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Live. Good morning,

Good morning, welcome to

the program. In business

today -last chance. Chrysler

heads into what is hoped to

be a short bankruptcy. In

demand - the health stocks

set to get a boos from the

flew fears. Outback Odyssey t

latest trend in adventure

tourism. First let's look at

the markets - regional

the markets - regional

markets may follow US markets

lower after Wall Street

closed down. Yesterday there

were stroply higher. The

Nikkei gained 4% boosted by

reports that Honda will post

a modest profit while

Australia's ASX200 put on

more than 2.25% after a

rebounding banking.


For more I'm joined by

Amanda Tann from St George.

Wall Street closed mixed?.

Yes, we saw the S&P and the

Yes, we saw the S&P and the

Dow Jones down slightly by

0.1% to 0.2%. The Nasdaq

managed to end slightly

higher in the black. Overall

we saw that we did see some better-than-expected earnings

results in the US. We saw

some encouraging US economic

data such as that on initial

jobless claims which is a key

indicator of the US labour

indicator of the US labour

market and this limits losses

but then we saw news that

Chrysler has filed for

bankruptcy and Exxon Mobil

posted its largest profit

drop since 2002 and this

dragged US being which is the

slightly lower. But the FTSE

had a good day's trade then?

Yes, the FTSE indeed had a

good day's trade in

yesterday's session up by

more than 0

1%. The FTSE gained on the

back of earlier positive

offshore sentiment. We had

sent prior to the opening we

suggested pace of decline in saw the US economic data has

the US economy could be

moderating and the US Federal

Reserve had noted that there

were signs of stabilisation

in US household consumption

spending and that the pace of

decline in the US economy

could be moderating and the

FTSE gained on the back of

this Can you tell us how you

expect regional markets to

perform today then? Slightly

poorer offshore sentiment in

the US in particular could the US in particular could

markets. The cap gains in regional

Domestically the miners

could gain on the back of

higher base metal prices. We

saw a good gain in copper

prices and this could support

the miners and offset more

offshore sentiment Oil and

gold I believe are travelling

indifferent directions?

Yes, the price of gold dropped by Yes, the price of gold has

$12 US. The price of gold

has dropped on the back of a

lightly stronger US dollar.

Oil however is a little

change from 24 hours ago. It

has been supported by recent indicators suggesting that

the pace of the decline in the overall the overall global economy

could be moderating. Let's

take look at what is

happening with currencies and


Even though it is

bankrupt the real battle for

liquidation which would mean Chrysler is to avoid

the end of America's

third-largest car-maker and a

loss of around 40,000 jobs.

The company is seeking court

approval for a partnership

with Italy's Fiat. US

authorities hope Chrysler

will be in bankruptcy for

only 1 or 2 only 1 or 2 months but there

are no guarantees. Cries

case's been at the heart of

the US motor industry since

the 1920s with names like

Dodge and Plymouth featuring

large in the American dream.

30 years ago it took a leader

to save the company from

disaster. If you can find a

better car buy it But now

Chrysler is making history for all the wrong reasons. for all the wrong reasons.

When Chrysler laid the

foundations stone of the

majestic Chrysler Building

shortly after the company was

founded it symbolised the

enthusiasm of a new industry.

Now 80 years on Chrysler has long moved out of the

building an is filing for bankruptcy in the city a

Chrysler suffered huge shadow of its former self.

Chrysler suffered huge losses

because of a collapse in car

salesnd a failure to in oh straight but its bankruptcy

was triggered by a small

group of lenders who refused

the agree in a big cut in the

amount of money the were

owed. President Obama

not stand with them, I stand condemned their actions I do

with Chrysler's employees, their families and

communities, I stand with

cries case's management,

dealers and suppliers, I

stand with the stand with the millions of

American whose own and want

to buy Chrysler cars

Bankruptcy is not as scary as

it sounds although production

will hall for now Chrysler

will be supported by more

Government money but will

customers remain loyal? Bankruptcy is scary if it is

a liquidation and people are

being sold off but in

Chrysler's case it is a very

structured, simple -

basically for the court

proceedings to fight the

lenders The Government hopes

a leaner Chrysler partly

owned by Fiat will shortly

emerge from bankruptcy but it

still has the sell cars at a

profit. The share market is

in the process of working out

which companies will benefit

from a possible swine flu

pandemic. Health care-elated

stocks have enjoyed renewed

support as investors bet on

increased demand for their

Health Organisation may be goods and services. The World

wearing of a disaster which

could claim countless lives

but investors are focusing as

always on the bottom line.

That bottom line is companies

in health-related fields may

do very well out of swine

flu. The market is playing

its classic short-run voting

machine-type roll where there

has been a immediate reaction

to the news on the pandemic

coming out Among the

health-related stocks to

stand out - With an

anti--flu drug already on the

market it is no surprise that

Biota has been the focus of

investor attention as it

races to find an anti- dote specifically for swine flu

It would be a clear Ben

fishery in them of having a

drug ready and available being able the increase

production through its

partners of that drug For

blood plasma products maker

CSL the surge in worldwide

demand for antiflu vaccines

has come at a very good Tim

as it diversifies into the

vaccine market I did not

believe they will be able the

make more vaccine the deal

with this crisis but their core vaccine core vaccine business will be

boosted by the public

awareness around flu issues

Others are trying to develop

a vaccine but if they are not

able to stop the swine flu

spreading to large numbers of

people other parts of the

health care industry will be

called into play If the

swine flu causes severe

disability and illness then

the private hospital

operators will be

beneficiaries, the path only

give companies that do tests

for illnesses will be

for illnesses will be beneficiaries Such as

Primary Health and Health

Scope. One company which

missed out on much of the market's enthusiasm for the

health sector was the truld

Australian Pharmaceutical

Industries. Its shares rose

2% on just 1 cent despite

unveiling a 9% increase in

first-half andings. As well

as Price

as Price Line the company is

involved in wholesaling and

manufacturing. But in dollar

terms net profit was just 6.7

million on sales of 1.7

billion. You are talking

about a net profit margin of

4/10 of 1% which is extremely

slight in any business A

small consolation for API is

that if swine flu does take that if swine flu does take

hold in Australia it will be

selling and delivering much

of the vaccine and other

products used to fit the

pandemic. The timing of the

renamed H1N1 virus could not

be worse with the global

economy deep in recession and financial markets still

fragile. Australian businesses like many

throughout the region are now

being encouraged to review or

implement a pandemic plan. 11

countries have confirmed

cases of the H1N1 strain. The

virus is yet to officially hit Australian shores but

businesses here are being

encouraged to prepare for the

worst. Every business will

be impacted. This is

something that has been

articulated by the World

Economic Forum as a global

risk for some time. The

occupation health and safety

legislation covers physical

harm and illness that

contracted at work so that

employers of all kind have a

positive obligation to take

pro-active steps to make sure

that their employees are not

exposed the the risk of of

contracting that disease

through their work activity

Analysts warn that businesses

could be forced to operate

with only half their work

force. You get some

shutdowns of community,

shutdowns of society, they

call it social distancing

programs in order to I leave

aide the contagious effects

of the disease. They can be

economically brutal. If you

have a slowdown people do not

congregate, they do not join high-rise high-rise buildings, public

transport shuts down, all

sorts of ways people get

together socially or for

business reasons have to come

to a halt While considering workplace action businesses

need to check insurance

policies cover a worst-case

scenario all employers are

covered. To the extent that

someone contract at ill this

proven to be work-related and

work is a substantial

contributing factor that illness ought illness ought to be covered

by workers compensation insurance But for countries

like Mexico there is no

insurance policy for lost national output. In an attempt the limit the spread

of the virus schools, restaurants, nightclubs and

public event have been shut

down an Mexico's president has ordered the closure of

all non-essential businesses

There is certainly a big risk

here for Mexico and there has

been some talk they might be been some talk they might be forced to go to the International Monetary Fund

or the World Bank the get

additional funding to see it

through this crisis. Authorities continue

to urge calm and analysts

like Shane Oliver say the

lessons learnt a if the

outbreak ever SARS and bird

flu mean the world is better

pea paired to act. Exxon

Mobil mass posted a sharp

decline in quarterly profit decline in quarterly profit

because of the sliding oil

price. Net profit for the

first three month of the year

fell 58% to $4.5 billion and

the price of crude oil has

averaged less than $50US a

barrel this year town from a

record high of $147 last

July. Adding to costs the

company has increased its

capital and exploration

ex-pin difficult tour by 5%

in the quater. It is the worst prult for the worst prult for the world's

largest publically traded

company in five and a half

years and is significantly

below analysts expectations.

In corporate news Japan's

Cannon has raised its earn

ins out like by 12.5% to $1.2

billion as it cuts costs an

benefits from a weaker yen. benefits from a weaker yen.

The outlook comes after a

slump in demand for copiers

and printers knocked the

quarterly profit by 8%.

Business are not updating

their old machines due the

global economic crisis This year's biggest offering has

failed to live up to

expectations largely thanks

to swine flu fears. Wan

Holding raised $1 billion with shares at the with shares at the bottom of its range. Its shares will

hit the board of the Hong Kong Stock Exchange next

Friday. Looking to raise

capital is Australia's

Macquarie Group. Shares have

been placed in a trading halt

ahead of announcement today,

it is due to unveil its first

drop in annual profit for 17

years. Japan's Prime Minister

has for the first time raised

the prospect of a free trade

agreement with China.

agreement with China. The

idea was float of a bilateral

deal. Trade between the

region's two largest

economies rose 13% to $266

billion last year. Trade was

not on the agenda with the

Chinese Premier but this was

agreement for cooperation on macro economic issues to

combat the global combat the global economic

crisis. TRANSLATION: More

specifically we confirmed in

the first place it will be

important for Japan and China

as the second and third

largest economies in the

world the build on the

discussions of the recent

London summit and I think it

is important we did our it

most with the our domestic

policy centreing on domestic

expansion in order for the

Asian and the world economy to

to recover. Mr Aso called on

business leaders from both

countries to device more ways

of forging joint projects.

In these difficult

economic times whether you

have retained your job or

have been made redundant the

question of work is at the

forefront of many people's

forefront of many people's

minds. In his new book The

Joy and Sorrow of work shall

the author has found one of

the by-products of the

contemporary work police is the feeling of dislocation

and loss of meaning. I spoke

to him and ask how does one discover the purpose of work

when it is lost One of the when it is lost One of the

things that makes the modern

world so special is the scale

of enterprises, employing 10,

12, 20,000 people. Never bifn

history has that happened. I

discuss management theory. In

the old days motivation was

simple. The only way you

needed to motivate people was

the hit them harder. When people people were heaveing stones

out of a quarry or sailing a

ship across the Aegan Sea

that is all you needed to do

but nowadays companies and

corporations need to make

their workers feel involved

which has given birth to management theory but people

in large corporations

sometimes say "I have a good

salary but somehow I have a

problem of meaning, my job

does not feel meaningful?"

And what does that mean? I And what does that mean? I

think all of us have a desire

to touch other people, the

make a difference the

somebody's life and all economically productive

activityat some level make a

difference the people's

lives. It is just very often

in large organisations you

can not see that meaning

because you are so far

removed. Imagine if you are

in the reinsurance business t

back office, inform are the

car industry, in a way you are doing something useful

because you are helping people get back on people get back on their feet

after a car accident which is

a very nice thing with a real

human impact but you have so

far away that source in the

back offers your job can seem

like you are not seeing the

point so that is one of the

themes I discuss in the book

Would you contribute a rise

in say depression to this

type of work system? I was

very ready when I wrote to

book to be quite sarcastic

about the management theory and the HR

and the HR business et

cetera. Then in each of the

chapters I hang out with a

particular corporation or

industry and one I went to

see what the world's second-largest accountancy

firm and I hung out with

their HR department: I was ready to be slightly

sarcastic but I realise it is

the first time in history we

have 10,000 ambitious people

in a glass in a glass tower working

together and how do you stop

them killing each other! It

is the job of the HR

department toment harmonise,

they have set up an anti-

bullying program and hand

holding, sound a bit cheezy

but it works. Hope was the

place associated with

kindness and the workplace

exploitation but I remember

coming home from this large

accountancy firm at 9 in the evening, my evening, my wife and I would

start to throw the plates at

each other and I would think

where is the HR department,

where is the 24-hour

anti-bullying hot line so it

is like private life needs those tools business has been

forward pushing on its

employees We work in interesting times. Do you think there is too much

choice when it comes to

consumption and this

contributes substantially to

things like status and

anxiety and those sorts


Yes. We live in a very tough

world dish discuss this in

the book which assumes you

are your job. When you meet

somebody and says "What do

you do?" You will have an

answer that tells you what is deep inside that person. In a

way that is nice and in a way

credibly anxiety-producing

because 78 of us do not feel

like our jobs. We plan to

have dreams which get

quashed. Politicians on left

and right believe in creating

what they call a meritrocratic society where everybody merits their

success so those at the top

deserve to get there. What

they never talk about is that

if you deserve to get to the

top, surely if you to go the

bottom you deserve to be

fired. You are a loser. That

is why societies that believe

thin have that horrible word

"Loser" a word we know in the

US. So there is this

atmosphere where everybody is

totally individual and if you

succeed you are great and if

you fail what is there? Bit

suicide! That is why rates of

suicide are very high in the developed world because

people feel so responsible

for their success and their

failure so I think we need to

take a step back. Religion,

I'm not a religious guy but

there is a lovely thing Saint

Augustin said "It is a sin to

judge anybody from their post

in the world. Only God can do

that on the last day of that on the last day of

judgement" a mad idea! But there is something in there

you cannot tell, by looking

at somebody's business card

you cannot tell what is

inside them, you to a I ply

other criteria and we forget that in the press of the

business day when it is all

about who is going up, down,

who is on the business card,

we need to take a distance

and realise that people are

not just their jobs I heard

an interesting analogy about the

the current economic crisis.

Somebody said it was like

when a tree gets chopped down

the light is allowed the

flood through an spring up green shoots of opportunity. What would you say about

that? That said there is

something absolutely tragic

about not working. I think

human beings are working

animals. We gain such a lot

of self respect and

satisfaction if doing

something. You only something. You only have to

did a - spend a few days at

home sick and you start the

itch almost like an athlete

wants to run. We want the

transform - I think the

deepest impact of work is to tons form the world and in

some ways order it. The most

basic work is doing the washing-up. At home with a

pile of dirty dishes, you do

them all and by the end you feel a satisfaction, I have

brought a bit of order to the

world. I think the most satisfying satisfying jobs always have

that washing-up aspect to

them even if you are sorting

out a company, re-organising

a data system you are taking

the primal Che cross of life

and putting it on the right

shelf and we need to do that.

We ordering animals and it is

beautiful seeing people at

work. You cannot help but

respect them when they do

that which is the real

tragedy of unemployment.

It is one of the few

unforeseen positives to

emerge from the global

financial crisis a new report

shows that rush hour

congestion in America's

largest cities has reduced significantly. The main reason appears to reason appears to be

unemployment rising and fewer

people travelling to work. In

Atlanta where for years the

freeways would turn into

parking lots during rush hour

traffic congestion is down by

36%. A health care administrator says see sees

the difference every day. How much have you evidence a over the past year or over the past year or two in

time? I think the drive is

10 or 15 minutes less within

it used to be A state trooper says he believes the

roads opened up when the

economy headed south I think

the cause has been the

economy and more people work

fringe home In Atlanta they

are not alone. Since last

year traffic con guess is

down 16% in Houston, 24% in LA and down

LA and down 25% in New York

City. Some cities have even

seen it drop off by 50% or

more. That has meant clearer

sailing from San Francisco to

the suburbs of New York Not

too bad These new figures

were crunched by a company in

Washington state that studies

traffic. They found 600,00

drivers who agreed to carry GPS units and GPS units and they tracked their stops and starts over

80 0,000 miles of road.

Across the country the

results were dramatic.

Overall a third less

congestion and 3% fewer cars

on the road since summer of

last year. That is when high

gas prices first spelt

trouble. Part is commercial

traffic. Obviously a

deteriorating economy means

less vehicles on the road less vehicles on the road delivering freight and

product He believes the

congestion will continue the

east for sometime. The

recession he says is ruling

the roads. In Australia's

north the push is onto

capture domestic tourist

numbers as overseas visitors

dwindle. What is on offer a

driving add convenient tour

as scenic at the Great Ocean

Road and the Nullabor Road and the Nullabor

crossing. Australia's only transcontinue then natural

drive. It covers 37000

kilometres and goes through

some of the most beautiful

country in the world but it

is not known as one of

Australia's great drivers We

want to be in one of the top

three touring theme drives in

Australia, we are No 10 From

Cairns to Broom the Savannah Way

Way takes travellers to

remote Aboriginal

communities It may be a

river cruise a nature walk a

bushtucker walk or cultural

displays But travellers

claim there is poor

accommodation, no mobile

coverage and bad roads A lot

of people are not interested

in a sealed road, they are

about getting to the Outback

It is thought to be another

part of the tourism industry

economic that can thrive in tough

economic times A lot of people are turning the

camping rather then going

overseas Experts say

planning and research will help It is not a spike than

a graph, this is something

this will be ongoing so our

planning and preparation and

research that needs to be

done to get us out of this

situation is unprecedent

Chris Flynn says the tourism industry needs to think about the global the global economic crisis

like the space race of the 60

and develop an apoll you

program of its own to buns

back stronger than ever The

'Financial Times' says a

global rally in stocks

yesterday was powered by

solid gains in Asia and hopes

the worse of the recession is

over. The 'Wall Street

Journal' looks at why US

bankruptcy after failing to car-maker Chrysler filed for

reach an agreement with

creditors. That is all for this edition of Business creditors. That is all for

Today. If you would like to

look back at our interest

sues please visit our web

site. We look forward to

your feedback. I'm Wittney

Fitzsimons, thank you for

joining me of enjoy your day. Closed captions by CSI