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Ten Early News -

View in ParlView

(generated from captions) This program is captioned live.

Good morning. I'm Bill Woods. And

I'm Kathryn Robinson. Welcome to

Ten's Early News.

Today - our swimmers front the

international media for the first

time in Beijing while the city gets

ceremony. another taste of Friday's opening

Peter Costello rules out Peter

challenging Brendan Nelson for the

Liberal leadership, but may agree

to a friendly takeover.

Miranda Kerr parades the new look

for spring and summer in her

catwalk debut as the new face of

retail giant David Jones.

And in finance - relief on its way

for borrowers - the RBA signals it

may cut rates as early as next

month, while the Federal Reserve

keeps US rates steady at 2%.

First - Australia's Olympic

swimmers have fronted the world

media in Beijing, careful not to

talk up their medal prospects as

the athletes prepare for the start of competition. Chinese officials

are working hard to ensure Friday's

problem. opening ceremony goes off without a

As Beijing's night of nights looms

large, another full dress rehearsal

in front of specially invited

guests didn't disappoint. It's an

absolutely monumental show, and all

the people are very enthusiastic,

and they all seem to be happy, like

at their own birthday and all going

with it, yeah? I've never seen so

place. much enthusiasm concentrated in one

place. It was also a big day for

the Australian swim team. Fronting

world media in Beijing, they were

optimistic, but highlighted their

respect for their opponents. It's not necessarily a rival from America

America that you have to worry

about. A lot of other countries

will step up. There's still no

explanation from Chinese

authorities about how smog got into

the Olympic swimming venue. We

didn't really get an answer to that.

But it was gone this morning and it

didn't really have any adverse

affect yesterday. As long as it's

gone, that's good. The smoggy conditions

conditions have lifted, but many

athletes aren't taking any chances.

Meantime, a possible breakthrough

for authorities investigating a multimillion-dollar Olympic-ticketing scam - a private

investigator has named a

49-year-old British man as the

mastermind behind the fake websitement Terance Shepherd is believed to have orchestrated

dozens of Internet-ticketing rackets.

One person is dead and at least 23

more injured after another strong

earthquake in China. The

Guangyuan magnitude-6 quake struck near

Guangyuan just after the Olympic

torch relay arrived on its way to

Beijing. It's the same region where

a magnitude-8 earthquake killed

70,000 people in May. 12

aftershocks have rocked the area

since that quake. Consumer groups have welcomed the outcomes of the Government's

grocery inquiry, despite an

admission it may not bring prices down at the checkout. The

Opposition says a new website

launched today is a stunt. Grocerychoice.gov.au will show

which stores are cheapest for a

generic basket of goods. The

savings to consumers will savings to consumers will far

outweigh any cost which might be

passed on. Unit pricing supermarkets will also be made passed on. Unit pricing at

inquiry. compulsory as a result of this

Peter Costello has reportedly ruled

out challenging Brendan Nelson for

the Liberal leadership. But he

might agree to a friendly takeover

if the Opposition Leader stands

aside. Senior Liberals have told

Costello would also consider 'The Australian' newspaper Mr

standing for the leadership if

anyone else challenged Dr Nelson. anyone else challenged Dr

But unless that happens, or Dr Nelson stands down, the former

treasurer will not lift a finger

against the party leader.

The father of a young Australian

tourist allegedly killed by

bouncers on a Greek island has

pleaded with that country's

government to improve medical

facilities at tourist destinations.

Oliver Zammit's 20-year-old son

Doujon died after being beaten up

by up to four bouncers on a Mykonos

nightclub. He was flown to Athens

because there are no hospital

facilities on the island.

Australia is remembering the music

contributions of country-music

legend of Reg Lindsay. He lost his

battle yesterday with -- in

Newcastle Hospital. Health problems

stopped him performing in the

mid-90s. He was 79.

An American airline jet has made an

emergency landing at Los Angeles

used International Airport. Passenger

used the emergency chutes to

evacuate after smoke filled the cabin.

It was supposed to be a relaxing

start to a sunny Hawaiian vacation.

But this became a whole different

adventure. One by one, passengers

slid down a pair of inflatable

chutes in the middle of an LAX runway

runway after their plane made an

emergency landing. Adults, children

and seniors all exited in an

orderly manner. The American

Airlines Boeing 757 was over the

ocean, about an hour into the

Honolulu-bound flight, when the

pilot reported the smell of smoke

in the cabin. The plane was quickly

ordered to return. The emergency

landing went smoothly, and the 188

passengers on board evacuated

without any major injuries. LA

firefighters assisted the

passengers before searching the

plane for the cause of the smoke.

They never found a fire. Safety experts and the airline are

searching the airliner.

International model Miranda Kerr

made her catwalk debut last night

as the face of Australian fashion

giant David Jones. Kerr took to the

runway in Sydney to parade some of

the colourful fashion for spring

and summer. Megan has done, um, such

such a wonderful job until now, and

she's been, you know, the fashion

ambassador for such a long time, so

I do have big shoes to fill. But

hopefully the customers will like

me just as much as they loved her.

little note and wished her well. I sent her some flowers and a

One face missing from the crowd was

Orlando Kerr's boyfriend, Hollywood actor

commitments. Orlando Bloom, who had some film

Collingwood's finals hopes have

slipped a little after which the

club's suspension of Alan Didak and

Heath Shaw for the rest of the

season. Their futures are in doubt after they lied drink-driving incident on Sunday after they lied about a

night. On finally learning the truth,

As if crashing his ute while almost

three times the legal limit wasn't

bad enough for Heath Shaw, his

career is now in jeopardy, along

with Alan Didak, the man Shaw initially claimed was not in the

vehicle. Time and time we asked him

that question, looking him in the

eyes, and find too find out these

people have been lying to you,

there's a aul lot of people pretty

gutted over that. Heath's brother

Rhys a has also been suspended for

excessive drinking. The last two

days have been black days. There's

no guarantee repeat offender Alan

Didak or Heath Shaw will be with

the Pies next year. Could those

players be traded? Yes. The duo is

expected at training today after

being no-shows yesterday. Good news

for Carlton and Geelong at the tribunal

tribunal - Cats premiership

defender Darren Melbourne had his 4-match ban for rough conduct

slashed to one game. While young

Blue Stephen Brown had his rough-conduct charge thrown out.

The NRL news now - Brisbane centre

Justin Hodges will contest a

2-match suspension when he fronts

the judiciary tonight. Hodges will

plead not guilty to making an

offensive gesture towards referee

Tony Archer during Sunday's win

over bra kpwrau. He's not long back

from a 6-week suspension for a

dangerous through. Meantime, the

Gold Coast Titans have reluctantly

accepted a 1-match suspension for

their veteran player Mat Rogers.

Shooter Russell Mark has taken a

new angle on Beijing's smog

situation - he claims the Olympic

smog will assist his quest for gold.

The team arrived to plenty of

pollution - that's exactly the way

Mark likes it! The more, the better,

for an old guy like me. I can

actually see those little orange

discs better in the sky. Perfect

white background! It's also no

concern for 2-time gold medallist Michael Diamond. The location of

his best gun a different story - it

was eventually found, however, in the baggage.

Finance news now - Kath, rate cuts

finally on the horizon? Possibly as

soon as next week, Bill, with the

reserve baiplg tipped to cut

official interest rates for the

first time in nearly seven years.

Rates were left on hold yesterday,

but the bank has flagged a

potential easing in monetary policy

as signs mount of an economic

slowdown. Some market analysts are

now pricing in four rate cuts by August next year.

The signs of a slowing economy are

becoming too hard to ignore.

New-car sales are down 2%, and

retailers have recorded their worst

month in seven years. The impact of

lower demand across the economy is

really starting to take its toll on

Australian business. Falling house

prices and signals the job market

is easing are also playing on the

Reserve Bank's mind. But with

inflation still high, the RBA board

has left rates on hold for another

month. But it has signalled the time

is coming for a less-restrictive

monetary policy stance in the

period ahead. Simply, it's looking

to cut rates for the first time in

seven years. And while some

economists predict that could come

as soon as next month, others say

the Reserve will remain cautious.

Of course, when it does cut interest

interest rates, it's unlikely to be

just one move, but a series of moves. And overnight, the US Federal

Reserve has kept its benchmark rate

steady at 2% for the second time in

a row. While a lagging housing

sector, employment and the credit

squeeze are weighing on growth, the

central bank says inflation remains

a concern, suggesting rates will

remain on hold for some time. Wall

Street extended its gains on the

announcement. I'll have more on the

market numbers in detail shortly.

To news back home now - speculation

is mounting that Kerry Stokes will

boost his stake in the Seven

Network above 50% after the company

flagged a buyback of up to 40

million shares. Mr Stokes, though,

has denied claims he's taking Seven

private. Yesterday, the network

reported annual earnings, with net

profit plunging 91 million to $141.6 million.

New Zealand could become the first

Western country to slip into a

recession this year.

AXA Asia Pacific has warned of more tough times ahead.

And Asciano is expected to slash

its dividend and announce an asset

sale when it deliver said its first

full-year earnings today. full-year earnings today.

To the market numbers now - Wall

Street has extended gains after the

Fed held rates at 2%, building on

an earlier rally sparked by a

tumbling oil price.

Let's check this morning's

newspaper front page - the

'Courier-Mail' has more on the Government website allowing

consumers to compare grocery prices at different at different supermarkets.

The 'Herald's 'Business Day' has more on Kerry Stokes potentially

lifting his stake in the Seven Network.

And as you might expect, the 'Age'

reports on that crisis engulfing the Collingwood Football Club.

A tropical storm lashes the Texan

coast - details of that when the Early News returns.

This program is captioned live.

This is Ten's Early News. Making

headlines this morning - our

swimmers quietly confident of their

gold-medal chances as Beijing is

put through its paces for the

Olympic opening ceremony.

A 49-year-old British man named as

the alleged mastermind of the

Beijing ticketing scam that swindled Australians out of

thousands of dollars.

And in finance - relief on its way

for borrowers daesh the RBA signals

it may cut rates as early as next

month, while the Federal Reserve

keeps US rates steady at 2%.

Australia's swimming stars have

faced the international media,

downplaying talk of a record medal

haul in Beijing. Just days out from

the start of Olympic competition,

the team has highlighted how much

they respect their opponents. It

would be completely arrogant of us

to say "We're going to win." The

team is yet to receive an splupgz

for the haze they endured while

training in the Olympic pool.

Meantime, Australian track runner

Tamsyn Lewis has lashed out at

anti-doping officials. She says

there's no doubt she will be

competing against drug cheats in Beijing.

A 49-year-old British man is believed to be the mastermind

behind the multimillion-dollar

Olympic ticketing scam. A private

investigator has told Fairfax newspapers

newspapers Terance Shepherd has a

long history of Internet-based

fraud. It's alleged he operated the

fake Olympic ticket website, which

has scammed millions of dollars

from phony ticket sales over the

past year. Shepherd is believed to

be hiding in Barbados.

A grocery website giving consumers

a snapshot of prices will be rolled

out today. And this comes as

Woolworths says it will support the

ACCC's idea of unit pricing in

their supermarkets.

An exhaustive inquiry by the ACCC

into grocery costs found what

shoppers already knew - prices are

soaring. Now, the Government and

the consumer watchdog are working

together to help shoppers. This is

about giving consumers something new that the supermarket chains

won't tell them. A new website will

be launched today, providing

consumers with a snapshot of prices

on an average basket of generic

goods, and the introduction of unit

pricing will be made compulsory,

where price per 100 grams will be

displayed alongside the total price.

Anything to put down as a benchmark

that you can compare with would be

worthwhile. Definitely a waste of

time. Would be absolutely useless,

wouldn't it? Woolworths has already

thrown its support behind the idea

of unit pricing. The savings to

consumers will far outweigh any

costs that will be passed on.

Grocery Watch is nothing more than

a stunt. It won't bring down the

price of groceries at all.

Former West Australian Opposition

Leader Colin Barnett is set to be

re-elected to that job today. Mr

Barnett decided to contest the Liberal leadership at a party-room

meeting, despite announcing his

retirement from politics earlier this year. The 58-year-old is

expected to be unopposed in the

ballot to replace Troy Buswell.

Australians made 10 million visits to

to GPs last year due to

mental-health issues. According to

a new report, 1 in 10GP

appointments was for a

mental-health condition. The most

common affliction was depression,

followed by anxiety and sleep disturbance.

Young drivers in NSW could be hit

with a sharp rise in the cost of their

their green slip. Prices have risen

up to 80% as some insurance

companies introduce a new risk

category for the under-30s. The

risk category previously applied to

the under-25s. Insurance companies

Allianz and AAMI have already introduced this change. Tropical

Tropical Storm Edouard has made

landfill in the US. Heavy rain is

pounding Texas. But residents in its path are hoping it's already

run out of puff.

This time, the gulf coast dodged a

disastrous hit. It's a mild blow.

That's all it is. It's not as bad

as what I thought. Edouard never quite

quite reached hurricane strength,

crashing ashore this morning as a tropical storm, with 65-mile-per-hour winds and heavy

rain. Up to 10 inchs of rain rain. Up to 10 inchs of rain is

predicted for some parts of Texas.

So far, property damage appears

minimal. That's welcome news for

this tourist town. Coastal

Louisiana also got a taste of

Edouard. Thousands of residents

cleared out of low-lying areas

yesterday. The only real damage at

this point is some down powerlines

and minor flooding. That was not

the case just two weeks ago, the case just two weeks ago, when

hurricane Dolly spunshed the Texas

coast. South padre island was hit

with 100-mile-an-hour winds,

knocking out power for thousands.

While Edouard did not pack the same

punch, it did intert tourist season

at a time when every day and every dollar is crucial.

Lawyers for Mary-Kate Olsen say the

actress had nothing to do with

prediction drugs found near Heath Ledger's

Ledger's body. They also say she has

has been cooperating with the

investigation into the investigation into the actor's

death, and dismissed claims she's

demanded immunity from prosecution.

Playing futures of Collingwood pair

Heath Shaw and Alan Didak are in

doubt after the club suspended them

for the rest of the seasonment Shaw

was caught drink-driving on Sunday

night, and initially said Didak was

not a passenger in the car. They've

since admitted that wasn't the case.

Time and time again, when we asked

that question - looking them in the

eyes - and finding out that these

people had been lying to you - there's a lot of people there's a lot of people pretty

gutted over that. The AFL Tribunal

has given Geelong's Darren Milburn

is a one-week ban for rough conduct.

A Supreme Court judge has ordered

runaway rugby league player Sonny

Bill Williams or his legal

representative to appear in court

on Friday. This follows Williams's

signing of a one-year, $700,000 deal

deal to play rugby union in France. While Sonny Bill Williams was

putting pen to paper to switch

codes, the fight over his rugby

league contract continued in the

NSW Supreme Court. The Bulldogs

have been unable to serve court

documents on him since he walked

out on the club 10 days ago. out on the club 10 days ago. I'm

surprised that we haven't got --

that he hasn't made himself

available. As I've said, people who

don't have things to hide are easy

to serve. A serve of a different

kind for the struggling Parramatta

Eels in the wake of their latest

heavy loss. Last night's result -

fair dinkum, it's the worst game

I've ever seen. I was embarrassed

for them. Price reckons for them. Price reckons the

underachieving Eels can still make

the eight. He says it's not the

coach's fault - responsibility lies

with the players. Listen to the

coach, you know? The coach can be

your best guidance there, and McRae

as a team. That's all I can say.

And Brisbane centre Justin Hodges

will front the NRL judiciary

tonight, pleading not guilty to

making an offensive gesture towards

referee Archer arp. -- Tony Archer.

Sydney's surfers believe they've

found a break that could produce

the world's biggest barrels. It's the world's biggest barrels. It's in the Great Australian Bight. And

those in the know are comparing

these tubes with those of the

famous Teahupoo reef break in

Tahiti. Daniel Rich and Richie Vass

willing to risk their lives for the

perfect ride - including venturing

out into what local fishermen claim

is a breeding ground for great

white sharks. Just know when

there's that much marine life

around that there's gonna be a lot

of sha,s around as well, so it was

pretty scary. Well, the nearest

hospital is 8-10 hours away. Rate

relief is finally in relief is finally in sight for home

borrowers, with the Reserve Bank

inkbgtdicating it could start

cutting rates as soon as next month.

For more, I'm joined by CommSec.

Just how likely is a cut next

month? Well, we're still saying

that the Reserve Bank wants some

time to assess things as they are,

but it is light at the end of the

tunnel for home owners. Rate cuts

are probably on the table in the

near future. The other good news is,

of course, that rate hikes are now

firmly off the agenda, meaning that

consumers and businesses can be consumers and businesses can be

more confident to spend, borrow and invest. Meantime, the Federal

Reserve has also kept rates steady

overnight while oil has taken a tumble. That's right. Rates have

been left on hold at 2% in the US,

while oil has fallen to a fresh

3-month low, below US$120 a barrel.

Both pieces of information sending

Wall Street soaring overnight. The

Dow putting on more than 330 points,

or around 3%. Of course, that means

a great start for the local share market. The futures is pointing to

a gain of more than 80 points, or

about 1.7%, on open, Kath. Thank

you for the update. Thanks. you for the update. Thanks.

ABC Learning has appointed five new ABC Learning has appointed five new

independent directors in a bid to

boost credibility and investor

confidence. The overhaul reduces

the influence of boss Eddy Groves,

with three of the company's biggest

shareholders gaining a seat on the board.

To other business news in brief now -

Miranda Kerr makes her catwalk

debut for DJs - that's next. And

we'll of course have more on the

interest-rate houtlic when the

Early News returns.

This program is captioned live.

This is Ten's Early News. Today's

stories - our swimmers front the international media for the first

time in Beijing, while the city

gets another taste of Friday's

opening ceremony.

Peter Costello rules out

challenging Brendan Nelson for the

Liberal leadership, but may agree

to a friendly takeover.

Miranda Kerr parades the new looks

for spring and summer in her

catwalk debut as the new face of retail giant David Jones.

And in finance - relief on its way

for borrowers - the RBA signals it

may cut rates as early as next

month, while the Federal Reserve

keeps US rates steady at 2%.

Australia's Olympic swimmers have

fronted the world media in Beijing,

careful not to talk up their medal

prospects as the athletes prepare

for the start of competition,

Chinese officials are working hard to ensure Friday's opening ceremony

goes off without a problem.

As Beijing's night of nights looms large, another full dress rehearsal

in front of specially invited

guests didn't disappoint. It's an

absolutely monumental show, and all

the people are very enthusiastic,

and they all seem to be happy, like

at their own birthday and all going

with it, yeah? I've never seen so

much enthusiasm concentrated in one

place. It was also a big day for

the Australian swim team. Fronting

world media in Beijing, they were

optimistic, but highlighted their

respect for their opponents. It's not necessarily a rival from

America you have to worry about.

We're going to see a lot of other

countries step up. There's still no

explanation from Chinese

authorities about how smog got into

the Olympic swimming venue. We

didn't really get an answer to that,

but it was gone this morning, and

it didn't really have any adverse

affect yesterday. So as long as

it's gone, that's good. The smoggy

conditions have lifted, but many

athletes aren't taking any chances.

Meantime, a possible breakthrough

for authorities investigating a

multimillion-dollar Olympic

ticketing scam. A private

investigator has named a

49-year-old British man as the

mastermind behind the fake website.

Terance Shepherd is believed to

have orchestrated dozens of

Internet ticketing rackets.

One person is dead, at least 23

more injured after another strong

earthquake in China. The

magnitude-6 quake struck near the

city of Guangyuan just after the

Olympic torch relay arrived on its

way to Beijing. It's the same

region where a magnitude-8

earthquake killed 70,000 people in

May. 12 aftershocks have rocked

that area since the quake.

Consumer groups have welcomed the outcomes of the Government's

grocery inquiry, despite an

admission it may not bring prices

down at the checkout. The

Opposition says a new website

launched today is a stunt.Cyte will

show which -- grocerychoice.gov.au

will show will goods are cheapest

for a generic basket of goods.

Savings to consumers will far

outweigh any cost which might be

passed on. Unit pricing at

supermarkets will also be made

compulsory as a result of the

inquiry.

Peter Costello has reportedly ruled

out a challenge to Brendan Nelson

for the Liberal leadership, but he

might agree to "a friendly takeover"

if the Opposition Leader stands

aside. Senior Liberals have told

'The Australian' newspaper Mr

Costello would also consider

standing for the leadership if

anyone else challenged Dr Nelson.

But unless that happens, or Dr

Nelson stands down, the former

treasurer will not lift a finger

against the party leader.

The father of a young Australian tourist

tourist allegedly killed by

bouncers on a Greek island has pleaded with the country's

government to improve medical

facilities at tourist destinations.

Oliver Zammit's 20-year-old son

Doujon died after being beaten by

up to four bouncers outside a

Mykonos nightclub. He was flown to

Athens because there are no

hospital facilities on that island.

Australia is remembering the

contribution of country music

legend Reg Lindsay. He lost his

battle with pneumonia yesterday at

Newcastle Hospital, north of Sydney.

Lindsay wrote more than 500 songs

and starred in two television

series. Health problems stopped him

performing in the mid-1990s. He was

79 when he passed away. International model Miranda Kerr

has made her catwalk debut as the

face of Australian fashion giant

David Jones. Kerr took to the

runway in Sydney to parade some of

the colourful fashion for spring

and summer. Megan has done, um,

she's been, you know, the fashion such a wonderful job until now, and

ambassador for such a long time, so

I do have big shoes to fill but

hopefully the customers will like

me just as much as they, you know,

loved her. I sent her and some

flowers and a little note and

wished her well. One face missing

from the crowd was Kerr's boyfriend

Hollywood actor Orlando Bloom - who had filming commitments.

A 6-week-old Siberian tiger cub has

taken his first tentative step on

the way to stardom. He is the way to stardom. He is named

after a star in the Milky Way

galaxy and seemed a little perplex

by all the attention. Aez very

special tiger - a second-generation

Siberian tiger successfully bred in

captivity. His kind are critically

endangered. He could be the saviour

of his species.

Not such a cute story now -

Collingwood's finals hopes have

slipped a thfr club's suspension of

Alan Didak and Heath Shaw for the

rest of the season. Their futures

are in doubt after they lied about a drink-driving incident on Sunday night.

As if crashing his ute while almost

three times the legal limit wasn't

bad enough for Heath Shaw, his

career is now in jeopardy. Along

with that of Alan Didak. The man

Shaw initially claimed wasn't a Shaw initially claimed wasn't a

passenger in the vehicle. Time and

time again, when we asked that

question, looking him in the eyes

and find out that these people have

been lying to you - there's a lot

of people pretty -- gutted over

that. Heath's brother Rhys has also

been suspended for two weeks for

excessive drinking.. There's no

doubt that the last two days are

Black black days. There's no

guarantee repeat offender Didak or

Heath Shaw will be with the Pies

next year. Can could those players

be traded? Yes. The duo is

expected at training today after

being no-shows yesterday. Good news being no-shows yesterday. Good news

for Carlton and Geelong at the for Carlton and Geelong at the

tribunal - Cats premiership defender Darren Milburn had his

4-match ban for rough conduct

slashed to one game. While young

Blue Stephen Brown had his

rough-conduct charge thrown out. Brisbane Brisbane centre Justin Hodges will

contest a 2-match suspension when

he fronts the NRL judiciary tonight.

Hodges will plead not guilty to

making an offensive gesture towards referee Tony Archer during Sunday's win over Canberra. Back from a

6-week suspension for a dangerous

throw. So there is a problem

looming there.

Meantime, the Gold Coast Titans

have reluctantly accepted a

one-match suspension for veteran

player Mat Rogers. Shooter Russell Mark has taken a Shooter

new angle on Beijing's smog

situation. He says the Olympic smog

will assist his quest for gold. The

team touched down to plenty of

pollution - and that's exactly the

way Mark likes it. The more, the

better, for an old guy like me - I

can actually see those little

orange discs a lot better in the

sky - it's a perfect white

background. The smog also no

concern for 2-time gold medallist

Michael Diamond. The location of

his best gun a different story -

baggage. but they did eventually find his

Despite the smog, we're looking on

the financial horizon now. Kath,

rate cuts finally may be coming?

Possibly as soon as next month,

Bill, with the Reserve Bank tipped

to cut official interest rates for

the first time in nearly seven

years. Rates were left on hold

yesterday, but the bank has flagged

a potential easing in monetary

policy as signs mount of an

economic slowdown. Some economic slowdown. Some analysts

are now pricing in four rate cuts

by August next year.

The signs of a slowing economy

becoming too hard to ignore.

retailers have recorded their worst New-car sales are down 2%, and New-car sales are down 2%, and

month in seven years. The impact of

lower demand across the economy is

really starting to take its toll on

Australian business. Falling house

prices and signals the job market

is easing are also playing on the

Reserve Bank's mind. But with

inflation still high, the RBA board

has left rates on hold for another

month. But it has signalled the time

is coming for a less-restrictive

monetary-policy stance in the

period ahead. Simply, it's looking

to cut rates for the first time in to cut rates for the first time in

seven years. And while some economists predict that could come

as soon as next month, others say

the Reserve will remain cautious. Of

Of course, when it does cut

interest rates, it's unlikely to be

just one move - it's likely to be a series of moves.

And overnight, the US Federal

Reserve has kept its benchmark rate

steady at 2% for the second time in

a row. While a lagging housing

sector, employment and credit

squeeze are weighing on growth, the

a central bank says inflation remains

a concern, suggesting rates will remain

remain on hold for some time. Wall

Street extended its gains on the

announcement. I'll have more on the

market numbers in detail shortly.

Back home now - speculation is

mounting that Kerry Stokes will

boost his stake in the Seven

Network above 50% after the company

flagged a buyback of up to 40

million shares. Mr Stokes, though,

has denied claim he's taking Seven

private. Yesterday, the network

reported annual earnings, with net

profit plunging $91 million to $141.6 million.

To other news briefly:

To the numbers now - Wall Street

has extended gains after the Fed

held rates at 2%, as mentioned, building on an earlier rally

sparked by a tumbling oil price.

This morning's newspaper headlines - the 'Sydney Morning Herald' - the 'Sydney Morning Herald' has

more on the man allegedly behind

the Olympic ticketing scam.

The 'Financial Review' reports on

concerns the board of ANZ hasn't

been properly informed in the past

about some of the group's

institutional lending. institutional lending.

More Olympic talk in the 'Tele',

covering claims by track star

Tamsyn Lewis that she'll be competing

competing against drug cheats in

the Games.

An American airliners are jet

makans emergency landing in lafg

lange - details when we come back.

-- in Los Angeles. GOOD MORNING, I'M FIONA NELSON... HUNDREDS OF RESIDENTS HAVE TURNED OUT IN PROTEST, AGAINST THE RE-LOCATION OF THE WANNIASSA MEDICAL PHILLIP. WITH THE EQUIVALENT OF EIGHT FULL TIME DOCTORS LEAVING THROUGH THE MOVE, LOCALS SAY THEY'RE BEING LEFT WITHOUT PROPER MEDICAL CARE. BUT PRIMARY HEALTH CARE, THE OWNERS OF BOTH CENTRES SAYS, IT WILL BE ABLE TO OFFER A BETTER SERVICE AT PHILLIP. THE LEGISLATIVE ASSEMBLY, IS TO DEBATE CHANGES, TO BE DEBATE CHANGES, TO BE MADE TO THE A-C-T'S HOUSING ASSISTANCE ACT NEXT WEEK. BUT GROUPS THAT PROVIDE ACCOMMODATION FOR LOW INCOME EARNERS SAY, THEY WOULD HAVE LIKED TO HAVE

MORE INPUT INTO THE NEW LEGISLATION. NICHOLAS SPENCE, FROM THE HAVELOCK HOUSING ASSOCIATION, WELCOMES THE CHANGES TO THE ACT, BUT SAYS THE GROUP WOULD LIKE TO BE CONSULTED, BEFORE A

PROPOSAL IS IMPLEMENTED. A NEW REPORT, BY INDEPENDENT ECONOMISTS SHOWS THE COOMA-MONARO SHIRE COUNCIL, HAS BEEN OPERATING A SUSTAINABLE BUDGET. THE REPORT MEANS, THE COUNCIL IS OPERATING WITH

LITTLE DEFICIT, WHICH PROVIDES SECURITY FOR THE SHIRE OVER THE LONG TERM. THE REPORT IS THE LATEST REVIEW, OF THE STATE'S ONE

HUNDRED LARGEST COUNCILS. AND THE CANBERRA RAIDERS, HAVE ANNOUNCED THEIR TEAM, AHEAD OF THIS WEEKEND'S GAME AGAINST THE PANTHERS,

AT CANBERRA STADIUM. JOSH MILLER, WILL RETURN TO THE SIDE, REPLACING RYAN HINCHCLIFFE, WHO COULD MISS THE REST OF THE SEASON, AFTER RE-BREAKING HIS THUMB IN SUNDAY'S LOSS TO THE

BRONCOS. NOW HAVING A LOOK AT TODAY'S WEATHER...

HE CANBERRA RAIDERS, HAVE ANNOUNCED THEIR TEAM, AHEAD OF THIS WEEKEND'S GAME AGAINST THE PANTHERS, AT CANBERRA STADIUM. JOSH MILLER, WILL RETURN TO THE SIDE, REPLACING RYAN AFTERNOON. ACROSS THE NATION - EARLY RAIN THEN FINE IN CANBERRA

- A SHOWER OR TWO FOR SYDNEY - MELBOURNE WILL HAVE A MAINLY FINE DAY, WITH RAIN AT NIGHT CLOSER TO HOME - FINE AND PARTLY CLOUDY FOR DUBBO 15 THE TOP - A SHOWER OR TWO AND ALSO 15 FOR THE GONG - A FEW CLOUDS ABOUT IN ORANGE NINE DEGREES

A SHOWER OR TWO FOR BOWRAL 10 DEGREES THE TOP -

SHOWERS CLEARING IN GOULBURN WITH A TOP OF 10 A FEW CLOUDS ABOUT IN MUDGEE WITH A TOP OF 14 -

SNOW DEVELOPING IN THREDBO THREE DEGREES

DEGREES LOOKING AHEAD - THE NEXT FEW DAYS ARE LOOKING WET - TOMORROW - THERE'LL BE A FEW SHOWERS. AND ON FRIDAY AND SATURDAY, THERE'S THE CHANCE OF A SHOWER

(NO SCRIPT NEEDED HERE)

This program is captioned live.

This is Ten's Early News.

Our headlines this morning - Australian swimmers quietly confident of their gold-medal

chances as Beijing is put through

its paces ahead of the opening

ceremony.

A 49-year-old British man named as

the alleged mastermind at the

Beijing ticketing scam that

swindled Australians out of

thousands of dollars And in finance - relief on its way

for borrowers - the RBA signals it

may cut rates as early as next month,

month, while the US Federal Reserve

keeps rates steady at 2%.

But first - Australian swimmers

have faced the international media,

downplaying talk of a record medal

haul in Beijing. Just days from the

start of Olympic competition, the

team has highlighted how much they

respect their opponents. It would

be completely arrogant of us to say

"We're gonna win." The team is yet

to receive an explanation for the

haze they endured while training in

the Olympic pool. Meantime,

Australian track runner Tamsyn

Lewis has lashed out at anti-doping

officials. She says there's no

doubt she'll be competing against drug cheats in Beijing.

Meantime, a British man has is

believed to be the mastermind

behind an online Olympic ticketing

scam. A private investigator has

told Fairfax newspapers 49-year-old

Terance Shepherd allegedly operated

this global website, which conned

dozens of Australian sports fans

into buying fake tickets. Shepherd

is accused of masterminding a series of illegitimate

ticket-selling operations. He's

believed to be hiding in bar aidings.

A aidings.

A grocery website give consumers a

snapshot of prices will be unrolled today. Woolworths supports the

ACCC's plan to make unit pricing

compulsory. The Government and the consumer

watchdog are working together to

help shoppers. This is about giving consumers something new that the

supermarket chains won't tell them.

A new website will be launched

today, providing consumers with a

snapshot of prices on an average

basket of generic goods, and the

introduction of unit pricing will

be made compulsory, where price per

100 grams will be displayed

alongside the total price. Anything

to put down as a benchmark that you

can compare with, yeah, it would be

worthwhile. Definitely a waste of

time. Would be absolutely useless,

wouldn't it? Woolworths has already

thrown its support behind the idea

of unit pricing. Really, the saving

to consumers will far outweigh any

costs which might be passed on. But

the Opposition has labelled the

scheme as a political stunt.

Grocery Watch is nothing more than

a stunt. It's not going to bring down

down the price of groceries at all. Former West Australian Opposition

Opposition Leader Colin Barnett is

set to be re-elected to that job

today. Mr Barnett decided to

contest the Liberal leadership at a party-room meeting, despite

announcing his retirement from

politics earlier this year. The

58-year-old is expected to be unopposed

unopposed in the ballot to replace Troy Buswell.

Australians made 10 million visits

to GPs last year due to

mental-health issues. According to

a new report, 1 in 10 GP

appointments was for a

mental-health condition. Depression

was the most likely, followed by

anxiety and sleep disturbance.

An American Airlines jet has made

an emergency landing at Los Angeles

International Airport. Passengers used

used emergency chutes to evacuate

after smoke filled the cabin.

It was supposed to be a relaxing

start to a sunny, Hawaiian vacation.

This became a whole different

adventure. One by one, passengers

slid down a pair of inflatable

chutes in the middle of an LAX

runway after their plane made an

emergency landing. Adults, children

and seniors all exited in an

orderly manner. The American

Airlines Boeing 757 was over the

ocean, about an hour into the

Honolulu-bound flight, when the

pilot reported the smell of smoke

in the cabin. Air-traffic

controllers in Los Angeles quickly

ordered the plane to return. The

emergency landing went smoothly,

and the 188 paerblgs on board

evacuated without any major

injuries. LA firefighters assisted

the passengers before searching the

plane for the cause of the smoke.

They never found a fire. Safety

experts and the airline are now

inspecting the jetliner, and it's

unclear when or if passengers will

ever make it to their Hawaiian holiday.

Model Miranda Kerr made her catwalk

debut last night as the face of

Australian fashion giant David

Jones. Kerr took to the runway in Sydney to parade some of the

colourful fashion for spring and

summer. Ing meal has done, um, summer. Ing meal has done, um, such

a wonderful job -- Megan. And she's

been, you know, the fashion been, you know, the fashion

ambassador for such a long time. So

I do have big shoes to fill. But

hopefully the customers will like me

me just as much as they, you know,

loved her. I sent her some flowers

and a little note and wished her

well. One face missing from the

crowd was Kerr's boyfriend,

Hollywood actor Orlando Bloom - he

has some filming commitments.

The playing futures of Collingwood

pair Heath Shaw and Alan Didak are in doubt after the club suspended

them for the rest of the season.

Shaw was caught drink driving on

Sunday night and initially said

that Didak was not a passenger in

the car. They've since admitted

that wasn't the case. Time and time

again when we asked that question,

looking them in the eyes and find

out that these people have

out that these people have been

lying to you - there's a lot of

people pretty gutted over that. The

AFL Tribunal has given Geelong's

rough conduct. Darren Milburn a one-week ban for Darren Milburn a one-week ban

While most athletes have taken aim

at Beijing's pollution problem,

Australian shooter Russell Mark

says the more, the better. He

claims the Olympic smog will benefit his chase for gold.

The shooting party's in town, but

unlike most athletes, they're not

taking aim at the controversial

taking aim at the controversial

The smog levels in the Olympic city.

The smog actually helps us - the

more bet the better for an old guy

like me. I can actually see those

little orange discs a lot better in

the sky. It's a perfect white

background. So as many cars as they

want to get on the road the day I

compete, I be quite happy bow tut.

No issue for Michael Diamond No issue for Michael Diamond either

- he was more worried about his

best gun - lost, then found, in

baggage. A nervous start for his

quest to a third gold. I didn't

need it this time around,

especially here in Beijing. We

wanted to go out tomorrow stkproon

do some practise, so it's hard to

throw rock saids at 'em. Athens bronze medallist Alicia Molik also

jetted in, but with without any

luggage of expectation didn't fancy

myself when I won the bronze, and I

came home with a medal who. Know

this time? Lleyton Hewitt arrived

contingent, last night to complete the tennis

hip injury. hip contingent, over his trouble spsm

Runaway NRL

NRL star Sonny Bill Williams has

been ordered to front the Supreme

Court this Friday after he walked

out on a 5-year deal with the

to Bulldogs. The Dogs have been unable

to serve legal documents to

Williams since he snuck out of the

country bound for French rugby

union two weeks ago. I'm surprised

that we haven't got - that he

hasn't made himself available. But

as I've said, people who don't have

things to hide are easy to serve.

Williams can decide to send a legal

representative on his behalf, which

is highly likely, with his new club

Toulon hoping that Friday will be

his first game for them.

Rate relief could finally be in

sight for some home borrowers, with

could the Reserve Bank indicating it

could start cutting rates as soon

as next month. For more, I'm joined

live by CommSec. Just how likely is

a cut next month? Well, at this

stage, Kath, the Reserve has simply

changed its buyers paving the way

for rate cuts. If we see another

dreadful month of weak economic

dota, then the Reserve will have no

choice but to cut rates next month.

Even if they are on hold though,

the good news is that rate hikes

are off the table. That means

consumers and businesses will be

more confident to borrow, spend and

invest. Overnight, the US Federal

Reserve has kept rates on hold -

oil has taken a tumble as well. It

certainly has, and that sent the

Dow Jones soaring. In fact, to a

4-month high. The Dow up by more

than 330 points, or about 3%, after

oil fell to a fresh 3-month low,

below US$120 a barrel. The Fed kept

rates on hold at 2%. Of course,

that very positive lead from Wall

Street means a great start for the

local share market - we should be

in for a recovery today. The

futures is pointing to a gain of

about 80 points, or 1.7%, on

opening, Kath. Sounds good. Thanks.

Sales of luxury cars have dropped

by a third after the Government's

nax crease came into effect on July

1. The drop has been blamed on

buyers snapping up luxury cars

ahead of the deadline, with sales

now dwindling. It's raised concerns

the Government may not meet its

revenue target.

brief now: To others good business news in

Bill, that's it in finance. News

Corp reports at 7:30 eastern time

this morning. Asciano annual

reports, and West Australian

newspapers also report. Thanks,

Kath. Are you ready for this? I am.

I'm not eighty-two quite sure what

it is! A bride and groom have

proven how crazy love is, by

exchanging vows on biplanes. The

groom had a few butterflies, bt

I've got a feeling it was the

altitude, and not the occasion. The

bride was distracted by the view.

You're going so fast, your

adrenaline pumping, you have the

gorgeous scenery. Plus we remember

-- we have to remember to say "I

will." "I will!" Hopefully it's the

only turbulence they'll experience.

I can't believe her hair stayed in

place. Only you would think that!

That's it for Ten's Early News. I'm

Bill Woods. Bye for now. And I'm

Kathryn Robinson. We'll be back

with the cynic tomorrow. Have a good day!

Supertext Captions by Red Bee Media