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Ten Early News -

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

Ten's Early News. I'm Ellesa Throwden. Welcome to I'm Ellesa Throwden. Welcome

Today - into meltdown. Today - into meltdown. Investor

panic hits Wall Street again. The

Dow dropping more than 7% as heavy

losses batter Europe and Asia.

How low will they go? The Reserve

Bank tipped to slash rates by 0.5%

today but lending heavyweights

won't say how much borrowers will

save.

A body found in Croatia is unlikely

to be that of missing backpacker Britt Lapthorne. First, the panic gripping global

markets is march from over, with

Wall Street plunging more than 7%

overnight. The Dow has now dropped

below the 10,000 mark for the first

time in four years, while London's

FTSE suffered its biggest one-day

loss in two decades.

The stock market headed into free fall right from the opening bell.

Just half an hour into trading,

the Dow Jones industrial average

had dropped as much as 300 points

and was dipping below the and was dipping below the 10,000

four mark for the first time in nearly

four years. The sell-off came as

traders watched the financial

crisis that started in the US

spread like a virus around the

globe. Both Asian and European

Stock Exchanges dropped sharply

overnight. Trade had gone to be

stopped in Russia twice. On the

foreign exchanges, workers are

concerned the Administration's $700

billion bailout won't be the right

medicine for the global market race.

Do they want to save the system or

just save their friends in the Wall

York Stock Exchange are realise Street banks? Traders at the New

this bailout plan is not an

are overnight fix. The credit markets

are all but frozen and economists

are predicting a deep and long-lasting recession. The economy long-lasting

is still very weak regardless of this bailout plan.

Ellesa will look at what this mean

for our market shortly, as well as

the nose diving dollar.

Amid the market turmoil, the Reserve Bank board is expected reduce the official interest rate Reserve Bank board is expected to

by as much as 0.5% today. The

global financial downturn has

highlighted the need for an

good economic stimulus here. There's a

good chance they'll cut by 075% for

the first time since 2001, rather

than the more normal 0.25% that

we've become used to in both

years. directions over the past seven directions over the past

That would bring the official cash

rate to 6.5% but the big four banks

aren't likely to pass on the entire

rate cut to borrowers because of

higher credit costs. The RBA will

afternoon. announce its decision at 2:30 this

Police in Croatia believe it's

unlikely that a body discovered in

water near Dubrovnik is unlikely to

be Britt Lapthorne.

A fisherman spotted the remains

inside a cove near the town.

Authorities say the body appears to

be too highly decomposed to be

that of the 21-year-old. Britt has

been missing for almost three weeks.

I can't talk you through the trauma

of it. It's just - no words can

explain it. An autopsy on the body

will be carried out later will be carried out later today.

A gunman is on the loose in

Sydney's west after shooting a man

in the leg overnight. The

22-year-old was fired at as he left

his home at Greystanes shortly

before 1010 o'clock. Witnesses saw

three men running from the scene.

The victim is in a stable condition

in hospital.

Dozens of fire crews are battling

to contain a massive bushfire on

the Sunshine Coast. It's believed

the blaze started in a nearby

neighbouring suburbs. National Park and spread to

So frighteningly close to homes,

residents frantically cut back

shrubs and branches. Others grabbed

their hoses, preparing for the

worst. They reckon it's going to

come back here! More than 20 fire come back here! More than 20

crews were on the ground battling

the massive blaze believed to have

started in a nearby National Park.

Join the triangle up, burn that out

and then we'll go a bigger triangle.

Several homes, a church, school and

a number of businesss were under threat. Firefighters told residents

to close their windows to keep out

the smoke. Some weren't taking any

chances, packing up what they could

and leaving. A strong northerly set

in but firefighters continued to

the flames. back burn and managed to hold back

The indigenous work for the dole

scheme will be scrapped in regional

areas as part of a areas as part of a government

crackdown on the welfare system. The national program will be

restricted to Aborigines in remote

communities and will be changed

into a scheme to improve literacy

and numeracy. Aborigines will also

no longer receive higher welfare

payments as the Government aims payments as the Government aims to force 100,000 indigenous people into mainstream jobs within a decade.

Former Australian soldiers have paid

paid tribute to the last digger missing in action in Vietnam as

they prepare to help bring home his

remains. SAS trooper Private David

Fisher fell from a rope as he was

being evacuated from Vietnam by

helicopter in 1969. His remains

were only discovered in August this

year. Were young, probably bulletproof, extremely fit,

dedicated. Former comrades and

family will attend a service in

Hanoi on Thursday before the

remains are brought home. Australian rugby league selectors

are under pressure to reward

Manly's record-breaking NRL grand

final win with green-and-gold

injuriesies. The World Cup squad

will be announced today with many

predicting a lot more than the one

Test. seeingle that we saw in the Anzac

As the hangovers subside in Manly,

the attention now turns to the

World Cup and, after a poor showing

from the Sea Eagles earlier in the year,

year, the side is hoping grand

final glory turns into green-and-gold green-and-gold injuriesies.

That's what usually happens. I

think we've had, um, guys on the

fringe of the Australian team for a

little while now. It would be great

to see a handful of Manly guys in there. Clive Churchill medallist

Brent Kite's form recognised

earlier this year when he earned a

call-up for the Kangaroos Centenary

Test against the Kiwis. Despite

Manly's consistent good form, he

was the only seeingle in the side,

But compared to seven Melbourne players.

But after the weekend's emphatic

win, Kite is tipped to be joined by

a lot more Manly team-mates when the World Cup squad is announced

today. I think there'll be a few

more this year. They've obviously

proved a point and hopefully

there's a lot in there. Melbourne captain Cameron Smith is eligible for the opening game against New

Zealand at the end of the month,

after serving out his ban on the

grand final sideline.

Meantime NRL lawyer Tony O'Reilly

has begun proceedings against Melbourne

Melbourne Storm's CEO Brian Waldron

and coach Craig Bellamy for

attacking the integrate of the --

integrity of the the judiciary in

the wake of the suspension of

Cameron Smith. All the judiciary

wanted was an apology for the club.

While Waldron is expected to

address the issue today, it seems

the opportunity to apologise has passed.

Hamish McIntosh has been put on the

open market at the AFL's trade week.

Coach Dean Laidley says he's happy

to talk with any club interested in

the ruckman. Daniel Harris and Corey

Corey Jones could also be on their

way out. Hamish McIntosh's name was

mentioned today. Even with Hamish,

we'll site down and if there's real

interest in there and a club that

loves Hamish, well, you know, we'll

have a look. Hawthorn has emerged

as the frontrunner to secure Swans forward Andrew O'Keefe.

More finance now with Ellesa and a

another volatile session appears to

be tipped for our market?.

It's looking pretty scary, Frank.

Our market is expected to add to

yesterday's billion-dollar losses

after major selling across the US

and Europe overnight. Fears about

the health of European banks saw

the ASX plunge to its lowest point

in three years. The German banks have

have been forced to bail out Hypo

Real Estate for $90 billion and BNP Paribas will take control of

forties in Belgium and Luxembourg. Our dollar has plummeted again to just over 70 US cents.

To the market numbers in detail now.

The Dow Jones is currently down 685 points or more than 6.5%. His revelations are explosive.

Besides suing for money, there Besides suing for money, there are

also moves to publicly embarrass

cheats. I can see the attraction of

naming and shaming. If the

commissioner came to me and said he

wanted to do it, I'd be open it.

The Tax Office hopes to get back at

least $60 million of missing tax in Liechtenstein.

Behind Australia has launched a

$210 million bid for Golden $210 million bid for Golden Circle,

offering $1.65 a share. The bid has

been recommended by the Golden Circle Circle board.

And Suncorp Metway is pushing ahead

with the sale of its banking and

wealth management arm. The

Commonwealth Bank has emerged as the likely buyer.

The latest Dun & Bradstreet survey

reveals executives are gloomy about

their companies' future and are

forecasting a slump in sales and profits in the December quarter. Tuesday weather for you.

The 'Australian' reports three of Australia's biggest banks have borrowed

borrowed money from the future fund

due to the global credit shortage.

'Business Day' says Qantas boss Geoff Dixon will leave the company

as the second highest paid airline

boss in the world.

The 'Age' reports a musical comedy

inspired by the 2005 Beaconsfield

mine collapse has been described ASIC and hurtful. A

A savage wind storm lashes Sydney.

All the details when the Early News returns. Today's the day to laugh and learn with the Fun With Friends Musical Table - friends who help babies learn and sing, learn numbers, letters or even a new language. The Fun With Friends Musical Table, only from Fisher-Price. (OCKER ACCENT) I could eat a horse. And chase the jockey. (REFINED ACCENT) These vegetables and sauce are exquisite. Hear, hear. VOICEOVER: McCain Gourmet Creations add a touch of class to every table.

Making headlines this morning:

Market mayhem. An anxious wait for

Australian investors after panic

drives record plunges on Wall

Street and in London.

The deepest cut - the Reserve Bank

tipped to slash rates by 075% today

but home borrowers might not see any of it.

And a grim discovery. Police find a

body on a Croatian beach but don't

believe it's that of missing

backpacker Britt Lapthorne.

First, market panic has gripped

Wall Street once again with US

stocks plunging more than 7%

overnight, to drop below the 10,000

mark. For more I'm joined live by

Juliette Saly from CommSec. Morning

tow, Juliette. Investor fears also

hitting Europe. They certainly did,

Frank. We saw London's FTSE Index

lose 391 points or almost 8%, its

biggest ever one-day fall. Banks and

commodity shares were hardest hit.

We saw European markets fall to a

4-year low. We've got 45 minutes

left of trading on Wall Street but

it's not looking good. At one point,

the Dow off by more than 750 points,

or about 7.5% to a five-year low.

It didn't look like we'll be spared

either. Fair to say? It certainly does.

It's looking even worse than yesterday. The futures are pointing

to a drop of 6% today and we won't

be spared by commodity prices. Oil

has fallen below $90 US a barrel

overnight. Big falls for resource

stocks today. The little Aussie battler is really battling? It

certainly is. It's lost about five

cents overnight to a 4-year low.

The Aussie now just managing to

hold just above 70 US cents, a far

cry from three months ago when we

were calling parity. Thanks for the update.

George W Bush has tried to calm

investors saying it's going to take

a while for the government's $700

billion financial rescue plan to

stabilise the US economy.

It's going to take a while to restore confidence in the financial

system. One thing people can be

certain of is that the bill I

signed is a big step toward solve

this problem. George W Bush. There

Ellesa will have the rest of today's finance news very shortly.

Meantime, the Reserve Bank is

expected to slash the official

interest rate by as much as 0.5%

today, the biggest cult in seven

years, but home borrowers are

unlikely to receive the full

benefit with the big banks crying

poor because of the credit crunch.

All mortgage-holders want is a

break in the weather and a big cut

in the official cash interest rate

is forecast. It would make things

easier if the rate came down and it

was passed on fully. Anything

would-be nice. Let's be honest. The

Reserve Bank board has a big decision to make.

There's a good chance they'll cut

rates by 0.5% for the first time

since 2001. Don't expect lenders to pass that on to borrowers.

Banks' credit costs have risen

about 0.75% in the past four weeks.

That's not something they can

ignore in deciding how to price

loans to their customers. The banks

need to stay liquid, otherwise

loans will dry up and the economy

will be caught in the recession -

that's the argue: An interest rate

cut is designed to stimulate the

economy and it should be passed

through in full to business ast

employers. The spectre of bank

bailouts in the US and Europe has

some erring on the side of caution.

It's better for them to be viable.

It's not much good having a banking

system that will collapse on you.

The Government agrees. What is

important at this time of global

financial uncertainty is the

long-term financial stability of the nation.

Croatian police say a body

discovered in Dubrovnik is unlikely

to be that of missing to be that of missing backpacker

Britt Lapthorne. A local fisherman

discovered the badly decomposed

remains and an autopsy will remains and an autopsy will be

carried out later today.

News of a body found in the waters

off Dubrovnik shattered the hopes of

Britt Lapthorne's family. I can't

talk you through the trauma of it.

It's just - no words can explain it.

But after an anxious wait, Croatian

police all but ruled out that it's

the 21-year-old. The body is barely

recognisable and police say it

seems too badly decomposed to be

that of the Aussie backpacker.

Britt has been missing for almost

three weeks, and for her father,

the likely reality is setting in.

They've asked for dental records

from Australia to assist. She was

last seen at a nightclub with a

group of men unknown to other

travellers she had befriended. Her father father has again met with local authorities and says the authorities and says the

investigation isn't moving quick

enough. Police believe the remains,

found by a fisherman, are likely to

have washed up from nearby Albania.

Until we know for sure, it's - we just don't know.

A fierce wind storm has caused

widespread damage right across the

NSW coastline. Cars were crushed at

King Street Wharf in Sydney's CBD

when an awning collapsed. The State Emergency Service has been

kept busy overnight with many

reports of property damage. Got

into the house and heard a huge

bang and next thing the firening

incompetence are here and there's

my car looking very much the worst

for wear.

The wind gusts of 80km/h were

recorded at Sydney airport and

100km/h further south near Wollongong.

More than 20 fire crews are

battling a massive bushfire on Queensland's Queensland's Sunshine Coast. At one

stage, a number of homes,

businesses and a school were under

threat. Residents were told to cut

back leaning branches and hose down

fences. Despite a strong northerly,

firefighters managed to hold back

the flames and have continued to

backburn.

A musical comedy inspired by the Beaconsfield Beaconsfield mine collapse has outraged

outraged the family and friends of killed

killed miner Larry Knight. The musical, called 'Beaconsfield: A

Musical in A Flat Minor', a

musical in will debut as part of

the Fringe Festival tomorrow night.

Mr Knight's father-in-law says he's

incensed by the title and Todd

Russell says it shows no respect to Mr Knight's family.

Australia's skills crisis is set to

worsen with a record number of

people leaving the country.

Australia has experienced its

biggest ever annual exodus with

nearly 77,000 people leaving

permanently in 2007/2008. That's an

increase of about 6.5% on the previous year. Almost half previous year. Almost half those

who left were in skilled jobs.

Now, on that, there's some monkey

business going on in Japan. A

restaurant has trained two monkeys

to be waiters. That's right.

4-year-old Fukuchan is new to the

job. He's in charge of delivering

hot towels. His 12-year-old workmate Yatchan takes the workmate Yatchan takes the drink

orders. The owners say the new

recruits are better than some human

waiters. I've been a waiter!

Customers don't have to leave a tip

- the monkeys prefer boiled soya beans.

Hawthorn has emerged as the

surprise frontrunner to secure out-of-contract Swans forward

Andrew O'Keefe. The 27-year-old set

to be the big talking point heading

into day two of the AFL's trade week.

The Swans are prepared to play hard

ball with their Premiership forward.

They want a first-round draft pick

in exchange for Andrew O'Keefe, but

haven't given up hope of holding on

to them. Ryan's indicated to us

that he wants to seek a trade in

Melbourne. Look, we've still got a

great relationship with Ryan. The

Blues made the early running but now

say it's unlikely. We can't do say it's unlikely. We can't do that

deal. The reigning premier is well

placed to swoop. His $500,000

salary is the only sticking point.

We raised his name with Sydney

today. We'll talk to Ryan over the

next 24 hours and see what we can

ascertain from there. Serious

interest? Yes. The big surprise was

North Melbourne placing North Melbourne placing ruckman

Hamish McIntosh on the open market. Hamish McIntosh's name was

mentioned too so, like, even mentioned too so, like, even with

Hamish, we'll sit down and if

there's real interest in there and

a club that loves Hamish, well, you

know, we'll have a look. The only

done deal - the Western Bulldogs

signing up Cord cord cord under the father-son rule. Kangaroo selectors are under

pressure to reward Manly's record-breaking grand final win

with green and gold injuriesies.

The World Cup squad is announced

today. Many predict there will be

more than Brent Kite in the line-up

for a Test call-up. That's what usually happens. I think we've had,

um, guys on the fringe of the Australian team for a little while

now. It would be great to see a

handful of Manly guys in there.

Kite was the only seeingle to play

in the Kangaroos' Centenary Test

against the Kiwis compared to seven Melbourne players.

Cycling's image has taken another

hit with two big names from this

year's Tour de France testing

positive to drugs. Germany's

Stephan Schumacher , who won both time

time trials, and Italian climber

Leonardo Pipoli, have both tested

positive for EPO. All up, positive for EPO. All up, three

riders have failed drugs tests

from the 2008 tour with Riccardo

Ricco dealt a 20-month ban just

last week.

On to finance with Ellesa and a

major merger appears to be on the

cards. It's likely like that, Frank.

Heinz what launched a $288 million

takeover bid for Queensland food

and bench icon Golden Circle. The

US-owned group is offering $1.65 US-owned group is offering $1.65 a

share in a deal which has been

recommended by the Golden Circle

board. The offer will go to a

share-holder vote in December.

Meantime, Suncorp Metway shares

rose yesterday after it confirmed

it's in talks to sell its banking and wealth management operations. The Commonwealth Bank has emerged as the most likely buyer.

To business in brief and tax cheats

could be named and shamed after a

major scam in which Australians

dodged millions in tax by using

the European haven of Liechtenstein.

The German Government and central

bank have come to the rescue of

Hypo Real Estate with a bailout

package and the departing CEO at

Qantas, Geoff Dixon, steps down

next month as the second highest

paid airline boss in the world with

a $12 million package this year.

Soldiers pay tribute to a fallen

colleague. All the details when we return. WOMAN 1: What's Labor been doing to improve the health system? WOMAN 2: They've delivered 172 extra hospital beds with more doctors and nurses... Is that right? Yeah. ..increased elective surgery to nearly 10,000 every year and upgraded the ambulance fleet. Wow!

I did read Labor has funded a new intensive care unit and a neurosurgery suite for our hospitals. Yep, and they're also building a new women's and children's hospital for Canberra. That's great! VOICEOVER: ACT Labor: Treat your cat to the ultimate dining experience with Fancy Feast. With over 40 nutritious, mouth-watering meals on the menu, she deserves nothing less. VOICEOVER: The Liberals - Brendan Smyth dumped as leader. Bill Stefaniak, dumped as leader. Richard Mulcahy, defected, saying, it doesn't matter who leads the Liberals - they're unfit to govern. They don't trust each other. Why should you?

This is Ten's Early News. Making headlines this morning:

Into meltdown. Investor panic hits Wall

Wall Street again, the Dow dropping

more than 7% as heavy losses also batter Europe and batter Europe and Asia.

How low will they go? The Reserve

Bank tipped to slash rates by 0.5%

today but lending heavyweights

won't say how much borrowers won't say how much borrowers will get get back.

False alarm - police believe a body

found on a Croatian beach is

unlikely to be that of Britt

Lapthorne. Much

But first, billions of dollars have

been wiped from global markets

overnight. US stocks have plunged

more than 7% to drop below the

10,000 mark for the first time in

four years. For more, I'm joined

live by Juliette Saly from CommSec.

Good morning again, Juliette.

Investor panic also hitting Europe.

It certainly did, Frank. We saw

London's FTSE Index lose 391 points

biggest one-day fall ever. overnight or almost 8%. That's its

Banking and commodity stocks were

hardest hit. We've seen Wall Street

hit a near five-year low. In the 30

minutes of trade left, the Dow

Jones is trying to rally. After

being down 750 points, it's now

down about 500 points. It looks

like another rocky session on our

markets as well. Certainly it. The

futures are pointing to a drop of

about 5%. Similar to the falls we

saw on Wall Street. Yesterday we

saw stocks fall to a 3-year low. We

won't be supported by commodities

either. Copper lost 7% in London

overnight and oil is below US $90 a

barrel. Gold has rallied by 4%

overnight. The dollar has been

damaged again? It certainly has.

It's holding just above $7 -- 70 US

cents at the moment. It's fallen 5

cents overnight to a 4-year low.

Expectations of a 0.5% rate cut

today also keeping it under

pressure, Frank. Juliette Saly from

CommSec, thank you very much.

Ellesa will have the rest of today's finance news shortly.

The Reserve Bank is expected to

slash the official interest rate by

as much as 0.5% today, the biggest

cut in seven years. But home

borrowers are unlikely to receive

the full benefit with the big banks

crunch. crying poor because of the credit

All mortgage-holders want is a

break in the wealth and a big cut in the official cash interest rate

is forecast. It would make things a

lot easier if the rate came town

and it was passed on fully.

Anything would be nice. Let's be honest.

honest. The Reserve Bank board has

a big decision to make.

There's a good chance they'll cut

rates by 0.5% for the first time

since 2000 win. Don't expect all of

that to go on to borrowers. Banks

borrowing cost haves risen 0.75% in

the past four weeks. That's not something they can ignore in pricing loans to their customers.

The argument being that banks need to stay liquid or loans will dry up

and the economy will be caught in a

recession. An interest rate cut is designed to stimulate the economy

and it should be passed through and it should be passed through in

full to businesses and employers.

But the spectre of bank bailouts in

the US and Europe has some erring

on the side of caution. Better for

them to be viable. It's not much

good having a banking system that's

going to collapse on you. The

Government agrees. What is

important at this time of global

financial uncertainty is the

long-term financial stability of the nation.

Police in Croatia believes it's

unlikely that a body discovered in

water near Dubrovnik is that of

Britt Lapthorne. A fisherman spotted

the remains in a code near the

coastal town. The authorities say

the body appears to be too highly

decomposed to be that of the

21-year-old. Britt has been missing

for almost three weeks.

I can't talk you through the trauma of it.

No words can explain it. An autopsy

later today. on the body will be carried out

Dozens of fire crews are battling

to contain a massive bushfire on

Queensland's Sunshine Coast. It's

believed the blaze started in a

neighbouring suburbs. nearby National Park and spread to

So frighteningly close to So frighteningly close to homes. Residents cut back shrubs and leaning branches. Others grabbed their

their hoses, preparing for the

worst. They reckon it's going to

come back here. More than 20 fire

crews were scrambled on the ground

battling the massive blaze,

believed to have started in a

nearby National Park. And then join

the triangle up, burn that triangle

triangle. out and then we'll go a bigger

Several homes, a church, school and

a number of businesss were under threat.

threat. Firefighters told residents

to close their windows to keep out

the smoke. But some weren't taking

any chances, packing up what they

could and leaving.

A strong northerly set in but

firefighters continued to back burn

flames. and managed to hold back the

A gunman is on the loose A gunman is on the loose in

Sydney's west after shooting a man

in the leg overnight. The

22-year-old was fired at as he left

his home at Greystanes shortly

before 10 o'clock. Witnesses saw

three men running from the scene.

in hospital. The victim is in a stable condition

A musical comedy inspired by the

Beaconsfield mine collapse has outraged

outraged families and friends of

killed miner Larry Knight. The musical, called 'Beaconsfield: A

Musical in A Flat Minor', Musical in A Flat Minor', will

debut as part of the Melbourne

Fringe Festival tomorrow night. Fringe Festival tomorrow night. Mr

Knight's father-in-law says he's incensed by the title. Survivors

Todd Russell says it shows no

respect to Mr Knight's family. The

The indigenous work for the dole

scheme will be scrapped in regional

areas as part of a crackdown on the welfare system. The national

program will be restricted to

Aborigines in remote communities Aborigines in remote communities

and will be change understood a

scheme to improve literacy and numeracy. Aborigines will also no longer receive higher welfare

payments as the Government aims to

force 100,000 indigenous people decade. into mainstream jobs within a

Former Australian soldiers have

paid tribute to the last digger

missing in action in Vietnam and

remains home. they're preparing to help bring his

More than three decades after the

Vietnam War, these former SAS

troops are on one of their most

important missions - to ensure

home. Private David Fisher finally comes Private David Fisher finally

He was like all of us. We were

wrong, probably bulletproof. He was

extremely fit. He was very, very

dedicated. If will always in the

back of your mind and things that

you never forget. Joe was leading a

patrol with David and three other

soldiers in September 1969. His men

pinned down after a bloody firefight

he radioed for a hot extraction by

helicopter. They hooked themselves

to the chopper rope, but David

slipped, fauplg60m to the jungle floor. We

We certainly couldn't land because

of the enemy concentration on the

ground. Initial searches were

futile but late last augs, arc

yolgss uncovered his grave. yolgss uncovered his grave. His

family a -- former comrades will

join family members in Hani yoi for

a ceremony before his funeral in

Sydney next week. Australian

rugby league selectors are under

pressure to reward Manly's

record-breaking NRL grand final win

with green and gold injuriesies.

The World Cup squad will be

announced today with many

predicting there will be more than

the one Sea Eagle we saw in the

Anzac Test.

Attention now turns to the World

Cup and after a poor showing from

the Sea Eagles earlier in the year,

the side is hoping grand final glory turns into green and gold injuriesies.

usually happens. That's what -- jerseys. That

We've had guys on the fringe of the

Australian team for a little while.

It would be great to see a handful

of mably guys in there. Brent Kite's form recognised earlier this

year when he earned a call-up for

the Centenary Test against the

Kiwis. Despite Manly's consistent

good form, he was the only Sea

Eagle in the side compared to seven Melbourne players. After the

weekend's emphatic win, Kite is

tipped to be joined by a lot more

Manly team-mates when the World Cup

squad is announced today. I think

there'll be a few more this year. I

think, you know, they've obviously proved a point and proved a point and hopefully

there's more in there. Cameron

Smith is eligible for the opening

game against New Zealand at the end

of the month after serving out his

ban on the Grand Final sideline.

Meantime, NRL lawyer Tony O'Reilly has begun proceedings against

Melbourne Storm's CEO Waldron auld

and coach bell pel bell for

attacking the integvit of the

judiciary in the wake of Cameron Smith's

judiciary Smith's suspension. All the

judiciary wanted was an apology

from the club. While Waldron is

expected to address the issue expected to address the issue today,

apologise has passed. it seems the opportunity to

North Melbourne's Hamish McIntosh

has been put on the open market at the

the AFL's trade week. Coach Dean

Laidley says he's happy to talk

with any club interested in with any club interested in the

ruckman. Daniel Harris and Corey

Jones could also be on their way out. Hamish McIntosh's name was

mentioned today. Even with Hamish,

we'll sit down and, you know, if

there's real interest in there and

a club that loves Hamish, well, you

know, we'll have a look. It appears

Hawthorn has emerged as the

frontrunner to secure Swans forward

Andrew O'Keefe.

A major tax crackdown on the cards, Ellesa?

Ellesa?

Thwart. Tax cheats could be named

and shamed following a major

A secret whistleblower has and shamed following a major scam.

A secret whistleblower has exposed

Australians who dodged $100

European haven of Liechtenstein. million in tax by using the

Ress revelations are explosive.

There are also moves to publicly

embarrass cheats. I can see the

attraction of naming and shaming.

If the commissioner wanted to do it,

it's something I'd be open to. Tax

Office hopes to get back at least

$60 million of the missing tax.

Heinz has launched a takeover bid

for Queensland food and bench icon

Golden Circle. The group is

offering $1.65 a share in a deal

recommended by the Golden Circle

board. The offer will go to a

share-holder vote in December. Meantime, Suncorp Metway shares rose yesterday after it confirmed

it's in talks to sell its banking

and wealth management operations.

The Commonwealth Bank has emerged as the most likely buyer.

The 'Herald Sun' says a school

principal who allowed photographer

Bill Henson to scout for child

models in the playground maintains she did nothing she did nothing wrong. The 'Financial Review' says a

credit crisis is likely to mean a

wave of takeovers of second-tier

financial institutions by larger players. And

And the 'Sydney Morning Herald'

reports credit card fraud is

costing more than $500 million a

year and banks are not doing enough to inform customers.

Waiters who prefer a banana instead

of a tip - details when the Early News returns. VOICEOVER: The Liberals - Brendan Smyth dumped as leader. Bill Stefaniak, dumped as leader. Richard Mulcahy, defected, saying, it doesn't matter who leads the Liberals - they're unfit to govern. They don't trust each other. Why should you? WOMAN: Canberra has really been growing under Labor. MAN: And there are new buses and more services. And with 122 extra police on the beat, our neighbourhoods are safer too. Yeah. And they've also reduced stamp duty for first home buyers. VOICEOVER: ACT Labor: You're watching Ten's Early News.

Making headlines this morning:

Market mayhem. An anxious wait for

Australian investors after panic

drivers record plunges on Wall

Street and in London. The

The deepest cut - the Reserve Bank

tipped to slash rates by 0.5% today

but home borrowers might not see any of it.

Police find a body on a Croatian beach

beach but say it's unlikely to be

that of missing backpacker Britt Lapthorne.

Heading this bulletin - the panic

gripping global markets is far from

over with Wall Street plunging over with Wall Street plunging more than 7% overnight. For

For more I'm joined live by Alexis Christoforous

Christoforous in New York.

Hello Alexis.

The Dow dived it a 5-year low.

It did, Frank. Not the way to start

a work week on Wall Street.

At its worst today, the Dow was

down more than 800 points. All of

the major inl indices now at 5-year

lose and we are finding that the

$700 billion bailout plan signed

into law by President Bush on

Friday is not a panacea, more than

a tourniquet to stop the bleeding

so the patient doesn't die right away.

What we realise now here and abroad

is that the credit crisis that

started in the US that has frozen

our credit markets, is sending a

chill throughout the world. We're

seeing banks in Europe falling as

well and those governments rushing

in to the rescue. Right now, not a

lot of confidence to be found, both

on Wall Street or main street. Frank.

Let's talk about that, Alexis. What

about steep losss in the UK as

well? Yeah, you know, a lot of what

we're saying today is a direct reaction to what happened overnight

in Asia and then in Europe.

European stock index has their

worst one-day plunge on record. We

saw Germany have to rush in to prop

up Hypo Real Estate, a big banking

cup over there. France is doing the

same. As opposed to coming out

with a unified bailout plan, it

appears that Europe is dealing with

the situation country by country.

So the Irish, the Greek, the German

governments are coming in and rescuing their own banks. I spoke

to traders here on the floor who

say, you know, the governments

worldwide right now need to come

together in unity to fight this

credit battle. It's the only way,

they say, we even have a chance of winning.

Thanks for that, Alexis

Christoforous in New York.

Ellesa will look at what this means

for our market shortly as well as

that nose diving dollar.

Amid the market turmoil, the

Reserve Bank board is expected to

reduce the official interest rate

by as much as 0.5% today. The

global financial downturn has

highlighted the need for an economic stimulus here.

There's a good chance they'll cut

rates by half a percentage point

for the first time since 2001,

rather than the more normal quarter

of a percentage point that we've

become used to in both directions

over the past seven years.

That would bring the official cash

rate to 6.5% but the big four banks

are not likely to pass on the

entire rate cut to borrowers

because of higher credit costs. The

RBA will announce its decision at

2:30 this afternoon.

Croatian police say a body

discovered in Dubrovnik is unlikely

to be that of missing backpacker

Britt Lapthorne. A local fisherman

discovered the badly decomposed

remains and an autopsy will be carried out later today.

News a of a body found in the waters off Dubrovnik waters off Dubrovnik shattered the

hones of -- hopes of Britt

Lapthorne's family. I can't talk

you through the trauma of it. No

words can explain it. After an

anxious wait, Croatian police all

but ruled out that it's the

21-year-old. The body is barely

recognisable and police say it

seems too badly decomposed to be

that of the Aussie backpacker.

Britt has been missing for almost

three weeks and for her father, the

likely reality is setting in. I've

asked for dental records from

Australia to assist. She was last

seen at a nightclub with a group of

men, unknown to other travellers she

had befriended. Her father has

again met with local authorities

and says the investigation isn't moving quick enough. Police moving quick enough. Police believe

the remains, found by a fisher man,

are likely to have washed up from nearby Albania.

Until we know for sure, it's - we just don't know.

A fierce wind storm has caused

widespread damage across the NSW

coast. Cars were crushed at King

Street Wharf in Sydney's CBD when

an awning collapsed. The SES has

been kept busy overnight with many reports of property damage.

Got into the house and heard a huge

bang and next thing the fire engines

engines are here and there's my car

looking very much the worst for wear.

Wind gusts of 0km/h were recorded

at Sydney Airport and 100km/h

further south near Wollongong - and

80km/h at Sydney Airport.

There is a massive bushfire on Queensland's Sunshine Queensland's Sunshine Coast.

Residents were told to cut back

leaning brafrpbls and hose down

fences. Despite a strong northerly, firefighters managed to hold back

the flames and have continued to backburn.

Australia's skills crisis is set to worsen with a record number of people leaving the country.

Australia has experienced its

biggest ever annual exodus with

nearly 77,000 people leaving

permanently in 2008 . That's an

increase of about 6.5% on the

previous year. Almost half those

who left were in skilled jobs.

Eight people have been killed in a

charter bus crash in kal torn

foreign ya. -- California.

The bus rolled into a ditch. The

roof collapsed, crushing passengers, while others were

thrown from the vehicle. The driver

has been arrested under suspicion of driving under the influence of drugs.

Hawthorn has emerged as the

frontrunner to secure Andrew O'Keefe,

O'Keefe, the 27-year-old set to be

the big talking point heading into

day two of the AFL's trade week.

The Swans are prepared to play hard

ball with their Premiership forward.

They want a first-round draft pick

in exchange for Andrew O'Keefe, but

haven't given up hope of holding on

to him.

Ryan's indicated he wants to seek

a trade in Melbourne. We've still

got a great relationship with Brian.

The Blues made the early running but

say it's unlikely. We can't do that

deal. The reigning premier is well

placed it swoop. Hawthorn has pick

16. His $500,000 the only sticking

point. We raised his name today.

We'll take that a step further if

we can. We'll talk to Ryan and see

what we can ascertain. Serious

interest? Yes. The big surprise of

North Melbourne placing ruck man

Hamish McIntosh on the open market.

Hamish McIntosh's name was

mentioned today so, like, even with

Hamish, we'll sit down and, you

know, if there's real interest in

there and a club loves Hamish, you

know, we'll have a look. The only

done deal - the Western Bulldogs

signing up Ayce Cordy under the father-son rule. Kangaroos selectors are under

pressure to reward Manly's

record-breaking grand final win

with green and gold jerseys. Many

predict that there will be a lot

more than just Brent Kite in line

for a Test call-up.

That usually happens. I think we've

had guys on the fringe of the Australian team for a while now. Australian team for a while now. It

would be great to see a handful of Manly guys in there.

Kite was the only Sea Eagle to play

in the Kangaroos Centenary Test

against the Kiwis compared to seven Melbourne players.

Cycling's image has taken yet

another hit with two big names from

this year's Tour de France testing

positive to drugs. Powerful German Stephan

Stephan Schumacher who stunned the

cycling world by winning both time trials,

trials, and Italian climber

Leonardo Piepoli, have tested

positive for the banned blood

booster, EPO. Riccardo Ricco has

been dealt a 20-month ban just last week.

This is a highlight. It's glamorous, prestigious and

draws a massive crowd. The annual

lawn mower championships roared

into life in England. Competitors

fighting it out for the honourable

title of the world's best grass

cutter. This year's damp conditions

turned the track into a mud bath

but it didn't stop 44 - --

44-year-old Andy Hyden. I've won

five races and the World

Championship. I'm absolutely. I

can't tell you. He was the victor -

get it? The clean up is expected to take several days. Sorry about Sorry about that. Financial with Ellesa. Speaking of

bad. The market is not looking good today.

The Aussie dollar has lost nearly 5

US cents overnight as share markets

plunged. Our currency sank to a

3-year low of 75.4 US cents before

gaining slightly. Our market today

is expected to add to yesterday's

billion-dollar losses after major

selling across the US and Europe overnight.

overnight.

Fears about the health of European Fears about the health of European

banks saw the ASX plunge to its

lowest point in three years. The

German Government and central bank

have been forced to bail out Hypo

Real Estate for $90 billion.

To the market numbers in detail now:

Heinz Australia has launch ad $288 million bid for Golden Circle,

offering $1.65 a share. The bid has

been recommended by the Golden Circle board.

And Suncorp Metway is pushing ahead with

with the sale of its banking and wealth

wealth management arm. The

Commonwealth Bank has emerged as

the likely buyer.

And, Frank, that's the finance news

for this morning. Not quite.

Here's a chance for some companies

doing it tough to save some money.

In Tokyo, a restaurant has trained

two monkeys to be waiters.

4-year-old Fukuchan is in charge of

delivering hot towels because he's

new to the job but 12-year-old Yatchan takes the drinks owners.

The owners say the new recruits are

better than some human waiters.

It's good news for customers too -

they don't have to leave a tip. The

monkeys prefer boiled soya beans.

OK, let's get on to the weather: no monkey business here!

Recapping this morning's top stories. Into meltdown: Investor

Investor panic hits Wall Street

again. The Dow dropping more than

7% amid heavy losses across Europe and Asia.

How low will they go? The Reserve

Bank slipped to -- tipped to slash

rates by 0.5% but they won't rates by 0.5% but they won't say

how much borrowers will get back.

Police say a body found on a

Croatian beach is unlikely to be

Lapthorne. that of missing backpacker Britt

I'm Frank Colleta. Bye for now.

I'm Ellesa Throwden have a great

day.