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(generated from captions) both the men's and women's

hockey after the Kookaburras

thrashed New Zealand

tonight? That's right. The Australian

Australian netball team is also

through against arch rivals New Zealand? That's right of the

and we've had a thrilling

finish to the sevens rugby just a short time ago. defeated - were defeated by New

Zealand after leading them. It

was a great job to get to the

final. They achieved a best

ever result when they beat

South Africa in South Africa in the semifinal by 17-7. And we will have a

look at some of the highlights

of the semifinal. This was the

win, the 17-7 win, Liam Gill

scoring A great try in the

final just before half-time.

Luke Morihan chip ng and

chasing and scoring. It was a

brilliant effort. Australia

shortly after half-time

17-7 but the New Zealanders

came back to win 24-17. You couldn't believe it. In the

hockey, though, a bit of retribution there. Some

brilliant stick work by the

Australians. Glen Nurner laying Australians.

off for Jason Wilson and Turner

was in superb form. He scored

twice in a 6-2 win. They're

into the final. Now in the

netball, against a fast and

aggressive English team the

Australians had a pretty slow

start, but then the confidence

came back. Sharelle McMahon

netted from long range to really turn the tide of the match, and in the end, that crisp passing, the great attack

of the Australians and they

came up with a victory in the

end, a comprehensive one, 51-45 and they're going to

their arch rivals in the final.

So plenty happening there. Australia up to 64 gold medals.

It was almost 65. The New

Zealanders, they're great at

sevens rugby but they would've

heart in their hearts in their

mouths with that result there.

To be 17-7 ahead and then lose,

it's a killer. It was a killer. Thank you very

much. Cheers. She was the

voice of a century a much loved

ambassador for the arts and by

all accounts no diva. Tributes

are pouring in for the

Joan Sutherland, who died Australian opera legend Dame

peacefully at her home in Switzerland. She was 83.

To discerning venetian opera

fans in Sutherland Sutherland was La

Sutherland was La Stupenda. fans in 1960, Dame Joan

Dubbed by the adoring Italians

the stunning one.

The nickname embarrassed the

powerful soprano, who was

raised in Sydney during the Great Depression.

Blessed with a perfect set of

vocal chords, young Joan

Richard Bonynge, at Sydney's husband and mentor, conductor

Conservatorium of Music. She

thought she was a metzo soprano

like her mother but Richard and lighten Bonynge encouraged her to lift

and lighten her voice. I wanted

to have a voice with that sort

of richness and quality. I

didn't want to be a pip squeak

soprano. Come on, in those days

you'd never even thought of

that! I didn't know what the word meant but I didn't think of being one. Just as rock'n'roll was

opera superstar. emerging, Dame Joan became an

opera superstar. Pavarotti said

she had the voice of a century.

And so many agreed with him.

I don't think there will ever

be anybody like her. I think it

was a phenomenon. Her voice just the whole humanity, just the whole package, her just the

humanity, the beauty of quality

of sound, the range that she

had and the size of the voice to

to go with it. While her voice

was large, her ego

wasn't. There were no airs and

graces. She was a diva in the true

true sense of the word. But

with grace as well as

kindness. Game Joan I think

showed a lot of quintessentially Australian

values. She was described as down-to-earth, despite her status as Over a 40-year career, Sutherland something you sang

in all the world's great

concert halls, in all the major

opera productions. But her

in Lucia de Lammermoor. She was signature performance was Lucia

generations of singers, an inspiration to several

including myself. Her

technique, her artistry were

just unsurpassed anywhere but anyone in the world. It's a

sad day. I know it had sad day. I know it had been a

little bit expected and of

hugely for Lucia de course everyone remembers her

hugely for Lucia de Lammermoor. An extraordinary, extraordinary

inspiration. S a an art form,

opera has needed Australian

Government funding to keep

going. And Dame Joan was a

passionate ambassador. It's not

because I want particularly to

shame that perform, but I think it's a

afraid to go to an opera for

fear they mightn't like it.

They'll pay money to go to the

races Y not try an opera instead? Dame instead? Dame Joan's last

Australian performance was in

1990 at the Sydney Opera House.

There will be a a public service for La Stupenda there in the near future.

Now to the

developing in Sydney and

Canberra. Rain clearing for Adelaide and Hobart.

That's all from us. If you

want to look back at tonight's

interview with Murrandoo Yanner

or review any of our stories or transcripts you can vis the our web site

Twitter and Facebook. Tony

Jones will be here tomorrow. I

will be back on Thursday and

Friday. Goodnight. Closed Captions by CSI This Program is Captioned Live.

Good evening and welcome to

Lateline Business, I'm Brigid

accused of targeting small Glanville. Tonight - banks

businesses as soft targets to

boost their profits. The amount

of exposure that business

lending rate changes get is

relatively minor. And yet it's relatively minor. And

where the banks generate

significant margin and

significant profit. Fierce of a

new crisis in the US housing

sector - a new wave of

foreclosures on loans that's

raising questions over how the

banks do business. The banks do business. The bank

that was suing me was HSBC bank

as trustee for a that wasn't the bank they had

my note with. Or my

mortgage. And are we heading

for a bull run in uranium? The The cost of

carbon fuels, coal and oil, is

rising. People are talking

about emission markets, emission trading markets so

suddenly uranium is the silver

bull et solution to those sorts

of rising costs. To the markets

- and with Wall Street cautious

and metals prices down, the

Lourdes fell well back from

Monday's five-month

ASX 200 lost 75 points. And One of Australia's

leading independent leading independent banking

analyst has accused bankings of

using small business as a soft

target to boost their profits.

Dowling says there is often no

justification for business

lending rates which are higher

than those charged to home

buyers. Andrew Robertson

reports. Small business has

been complaining long and loud

that banks have used the global

financial crisis as an excuse to target them. Now respected

banking analyst Paul Dowling

has used an address to banking

conference in Sydney to back those claims Credit has

dominated bank behaviour with

their bank customers. Customers

have been reprised in business

banking. There is a need now

for ae saing Cha change

Novemberon beyond those moment

of crisis. As the debate raises

about Banks raising mortgage rates, Paul Dowling note that a

much bigger slice of the business hardly

attention at all. 45%, roughly,

of all banks balance sheets are business lending. And the

amount of exposure that

business lending rate range

get is relatively minor. And

yet it's where the banks

generate significant margin and

significant profit. Mr Dowling

believes there's an element of

gouging in what the banks

charge their business customer,

particularly through highest

interest rate s charged to small business. Most small business lending is secured against a family home, which is

retail mortgage lending by any

other name. But business people

using their homes as security

for a loan are not charged retail mortgage lending pricis . For example, the ANZ bank

website quotes the variable

home loan rate at 7.41%. For

small business borrowers,

there's a business mortgage index variable rate of 9.12%,

or a business safer rate of

8.62%. Both these business

loans must be secured against

the family home. They should

not charge extra to someone who is using the fi. Have a house, I that have a

house and that is the end of

it. As the head of the Council of Small Business Organisations

of Australia, Strong trong is

well acquaint ed with the

tactics used by Banks. He says

Banks see small business owners

as cash cows rather than people. It just makes no sense

that business loans are 2% or

1% or 1.5% above the mortgage

rate. There is no logic to it,

no reason for it. Several years ago it didn't happen and I think it's just the banks

trying to make a bit of money

out of it. Not surprisingly the

banks have a different view. The Australian baenks

Association which is the

says in the years leading up to

the global financial crisis

there was a small business

lending bubble which it says

was unsustainable. There are

good businesses out there that

are finding it difficult but we

are working a very world and I think banks and

businesses need to recognise

that that is the case and work

out how do we want to fund

small business going forward? Paul Dowling believes

Banks may be paying a price for

their behaviour towards small

businesses. He says ration and

very expensive credit is

encourage ing nem not to

borrow. There are new problems surfacing in US

housing sector could housing sector could unleash another wave of global

upheaval. America's mortgage servicing industry is accused of using fraudulent documents

in thousands of foreclosures. A

number of banks have halted

foreclosures around the country amid allegations they've

committed mortgage fraud. The

latest information on Australia's housing sector suts

the industry won't be ex posed

to the same pressures unless

the economy slows beyond

expectations. Some of

America's biggest names have come under come under fire for their loan practices. There are

allegations of forged

documents, and mortgages sliced

and diced so many times that

nobody really knows who owns them. The bank that was suing

me was HSBC bank as trusto for

a trust, but that wasn't the

bank they had any note, with my

mortgage. Jeff Miller

successfully sued his bank and

it raises serious questions about the legality about the legality of foreclosure proceedings. When

you do a foreclosure and

signing these afts, when you

file any legal document you

have to have personal

knowledge. None of these people

have personal knowledge of the

actual note. And nobody does anyways

where the original note is or

how many times it was transferds. Law smaik makers

are attempting to determine the scale of the problem. The banks

say the problems are purely technical and technical and most foreclosures

are genuine. The last thing

they want is a flood of court

cases reverse ing foreclosures

at a cost of bhls of dollars.

They're also resisting reducing the prince pm on mortgages. They lowered my

mortgage $1,000, and they gave

me an interest from 8.1 to 2%.

So I feel I am So I feel I am blessed. More likely that these likely that these paperwork

problems are going to cause a

delay which will let people stay in their homes a little

longer. It is just really just

delaying the inevitable because the majority of these folks

will get foreclosed on any

anyway. Credit ratings agencies which played a major role in the American housing disaster

now looking for more accurate indicators of property distress. Moodys announced a

regional, rather than a post

code approach, to analyse ing

mortgage delinquency s in Australia. It concluded Australia did not have a

serious problem. But, as the

red areas show, a region of WA

and areas around Sydney where

more than 2% of borrowers

failed to make one or more monthly payments are

monthly payments are seriously affected. But Moody's doesn't

see any significant

deterioration in the fore

seeable future: We may looking at more in the region

of four years out before that

real significant risk hits the market. That's after interest rates

rates peak at 8 or 9%. But in

the meantime, BIS shrapnel is

predicting reasonable growth in

house prices for most capital cities over the next three years. With Perth and Sydney

recovering recent losses. Some

of the slower growing capital

cities like Darwin and

Melbourne will be hit by affordability constraints of

strong price rises. There will

be a pick-up in demand with

first home buyers and even investors over to six months and that will provide a support for the

market. Let's not target there

is substantial pent-up is substantial pent-up demand up there. up there. That pentdup demand is providing significant

support to prices. BIS shrapnel

doesn't see any rude property

shocks while the resources boom

continues. Not a pretty day on

the local share market. Early I

spoke to Marcus Padley from Paterson Securities. Marcus

Padley, thank you for joining Lateline Business. My

pleasure. A day of profit taib

it seems after yesterday ease five months high. Is you would sum it up? Yeah, we

saw 4,713, so we're now over 4,700 yet Yesterday at the

peak. I don't think 4,700 is particularly relevant particularly relevant but it is

interesting we're up 12.6% from

our recent low, quite a rally, that's over 500 points on the ASX 200 and 150 point of that

has come from just BHP, Rio and

Newcrest, it's been a very resource s driven rally. Was

that a surprise that resources

led the rally, given there

hasn't been a dramatic pro-drop in metals

really. What's been going on is

on June 7 the US dollar

basically peaked and the Aussie

dollar bottomed. But as the US dollar dollar dropped, commodity

prices rise and since June 7 on

almost exactly the same day a

huge rally started by had a

link between the commodities an

the US dollar. And since then

we've seen copper andal mine

yum up and zinc all since that

very same date, June 7. So this

is a very US rally, if you see what I mean. The Aussie dollar in this

time is up 22%, the US dollar

is down 15%. And that is what

is driving us along. It's been a commodities-driven adjustment

in the market. And if that was

to disappear sudden ly, it

would ring the bell at the top

of the market. So what sort of

chance is there in your view of a US dollar rally? Million

dollar question. There are

thousand of professional

currency traders all over the world trying to get the currencies

currencies every day. And half

of them are getting it So I am not going to join them. Looking at individual

stocks, farm chemicals company

Nufarm is one that is going

against the trend. What is

behind that? Well, this is a

company that has had a massive

profits warning in July, is now traitd Trading at around

$3-something where it had a bid

one day or a couple of years

ago of $17.25, they were bid

for at $12 earlier this year

prior to the profits warning.

Since the profits warning the

bids have disappeared, they're

having a strategic review and they've got funding issues and

this is all of course a moment

for anyone that was going to

bid for them to possibly have a go

go and the

chemical company that's shown an interest

an interest in the past is

making an acquisition somewhere

else and the feeling is maybe

they're interested in buying assets. Marcus Padley, we

will leave it there, thank you

for joining us tonight. My

pleasure. To the other major movers on the local share

market -

China's trade balance

is out in a few hour s time and

will underscore the size of the

export surplus the country export surplus the country is

running as its economy powers ahead. The value of the Chinese

currency in the export

advantage it delivers is the

source of a growing with the

United States. Talk in

Washington is of the nuclear

option of trade barriers if the yuan is not allowed to rise. Treasurer Wayne Swan used

a speech overnight in New York

to call for restraint, say ing a round of trade sanctions

would hurt the global recovery. I am joined now from

Hong Kong by Glenn Maguire,

Asia chief economist at Societe

Generale. Thanks for joining

us. Thank you. So we've just

trade heard that China ease latest

trade account figures for September are due out in a few

hour s niem the morning. What

are you ex - what are you

expecting? I think what we are

going to see is a going to see is a modest widening in China ease trade

surplus. This has nothing to do

with the level of the currency.

Most of the goods China

goods China sell s are good purchases an most of the the

sold in global auction markets

dominated in US dollars. Whoo

we've seeing with China is where most of the growth in

trade is coming is not with the US, it is not US, it is not with Europe, it

is actually with other emerging markets. So though we're

looking for a marginally wider

trade surplus around 25 to 30

billion US on the month, we

have to remember that this is

well down on the full year

surpluses of around 300 billion

US dollars that we were seeing

been the sharp narrowing in before the crisis. So there has

China's trade surplus that has

come about from a weaken ing in

oex ternal demand. Is there a

risk of continued growth in

exports? Look, I think what you are seeing is China's exports

are growing to other emerging

markets. Also what we've seen

in the US is as long bonds have

fallen, as mortgage rates have

fallen, as there has been a

dynamic of refntsing, you have seen sh - refinancing, U-CAN

Read have seen a pick-up in durable goods like clothing and food of goods that tend to be

purchased out of disposable

income, not on credit. The

credit dynamic to finance

consumption which was such a

feature of the US economy and other developed economies has

all but disappeared. So any

strength we're seeing in

Chinese exports really is

coming through at that lower

end of the durable goods

market. Now I am not sure if you've seen these reports but

there are reports out tonight

or late this afternoon that

China has told its biggest

banks to increase reserves in a new move to control lending .

Obviously signs that they're still worried about inflation.

If this is true, what impact,

what effect will this have on interest rates and the yuan? It definitely definitely is true. The major banks have been instruct ed to

lift their reserve requirement

raishee by 50 basis pointses.

Important lit's for a period of

two months. So what we're

seeing is really a fine tuning

of China's very generous

liquidity policy, China

continues to promote very

strong bank lending to target projects. And to finance those

vie wra the major state-owned

Banks. What we are seeing with

this - what what bha wha you

would call a micro move in terms of the overall thrust of

macro economic policy is

essentially trying to avoid

that liquidity flowing into the

property sector. So we

shouldn't view it as a

tightening measure, per se,

and, likewise we shouldn't view

it as an interest rate

differential argument in favour

of the yuan. I think the yuan

continues to be driven

China perceive s its internal

balance that is China's growth

relative to its external

balance. Both growth in the

rest of the world and as growth

in the rest of the world remains relatively modest we shouldn't be

shouldn't be looking for any

big moves in the yuan. There

are reports I should say the currency war between China and

the US has been well documented

it seems to get worse by the

day. China is facing the

fastest inflation in almost two years. Has it done enough to

increase the value of the yuan?

Or will the evaluation

increases stop now? Look, I

think with the yuan we have to

remember that China's inflation problem is not an imported

inflation problem. It's a dom est ically generated one. What

we're seeing is the price of

food, the price of domestically

produced goods is picking up.

We are also seeing strong wages

growth in China. For the US to

respond to what they perceive

to be an undervalued currency

by putting tariffs in place

would be one of the most

foolish economic policies you

could ever see. Over the past two decades, the US has progressively and almost completely outsourced its

manufacturing sector to Asia

and China. And And now its response to this is we will put

a tariff on these goods, hence

to make them more expensive:

The ultimate lose ser the US

consumer. It is incredibly

foolish economics. They're the

ones who have been wanting all

these goods and now they're

saying they can't have them.

Wayne Swan last night in New

York was talking about that, saying warning people to be

rational. He did say that er rate of growth in "Developing nations need a fast

er rate of growth in domestic

demand while developed

countries need to undertake

reforms that increase national

savings." Do you agree with

this and what evidence is there this is happening in China? I

do agree with that and I think

the key warning that we can

take from all of this is obvious again from US. The The smooth hally haara obvious again from the

fax immediately following the

recession. It was collapsing

world trade that came from

tariffs largely driven by tariffs largely driven by the

them into a Smout hally act which tipped

Returning to Wayne Swan's point

about developing nations need

to grow their internal demand

more, that is exactly what we

sear seeing. China and India have put in place slij stimulus

packages that far surpass

anything we have seen in the US. Asia is increasingly

turning to investment in

infrastructure, China and India

true we're really starting to see a

dynamic emerge. What we need to dynamic emerge. What we need

see on the flipside of that is

fiscal consolidation and public

debt re pair in the developing nations. This entire notion

that, you know Brussels and

Washington waved their finger

at China and Asia and say, yt

you need to save less," request

is a complete nonnence. It was

a lack of safes in the first

place that got us into the

entire mess we're sno. It there

has to be a genuine fostering of investment and consumption in the developing

world. Glenn Maguire, we will

have to leave it there. Thank you very much for joining us

this evening. Thank you.

The future of uranium mining

in Australia is looking

brighter, with overseas demand

steadily increasing. After

reaching record highs in 2007,

the price of uranium dropped

dramatically during the global

financial crisis. Now many

countries are pushing ahead

with nuclear power programs as

a way of reducing their

reliance on more carbon Australia sun likely to join

the rush, analysts believe the

market will now see long-term

growth. Nuclear power remains in the too hard banket for Australia's Australia's politicians. Even

though it's being promoted in

some quarters as a greener

alternative. The cost of carbon

fuel, coal and oil is rising.

People are talk about emission

trading markets, so suddenly

uranium is the silver bullet

solution to those sorts of

rising costs. Australia is

perhaps the most parochial and the most backward the most backward in thinks on this. We're going to suffer

quite a severe shortage of electricity

electricity supply in many States in Australia over the

next five to so years because

there has not been investment

in power stations. It's a

situation that's unlikely to

change in the short to medium

term, although it's a different

story for uranium mining which

is winning more political

support than ever before. In a

lot of ways in the last few years we have seen a lot of the

restriction s ease off in the

sense we've seen a lot more support frr uranium mining at bipartisan support. After

sitting at ?$10 a pound for

decades, the market peaked in

2007 with prices hitting 136

dollars a pound. But the dollars a pound. But the bubble

burst during the global

financial crisis and uranium is now selling at 48 dollars. It's

now becoming a commodity market

that resemble s something like copper

copper and aluminium. The price

as a result has become very responsive for that reason. The

biggest supplier of uranium is

Kazakhstan, with Australia,

Canada and Namibia also big supplied at the moment is about

60,000 tonnes per annum and

demand is about 80,000 tonnes

per annum, with a difference coming from coming from running down the stock pile an conversion of

nuclear weapon s to power

station grade uranium. There

are 440 reactors operating

across the world and China is

the most active in building

them Their total energy production is only pored

supported boy nuclear power to

the tune of 5%. They're essentially a coal burning

nation. And the Government national national government sees that

uranium needs to be lifted & as

a fuel option for the country,

so they can reduce their

dependency on coal going

forward. Analyst say the global

appetite for uranium means supply won't keep up with Committee edemand. There's a

bit of a pressure point coming

up. Anyone who is prepared to

look a couple of years into the

future will see we really need

quite a few more mines with ef

we're going to match that

gap. Warwick Grigor says some

companies are still finding a

poor reputation means it's difficult to find

investment. The uranium

companies are still very much out of the investors. There are a lot

of prospective mine ers around

but it's very difficult for

them to raise equity capital at

the moment. The chief of Cauldron Energy dis Cauldron Energy dis a grease. There's not been an

issue getting funding going

forwards. It is more the sait

State of the economy as a whole

and the state of the mining

sector. I think we move up and

down just like any other commad commodity. With analysts tip

ing it the price will rise ing it the price will rise to

$60 a pound in a few year s

that future looks

August and building activity for June is out

tomorrow. There's a surveys of

building consentment. C

CSL and JB Hi-Fi hold their

AGMs in Melbourne. That is all

for tonight. You can watch

Lateline Business Monday to

Thursday at 8:30 each night on

ABC News 24 as well after 'Lateline' on ABC1. I am Brigid Glanville. Thanks for your

company. Goodnight.

Closed Captions by CSI THEME MUSIC of shock and awe. It began with a campaign Coalition troops on the ground. Backed by thousands of operations in Iraq have ended. GEORGE W. BUSH: Major combat the United States, and our allies, In the battle of Iraq, have prevailed. Turn around. Kneel down. did not bring peace. But the occupation of Iraq, Far from it. Now, seven years on, for them, the Americans say, the conflict is over. So, tonight I am announcing PRESIDENT BARACK OBAMA: in Iraq has ended. that the American combat mission Operation Iraqi Freedom is over. in Middle East history Until now, this brutal chapter told by the invaders. has been a story in the first of a two part series, Tonight on Four Corners, of Iraq is told. a very different story not just from the occupiers This time we hear a brutal resistance. but from those who mounted (CHILDREN CHANT) It's a story that will shock. SOLDIER: I can't get the door open! I can't get the door open! and epic suffering. A story of brutal battles GUNFIRE publicly, or certainly on camera, I haven't spoken about this since the events occurred. A story of treachery and betrayal. they were police officers by day If you like, or insurgents by night. and terrorists A story who's hatreds will haunt us all for years to come. People only see the bad face of America. Above all, this is the story not of the Iraq portrayed by politicians, but the real Iraq. Experienced by those at the heart of the struggle. To this day, Fallujah is one of the most dangerous cities in Iraq. On April 23, 2003, 14 days after American and British troops overthrew Saddam Hussein, a US unit waited outside Fallujah. An influential tribal leader, met with the Americans. Sheikh Kharraf Habib Soon after their arrival, Mahmoud Abeid Esawi, the police chief, were spying on Muslim women. received complaints that the soldiers (PROTESTORS CHANT) There was a demonstration. gunmen in the crowd shot at them. The soldiers claim The protestors deny this. is that the soldiers opened fire. What is certain GUNSHOTS the doctor in charge, At the hospital, Salih Ali, 13 local people. counted the bodies of a good American people, I'm sure there is I am sure. people and there is a good people. Every community, there's a bad the bad face of America. Fallujah people only see

Throwing rocks! (SPEAKS NATIVE LANGUAGE) They're trying to hit us. looked into the faces GEORGE W BUSH: When Iraqi civilians