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Ten Early News -

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(generated from captions) This program is captioned live. morning. I'm Frank Coletta. Good

Ten's Early News. I'm Esther Lindstrom. Welcome to

Today, the global financial crisis

is not over yet, as jitters return

to Wall Street and it's the end of

an era for two giants of investment banking.

The PM defends his jet setting

program, saying it's in Australia's

best interests, as he makes a

climate change. stopover in Hawaii to discuss

To sport and the Brownlow Medal

goes to the Bulldogs. Adam Cooney

wins AFL's Best and Fairest award.

First this morning, this seems the

global financial storm is far from

over. Despite the US Government's

have returned to Wall Street $800 bank bail-out, the jitters

overnight, while traders are also

dealing with more upheaval in the investment banking sector.

The last of Wall Street's

investment banking giants are going through a massive transformation.

In the fight for survival, Morgan Stanley and Goldman Sachs asked the

government for approval to turn

themselves into regular bank

holding companies. That allows them

to set up commercial banks to take to set up commercial banks to take

in deposits and they'll be able to

borrow more freely from the Fed,

but they'll also be under tighter

regulation. It's another seismic

change for Wall Street, ending the

old model of independent broke erjs.

Morgan Stanley even went a step

further in its fight to stay afloat.

They've agreed to sell a 20% stake

to Mitsubishi Financial Group. Wall

Street seemed to approve but the markets

waiting markets are still on eggshells,

waiting to see the final draft waiting to see the final draft of

the Government's bail-out plan. It

allows the Treasury to buy bad mortgages from financial

institutions, but even lawmakers

who have fought against tighter

regulations in the past are pushing

for closer Congressional

for closer Congressional oversite.

All sighs will be on our market

this morning to see if it can

extend the record rally of the

previous session. More than $50

local billion was added to the value of

local stocks in response to the

Americans' $800 billion rescue

package. The ASX ended the day

4,000 higher. In an unprecedented

move, the opening of our market was

delayed by an hour to give traders

a chance to take in the ban on

short selling. Macquarie Group and Babcock and Brown

Brown were the big winners.

The price of crude oil has

skyrocketed overnight. That and

more in just a few more in just a few moments.

Turning to other news and the

Federal Opposition's pension bill

designed to embarrass the Rudd Government

Government has passed the Senate overnight. The draft laws seek overnight. The draft laws seek to increase

increase some pensions by $30 a

week but Labor has labelled the

bill a stunt, with the legislation

set to be defeated in the lower house next The Prime Minister is continuing to house next month.

defend his overseas travel that

have earned him the unwanted the --

nickname 'Kevin 747'. He's on his

way to New York to discuss the

global financial crisis and says

the trip is in the nation's best

interests. The PM had a stopover in interests. The PM had a stopover

Honolulu where he discussed the

impacts of climate change with the

State's Pacific commander but the

Opposition claims he's spending too

in Parliament. much time overseas and not enough

Meantime, Belinda Neal, the

politician at the centre of the so

kaild Iguana-gate controversy,

which led to her being ordered into

anger management, is now seeking a parliamentary promotion. The

Federal MP, who was accused Federal MP, who was accused but

not prosecuted over the claims of

bullying staff at a nightclub on

the NSW Central Coast admits she

does have a temper but is learning

to be more careful. She's told the

ABC of her plans for the future.

I'm come to politics to sort of

change events. When I was in the

Senate last time, I was on the

frontbench so I suppose I can hope frontbench so I suppose I can

at some stage that might happen.

Belinda Neal says she's confident

she will be retained as the

candidate for her seat at the next election.

Lawyers for Melbourne CBD gunman Christopher Wayne Hudson are

expected to appeal his life

sentence. The former Hell's Angel

bikie faces at least 35 years

rocked the city. behind bars for the shootings that

The killer arrives at court to

learn the price he must pay for his

drug and alcohol-fuelled rampage. There

There in support - his father and

friends from the Hell's Angels

motorcycle group. (Bleep).

Christopher Hudson appeared relaxed

as the judge described in chilling

detail the moments he pumped six

bullets into his victims. The they

all fell to the ground. You

executed Mr Brendan Keilor. The

father of three was one of two

strangers who rushed to help a

terrified chiarra Douglas under

attack by her bikie boyfriend. The

other good smartian was a Dutch

back Packer, shot a second time

before Hudson's gun was empty. 200

people witnessed the shootings

while on the way to work. Your

conduct is all the more chilling

because it remains unexplained. It

was calm and deliberate. The killer

won't walk free until he's at least 66 years old.

Disgraced footballer Wayne Carey is

set to agree to a deal in the

United States that could spare him

jail time. Carey's lawyer confirmed

the footballer's criminal case was

close to being finalised. The

former dang radios captain is

charged with two counts of

assaulting a police officer and one

of resisting a police officer.

Former NSW Treasurer Michael Costa

has become the latest from the

previous Iemma frontbench to quit Parliament, admitting his time there

has ended in failure. The controversial Upper House MP was

dumped in a major reshuffle two

weeks ago and has faxed his

resignation to governor Marie

Bashir. There will be no need for a

by-election this time. His seat

will automatically be filled by a

Labor candidate.

An Australian advise tore the Papua

New Guinea Government has been

murdered in his Port Moresby home. 54-year-old David Nicholson was

employed by the Snowy Mountains Engineering Corporation and was

working for PNG's transport

department. He was stabbed in the

stomach and back. Police are

looking for two young men seen

leaving the compound.

11 tourists kidnapped in Egypt have

been released. The European group

and their Egyptian guides were

snatched by armed tribesmen while

setting up camp south-west of Cairo

near the Sudanese border. They were

en route to a giant plateau famed

for its cave paintings. The kidnappers demanded more than $7 million in ransom.

Western Bulldogs midfielder Adam

Cooney has become the first number

one draft pick to win the AFL's

Brownlow Medal. A surprised

upstaged Geelong's hot favourite, Gary Ablett.

It was an amazing night for a star

Bulldog. I declare the winner of the

2008 Brownlow Medal, Adam Cooney of the Western Bulldogs. Definitely

hasn't sunk in. I've never been so

in shock in all my life, to be

honest. But definitely wasn't

expecting anything like this. Once

again, it was a heartbreaking

result for Geelong's pre-count

favourite Gary Ablett. Geelong... C

Ling, three votes. Ablett finishing

third behind Brisbane Lions Simon

Black. Meanwhile, both Hawthorn and

Geelong expect to be at full

strength for Saturday's grand final,

Hawthorn's captain Luke Hodge

playing down a rib injury. playing down a rib injury. How's

the rib? Alright, mate. Did you

have scans or anything? No. And

they're confident Paul Chapman will

pass a fitness test on his injured hamstring.

Rugby league now and Melbourne's

Cameron Smith will face the NRL

judiciary tomorrow night hoping to

keep his season alive after being

charged with a grapple tackle on

Brisbane's Sam they'd yie. Jeremy

Smith was also chargewide a

so-called chicken wing in the same

tackle. Cam has played with Sam in

Origin and Test level. They're good

mates. There was no malice and

intent in that tackle. Smith has

carryover points from earlier in the the season.

Australia's cricketers have arrived

in India ahead of their 4-Test tour on

on the subcontinent. The players

were escorted through Jaipur

airport and on to the team bus.

Australia dissided to go ahead

with the tour only after a security

review following the September 13

blast in the Indian capital that

killed at least 20 people. They'll

play the President's XI on October

2 before the first Test on the 9th.

We'll check finance now with Esther

and that blanket ban on short

selling has sparked some anger and

confusion for those on the markets.

It certainly has, Frank. They're

calling on asick to please explain

its unprecedented ban to short selling on the Stock Exchange. selling on the Stock Exchange. The

decision has thrown the market into

a tailspin as brokers and traders

attempt to work out the impact it

would have on their business.

They're asking the regulator to

clarify the rules, especially on

existing short positions.

And the share market turmoil is expected

expected to take its toll on the

Seven Network's bottom line after

it decided earlier this year it decided earlier this year to

invest its spare cash in the stock

market. The broadcaster ad milts first-half earnings could first-half earnings could be

slashed by up to 50% thanks to

upheaval and weaker advertising

revenue. Seven has already lost $14

million on its share portfolios

this financial year.

And now to the market numbers in detail.

US stocks have fallen in early trading.

To business in brief and Queensland

Gas is a step closer to buying

Sunshine Gas after a report

described the takeover offer as 'fair and reasonable'.

Nomura Holdings is believed to have bought Lehman Brothers' entire

Asian operation, including

Australia, for $270 million.

New car sales have fallen for the

second straight month, down 3.5% in

August thanks to higher petrol

prices and interest rates.

And former McDonald's executive Guy

Russo has been appointed the new

boss of Kmart.

Now for a look at the national weather and for the rest of

Let's check this morning's

newspaper front pages for you.

The 'Age' says Catholic hospitals

in Victoria could close maternity

and emergency wards if new abortion

laws are passed.

'Business Day' reports the ban on short selling of shares may have artificially boosted the Australian

stock market, leading to further uncertainty.

And the 'Daily Telegraph' has more

on the chaos caused by the

shutdown of Sydney's M5 East tunnel

and the new Government's response

to the ensuing traffic trouble.

Why China's poisoned milk crisis

has worsened. All the details when

the Early News returns. VOICEOVER: Recently moved to Canberra? Then you could win one of four $5,000 Service One Members Banking accounts simply by updating your Medicare address. The Australian Government uses population numbers to decide how much funding each community receives. And Medicare addresses are one way the population is counted. So update your address today by calling Medicare Australia on 132011. Then enter the draw at a Service One Members Banking branch or at somb.com.au and you could win $5,000 and help your community.

You're watching Ten's Early News.

Making headlines this morning:

Not out of the woods yet. The rocky ride continues on Wall Street

despite a multibillion-dollar

bail-out. Oil spikes $120 a barrel.

Kevin Rudd defends his overseas

travel as he flies to New York to

address world leaders, stopping

over in Hawaii for climate change talks.

In sport, AFL's wives and

girlfriends brave Melbourne's

wintry conditions as Adam Cooney

takes out the prestigious Brownlow Medal.

Medal.

First - it seems the global market

turmoil is not over yet with

another bumpy session on Wall

Street overnight. Stocks have

tumbled and oil has spiked as

investors turned cautious about the

US Government's $800 billion rescue

package. Wall Street is also

contending with the end of an era

in investment banking. Giants

Morgan Stanley and Goldman Sachs

are decided the sector has no future

future and have been given approval

by the Fed Reserve to turn into

bank holding companies. It's not

surprising. It's kind of a shift

of what we're seeing in the

financial industry that it's getting

tougher and tougher for these firms

as pure investment banks and that

type of structure to go it alone.

But the American Government's bail-out package sent our markets surging, local stocks adding more

than $50 billion to close 4.5%

higher. The open was delayed an

hour to allow traders time to

digest a month-long unprecedented

ban on short selling but there is still confusion over the rules and

traders are calling on the

government to clarify aspects of

that crackdown.

Of course, Esther will cross live

to CommSec shortly for what we can

expect on the market today.

To other news now and the Prime

Minister has made a stopover on his

way to New York to discuss the

impacts of climate change with the

United States Pacific commander in United States Pacific commander in Honolulu but Kevin Rudd has come

under fire from the Opposition for leaving Australia in uncertain economic times.

for treading the world stage - not even jokes about his jet-setting. Kevin 747 seems to be a very good little tagline for him. Before leaving for New York and the United Nations, the Prime Minister was forced to justify his latest trip. Australia must have its voice heard, that's my job, I'm the Prime Minister of the country. The Prime Minister leaves behind a resurgent Opposition,

buoyed by better-than-expected polls, and now with a reworked front-bench line up. This is a new team to provide the leadership Australia needs. Julie Bishop has become the first woman to take on the treasury portfolio. I congratulate her on her appointment. But the pleasantries were short-lived. The Rudd Government has been caught like rabbits in the headlights. But so was the Shadow Treasurer after she stumbled over an interest rate question on radio. The cash interest rate at present is... 7 something - I'm just trying to think, was it 7.25%? I'll have to go and check that one. but it was reduced by 0.25, ANNOUNCER: It was 7.25, That's right, you're quite right. In these difficult and volatile times, words amount to bullets.

Murray McCloskey Ten News.

Meantime, the Opposition's push to

increase some pensions, including

the single age pension, by $30 a

week has been passed by the Senate

but Labor has warned the bill would

never be debated in the lower

house, calling the Coalition's move

nothing more than a stunt.

A teenager has been charged with

murder after he allegedly stole

the car of a man found dead in a burnt-out house in northern NSW.

The body of a 64-year-old man The body of a 64-year-old man was

discovered at a remote property in

Tingha. The dead man's panel was Tingha. The dead man's panel van

was missing from the property when

police arrived. A 16-year-old was

arrested in Inverell and charged

with murder and he will face with murder and he will face court today.

The number of sex offenders in NSW

caught breaching their reporting

conditions has nearly doubled in

the past year. 68 were prosecuted

in 2007 compared with 37 the

previous year. Of those, 15 were

returned to prison and 18 were

fined. Public concern has been

heightened following a recent spate

of child abduction attempts in Sydney.

Only a slight majority of

Australians are in favour of Australia Australia becoming a republic. The

latest national survey reveals

that public sentiment over the move

remains virtually unchanged since

voters were last surveyed in 2004. 52% of people want Australia to

become a republic while 40% say it

should not. The remaining 8% are undecided.

China's baby milk crisis has become

worse and parents there are

panicking. More than 50,000 babies

have now been contaminated with the deadly milk powder.

The ramifications of the Chinese

baby milk scandal are spreading

beyond China's shores. In Hong Kong,

worried parents queued to worried parents queued to register

their babies at special clinics set up to examine children who

might have been poisoned. Already

one 3-year-old girl has gone down

with kidney stones here. The

government is deeply concerned

about the incident of infant milk

formula causing kidney stones in

many babies in China. In China

it's now reported that over 13,000

children are in hospital, over 100

seriously ill and nearly 40,000

more have been examined or treated.

In an attempt to rebuild In an attempt to rebuild public

confidence, the Chinese Prime

Minister visited hospitals and

supermarkets. But the scandal has

hit China's three biggest dairy

companies and 22 others. Poisoning

with mel mean looks almost commonplace. An

inquest has begun into the death of

a man shot dead by British police

who thought he was a suicide bomber.

Officers mistook the man for a

known terrorist but after tracking

him to a tube station, they

couldn't identify him. They thought

he was going to detonate a bomb on

the train. Two officers shot him

several times at close range. We

will be here until the end to get

to the truth. The two officers will

also give also give evidence.

Now, here's a stunt guaranteed to

leave you dizzy and seeing stars -

David Blaine will try to hang

upside down for 60 hours. Don't

know why. But he's already worried

about circulation and sleep

deprivation. I guess the good news

is whenever I have to... ooh...

Mmmm. Doctors are concerned a burst

blood Wessel could result in permanent damage.

Western Bulldogs star Adam Cooney

has won AFL's most prestigious

award, taking home the Brownlow

Medal last night to cap off a

brilliant season. Cooney polled 24

votes to beat Brisbane Lions Simon

Black. It wasn't just about the

players with plenty of glitz and glamour

glamour on the red carpet. She's

done very good. I think Lisa Ho put

the outfit on her. She done a good

job. Despite the wintry conditions,

AFL's wives and girlfriends were

showing off plenty of skin and plenty of bling.

Collingwood captain Scott Burns has

announced his retirement from AFL

after 264 games. The after 264 games. The tough

midfielder says his battered body

wouldn't allow him to play on any

more. I pretty much knew mid-year

that I was battling body-wise. It

hasn't been a terribly hard

decision. The 33-year-old is

expected to take up an assistant

coaching role with another AFL club

next season.

Rugby league and Melbourne Storm's

skipper, Cameron Smith, will front

the NRL judiciary tomorrow night in

a bid to keep his seeion alive.

He's been charged with a grapple

tackle on Brisbane's Sam Thaiday. The Storm have had their tackling questioned all season. Their wrestling techniques have upset many, but now it may upset their tilt at back-to-back premierships. Cameron Smith has been charged

Jeremy Smith with a chicken wing.

And while Jeremy can accept a 1-match ban with an early guilty plea,

the captain is fighting to keep his season alive. Cam's played with Sam at Origin and at Test level as well so I'm sure Cam and Sam are very good mates, so there was no malice or intent in that tackle at all. The severity of the sentence due, in part,

to a similar tackle by Smith against the Warriors back in round 1. Cronulla's senior players were less than forth coming when asked whether they thought the Melbourne Captain should be rubbed out. Oh, look mate, there's nothing I can say that's going to change what happens, it's in the NRL's hands now. Mate, I don't know, we've just got to worry about ourselves. In the teams only meeting this year Ben Ross and Brett White were both sent from the field after a punch-up. Now revenge could be on the cards. Who knows man? Semifinals, you know, it's going to be a massive game so there's going to be fireworks in every tackle I'd say. Andrew Blow, Ten News.

Well, as we've heard, stocks have

tumbled in the US, despite the

Government's billion-dollar rescue

package. For more, I'm joined live

by Juliette Saly from CommSec.

Good morning, Juliette. It seems

the jitters have returned to Wall

Street. That's right, Esther. It

seems to be two steps forward and

one step back. There's still a lot

of nervous investors out there and

worries that the government

bail-out plan won't stop a

recession. We saw crude oil soar

overnight at one point touching

$130 US a barrel on the expiry of

the October contract. We saw the

Dow close lower by more than 3%.

Our market surged 4.5% yesterday.

Will we extend those gains today?

Unfortunately, it's not looking likely thanks to that lead from

Wall Street. Whenever we have such

a big rally like we've seen on our

market, it's normal to have a

pullback and the futures points to

a drop of 2% on our market but that

higher oil price coupled with a

surge in gold and base metals

should give some support to energy

and mining stocks. More signs of a

slowing economy. New car sales are

down for the second month in a row.

That's right. Car sales fell by

3.5% in August. It had less to do

with the luxury car tax and more to

do with the fact that we're

tightening our purse strings. Car

sales have dropped more than 7% in

an annual terms. Thanks for the update.

To business in brief and Australia's chief commodity

forecaster expects mineral and

energy export earnings to surge 53%

this year. this year.

The Seven Network says recent

market turmoil and weaker ad

revenue could slash its first-half

profits by um to 50%. Queensland

Gas is a step closer to buying

Sunshine Gas after a Sunshine Gas after a report

described the takeover offer as fair and reasonable.

Let's look at the weather and for

the rest of today in your capital city:

Another NSW MP calls it quits.

We'll tell you who when the Early

News returns. Stay with us.

You're watching Ten's Early News.

Making headlines this morning: The global financial crisis not

over yet as jitters return to Wall

Street. It's the end of an era for

two giants of investment banking.

The PM defends his jet-setting program, saying it's in program, saying it's in Australia's

best interests, as he makes a stopover in Hawaii to discuss climate change.

In sport, the Brownlow Medal goes

to the Bulldogs. Adam Cooney wins

AFL's Best and Fairest award.

It seems the global financial storm

is far from over, despite the US

Government's $800 billion bank

bail-out. The jitters have returned

to Wall Street overnight while

traders are also dealing with more

upheaval in the investment banking sector.

The last of Wall Street's

investment banking giants are going

through a massive transformation.

In the fight for survival, Morgan

Stanley and Goldman Sachs asked the

government for approval to turn

themselves into regular bank

holding companies. That allows them

to set up commercial banks to take

in deposits and they'll be able to

borrow more freely from the Fed.

But they'll also be under tighter

regulation. It's another size Mick

change for Wall Street, ending the

Morgan Stanley even went a step old model of independent brokerages.

further in its fight to stay afloat.

The company has agreed to sell a

20% stake to Mitsubishi Financial

Group. Wall Street seemed to

approve but the markets are still

on eggshells, waiting to see the

final draft of the government's

$700 billion bail-out plan. It

allows the Treasury Department to

institutions buy bad mortgages from financial

institutions but Congress is

fighting for modifications. Even

lawmakers, who have fought against

tighter regulations in the past,

are pushing for closer Congressional oversight.

All eyes will be on our market this

morning to see if it can extend the

record rally of the previous session. More than $50 billion was

added to the value of local stocks

in response to the Americans' $800

billion rescue package. The ASX200 ended

ended the day 4.5% higher, just

above the 5,000 mark. In an

unprecedented move, though, the

opening of our market was delayed

an hour to give traders time to

take in a month-long plan on short

selling. Babcock and Brown and

Macquarie Group were the biggest

winners, bouncing 54% and 5% respectively.

I can tell you the price of crude

oil has skyrocketed. More in a few moments.

The Federal Opposition's pension

bill, designed to embarrass the Rudd Government, has passed the Senate

Senate overnight. The draft law

will increase some pensions by $30

a week but Labor has labelled the

bill just a stunt with the

legislation set to be defeated in

the lower house next month.

The Prime Minister is continuing to

defend his overseas travels that

earned him the unwanted nickname earned him the unwanted nickname of

'Kevin 747'. Mr Rudd is on his way

to a global summit in New York to

discuss the global financial crisis

and says the trip is in the

nation's best interests. The PM had

a stopover in Honolulu where he

discussed the impacts of climate change. The Opposition claims change. The Opposition claims he's spending too much time overseas and spending too much time overseas and

not enough in Parliament.

A teenager has been charged with

murder after he allegedly stole

the car of a man found dead in a burnt-out house in NSW. The body of

a 64-year-old man was discovered in

a remote property on Tingha in the

northern tablelands. The man's

panel van was missing from the

property when the police arrived. A

16-year-old was arrested at

Inverell and will face court today. Lawyers for Christopher Wayne

Hudson are expected to appeal his

life sentence. The former Hell's

Angel bikie faces at least 35 years behind bars. The killer arrives at court The killer arrives at court to

learn the price he must pay for his

drug and alcohol-fuelled rampage.

There in support - his father and

friends from the Hell's Angels

motorcycle club. (Bleep). Christopher Hudson appeared relaxed

as the judge described in chilling detail the moment he pumped six

bullets into his three victims.

They all fell to the ground. You

shot Mr Brendan Keilor twice more

while he was on the ground. He

executed him. The father of three was one of two strangers who

rushed to help a terrified chiarra

Douglas, under attack by her bikie

boyfriend. The other good smartian

was a Dutch backpacker, shot a

second time before Hudson's gun was

empty. 200 people witnessed the

shootings while on their way to

work. Your conduct is all the more

chilling because it remains

unexplained. It was calm and

deliberate. The killer won't walk

free until he's at least 66 years old.

Normaler NSW treasurer, Michael

Costa, has quit Parliament. The

controversial Upper House MP was

dumped in a major reshuffle two

weeks ago and faxed his resignation

to Governor Marie Bashir. His seat

will automatically be filled by a Labor candidate.

Only a slight majority of

Australians, it appears, are in

favour of Australia becoming a

republic. The latest national

survey reveals that public

sentiment over the move virtually unchanged since voters sentiment over the move remains

were last survived in 2004. 54% of

Australia want Australia to be a

republic -- 52%. 40% do not. The remaining

remaining 8% are undecided.

An inquest has begun into the death

of a Brazilian man shot dead of a Brazilian man shot dead by

undercover police. They mistake

Jean Charles de Menezes as a known

terrorist but after tracking him to

a Tube station, they could not

identify him. They thought he was

going to detonate a bomb on a train.

Two officers shot him several times

at close range. We will be here

until the end to get to the truth.

It's believed the two officers will

also give evidence.

11 tourists kidnapped while on an

adventure safari in Egypt have been released. The European released. The European group and

their Egyptian guides were snatched

by armed tribesmen while setting up

camp 900 kilometres south-west of

Cairo near the Sudanese border. The

kidnappers had demanded more than $7

million in ransom. Western Bulldogs midfielder Adam

Cooney has become the first number

one draft pick to win the AFL's

Brownlow Medal. A surprised Cooney

upstaged Geelong's hot favourite, Gary Ablett.

It was an amazing night for a star

Bulldog. I declare the winner of the

2008 Brownlow Medal - Adam Cooney

of the Western bulldogs. Definitely

hasn't sunk in. I've never been so

in shock in all my life to be honest. I definitely honest. I definitely wasn't

expecting, um, anything like this.

Once again, it was a heartbreaking result for Geelong's result for Geelong's pre-count

favourite, Gary Ablett. Geelong - C.

Ling, three votes. Ablett finishing

third behind Brisbane Lions Simon

Black. Meanwhile, both Hawthorn and

Geelong expect to be at full

strength for Saturday's grand final.

Hawks vice captain Luke Hodge

playing down a rib injury. How's

the rib? It's alright, mate. Did

you have scans today or anything?

No, mate. The Cats are confident

forward Paul Chapman will pass a

fitness test on his injured hamstring.

Melbourne's Cameron Smith will face

the NRL judiciary tomorrow night

hoping to keep his season alive

after being charged with a grapple

tackle on Brisbane's Sam Thaiday.

Backrower Jeremy Smith was charged with

with a so-called chicken wing in

the same tackle but the Storm

obviously most concerned about

their skipper. Cam's played with Sam

in Origin and at Test level. I'm

sure - you know, they're good mates.

There was no malice or intent in

that tackle. Smith has carryover

points from earlier this season.

Australia's cricketers have arrived

in India ahead of a 4-Test tour on

the subcontinent. The players were

escorted by security personnel

through Jaipur airport and on to

the team bus. Australia decided to

go ahead with the tour only after a

security review after the blasts in

the capital in September that

They'll killed at least 20 people there.

They'll play the President's XI on

the ninth. October 2 before the first Test on

has That blanket ban on short selling

has angered traders, Esther? It certainly has, Frank. They're

calling on asick to please explain

its unprecedented move to ban short

selling on the Stock Exchange. The

decision has thrown the market into

a tailspin as brokers and traders a tailspin as brokers and traders

attempt to work out the impact it

would have on their business.

They're asking the regulator to

clarify the rules, especially on

existing short positions.

Now to the markets and the US

Government's weekend bail-out plan

overnight. has filed push US equities higher

To business in brief and

Australia's chief commodity

forecaster expects mineral and

energy exports earnings to surge

53% this year to $180 billion. The Seven Network says recent market

turmoil and weaker ad revenue could

slash its first-half profits by up

to 50%. Queensland

Queensland Gas is a step closer to

buying Sunshine Gas after a report

described the takeover offer as fair and fair and reasonable.

The weather, then, for today:

Checking this morning's newspaper

headlines, the 'Australian' says US presidential

presidential candidate John McCain

has promised to work with the Rudd

Government in establishing a global response to climate change.

The 'Financial Review' says the

current ban on short selling on the

Australian stock market is likely

to lead to growing uncertainty among brokers and fund managers. And the 'Sydney Morning Herald'

reports the shutdown of the M5 East

tunnel in Sydney will cost

taxpayers millions in another upgrade of computer systems. The stunt that's likely to leave

you seeing stars. All the details

when the Early News returns. GOOD MORNING, I'M FIONA NELSON...

FIRST UP, CANBERRA, WILL HOST THE LAST OF A SERIES OF WELCOME HOME PARADES, FOR AUSTRALIA'S BEIJING OLYMPIANS, IN CIVIC SQUARE FROM NOON TODAY. THE GATHERING, GIVES CANBERRANS AN OPPORTUNITY TO CONGRATULATE AUSTRALIA'S OLYMPIC TEAM. AUSTRALIA BROUGHT HOME, 46 MEDALS IN TOTAL... 14 GOLD, 15 SILVER AND 17 BRONZE. THE LABOR PARTY SAYS, IF IT WINS THE NEXT ELECTION, IT WILL COMMIT HALF A MILLION DOLLARS ANNUALLY, OVER THE

NEXT FOUR YEARS, TO PROVIDE BETTER HEALTH SERVICES, TO IN THE A-C-T. PEOPLE LIVING IN AGED CARE GALLAGHER SAYS, THE FUNDS HEALTH MINISTER KATY FACILITIES, WITH A VISITING WILL PROVIDE AGED CARE

VISITING G-P, AND HELP TO CARE FACILITIES, WITH A EMERGENCY DEPARTMENTS. FREE UP BEDS IN HOSPITAL DEVELOPMENT NEAR GOULBURN, AND THE MAJOR BUSINESS PARK ONE OF THE MAJOR COMPANIES IS SET TO GO AHEAD, DESPITE BACKING THE PLAN, WITHDRAWING INTEREST. HAS ANNOUNCED AN ANNUAL MARINER FINANCIAL LIMITED, MILLION DOLLARS, AND IS LOSS OF MORE THAN 65 SELLING IT'S HALF OF INTEREST IN THE DEVELOPMENT. AND GOULBURN'S SINEAD COSGROVE, HAS BEEN GIVEN HER FOURTH SCHOLARSHIP, WITH THE SOUTH EAST REGIONAL ACADEMY OF SPORT. THE 16 YEAR OLD, IS ONE OF 24 ATHLETES IN THE TWO THOUSAND AND EIGHT PROGRAM, WHICH PROVIDES DEVELOPMENT COACHING AND SPORTS SCIENCE TRAINING.... AND AT FLORIADE TODAY, WHY NOT PERSONALISE YOUR VERY OWN GNOME, AT THE PAINTING SESSIONS, BETWEEN 10 AND TWO AT THE GNOME KNOLL. NOW CHECKING TODAY'S WEATHER.

STARTING WITH THE SATELLITE - A HIGH WILL BRING A TODAY - THESE CONDITIONS RETURN TO FINE CONDITIONS THE WEEKEND. WILL CONTINUE THROUGH TO BECOMING FINE IN CANBERRA - LOOKING ACROSS THE NATION - FINE IN PERTH - SHOWERS IN MORNING RAIN FOR SYDNEY - IN THE OTHER CAPITALS CLEARING AROUND SOUTHERN CLOSER TO HOME - SHOWERS NEW SOUTH WALES - SHOWERS CLEARING IN DUBBO, HEADING FOR A TOP OF 19 - 12 THE TOP FOR ORANGE WET WITH AN EXPECTED TOP OF 15 FOR BATHURST - SNOW AT PERISHER, WITH A TOP OF FOUR DEGREES RAIN CLEARING IN MUDGEE, 18 DEGREES ON THE WAY - SHOWERS CLEARING AND ALSO 18 FOR NOWRA LOOKING AHEAD - THE NEXT FEW DAYS SHOULD BE FINE AND SUNNY... TOMORROW WE'RE HEADING FOR 18 DEGREES...

WARMING UP AGAIN TO A TOP OF 23 DEGREES BY FRIDAY. (ON STATE FOCUS THIS SUNDAY... A STORY THAT WILL

You're watching Ten's Early News.

Making headlines this morning:

Not out of the woods just yet. The

rocky ride continues on Wall Street

despite a bail-out. Oil spikes more

than $25 a barrel.

Kevin Rudd defends his travels as

he flies to New York to address

world leaders, stopping over in Hawaii for climate change talks.

In sport, AFL's wives and girlfriends brave Melbourne's wintry conditions as Adam Cooney takes out the prestigious Brownlow Medal.

First, it seems the global market

turmoil is not over yet with another

another bumpy session on Wall

Street overnight. Stocks have

tumbled as investors turned cautious

cautious about key aspects of the

US Government's $800 billion rescue package. Wall Street is also contending with the end of an era

in investment banking.

Giants Morgan Stanley and Goldman

Sachs have decided the sector has

no future and have been given

approval by the Fed Reserve to turn

into bank holding companies. It's

not surprising. I think it's not surprising. I think it's kind

of a shift in what we're seeing in this industry, the financial

industry, that it's getting tougher

and tougher for these firms as pure

investment banks and that type of

structure to go it alone.

The good news is the American Government's bail-out packages sent

our markets surging. Local stocks

closed 4.5% higher. The open was

delayed an hour to allow traders

to digest a month-long unpress

debited ban on short selling. But

there is still confusion over the

rules and traders are calling on

the government to clarify aspects

of the crackdown.

Esther will cross live to CommSec shortly

shortly for what we can expect on our market today.

The Prime Minister has made a

stopover on his way to New York to

discuss the impacts of climate

change with a United States Pacific

commander in Honolulu. But Kevin

Rudd has come under fire from the

Opposition for leaving Australia in uncertain economic times.

Nothing could dampen Kevin Nothing could dampen Kevin Rudd's

enthusiasm for treading the world

stage, not only jokes about his jet-setting. Kevin 747 seems to be a very good little tagline for him. Before leaving for New York and the United Nations, the Prime Minister was forced to justify his latest trip. Australia must have its voice heard, that's my job, I'm the Prime Minister of the country. The Prime Minister leaves behind a resurgent Opposition, buoyed by better-than-expected polls, This is a new team to provide the leadership Australia needs. Julie Bishop has become the first woman to take on the treasury portfolio. I congratulate her on her appointment. But the pleasantries were short-lived. The Rudd Government has been caught like rabbits in the headlights. But so was the Shadow Treasurer after she stumbled over an interest rate question on radio. The cash interest rate at present is... 7 something - I'm just trying to think, was it 7.25%? I'll have to go and check that one. ANNOUNCER: It was 7.25, but it was reduced by 0.25, That's right, you're quite right. In these difficult and volatile times, words amount to bullets. Murray McCloskey Ten News.

The Opposition's push to increase

some pensions, including the single

aged pension, by $30 a week, has

been passed by the Senate. But

Labor's warned the bill would never be

be debated in the lower house, calling the Coalition's move

nothing more than a stunt. Meantime, Belinda Neal, the

politician at the centre of the so-called Iguana-gate controversy

which led to her being ordered into

anger management, is now seeking a

parliamentary promotion. The

Federal MP who was accused but not

prosecuted over claims of bullying

staff at a nightclub on the NSW

Central Coast admits she has a

temper but is learning to be more careful.

careful. She's told the ABC of her

plans for the future. I'm come plans for the future. I'm come to

politics to sort of change events.

When I was in the Senate last time

I was on the frontbench so I

suppose I can hope at some stage

that might happen. Belinda Neal

says she's confident she will be

retained asn't candidate for her

seat at the next election. The

The number of sex offenders in NSW

caught breaching their reporting conditions has nearly doubled in

the past year. 68 were prosecuted

in 2007, compared with 37 the

previous year.

Of those, 15 were returned to

prison and 18 were fined. Public

concern has been heightened

following a recent spate of child

abduction attempts in Sydney.

Thieves have blown a hole in Thieves have blown a hole in the

wall of a shopping centre as they

stole an ATM on Sydney's north

shore. The explosion scattered

debris across the carpark of the centre

centre at South Turramurra shortly

after 1:30 this morning. The State

Crime Command has been called in to

investigate possible links to a

similar robbery just over a week ago.

China's baby milk crisis has

worsened and parents are panicking.

More than 50,000 babies have now

been contaminated.

The ramifications of the Chinese

baby milk scandal are spreading

beyond China's shores. In Hong Kong,

worried parents queued to register

their babies at special clinics

set up to examine children who

might have been poisoned. Already,

one 3-year-old girl has gone down with

with kidney stones here. The

government is deeply concerned

about the incident of adulteration

of infant formula with melamine,

which caused kidney stones in many

babies in China. In China it's now reported that over 13,000 children

are in hospital, over 100 seriously

ill and nearly 40,000 more have

been examined or treated. In an

attempt to rebuild public

confidence, the Chinese Prime

Minister visited hospitals and dairy markets.

Poisoning with melamine, however, looks almost commonplace.

OK, here's a stunt guaranteed to

leave you dizzy and seeing stars.

David Blaine will try to upside David Blaine will try to hang

upside down for 60 hours. He's

already worried about his circulation and some sleep deprivation. I guess the good news

is whenever I have to... ooh...

Poor old Dave, hey? Doctors are

concerned that a burst blood Wessel

could result in permanent damage.

Western Bulldogs star Adam Cooney

has won AFL's most prestigious

award, taking home the Brownlow

Medal to cap off a brilliant Medal to cap off a brilliant season.

Cooney polled 24 votes to beat

Brisbane lion Simon Black. Brisbane lion Simon Black. It

wasn't just about the players with plenty

plenty of glitz and glamour. She

scrubbed up already. She done very good. I think Lisa Ho good. I think Lisa Ho put the

outfit on her tonight so she done a

good job. Scrubbed up alright!

Despite Melbourne's wintry

conditions, AFL's wives and

girlfriends showed off plenty of

skin and bling.

Some more AFL news and Some more AFL news and Collingwood captain Scott Burns has announced

his retirement from football. After

264 games, the tough midfielder

says his battered body wouldn't

allow him to play on any more. I

pretty much knew mid-year I was

battling a bit body wise so battling a bit body wise so it

hasn't been a terribly hard

decision. The 33-year-old is

expected to take up an assistant

coaching role with another AFL club

next season. Melbourne Storm skipper Cameron

Smith will front the NRL judiciary

tomorrow night in a bid to keep his season alive. The Storm have had their tackling questioned all season. Their wrestling techniques have upset many, but now it may upset their tilt at back-to-back premierships.

Cameron Smith has been charged with a grapple, back-rower Jeremy Smith with a chicken wing. And while Jeremy can accept a one-match ban with an early guilty plea, the captain is fighting to keep his season alive. Cam's played with Sam at Origin and at Test level as well so I'm sure - you know, Cam and Sam are very good mates, so there was no malice or intent in that tackle at all. The severity of the sentence due, in part, to a similar tackle by Smith against the Warriors back in Round 1.

Cronulla's senior players were less than forthcoming when asked whether they thought should be rubbed out. the Melbourne Captain Oh, look, mate, there's nothing I can say that's going to change what happens. It's in the NRL's hands now. Mate, I don't know. We've just got to worry about ourselves. In the teams' only meeting this year Ben Ross and Brett White were both sent from the field after a punch-up. Who knows, man? Semifinals, you know, it's going to be a massive game so there's going to be fireworks in every tackle I'd say. Andrew Blow, Ten News.

Well, as we've heard, US stocks

have tumbled overnight despite a

billion-dollar rescue package. For

more, I'm joined live by Juliette

Saly from CommSec.

Good morning, Juliette. It seems the

the jitters have returned to Wall

Street? That's right, Esther. The

roller-coaster ride continues.

There's still a lot of nerves out there and concerns the bail-out

package won't stop a recession.

We've seen a huge spike in the oil

price overnight. At one point it

touched $130 a barrel on the expiry

of the October contract. That

spooked investors and we saw the

Dow close 3%. Our market surged 4% yesterday.

yesterday. Will those gains

continue today? Not likely. We'll

see profit takers move in today

most likely, which is natural after

a big rally. The futures is

pointing to a drop of 2% on our

market today but hopefully market today but hopefully that

higher oil price, coupled with

higher base metal and gold prices

will give some support to some

energy and material stocks, Esther.

Thanks for the update, Juliette

Saly from CommSec secretary. Thanks.

Australia's chief commodity

forecaster expects mineral and

export of energy to surge this year.

New car sales have fallen for the

second straight month, down 3.5% in August, thanks to higher petrol

prices and interest rates. The

Seven Network says recent market

turmoil and weaker ad revenue could

slash its first-half profits by up

to 50%. Frank, it should be another

interesting day on the market.

Probably not as good as yesterday.

For a look at the national weather

for you:

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

I'm Frank Coletta. Bye for now. I'm Frank Coletta. Bye for now. I'm

Esther Lindstrom. Have a great day. Supertext Captions

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