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6.30 With George Negus -

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Tonight - it's a modern day gold

rush as nervous investors push the

price to an all time high but will

it be enough to prevent a global

recession. Why is Australia one of

the few countries to buck the trend

of doom and gloom. It's '6.30'. I'm

Hamish McDonald. Also tonight,

counting the very personal cost of

the UK riots. Three young men have

died defending their community. And

why some companies are going for

grey power - choosing older workers

to get the job done. Thanks for

joining us. People have been

trading gold for centuries and it

seems the love affair never gets

old. As share markets across the

globe on to sink deeper into

trouble investors are clinging to

gold to see them through which has

sent the price to an all time high.

Eddy Meyer is looking at how gold

is providing a little bit of

glitter in the sea of economic

gloom jooplt this pile of gold is

worth $11 million. Since August 1

it has jumped 200 dollars an ounce.

Gold has been around for 5,000

years as an asset class. It's just

showing right now why it has such

longevity. There are sellers

cashing in by buyers are in the

ascendency at a time when global

markets are being plun deared. If

you're in the US what are you going

to put your money into? It's zero

interest rates there and the US interest rates there and the US

dollar is looking poor. The same

sort of thing Europe. One shining

example is looking good - it's gold.

He would say that. Today in trade

gold slipped from its high. But it

may not stay there. You have to

assume gold will be at least $100

or $200 higher in the fall. We

haven't seen this since the darkest

days of the financial meltdown. And

melt the markets did sparked by a

rumour. It was a fairly quiet day

until the rumour did the rounds

that France would be downgraded by

ratings agency from its triple A

rating, like we saw with the US

last Friday. The ratings agency

said, no, it's just speculation.

But it didn't help market sentiment.

With fear swirling the French

President summoned his cabinet but

the damage was done. If you are

greeted with that rumour and you

see the next orders in the bond pit

are buys or the stock pit are sells

you are forced to go along with the

order flow because it might be true.

The French market fell 5.5 per cent

and Germany 5 per cent. The FTSE3

per cent. Wall Street down to its

lowest close in two years. Our

clients, people who don't have a

reason to be afraid, are still

afraid. We're spending most of the afraid. We're spending most of the

day talking people off the ledge

even though we have puts on their

stock. We are in the grips of a

negative feedback loop between a

deteriorating economic situation, a

loss of confidence in our policy

makers' ability to respond quickly.

And negative market movements. Our market suffered heavy losses

throughout the day but proved

resilient in the end recovering to

close flat. Everyone keeps telling

us our economy is a standout but

you wouldn't know it because

Australians are as nervous as

everyone else. Housing finance is

flat. Personal finance is down

almost 1 per cent. Commercial

finance is down 6.5 per cent. And

lease finance is down a whopping

7p2 per cent. Retail too seems to

be getting worse. Today David Jones

released its sales figures for the

last quarter, down 10.3 per cent.

But one thing did go up today -

unemployment from 4.9 to 5.1, which

was a surprise. The result,

investors retreating into gold and

giving into fear or praying for

divine intervention. It's been a

spectacular fall from grace for one

of Australia's top investigators.

Mark Standen the former assistant

director of the NSW Crime

Commission has been found gilgty of

plotting to import 300 kilos of

pseudoephidrene. The details that

have emerged in the five month

trial have cast doubts over

previous drug investigations in his

long time career. We are talking

about huge amounts of money and

drugs. How is it possible somebody

that senior within the law

enforcement network could have done

this without anybody else knowing?

They did know and they had been

told repeatedly since the mid 1970s

beginning with the Stewart royal

commission and others - the

narcotics bureau at that time had

permeated mainstream policing and

the federal police. So there is no

reason this had to happen. The

money revealedis only a portion of

the story. There is other money

that's been miss used and spent.

It's only an inquiry and a

transparent one that will reveal

that to the public. Did you know

about this long before it became

something that was in the courts?

The behaviour of Mark Standen and

the network has been common

knowledge since probably the mid-

80s. There was a serious problem

with a group of people, their

associations with organised crime

and the manner in which they were

allowed to do what they felt like

doing. Efforts were made during the

Wood royal demoigs deal with it.

But this is a two pronged problem.

It's one about the state Crime

Commission but also a problem about

the Australian Federal Police. It's

about jurisdictional ping-pong, if

you like, where people move in and

out of jurisdictions and avoid

being looked at. Why was nothing

done about it? If you knew about it

why didn't you flag up? Why has

this been able to happen without

the public knowing? You would have

to ask your media colleagues that

because there have been no shortage

of attempts to let the media know

and no shortage of information

about Mark Standen and his nets

work. You mentioned the AFP. We're

talk about NSW. There are obviously

calls in Victoria for a royal

commission there. Is there a much

broader problem in Australia about

corruption within our law

enforcement agencies, in your view?

I don't think the issue in this

case is law enforcement agencies. I

think the issue is the way the

criminal justice system has been

allowed to manifest itself over the

years in terms of organised crime

inquiries. Everything seems to be a

cost-benefit analysis. Policing is

not a business. The ends don't

justify the means. They have

allowed royal commissions to take

on the view that the ends do

justify the means because we're

looking at hard people. That's not

the case. We need to go back to the

rule of law and back to due process.

We need to go back to transparency

and accountability. And the problem

is there are certain jurisdictions

where there is very little

accountability and no transparency.

Yet constable Plod on the street

overwhelmed with accountability and

transparency. That's the problem.

Thank you for your time. You are

very welcome. To Britain's

continuing riots now - where 16,000

police have been on the streets of

London to literally hose down any

outbursts of violence. While in the

country's north Birmingham's

residents remain under siege and

it's turned to murder with three

men killed trying to defend their

community. The streets of

Birmingham fell silent. A community

where Britain's riot toll is now

being counted in lives, not just

buildings. I lost my son. Blacks,

Asians, whites - we all live in the

same community. Why do we have to

kill one another? What started

these riots and what has escalated

them? Why are we doing this? I lost

my son. Step forward if you want to

lose your sons. Otherwise calm down

and go home. Please. Please. His

son and two friends died in a case

now being treated as murder. They

were protecting a petrol station

when all three were mown down in a

hit run. In pockets of London more vigilante groups gathered

determined to do the job they no

longer trust police to handle.

We're here to honour the area we

live in. If you ask the masked

thugs it seems they simply took

advantage of a clearly stunned

force. The police nick us for

stupid things. This is pay back.

The police aren't doing nothing.

But after two nights now of

unprecedented force - hooded teens

are either giving up or waiting out

police. We needed a fight back and

a fight back is underway. Picking

up the pieces is another story. Out

the top. That's it. Alfie is 89 - a

war veteran who recently lost his

wife and now his shop. Even during

the war, all down the east end and

West End it was lovely. Even during

the war. I have never, never seen

it like this. Never. Never. He

spent 41 years as hot ham's local

barber and is now relying on a

Twitter fundraiser to save his shop.

You can see they smashed it. They

robbed me good and proper. I've had

stuff there 70 and 80 years. I

can't believe it. Hardened suburbs

like hot ham will rebuild but it's

community trust that will be more

difficult to resurrect. In the

Prime Minister's own words it's as

much a moral problem as a political

one. There is no more proof than

this - a single image that has gall van niced worldwide outrage and

British shame. We see the

disgusting site of an injured young

man while people pretend to help

him as they rob him dos It's an

uncharted road map for an

unprecedented situation. Courts are

running through the night dealing

with 800-plus arrests and police

are now told they will have water

cannons available at 24 hours

notice - rendering that idea

virtualy useless and for many

simply too late. What does the

future hold now? Fix the shop? Fix

the shop. I couldn't care less now,

myself. I don't know what to do. I

just don't know what to do. That

kind of summed it up. Emma is with

us live from London. Those are the

kinds of comments that encapsulate

all this. What do you do? How do

you find fault or lay blame? They

are the big questions here. Firstly,

why did this all unfold? I'm

certain it's a question that won't

be solved any time soonment beyond

that it's: how did this happen and

why did it take authorities so long

to get a handle on it. British

Prime Minister David Cameron has

recalled parliament for the second

time in a month. First for the

'News of the World' scandal and now

this. He will be under pressure to

answer questions about this and how

it happened and proposed police

cuts which in the face of all of

this will be a very hard sell. Emma

live in London. Thank you very much.

It's an age old problem, younger generations entering the work force

and making it harder for anyone

older and more experienced to get a

job. Tonight we meet some of the

hardest seniors getting a second

chance as they retake their place

in the business world. Here is

Emily Rice. She has always enjoyed

hard work. Especially as a farmer's

wife 60 years ago. We started a

dairy farm. To me there was no

satisfaction because I was a silent

worker and didn't get paid. So she

sought her own wage through sowing.

The 81-year-old has been working

solidly since her teens. Her latest

career move is to a brand-new

business. Have you got a new

sample? Yeah. Maybe you could close

some of it off. Linda sources old

materials to recycle into a range

of sustainable handbags. The young

designer came across vintage work

schools at a Melbourne lawn bowls

club, employeeing them for their sowing expertise.. Something where

you can have the younger and older

generations coming together. The

older generation have that

beautiful craftsmanship and

attention to detail. Yeah, works

well together. We can always teach

and they can teach us. My mother

used to say you are never too old

to learn. Linda believes the

history behind her locally produced

purses will appeal to customers.

It's really important to not go

overseas to China. You lose the

personal feel of the product. She

won't lose this seamstress to

retirement. Never. I side to my

husband I will die standing up.

Scientist Ray Davidson has been Scientist Ray Davidson has been

retired six years and is back at

school. Way Down Under beneath. He

is sharing his science and

gardening knowledge with students

60 years his junior through

national volunteer organisation

Time Help. The school gets a bit of

expertise that to me is now not

being used because I'm not working.

The heavy lifting in the garden.

Australia's first age

discrimination commissioner Susan

Ryan applauds those seeking out

older workers but says seniors are

still sidelineed by many employers.

A lot of service people still think

A lot of service people still think

once you are in your fifties you

are over the hill. That's what I'm

passionate about changing. Former

sighing kolgs Ruth adores helping

students read and write at Altona

primary school. That's great. The

85-year-old says whether work is

paid or volunteered it's important

for her generation to have a

purpose. It's critical. So many

studies have shown how importants

to health. Older workers are also

very reliable employees and

very reliable employees and

volunteers. Their rates of

absenteeism are low and they are

five times less likely to change

jobs than their younger

counterparts. With Australia's

shrinking labour force our senior

citizens will be crucial to filling

the gaps. I feel I belong and feel

happier. Emily Rice reporting there.

Still ahead - what it means for the

rest of the world as China launches

The economic crisis. The social collapse. The connection.

How Europe's troubles are compounding - in 'The Weekend Australian'.

Just a reminder, if you ever want

to join the conversations via

Twitter you can use the hashtag

'6.30' Negus. China's military is

undergoing expansion. The latest

piece of hardware is an aircraft

carrier that will become the

centrepiece of the country's naval

please. American and Japan are

justifiably worried but what about

us near Australia? China's latest

military toy. The former Soviet

vessel is the rising super power's

first aircraft carrier. It's all

about power projection. Powerful

for Chinese national bride too but

sending shock waves around the rest

of the world. It's no secret China

has been building up its military

muscle buying new submarines and

anti-ship ballistic miss styles as

part of its military modernisation.

Through Chinese history they have

suffered many invasion and what

they call indignitys. The Western

World through the opium wars and

boxer rebellion and other places

that have been into China and China

has been uncomfortable with that.

That and the need to protect

resources being delivered to feed

its insatiable appetite. The US is

worried. We've had concerns for

some time and been quite open about

some time and been quite open about

them with regard to the lack of

transparency from China regarding

its power projection. We would

welcome any kind of explanation

China would like to give for

needing this kind of equipment.

Threat equals capability plus

intent. Intent can change quickly.

So whilst people might have

capabilities we do need to see what

their intent is. At the moment that

intent is cooperative. But do we

need to be concerned? According to

one expert the messages from our

government aren't clear. On the one

hand it's saying China's rise is

our economic gain but on the other

it's saying China's military might

is of concern to us and that's one

reason we are increasing our

defence capacity. What about the

US? It's not one or the other? Or

to use a phrase I have used in the

past it's not a zero sum game. To

advance our bilateral interests and

relationship with China doesn't

mean a diminution of our alliance

relationship with the US or advice

verse is a. Professor Hugh White

has written countless papers on

China's rise. Many countries have

the capacity to limit China's power

projection capabilities so we

should be able to maintain the

balance of power in the region.

Australia should be advocate thagt

US and China should share power.

China should be a security partner.

Our interests are the same. They

are looking to buy raw materials.

We can work together. Still ahead -

the siblings proving suck success

can run in the family. First,

Carrie, what are you pedalling tonight? Harry, where did you get all that? With a mix of 8 Hot & Spicy and Original Recipe chicken pieces, nuggets and sides for only $24.95, KFC's Mixed Hot Dinner is unbelievably good value. That's so good.

(SOFT MUSIC) It's nice when someone's there to lend a helping hand. That's why Huggies Newborn Nappies have a wetness indicator that makes it easier to see when it may be change time, and a waistband pocket to help protect against leaks at the back. Plus they're the only nappy clinically proven to help prevent nappy rash.

Now, this next story was meant to

be about the rise and rise of boxer

Billy Dibb following his incredible

world title win but then we met his

family and it became about much,

much more. Night is falling and so

is the temperature outside the

family home in Western Sydney. Once

the door opens the warmth is

overwhelming. Hi. Hi, Debbie. You

are very, very welcome. Thank you.

Every Wednesday they serve up a

Lebanese feast. On this occasion

during Ramadan it's their son Billy

who sparked the celebrations.

Australia! Billy the Kid Steel. He

has just won the IBF Feather weight

world title. This is - it means the

world to me. The title doesn't just

be long to me. It belongs to my

family. It was a team effort. We're

All Stars. That sounds like

something people say to sound

modest but for Billy Dibb it's true.

There is his brother, his sister

Sabrina, of course Billy. And and

his other siblings. That's a grand

total of all seven dibb kids

kicking goals in their careers. A

good work ethic instiled by mum and

dad. Each one of us has done well

in their little area for themselves.

When someone achieves we all

achieve. When someone falls we all

fall. We celebrate each other's

victories, triumphs, downfalls.

It's a tight-knit family. So tight

they are the only ones aloud to

land a few blows on their world

champion boxer. Another one of

Billy's long stories. Boring! We're

not mushy or "I love you, bro". We

love to tease each other. Family

friends are full of praise. If

anybody would doubt the success of

our multi cult Australia just show

them the Dibbs family - they are a

beacon of the successful migrants

and their contribution to Australia.

They moved here from Lebanon in the

early 70s. They put in a lot of

hard work and effort and it paid

off. Just ask the proudest of proud

fathers. To be honest, my dream

come true with such good family -

such good boys and girl and friends

as well. This is what I want.

Nothing else. Was this your dream

when you came over? Yes. Planning

for a good family and I got it.

Good enough to know not to miss a

Wednesday dinner or else. Families

these days get so tide up with work.

Everyone is doing their own thing.

At least for the little ones they

get together. They get to see their

uncles and aunty and grandparents.

Everyone is happy at the end of the

day. No one more so than the man at

the head of the table. My dream

come true. Thank you for coming.

Thank you for having us. I know she

loved the dinner. She said the food

was great. That's our show for

tonight. We'll see you again tonight. We'll see you again

tomorrow. Thanks for watching.

Supertext captions by Red Bee Media - - www.redbeemedia.com.au. This program is captioned live.

Tonight - it seemed like a great

idea yesterday but is the

disability insurance scheme already

losing favour? Brought to justice -

hundreds of rioting Brits now

facing court. Hughesy comes face to

face with Cadel Evans plus top

model Mimi Charlotte Dawson joins us live. This

PM Project'. Good evening, welcome

to '7 PM Project'. A big welcome

(CHEERING AND APPLAUSE) back to Carrie Bickmore.

And only a slightly smaller welcome

back for Steve advise yard. That's

great. Carrie, you look relaxed and

happy. It's great. I have been in

New York working hard on stories

for us on '7 PM Project'. Working

hard on a tan. Also later on the

show we have Hughesy's chat with cycling superstar Cadel Evans -

very jealous about that. Charlie,

he requested me, sorry. Ouch! He

didn't request me! Right know how

about some headlines. In the news