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Ten Early News -

View in ParlView

(generated from captions) This program is captioned live.

Good morning. It's six o'clock on

Thursday, May 27. I'm Kathryn

Robinson. And I'm Frank Coletta.

Thanks for joining us.

This is Ten's Early News.

Headlining today's news:

Railway safety under the spotlight

following that miraculous escape in

Melbourne. A baby's brush with

death has made headlines worldwide.

Signs of a concession on the cards

over the controversial mining tax

as mining magnates dominate the

latest rich list.

In sport, some Maroon magic -

Queensland give NSW the blues again

as they move one step closer to a

fifth straight Origin series win.

And then in finance - the party's

over for Fosters as it splits the

beer and wine divisions but the

firm now has a bad hangover.

First this morning - rail officials

are ramping up a safety education

campaign today following a baby's

brush with death at a Melbourne

train station. A pram rolled off

the platform into the path of an oncoming train.

It's images like these a Melbourne

rail company wants to put the

brakes on. As the train pulls into

the station, the pram topples off

the platform. It's pushed 10 metres

along the track request a baby boy

inside. Amazingly, he suffered just

cuts and bruises. These pictures

are now making headlines right around the world.

I was assuming the worst as well

and had those awful pictures in my

head of a child underneath the

train. The baby and his 3-year-old

brother were being cared for by

their grand mother. She says she

turned away for just a second.

Police are satisfied it was an

accident, leaving the rail company

to investigate yet another near

miss, and take on board what could

have been a tragedy. And certainly

we'll be ramping up a campaign to

better educate people as to how to

travel with prams. Similar chilling

footage at another Melbourne

station also made world headlines

last October. The toddler in this

pram also escaped death.

It's hoped the safety education

happening again. campaign will prevent it ever

There are further signs this

morning that the Government is

considering a concession over its

controversial mining tax by lifting

the threshold at which the 40% tax

will kick in. It comes as the

latest rich list shows the combined

wealth of mining magnates has

climbed $8 billion in 12 months.

While Europe and the US have

suffered a financial crisis,

Australia's richest entrepreneurs

have been busy making money.

Leaping property prices helped

Westfield's Frank Lowy hit $5

Westfield's Frank Lowy hit $5

billion to top the BRW rich list.

Mining magazine naid Gina Rinehart

Mining magazine naid Gina Rinehart

is $1 billion wealthier. Andrew

Forrest nearly doubled his minerals

wealth. Miners in the list made an

extra $8 billion. That's a good

thing and it will continue to

happen under the resources super

profits tax. 20 Australian

economists now agree the super

profits tax won't leave miners

begging for their supper. Rio

Tinto's chairman told share-holders

the proposed tax needs serious

amendments. We're not against

genuine tax reform and I want

people to know we want to engage

with the Government. Mining

companies may fear that the super

profits tax may damage the economy

but the OECD has revised its

economic outlook for Australia.

It's increased its forecast growth

to 3.2% this year and even higher, 3.6%, in 2011.

And the mining companies are hoping

to spend some of those billions

buying part of Queensland's rail

network. 13 companies, including

BHP, Rio Tinto, Xstrata and

McArthur Coal are offering almost

$5 billion for the lines used to

transport coal but the State

Government is thinking about a

public float-to-with other assets

to raise $7 million. There's been a

20-fold increase in the number of

immigration staff deployed to

Christmas Island to deal with

asylum seekers intercepted on their

way to Australia. The island is

currently full so staff are

preparing to send 47 people to the

mainland to ease the pressure.

Until last week, just four

immigration officers worked at the

processing centre but now staff

numbers have swelled to 85. It's in

response to a spike in the number

of asylum seekers headed our way.

A Queensland father has been

charged with manslaughter after his

baby was found dead in the family

car. The 8-month-old girl was left

inside the vehicle parked outside a

flat in Rockhampton. She was pulled

unconscious from the car and

unconscious from the car and

couldn't be revived. More details

about the circumstances surrounding

her death are expected to be

revealed today when her 38-year-old father faces court.

A P-plate driver has been charged

with a string of driving offences

this morning after a hit-and-run

crash outside a school in Sydney.

The man's alleged to have fish-

tailed his car off the road at

Fairfield, mounted the gutter and

struck five teenaged boys before driving off.

We were just coming out of school

and making our way over there to

the bus stop and we all got hit.

The boys were later released from

hospital with minor injuries. The

next month. 21-year-old driver will face court

Residents on Sydney's South Coast

have returned to their homes hours

after the area was evacuated amid

fear as local dam could collapse.

130 homes were cleared out around

midday yesterday as the deluge

sparked concerns that a mine dam

would not hold up. We just got a

phone call and an SMS message to

evacuate. Residents took shelter in

a temporary evacuation centre until

authorities declared it safe to

return to their homes six hours

later. They'll continue monitoring return to their homes six hours

expected. weather patterns with more rain

Meantime, new figures today show

Queensland's record-breaking floods,

which saturated the south-east in which saturated the south-east in

March, failed to live up to

expectations downstream. There were

high hopes the deluge would help

replenish the Murray-Darling Basin

but stocks are just starting to

trickle through and are

significantly smaller than expected.

But there is much better news from

the outback where Australia's

cotton farmers are picking their

first crop for five years.

Irrigators at Burke have been

without water and work but now the

dams are full and extra staff are

harvest. being brought in to help with the

Queensland has taken a massive step

towards an unprecedented fifth

straight Origin series victory with

a convincing win over NSW in Game I

of this year's series.

Johnathon Thurston had a hand in

four of the Maroons' five tries.

The Blues now scrambling for

solutions ahead of Game II.

Maroons fans hardly needed stirring Maroons fans hardly needed stirring

up, at fever pitch after watching

their team snatch Game I, running

in 28 points despite the wet track.

As a coach, you couldn't wish for a

better performance really. I

thought the scoreline didn't

indicate the difference between the

two sides. Blues scored the first

try of the night when Jarryd Hayne

pounced on a loose ball. The winger

offering a layman's explanation for

the loss. You know, we scored

plenty of points. They just scored

more. Most of them were the product

of man of the match Thurston. First

he popped a pass for Darius Boyd

before a pin-point kick for Billy

Slater. Off the outside edge!

Picked up by Slater! The Maroons

captain with plenty of praise for

his number seven. To come here

tonight and play like that is a

testament to how good he is. In the

second half, NSW was left behind. Again Thurston involved as

Queensland surged ahead, up by 14.

At times it's not only a physical

thing. It's a bit of a mental thing.

Two late tries ensured the

scoreboard would flatter the Blues.

The series now moves to Brisbane

for Game II. It's gonna be fun,

isn't it? NSW disconsulate but

desperate to stay together. Show

faith. Hang in there and we'll be

back bigger and better than ever.

The AFL will take no action against

two St Kilda players alleged to

have had sex with a 16-year-old

have had sex with a 16-year-old

schoolgirl. The girl claims she

fell pregnant after several

meetings with the pair she alleged

she met during a football clinic at

her school. However, investigations

carried out by both the league and

Victoria Police found the players

had no case to answer because their

actions were not unlawful. The AFL

also stressed that there was no

contact with the girl at her school.

Well, in what could be a positive

omen, the Socceroos have become the

first team to arrive in South

Africa for the World Cup. The

players said their final fare wells

in Melbourne yesterday and they're

ready to perform on world sport's

greatest stage. We are gonna go out

and do you proud and let's hope we

can have another emotional roller-

coaster of excitement like the last

journey was. Fingers crossed. The

Socceroos play friendlies against

Denmark and the USA before the

opener against Germany on June

146789

Some news for investors to raise a

glass or some Heineken or whatever

you like, Frank. How about some

Fosters? Fosters! Thanks very much.

Fosters have announced they will

split their beer and wine divisions

prompting rumours of a bidding war

over some of Australia's most

iconic brands. The demerger will

create two stand-alone businesses

but the company's 14-year foray

into wine will leave it with a bad

hangover. The weakening dollar and

global wine glut means major losses

wiping out a final share-holder

dividend this year. The firm's CEO,

Ian Johnston, has described the

demerger as a watershed mofplgt. Brace yourself. If your mortgages

that shot up recently, new

predictions say the standard

variable rate could head towards 9%.

The OECD has released its global

forecasts at a meeting in Paris.

It's predicting at least four more

rate rises from the RBA this year

but who to believe? That prediction

is startly at -- sharply at odds

with Australian analyst who is are

only forecasting a rise of 0.25% at most.

A new survey says demand for

Australia's mineral resources will

fuel strong economic growth over

the next six months. The Westpac

Melbourne Institute leading index

of economic activity has risen to

8.7%. That's the highest annualised

growth rate since August of 1997.

It comes, of course, as mining

giant Rio Tinto also forecasts a

rosy future, despite its bitter

opposition to the Government's

mining tax and the market

uncertainty caused by the eurozone

debt crisis. Its AGM in Melbourne

heard the outlook for global iron

ore remains positive with China

once again driving manufacturing demand.

American stocks initially gained as

fears about the global economy

cooled after the release of better

than expected reports on housing

and manufacturing in the US. But

late in trade, the Dow Jones took a

dive and was off 69 points in the

end. The NASDAQ lost 15.

Ahead on Ten's Early News - the end

of an era. After 32 missions, space

shut the 'Atlantis' is retiring.

We'll have its picture perfect landing after the break. What's that? And it's good you're telling me. be asked to give the final OK.

This program is captioned live.

You're with Ten's Early News. Welcome back.

Jamaican security forces have this

morning claimed a tenuous grasp

over the stronghold of a drug king

pin wanted by the United States.

After three days of street battles

and 44 civilian deaths, downtown

Kingston is now mostly calm. But

Christopher Dudas Coke remains at

last and soldiers are still

fighting his defenders in his home neighbourhood of Tivoli Gardens.

North Korea has begun expelling

South Korean officials from one of

its border cities as relations

between the countries reach

flashpoint. Eight officials from a

joint industrial park in the North

Korean border city of Kaesong has

returned to South Korea. The North

has banned South Korean ships and

airliners from passing through its

territory. North Korea has reacted

angrily to claims that Pyongyang

attacked and sank a South Korean Navy ship in March.

BP has been given the green light

to move forward with its latest

effort to stop the oil leak in the

Gulf of Mexico. Company executives

say warning signs were missed

before the explosion.

BP engineers are trying a tricky

tactic to plug the gushing well.

Workers on a surface ship are

pumping heavy mud and then cement a

mile under water into the broken

well. The procedure, top kill, has

never been tried in water so deep.

BP says the chance of success is

60% to 70% but some experts say

50/50 at best. If it's successful -

and there's no guarantees - it

should greatly reduce or eliminate

the flow of oil now streaming into

the Gulf from the sea floor. Five

weeks after the oil rig exploded

out in the Gulf, lawmakers say BP's

internal investigation has turned

up signs of trouble before the

blast. According to the preliminary

report, there was an unexpected

loss of fluid from a pipe known as

the riser five hours before it's

explosion suggesting there could

have been a leak. President Obama

will get another first-hand look at

the environmental disaster when he

travels to the region Friday.

An anti-whaling campaigner from New

Zealand goes on trial today after

months of clashes with Japanese

harpoon ships. He was the captain

of the powerboat which was sliced

in two in a collision with a

Japanese security ship in January.

A month later, he boarded the same

ship to try and bring its captain

to account. He's facing five

charges in Tokyo dribgtd court with

a potential sentence of 15 years.

Queensland nurses have finally had

a small win. They'll hold an urgent

meeting with health authorities

over bungled pay today. The

Industrial Relations Commission has

granted a meeting with the nurses'

union. Tens of thousands of

hospital workers have been

underpaid, overpaid or not paid at

all due to glitches in the new

payroll system. Nurses will demand

the payroll debacle be fixed immediately.

The space shuttle 'Atlantis' has

completed its final scheduled

mission. NASA is trying to do its

part to help finish the

International Space Station but

there's now a push to let

'Atlantis' fly one more time.

After 25 years and 120 million

miles of space travel, this could

be the final homecoming for space

shuttle 'Atlantis'. Really a

bittersweet moment for NASA and the

thousands of engineers who've

worked on 'Atlantis' over the past

25 years. NASA says the 12-day

mission was a success. 'Atlantis'

carried up supplies to complete the

$100 billion International Space

Station. The space shuttle

programme is scheduled to wrap up

by the end of the year. NASA wants

to fully stock the station before

manned missions like these are

turned over to smaller Russian

spacecraft but NASA is pushing to

keep the programme alive a little

longer. It's hoping the White House

will pay for 'Atlantis' to go back

into space one more time. It costs

NASA $200 million a month to run

the shuttle programme no matter how

many flights you're flying.

Americans will rely on Russian

rockets to take them into space

until private companies can take

over but the US is at work on the

next generation spacecraft with the

goal of making it to Mars in the next few decades.

The AFL says it will take no action

against two St Kilda players

implicated in a sex scandal with a

teenage schoolgirl. The 16-year-old

claims she met the players at a

football clinic and after several

meetings with the pair fell pregnant.

It's the second sex scandal to rock

St Kilda this season. A 16-year-old

girl claims she fell pregnant after

sleeping with two players she

claimed to have met during a

football clinic at her school. Fully cooperative. We're not into

naming any players. The

investigation is ongoing by the

club and the AFL. Once it's

concluded we'll be able to make a

formal statement. It's believed the

girl later reintroduced herself to

the players after a match in Sydney

in Round 1. The players say they

have no memory of the initial

meeting at the school and they

believed she was 18 years old. The

the matter. AFL initially remaining silent on

Have you spoken to them this

morning? But after speaking with

the girl and her family, along with

the players, the league last night

released a statement saying neither

it or Victoria Police would be

taking any action because no

unlawful act had occurred. The AFL

also stressed there was no contact

with the girl at the school.

Queensland has taken a massive step

towards an unprecedented fifth

straight Origin series victory with

Sydney. a 28-24 win over NSW in Game I in

Johnathon Thurston had a hand in

four of the Maroons' five tries.

The Blues now scrambling for

solutions ahead of Game II.

At times it's not only a until

thing. It's a bit of a mental thing.

The series now moves to Brisbane

for Game II.

No major upsets on day four at the

French Open but Karsten Ball's

campaign is over.

He was knocked out in straight sets

by Viktor Troicki. Venus Williams

and Roger Federer progressed to the

third round, winning in straight

sets. Federer showed great touches

in his match.

Other winners overnight included

last year's men's finalist Robin

Soderling of Sweden along with

eighth seed Jo-Wilfried Tsonga.

Robbie Deans will name his 30-man

squad for the opening four Tests of

the winter this morning. It's

tipped to contain a number of

debutantes to cover for the injury-

ravaged forward pack. Richie Porte

and Cadel Evans are third and

fourth overall after stage 17 of

the Giro d'Italia. And Diego

Maradona has promised to run naked

- Frank is excited about this -

through the centre of Buenos Aires

if his team wins the World Cup.

Kath! I'm excited about this instead,

It's been a roller-coaster ride on

the market but it seems investors

are coming back in. Richard English

from Macquarie Private Wealth joins

us. Is there more risk aversion to

come? Certainly recently sliding

equity markets and commodity

currencies have led some to say

that full-blown risk aversion will

lead to the sequel of 2008 turning

up at a screen near you soon. From

our perspective, that's not a show

we're buying a ticket for. We don't

think that risk aversion will lead

to the type of crisis that gripped

us all in 2008. Why? Primarily

because current issues have struck

at a time when the global economy

is in a recovery upswing position

and has done little to undermine

the momentum of that upswing. Frank,

we think we're operating really in

an environment whereby even

modestly positive news will bring

about a turnaround, a sharp

turnaround potentially in investor sentiment.

Richard, if you can help out the

home eners watching, a rather scary

prediction from the Organisation for Economic Co-operation & Development today. At least four

more rate rises this year, them say

but that's at odds with local

forecasts. Who's right? Absolutely

right, Frank. From our perspective,

the RBA will monitor Europe closely,

particularly in regard to the

banking sector and financial

markets but, having said that, we

know that Australian banks have no

significant exposure to European

debt you so we think when the RBA

next meet, rates will remain on

hold. We think they'll probably

remain on hold for some time to

come. If they do rise this calendar

year, our bracket of cash rate is

4.5% to 5%. Four straight rate

rises this calendar year is not

something we see happening. Thank

you for that. Richard English at

Macquarie Private Wealth. Thank you.

Now to business in brief and

convenience store operator 7-Eleven

has emerged as a possible buyer of

300 Mobil service station. The NSW expects

expects to complete the sale of

electricity assets by the end of

the year and RCG has forecast pre-

tax profit growth of more than 20%.

They own Athlete's Foot.

Can we expect a climbdown today

over the tax taxes miners? We'll

cross to Canberra to ask that

question question. And an airline

stretches its wings over Australia.

We're back in a moment.

This program is captioned live.

Headlining Ten's Early News this Thursday:

Railway safety under the spotlight

following that miraculous escape in

Melbourne. A baby's brush with

death has made headlines worldwide.

Signs of a concession on the cards

over the controversial mining tax

as mining magnates dominate the latest rich list.

In sport, some Maroon magic.

Queensland give NSW the Blues again

as they move one step closer to a

fifth-straight Origin series win.

And then in finance - the party is

over for Fosters as it splits its

beer and wine divisions but the

firm now has a bad hangover.

First - railway officials are

ramping up a safety education

campaign today following a baby's

brush with death at a Melbourne

train station. A pram rolled off

the platform into the path of an

oncoming train.

It's images like these a Melbourne

rail company wants to put the

brakes on. As the train pulls into

the station, the pram topples off

the platform. It's pushed 10 metres

along the track with a baby boy

inside. Amazingly, he suffered just

cuts and browses. These pictures

are now making headlines right

around the world. I was assuming

the worst as well and had those

awful pictures in my head of a

child underneath the train. The

baby and his 3-year-old brother

were being cared for by their

grandmother. She says she turned

away for just a second. Police are

satisfied it was an accident,

leaving the rail company to

investigate yet another near miss

and take on board what could have

been a tragedy. And certainly we'll

be ramping up a campaign to better

educate people as to how to travel

with prams. Similar chilling

footage at another Melbourne

station also made world headlines

last October. The toddler in this

pram also escaped death. It's hoped

the safety education campaign will

prevent it ever happening again.

Treasurer Wayne Swan has hinted he

may backpedal on the thresh

helicopter at with the super

profits mining tax kicks in. For

more on this, we're joined live by

Amanda Hart. What's prompted the

about-face? It's not certain that

it's going to happen yet but it's believed the Government is

considering moving the threshold at

which this super profit mining tax

kicks in from 6% up to 11% or 12% A

Treasury consultation panel is due

to hand its report to the Treasurer

tomorrow. Now, it's believed to

suggest that 11% and 12% may be a

little bit too much and in order

for this to happen, the Government

must dump its tax write-off for

failed mining ventures. Now, South

Australian Premier Mike ran has

even chimed into this debate urging

the Government that it really

should be moving this threshold.

Miners, of course, have been

campaigning long and hard against

dumping the tax completely. They're

still not completely happy with the

process. Let's have a listen to

what they had to say.

I've made it clear that the

framework we put down on the day we

announced this reform is the

framework in which we're

negotiating. We're genuine in

receiving feedback and input from

the industry much of industry is

going through our consultation

panel and many are holding

discussions with senior ministers

about their views. From our

perspective, we have to look at the

whole thing and what we saw in

engagement and consultations last

week was that we were bracketed so

the bulk of the issues were not

allowed to be on the table during those discussions.

Now, Amanda, the BRW Rich List was

out yesterday. I scoured it for

your name and couldn't see it but I

could see the combined wealth of

our mining magnates has climbed $8

billion in just a year. Yeah, Kath.

It's a pity I didn't make it on to

the list this year. Maybe next year.

Fingers crossed. In number one

position is Westfield's Frank Lowy.

He's in property, not mining, but

number two is mining magnate Gina

Rinehart. She's $1 billion

wealthier. She's on $4.75 billion.

Fortescue Metals' Andrew Forrest is

also, not surprisingly, on the list.

He's nearly doubled his minerals

wealth. He's on $4.2 billion. Kath,

clearly, very tough times for the miners at the moment.

Crazy numbers, aren't they? Thanks, Amanda.

There's been a 20-fold increase in

the number of immigration staff

deployed to Christmas Island to

deal with asylum seekers

intercepted on their way to

Australia. The island is currently

full so staff are preparing to send

47 people to the mainland to sees

the pressure. Until last week, just

four immigration officers worked at

the processing centre but now staff

numbers have swelled to 85. It's in

response to a spike in the number

of asylum seekers headed our way.

A Queensland father has been

charged with manslaughter after his

baby was found dead in the family

car. The 8-month-old girl was left

inside the vehicle parked outside a

flat in Rockhampton. She was pulled

unconscious from the car but

couldn't be revived. More details

about the circumstances surrounding

her death are expected to be

revealed today when her 38-year-old father faces court.

A P-plate driver has been charged

with a string of driving offences

this morning after ploughing into

students outside a school in Sydney.

The man's alleged to have fish-

tailed his car off the road at

Fairfield, mounted the gutter, and

struck five teenage boys before driving off.

Yeah, we were just coming out of

school and making our way over

there to the bus stop and we all got hit.

The boys were later released from

hospital with minor injuries. The

21-year-old driver will face court

next month.

Residents on Sydney's South Coast

have returned to their homes hours

after the area was evacuated amid

fears a local dam could collapse.

130 homes were cleared out around

midday yesterday as the deluge

sparked concerns the Slacky Creek

mine dam would not hold up. Just

got a phone call and SMS message to

evacuate. Residents took shelter in

a temporary evacuation centre until

authorities declared it safe to

return to their homes six hours

later. They'll continue monitoring

weather patterns with more rain expected.

Meantime, new figures today show

Queensland's record-breaking floods,

which is saturated the south ice in

March, failed to live up to --

south-east in March, failed to live

up to expectations downstream.

There were high hopes the deluge

with help replenish the Murray-

Darling system. Stocks are just

starting to trickle through and are

significantly smaller than expected.

Sport now and Queensland has taken

a massive step towards an

unprecedented fifth straight Origin

series victory with a convincing

win over NSW in Game I of this year's series.

Johnathon Thurston had a hand in

four of the Maroons' five tries.

The Blues now scrambling for

solutions ahead of Game II.

Maroons fans hardly needed stirring

up. At fever pitch after watching

their team snatch Game I running in

28 points despite the wet track.

As a coach, you couldn't wish for a

better performance, really.

I thought the scoreline indicated -

- didn't indicate the difference

between the two sides. The Blues

scored the first try of the night

when Jarryd Hayne pounced on a

loose ball, the winger offering a

layman's explanation for the loss.

We scored plenty of points. They

just scored more. And most of them

were the product of man of the

match Thurston. First, he popped a

pass for Darius Boyd before a

pinpoint kick for Billy Slater.

Off the outside edge. Picked up by

Slater! The Maroons captain with

plenty of praise for his number 7.

To come here tonight and play like

that is a testament to how good he is.

In the second half, NSW was left

behind. Again, Thurston involved as

Queensland surged ahead, up by 14.

At times it's not only a physical

thing. It's a bit of a mental thing.

Two late tries ensured the scored

board would flatter the Blues. The

series now moves to Brisbane for

Game II. It's gonna be fun, isn't

it? NSW disconsulate but desperate

to stay together. Show faith, hang

in there, you know, we'll be back bigger and better.

The AFL will take no action against

two St Kilda players alleged to

have had sex with a 16-year-old

schoolgirl. The girl claims she

fell pregnant after several

meetings with the pair. She alleged

she met them during a football she met them during a football

clinic at her school. However.

Investigations carried out by both the league and Victoria Police

found the players had no case to found the players had no case to

answer because their actions were

not unlawful. The AFL also stressed

that there was no contact with the

girl it's a her school.

Well, this could be a positive omen.

The Socceroos have become the first

team to arrive in South Africa for

the World Cup. The players said

their final fare wells in Melbourne

yesterday and they're ready to

perform on world sport's greatest

stage. We are gonna go out and do

you proud and, um, let's hope we

can have another emotional roller-

coaster of excitement like the last

journey was. The Socceroos will

play friendlies against Denmark and

the USA before their World Cup

opener against Germany on June 14.

More finance now from Frank and,

Frank, a bit of fizz in the

Margaret Beckett today thanks to a

major drinks firm. True enough,

Kath. Fosters has announced it will

split its beer and wine divisions

prompting rumours of a bidding war

over some of Australia's most

iconic brands and the merger will

create two stand-alone businesses.

The company's 14-year foray into

wine will leave it with a rather

bad hangover. The weakening dollar

and a global wine glut means major

losses wiping out a final share-

holder dividend this year. The

firm's CEO, Ian Johnston, has

described the demerger as a water

head moment. Tiger airways is

spreading its wings with the budget

airline set to hire more cabin crew.

They'll hire 20 pilots and 60 cabin

staff in response to increasing

demand. They're looking to expand demand. They're looking to expand

customer service and logistics

areas. This the company announced

this month it had earned almost $25

million in the year to March, million in the year to March,

bouncing back from a huge loss last bouncing back from a huge loss last

fiscal year. US stocks were up for

most of the day following on from

Asian and European markets as

investors bought back equities seen

as a bargain after two days of

declines. Late in trade, the Dow

Jones took a dive and in the end was off 59 points.

Let's turn to business in brief and

Telstra is contesting a $40 million Telstra is contesting a $40 million

fine for excluding competers to'

broadband services from its

exchanges. The FIRB has delayed a

decision on Chinese Bright Foods

bid for CSR's sugar unit and

regional Express has forecast a net

profit for this year slightly lower than last year.

Lots more still ahead you won't

want to miss with new pictures from

the Adelaide mountaineer literally

on top of the world. And it's a

very happy birthday to an '80s icon.

Kath, can you solve the puzzle? The answer is after the break. THE NATIONAL CAPITAL RE-ARRANGE ITS MOWING CAPITAL ARE LOOKING GOOD BE SPENDING UP BIG TO ASSISTANT COMMISSIONER NEIL SAY INCREASING THE NUMBER NUMBER OF IDEAS TO IMPROVE CHEAPER TO GET HOLD OF A INCOME FOR DRIVERS. AFTER BEING SELECTED IN THE TEAM. THE 19 YEAR OLD IS ACROSS SOUTHERN NEW SOUTH FOR THREDBO 8 MAX 15

This program is captioned live.

You're with Ten's Early News.

Welcome back. Jamaican security

forces have this morning claimed a

tenuous grasp over the stronghold

of a drug king pin wanted by the United States.

After three days of street battles

and 44 civilian deaths, downtown

Kingston is now mostly calm, but

Christopher Dudas Coke remains at

large and soldiers are still

fighting his defenders in his home

neighbourhood of Tivoli Gardens.

Officials are worried over the

impact the violence may have on tourism in the country.

North Korea has begun expelling

South Korean officials from one of

its border cities as relations

between the countries reach flash pont. -- flashpoint.

Eight officials from a North Korean

border city have returned to South

Korea. The North has banned South

Korean ships and airliners from Korean ships and airliners from

passing through its territory.

North Korea has reacted angrily to

Seoul's claims that Pyongyang

attacked and sank a South Korean

Navy ship in March.

BP has been given the green light

to move forward with its latest

effort to seal the leaking oil well

in the Gulf of Mexico. Company in the Gulf of Mexico. Company

investigators now say warning signs

were missed before the explosion.

BP engineers are trying a tricky

tactic to plug the gushing well.

Workers on a surface ship with a

powerful engine are pumping heavy

mud and then cement a mile under

water into the broken well. The

procedure, called top kill, has

never been tried in water so deep.

BP says the chance of success is

60% to 70%. But some experts say

50/50 at best. If it's successful -

and there's no guarantees - it

should greatly reduce or eliminate

the flow of oil now streaming into

the Gulf from the sea floor.

Five weeks after the oil rig

exploded out in the Gulf, lawmakers

say BP's internal investigation has

turned up signs of trouble before

the blast. According to the

preliminary report, there was an

unexpected loss of fluid from a

pike known as the riser five hours

before the explosion, suggesting

enter could have been a leak.

President Obama will get another

first-hand look at the

environmental disaster when he

travels to the region Friday.

Queensland nurses have finally had

a small win. They'll hold an urgent

meeting with health authorities

over bungled pay today. The

Industrial Relations Commission has

granted a meeting with the nurses'

union. Tens of thousands of

hospital workers have been

underpaid, overpaid or not paid at

all due to glitches in the new

payroll system. Nurses will demand

the payroll debacle be fixed immediately.

An anti-whaling campaigner from New

Zealand goes on trial today after

months of clashes with Japanese

harpoon ships. Peter Bethune was

the captain of the powerboat which

was sliced in two in a collision

with a Japanese security ship in

January. A month later, he boarded

the same ship to try and bring its

captain to account. He's facing

five charges in folk yeo district

court with a potential sentence of

15 years behind bars.

And rude Irvine was the firsz to

reach the summit almost 30 years

before Sir Edmund Hillary but the

Adelaide adventurer said harsh

weather prevented the search. Very

tough conditions. A bit windy. He

said a huge dump of snow came from

nowhere and that maybe the mountain

is trying to keep the truth a mystery.

Jessica Watson's homecoming tour

will continue on to Melbourne today

following on from Watson mania in

Brisbane yesterday. 2Thouthoufanls

turned out to cheer Jessica on and

-- 2,000 fans turned out to cheer

Jessica on. She sailed into history

after becoming the youngest person

ever to sail solo, non-stop,

unassisted around the world. Today,

she'll appear at Melbourne Central

on centre stage at 1pm.

The space shuttle 'Atlantis' has

completed its final scheduled

mission with the shuttle programme

winding down. NASA is trying to do

its part to help finish the

International Space Station but

there's a push to let Atlantis fly

one more time.

After 25 years and 120 million

miles of space travel, this could

be the final homecoming for space

shuttle 'Atlantis'. Probably a

bittersweet moment for NASA and the

thousands of engineers who have

worked on 'Atlantis' over the last

25 years. NASA say the 12-day

mission was a success. 'Atlantis'

carried up supplies to complete the

International Space Station. The

space shuttle programme is

scheduled to wrap up by the end of

the year. NASA wants to fully stock

the station before manned missions

like these are turned over to

smaller Russian spacecraft. But

NASA is pushing to keep the

programme alive a little longer.

It's hoping the White House will

pay for 'Atlantis' to go back into

space one more time in 2011. It

costs NASA about $200 million a

month to run the shuttle programme

no matter how many flights you're

flying. We're ready to pick up.

Americans will fly on -- rely on

Russian rockets to take them into

space until private companies can

take over but the US is at work on

the next-generation spacecraft with

the goal of making it to Mars in

the next few decades.

Well, I've never managed it and I

don't think Frank has either - the

Rubik's Cube has been frustrating

us all for 30 years. Children have

been marking the occasion with a

cake in London's famous Hamley's

toy shop. Despite its age, the

puzzle remains popular. 350 million

have been sold since the '80s

making it one of the best-selling toys in the world.

The AFL says it will take no action

against two St Kilda players

implicated in a sex scandal with a

teenage schoolgirl. The 16-year-old

claims she met the players at a

football clinic and, after several

meetings with the pair, fell pregnant.

It's the second sex scandal to rock

St Kilda this season. A 16-year-old

girl claims she fell pregnant after

sleeping with two players she

claimed to have met during a

football clinic at her school.

Fully cooperative. We're not into

naming any players. The investigate

is ongoing. I've spoken to the club

and the AFL. One it's concluded,

we'll be able to make a formal

statement. It's believed the girl

later reintroduced herself to the

players after a match in Sydney in

Round 1. The players had said they

had no memory of the initial

meeting at the school and they

believed she was 18 years old. The

AFL initially remaining silent on

the matter: Have you spoken to them this morning?

But after speak being the girl and

her family along with the players,

the league last night released a

statement saying neither it or

Victoria Police would be taking any

action because no unlawful act had

occurred. The AFL also stressed

that there was no contact with the

girl at the school.

Queensland has taken a massive step

towards an unprecedented fifth-

straight Origin series victory with

a 28-24 win over NSW in Game I in

Sydney. Johnathon Thurston had a

hand in four of the Maroons' five

tries. The Blues now scrambling for solutions ahead of Game II.

At times it's not only a physical

thing. It's a bit of a mental thing.

The series now moves to Brisbane

for Game II.

No major upsets on day four at the French Open.

Federer showed great touches in his match.

Other winners overnight included

Robin Soderling of Sweden, along

with Jo-Wilfried Tsonga.

It's been a roller-coaster ride on

the markets this week but it seems

investors are now coming back in.

Richard English, is this the end of

risk aversion or is there more to

come? Good morning, Frank.

Certainly recent slides in equity

markets and commodity currencies

have had some saying that full-

blown risk aversion will lead to

the sequel of 2008 hitting a screen

near you some time soon. We're not

buying a ticket to that show. We

don't think the risk aversion will

take hold to the extent it did in

2008. That's primarily because the

global economic recovery is in an

upswing position and we think

there's been little to undermine the position of late.

We're operating in an environment

where even modestly positive news

will and should bring about a swing

and return of investor sentiment to

the more positive. Richard, raised

eyebrows today - a rather scary

prediction from the Organisation

for Economic Co-operation &

Development. They say home-owners

can expect at least four more rate

rises from the RBA this year. Now,

that's very much at odds with local

forecasts. Who's right? Frank, it's

very much contrary to our view as

well. There's no doubt that recent

rate rises have had an impact and

have started to bite and the RBA

will also consequently need to

closely monitor the European issue,

its impact on financial markets and

the banking sector in particular.

We think when they next meet, rates

will remain on hold. We think this

will remain on hold for a little

time to come. We have a cash rate

bracket of between 4.5% where we

currently sit and 5% as a maximum

for this calendar year. Another

four rate rises before the end of

the year - not something that we

see something happening. Thank you.

That's all for now and we're back

tomorrow with a Friday full of

finance from Frank. Do you like

that? That was very well written,

yeah. Lovely. Thanks, Frank.

Recapping the top stories now:

Rail officials are set to ramp up

their safety campaign after a

baby's brush with death. Its pram

rolled on to train tracks in Melbourne.

Mining magnates have dominated the

latest rich list as the Government

considers concessions on its

controversial super tax. And Maroon

magic - Queensland goes one up in

the Origin series with high hopes

of scoring a fifth straight title.

That's all for now but the first 15

minutes of our news is now online

for you to watch. Our next update

is at nine o'clock. I'll see you

then. I'm Frank Coletta. Have a

great day and we'll see you same