thursday. It was a good day for

the banks. NAB up 1.5% with ANZ

just behind.

It's no secret that the

Australian retail sector has

struggling more than most since

the economic downturn. The

threat of rising interest rates

means that consumers remain

hesitant to spend big. But the

outlook is looking brighter.

With a spike in consumer

sentiment earlier this month.

Italian eye wear giant

Luxottica is one retailer

hoping to reverse its falling

sales in Australasia by opening

a new concept store in

Melbourne. Frances Bell

reports. It's called the Eye

designed to twice the customer Hub and it's full of gadgets

to spend. Italian eye wear

giant Luxottica which opens the

OPSM Group has spent three

years an millions of dollars

design ing and their building

an optical retail store in

Melbourne. I says it's the

largest of its kind in the Asia

Pacific region and a big capital investment which will

take some time to generate a

return. The when you do

something like this, it is

significant. It's brave and

bold but obviously we're very

excited and kftd about it and

we will see a return in the

second year of operation. The

floor plan is in the shape of

an eye and Chris Beer says

every feet nuclear the store

was chosen after careful

consultation with customer

focus groups. He sin cyst the

strategy is not a reaction to

Luxottica's falling sales in

Australasia or intense

competition from cut price eye

wear providers such as

Specsavers. Firstly we have not

lost any market share to

anybody, it's great for customers to have a choice and

that's what it's about. This

takes the whole level of

service experience and the way

they can interact with retail

to a whole new level. This has

been planning a lot longer than

many of our new competitors

have been planning to be here. Market researcher

Ibisworld says the use of

concept stores to drive sales

can work as long as the

commitment to customer service

is maintained Think some level

of gimmickry is good but only

if you're the first to do

it. Edward Butler says

retailers are constantly having

to offer new experiences to

customers, in order to compete

against the convenience of

online retailing. Online retail

in Australia has been growing

by about 5% for the last five

years and we expect that to

continue to about 6.5% Perrier

for the next years. The National Broadband Network will

create a better environment for

people to shop online. A lot of

people will become more

comfortable shop ing

online. Online stories can also

offer another incentive.

Cheaper prices that retail

store also struggle to match.

One mand who came to Melbourne

to see the new Luxottica store

for himself is international

futurologist Ian Pearson. Dr

Pearson tracks and predict ing

developments across technology,

business and society and he

believes that "augmented

reality" will play a big role

in shaping future lifestyle.

His inventions and predictions

include text messaging and

video enter comes. I spoke to

him a short time ago. Ian

Pearson, welcome to Lateline

Business. Hi. I am very

interested in this idea of

"augmented reality". Can you

give me a feel for the high-end

retail experience of the

future? What will I see through

the door? I think with

augmented reality we will see -

it really is not going to

appear for another two or three

years yet. We have simple

things like showing you where

things are on the map and

helping you navigate. Imagine

you have a pair of video visors

on and you have a full 3D

display hanging in front of

your eyes as you walk into the

store you will have a full

layout electronically of that

store. So you can start blending stuff from the

commuter games with the store.

You can take any from the

website and superimpose it. You

can customise it so customer

also - customise sh - so

customers will see it in a

different way. They will get a

personalised tailored

experience according to how

they want to shop. These are cyber frames as I understand

it. They will appeal to the

younger generation. But our

population is ageing. Is it

going to be a very overwhelming

for some consumers? I think

it's a missed conseps that old

people don't want to use

technology. In fact we found

that the older people were the

first ones to take it up. When technology offers them a

benefit they're happy to adapt

and they will pick it up

quickly. So it's not just

younger people who are happy

with technology. And in areas

like Augustn'ted reality it

will give benefits to every

consumer group. The one

different things from it but

all the people will benefit as

well. When an older person is

looking at a label they might

see a bigger font size or see the product shown in different

ways. Young er people might

want it shown in ways that

appeal more to pop culture. One

would expect technology to

replace a lot of human input.

But you have said that the more

advanced the technology the

more the need for human focus.

Is that not also going to make

retail very expensive? Notal

all. What is happening - the

technology is bringing down the

cost of manufacturing and the

basic left of service in

transaction procession like

just running up the bill and

paying for it. We can deal with

that sort of thing very easily

with the technology. What the

humans bring to the deal is the

human experience. That's something which you can't

automate so well. R 2 D 2 could

fetch you things and explain

what the price is and tro d'oh

the transactions but the human

being gives you an emotional

side of the transaction. If you

buy a pair of track shoes or

something like that it's only

cost a few dollar s to

manufacture them but you're

paying for street cred and for

being fashionable and the image

that goes with having them and

you pay many times the

manufacturing cost. The same

will apply to retail in the

world. We're adding the emotion

al value, the human experience

on to the physical value of the

product itself. You've worked

with Luxottica, you've also

worked with many other major

problems - - companies - b. T,

fuj it you, yahoo to name a

few. Who are the best at

thinking future ist ically? I

think each company is quite

good in their own space. We

find a lot of companies get

caught out by the future but

the ones I've been working with

recently most of them have been

pretty good and in the banking

sect or they were very good at

understanding the human kind of

chair clients and Luxottica is

quite good too. In their own

companies will quite good at

understanding the future facing

them. The difference coming in not understanding the threats

and the opportunities but

exactly how they make the most

of those opportunities and

threats whether they get caught

up. That really depends on &

lot on the relationship between

the staff and the management

and what sort of staff they

have and how well they want to

make the customer happy when

they come in. Ultimately it comes down to the quality of

the staff and the quality of

the organisation. Generally you

find most big companies are

aware of the opportunities an

threats faceing them because

they spend a lot of time

thinking about them. A major

player which I suspect is going

to be to become more and more

involved as a competitive power

is China. Is China thinking futuristically? China is very

good at a lot of things. It has

a difficult culture from the

west. Although it's very good

at manufacturing things maybe

it doesn't understand it in the

same way as we would understand

nit the Western powers. So I

think there is still place for

us to play in this future as

well. It won't all go to China.

China will have a plies slice

of the pie but there's lots of

niches for Western-style kaerns

to occupy as well. It won't

ever be monopolised by China anymore. But youity if West

could have an edge here? The

West does have an edge in

certain areas. Looking at nano

technology and information

technology, look at how they're

converging in the future and

concerting all of that to fit

with the existing cult oufrs

how we do shopping, these

things are very, very esoteric.

These things depend critically

on the specific culture you're

launching them. In if you're

part of that culture you will

always have the advantage of other countries doing the same

thing. So we will have localise

ocean over the next 10

years. Digital im mortality, by

2050 might just be in time for

me. What does it

entail? Digital im mortality is

the idea to link devices to

your nervous system. You should

be able to record experiences

and replay them and you can

imagine how that will transform

retailing. By 2045 l you will

be adding extra capability to

your brain, anding extra points

to your IQ. Reversing various

mental disease but by 2050 you

can go the whole hog, you will

have so many things connected

to you that your mind will run

outside of your body. So the

concept of digital im mortality

is there is so much of your

mind is running outside of the

body that when you get run down

by a bus it doesn't mean that's

the ends of your career. You

just down load your mind back

in an android and go back to

work on a Monday morning after

attending your fun really on

Saturday afternoon. Where are

the business opportunities

here? And will they come from

companies like British Telecom,

the telcos? There are lots of

business opportunities across

the space. The biggest prize

will go to those who understand

the convurjence of the technology. We've seen

companies have tended to

special ise in the secial

areas. You get bioteks an the IT companies and the manufacturing companies. What

we're seeing now a all these

different fields are

converging. So this will

converge with the media and the

Games industry. Marketing is

starting to overlap with the

magazine industry. We're seeing

all of those things coming together and the companies

which will really flourish are the ones that can take

advantage of that convergence

and have enough imagination and

vision. What is reel quay in

this point is adaptability.

Being good in your own space is

good but if you're adoptable

you can into other paces more

freely. If you're agile and

adaptable, you will survive h

the company. The future is a

much bigger place than they're

calling me today so we should

all look forward to a better

world. But I won't be evening

ly divide and a lot of

companies we've never heard of

will be large empires in 20

year s time. And some of it

sounds very Loganing run to me.

But that dates me too! Ian

Pearson thank you for joining Lateline Business. Thank you.

Disgraced media tycoon

Conrad Black has been granted

bail in shi consideringo

pending an appeal. Black has

served just over two years of a

6.5 years sentence for defraud

ing sharehold relevance in his once mighty newspaper empire.

At one stage it included the

Fairfax publishing business.

The US Supreme Court ruled last

month that Black's conviction

was based on a law that was

applied too broadly. Now a look

at the business diary - ASIC

chairman Tony D'Aloisio

addresses the Australia-Israel

Chamber of Commerce on the

changes regular industry

landscag. BHP Billiton posts

June's quarter production

report. Newcrest Mining has its latest production figures.

There's a private survey of

economic activity for May while

overseas Federal Reserve

chairman Ben Bernanke delivers

his twice yearly monetary

policy report to the US Senate.

Before we go a look at what is making business news in

overseas newspapers. The 'Wall

Street Journal' says that China

has now overtaken the US as the

world's biggest energy consumer

and London 'Financial Times'

says a flurry of big

international deals has raised

hopes of a global pick-up in merging and acquisition

sitions. That's all for

tonight. You can keep up the

date with all the latest

business news on ABC News

online. I am Ticky Fullerton.

Thanks for watching. Goodnight.

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THEME MUSIC It happened just after sunrise in Alice Springs on July 25th 2009. Almost exactly one year ago. A local couple who drove up Anzac Hill saw the events unfold at a distance below them. They had parked to drink a coffee and watch the sun light up the town and saw instead an Aboriginal man being killed by a group of youths travelling in a white twin cab ute. Deb Clarke saw the victim walking along the road. I just happened to notice a fellow walking along the road thinking "Nice time to be out for a walk", saw a car come up shortly thereafter, I guess, went past, not very far past, did a big Uee, loud screechy noise, came back, aimed for the fellow. I saw these guys hop out this four wheel drive twin cab and race towards the sort of a guy walking and then all of a sudden they started to belt into him and kick and the likes. I saw a couple of kicks which was when I actually turned to Matt and said "I think this is blowing into something not pleasant, not good." And, ah, then they just drove off. They could see no movement from the man who'd been bashed, so they drove down to check that he was OK. Another car had driven past him, assuming just that he was drunk. The couple pulled up beside him. When we got there we could just see a body laying there with lots of blood and the likes. Obviously he was in a bad way. Actually, I thought immediately he was dead because I could see that his eyes were glassy and he wasn't breathing. There was a patch of skin showing here on his mid section, I guess, and I could see that there was no rise and fall and there was also obviously a wound on his head and by this stage Matt was already on the phone calling the police. REPORTER: Police closed Schwarz Crescent at 8 o'clock this morning after the Aboriginal man's body was found. They're not commenting on his injuries or how he died. It is highly unusual. There's no information as to the lead-up to why this has occurred. The dead man on the road was Donny Ryder, 33 years old, a trainee park ranger. For cultural reasons he's now called Kwementyaye Ryder. The police said nothing about the suspected killers but the town was soon talking. To put it into blunt terms, we all felt that they must have been white straightaway. There were young men involved. I thought, first I thought two, but then the number was five and I was just struck with disbelief. All five were young, and local lads who'd grown up in Alice Springs. Glen Swain was one of them. Glen, were you provoked at all to do this attack? What are the implications if it's five white guys and the man who dies is an Aboriginal man in this town? Huge, huge. I mean, once you know, once the arrests were made, you got a sense that Alice Springs spoke about nothing else. Tonight Four Cornerstells the story of the killing of Kwementyaye Ryder. It's a long way from Alice Springs to the township of Birriwa, 300 kilometres northwest of Sydney. Glen Swain's parents moved to this house two years ago but he stayed back in Alice Springs. PHONE RINGS Hello? Yes. OK. Thank you. His mother, Heather Swain, is waiting to accept a call from her son, now serving three and a half years in Alice Springs jail for the killing of Kwementyaye Ryder. Hello. Good, how are you? His stepfather was a prison officer at the jail for seven years. His mother still struggles with what her son has done.

Yep. Glen is a lovely natured boy. He was always the quiet child, just entertained himself and respected other people. He was caring, very caring, his grandmother, he cared a lot for his nan, who's not real well at the moment. And, yeah, he was - he was great. Had he sorted out what he wanted to do? Took him a while to do that, got his traineeship in pest control. but then he finally Loved it. Went great guns.