Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
Ten Early News -

View in ParlView

(generated from captions) This program is captioned live.

Good morning. Welcome to Ten's

Early News. The market meltdown -

the US cuts interest rates to hold

off a recession. The Queensland

town of Rockhampton on alert for

flood warnings as rivers surge.

Cate Blanchett's golden run

continues, nominated for two Oscars.

In sport, an abrupt end for the

Open. world number one at the Australian

But to the big news of the day,

finance. The Fed eases the pain on

Wall Street? That's right. It's

taken emergency action, slashing US

rates by three quarters of a

percent overnight to stem fears of

an American recession and a global

equity market meltdown. The Federal

Reserve's lending rate stands at

3.5% but the desperate measure has

failed to stop the panic on the open

open with US stocks plunging deep

tine the red, the Dow down 419

points add one stage. The Nasdaq

over 100 points lower. Wall Street

has trimmed the losses later in has trimmed the losses later in the

session but stocks still remain in

the red before the close. European

markets warmed to the Fed action

after opening lower. London's FTSE

plunging 3.5% on the open but

rallied following the US news,

jumping 1.63%. The FTSE was 2.9%

lower at the close. Germany's DAX

closed down just 20 points. Asian

markets should have some sort of

reprieve after the massive sell-off

yesterday. Japan's nikkei

nose-dived 5.7%, its biggest

percentage drop in nearly 10 years.

Closing down 752 points. The hang

seng also suffered, closing down

2,061 points. Our markets suffered

its biggest one-day fall yesterday since

since October 1989, slashing more

than $104 billion from investors'

back pockets. It was the

12th-straight losing session.

Stocks now officially trading in a

bare market. Our market should react

react positively to the Fed's action overnight:

We'll cross to the US shortly for

the latest on Wall Street. Thank

you. 2 other news, the flood crisis

in Central Queensland is deepening with residents of hawk Hampton now

on alert for flood -- Rockhampton

now on alert for flood warnings.

The local river continues to rise.

The local river continues to rise.

The flood emergency still has good

way to go but it's already making

history. Possibly one of the worst

floods this region has ever experienced and one of the big

floods of Queensland's history.

Queensland Premier Anna Bligh

joining her emergency services

minister in an overnight stay at

Emerald to see first hand the

extent of the devastation and what

it might cost to fix. I expect the

bill to run in to many hundreds of

millions of dollars but right now

we're not counting dollars, we're

just keeping people safe. More than

2,000 people are calling evacuation

centres home for the moment, centres home for the moment,

stocking up for a long stay.

Wondering when we're going to come

back home. So just getting as much

as we can. Another 550 people moved

out of outlying farms. Police have

charge adman with public nuisance

after he triggered a full-scale

rescue for a missing man not

missing but drunk under a tree. And

there's better news for flood-ravaged Charleville, where

flood waters continue to drop and

the town's man-made levee holds

firm. That's allowed for the big

clean-up to finally begin. Japan is

calling on the Government to take

legal action against two activists

who jumped aboard a whaling ship

last week. Aussie Benjamin Potts

and Briton Giles Lane were detained

on board for two days, sparking an

international stand-off. After the

men were handed back, the 'Sea

Shepherd' crew hurled stink bombs

at the whaling boat. Japan's

foreign minister says the behaviour

was dangerous and is urging the

Government to act. A Queensland man

will front a Melbourne court charneled with conspiring to

murder his wife. 40-year-old Aaron

Rolls is accused of planning to

drown his partner of 17 years and

make the death look like accident. When the information came make the death look like an

in, we knew it was serious, real

and we knew we had to act very

quickly. He was arrested on the

Gold Coast and extradited to

Melbourne overnight. The man's

face mistress was also arrested and will

face court today. His wife has been

number of placed in protective custody. The

number of abused children placed in

care has doubled over the past

decade. A new Institute of Health

and Welfare report finding more

than 58,000 abuse cases were

reported last year and more than

28,000 of those are forced to 28,000 of those are forced to leave

their homes. Welfare groups say

they are shocked at the findings

to and are calling on the Government

to act. The number of sky marshles

on international flights will

reportedly be slashed. News Limited

papers say the number of air

marshals will be cut by as much as

a third on some 747 flights. Staff

will instead be rotateed to areas

of the AFP for three months. The

Oscar nominations have been

for two announced and Cate Blanchett is up

for two awards. She's in for two awards. She's in the

running for the best actress gong

'Elizabeth The Golden Age'. She's for her role as Queen Elizabeth in

facing tough competition from Julie

Christie who took out the Golden

Globe. Cat serbgs the favourite for

best supporting actress for her

role in the Bob Dylan bio, 'I'm Not

There'. She's the only Aussie actor up for an Oscar.

up for an Oscar. It was some upset

at the Australian Open overnight.

Maria Sharapova smashing world

number one Justine Henin in the quarterfinals. The 20-year-old

Russian in blistering form. She

ended the Belgian's 6-month winning

streak. The top seeders tumbled

and boy, did she fall. Maria

Sharapova in scintillating Sharapova in scintillating form,

knocking out the world's best with all her weapons in all her weapons in full effect. Her

6-4, 6-0 massacre sending a warning

to the rest of the field. She's not

getting too carried away.

Tournament's not over. Even though

I beat Justine, I still have a lot

of business to take care of. It of business to take care of. It was

the quarterfinal of the highest

calibre, this 18-shot rally

bringing the best out of both players but it was players but it was the Russian who

continued to find that killer blow.

COMMENTATOR: Can you believe it?

Can it get any better? Sharapova's

power bringing an abrupt end to

Henin's 32-match winning streak.

She just did everything better than

me today, served consistent and

much more aggressive and it looked

her like it was her day and probably

her tournament. Rugby league news and Parramatta coach Michael Hagan

believes he has the game's best

centres of the future after locking

in Krisnan Inu for another 2-year

contract. The 20-year-old has

knocked back other offers to stay

with the club and partner Jarryd

Hayne in the middle. The bond everyone has together here at the

think I club is pretty strong and I don't

think I could have let that go for

a few more dollars. Melbourne a few more dollars. Melbourne could

be without Cameron Smith for its

upcoming World Club Challenge match

against Leeds. He will stay behind

because he's expecting his first

child. Mark Renshaw has knocked off

a host of international stars to

win stage one of the Tour Down

Under. A group of three riders

opened up a 7-minute lead but the opened up a 7-minute lead but the

peloton gave chase. Renshaw

clinched the win in a bunch sprint

to the finish. To win here today,

it's a phenomenal feeling. I've

been chasing this first Pro Tour

victory for four years. To do it

here in Australia is sensational.

He'll don the leader's jersey for

stage 2 today. Now back to finance and

and it's happening all over the

place. All important inflation

figures out today? figures out today? That's right.

The market is split 50-50 on a

February rate rise but today's

inflation figures will give the

reserve bank more direction --

Reserve Bank more direction on what

to do. The Consumer Price Index, it

could force the RBA to lift the

official interest rate. The Reserve

will raise rates if it's bad enough. But

But the global equity turmoil might

mean the

mean the Central Bank will hold the

current rate. The Reserve meets next

next February 5. To the US now and

all eyes have been on Wall Street overnight after the Federal Reserve

took drastic action to stave off a

recession, cutting interest recession, cutting interest rates

by three quarters of a percent. We

cross live now. Alexis, is the rate cross live now. Alexis, is the rate

cut enough to restore investor confidence and stave off this

recession? Well, we don't know

about staving off a recession.

Depends on who you talk to because many

many on Wall Street believes the US

economy is alreadyane recession.

What the interest rate could do,

combined with a stimulus package from

from Washington s have this become

a very short recession and a mild recession.

recession. So it could perhaps ease

the pain that way. Three quarters of a of a percent drop in the key

short-term interest rate today,

happened outside the Fed's

regularly scheduled meeting and

it's the largest interest rate cut

by the Fed in 24 years. A huge

measuring indeed. How have stocks

reacted? We saw the Dow open 400

points lower but it's recovered

somewhat? It certainly has. Right

out poft gate, stocks, out poft gate, stocks, the Dow was

up nearly 500 points. This comes

off deep drops in Asia and Europe.

The Dow is off 100 points. The

Nasdaq is down 50 and it's the

untold story because the Nasdaq is

officially in a bare market,

having fallen 20% from its recent

high, the Dow is off 16% but

certainly stocks are sharting to

bounce back as -- starting to bounce bounce back. Thanks so

Looking at the national weather for Wednesday:

Let's take a look at the Let's take a look at the headlines

in today's newspapers. More on

Black Tuesday, the worst Australian

market crash since 1989. More reports of rape within indigenous

communities, this time in Cape York. New hope for diabetes sufferers,

the details when we return.

This morning - the US Federal Reserve cuts interest rates in a

bid to halt global market panic. bid to halt global market panic.

Queensland's flood crisis far from over. Rockhampton residents are preparing for the worst. Cate

Blanchett on track to make Academy

Awards hist ray. She's received two

nominations. In sport, it's the business end of the Australian Open,

the semifinals are starting to fall

in place. The big news of the day

is in the finance world. The Fed

takes emergency action? It has. It

slashed US rates by three quarters slashed US rates by three quarters

of a percent overnight to of a percent overnight to stem

fears of an American recession and

global equity market meltdown. The Federal Reserve's lending rate

stands at 3.5% but the desperate

measure has failed to stop the

panic on the open with US stocks

plunging deep in to the red. The

Dow down 420 points at one stage.

The Nasdaq down over 100. The Nasdaq down over 100. Wall

Street has trimmed the losses

staert in the session but stocks staert in the session but stocks still remain in the red moments

before the close. Across to Europe,

where stocks were also rocked by

the global turmoil. London's FTSE

plungeing 3.5% at the start plungeing 3.5% at the start of trading but rallied following the

US interest rate cut, jumping US interest rate cut, jumping over

1.5%. The FTSE was 2.9% higher at

the close. German's DAX dropped

nearly 3% but closed 20 points

lower. Asian market were also

caught up yesterday, Japan's nikkei

nose-dived 5.7%. Its biggest

percentage drop in nearly 10 years.

The hang seng suffered, closing

down over 2,000 points. Our market

suffered its biggest one-day fall

yesterday since October yesterday since October 1989,

slashing more than 100 billion

dollars off investors' back pockets.

It was the 12th-straight It was the 12th-straight losing

session. Stocks now officially

trading in a bare market. Taking a closer look now:

I'll be looking at the inflation

figures out later today a little

later in the bulletin. Thanks. To

other news now. Residents in

Rockhampton could be the next in

line to feel those flood waters

that have devastated Central

Queensland. The flood emergency now

officially one of the State's worst

on record. More than 2,000 people have been have been forced from their homes

at Emerald, where the local river

continues to rise, causing damage

and losses in to the hundreds of

millions of dollars. Anna Bligh is

in the town to assess the damage first-hand. Better news at

Charleville, the temporary levee

has held firm, allowing for the big

clean-up to begin. The new Solomon

Islands prrp will meet with Kevin Rudd today --

Rudd today -- PM will meet with

Kevin Rudd today. Derek Kevin Rudd today. Derek Sikua

arrived in Canberra to discuss a

range of issues. Victoria police

say they've foiled a murder plot in

which a Queensland man allegedly

conspired to kill his wife and

pass it off as an accident. The

man's mistress was also arrested and

and will face court again today.

Police alledge 40-year-old Aaron Rolls was close

Rolls was close to pulling off an

intricate plan to kill his partner

of 17 years in the Gold Coast surf. A Queensland court hearing Mr A Queensland court hearing Mr Rolls

was to take his wife on a fake

romantic walk before drowning her and making it look like an

accident. When the information came

in, we knew it was serious, real

and we had to act quickly.

Victorian detectives raegsing Mr Rolls's mistress -- Rolls's mistress -- arresting Mr Rolls's

Rolls's mistress. The intended

victim of the attack remains in

police custody. She was shocked.

Visibly shake skpn hasn't been able

to sleep. The mistress has been

denied bail. Mr Rolls has been

extradited overnight to appear in

the Magistrates Court later today.

The Federal Opposition claims Labor's latest

Labor's latest push to lower the

cost of living won't have any

positive effect on consumers or inflation.

inflation. PM Rudd has appointed

the ACCC to undertake a 6-month

inquiry of prices from farm to

checkout. It's ineffecteral with

grocery prices as he has been with

petrol, then he will have spun

himself tine office with claims of

no substance whatsoever. In the interests of competition, the

consumer watch will now publish

regular price surveys. New research

is providing fresh hope for overweight people suffering from

diabetes. A Monash University study

finding three in four obese people

with type 2 diabetes have gone with type 2 diabetes have gone tine remission within two years of

having their stomach banded. Only

one in 10 who use traditional weight loss methods weight loss methods had the same

result. Experts say the finding

proveatise is the level of weight

loss that reduces the risk. Cate

Blanchett is in the running for two

Oscars. Nicole was at the

nominations announcement and joins

us now live from LA. What film has

Cate been nominated for? Good

morning, Bill. Cate Blanchett morning, Bill. Cate Blanchett has

been nominated for her role as

Queen Elizabeth I in 'Elizabeth The

Golden Age', that's a best actress

nomination. She's also been

nominated for best supporting

actress in the Bob Dylan film, 'I'm

Not There'. She would become the

first actress to do so in the

Academy Awards, if she won both

awards. I had a chance to talk to

the president of the Academy. This

is what he had to say about is what he had to say about our

Cate. My goodness gracious, she's a

fine actor. Your baby is bringing

'em home. We saw the Golden Globe

awards cancelled due to the script

writers' strike, what's the danger

for the Academy Awards? Well, for the Academy Awards? Well, it was the question everyone was

asking at the announcement today

and I did have the opportunity to

ask the question about what happens

if the actors refuse to cross

picket lines. He insists on

February 24 the Academy Awards will

go on. Thank you, Nicole, with that

report on the Academy Award nominations.

Now with the sports news and Tsonga

continues to impress at the

Australian Open, setting up a

semifinal showdown with Rafael

Nadal. The unseeded Frenchman

accounted for Mikhail Youzhny in straight sets.

COMMENTATOR: Brilliant! I want to

cry, I want to smile, I want

everything. It's a lot of emotions.

Nadal also moving through with a

straight sets win. He was a little

too good. A day out from the fourth

and final Test against the

Australians, India is saying a win

in Adelaide to draw the series

would actually give them a moral victory. The Indians considering a

5-pronged bowling attack to get the

job done, making run for spinner Harbhajan Singh. A fired-up Shaun Tait left nothing behind in the nets as he tried to persuade selectors he was worth another chance. ONLOOKERS: Ooooh! Yeah, he bowled fast today in the nets, that's for sure. He was swinging the ball. But out in the middle, a relaxed Andrew Symonds was surveying a pitch that will demand left-arm chinaman Brad Hogg be selected. with the preparation, with the climate and the soil type we use always does take spin, which makes it very intriguing. I love the cat and mouse of the slow bowler against the batsman towards the end of the game. There's speculation India could take the unorthodox step of playing five bowlers in order to accommodate spinner Harbhajan Singh and stick with its form pace attack. I think it's a distinct possibility, yeah. Pathan batted very well over there too. They might go down that avenue. Irfan Pathan complemented his five wickets in Perth with scores of 28 and 46 and could almost be viewed as an all-rounder. in a Test game, so you know that every bowler, whoever is given the ball, has the capability to take wickets, you know, be the spearhead. Paul Dowling, Ten News.

Now to finance. The Reserve Bank keeping a close eye on those

inflation figures? It will be.

Today's consumer price indebs will

reveal weather mortgage holders

face another interest rate rise

next month. A sharp increase could

force the RBA to lift the official

cash rate for the third time in

seven months. If it's bad enough,

the Reserve will raise rates. The

official cash rate is currently

sitting at an 11-year high of 6.75%.

The Reserve Bank meets on February

5. Vale has outed itself as a

potential buyer of Xstrata. But the company has warned there's no

certainty it will launch a $90

billion bid for the Swiss-based

company. Vale says the deal now

hinges on its ability to obtain financing in a difficult financing in a difficult cret

market. Both companies saw their --

credit market. Both companies saw

their shares fall on the back of the announcement.

Calls for anti-whaling activists to

face charges. The CommSec finance report when we return.

The market meltdown - The market meltdown - the US cuts

interest rates to try and hold off

a recession. The Queensland town of

Rockhampton on alert for flood

waters as rivers again surge. Cate Blanchett's golden runs continues,

nominated for two Oscars. In sport,

an abrupt end for the world number

one at the Australian Open.

To finance, though, the Fed trying

to avoid the pain on Wall Street?

Trying to. That's right. It's

slashed US rates by three quarters

of a persont overnight to stem

fears of an American recession and

global equity market meltdown. The

Federal Reserve's lending rate

stands at 3.5% but the desperate

measure has failed to stop the

panic on the open with US stocks

plungeing deep in to the red. The

Dow down close to 500 points. The

naz nack done wnhoipbts lower. --

Nasdaq down 100 points lower.

European market have been rocked by the global turmoil. Danielle joins

us live. European stocks have

reacted warmly to the interest rate

cut in the US? They have but it was

after something of a torrid start

to the morning with London's FTSE

taking an almost 4% plunge. Stocks

have rallied this afternoon. The

turning point came with news of

that Federal Reserve rate cut from

the US. The FTSE ended the day up

161 points. It's capped off a

roller-coaster 48 hours very

extraordinary. To put it all in to

perspective, remember yesterday the

FTSE weathered its largest daily

losses since 9/11. It's been a

similar story throughout Europe and

similar stabilisations today. It's

a welcome development for a welcome development for experts

who had feared the worst. We are

concerned about a US recession but

we are not alone. Any recession in

the US will follow through and

indeed is already showing signs of following

following through to the UK and to

the rest of Europe, indeed the

Western world is very concerned

about what is going on. So all eyes

now on what the rest of the world

rill do. What will happen in international markets when

countries like Australia wake up to

news of these latest turbulence. An

interesting 24 hours ahead, indeed.

Thanks for your time. Now to a

closer look at the numbers. Our

market should react positively to the Fed's action overnight.

We'll cross to CommSec shortly for

what's expected on our day of trade.

A long way from over. Thank you. To

other news now. Rockhampton's

expected to be the next casualty of the floods devastating large parts

of Central Queensland. Premier Anna

Bligh has described the flooding as

the worst in the State's history.

The flood threat has eased in

Charleville and authorities are now

concerned about an outbreak of

disease. Mark is in Charleville

where a massive clean-up's begun.

Well, in this part of the State

this morning they're drying out and

cleaning up and it's all thanks to

this steel braces, timber pallets

and plastic sheeting. That was the temporary

temporary levy rr that they built.

It's kept the -- levee that they

biflt. It's kept the water out of

the town centre. There were areas

in the low-lying gully district

that did get some flooding and

those people have been dumping all

their damaged goods on to the

footpath for councillors to come

around. The fire brigade has been

hosing out those houses because

there's a health problem with some

of the stinking and rotting debris.

In outlying areas, there's plenty

of water for the pastures. When it

drops everybody will be happy in

the bush. This is an agricultural

area and they needed the rain badly.

It will be flowing down in to It will be flowing down in to the

Murray Darling system and in to NSW

and I don't think that's a bad

thing either. As far as Charleville's concerned, pretty

much over now. The river still has

to drop a bit but that will be done

by the weekend. Thank you. Japan is calling

calling on the Government to calling on the Government to take

legal action against two activists

who jumped aboard a whaling ship

last week. Aussie Benjamin Potts

and Briton Giles Lane were detained

on board for two days. Sparking an

international stand-off. The 'Sea

Shepherd' crew hurled stink bombs

at the whaling boat. Japan's

foreign minister says the behaviour

was dangerous and he's urging the

Government to act. The number Government to act. The number of

abused children placed in care has

doubled over the past decade. A new

Institute of Health and Welfare

report finding more than 58,000

abuse cases were reported last year

and more than 28,000 of those are

forced to leave their homes.

Welfare groups say they are shocked

at the findings and they are

calling on the Government to do

something. Victoria Police say they

have foiled a murder plot in which

a Queensland man allegedly

conspired to murder his conspired to murder his wife.

40-year-old Aaron Rolls is -s

accused of planning to drown his

partner of 17 years and make the

death look like an accident. When

the information came in, we knew it

was serious, real and that we had

to act very quickly. He to act very quickly. He was

arrested on the Gold Coast and extraditeed to Melbourne overnight.

His mistress was also arrested His mistress was also arrested over

the plot and will face court today.

His wife has been placed in

protective custody. Two bungling

bandits have just served the first

night of their sentences for a

robbery that turned in to a fiasco.

One thief accidentally shot the

other before making off with

nothing more than a bag of bread

rolls. That was just the beginning. Benjamin Jorgensen's sister is fed up with others making fun of her brother's crime. Let me ask you, have you ever done anything silly in your life? Have you? Jorgensen and his former girlfriend, Donna Hayes, held a restaurant manager at gunpoint to steal what they believed to be a bag of money. It contained plenty of bread - but it was the edible kind. During the bungled robbery, Jorgensen accidentally shot Hayes in the backside with the sawn-off shotgun. He then tried to steal a car with the wrong keys before getting a friend to dump Hayes at a hospital. The judge described the episode as a complete fiasco: Jorgensen's sister is outraged the court has made light of her family's plight. But it was the judge himself who was calling them April Fools and the rest of it - he was feeding you! It's not a joke. It isn't funny. for a culpable charge, will be eligible for parole in five years.

Jorgensen in 3.5. Kate McGrath, Ten News.

The Oscar nominations have been

announced and Cate Blanchett is up

for two award. She's in the running

for best actress for her role as

Queen Elizabeth in 'Elizabeth The

Golden Age'. She's facing tough

competition from Christi who took

out the golden -- Julie Christie

who took out the Golden Globe. The who took out the Golden Globe. The

pregnant actor is the only Aussie

up for an Oscar this year. A big

sup set at the Australian Open --

big upset at the Australian Open overnight, Maria Sharapova beat Justine Henin in the quarterfinals.

The 20-year-old in blistering form,

ening the Belgian's six-month

winning streak. The top seeders

tumbled and boy did she fall.

Maria Sharapova in scintillating

form, knocking out the world's best

with all her weapons in full effect.

Unbelievable. Her massker sending

a warning to the -- massacre

sending a warning to the rest of

the field. The tournament's not

over. Even though I beat her, it's

definitely not over. There's still

a lot of business to take care of.

It was a quarterfinal of the

highest cal b this 18-shot rally --

calibre, this 18 shot rally

bringing out the best in both

players but the Russian winning.

Sharapova's power bringing an abrupt end to Justine Henin's

32-match winning streak. She just

did everything better than me today and served consistent and she's

been much more aggressive and it

looked like it was her day and

probably her tournament. World

MotoGP champion Casey Stoner has

taken to the track for the first

time since injuring his shoulder.

We just basically are using this

test as a tyre test and we just

need, I suppose, tomorrow and the

next day to get some feedback from

that. Today we haven't got a lot of

laps in but everything seems to be

going a lot better this afternoon.

Stoner will begin the defence of

his title when the season kicks off

in Qatar in March. Mark Renshaw has

knocked off a host of international

stars to win Stage 1 of the Tour

Down Under. A group of three riders

opening up a 7-minute lead but the

peloton gave chase through the

beRossi Valley. -- Barossa Valley..

I've been chasing this first Pro

Tour victory for four years, so to

do it in Australia is sensational.

He'll don the leader's jersey

through the Adelaide Hills today.

The share market shaved over $100

billion off its value yesterday.

Its biggest routing since 1989. To

find out what we're in for today,

I'm joined by Craig James. We're

officially in a bare market, the

market 24% but the SPI futures

suggest we'll open in positive

territory today? If we are in a

bare market t may be very

short-lived. The futures pointing

to a gain of around 200 points and

could be even more than that if we

see sharp rallies across the Asian

share markets. We doubt the

definition of a bare market, down

20%. Certainly we rose around about

20% from August to November last year, and there's still very much a

correction in our terms. Local

inflation figures are out today.

What's expected and just how likely

sarate hike by the RBA given the backdrop of the equity market meltdown? We're looking for an inflation

inflation result, something in the

order of 7 tepbgths of 1%. The

Reserve Bank will probably stay on

the interest rate sidelines.

Concerns about the jitters on

global share markets probably outweighing some of the inflation

concerns. If we get a low result,

that will be something cheered by

the share market. Thank you. Thank

you. Now the national weather for Wednesday:

Looking at today's newspaper

headlines. Craig James says it's probably a technicality but

according to theFish Review, the

Australian share market now in bear

-- Financial Review, the Australian

share market now in bear territory. Cate Blanchett has been nominated

for two Oscars, including best

aboutress for her role in

'Elizabeth The Golden Age'. The

number of air marshals on planes to

be slashed. Details of that when we come back. GOOD MORNING ANGLERS SHOULD SOON BE ABLE TO CATCH TROUT AT PEJAR WITH THOUSANDS OF BABY TROUT ADDED TO THE DAM- THAT STORY SOON THE A-C-T GOVERNMENT'S BEEN ASKED TO ACCEPT RESPOSIBILITY FOR ONGOING PROBLEMS AT THE CANBERRA HOSPITAL. IT COMES AFTER ANOTHER CORONIAL INQUEST THIS WEEK.. IT CLAIMED GROSS FAILURES IN COMMUNICATION AND

DISCHARGE PROCEDURES CONTRIBUTED TO THE DEATH OF AN ELDERLY WOMAN ALMOST THREE YEARS AGO. THE OPPOSITION SAYS THE HEALTH MINISTER MUST TAKE STEPS TO ENSURE PATIENT SAFETY.

BUT THE GOVERNMENT CLAIMS MOST OF THE CONCERNS RAISED BY THE CORONER HAVE ALREADY BEEN FIXED MEANWHILE, THERE ARE ALSO CALLS TO IMPROVE THE A-C-T'S JUSTICE SYSTEM. CANBERRA'S COURTS ARE THE MOST LENIENT IN THE COUNTRY, BAILING MANY OFFENDERS WHO WOULD BE KEPT IN CUSTODY INTERSTATE. THEY SAY THEY'VE ALSO RECEIVED COMPLAINTS FROM SOME A-C-T POLICE, FRUSTRATED AT SEEING CRIMINALS RELEASED FOR SERIOUS OFFENCES. THE OPPOSITION'S CALLING ON COURT JUDGES AND THE GOVERNMENT TO BETTER MATCH PUBLIC EXPECTATIONS OF

PUNISHMENT FIFTEEN THOUSAND BABY TROUT WILL BE ADDED TO GOULBURN'S PEJAR DAM TODAY. IT'S HOPED THE RAINBOW AND BROWN TROUT FINGERLINGS WILL BOOST LOCAL FISH NUMBERS, AFTER YEARS OF DROUGHT SAW THE DAM ALL BUT RUN DRY. THE DEPARTMENT OF PRIMARY INDUSTRIES SAYS ANGLERS WILL BE ABLE TO CATCH TROUT AT PEJAR WITHIN TWO YEARS, IF DAM LEVELS REMAIN AT OR ABOVE FORTY PER CENT A-C-T POLICE WILL WRAP UP A MAJOR TRAINING EXERCISE TODAY. THEIR SPECIALLIST RESPONSE AND SECURITY TEAM'S UNDERGOING A TEN DAY OPERATION, AIMED AT TESTING

THE TEAM'S RESOLUTION SKILLS IN A NUMBER OF CRIME SCENARIOS. TODAY'S TRAINING WILL INVOLVE DEALING WITH LARGE SCALE INCIDENTS AT THE AUSTRALIAN NATIONAL UNIVERSITY. AND THE YASS TOUCH KNOCKOUT GETS UNDERWAY THIS WEEKEND.. TEAMS FROM CANBERRA AND MURRUMBATEMAN ARE ALSO

TAKING PART IN THE COMP.. THE YASS LEGENDS PLAY THEIR FIRST GAME ON SATURDAY NIGHT WHEN THEY TAKE ON THE LEETON ZONKS. TOUCH FOOTY VETERAN MICHAEL GEORGE BENTON WILL LINE UP FOR THE LEGENDS, ALONG WITH THE LIKES OF MICK GAFFNEY AND LAURIE ATKINS. NOW TO THE LATEST WEATHER MAINLY FINE CONDITIONS ARE EXPECTED FOR THE ACT OVER ACT OVER THE NEXT FEW DAYS, WHILE A TROUGH MAY PRODUCE ISOLATED SHOWERS OR STORMS TOWARDS THE WEEKEND. LOOKING ACROSS THE NATION - FINE AND 25 FOR CANBERRA, THE NATION - FINE AND 25 FOR CANBERRA, MELBOURNE AND

SYDNEY TODAY - MOSTLY FINE IN BRISBANE - PARTLY CLOUDY BRISBANE - PARTLY CLOUDY IN ADELAIDE MOSTLY SUNNY IN WAGGA TODAY A TOP OF 29 .. WOLLONGONG AND ORANGE FINE WITH 23 .. DUBBO AND ALBURY GETTING UP TO 29 DEGREES MOSTLY SUNNY IN BATEMANS BAY AND BOWRAL .. 24 THE

TOP FOR BATHURST .. SLIGHTLY COOLER IN GOULBURN POSSIBLE SHOWERS OR STORMS IN COOMA TODAY .. AND SUNNY IN PARKES, MUDGEE AND NOWRA TO THE OUTLOOK NOW .. AND WARMING UO IN THE CAPITAL TOMORROW A TOP OF 27.. THE CHANCE OF SHOWERS OR STORMS FRIDAY .. // AND LOOKING MOSTLY FINE INTO THE WEEKEND (NO SCRIPT NEEDED HERE)

This is Ten's Early News. The US Federal Reserve cuts interest rates

in a bid to halt global market in a bid to halt global market

panic. Queensland's flood crisis

far from over. Rockhampton residents

residents are now preparing for the

worst. Cate Blanchett on track to

make Academy Award history. She's

received two nominations. It's received two nominations. It's the

business enof the Australian Open.

The semifinals starting to fall in

to place. The big news today is

finance. The latest on this market

turmoil? Thank you, Bill. All eyes

have been on Wall Street overnight

after the US Federal Reserve took

drastic action to stave off a

recession, cutting interest recession, cutting interest rates

by three quarters of a percent. We

cross live now. With over an hour

to go, how is the Dow fearing in

the wake of the Fed's rate the wake of the Fed's rate cut?

Well, it's better than it was at

the open today. But we are not in

positive territory. We're far from

it. The Dow is off about 140 point

right now, about 16% off its high.

And the Nasdaq compauseset down

about 50 points and it is now in a

bear market, having fallen 20%.

There's talk we could see more from

the Fed in terms of a stimulus

package? That's right. Washington

is working vigorously on an

economic stimulus package, a bigger

one that we saw proposed last week.

Folks on Wall Street say in a $14

trillion economy, it will be a spit

in the bucket so Washington is

working on the package. We have the

Fed's meeting on January 30 and

they are expecting a half point

interest rate cut possibly. You're

on the ground, has there been a lot

of panic-selling? No panic-selling.

That's a good thing. Traders I've

talked to said the emergency

interest rate cut from thep Fed

wasn't much of a surprise. It was

the biggest cut from the Fed in 24

years. The Fed chief has been a

little behind the curve on the

economy and is now in a position

where he and the rest of the Fed

policy-makers are playing catch-up

to have this recession become a mild

mild and short one. Thanks for your

time. To Europe now and London's

FTSE plungeed 3.5% just at the start of trading

start of trading but rallied,

jumping 1.66%. The FTSE was 2.9%

higher at the close. Germany's DAX

dropped nearly 3% by mid-morning and and closed down 20 points. Asian

markets were Cotswolds up in the turbulence yesterday. The bigs

percentage drop in nearly 10 years

for the hang seng, closing down 752

points. The hang seng closing down

over 2,000 points. Our market of

course suffered its biggest one-day

fall yesterday since October, 1989,

slashing more than $104 billion

from investors' back pockets. It

was the 12th-straight losing

session. Now to a closer look at the the numbers:

I'll be back a little shortly with

the wrap of the markets. Residents

in Rockhampton could be next in

line to feel the flood waters

devastating Central Queensland. The flood emergency is now officially

one of the State's worst on record.

More than 2,000 people have More than 2,000 people have been

forced from their homes at Emerald

where the local river continues to

rise, causing damage and losses in

to the hundreds of millions of dollars. Queensland Premier Anna

Bligh is in that town to assess the

damage first-hand. Better news

today at Charleville, the temporary

levee hat held firm and that's

allowed for the big clean-up to

start. The number of sky marshals on international flights will

reportedly be slashed in an reportedly be slashed in an overhaul of an anti-terror program.

News Limited papers say the number

of air marshals will be cut by as

much as a third on some 747 flights.

Staff will be rotated to other

areas of the AFP for three months.

Aviation industry experts say the

move is a risk. Victoria police say

they've foiled a murder plot they've foiled a murder plot in

which a Queensland man allegedly

conspired to kill his wife and pass

pass it off as an accident. The

man's mistress was also arrested

and will face court again today.

Police alledge 40-year-old Aaron

Rolls was close to pulling off an

intricate plan to hill kiz partner

of 17 years in the Gold Coast surf.

A Queensland court hearing Mr Rolls

was to take his wife on a fake

romantic walk before drowning her and making it like like an

accident. When the information came

in we knew it was serious and we

had to act quickly. Detectives

arresting Mr Rolls's mistress. The intended

intended victim of the attack

remains in police kursdy. She was

shocked -- custody. She was shocked

and hasn't been able to sleep. The

mistress will appear in court again

today. Mr Rolls has been extradited

overnight. It's been revealed that

arsonists are lighting fires on NSW

trains, on an average of almost

every second day. New figures show

as many as 20 fires on rail

services within a month, most lit deliberately. The number of

rock-throwing attacks has spikeed

and in some cases objects as large

as matresses were hurled at trains.

Acts of vandalism cost the State

Government about $1.5 million each

year, that should be $15 million.

Cate Blanchett has been nominated

for two Academy Awards. The

Australian in the running for the

best actress gong for her role in

'Elizabeth The Golden Age'. She's

facing tough competition there from

Julie Christie, who took out the

Golden Globe fpbt but Cate is the favourite for best-supporting

actress in 'I'm Not There'. She's

the only Australian up for an Oscar this year. Tsonga continues to

impress add the Australian Open,

setting up a semifinal with world

number 2, Rafael Nadal. The

unseeded Frenchman accounted for

Mikhail Youzhny quite easily, 7-5,

6-0, 7-6.

COMMENTATOR: Brilliant! I want to

cry, I want to

cry, I want to smile, I want

everything. It's a lot of emotions.

Nadal also moved through with a

straight sets win over a Finn. A

day out from the fourth and final

Test against the Australians, India

says a win in Adelaide to draw the

series will give them a moral

victory here. The Indians

considering a 5-pronged bowling

attack to get the job done, making

room for spinner Harbhajan Singh.

A fired-up Shaun Tait left nothing behind in the nets as he tried to persuade selectors he was worth another chance. ONLOOKERS: Ooooh! Yeah, he bowled fast today in the nets, that's for sure. He was swinging the ball. But out in the middle, a relaxed Andrew Symonds was surveying a pitch that will demand left-arm chinaman Brad Hogg be selected. The Adelaide Oval pitch with the preparation, with the climate and the soil type we use always does take spin, which makes it very intriguing. I love the cat and mouse of the slow bowler against the batsman towards the end of the game. There's speculation India could take the unorthodox step of playing five bowlers in order to accommodate spinner Harbhajan Singh and stick with its form pace attack. I think it's a distinct possibility, yeah. Pathan batted very well over there too. They might go down that avenue. Irfan Pathan complemented his five wickets in Perth with scores of 28 and 46 and could almost be viewed as an all-rounder. It's a pleasure to have five bowlers in a Test game, so you know that every bowler, whoever is given the ball, has the capability to take wickets, you know, be the spearhead. Paul Dowling, Ten News.

Back to finance now. After all that

action in the US, in Australia the

all-important inflation figures are

out today? They are. The market is

split 50-50 on a February rate rise.

Today's inflation figure will give

the Reserve more direction on what

to do. A sharp rise in the December

quarter Consumer Price Index could

force the RBA to lift the official

cash rate for the third time in

seven months. If it's bad enough

the Reserve will raise rates. The

global equity turmoil could mean

the Central Bank will hold off

raising the official cash rate

which is sitting at an 11-year high

of 6.75%. The Reserve Bank meets on

January 5. Harvey Norman says it's

on track to post a profit of around

$180 million after record sales

figures. A bumper holiday season

helping the electronbs retailer boost boost its first-half sales to boost its first-half sales to just

over $3 billion, an increase of

around 12.4%. Gerry Harvey has

shrugged off concerns about the impact of market turbulence, saying

he's confident retail spending will stay

stay strong. The local market is

set to bounce on the open, the SPI

futures are close to 200 points but

with Wall Street expected to close

in the red, it's anyone's guess

where the marbts will close. National weather:

That's the Early News. I should

have worn my singlet? You should

have. We'll leave you pictures of

celebrations in Sydney last night

to mark 70 years of the Chesty

Bonds singlet. Wouldn't Woodsy look

good in one of those? Have a good in one of those? Have a great day. Supertext Captions by Red Bee Media Australia. www.redbeemedia.com.au