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Lateline Business -

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(generated from captions) conscience vote on the

takeover. Sara Everingham

reports from Hermannsburg west

of Alice Springs. The new

arrives started off getting to

know the community. The team of

one doctor, three nurses and a

social worker arrived in the

remote community of the

Hermannsburg today as part of the Federal Government's

intervention plan. The

community people say that's

good, good for our kids to be

checked. The arrival coincided

with a roadshow run by

indigenous Olympian Nova Peris.

She's already been working for indigenous Olympian Nova Peris.

the Federal Government

promoting health checks for

indigenous children around

Australia. She welcomes the

extra support. You know I've

been to many communities where

they've actually had to turn

away children who have rocked

up for the health check because

of the lack of medical professionals there doing the

health checks. But like in

other communities, there are

aspects of the Federal concerns here too about some

Government's plan. In aspects of the Federal

particular, the removal of the

permit system and the Federal

Government's proposal to over

Aboriginal townships for five

years while the Northern

Territory Government today ruled out its own legal

challenge, it says it will

support others. We wouldn't be

a direct appeal party to any

legislation they made because

we wouldn't be directly

affected party to it but that

doesn't mean that we

doesn't mean that we wouldn't

support action on behalf of our traditional owners. What we

want is partnership, we want

cooperation and compulsory

acquisition wouldn't be the way

and I've certainly said that to

the Prime Minister. But

Indigenous Affairs Minister Mal

Brough says the takeover of

communities could extend to the

Alice Springs town camps. A

coalition of Aboriginal

organisations in Alice Springs

today called for a conscience

vote in Federal Parliament on the issue of

the issue of the takeover of

Aboriginal land. Every

politician in the Australian

parliament needs to think very

carefully about being a part of

the theft of our land. The

group issued 50 recommendations in response to the

Commonwealth's plan. The West Australian Government meanwhile

has rejected Mal Brough's offer

of military assistance to help

tackle abuse in remote Aboriginal communities there.

Aboriginal communities there.

The offer came after six men

from the town of Falls Creek

were charged with multiple sex

offences. Today they were

granted bail while two more men

from the same town were charged

with similar offences. WA's

acting Premier erib Ripper says

the offer of military help was

just political theatrics and it

would be preferable if the

Federal Government supported

existing programs which he said

were working. In Hermannsburg

the team hopes to start the

first health checks tomorrow.

Security forces loyal to the

Islamist militant group Hamas

have raided several strongholds

of powerful crime families in

the Gaza Strip. Hamas says it's

restoring law and order to Gaza

but it's been accused of simply

acting to sure up its grip on

acting to sure up its grip on

power. They ousted forces loyal

to the Fatah faction. Theepz

Hamas militiamen are the

unchallenged masters of their

do main and this is law and

order Hamas style. The security

forces loyal to the former

ruling party, Fatah, were

either too corrupt or too timid

either too corrupt or too timid

to operate here. This was

effectively a no go zone. But

with Hamas now in control of

Gaza, all that has

changed. They're attacking the

families, they're attacking the

small groups with arms. They're

trying to impose their power

over everyone . This suburb's

controlled by the

controlled by the Abu

Hussanein family which controls

a notorious drug and weapon

smuggling ring. Some are

outraged that Hamas has entered

their stronghold. But the Hamas

men will not be swayed. They

are dedicated to truth, justice

and God. And tonight, the

Hussanein crime family is

firmly in their

firmly in their sights.

TRANSLATION: We are here to

arrest the drug dealers. They

are well known for spreading

corruption and bad behaviour in

Palestinian society. Hamas

patrol vehicles equipped with

spotlights focus on suspected

sniper positions. Then the

Hamas men move in under cover

of total darkness. They

saturate the neighbourhood.

They take up their own sniper positions. This suburb is

positions. This suburb is now

locked down. But the elders of

the Hussanein family sit

outside defiant, drinking

coffee and tea. These families

are one of the most important

cells that they are importing

weapons so they are attacking

them to not to give a chance

for them to spread the

Gaza's arms. Hamas wants to stop

Gaza's crime families from

disrupting the security they've

promised the people here and

they must stop them from

helping archrival Fatah from

making a military

comeback. This is tense and

dangerous work and the Hamas

men do not welcome scrutiny

when they make an arrest. In

all, five members of the Abu

Hussanein family were detained by Hamas.

by Hamas. They've disappeared

into a maze of interrogation

rooms and detention facilities.

But Hamas is not a government

and it's not clear how it

intends to deliver real

justice. While Hamas is running

an effective prison, the courts

aren't functioning. The judges

are all staying home. But what

is clear is that with these

arrests Hamas is breaking the

back of another powerful

back of another powerful Gazan

family. In truth, the trades

are more about a balance of

power in the Gaza Strip than

busting drug rings. Hamas is

trying to clean up their backs

and they're not to give anyone

a chance to work against them.

This is what's happening. But

the Hamas security drive is

winning over some Gazans. The

notorious for Abu Hussanein family was

notorious for stealing Sabrina,

the line ess from the Gaza zoo,

pulling her claws and charging

people to pose with her for a

photo. Sabrina was rescued by

Hamas on the weekend and

returned to her old cage with

her brother by her side. This,

Hamas says, is the new era in

Gaza. Order has been restored.

But how long can it last?

and that's all from us. 'Lateline Business' coming up

in just a moment. If you'd like

to look back at tonight's

interview with Alexander Downer

or review any stories or

transcripts you can visit our website.

website.And now 'Lateline

Business' with Emma Alberici.

A major Coles shareholder

calls on the corporate

regulator to examine the run up

in Wesfarmers shares before the

bid and voices his frustration with the Coles board. Shareholders deserve a lot better and they've just

been treated, you know, with disdain and I

disdain and I think there's a

lot of glory, there's a lot of reputational protection going

on at board level. The push for

Panguna, moves to reopen the

Panguna copper mind in Papua

New Guinea. And fair exchange,

a new stock market for sustain

able investments. It's really

any company that wants to be

involved in that sector or is

in that sector like a clean coal

coal technology, new energy,

solar, renewable energies.

Anything that has to do with

basically sustainability.

First to the markets and

Australian shares cooled after

yesterday's record close. The

all ords shed 0.5% dragged down

by a surprise fall in

Woolworths shares. The benchmark ASX

benchmark ASX 200 dropped 39

points. In Japan the Nikkei

closed flat but Hong Kong

defied the trend recording its

sixth consecutive record high

and after yesterday closing at

a 3-week high, the FTSE has

drifted 0.5% lower and we'll be

crossing to London shortly.

Woolworths has delivered

another blow to its embattled

rival Coles unveiling a big

rise in sales and a profit

upgrade, not that that was enough to

enough to impress what has

become an incredibly demanding

bunch of share horlds.

Australia's biggest retailer

lifted revenue by almost 10% in

the June quarter. Woolworths

says it continues to gain

market share and is promising

to turn up the heat on Coles,

even more. As the Coles Group

wrestles with a failed turn

around strategy and a looming

change in owners, its bigger rival continues

rival continues to ring up

bumper results. Woolworths has

posted $9.8 billion in sales

for the June quarter and is now

forecasting full 46 year

earnings to rise by at least

25%. But the result failed to

please some investors, with

Woolworths share price dropping

by 3%. That was mainly due to

the fact that I think most

analysts had greater

expectations of a bigger profit

upgrade than the company

upgrade than the company delivered. Woolworths chief

executive Michael Luscombe says

the group has picked up market

share across its operations but

he rejects claims that the

supermarket heavy weights have corneror ed near earl all of

the market. In terms of

grocery, food and liquor we've

got about 29 and our major

compet verse got 22, 23.

Together we've got 50. Everyone

jumps on the band wagon and

says these two guys have got

80% which is a load of

rubbish. Analysts say the Coles Group continues to play catch

up. The number two retailer has

just opened the first

distribution centre in its

supply chain revamp, a project that Woolworths had already

completed. Look, without a

doubt their focus on the back

end of their business, the logistic side of their business, the supply side of

their business and also the

front end in terms of their market strategies are going very, very

very, very well. They've got the right people running the

business and they're very able

to connect with the

customer. And Michael Luscombe

believes there's more room to

improve. We certainly have

snrant scope to augment our

existing business plans to lay

the platform for future growth

by investing in even better

service through training, by

making sure we have the best

quality logistics an support

systems. Despite Coles agreeing

last week to a takeover

last week to a takeover by

Wesfarmers , Woolworths hasn't

given up hope of buying Office

works and Target. The retailer

has submit add propeazal to the

ACCC for its review and appears

ready to pounce if the

Wesfarmers deal falls over. Later in the program

we'll be speaking to fund

manager Peter Morgan who holds

a major stake in the Coles

Group. From retailing to the

building sector and Mexican cement

cement giant Cemex has finally taken full control of construction materials maker

Rinker. A few hours ago Cemex

announced it had gained 90% of shareholder acceptances,

allowing it to compulsorily

acquire the remaining stock and

delist the company. Rinker

shares today closed 1.5% lower

at $18.60. Buoyed by the

resources boom, Australian

business confidence remains

business confidence remains at

a record high. The National

Australia Bank says surging

demand from China is driving

investment spending by the big

miners. The monthly survey

found trading conditions fell

slightly in the retail and

tourism sectors while the

finance and resource stocks

reported strong gains. And

there was mixed news from the

housing sect were home lending

slipping to a 6-month low in

May. Just over 66,000

May. Just over 66,000 people

secured owner occupier finance,

a rise of just one tenth 1%.

But investors are returning to

the market, loans for investment property surged

nearly 9%. It's the middle of

the trading day in Europe on

the London stock exchange, BHP

Billiton is trading down 1.5%

after press reports in Britain

said the world's biggest mining company is

company is in talks with

private equity groups over a

possible $40 billion takeover

of Alcoa. For all the latest

we're joined from London by Tom

Hougaard chief market

strategist at City

Index. Thanks very much for joining Lateline Business,

what's the attraction of Alcoa

for BHP? Consolidation. In a

word. BHB Billiton

word. BHB Billiton has had a

phenomenal run over the last 10

years and as a result has

accumulate add vast amount of

cash and they're basically

looking or intending to go on a

spending spree in order to

spread their wings and dominate

the whole commodity market and

the Alcoa, one of the outcomes

is one of the obvious choices.

They need to consolidate that

acquisition with a potential

equity firm and it's going

equity firm and it's going to

be really interesting to see

who's that going to be. Back to

your question, it's all about

getting global dominance for

BHP. And who are the private

equity partners likely to

be? Well, your guess is as good

as mine at this point but if

you throw names bike Blackstone

then I think you pretty much

nailed 90% of the potential

suitors who could pull off an acquisition olike

acquisition olike this. And is

there - isn't there a risk in

having to deal with minority

interests, splitting the pie?

It's not something BHP Billiton

is acustomed to doing. Normally

they would like not to share

the profits with anyone let

alone private equity which

likes to take a bigger slice

than most? You're absolutely

right. I think that has always

been the BHP style but I also

read an interesting interview with Richard Branson

with Richard Branson here in

the UK who is the man behind

Virgin. He said I think BHP

share that sentiment. If need

be we don't mind going in and

splitting our acquisitions with

third partners because at the

end of the day what our main

interest here is to make an

acquisition of a Mack mist

proportion in order to gain a

much larger global presence and

much larger global presence and

I think as a result of that

they don't mind the trade off

that I have to split the

goodies with a third

partner. And now to the broader

market, Tom. Yesterday London

closed at a 3-week high but

today investors not quite so enthusiastic? Do you know it

always waxes and wanes with

investors. You're absolutely

right but yes, today we're

seeing some profit taking or selling or whatever you want

selling or whatever you want to

call it but the bottom line

here is that we are heading

into the earnings season. There's no doubt in my mind

that some investors are getting

a bit concerned. We've got the

world's biggest retailer Hope

Depot is coming out saying

they're somewhat anxious about

their results ahead of the US

housing slump. You can't blame

investors for being a bit anxious going into this.

anxious going into this. If we

don't get these companies

absolutely delivering top line

results then by any measure,

the valuations is stretched

beyond what they should have

been. You mentioned the US

federal chairman Ben Bernanke speaking this evening on Wall

Street, what is the

significance likely to be of

what he has to say

tonight? Well, he's like his

predecessor Alan Greenspan he doesn't let

doesn't let out too much so there's a lot of second

guessing here. If we start

hearing things like he's

worried inflation is going to

creep into the overall market

then I don't think we're going

to take that very kindly. I

think that that would mean

we're going to hit that sale

button than a lot of people

suspect. We don't want to hear

about more interest rate rises.

You've seen what it's done here

in the UK. Got a lot of anxious

house owners wee now have a

5.75 base rate. I don't think we're

we're going to take it

kindly. Have a great day.

Thanks for joining us. You too.

Now for a quick look at the

other major movers on the

Australian market today.

As we mentioned earlier,

today came an announcement from

Woolworths that its biggest

competitor could have done

without. At Woolworths stores

open at least 12 months, sales

rose 8.2%. At Coles, same store

sales are rising at just 0.8%.

Wool worths has revealed that it did make a

it did make a bid for some of

the Coles businesses but Coles

has chose ton sell the group as

a whole. The game though is far

from over. Wesfarmers shares

have fallen 9.9% since the agreement was struck with the

Coles board. The shares are now

trading at $41.18. If the stock

averages less than $41.12 for

20 day, while also underperforming the benchmark

index by 10%, the takeover

agreement can

agreement can be terminated.

Peter Morgan is the principal

of fund manager 452 Capital

which owns 3% of Coles. He's becoming increasingly incensed

by the lack of transparency in

the sale process. I caught up

with him a little earlier this

evening. Peter Morgan, welcome

to Lateline Business. As a

substantial Coles shareholder,

how do you feel today to learn

Woolworths has achieved

Woolworths has achieved something like 10 times the

sales growth of Coles? I think

all up the whole scenario with

Coles has been one of

disappointment. I mean, you

know, the company itself has

played itself into wool worth's

hands on so many occasions and

I think, you know, I think as a shareholder in Coles, given

what's transpired over the last

couple of months, or even over

the last year, you know one can only

only say we're

disappointed. How do you feel

about the way the sale process

has evolved? I mean if you look

at the share price of

Wesfarmers over the month of

June it went up over 20% in a

market that went down. The

stock went up 2% for the last

day of the month for whatever

reason. And the Coles board has

accepted, you know, funny money

as an alternative and the

consideration being paid by

Wesfarmers as we sit here today

is no where near the $17.25

that the board is touting and

is asking shareholders to

accept. You know f one looks

over the last year, I can count

on four or five occasions, if

not six or seven, that the

board has said that, you know,

$15 and below is substantially

undervaluing the company. I

mean they've said it at an annual general

annual general meeting, they've

said it at the first approach

from KKR, the private equity

group, the second approach from

private equity. They've said it

all the way through the bidding

process and today the share

price is $15.25. It's not the

$17.25 that farcically has been

touted on the day of the tender

processing ending and I think

shareholders deserve a lot

better and they've just been

treated with disdain. And

treated with disdain. And I

think there's a lot of glory,

there's a lot of reputational

protection going on at board

level. How has this occur snd what happened to corporate

governance? There hasn't been a

lot of corporate governance. If

you look at the Reg spher of

Coles Myer it's predominantly

retail based. I mean the big

winner in all of this has been

Solly lieu and he's

Solly lieu and he's played the

game hard. Who knows where we

would have been if he hasn't

played as he has been. Why private equity is succeeding, boards of directors in Australia that have little

money in the game that treat

shareholders as second-class

citizens is playing right in

the hands of private equity, if

I can put it that way and it's

very disappointing. It always

seems to happen with these, for

seems to happen with these, for

want of a better word, Victorian Collins Street type

boards that have got no real

interest inhold ors. They only

seem to want to do it for their

own self-interest reasons. In a

let tore the editor of one of

the national newspapers this

week, one small Coles

shareholder noted that he was

happy with his investment. He

said he bought his shares at

$6.50 when John Fletcher was

$6.50 when John Fletcher was

installed as CEO back in 2001.

He says he's now going to walk

away with $16 or so. He says he

can't understand what all the

fuss is about. Does he have a

point? If you're in there at

$6: You're looking at $15

today. I still think there is a

lot of luck that has transpired

with regards to Coles. Let's

not forget it was only six or

seven months ago that the board

and management team of Coles

were telling shareholders that

they could get it right, they

could reorganise the business,

they could set it on its merry

way and show the shareholders

at 15 Was undervaluing the

company. Now within the space

of six months of having said

that, the game was off, we then

had to sit back and watch the

board again gamble on trying to

take Coles to a tender process

take Coles to a tender process that at the end of the day has

seen a price probably

transpiring that's going to be

less than $16 and maybe less

than $15 when it all washes

through the system. Sure if

you're sitting back there at $6

and you've been in at $6 and

utake your $15 you've made

money out of it. Let's not

forget we've been in one of the

greatest bull markets Australia

has ever seen and that market

itself, the Australian share

market is up 120% over the last

three years with dividends

included. In October last year,

Kohlberg Kravis Roberts KKR,

offered $15.25 in cash. Lit be

October this year before the

sale wraps up. Has it just

taken too long? Well it's taken

too long in a lot of ways. If

one would have - if the board

would have negotiated initially and shareholders would have had their money in at the start of

this year, that money could

have been reinvested and again,

as I said a very strong

Australian equity market. How

do you intend to vote your

shares in October? Again, I

mean we're in the extraordinary

situation that we've got a

share price that is falling

around us and we don't, you

know, the form of view today is

very hard to do in the context

of the starting point being

over $45 a share for

Wesfarmers. As I said, to us,

you know, how that price got to

$45 in that month is, you know,

is a little bit bemusing. If

one was to take into account

the current Wesfarmers share

price it equates to around

about $15.70 a Coles Myer

share. But there's a couple of

points that can played out

here. It depends on what the

final dividend is for

Wesfarmers. It depends on

whether there is any capital

raising attached to Wes farmer

shares going forward. And

again, it depends on the

liquidity in the Wesfarmers

share price itself and what I'm

saying to you, it's still

pretty open to where the share

price settles and what shareholders actually get for

their Coles Myer share. At the

end of dh process, are you

happy to be left a significant

sharehold ner

Wesfarmers? Again, you know, we

want to assess that situation.

We don't think - we thought

Wesfarmers was over valued at

$45 a share. How do you explain

the fall in the Wesfarmers share price since the deal was

done? You've got to ask yourself Wesfarmers shares

worth $45 or a touch more than

$45. As I said to you, the

stock price went up 20% in June

in a falling market or a market

that went sideways to down and

it went up 2% on the last day

of the month. What I'm saying

to you is what led to that? There's nothing publicly that's

come out from Wesfarmers that's

seen the share price go to

those sort of levels.

Supposedly you've got

regulators out there that

should be looking at these

thing an making sure the right

thing is done by shareholders.

I've got my doubts as to

whether - that price has never

been seen again and there's not

much difference to what was

around at tend of June and

what's around today in terms of information and information

flow. Are you suggesting that

the corporate regulator ASIC

has a role to play here? I'm frustrate and I'm cynical about

a Wesfarmers share price that

went up 20% in a month for no

public apparent reason, that

went up 2% on the last day

prior to a tender process

ending and I'm just, you know,

I'm frustrated with that whole

process and I think

shareholders and the market remember this is one of

Australia's largest companies,

deserves better than that and I

can't, you know, I can't in my

own mind weigh up the risk

return profile of accepting the

current bid. Some fear

Wesfarmers might get

indigestion from trying to

swallow such a big business in

its entirety. Do you see any

merit in a break up of Coles? I

and most shareholders, which is the difficult position we're

coming from, haven't been privy

to the full discussion nas have

gone on with regards to this

whole tender process. I don't

know what, you know, what the

break up scenario or what the

bidding was for say Target, one

of the best assets in Coles

Myer to date was and I don't

know what the figures touter

for Office works and the like

are. Now again shareholders

will perhaps be left in the

dark with regards to that and

you know, who knows when we get

two years down the track

whether Target sold at a great

price to someone else and the

Wesfarmers equation turns out

all the better and that's why I

think the critical issue for

Coles Myer shareholders is that

we've had, you know, a board of directors supposedly

representing us saying that the

company's worth substantially

more over the last 12 months

above $15.20 a share, that that valuation has to be made

available to shareholders so

they can assess it. Otherwise,

you know, we may well be

selling the company on the

cheap. Peter Morgan, thank

you. Thanks, Emma, thanks very

much. Australians may soon

have another market to invest

in. The national stock exchange

is about to launch a new arm

which will list sustainable businesses. Australia's

alternative exchange is opening the sustainable investment

market to be known as the SIM,

much like the NASDAQ for

technology stocks in New York.

But why would businesses list

on this new small stock market

when they could list on the

larger well known ASX? Bridget

Granville reports. The

Australian Stock Exchange has a

new competitor. The sustainable

nesmt market wants companies which are environmentally

friendly to list on the new

index. It's really any company

that is - wants to be involved

in that sector or is in that

sector like a clean coal

technology, new energy, solar, renewable energies , anything

that has to do with basically

sustainability. The SIM market

will be set up as an arm of the

national stock exchange. The

NSX is Australia's smaller

alternative investment market

which has about 100 companies

currently listed. The

Australian Stock Exchange has

2,000. The sustainable nesmt

market will be Australia's

first environmentally friendly industry targeted stock

market. Much like the NASDAQ in

the '90s where people knew if

they went to the NASDAQ they

could find a stock that was a

tech stock basically, communication, anything related

to communication and

technology. There are already

20 sustainable companies

interested in listing on the

Newmarket. They are businesses

involved in a range of things

from clean-coal technology to

renewable energy and water

savings. Promoters hope the

cheaper listing fees will

attract new business but as in

every other market, the quality

of the business itself will

determine its success or failure. It's very hard to know

what it is in the long term.

It's like any new emerging

markets. Some businesses will

go very, very well because they

have all their ducks in a row.

Other businesses will fail

because they haven't and it

doesn't mean the product is not

good but there's more to just

having good product and being a

successful business. Pauline

Vamos consults businesses on

ethical investments. She says

while a focused, green friendly

stock market is a good idea, investors should be

careful. There's a lot of words

that have been used to describe

it, a feel good, a guilt mark.

I have haven't shortened my

showers an maybe if I invest in

sustainable stocks ki ease some

of the guilt. But it's

important to really look at who

is behind the stock and what

the product is that they are

actually producing. The

sustainable investment market

will be launched in September

by US environmental campaigner

Al gore and it hopes to have a

number of companies ready to

list by the end of the

year. Counting has started in

Port Moresby to tally votes cast in Papua New Guinea's

elections over the weekend. And

in the autonomous province of

Bougainville, the outcome of at

least one seat is keenly

awaited. The electorate of

Central Bougainville province

contains the once lucrative

Panguna gold and copper mine

which has been closed for 18

years since su sessionist

sabotaged it. The cash strapped

government wants to reopen the

mine but vying for the seat is

Lynette Ona Francis Ona's

daughter. Bougainville's

president is celebrating a mini

gold rush. Officially opening a

new finance and gold Saasy

office. This is the first

project to involve former

fighters of the Bougainville

revolutionary army like their

former commander Sam Kauona. TRANSLATION: People will be

able to sell gold and we will

be able to establish and fa

sill trait smul gold miners

throughout Bougainville. While

the new gold miners eke out a

living, the Panguna gold and

copper mine remains idle. It

was the biggest copper produce

ner the world, accounting for

almost half of Papua New

Guinea's export earnings. But

in 1989, led by mine surveyor

Francis Ona, disaffected land

owners sabotage ed it.

Bougainville Copper is keen to

reopen Panguna. The company has

been talking to the

Bougainville autonomous

government which wants to take

control of mining away from

Port Moresby. BCL has made it

known in its annual report this

year that its vision is to go

back to Bougainville as an

explorer and as a

explorer and as a miner.

While the king may be dead,

his loyal followers have taken

up the battle. Not through the

barrel of a gun, but through

the ballot box. Hoping to win

the Central Bougainville seat

that contains the mining area s

Francis Ona's daughter Lynette.

Her stand pits her and the

traditional land owners of the

mine squarely against the

Bougainville autonomous

government, a government

desperate for revenue. Lynette

Ona has campaigned in this

election on issues dear to her father's heart - independence

and no mining. She's hoping to

wrest the seat from the

indedumb bant who was P -

incumbent who was PNG's last

mining minister. I hope the

mine won't be open. Even when

my father died he said the mine

is not going to be open. The

Panguna mine still has about 15

years of life left in it and

with gold and copper prices on

the rise, governments and

miners have their eyes on

profits and royalties. The major issues are really

relationship with the land

owners. We have said, and I've

said many times, that We won't

be going back unless we are

invited to go back by the land

owners. Bougainville copper may

have started talking with the

autonomous Bougainville

government but it's at the

grass roots among the keepers

of traditions where the

feelings run the deepest. Dame

yn Demang is a customary land

owner and Francis Ona's uncle.

TRANSLATION: If they open a new

mine I don't know what will

become of this nation. They

will destroy our land. I spoke

out against the Panguna mine

and educated men suppressed me.

I say the Panguna mine will

wash us in blood and it did.

For young Bougainvillians,

life has moved on but they are

well aware that the mine

they're sitting on previously

washed their fathers in

blood. But it does have the

potential if handled carefully,

to wash them and their future

generations in riches. And now

a look at tomorrow's business diary. Creditors in failed

property group Bridgecorp

finance meet for the first

time. Shares in iron clad

mining begin trading, it's $20

million RPO was over subscribed

and closed two weeks early and

we're due two sets of zait a

from Japan the current account

numbers from May and the latest

consumer confidence report. A

look at what's making news in

the business secs of tomorrow's

newspapers. The Age says a

cashed up wool worths is still

in the race for some of the

Coles assets. The the

'Australian' leads on the same

story. The 'Australian

Financial Review' says a dramatic restructuring of

Qantas may be on the cards. And the 'Sydney Morning Herald'

warns a global oil shortage

could be just years away. That's all for tonight.

As I leave you the FTSE and the Dow futures are both down. If

you want to review any part of

tonight's program you can visit

our website at:

Or watch the whole program on

ABC 2 just after 7:00 tomorrow

morning. And to send us your

feedback you can write to us


I'm Emma Alberici, goodnight. Closed Captions by


Terror in London - two car-bombs primed to wreak havoc.

Jeep rams into the airport, And in Glasgow - an explosive-laden disaster averted only by luck.

of the daunting task Yet more examples investigators. facing counter-terrorism

they were celebrating Just two months ago, to life in prison when a court sentenced five men fertiliser bomb in Britain. for planning a massive

surveillance program Operation Crevice was an intense red-handed. that caught the would-be bombers Here was a group of British men

basically committing mass murder who were intent upon against their fellow citizens. two of the July 7 suicide bombers The same operation unearthed the risk they posed. but no-one realised

to go off surveillance They allowed somebody to be a suicide bomber. who subsequently turned out from the BBC's Panorama Tonight's report reveals details of the intelligence operation

which unmasked one terror cell but now stands accused of letting another slip through the net.