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. I'm Bill Woods. And

I'm Kathryn Robinson. Welcome to

Ten's Early News.

Today's stories - super Thursday -

the Pope arrives in central Sydney

appearance. head of his first World Youth Day head of his first World Youth Day

Meanwhile, a Sydney bishop is under

fire for telling victims of sex abuse to 'move on'. And

And in sport - Cadel Evans hangs on

to that leader's yellow jersey, but

not by much, in the Tour de France.

In finance news - positive news for

home-owners - the Reserve Bank

hints at a rate cut.

And Wall Street recovers despite US

inflation hitting a 26-year high.

First - 500,000 people are expected

to greet the Pope when he makes his

what's grand entrance on Sydney Harbour on

what's been dubbed 'Super Thursday'.

Controversy continues to cloud this

visit, with more outcry over the

church's handling of sex-abuse claims.

A heavily guarded convoy of 28 cars

guide Pope Benedict into Sydney

last night as he trades his retreat

on the city's outskirts for a night on the city's outskirts for a night

at St Mary's Cathedral. Today, the

81-year-old will make a grand

entrance into the harbour in a

botorcade for his first formal

address to the Catholic following.

500,000 people are expected to turn 500,000 people are expected to turn

out to greet the religious leader

as he tours the city in his

Popemobile. It's the first time a

Pope has been in Australia in 13

years. But controversy continues to

dog his visit. The Vatican is

denying he will apologise to

victims of sexual abuse this week,

and says any apology may be

delivered in a statement. A senior

Australian bishop's comments also

angering victims and their families.

Rather than, than, than... dwelling

crankily, as a few people are doing,

on old wounds. It's unbelievable,

almost, to hear the bishop of the

church make comments like that

about victims. Meanwhile,

authorities are confident a gastro

and flu outbreak affecting pilgrims

has been controlled. All are

well. recovering and are said to be doing

Dr Jayant Patel has spent the night

in a Los Angeles detention centre

Queensland detectives have arrived awaiting extradition. Two

in the US to escort Patel on a

commercial flight back to Brisbane.

The US marshals service ported The US marshals service ported all

The US marshals service ported all

office has begun the extradition office has begun the extradition

process to meet the court-ordered

deadline - Portland office. He could

could be home by tomorrow. Patel is

facing 14 charges, including

manslaughter, over his time at

Bundaberg Base Hospital.

It's claimed Australia's new emissions-trading scheme could be

worth $11 billion within three

years. Household power bills are

also set to surge. But the

Government says vulnerable Australians will be compensated.

From 2010, an emissions-trading

scheme will lift the cost of living.

But for those who can least afford

it, there'll be Government relief.

We think it's a fair and reasonable

thing to help households who are under real financial pressure now.

And for a time, petrol tax will be

rise cut to offset fuel prices, which

rise as the pollution-reduction

scheme takes hold. We're

effectively giving Australian

motorists five years' notice. The

Opposition is wary of the

Government's reassurances about

affsetting the cost of moving to a lower-carbon economy. Plfrpblgts

Rudd, at the moment, is expecting

Australians to take him on trust.

The compensation would kick in

around the time of the next Federal

election. The Rudd Government is

playing politics just like the

Howard Government. This is something John Howard would be

really proud of. But attending a

dinner in his honour at Federal

Parliament, the former PM couldn't

have been less interested in the

debate. I don't have any comment on

it. The aim is to to make polluters it. The aim is to to make polluters

pay, forcing them to reduce their

emissions and switch to more

efficient technologies. As a

consequence, the price of goods and

services will go up as business costs rise.

A man is missing, feared dead,

after a car crashed off a bridge

and landed in a canal in southern

NSW. Three other passengers

escaped with minor injuries after

the vehicle plunged 2m off the

bridge at Leeton. A police car also

ended up in the canal after

handbrake on. officers forgot to put the

A search for the male driver was

called off late last night.

Sydney Airport has slammed the NSW

Government for not providing

adequate train and bus services. It

claims public transport at its

terminals falls well below

international standards and will

increase pressure on the airport.

Air traffic is predicted to double

in the next 20 years to more than

60 million passengers. The

accusations are detailed in a

submission to the Commonwealth.

Federal Police have arrested a man

who drove his car of the a Brisbane

runway. It's alleged the

security 39-year-old man crashed through a

security gate before parking it

outside a Virgin hangar. Airport

security and AFP officers responded

quickly and arrested the man. His

mental health is being assessed.

At least 40 people have been killed

after a truck failed to stop at a

level crossing in northern Egypt.

Waiting traffic was pushed into the

path of a speeding passenger train.

60 people have been injured.

60 people have been injured.

Five Lebanese soldiers captured by

Israel are back on home soil after Israel are back on home soil after

a landmark prisoner exchange.

Israel released the five in return Israel released the five in return

for the bodies of two Israeli

soldiers held by militant group

two Hezbollah. Coffins containing the

two soldiers were transferred over

the border. It was their capture

that triggered the Israel-Hezbollah

war two years ago.

The latest Cirque du Soleil

production, 'Dralion', made its

Australian debut last night. Actor

Jack Thompson, footballers, models,

and the stars of 'So You Think You

Can Dance', all on the red carpet. It's probably the ultimate

entertainment experience, to me.

It's everything that theatre ought

to be. It's everything that we all

want to be if we're communicators.

It's fantastic. The acrobatic show

West. has been described as East meets

Australia's Cadel Evans retained

the leader's yellow jersey on the

Tour de France last night in a

dramatic day that saw a Spanish

rider detained by police for doping.

Evans preserved his one-second

lead over nearest rival Frank

Schleck after finishing with the

peloton good some 15 minutes behind

stage winner Kurt-Asle Arvesen from

Norway. Spanish rider Moises Duenas Nevado was taken away by police

after testing positive for the

banned blood booster EPO. Nevado is

the second Spanish rider to test

positive on Tour.

Australian Rugby League coach Ricky

Stuart fears that Mark Gasnier's

multimillion-dollar deal to play

French rugby could be the start of

a player drain. His greatest

concern is that the NRL's younger

stars will be targets of rich overseas clubs.

Some high-flying support for the

Kangaroos with the World Cup 100

days away. But the talk is still

about who won't be playing. While

Australia's coach says there's

plenty of options to replace Mark plenty of options to replace Mark

Gasnier in the national team, he's

worried about who will follow him

overseas. I'm scared about is that

it will happen to our younger

players more and more now. If we

compete against overseas stwree, to

offer more money, but we can't offer more money, but we can't

offer money that's not there. Can't

cripple the game to hold onto a

dozen players. At South Sydney,

five straight wins and some

camera-shy drug testers turned up

for the first time this season. The Rabbitohs rookie centre Jamie

Simpson telling how rugby league

helped him beat cancer. It was

pretty much a saviour to me, it

kept me going thinking I could get

involved in rugby league while I

was still sick. He's been in remission remission for the last four years

and is awaiting the final all clear from liz doctors.

Despise a severe chest infection,

Terry Wallace will be healthy enough

enough to coach his side against enough to coach his side against

Essendon on Saturday. He was too

ill to attend a news conference on

Tuesday. He was later admitted to

hospital as a precaution. The

Bombers have dramas of their own -

key midfielder Mark McVeigh will

have any surgery, putting him out

of action for at least four years.

And a surprise for the Reserve Bank

yesterday? A good surprise, Bill.

And there could be relief in sight

for home-buyers, with the Reserve

Bank hinting at a drop in interest

rates. The Reserve Bank chief is

confident inflation will fall by

2010. You shouldn't be waiting till

it's really obvious inflation has

gone all the way back down to where

we'd like it to be before you

conclude you've got to start easing.

You should be easing before that

day. But it was a different message

from Commonwealth Bank boss Ralph

Morris, who said he could not rule

out more independent rate increases because of the ongoing turmoil in

global credit markets.

One day after falling below the

11,000 mark, investors on Wall 11,000 mark, investors on Wall

Street have shrugged off talk of a

recession to repel the Dow Jones

2.5% higher, as US authorities 2.5% higher, as US authorities

impose a 30-day ban on abusive

short-selling, a move which could

accelerate the practice here.

A recession the worst since the

depression - that's the dire prediction

prediction as the US economy

continues a downward slide.

Technical recession or not, that

the combination of declining wealth,

weak job market, rising food and

energy prices, forclosures, tight

credit - all those things are

putting tremendous pressure on

families. New inflation figures

show consumer prices rose 1.1% in

June - the biggest increase since

Hurricane Katrina. Energy prices

pushing the figure much higher than

economists predicted. Stocks rose

tentatively after the figures were released,

released, but for investors, it's

grim. The dollar continues to

plummet, food prices are soaring,

forclosure rates rising, and up to

1 million jobs are at risk. The

Government's now debating rescue

packages for two of the country's

major mortgage groups caught in the

credit squeeze. There's now talk of

a second round of Government

stimulus spending - some $50

billion - to increase confidence

and stall broad economic crisis.

But grim news here translates well

in Australia - the Aussie dollar

rising to 98 US cents, and oil has

dropped more than $6 a barrel.

That's still up about 50% from where

where we were a year ago. The

Federal Reserve continues warnings

that significant problems still lie ahead.

In business news back home now:

US stocks soared overnight after a slew of strong company reports and slew of strong company reports and a drop in oil. What's making newspaper front pages

this morning? The 'Sydney Morning

Herald' reports on the Federal

Government's balancing act in this

planned emissions-trading scheme.

The 'Financial Review' says the US

Federal Reserve is facing an uphill battle

battle in trying to calm global

financial markets.

And the 'Courier-Mail' of course following

following the Jayant Patel story, reporting the wheels are finally

turning in his extradition

proceedings.

A sneak peek at the Beijing Games' opening ceremony - that's next. Stay with us. This program is captioned live. You're watching Ten's Early News.

Today's stories - 500,000 people

expected to line Sydney Harbour for

Pope Benedict's first World Youth Day appearance.

Australian households preparing for

a sharp increase in power bills under the Government's new emissions-trading scheme.

In finance - a positive outlook

from the RBA, hinting a rate cut

could be on the cards.

And Wall Street shrugs off the

latest dismal inflation figures latest dismal inflation figures in latest dismal inflation figures in

the United States.

But first - up to 500,000 people

will line Sydney Harbour today for

the Pope's first public appearance

for World Youth Day. Pope Benedict

XVI left his rural retreat at Kenthurst last night, travelling Kenthurst last night, travelling

into the city in convoy. Hundreds

cheered and waved him on as his cheered and waved him on as his

heavily guarded motorcade travelled

through the Sydney. He spent night

the night at St Mary's tuhead

toeral ahead of what's been dubbed

'Super Thursday'. He heads through

the harbour on a boat-a-cade -

their term, not ours - before

travelling through Sydney through on the Popemobile.

A Vatican official has downplayed

expectations the Pope will

apologise to sex abuse statements,

saying it in a written statement.

Bishop Anthony Fisher of Sydney is

under fire for urging sex-abuse

victims and their families to move

on. Rather than dwelling crankily

as a few people are doing on old

wounds. Anthony Foster, whose two

daughters were raped by priests,

has slammed those comments. To hear

a bishop of the church to make

comments like that about victims.

If I hadn't heard his voice say it,

I wouldn't have believed it. Mr

Foster and his wife will arrive in

Sydney this morning over too confront the Pope over the confront the Pope over the treatment of sex-abuse victims. treatment of sex-abuse victims.

Qantas will slash about 2,000 jobs

next week to offset the rocketing

price of fuel. Flight crews, senior price of fuel. Flight crews, senior

managers and ground staff will be managers and ground staff will be

the targets in the overhaul, which

will affect 5% of the carrier's

worldwide workforce. Flight routes

will also be cut from both domestic

and international schedules.

Jayant Patel has spent his last

night in a Los Angeles detention

centre awaiting extradition to Australia. Two Queensland

detectives have aringeed in the US

to escort -- arrived in the US to

escort Patel back to Brisbane.

The doctor is facing 14 charges,

including three of manslaughter,

relating to his time at Bundaberg

Base Hospital. He spent the past Base Hospital. He spent the past

four months in a high-security

prison in Portland after he dropped

his fight against extradition. US

marshals stepped in after a judge

ordered on Tuesday that Patel be

handed over to Australian

authorities by July 21. The US marshals service Portland office has begun the extradition process

to meet the court-ordered deadline.

He's reportedly cooperated with US He's reportedly cooperated with US

marshals during his move to Los

Angeles, where he spent the night

in a detention centre awaiting his extradition. Two Queensland

detectives will escort Patel on a

commercial flight to Brisbane,

where he'll be charged and placed

in a holding cell. Patel's case is

likely to be heard in Brisbane, and

likely to be heard in Brisbane, and his former patients say they'll be his former patients say they'l his former patients say they'll be

there. I'll go to Brisbane. I don't

care if I have to walk - we'll get there.

The Prime Minister believes an

emissions-trading scheme is

technically achievable by 2010. But

the Government is preparing to the Government is preparing to fight the Greens and the Opposition

to have its pollution-reduction

legislation passed in the Senate.

Are they going to play blocking

strategy? Or are they going to be

constructive partners in the nation's long-term environmental

and economic future? The Greens are

unhappy with the scheme, which they

believe is too soft on big believe is too soft on big

polluters like industry and transport.

Three men will appear in court

today after drug raids in

Melbourne's north. Two have been

charged with trafficking

methamphetamines. A third is charged

charged with conspiracy to do the same. same. Police raided several properties.

properties. They seized firearms,

cash, computer gear and a safe. We

believe that we have stopped a

syndicate in the distribution of

ice. We'll be alleging that that

distribution is being distribute

distributed in Melbourne and being

sourced from Sydney. The men will

appear in a Melbourne court this morning. Malaysia's Opposition Leader Anwar

Ibrahim is facing 20 years' jail

after being arrested on suspicion

of sodomy. The 61-year-old was

arrested following an accusation

made by his 23-year-old aide. He

says it's a malicious fabrication

of the same government plot that jailed him for sodomy and

corruption a decade ago.

Fireworks have lit up the Beijing

skyline in a spectacular dress

rehearsal for the Olympic Games

opening ceremony. The main stadium,

dubbed the bird's nest, glowed a

brilliant red as the rockets fired

into the sky. Lasers were also

projected onto nearby Olympic

venues. It's now only 22 days until the Games begin. Richmond is confident that Terry

Wallace Will healthy enough to

coach his side in Saturday's game

against Essendon. Wallace was

admitted to hospital with a severe respiratory infection. respiratory infection.

Terry Wallace was too ill to attend

his weekly press conference on

Tuesday. And was later taken to

hospital as a precaution. Assistant

coach Brian Royal is on stand-by if coach Brian Royal is on stand-by if

Wallace doesn't improve by the

weekend. The Bombers have their own

dramas, with key midfielder Mark

McVeigh set to miss four weeks with

a knee injury. He's definitely

disappointed, and so are we,

because he's been in great form,

and one of our top midfielders

through the year. Fremantle's Dean

Solomon has broken his silence

after receiving an 8-match

suspension for striking Cat Cameron Ling.

Ling. I kpwuefrpblgt straight away that

that I really played the incident

wrong and made a massive mistake. I

put my hand straight up once the

contact was made. I knew that I had

done the wrong thing. Adelaide says

skipper Andrew McLeod could return

from a knee injury in time for

Sunday's showdown against Port. I

spoke to him this morning, and he

did a pretty solid session

yesterday and pulled up well from

it. Darren Lapthorne has had

Achilles surgery in -- Matthew

Lappin in a last-bid attempt to

play this season.

Rookie player who's beaten cancer, centre Jamie Simpson, was

diagnosed with he was 15. He sat

out three years of football while

he endured two bouts of intensive

treatment. He's been an inspiration

to all of us in hearing his story

and then seeing what he does each

weekend. He's lifted us with so

much enthusiasm. Simpson has been

in remission for the last four years. years. Let's have some more finance now.

Kath, what's happening? Bill, thank

you. High interest rates and poor

consumer confidence has seen home consumer confidence has seen home

sales collapse across the country.

Sales slumped 24% in the capitals

in the first three months of this

year to a 9-year low. And the

rental squeeze is far from over.

Vacancy rates in Sydney and

Melbourne fell below 1%, and are

likely to stay there for another year.

To the market numbers now - US

stocks have soared overnight after

a slew of strong company reports

and a drop in oil.

Now as we heard, the latest

inflation figures in the United

States have triggered fresh fears

of a recession. Record gas and

higher food prices sparked the

biggest increase in CPI since 1991.

For more, I'm joined by Elvina

Simpson from CommSec. Elvina,

investors really seemed to shrug off these terrible inflation

numbers. They did indeed, Kath.

That's thanks to a drop in the

price of oil and recovery in the

financial sector, which helped the financial sector, which helped the

Dow Jones index close up by 2.5%

overnight. The US Securities and

Exchange Commission poul putt out

an emergency rule against excessive

short-selling of major banking

stocks. We saw European markets

perform quite well overnight. The

Germany's DAX put on about 1.25%.

As you said earlier, our futures

index is up to a good start today,

up 1.25 % on open. Positive news yesterday from the Reserve yesterday from the Reserve Bank

chief? Glenn Stevens hinted that

inflation may not need to come below inflation may not need to come

below the 2-3% target band for the

Reserve Bank to start cutting

interest rates. Governor Glenn

Stevens did hint that he is Stevens did hint that he is

comfortable and confident that

inflation will be brought under

control in the medium term. It is

very good news for mortgage holders. very good news for mortgage holders.

I think he was saying by 2010, inflation

inflation was to reach that target.

Elvina Simpson from CommSec, thanks

for the update. Thank yout for the update. Thank yout

The US Federal Reserve has

reassured the government over the

future of troubled mortgage giants

Fannie Mae and Freddie Mac. Fed

chief Ben Bernanke bern has told

Congress overnight the two firms

are not at risk of collapsing. The

GSEs are adequately capitalised.

They are in no danger of failing.

The Federal Reserve and Treasury

offered a financial-rescue package

to Fannie Mae at and Freddie Mac at

the weekend. Meantime, National

Australia Bank has revealed it has

a $580 million exposure to the

troubled mortgage giants. In other news briefly now:

A health scare among World Youth

And Day pilgrims - that story coming up.

And more in finance when the Early

News returns.

This program is captioned live.

This is Ten's Early News.

Today's stories - Super Thursday -

the Pope arrives in central Sydney

ahead of his first World Youth Day

appearance in front of the crowds.

Meanwhile, a Sydney bishop under

fire for telling victims of sex

abuse to 'move on'.

In sport - Cadel Evans hangs onto

the leader's yellow jersey in the Tour

Tour de France.

In finance news - relief in sight

for borrowers - the RBA hinting a

rate cut may be on the way

prafltskpef Wall Street recovers,

despite US inflation reporting its

biggest jump in 26 years.

First - 500,000 people are expected

to greet the Pope when he makes his

grand entrance on Sydney Harbour.

It's been dubbed 'Super Thursday'.

Controversy continues to cloud this visit, with more outcry over the

church's handling of sex-abuse claims. claims.

A heavily guarded convoy of 28 cars

guide Pope Benedict into Sydney

last night as he trades his retreat

on the city's outskirts for a night

81-year-old at St Mary's Cathedral. Today, the

81-year-old will make a grand

entrance into the harbour in a

boat-a-cade for his first formal

address to the Catholic following.

500,000 people are expected to turn

out to greet the religious leader

as he tours the city in his

Popemobile. It's the first time a

Pope has been in Australia in 13 years.

years. But controversy continues to

dog his visit. The Vatican is

denying he will apologise to

victims of sexual abuse this week,

and says any apology may be

delivered in a statement. A senior Australian bishop's comments also

angering victims and their families.

Rather than, than, than... dwelling

crankily, ah, as a few people are

doing, on old wounds. It's

unbelievable, almost, to hear a

bishop of the church make comments

like that about victims. Meanwhile,

authorities are confident a gastro

and flew flu outbreak affecting

pilgrims has been controlled. All

doing well. are recovering and are said to be

Dr Jayant Patel has spent the night

in a Los Angeles detention centre,

awaiting extradition. Two

Queensland detectives have arrived

in the US to escort Patel on a

commercial flight back to Brisbane.

The US marshals service Portland

office has begun the extradition

process to meet the court-ordered

deadline. It's possible Patel will

be home by tomorrow. He's facing 14

charges, including manslaughter,

hospital. over his time at Bundaberg's base

Qantas will cut about 2,000 jobs

next week to offset cost pressure

caused by the high price of fuel.

Flight crew, senior managers and ground

ground staff will be the targets in

the overhaul, which will affect 5%

of the carrier's worldwide

workforce. Flight routes will also

be cut from domestic and international schedules. It's claimed Australia's new

emissions-trading scheme could be

worth $11 billion within three

years. Household power bills are

also set to surge. But the government says vulnerable

Australians will be compensated. From 2010, an emissions-trading

scheme will lift the cost of living,

but for those who can least afford

it, there'll be Government relief.

We think it's a fair and We think it's a fair and reasonable

thing to help households who are under real financial pressure now.

And for a time, petrol tax will be

cut to offset fuel prices which

rise as the pollution-reduction

scheme takes hold. We're

effectively giving Australian

motorists five years' notice. The

Opposition is wary of the Government's reassurances about Opposition is wary of the

offsetting the cost of moving offsetting the cost of moving to a

lower-carbon economy. Plfrpblgts offsetting the cost of moving to a

Rudd, at the moment, is expecting

Australians to take him on trust.

The compensation would kick in

around the time of the next Federal

election. The Rudd Government is

playing politics just like the

Howard Government. This is

something John Howard would be

really proud of. But attending a really proud of. But attending really proud of. But attending a

dinner in his honour at Federal

Parliament, the former PM couldn't

have been less interested in the

debate. I don't have any comment on

it. The aim is to make polluters

pay, forcing them to reduce their

emissions and switch to more

efficient technologies. As a

consequence, the price of goods and

services will go up as business costs rise.

Five Lebanese soldiers captured by

Israel are back on home soil after

a landmark prisoner exchange.

Israel released the five in return

for the bodies of two Israeli

soldiers held by the militant group soldiers held by the militant group

Hezbollah. Coffins containing the

two were transferred over the border

It was their capture that triggered

ago. the Israel-Hezbollah war two years

Australia's Cadel Evans retained

the leader's yellow jersey on the the leader's yellow jersey on the

Tour de France last night in a

dramatic day that saw a Spanish

rider detained by police for doping.

Evans preserved his one-second

lead over nearest rival Frank

Schleck after finishing with the

peloton about 15 minutes behind the

stage winner, Kurt-Asle Arvesen

from Norway. The Spanish rider

Moises Duenas Nevado was taken away by

by police after testing positive

for the banned blood booster EPO.

Nevado is the second Spanish rider

to test positive on Tour. Australian Rugby League coach Ricky to test positive on Tour.

Stuart fears that Mark Gasnier's multimillion-dollar deal to play

rugby union in France could be the

start of a player drain. His

greatest concern is that the NRL's

younger players will be targets of

rich overseas clubs.

Some high-flying support for the

Kangaroos with the World Cup 100

days away. But the talk is still days away. But the talk is still

about who won't be playing. While Australia's

Australia's coach says there's

plenty of options to replace Mark

Gasnier in the national team, he's Gasnier in the national team, he's

worried about who will follow him

overseas. What I'll scared about is

that, um... it'll happen to our

younger players more and more now.

If we're to compete against oversea,

we've got to be able to offer more

money. But we can't offer money

that's not there. We can't cripple

the game to hold onto a dozen

players. At South Sydney, five

straight wins and some camera-shy

drug testers turned up for the

first time this season. The Rabbitohs rookie centre Jamie

Simpson telling how rugby league

helped him beat cancer. It was

pretty much a saviour to me. It

kept me going just thinking that I

could get involved in rugby league

while I was still sick. Simpson has

been in remission for the last four

years and is awaiting the final all

clear from his doctors.

Despite a severe chest infection, Terry Wallace will be healthy

enough to coach his side against

Essendon on Saturday. Wallace was

too ill to attend a news conference

on Tuesday and was later admitted

to hospital, as a precaution. The to hospital, as a precaution. The

though Bombers have dramas of their own,

though - key midfielder vai have a

vai will have knee surgery. That vai will have knee surgery. That

will put him out of action for at

least four weeks - Mark McVeigh.

The latest inflation figures in the

United States out overnight have

triggered fresh fears of a

recession. Record gas and high food

prices sparked the biggest increase

in CPI since 1991. For more, I'm

joined live by CommSec. Investors

really seemed to shrug off these really seemed to shrug off these

inflation numbers thanks to some solid company reports and a drop in solid company reports and a drop in

oil. That's right. The financial

sector was in focus tonight.

Importantly, we saw US reg ulators

cut short on 19 key stocks. In cut short on 19 key stocks. In

particular, Wells Fargo shares up

Freddie over 30%. Likewise Fannie Mae and

Freddie Mac, following a similar

suit. Good news for financial

stocks in the US. It looks likely

to be the same for our markets

locally, with Westpac shares up 8%

and also the Nasdaq saw strong

gains, up over 3%. It's certainly

looking like a good start this

morning, the SPI gaining about 60

points. Positive news out yesterday points. Positive news out yesterday

from the Reserve Bank chief also.

That's right. Governor Glenn

Stevens did hint that interest Stevens did hint that interest

rates may come down before we get

back under the Reserve Bank's

target band of 2-3%. Certainly

inflation at the moment remains at

17-year highs. The TD inflation

gauge came in with a record 4.8%. gauge came in with a record 4.8%.

It's likely that in the short term,

we may see interest rates rise even further before easing towards the further before easing towards the end of next year.

Thank you for the update. Thank you.

A US Government investigation into

offshore tax havens will examine offshore tax havens will examine

the banking strategies of

Australia's second-richest man,

Frank Lowy, and his sons. The

Westfields boss is being asked to Westfields boss is being asked to

explain his use of banks in

Liechtenstein and Switzerland.

Woolworths has recorded an 8.7%

increase in sales for the year and reaffirmed

reaffirmed annual earnings of ,

posting $Freeview billion in

earnings despite higher petrol

prices and rising interest rates. It

It was also a good day yesterday

for mining giant Rio Tinto, which

increased iron-oar production by

13% to almost $42 million for the

June quarter.

To other news briefly - the Commonwealth Bank has ruled out

making a rival bid for St Georgement .

Here's the national forecast today:

The newspaper headlines this

morning - firstly, the 'Daily

Telegraph' has more on the Pope's

activities in Sydney during World

Youth Day celebrations.

The 'Herald's 'Business Day' says

mining giant Rio Tinto has

delivered record iron-oar

production to staif stave off a

takeover by BHP. And the

Australians talking about the

report of Frank Lowy and his sons report of Frank Lowy and his sons

being investigated in the United States. Three

Three arrested in a Melbourne drus

bust. Details when the Early News returns. GOOD MORNING, I'M FIONA FIONA NELSON... FIRST UP, 20 FAMILIES, WILL SOON BE LEFT HANGING, AS THE CLOSURE OF COOMA'S DYMPLES, LONG DAY CARE FACILITY GOES AHEAD. THE CURRENT OWNER, HAS SAID OPERATIONS WILL STOP AT THE END OF THE MONTH, UNLESS A BUYER CAN BE FOUND FOR THE CENTRE. THE ANNOUNCEMENT COMES, AS FAMILIES ACROSS THE STATE, ARE FEELING THE PINCH, HAVING TO JUGGLE WORK WITH FAMILY COMMITTMENTS. DIABETES AWARENESS WEEK IS ON AGAIN, AND THE HEALTHY

EATING MESSAGE, HAS NEVER BEEN CLEARER. FIGURES SHOW, A THREE HUNDRED AND 60 PER CENT INCREAS,E IN DIAGNOSIS IN THE COOMA MONARO SHIRE, IN THE LAST SEVEN YEARS. KIRSTY HERBERT, A DIABETES EDUCATOR, SAYS PEOPLE NEED TO BE WATCHING WHAT THEY EAT, FOR THE LONG TERM. CANBERRA MOTORISTS WILL GET SOME RELIEF FROM RISING GET SOME RELIEF FROM RISING FUEL COSTS ...

THE FEDERAL GOVERNMENT HAS ANNOUNCED, IT WILL CUT FUEL TAXES, WHEN ITS EMISSIONS SCHEME TAKES OFF IN 20-10. THE AVERAGE PRICE AROUND THE CAPITAL, IS A DOLLAR 69 POINT FIVE, BUT PRICES IN KINGSTON HAVE, BEEN OVER A DOLLAR 70 A LITRE IN THE LAST WEEK.. TO SPORT, AND CANBERRA RAIDERS MENTOR, NEIL HENRY SAYS, THE LEAGUE SHOULD PREPARE FOR MORE PLAYERS LEAVING TEAMS, FOR MULTI-MILLION DOLLAR OVERSEAS CONTRACTS. THE ANNOUNCEMENT COMES, AS MARK GASNIER CONFIRMS HIS

MOVE TO A FRENCH UNION CLUB, AFTER A MILLION DOLLAR A YEAR OFFER. BUT HENRY SAYS, THE MOVE GIVES MORE OPPORTUNITIES TO YOUNGER PLAYERS, LIKE JOEL MONAGHAN, TO STEP UP FOR THE NEW SOUTH WALES SIDE. NOW HAVING A LOOK AT TODAY'S WEATHER... A TROUGH OF LOW PRESSURE WILL APPROACH FROM THE WEST TODAY BRINGING THE POSSIBILITY OF SOME SHOWERS

LATE IN THE DAY OR TOMORROW. ACROSS THE NATION - MORNING FOG, AND A POSSIBLE LATE SHOWER FOR CANBERRA - A FINE MOSTLY SUNNY DAY FOR SYDNEY - RAIN DEVELOPING IN MELBOURNE CLOSER TO HOME - MOSTLY FINE CONDITIONS AHEAD FOR DUBBO 17 THE TOP - THE CHANCE OF A LATE SHOWER IN ORANGE 10 - MOSTLY FINE IN BEGA MOSTLY SUNNY IN BOWRAL 12 THE EXPECTED TOP - SNOW DEVELOPING IN PERISHER THREE DEGREES

FINE AND PARTLY CLOUDY IN COOMA 12 DEGREES ON THE WAY - SNOW SHOWERS FOR THREDBO THREDBO

LOOKING AHEAD INTO THE WEEKEND - TOMORROW - WE CAN EXPECT A POSSIBLE SHOWER. SATURDAY - WE COULD HAVE A LATE SHOWER. AND SUNDAY - WILL BE WET BE WET AND WINDY. LOOKING AHEAD INTO THE WEEKEND - TOMORROW - WE CAN EXPECT A POSSIBLE SHOWER. SATURDAY - WE COULD HAVE A LATE SHOWER.

This program is captioned live.

This is Ten's Early News. Today -

500,000 people expected to line

Sydney Harbour for Pope Benedict's

first World Youth Day appearance. Australian households preparing for

a sharp increase in power bills

under the Government's new emissions-trading

emissions-trading scheme.

In finance - a positive outlook

from the RBA, hinting a rate cut is

on the cards.

And Wall Street shrugs off the

latest dismal inflation figures -

the Dow closing 3% higher.

First, up to 500,000 will line

Sydney Harbour today, they say, for

the Pope's first public appearance

for World Youth Day. Pope Benedict

XVI left his rural retreat at

Kenthurst last night, travelling

into the city in convoy. Hundreds

cheering and waving him on as his

heavily guarded motorcade travelled

through Sydney. He spent the night

at St Mary's cathedral ahead of his

grand appearance today, on what's

been dubbed 'Super Thursday'. He

will travel through the city on his Popemobile.

A Vatican official has downplayed

expectations that the Pope will

apologise to sex-abuse victims. He

says nothing is certain, and if the apology

apology does happen, it could just

be in a written statement. Meantime, be in a written statement. Meantime,

Bishop Anthony Fisher of Sydney is

under fire for urging sex-abuse

victims and their families to move victims and their families to move on.

Rather than, than, than... dwelling Rather than, than, than... dwelling

crankily, ah, as a few people are

doing, ah, on old wounds. Anthony Foster, whose two daughters were

raped by priests ha,s slammed the

comments. It's unbelievable, almost, comments. It's unbelievable, almost,

to hear a bishop of the church make

comments like that about victims.

It's astounding. If I hadn't heard

his voice say it, I wouldn't have

believed it. Mr Foster and his wife

will arrive in Sydney this morning

to confront the Pope over the treatment

treatment of sex-abuse victims.

The Prime Minister believes an

emissions-trading scheme is emissions-trading scheme is

technically achievable by 2010. But the the Government is preparing to

fight the Greens and the Opposition

to have its pollution-reduction

legislation passed in the Senate.

Are they going to play blocking

strategy? Or are they going to be

constructive partners in the nation's nation's long-term environmental

and economic future? The Greens are

unhappy with the scheme, which they

believe is too soft on big

polluters like industry and transport.

Dr Jayant Patel is being held in a

Los Angeles detention centre

awaiting his extra. Two Queensland

detectives have arrived in the US

to escort Patel on a flight back to Brisbane.

The doctor is facing 14 charges,

including 3 of manslaughter,

relating to his time at Bundaberg relating to his time at Bundaberg

Base Hospital. He spent the past

four months in a high-security

prison in Portland after he dropped

his fight against fruextradition.

US marshals stepped in after a US marshals stepped in after a

judge ordered on Tuesday that Patel

be handed over to Australian

authorities by July 21. The US

marshals service Portland office

has begun the extradition process

to meet the court-ordered deadline.

He's reportedly cooperated with US

marshals during his move to Los

Angeles, where he spent the night in

in a detention centre awaiting his extradition. Two Queensland

detectives will escort Patel on a

commercial flight to Brisbane,

where he'll be charged and placed

in a holding cell. Patel's case is

likely to be heard in Brisbane and

his former patients say, they'll be

there. I'll go to Brisbane. I don't

care whether I'll have to walk -

we'll get there.

Three men have been charged over

drug raids in Melbourne. Two of the

men have been charged with

trafficking methamphetamines, while

a third has been charged with

conspiracy to do the same. Police

raided several properties across

Melbourne's north, seizing firearms,

cash, computer gear and a safe.

We believe that we have stopped a syndicate in the distribution of

ice. We'll be alleging that that

distribution is being distributed

in Melbourne and being sourced

from Sydney. The men will appear in Melbourne Magistrates Court this morning.

morning.

Fireworks have lit up the Beijing

skyline in a dress rehearsal for

the Olympic Games opening ceremony.

The main stadium, which they call

the bird's nest, glowed a brilliant

red as the rockets fired into the

sky. Lasers were also projected

onto near Olympic venues before the onto near Olympic venues before the

show extended across the city. It's

now only 22 days until the Games begin.

Well, Richmond reckons Terry

Wallace will be healthy enough to

coach his side in Saturday's match

against Essendon. He was admitted to

hospital with a severe respiratory infection.

Terry Wallace was too ill to attend

his weekly press condeprpbs on

Tuesday and was later taken to

hospital as a precaution. Assistant

coach Brian Royal is on stand-by if

Wallace doesn't improve by the

weekend. The Bombers have their own

dramas, with key midfielder Mark

McVeigh set to miss four weeks with

a knee injury. He's definitely

disappointed, and so are we,

because he's been in great form and

one of our top midfielders through

the year. Dean Solomon has broken the year. Dean Solomon has broken

his silence after receiving an

8-match suspension for striking Cat

Cameron Ling I knew straight away

that I went about the incident

wrong and made a massive mistake. I

put my hand straight up once the

contact was made and I knew that contact was made and I knew that

I'd done the wrong thing. Adelaide

says skipper Andrew McLeod could

return from a knee injury in time

for Sunday's showdown against Port.

I spoke to Andrew this morning. He

did a solid session yesterday and

pulled up well from it. Lions co

co-captain Matthew Lappin has had co-captain Matthew Lappin has had

Achilles surgery in a last-ditch

bid to play again this season.

The Rabbitohs have revealed one of

the secrets behind their 5-straight

wins - a rookie player when he is

beaten cancer. Centre Jamie Simpson

was diagnosed when he was 15. He

sat out three years of league while

he endured two bouts of intensive

treatment. He's been an inspiration

to all of us. In hearing his story

and seeing what he does each

weekend - he's lifted us with so

in much enthusiasm. Simpson has been

years. in remission for the last four

Time nofor the weekly snow report.

Joining us live, Fiona Gwyther from Thredbo. What are the conditions

like this morning? It's a bit of a

deja vu today. A snowy end to last

week, and we are expecting some snow-showers today. That will be here to stay across the whole

weekend. The cover across all NSW resorts is looking good:

Unfortunately, the school holidays

are coming to a close this weekend.

All the kids are going to have to All the kids are going to have to

wave goodbye to all of this sn wave goodbye to all of this snow.

But they're in for a very nice

white send-off with some good

snowfalls expected. And a lot more

room on the slopes next week. Thank

you, Fiona Gwyther in Thredbo.

Let's talk about business news.

Kath, a surprise from the Reserve

Bank yesterday? Yes, and it was a

good surprise, Bill. There could be

relief in sight for home-buyers,

with the RBA hinting at a drop in

interest rates. Reserve Bank chief

is confident inflation will fall by

2010. is confident inflation will fall by

You shouldn't be waiting till it's

really obvious inflation has gone

all the way back down to where we'd

like it to be before you conclude

you've got to start easing. You

should be easing before that day.

But it was a different message from But it was a different message from

Commonwealth Bank boss Ralph Morris,

who said he could not rule out more

independent rate increases because

of the ongoing turmoil in global

credit markets. Just one day after

falling below the 11,000 mark, falling below the 11,000 mark,

investors on Wall Street have

shrugged off a huge spike in

inflation and talk of a recession

to propel the Dow Jones 2 poiv .5%

higher. US authorities impose a

30-day ban on abusive short-selling,

which could inspire authorities to

do the same here

A recession the worst since the

Depression - the dire prediction as

the US economy continues a downward

slide. Technical recession or not,

that the combination of declining

wealth, weak job market, rising

food and energy prices, forclosures,

tight credit - all those things -

are putting tremend s pressure on

families. Consumer prices rose 1.1%

in June - the bignist crease since

Hurricane Katrina. Energy prices pushing the figure much higher than

economists predicted. Stocks rose economists predicted. Stocks rose

tentatively after the figures were

The released. For invests, it's grim.

The dollar continues to plummet.

Food prices are soaring. Forclosure

rates rising. And up to 1 million

jobs are at risk. The Government is

now debating rescue packages for

two of the country's major mortgage

groups caught in the credit squeeze.

Theres now talk of a second round

of government stimulus spend - some $50 billion - to increase

confidence and stall broad economic

crisis. But grim news here crisis. But grim news here

translates well in Australia. The

Aussie dollar rising to 98 US cents

and oil has dropped more than $6 a

barrel. That's still up about 50%

from where we were a year ago. The

Federal Reserve continues warnings

ahead. that significant problems still lie

Briefly in business news back home,

Woolworth has posted...

Now taking a final look at the

market numbers - US stocks have market numbers - US stocks have

soared overnight after a slew of strong company reports and a drop in oil.

Bill, things to look out for today

- the Reserve Bank releases its

bulletin, and the bureau of stats

will release merchandise imports

data. Cool. Thank you, Kath.

The Pope isn't the only attraction

in Sydney this week - celebrities

turned out for the Australian

premiere of the latest circdle

stars desol ai production 'Dralion'. The

stars of 'So You Think You Can

Dance' all on the red carpet.

It's probably the ultimate

entertainment experience, to me.

It's everything that theatre ought

to be. It's everything that we all

want to be if we're communicators.

It's fantastic. The acrobatics show

has been described as East meets West.

Let's talk about east and west now:

Recapping the top stories today -

Super Thursday - the Pope arriving

in central Sydney ahead of his in central Sydney ahead of his

first World Youth Day appearance. A

Sydney bishop has come under fire

for telling victims of sex abuse

not to dwell on old wounds.

And that's it for Ten's Early News.

I'm Bill Woods. Bye for now. And

day. I'm Kathryn Robinson. Have a great I'm Kathryn Robinson. Have a great

Supertext Captions by Red Bee Media Australia. www.redbeemedia.com.au