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Ten Early News -

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(generated from captions) tumble overnight.

Now for the weather: Only the

chance of a shower in Brisbane.

The volumetivelyity of Wall Street

continues. Stocks plunging

overnight. The US frid ral reserve

official has used the dreaded word as President Bush finalises official has used the dreaded R

the details of the $ 250 bank bailout plan.

President Bush says he thinks the Government's economic rescue plan Government's economic rescue plan

will work. And I'm confident in the

long run, this economy will come

back. He met with his cabinet this

morning to review the

administration's latest move to

solve the economic crisis, spending

$250 billion on cash to buy stakes

in some of the nation's biggest

banks. Mr Bush was clear - this is

a temporary move and shouldn't be

seen as a Government take over. The

Government will be a passive

investor. In other words there,

won't be Government officials

sitting on the Boards. The administration is counting on cash

and confidence to restore the

economy, but not everyone is sold economy, but not everyone is sold

on the plan yet. Treasurer Secretary Henry Paulson says this

is the best use of some of the

billions of taxpayer dollars

involved in the bail out. The path

we're taking is making sure that

the healthy banks have plenty of

capital so that they're going to be

lending and we're going to have

confidence in the system. Paulson

warned thing could get worse before

they get better, but ultimately he shares President Bush's confidence

that the economy will rebound.

Many economists believe that the

country is on the edge of a

recession or in one, so economists

are pushing for a second stimulus

to cost another $150 billion.

Alexis Christoforous reports from Alexis Christoforous reports from

the New York Stock Exchange. Stocks

are dipping deeper in the red as Wall Street fears a recession is

already at hand. The big romp

report of the day, the biggest drop

in retail sales and there's also

doubt among investors that doubt among investors that the

Government's plan to bail out banks

may not be enough to prevent a

prolonged inflation. Reports say

that manufacturing activity in the

New York area slowed down last month. All of that overshadowed

better than expected profits from

two banks, JP Morgan and Wells Sago.

numbers from Coca-Cola and Intel. We also get better than expected We also get better than expected

And the Fed chief Ben Bernake said

today during a speech in New York that the Government's efforts to

shore up the banking system will

not result in an immediate economic

Republic boun. That's the latest from here. -- Republic bound.

That's the latest from here. Back

to you.

And we'll have the

markets soon. And we'll have the latest on the

Back home and the Opposition has pledged bi-partisan support for

the Government's $10 billion rescue

package to kick start the economy. package to kick start the economy.

But in his own address to the

nation last night, the leader nation last night, the leader

Malcolm Turnbull couldn't resist

taking a swipe. With the benefit

of hindsight, governments should

have acted earlier. Regrettably, Mr

Rudd's Government missed the

warning signs and talked up

inflation. This follows Julie

Bishop's call for the reasons for

the plan. We do not have any of the

evidence on which this package has

Minister has lashed out at obscene been based. Meanwhile, the Prime

corporate greed, which he says is

partly to blame for the global

financial crisis. Kevin Rudd has

again warned Australian courses will suffer more casualties in

Afghanistan. Speaking at a dinner in

Canberra, Mr Rudd said Australia's

support is critical in the fight

against terrorism. A more stable Afghanistan, one that against terrorism. A more stable

Afghanistan, one that supports

security, rather than one that

offers succor to those who seek to

undermine it makes for a more

secure world. Mr Rudd says our

troops will remain in the troubled

country for the long haul. Six

Australian soldiers have died in

Afghanistan since 2002, including five in the last year.

A man living in Queensland has

been accused of running one of the

world's biggest computer spaming

operations. Police say the

26-year-old is one of three New

Zealanders who sent out billions of

junk e-mails linked to suspicious

sites. The spaming generated three

million complaints. The suspects

could now face action in the US

with fines of up to $200,000.

Presidential hopefuls, John McCain and Barack Obama will square off today

today in the final and most

important debate before election

day. It's make or break for

Republican nominee McCain. Obama day. It's make or break for

has widened his lead in the

latest polls.

It's the final debate of the

presidential campaign, and both

candidates have plenty on the line, especially senator John McCain. With

With 20 days left, the Republican With 20 days left, the Republican

candidate trails Barack Obama by 14

points in the latest CBS Newspoll.

John McCain has to do something and

he has to change the conversation.

But having a strategy and being

able to carry it out are two

different things. The economy is

expected to be a big focus of

tonight's showdown, and that's an

issue Obama has been winning so far.

With his growing lead, Obama's top

priority is to not make a priority is to not make a big

mistake. He'll undoubtedly talk

about his new proposal to jump

start the economy. His opponent

also has a new economic rescue plan, and tonight's event will give also has a new economic rescue plan,

viewers the chance to compare the

two. Tonight, both candidates have

one last prime time chance to swing voters their way.

Firefighters have gained the upper

hand in their battle to hand in their battle to contain

deadly wild fires raging in southern California. Thousands of

acres have been blackened and Doddss of homes and businesses Doddss of homes and businesses

gutted by the bladess. Desert winds

which have fuelled the flames have weakened,

weakened, and that's allowed crews

to contain most of the fires

burning in the San fern nand owe

valley. The Los Angeles mayor says

it's unclear when thousands can

return to their homes. it's unclear when thousands can

The show is over for Madonna and

Guy Ritchie. The singer's publicist confirmed

confirmed that they would be

separating. Rumours that they were

on shaky ground and headed for

divorce. The couple are keen to

finalise a settlement by finalise a settlement by Christmas.

They have two sons, Rocca and David

Banda, while Madonna has a

12-year-old daughter, Lourdes.

Australia's quest to qualify for Australia's quest to qualify for

the 2010 World Cup remains on track.

They sit two points clear at the

top of their pool after beating

Qatar 4-0 in Brisbane.

A severe electrical storm in

Brisbane delayed kick off by almost

an hour, and just eight minutes in,

the visitors may have been wishing

that they stayed under cover. Tim

Cahill, el always delivers on the big

big occasion. He's back. The

Maroons usually have plenty of

support at sun corn. Not when it is

the nickname of the Qatar football

team. Brett Emerton did the rest.

Brett Emerton all but confirmed

victory with his second.

COMMENTATOR: Drives in across goal.

And Josh Kennedy made it four. To complete a dominant complete a dominant Socceroos

performance. The boys put fantastic

balls in the box and in the air and

they used it well. I guess that's

one of ou strengths and it paid off

one of ou strengths and it paid off tonight.

tonight.

Champion jockey Damian Oliver has

added another Group one victory to

his career. He produced a superb

ride onboard Gallica in yesterday's

$500,000 Thousand Guineas.

COMMENTATOR: It's Gallica to win it.

We ended up taking the trail and

got a beautiful run and there was

moderate tempo. And I thought it

would take a good one to run her

down because she was quick. That is

his fourth Thousand Guineas triumph.

From the betting market to the share

market and what have you got? It's

going to be another interesting day.

Good morning, US stocks have slid

again amid the worst retail figures

in three years and fears a global

recession is unavoidable. The Dow

Jones is down 447, and the NASDAQ

is down 90. Negative growth fears

also hit Europe. London's FTSE fell 7.2%.

In other news, European leaders

have gathered in Brussels to skulls

the global financial turmoil.

Frens French President Nicolas

Sarkozy who is chairing the talks

is trying to get all 27 leaders to

sign on to a deal similar to a bail

out package adopted to the UK.

British Prime Minister Gordon Brown

is also attending the talks. The

proposal involves each country

putting up a total of $2.3 trillion

in emergency aid to help the financial institutions.

The wealth of Australians has

suffered its biggest fall in nearly

18 years. Tumbling share prices

has seen wealth drop by 3.6% from

September last year to June. It's

estimated the average Australian

now holds just over $ 237,000 in

profit, shares and assets, down

$12,000 over the last nine months.

And briefly, Rio Tinto's position

against predator BHP Billiton has

weakened with the mining giant

forced to delay major projects due

to the credit crunch.

Australia Post records a record

profit of $432 million. JP Morgan

posted a better than expected

earning. And network Ten will today

release its annual profit results.

Looking at the national weather now:

checking this morning's newspaper

headlines, the 'Sydney Morning

Herald' says Michael Douglas will

reprize his role of Gordon Gekko in

a wuel street sequel today in today's time.

The 'Financial Review' says the credit

credit crisis is impacting Australia's credit crisis is impacting on Australia's defence initiatives.

And the 'Herald Sun' says the new

Frankston by pass will slash the

travel times for thousands of motorists.

Severe storms hit Brisbane. We'll

have the details when the Early News returns.

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This program is captioned live.

This is Ten News. Today, the

Government accused of acting too

slowly on the financial crisis as

Malcolm Turnbull makes his first

televised address to the nation. Heavy losses on global markets

overnight. US stocks plunge after a

Federal Reserve chief declares the US economy is in recession.

And it's official - Madonna and Guy

Ritchie to divorce after nearly

eight yeerts of marriage. But first, Malcolm Turnbull has

slammed the Government, accusing it

of missing the warning signs of a

looming financial crisis. The

Opposition leader delivered his own

national address as Kevin Rudd

assured borrowers, his rescue

package won't stop further interest rate cuts. The United States slipping into recession is having flow-on effects everywhere,

the Prime Minister lashing out at those who caused it. Obscene failures in corporate governance which rewarded greed without any regard to the integrity of the financial system. But he's hoping the billions of dollars in one-off payments

will help Australia power through the international financial crisis. The Opposition's pledging bipartisan support, but when he addressed the nation Malcolm Turnbull couldn't resist taking a swipe. With the benefit of hindsight, governments should have acted a lot earlier. Regrettably, Mr Rudd's government missed the warning signs

at the beginning of the year and talked up inflation. In the domestic rescue package, Labor also promised an increase in the first home buyers payment. But that's contrary to their view last year, when they criticised the scheme for pushing up house prices. We don't want to start handing out more lump sums because in the past that has had an inflationary effect. Now they're singing a different tune. The Government says that's because times have changed. Because the economic circumstances were dramatically different at the time. Meg Palmer, Ten News.

Fears of a recession have gained

momentum in the US with heavy

losses on Wall Street overnight.

The DOW dropped more than 300 points

at the open. European markets also

suffering heavy losses. Meantime, suffering heavy losses. Meantime,

President Bush is trying to ease

concerns about the latest plan to concerns about the latest plan to

spend $250 billion on shares in the country's

country's biggest banks. These are

extraordinary measures, no question

about it. They're well thought out,

they're necessary, and I'm

confident in the long run that this

economy will come back. Latest

sales figures also added to Wall

Street's woes. Retail sales have

suffered their biggest drop in three years.

Well, for the latest market

reaction, eem' joined by Juliette

Saly from Commsec. Another rocky

ride on Wall Street? It has been.

Not helped out by the comments

about a recession from one of the

Fed's Board members and comments from Ben Bernake that a recovery

will take some time. We've also had

a bevey of weak economic data a bevey of weak economic data

released in the US. The DOW is

down 4% and the NASDAQ down 4.5%

and European markets down by around

7% overnight. What's expected on

the local market today? Not

surprisingly, it is not looking

good. The Futures looking at a drop

of 240 points or 5%. Lower

commodity prices across the board.

Oil touching a 13-month low and Rio

Tinto shares down almost 17% Tinto shares down almost 17% in

London after the miner warned of

slowing demand from China for the

commodities, so no where really for

the investors to hide today. Thank

you for that.

Ellesa will have the rest of the

day's finance news in a few minutes.

In the meantime, a storm has cut

power to more than 30,000 homes in

Brisbane. Liepgt ning and

torrential rain swept across the

region dumping 60mm in the city's nor. Thousands of lightning strikes

were recorded and the storm forced

the delay of the Socceroo's World

Cup qualifier by half an hour.

Power to most homes and businesses

has now been restored.

Three people are in hospital after

a car crash in western Sydney

overnight. The two vehicles clieed

on the Great Western Highway just

before 10:00. One man had to be cut

from the wreckage of his car. He

was taken to hospital with leg and

facial injuries, along with two

others who have minor injuries. Presidential

Presidential hopefuls Barack Obama

and John McCain will go head to

head for the final time told in the

last debate of the campaign. The

debate is crucial for McCain who

trails his democratic rival by 14

points in a new poll just three

weeks from election day. John

McCain has to do something, and he

has to change the conversation. But

having a strategy and being able

to carry it out are two different

thing. The financial crisis is likely to dominate likely to dominate discussion again,

with both candidates expected to talk

talk up their own proposals to

jump start the US economy.

After months of speculation, it's

been confirmed that Madonna and her

film director husband, Guy Ritchie,

are headed to the divorce courts.

The celebrity couple splitting after

almost eight years of marriage.

The premiere of Guy Ritchie's new

film just a few weeks ago, a show

of support is vital. They smile for

the cameras, but does it all look

just a little forced. Earlier the

same evening, his discomfort in

front of reporters is clear. No

more adoptions. You'll have to

speak to my wife about that. She

wears the trousers. And that apparently

apparently has been part of the

problem. Reportedly, Madonna's wish

and his reluctance to adopt another

child after David Banda has caused

friction in their relationship in

the last few months. Today's announcement ends fevered

speculation about their marriage. speculation about their marriage.

The 50-year-old singer, pt most successful female artist of all

time is currently in America on a

world tour. Her career has

continued to soar during their

marriage. While until recently,

Richie's has done the opposite.

Richie may be bored of the media

circumstance us around their wife, but

but between them, they have a

fortune of $300 million. $20 million

million is his contribution. That

say divorce lawyers is his settlement.

Australia remains unbeaten in the

final stage of World Cup qualifying

after thrashing Qatar in Brisbane.

Quick off was delayed by almost an hour after a severe electrical

storm, but it took Tim Cahill just

eight minutes to give the Socceroos the lead.

COMMENTATOR: Tim Cahill, he always

delivers on the big occasion. He's

back. Brett Emerton scored a

penalty soon after before grabbing his second goal and the

Australian's third shortly after

the break. And Josh Kennedy headed another goal with 15 minutes remaining.

Fast bowler Brett Lee has fired

back at India's claims that Australia can't take 20 wickets and

is under pressure ahead of the

second Test in Mohali. Indian

bowler Zaheer Khan questioned the

tactics, but Lee was quick to set

the record straight. We always play

to win. We always play to win a

Test match. Lee who took just two

wickets in Bangalore says patience

will help to deliver that victory,

and believes the two team's frosty

relationship won't evaporate soon.

If you take away all the passion

from the game, we're not playing tiddlywinks.

tiddlywinks. Stuart Clarke skipped

today's training session but is

likely to take in the Test.

Rio Tinto hit by the credit crunch?

That's right, Rio Tinto's talk of

the hostile bid over BHP Billiton is weakened.

Despite reporting solid quarterly

production figures, Rio Tinto has

confirmed a reduction in demand for

Chinese commodities, putting the

company under increasing company under increasing pressure

to engage with BHP.

Opes Prime creditors have failed to

put it into liquidation. It paves

the way for legal action against

the financiers ANZ Bank and

Merrill Lynch. Various Opes companies are taking action also. Leaders Leaders from 27 European countries

are meeting in Belgium to discuss

the global financial turmoil. French President Nicolas Sarkozy is

chairing the EU talks and is

urging leaders to agree to a bank

bailout plan, similar to that

adopted in the UK. British Prime

Minister Gordon Brown is also

attending the talks. Stage two attending the talks. Stage two is

to make sure that the problems that

developed in the financial system,

problems that we know started from

America, that these problems do not

recur again. Under the EU plan,

each country will put up a total of

$2.3 trillion in guarantees and

emergency aid to help the banks.

And briefly, AGL has warned

emergency prices will have to rise

due to increasing costs faced by

the company.

The wealth of Australians in terms

of profit and shares has fallen by

3.6%. The biggest drop in nearly 18 years.

And Illuka Resources has announced

a $30 million jump on its original

Checking the outlook today around

the nation:

Kevin Rudd's troop warning. That's

next so stay with us.

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Because you're worth it.

This program is captioned live.

This is Ten News. Making headlines

this morning - the financial

rollercoaster ride continues.

Global markets tumble overnight as

recession fears resurface.

Malcolm Turnbull accuses the

Government of acting too slowly on

the financial crisis in his first

televised address to the nation.

Confirmation that Madonna and her

British film director husband, Guy

Ritchie, are to divorce after

nearly eight years of marriage.

And in sport, the Socceroos on top

of their World Cup qualifying group

after blowing away Qatar in Brisbane.

More on those stories shortly but

first a quick look at the weather.

Virtually no rain in the major

centres forecast today. The volatility on Wall Street continues, stocks plunging more

than 5% overnight on growing fears

of a recession. A US Federal

Reserve official has used Reserve official has used the

dreaded "R" word has President Bush

final ietzed details of the $250

billion bailout plan. President Bush says he thinks the

Government's economic rescue plan

will work. And I'm confident in the

long run, this economy will come

back. He met with the cabinet this morning

morning to review the

administration's latest move to

solve the economic crisis, spending

$250 billion in cash to buy stakes

in some of the nation's biggest

banks. Mr Bush was clear - this is

a temporary move and shouldn't be

seen as a Government takeover. The

Government will be a passive Government will be a passive

investor. In other words, there

won't be Government officials

sitting on the Boards of private

companies. The administration is

counting on cash and confidence to

restore the economy, but not

everyone is sold on the plan just

yet. Treasurer Secretary Henry

Paulson argues this is the best use

of some of the billions of taxpayer

dollars involved in the bailout.

The path we're taking is making

sure that the healthy banks have

plenty of capital so that they're

going to be lend agriculture we're

going to have confidence in the

system. Paulson warned thing could

get worse before they get better,

but also he shares President Bush's

confidence that the economy will rebound.

rebound. If the rescue plan works t

will only be the first step. Many economists believe that the economists believe that the country

is on the edge of a recession or

already in one, so Democrats are

pushing for a second economic

stimulus plan that could cost

another $150 billion.

For the latest market reaction,

I'm joined by Juliette Saly from

Commsec. A bleak day on Wall Street

firstly? It certainly is. Theuals

of the "R" word is unsettling

markets. We've seen the DOW down by

6%, but it is currently down 5%

with half an hour's trade to go.

Dour comments by Ben Bernake and

also weak retail sales are not

helping sentiment, and we've seen

most of the gains erased from Monday's

Monday's impressive rally. What's

expected on the local market today? It's

It's not looking good following the

lead from Wall Street, and also

after European markets shed around

7% overnight, so at the moment, the

Futures pointing to a drop of 200

points, or 5.5% on the market today,

and we've also had weaker commodity

prices. Oil hitting a 13-month low

which shed 5% overnight. Thank you very much.

AndEllesa will be back shortly with

the latest on the other stories

from finance.

Back home and the Opposition has

pledged its bi-partisan support

for the Government's $10 billion

rescue package to kick start the

Australian economy. But in his Australian economy. But in his own

address to the nation, Malcolm Turnbull

Turnbull could not resist taking a

swipe. With the benefit swipe. With the benefit of

hindsight, governments should have

acted earlier. Regrettably, Mr Rudd

Government's missed the warning

signs at the beginning of the year.

This follows Julie Bishop's call

for the Government to come clean

behind the reasons for the rescue

plan. We do not have any of the

information, any of the evidence upon which this package has been

based. The Prime Minister has

lashed out at obscene corporate

greed, which he says is partly to

blame for this global financial crisis.

And Kevin Rudd has again warned

Australian forces will suffer more

casualties in Afghanistan. Speaking

at a dinner in Canberra, Mr Rudd

said Australia's support is

critical in the fight against

terrorism. A more stable terrorism. A more stable

Afghanistan, one that supports security, rather than one that

offers succor to those who seek to

undermine it makes for a more

secure world. Mr Rudd says our

troops will remain in the troubled

country for the long haul. Six

Australian soldiers have died in

Afghanistan since 2002, including

five in the past year.

Presidential hopefuls John McCain

and Barack Obama will square off

today in the final and most

important debate before election.

It's make or break time for the Republican nominee McCain with

Obama widening his lead in the latest polls.

It's the final debate of the presidential campaign and both

candidates have plenty on the line,

especially senator John McCain.

With 20 days left, the Republican

candidate trails Barack Obama by 14

points in the latest CBS Newspoll.

John McCain has to do something and

he has to change the conversation.

But having a strategy being able

to carry it out are two different

things. The economy is expected to

be a big focus of tonight's

showdown, and that's an issue Obama

has been winning so far. With his

growing lead, Obama's top priority

is to not make a big mistake. He'll

undoubtedly talk about his new

proposal to jump start the economy.

His opponent also has a new

economic rescue plan, and tonight's

event will give viewers a chance to

compare the two. Tonight, both

candidates have one last prime time

chance to swing voters their way.

The show is over for Madonna and

Guy Ritchie. The singer's publicist

has confirmed that the couple is

separating after almost eight

years of marriage. Rumours the pair

were on shaky ground and heed for divorce have been circulating for

months. The couple reportedly keen

to finalise a settlement by

Christmas. They have two sons,

Rocca and David Banda, while Madonna also has a 12-year-old daughter, daughter, Lourdes Lourdes.

Australia's quest to qualify for

the 2010 World Cup is on track.

They sit two points clear at the

top of their pool after beating

Qatar 4-0 in Brisbane. Qatar 4-0 in Brisbane.

A severe electrical storm in

Brisbane delayed kick off by almost

an hour. Just eight minutes in, the

visitors may have been wishing they

had stayed under cover. Tim Cahill,

he always delivers on the big

occasion. He's back. The Maroons

usually have plenty of support at

Suncorp, not when it is the

nickname of Qatar's national

football team, and the autsy team

had plenty to cheer about when Tim Cahill Cahill was brought down. Brett

Emerton did the rest. Comment Brett

Emerton scores Australia's second. Brett

Brett Emerton all but confirmed

victory with Australia's second. COMMENTATOR:

COMMENTATOR: Across goal and into

the goal. Josh Kennedy made it four

to complete a dominant Socceroos

performance. Josh Kennedy does have

his goal and Australia have four.

The boys put fantastic balls in the

box and in the air and they used

it well and that's one of our

strengths and it paid off tonight.

The Kangaroos have delayed naming

a replacement for injured centre

Justin Hodges because selector Bob Fulton

Fulton is uncontactable because

he's on a pig-shooting House of

Lords day a decision is said to be Lords day a decision is said to be made today. The foreign teams have

started to arrive in Sydney for the

World Cup. Ireland has with them some players.

players. Sure, it's only players. Sure, it's only slagging,

it's a name and I'll always have it.

I've no idea what they're talking

about. Scotland touched down this

morning. There was a joke in there

somewhere! Another check of the

markets now.

US stocks have slid again amid the

worst retail figures in three years and fears a recession is

unavoidable. The Dow Jones is down

534 points and the NASDAQ is down

108. Negative growth fears hit

Europe. London's FTSE fell 7.2% and

Germany's DAX dropped 338.

Ourp market is in for another tough

day with the SPI currently down 215 points. In other news, European

leaders have gathered in Brussels leaders have gathered in Brussels

to discuss the global financial

turmoil. French President Nicolas

Sarkozy who is chairing the EU

talks is trying to get all 27

leaders to sign on to a plan to

shore up the banking sector,

similar to a bailout package

adopted in the UK. British Prime Minister Gordon Brown is also

attending the talks. The proposal

involves each country putting up a

total of $2.3 trillion in

guarantees and emergency aid to

help financial institutions.

The wealth of Australians has

suffered its biggest fall in nearly

18 years. Tumbling share prices

and a stagnant property market has

seen wealth drop from 3.6% from

September last year to June. It's estimated the average Australian

now holds just over $237,000 in

profit, shares and assets, down profit, shares and assets, down

$12,000 over the past nine months.

And briefly, Rio Tinto has been forced

forced to delay major projects due

to the global credit crunch.

Australia Post has recorded a record

record profit of $432 million, an

increase of 8%. And JP Morgan posts

a better than expected profit.

Now for a look at the only numbers

which are not tumbling this morning:

checking the newspaper front pages

now, the 'Daily Telegraph' has more

on a Sydney father who was killed

when an alleged street railser's

car collided with his van at high speed.

Business Day says weaker market

conditions may force mining giant

Rio Tinto into further merger

talks with rival BHP Billiton. talks with rival BHP Billiton.

The Australian reports that Kevin

Rudd will go after banks and

financial institutions that financial institutions that pay

executives bonuses without

delivering results.

Another James Bond has been

immortalised in wax. We'll ale

tell you who it is when the Early

News returns. LOCAL NEWS, THIS MORNING, THE LIBERALS DENY DOING A BACK-FLIP, But first, A judge has described a stabbing at Red Hill last week as a 'drug deal gone wrong'. A 24 year old woman has been refused bail over the attack, which left two men with stab wounds to the chest and leg. Lynsay Vincent's application for bail was refused, because the judge feared she would try to interfere with witnesses. Liberal leader Zed Seselja has denied the party's done a back-flip, after adopting LABOR'S health policy, with only three days until the A-C-T election. It comes after Chief Minister Jon Stanhope highlighted a three hundred million dollar hole in the Liberal's budget. But the party is still committed to G-P

superclinics and and elective surgery super-theatres. An autopsy will be carried out today on the body of a man found in Kambah on Monday. The man, thought to be in his 60's, was found between AND IT'S GOING TO BE WARM 23 DEGREES IN DUBBO TODAY, CLOUDY IN WOLLONGONG, WAGGA AND BEGA AND A TOP OF 17 IN ORANGE. INLAND NOW... AND A SUNNY DAY AHEAD FOR BATHURST AND GOULBURN...STILL CHILLY IN PERISHER A TOP OF 11 THERE... CLOSER TO THE COAST AND A TOP OF 21 FOR BATEMANS BAY AND 19 FOR BOWRAL. BUT CHASING 22 ...A TOP OF 24 IN PARKES TODAY...AND THE WIND IS STILL HOWLING IN THREDBO AGAIN TODAY. HAVING A LOOK AHEAD NOW FINE AND SUNNY IN THE CAPITAL TOMORROW...AND AN

This program is captioned live.

This is Ten News. Today's stories,

the Federal Government accused of

acting too slowly on the financial

crisis as Malcolm Turnbull makes

his first televised address to the nation.

Heavy losses on global markets

overnight. US stocks plunge after a

Federal Reserve chief declares the

US economy in recession.

And it's official - Madonna and Guy Ritchie set to divorce after nearly

eight years of maerpbl.

But first, Malcolm Turnbull has

slammed the Government, accusing it

of missing the warning signs of the

looming financial crisis. The

Opposition leader delivered his own

national address last night as

Kevin Rudd assured borrowers, his

rescue package will not stop

further interest rate cuts.

The United States slipping into

recession is having flow-on

effects everywhere. The Prime

Minister lashing out at those who

caused it. Obscene failures in

corporate governance which rewarded

greed without any regard to the

integrity of the financial system.

But, he's hoping that billions of

dollars in one off payments to

pensioners and familys will help

Australia power through the

international financial crisis.

The Opposition is pledging

bi-partisan support, but when he

addressed the nation, Malcolm addressed the nation, Malcolm

Turnbull couldn't resist taking a

swipe. With

With the benefit of hindsight,

governments should have acted a lot

earlier. Regrettably, Mr Rudd's

Government missed the warning signs

tep beginning of the year and talked up

up in flaigs. In the domestic

rescue package, they talked up the increase

increase of payments to first

home-buyer, but that's contrary to

last year. We don't want to start

handing out more lump sums, because

in the past, that's had an

inflationary effect. Now inflationary effect. Now they're singing another tune. The Government

Government says that's because

times have changed. Why, because

the economic circumstances were

different at the time. Fears of a recession have gained

momentum in the US sparking heavy

losses on Wall Street. The DOW

dropped more than 300 points at the

open. European markets also

suffering heavy losses. Meantime, President

President Bush is trying to ease

concerns about the latest plan to

spend $250 billion on shares in the

country's biggest banks. These are

extraordinary measures, no question

about it. And they're well thought

out. They're necessary. And I'm

confident in the long run, this

economy come back. Latest sales

figures also added to Wall Street's

woes. Retail sales have suffered

their biggest drop in three years. And with the latest from the

markets, I'm joined now by Alexis

Christoforous in New York. How is

Wall Street looking just before the

close? Pretty dismal infourth

thatly. We've been lower all day

and that sell off is gaining momentum as we near the close. The

DOW is down nearly 600 points.

Basically, the market keeps getting

bombarded with bad news and I think

Wall Street believes that Wall Street believes that the recession train hals left the

station. There's not much we can do

about it but to ride it out. As about it but to ride it out. As you

said, retail sales, the biggest drop

for three years for the month of

September, and the consumer makes

up 70% of our economy, so when the

consumer says, you know what, I'm

sitting this one out, we've got

really big problems. We also are

not seeing the loosening up yet in

the frozen credit markets with all

the steps that global governments have

have made to try to make that

happen. Banks are still hoarding

cash and not wanting to lend. So

all of this coming together. Even

though we had some better than

expected earnings news from big

names like Coca-Cola and Intel,

even some of the biggest banks, they

lost money, but not as much as

first expected. All of that taking

a back seat to now what Wall Street

believes is a recession at hand. This time yesterday, there was a

bit of a blip on the European bit of a blip on the European radar,

but today, the markets are also

taking a hammering? Yes, and in

particular in London, the FTSE particular in London, the FTSE 100

fell about 7%. There's a rise in UK unemployment, and they too unemployment, and they too are

worried about a global recession.

Alexis Christoforous, thank you for

that. And Ellesa will have the rest

of the finance news a few minutes.

In the meantime, a storm has cut

power to 30,000 homes in Brisbane.

Lightning and torrential rain

dumped 60pm of rain in the city's

north. Thousands of lightning

strikes were recorded and the storm

caused the delay of the Socceroos

World Cup qualifier to Qatar. Power

to homes and businesses has been restored.

The family of a kayaker missing off the Victorian coast fears he may

not have survived. Rough seas have so

so far hampered the search for

39-year-old David Scheen who never

returned from a 20km paddle returned from a 20km paddle on

Monday. His life jacket and broken

kayak were later found. Every hour

that goes past it gets harder and

harder and we are realistic people.

Crews are hoping that Crews are hoping that conditions

will ease just enough to allow

boats to join the search.

Presidential hopefuls Barack Obama

and John McCain will go head to

head for the final time today, the

last debate of the campaign. This

debate is crucial for McCain. He

trails his democratic rival by 14

points in the latest poll, just

three weeks from the election.

John McCain has to do something and he

he has to change the conversation,

but having a strategy and being

able to carry it out are two

different things. The financial

crisis is again likely to dominate discussion. Both candidates

expected to talk up their own proposals. proposals.

Firefighters have gained the upper

hand in the battle to contain

deadly wild fires in southern California. Thousands of acres have

been blackened and dozens of homes

and billss gutted by the blazes.

Desert winds which have fuelled the

flames have now weakened, allowing

crews to contain most of the fire

that's been burning in the San fern

nand owe valley. The Los Angeles

mayor say it is is unclear when

thousands of residents can return

to their homes. After months of speculation, it's

been confirmed that Madonna and her

film director husband, Guy Ritchie,

are headed to the divorce courts.

The celebrity couple splitting after

almost eight years of marriage.

The premiere for Guy Ritchie's new

film just a few weeks ago. A show

of support is vital. They smile for

the cameras but, does it all the cameras but, does it all look

just a little forced? Earlier the

same evening, his discomfort in

front of reporters is clear. No

more adoptions. You'll have to

speak to my wife about that. She

wears the trousers. And that

apparently has been part of the

problem. Reportedly, Madonna's wish

and his reluctance to adopt another

child after David Banda has caused

friction in their relationship in

the last few months. Today's announcement ends fevered

speculation about their marriage.

The 50-year-old singer, the most successful female artist of all

time is currently in America on a

world tour. Her career has

continued to soar during their

marriage, while until recently,

Richie's has done the opposite. Guy

Ritchie may be bored of the media

circumstance us around his wife,

but between them they have a

fortune of $300 million. $20 million

million of which is his contribution. That lawyers say contribution. That lawyers say will

affect any divorce settlement.

Australia remains unbeaten in the

final stage of World Cup qualifying after

after thrashing Qatar in Brisbane.

Kick off was delayed by almost an hour after the severe electrical

storm, but it took Tim Cahill just

eight minutes to give the Socceroos

the lead.

COMMENTATOR: Towards Kennedy and

helps it on, Tim Cahill. He always

delivers on the big occasion. He's

back. Brett Emerton converted a

penalty soon after, and then grabbed his

his second goal. The Australian's

third after the break. Josh Kennedy

headed another goal with 15 minutes

Fast bowler Brett Lee has fired

back at India's claims that

Australia can not take 20 wickets

and is under pressure ahead of the

second Test in Mohali. Indian bowler Zaheer Khan questioned

Australia's reserved tactics after

the drawn first Test, but Lee was

quick to set the record straight.

We always play to win, we always

play to try to go and win a Test

match. Lee, who took just two

wickets in Bangalore says patience

will help to deliver the victory

and believes the two team's frosty

relationship won't be going away

any time soon. If you take away all

the passion from the game, well

then, you know we aren't playing

tiddlewinks. Stuart Clark is likely to

to take part tomorrow.

Stage three of the Jayco Herald Sun

Tour, former Tour de France winner

Baden Cooke was first to cross the

line, but he had to survive protests from three teams after a

late move to stay on course. I went

to go left, and then I saw the

finish line on the right, so I had

to cut back. And I still had enough

gas to win, but only just. Stuart

O'Grady maintains the overall lead. Let's go back to finance though,

and Rio Tinto hit by the credit crunch? crunch?

Yes, it is not looking good for

them. Their defence against BHP

Billiton's hostile take over bid

has weakened. The miner revealing

it is likely to delay major growth

projects in asset sales due to the

downturn in financial markets.

Despite reporting solid quarterly

figures, Rio said that there was a

reduction in demand for comien ease

commodities. -- commodities.

Leaders from 27 European countries

are meeting in Belgium to discuss

the global financial turmoil.

French President Nicolas Sarkozy is chairing the EU talks and is

urging leaders to agree to a bank bailout plan similar to that

adopted in the UK. British Prime

Minister Gordon Brown is also

attending the talk. Stage two is to

make sure that the problems that

developed in the financial system,

problems that we know started from

America, that these problems do not

recur again. Under the EU plan,

each country will put up a total of

$2.3 trillion in guarantees and

emergency aid to help the banks.

And Bill, that's finance news for this morning.

Thanks. The stars of the latest

James Bond film have been immortal

ietzed in wax. Daniel Craig and defrpblgdefrpblgdench who continues

her role as M have taken centre stage.

stage. The new waxworks coinside

with the imminent release of the

latest Bond film, 'Quantum of Solace'. Let's check the weather now around the nation:

now, recapping this morning's

stories, the financial

rollercoaster ride conditions. US

stocks plunge nearly 6% on fears of a recession.

Opposition leader Malcolm Turnbull

accuses the Government of acting

too slowly on the financial crisis

in the first televised address to the nation.

And confirmation this morning that

Madonna and husband, Guy Ritchie,

are to divorce after nearly eight years of marriage.

That's it for the Early News. Good morning.

Supertext Captions by Red Bee Media