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Good morning. Welcome to the program. I'm Whitney Fitzsimmons. In 'Business

Today' - another down day. Wall

Street slips as caution

prevails. Record fraud fine. A

US drug maker pays for

misleading consumers. And -

compact transport. The smart

way to get around the city.

Those stories shortly, but

first a quick look at the


I'm joined now by Cameron

Peacock from IG Markets. Good

morning. We saw Wall Street

continue to drop on fears about

the global recovery? Yes, we

did. Wall Street fell for a

fourth straight day. We had all

the indexes down quite

moderately between 0.1 and

0.3%. As you mentioned we saw

the Dow trading back below the

9,300 point level for the first

time in a few weeks. We also

saw the S & P retreat from that

1,000 point level to settle at

994. The falls are on concerns

about China's ability to pull

the rest of the world out of

this financial crisis and also

that we might've too

aggressively priced in the

economic recovery. The day

wasn't helped by some worse

than expected economic data. We

saw the ADP private employment

report come out showing jobs

lost in August of 298,000 which

was slightly worse than the

250,000 that people were

expecting. And we also saw factory orders disappoint.

While they did rise by 1.3% in July, that was less than the

2.3% that economists had been

expecting. The worst performing

sectors on the day were the

financials, on renewed concerns

about bank failures. But the

surprise gainer for the day was

the materials sector probably

based on some heavy gains in

the gold sector. Staying in

the United States - the Federal

Reserve has released the

minutes of its August meeting.

What did they reveal? They

released the minutes from their August meeting. They came out and said while they were

confident the recession was

ending, there were some

concerns about the pace of the

economic recovery. As you know,

they've been buying US

Treasuries, mortgage-backed

bonds to the tune of about 1.4 billion. Really trying to keep

interest rates at the long end

of the curve down and a lot of

the discussion and debate has

been how to phase out that

program as the economic

expansion continues. They are

currently considering extending

that program, phasing it out

gradually to minimise

disruption to the market. So

that was the basis for a lot of

the discussion during the last meeting. Let's move on to the

region now. What are we

expecting to see in trade on

markets today? We're looking at another fairly soft day across

the region today. We're

currently calling the Aussie

market to unwind about 14

points lower around that 4424

level which is about 3/10 of a

per cent weaker than

yesterday's close. Asian

markets are also likely to be

weaker. We're calling Japan's

Nikkei to open around half a

per cent lower. And of course,

we will be watching Shanghai.

Now that's a very volatile

market. It's been beating to

its own drum lately but its

trading has had quite an

influence on the trading mood

of the region. We will be

watching that one closely as

well. Before we go, economic

data, what should we expect to

see today? Fairly quiet day on

the economic front today. We do

have the AIG services index

being released at 9.30. We do

have some trade data out at

influence over the Aussie 11.30 which might have some

dollar. So we'll be watching

that one. But otherwise, the

big day yesterday with GDP was

certainly the focus of the

week. Cameron, thanks for the

update. Now let's take a look

at what's happening with

currencies and commodities.

US drug maker Pfizer has

agreed to pay 2.3 billion

dollars in a major health care

fraud settlement. The action

has resulted in the largest

kind of its kind in American

history. The firm was found

guilty of illegally promoting

four drugs for treatments for

uses not approved by the

government. In this case,

Pfizer asked the FDA if it could promote the sale of

Bextra an anti-inflammatory

drug for certain other uses and

in doses higher than the

approved maximum. The FDA,

citing safety concerns, said

"No", but Pfizer marketed the

drug for those unapproved uses

anyway. When offlabel marketing

like this occurs, patients'

health and lives are put at

risk, and those who cause that

risk must be held accountable.

The government will now monitor

the company's conduct for the

next five years to stop abuses.

Markets had already priced in

the decision and its shares

closed fairly flat. British oil

giant BP has made a major oil

discovery in its fields in the

Gulf of Mexico. The finding is

expected to be worth more than

3 billion barrels and supports

its business in the region into

the next decade. The oil

company will now survey the

area to determine the

oilfield's size and commercial

potential. Perth will be the

first Australian city to

experience the next generation

of wireless communications.

Vivid Wireless has announced it

will build a 4-G broadband

network. The fourth-generation

technology allows streaming of

up to 10 times faster than

currently available. And the

telecoms unit of Reliance

Communications has revived its

initial public offer plan. It's

looking to raise up to $1

billion to help fund its

expansion plans. It said the

company would file the draft

prospectus within a week. The

Indonesian air loon Garuda is

being investigated for alleged

price fixing in its freight

dwips. It's alleged between

2001 and 2006, Garuda entered

into agreements or

understandings with other

international cargo carriers to

reduce fuel and security

surcharges. The ACCC has

already successfully prosecuted

10 other airlines for

price-fixing. Qantas and

British Airways paid around $25

million in fines last year.

Still on airlines - they're one

of the industry s hardest hit I

bit the ghfk. Luxury air travel

is seen as one of the first

things that can be cut by both

tourists and businesses but for the