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(generated from captions) well money will be spent in

Pakistan a country blighted by corruption. There are

allegations that money earmarked for

prevention programs since the earmarked for flood

badly '70s was em bez led or spent

badly by Government official cans There cans There are allegations

that 70% of that aid has been

unaccounted for in that Government agency. Pakistan's

President Asif Ali Zardari

travelled to Moscow for a

meeting his second abroad during this crisis. The husband of the Benito. The The husband of the late

Benito. The celebrity sportsman turned politician Imran

Imran Khan was so fed up he

launched a private

appeal. TRANSLATION: Case

sting all politics aside I'm appealing to all Pakistanis

that today if

will be able to face up to

this big tragedy. Aid agencies say there are ways

to give that to give that bypass officials. It is possible to

dough that it to aid charities, not-for-profit,

they have people who are

trained in humanitarian work,

food provision and shelter

and water. Until enough money

is raised mantra will be that

lost. The US military has dollars denied equals lives

lost. The US military has confirmed the last American

combat brigade stationed in

Iraq has crossed into

neighbour in Kuwait ahead of

the 31 August deadline. The remaining

remaining tunes will switch

to a assist and advice

position before pulling out

by the end of the year. 7

years after the war began the years after the war began the

last American combat troops

crossed the border out of

Iraq in the early hours of

the morning. Great to go to

Kuwait, no one will get hurt

and we are going home. But

450 American soldiers will

never return home and it was

that steady death toll that

quickly turned public opinion

against the war and one of

promised the reasons Barack Obama

promised to be it during his presidential campaign. The

number of Iraqi civilians who

died is far harder to

quantify but is estimated at

#1d 00,000. The violence is

continuing. The week a view

side Bomber killed more than

50 men lining up to join the

Army. 5780,000 US personnel Army. 5780,000 US personnel

will remain here to train

Iraqi force whose will take

sole responsibility for

keeping the peace. It is a

long time George W. Bush

stood in font of his banner declaring mission

accomplished. In of Iraq the US and the allies

have prevailed. What followed

was an horrific was an horrific insurgency religious factions struggled was an horrific insurgency as

fore control and almost

destroyed the country. The

worse of the silence has

passed. This year's national

elections were regarded as a success but five months on

negotiations to form a Government are going nowhere

an the bombs continue. There has been pressure on Barack Obama even in Obama even in military push back the deadline for

with call before Iraqy forces

are able to cope but for now

the are on their own in the

most dangerous streets in the world. Rain in Brisbane.

Showers for Melbourne, Perth,

Darwin, Hobart. Includy in

Canberra. A few showers for Adelaide. Windy and sunny in

Sydney.. If you Sydney.. If you want to

transcripts visit our web review our stories or

site and follow us site and follow us on Twitter

and Facebook. We will be in

Canberra tomorrow at 10.19 5.

We will bring you the latest polls. See you again next week. Goodnight.

Good evening. I'm Ticky

Fullerton. Tonight we talk to AMP's Craig Dunn, National the battle for AXA Asia Australia Bank a's rival in

the battle for AXA Asia

Pacific and a man whose

opinion could still scupper

the deal. In our view we do not think the proposed

undertakings will lead to an improve knowledge in competition. A mighty fall in

the resources division puts

the brakes on Wesfarmers

profit growth. It is a good

result because we had such a

significant fall in the significant fall in the resource

developmentment. Calls for a

level playing field or risk a What is absolutely important flash crash on the markets

that is the benefits of

competition and they are

there to be got do not come

at a cost of market

integrity. The markets -

Wall Street finished up but volumes were slim. The All

Ords drifted on mixed profit

results and the results and the impending election. The ASX200 finished unchanged. Wesfarmers has posted profits of more than

$1.5 up 3% than last

Lower coal prices hammered

but the Coles rebound is but the Coles rebound is go

well and in contrast to some

other companies west farmers

says the outlook is

encouraging. It is a big

profit number for Wesfarmers

but only slightly higher than

there. None the throws managing director claim it as

a significant win. It is a

good result because we had

such a fall in the such a fall in the resource division. The fall is 3% up

on last year. The plunge in

earnings in resources down

81% was largely because of

lower exports coal prices but

earnings excluding resources

was up 30%. The fact the

retail turn around seems to be anticipated has a lot anticipated has a lot of

comfort for us as a long-term

shareholder and we are happy

with the result. The coal

prietion is expect to buns

back and it is a important

decision for Wesfarmers.

There will be volatility on

pricing but we look ahead to

years of increased demand and good news

good news for shareholders.

A lot of retailers will look

at it F prices will receive better numbers

for shareholders no. Target

was under 7%. The overhaul of

Kmart continues to Kmart continues to payoff.

It is interesting that Kmart

may have taken some of their market share from their

brothers at Target where the

result has not been so good but

but there is no doubt they

have taken market share from

Big W. Wesfarmers is halfway through the

around with Coles but there

is too much work to do. It

is tee early and easy to say

we have cracked. This there

are years to go are years to go beyond the five

five years. While the outcome

of this weekend's election will mean some changes for

Wesfarmers he has played down

the effect the proposed

mining tax will have and the

paid parental leave scheme

will lead to higher grocery prices.

prices. It is fancy full that we

that we can set our prices on

the group net profit after the group net profit after

tax. Despite fragile consumer

sentiment he says he is

optimistic but a lot will

ride on a strong Christmas

period. Private hospital group health scope appears to

be in rude health. Net

profits are up 37% shy of

$100 million and these could

prove to be the final results

for Healthscope as a listed

company the board having recommended a takeover by private scop is the having trouble

attracting customers F it

results show private hospital

business is the place to business is the place to be. When Healthscope opened new

private hospital wards they

can generally fill them up pretty pretty quickly with outstanding results. After

tax profit rose to 37%. Annual

Annual revenue of 8.1

was more than 11% higher and

the final dividend was up at

12 cents a share. Healthscope

operates 44 operates 44 private hospitals

and GP clinics and a pathology clinic. pathology clinic. Hospital margins rest and pathology

margins slipped but

Healthscope grew market share

across all its divisions.

The most impressive part was

the company's growth in

pathology. They have been an

aggressive opener of new country and with reasonable

cost control they have been

able to degree that for the industry. Federal Government

fee cuts have seen pathology

margins take a hit but the consumer's reluctance to pay

has given the bulk-billing model the edge over more

expensive competitors. It

plays to Healthscope's advantage because we are

number 37 player. When I talk

from a company points of view

it has been good way

us to gain market position

where we could not get

before. Despite the impressive impressive result

Healthscope's $2 billion sale

to private equity interest still a good dealing for

shareholders but he sees

plenty of upside for the new owners if shareholders

approve the deal later this

year. I believe 60% of year. I believe 60% of the

pop lakes will end up with

private health insurance and at at that level private

hospitals become a licence to print money. And the benefit

of private equity is you do

not have any tint not have any tint in the

6-month report so you can

fast track things without

upsetting investors and upsetting investors and

accessing capital it the is

already there. And most

think this will not to be

last private equity Dell in

the health care sector. banks and BHP Billiton seem

to have offset gains

elsewhere across the market.

Only a small gain on the

market by close. We still had

BHP Billiton weighing down BHP Billiton weighing down by

12 cents today. Many analysts

and some key ratings agencies questioning BHP Billiton's

move or the has style take

over bid into the fertilising

business and the big fall

from AMP weighed on the

losses financial sector along with

losses with the key major

bans which capped against contributing the a flat day. Brack ls

day. Brack ls had a static

profit result today so what excited investors? Its

outlook for full Year 11 was

strong, there was a drop in

earn ings but that was above

consensus but it impressed

some in the market which is

why we saw a big fries

Brambles. The markets

appeared to like the result appeared to like the result

and we saw it close at $5.41. Downer has seen its

profit plunge to $3 million

in the latest period. What

went wrong? It is a Downer

of a profit result! Due do the fact that the engineering process

process for the Waratah

trains in NSW simply I not

getting off the ground and getting off the ground and

that is a real worry for

Downey. It contributed the

the 98 personal in annual profit. Immediately after the CEO of less announced this result we CEO of less than 3 weeks

heard news that the Chairman

of Brambles would resign in

November so certainly not

looking like a strong

company. The share price was

down 7% at close. Goodman down 7% at close. Goodman Fielder has suffered a big

loss.. we saw Goodman down 2% under performing the share

market. The annual loss due the property re-evaluations. Goodman said its after-tax

operating profit next year would rise and it was

impressive it paid out 1.09

cents per share compared to

no dividends paid last year

so possibly a bit unfair the market reaction today. The

other major movers -

It has been a big day of results in the financial

services sector. AMP thread

way and a interview with

Craig Dunn the CEO. QBE

confirmed a big fall in first-half earnings and the

Australian Stock

what could be its last full

report as a report as a monopoly. The competitors

competitors are on fair way

start in with with operations set the

start in Australia next year

Securities Exchange continues but for now the Australian

to make hey while the

monopoly sun is still

shining. The operating

result was good with growth

in all revenue lines Barwon

and in the three

categories of cash, and in the three main

categories of cash, drive tiffs and revenue. Settlement, clearing and derivatives 11%, total trading were up 11%,

revenue up 9%. If final

dividend of 94 cent a share brings the brings the full-year payout

to $1.73 a rise of 5%. The

2010 financial year was one

the ASX prepared to hand over its its market supervisory role

the as yek request in August.

CEO Robert Elstone says he

is not opposed to is not opposed to competition but worries Australia's market regulation but worries Australia's market regulation are not yet

ready. What is absolutely important that

important that is the

benefits of competition and

they are there to be got they are there to be got do

not come at a cost of market integrity. As an rerefered the the flash crash

which occurred in the US May 6 which occurred in the US on

May 6 this year. Shares went

from $40 to 1 cent in 20

minute as come outers drove

trading outside the exchange. As the Australian Securities

Exchange unveil food response

QBE revealed the full details

of a half would it rather for get. Net get. Net profit was as falling interest rates on cash and fixed-income

investments wiped away nearly $150 million. $150 million. The Chief

Executive Frank O'Halloran

did little the hide his

disappointment. It does not please me

please me to stand in front

of share holders t last time

was 201. I can was 201. I can assure your you our team is absolutely

determined to get the results

back up to where we would

like them to

after of tax of $840 million

came on the back of an

increase in grows premium increase in grows premium to

foods 76 billion. The

dividend is 62 cent a dividend is 62 cent a

share. The problem the

company has got are the risk

of margins are being used to

sus into the current level of profit and the current level

of profit piss under attack

because global rates growth through acquisitions because global rates are

but there are problems ahead

on that front. Their capital

position is not as relative to minimum

requirements sot is

increasingly difficult for

them the make acquisition

thanks will add value the Shah holders. Shareholders

liked what they heard today

with QBE up more than 1% on a

day when the market hardly

moved. AMP eetion results turned out to be a drag on

the market today.

profits of $425 million were

short of expectations short of expectations even

they they came in 17% higher

than last year. I spoke to CEO Craig Dunn earlier. The market marked you down over

4%. Why were the results

lower than many of the market expectations? There are a

couple of areas our result

was a bit lower or softer, in was a bit lower or softer, in

our insurance business where

claims were not

or mature book of business

can get impacted by markets and can be difficult to forecast. We had 16% profit

growth. Profit margins held

steady across various

Australian businesses,

balance sheets were strong,

we had good cost control

while continuing to invest in the future and that is the while continuing to invest in

talked about the most pleasing result. You

initiative and your new fee

for service model ahead of

the industry. Isn't it true the financial planning

reforms and the Cooper review will make life much tougher

for AMP? Some analysts reckon up to up to a 6% margin squeezing go forward? Rights in the

short-term going forward

there will be challenges but

we are totally focused on

improving the outcome for

cuss mors and if we do that

well London term it will lead to stronger growth did.

The new product we launched in May the flexisuper, we The new product we launched

in May the flexisuper, we

have assets under management

exceeding $200 million. You said AMP would benefit $2

billion from the super guarantee from 9% to 12%. The

Opposition released a scanty

policy on policy on super: They favour

tax brakes rather than

guarantee increase. Would

that be as beneficial to aim do you think? We have been do you

strong supporters of the

shift from 9% to 12% which is good for our business but

more importantly it will

increase the national savings

for Australia and that is why we are such we are such strong

supporters. Could take breaks

do the same thing though? Both parties in Government

stimulus of our super

framework. They have tended

to take different approaches

much doing that. National

Australia Bank and AXA qu.s

AMP is on the sidelines R you

expecting the that deal to go

through? Our focus is on responding

responding to the ACCC

process where they have put

the under takings of National

Australia Bank and AXA out

for comment. What are your

careful because I do not concerns then? I want

quantity to pretempt

submission that willing the

the ACCC, I would prefer the

talk about it when it goes in

but we do not think the lead to an proposed undertaking will

lead to an improvement in

competition. If the National

Australia Bank deal doesing

the ahead as slated I assume

the sale of the Northwest

Shelf of platform to IOOF

would make them a huge competitor? They are cop

pet tors of AMP today. I do

not want to satisfy a about that until we have

launched our submission. If launched our submission. If

you go back the rationale of

where we have been interested

in actiona in the first place

it is principally about their distribution food

distribution food print and

we have not been interested

in actiona to buy the north

platform, we have been interested because of the

financial scale is will give

us to planners and the

capacity to enter capacity to enter the market

as manufacturer which will be good for also for competition in the

market. If AXA does not go

your way how are you yo going

to convince investors snore

does fint share price decline

represent a lack of faith in

the outlook? It has

the outlook? It has been a

difficult sector. It affects

companies like AMP and there

has been regulatory uncertainty which has weighed

on the share price. A merger

like AXA only makes sense if

it is of strategic merit and

suit our appetite. Wheel are very very confident in the strategy. The blessing thing

today is that is starting to

come through. We have had

very strong sales from our

business in Japan. The new

product we talked about

before has had very

encouraging sales. We are

seeing strong planned growth against our competitors. Given the share

price has been flat is there

a morale issue at AMP? No, a morale issue at AMP? No,

the change we have gone

through for the bulk of staff has been exciting. We

are going through a

significant change program.

Wheel have removed provisions

from super investments, our

planners have been awarded

that way for 10 years that is

a big change. It has improved

customer outcomes. With staff if you if you improve your customer

position that motivates and

excites them so I think they

are excited about the future

not withstanding it is a tough

tough environment. We have

been told of an increasing

number of CVs in the market.

What is your response? Our

turn over has been low

against the rest of the market. We

market. We have had a

significant capacity to significant capacity to add 2

new people from the UK and

the suggestion sus. We have

had good of the retention

had good of the retention and morale is positive morale is positive because of

the changes Weiss are making

and the opportunity to improve our opportunity and foe our foe our business over the


A woman who stole nearly $20 million from homewares

retailer Clive Peeters has

been jailed for five years.

So large was the theft it

contributed to the company's

down fall. The down fall. The 39-year-old

woman was sentenced to 8 years in jail after guilty to what the judge

described as a calculated and sophisticated. They over 2

years teen 2007 and 2009 the company's pay roll manager manipulated

manipulated the accountss to

cover upt 0 withdrawals

totalling $93.6 million. The

court heard the stress of a failing court heard the stress of a failing marriage and

squareing for two autistic

children Sonia Kausir had a

belief she was a property guru. She brought 60

properties, cars for herself

and her husband and

jewellery. Her actions were

discovered after an audit

found a $2 million hole in the

the accounts. When she was caught she owned 44

properties. This is one of

the largest if not the

largest theft perpetrated the

by a person of trust in the history of trust. Hill the judge said judge said he doubted Sonia would re-offend he had to

send a me send a me average her

behaviour was not acceptable

and she would have been given

a longer term had she not

given the money back and cooperated. Zpap General Motors is looking to refloat on the Stock

Exchange. The US Treasury

currently owns 61% of currently owns 61% of GM. A

not would tick the holding below%. The the company eps to raise $18 million. The

Canadian Government owns a

chunk of GMA not is pencilled

for November or December.

Tomorrow's business tirery -

That is all for tonight. You can watch 'Lateline Business' each night on ABC News 24 as

well as after 'Lateline' on

ABC1. I'm Antarctic. Thank you for watch


(ALL SING IN SPANISH) 'In 1971, a small New York record label pulled together its best artists for a performance at a club in the city.' (ALL SING IN SPANISH)

Ladies and gentlemen, here they are. The world's greatest Latin musicians - The Fania All-Stars! Yeah! WILD CHEERING AND APPLAUSE 'Two years later they performed for over 40,000 people at Yankee Stadium. And one year after that, they were playing for thousands more across the globe.'

ENERGETIC SALSA 'By the end of the '70s the label, Fania, had sold millions of records around the world. All the while, back in the US, most people barely noticed. This is the story of what they missed - a musical revolution -

the birth of salsa.' CHEERING AND APPLAUSE ? Oye como va ? Mi ritmo Bueno pa' gosar ? Mulata. ?


'By then, the city held over half a million Latinos, mostly Puerto Ricans.' BIKE BELL RINGS 'Many were young, part of a massive post-war generation whose search for identity would transform US culture. New York-born Puerto Ricans would become Nuyoricans.

And salsa would be their flag. The first step on that journey was away from the Latin big bands of the '50s.' of traditional Latin music. I was tired of bands in frilly dresses and perfume - heavy, musky perfume. I was tired of that. We grew up immersed in it.

It's like your mother and your father - you're used to them. A one. A two. A one, two, three.

? Lum de Lum de la ? Lum de Lum de la ? Oh. ? We had a rock'n'roll generation that was listening to Smokey and The Miracles, the Temptations, Elvis Presley...'

? This cat named Mickey came from out of town, yeah. ? Rock'n'roll knocked us out. And it knocked us out as much as it did any other American. SWINGING PIANO 'It didn't take long for musicians in El Barrio to make R'n'B and rock their own. They called it Latin boogaloo - a fusion of traditional Latin rhythms

and the new sounds of a new generation.' If you listen to that, what you hear is you hear... ..kind of a funk and... ..the very bottom of rhythm and blues.

(IMITATES R'N'B GUITAR) You see? And then the rest of it is the Latin rhythm on the bottom. ? Honey Pie, come on now ? Dream with me. ? But it was just putting the music together, the sounds that you were raised with, and, as a kid from El Barrio, born in El Barrio, you know, it just came out. ? I'll show you the town ? Dream with me ? I'll give you the world. ? It filled the void, because we had nothing. We were caught between rock'n'roll and Latin. It married the two. 'Earlier hybrids had made it to the pop charts, like Mongo Santamaria's Watermelon Man. Latin boogaloo added more...'

? Bang, bang ? Bang bang. ? 'Joe Cuba's Bang Bang.' ? Bang bang. ? ? I like it like that. ? 'Or Pete Rodriguez's I Like It Like That'. ? I like it like that. ? 'The musical simplicity of Latin boogaloo compared to the sophisticated mambos of the past, invited a new generation of musicians into the business.'