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Live. Could have been worse -

the stock market weathers the

US downgrade. So do you think

your superannuation will take a

big hit? It already has and it

looks like it may take more. Faz's forest takes a chainsaw to yesterday's

peace deal. . Picking winners -

what are the safe havens

bailing out of the stock market. I think investors need

to go in with their eyes open.

There is no such thing as a

free lunch here. And the

Australian war hero nicknamed the White Mouse dies in London

at 98. In my humble opinion,

the only Goodger man was a dead

one and the deader, the better.

Hello and welcome to ABC News

across Australia. I'm across Australia. I'm Ros

Childs. Hang onto your hat for another markets. Much of the financial another rough ride on the

world has been waiting for Australia's stock market and

markets in Asia to open. This

time zone is the first to react

to America losing its topnotch

credit rating overthe weekend, the first time in history that

that's happened. Let's check

the damage and the All

Ordinaries is 25 points lower. The Nikkei is almost

and the dollar is 104 US cents.

All this, of course, comes

after billions were wiped off

global share markets on Friday.

To Craig James who is the chief

economist with CommSec. It is a

bit like a tsunami watch but it

seems we haven't been hit with

another big wave Yes, investors

have taken the shock and

decided to move on with life.

This might be a bruise to the

practical American ego, but in a

really mean too much for the US

economy, doesn't mean too much

for the global economy. So

things are stabilising, but are

you expecting a rough week,

still problems with Europe, of course? The European certain

electoral banker has come out

and made some statements today saying they will be buying

Italian and Spanish bonds. That

is soothing words and hopefully

support that will provide a degree of

support for the markets later

Reserve stands ready. So we're tonight. Certainly the Federal

starting to ee the US and European authorities starting

to provide the comfort that's

required by invest ors. This has been very has been very much a

panic-selling episode and you

do need to have the authorities

standing by, providing the

degree of support that's

required. But it just shows how

are out fragile the sentiment things

these are difficult times. It's are out there? Well, certainly

uncertain in terms of

debt levels but what Standard &

Poor's has made clear to the US

authorities, stop mucking

around. It's time to stop

playing politics and start

American people and start working in the interests

working in terms of the global community. Now for every

downside there is an downside there is an upside.

The downside we heard of money

with uponny in super and shares

lower interest hit badly. Here can we expect

lower interest rates down the perhaps? Well, that certainly track and lower oil prices

is a possibility. If this

continues to go on, confidence falling and share markets affected. Simply we have our

ammunition at our disposal to

cut interest rates, certainly

the Brits, Americans really

can't do. The fact the oil price has gone down

substantially, that is good

news for motorists and the fa kt that kt that our share market is at

lower levels does mean that the

bargain hunters can starting

picking around for the stock

that have been badly beaten up and bargains. Craig James, thank and pick up some

you. Thank you. Americans are

waiting to see how the credit

markets downgrade will affect their

markets when they open later

tonight. In the meantime,

Republicans and Democrats have

both been playing the blame

game. Lisa Millar reports from

Washington. The US markets are

the most experienced economists dented downgrade, but some of yet to react to the

expect the slide to continue It

has hit the self-esteem of the

United States, the psyche and

it is having a much profounder

have happened. Many regard the effect than I conceived could

downgrade largely symbolic.

Even the ratings agency that

made the more has questioned

the impact Based on historical

that experience, we wouldn't expect

of higher interest rates, for

warns example. But Standard & Poor's

warns there could be another

downgrade within two years downgrade within two years if more isn't done to solve the more isn't done

deb problem A one in three

blaming each other. I believe chance. Both sides are now

this is without question the

Tea Party downgrade. This is

the Tea Party downgrade because

a minority of people in the countered the will of many House of representatives

Americans and the Republicans

President never came forward in the Senate. The fact is the

with plans. I was gratified to

hear he had plans but never a

specific plan . It is the

President who has the most to

loose F the recovery does not

pig up speed, Republicans will

make the 2012 election a referendum

referendum on his economic

leadership. As he returned from

a weekend away at Camp David,

but he will be bracing for what the President

will be a rough week ahead. The

turbulence on the share markets

has been rattling a few nerves amongst investors and that's especially the case closer to the end of their careers than the beginning.

Here's a sample from the

the market opened today. We streets in Sydney soon after

think we're going to change our

strategy in superannuation and

get out of shares and go to

cash. REPORTER: Do you think

big hit? It already has and it your superannuation will

looks like it may take more

Does that make you

worried? Very worried, yes. Especially when you're a

self-funded retiree and there

is no other money coming in. I

think it is a bit scary at the

moment. The whole world has too

much debt. We need to cut down

the debt and Governments need

to look at that and companies as well. REPORTER: Are you worried

superannuation? Oh, for sure. about how this will affect

All of us have money going into

it. It affects all of us long

term. Thanks to compulsory super, every Australian super, every Australian worker

is affected by the stock

market's mood and until last

Friday super funds have been

gradually clawing back lost

value after the GFC hit in 2008. The market ructions have

tested the nerves, especially

of people who are already

retired and living off their

super investments. Pauline

Vamos is the CEO of the

Association of Superfunds of

Australia and she joins us now.

We just had a snop shot there

of people worried about their

superannuation. How badly have the funds been affected? We're not

not entirely sure, yet but

people have to remember that

the vast majority of workers

are in what are called balanced

funds. They do have a bit of

money in the stock market, but

they're also invested in a

large number of other assets and even most of the money is in Australian Stock Exchange and

the fundamentals of the Australian economy are stre

strong. But there are two super

scenarios, aren't there - people who are people who are still working

and paying into a fund and then

there are those who have

already retired. Yes. And it is

the latter category who are

worried now? Look, there was worried now? Look, there was no

doubt that people very close or

in retirement are going to be

the most concerned, but we to understand that people are

retired a long time, so if you

are close to retirement or in retirement, think about the

money you need immediately, in

the medium term, three to five years, and then in the longer

term. Clearly what you do with

those parcels of money that

have different time horizons is

going to be different. It is an

important time to get advice.

It is an important time to

speak to your adviser or your

superannuation fund to see what is

your money is invested. Alright. Pauline

Vamos, we have to leave it.

There thank you very much for

joining us Thank you. The ink

is barely dry but Tasmania's forest peace deal is already

under threat. The forest

industry has withdrawn its

support for the agreement

because of last-minute changes

sought by the Greens. The industry says some clauses guaranteeing security for

logging companies in the draft

agreement were not in the

document dined signed yesterday. Terry Edwards is

chief executive of the Forest

Industries Association of

Tasmania and he joins me now

from Hobart. Terry Edwards, you

say some clueses have been

removed from the deal that is

going to Parliament to become

law. What do those clauses say? The primary clauses that

have been removed are those

that offered resource security

to the industry-the-draft

agreement we saw on Thursday

night offered legislative

security for all forms of wood

supply to the industry, and that has been Thursday night and Sunday. But

other forest industry groups,

including the construction

forest mining and energy forest mining and energy union, as well as some forest contractors themselves are

still backing this deal. They

say it's their best chance to

deal with the market changes

that are hitting the industry. They're still happy with the

way things are, but you're not? That's exactly right.

Those two groups both stand gain significantly on behalf of

their members by the initial

$85 million contract or

employee assistance program, and their views are being dominated about I that

short-term assistance. The

views that we're expressing are

about the industry that will

remain after the withdrawal of

Gunns from the Tasmanian native forest sector, and we're

seeking secure resource supply

to those businesses, so that

they can invest employ somewhere in the

vicinity of three and a half to four thousand Tasmanians. So you're withdrawing your

support. Are you prepared to scuttle this scuttle this deal that has been

15 months in the making and was

meant to end 30 years of

conflict? Well, to be quite

clear about that, we're not

withdrawing support. We would

be more than happy to follow

through on agreements that we reached

reached as part of that 15-month negotiations process,

but that agreement has last 72 hours. We've never offered support to the

agreement that's framed in the

current way this one is, and

are we prepared to scuttle agreement? Yes, we are, and we

will be lobbying the

Legislative Council here in

Tasmania to ensure that no part

of this agreement becomes

law. So could you bring this

deal down in the Upper House by continuing to oppose it? Well,

I don't want to prejudge the

position that might be adopted by by the Legislative Council, but

if we're successful in lobbying

them not to support the

legislative change that will be

required to underpin this

agreement, then, agreement, then, yes t will bring the agreement down, and

we make no apology whatsoever

for that. This is an agreement

that has been reached solely

for the purposes of keeping the

Tasmanian minority government

in power and for no other purpose. Terry Edwards, thank you. Thank you. The Government's plans to swap

asylum seekers with

has hit a major hurdle with a

High Court injunction stopping

the first transfer. The first

group of 16 male asylum seekers

was due to be flown

Christmas Island late this

morning but an 11th hour appeal

to the High Court last night

stopped the transfer from

happening. Lawyers acting for

the asylum seekers says the

injunction has given them time

to argue that the so-called

mszan Solution is un unlawful. Our clients

really asking whether under

Australian law the Government

really has the power to expel

them from Australia without

allowing them to make their claims for claims for refugee protection

here and instead to send them

to Malaysia in a situation

where they feel they would not

be protected, where they face

the real risk of harm. The High

Court will hear the case later

this afternoon. Cars and

buildings set on fire, shops looted. Nearly 30 people injured, injured, mofs of them police.

That's the toll after a night

of riots in Tottenham. Here's

Philip Williams. This is worst violence in the capital

for decades. What started as a

peaceful protest over the death

of a local man shot dead by

police ended with this. For hours the battles raged. At

times police lost control of

the streets, then regained the

initiative. In between, mayhem.

Police car as tacked and

torched. A double-decker bus

trying to regain control in nearby

nearby areas, looters simply

took what they wanted. We kept a dignified response to that,

to allow that protest to take

place, however, once that

extreme violence and it was

violence that could not be

accepted on that scale,

occurred, we moved the

appropriate level of resources

in. The morning light revealed

more damage. This is what

remains of the bus. Many local residents have lost businesses and their homes. A large supermarket totally

destroyed. We now need

restraint and calm, and I say

to those who wanted to come to

Tottenham to cause violence and

disturbance to stay away. We

don't need you. We don't want

25 years of rebuilding

community and trust destroyed

because of mindless nonsense.

26 years ago, the

blighted by riots triggered by

the death of a local woman

during a police search. In the

violence that followed back

then, a policeman was killed.

This time some are

outsiders for the worst of the rioting. Political and

community leaders have all

condemned the attacks which

have left an entire community in shock. Eventually the

wreckage will be cleared from

the streets, the shattered

buildings rebuilt. What won't be so

be so easily restored is a

sense of confidence in a doing it tough. A 13-year-old

girl who survived a chilly

night at Mount Eric in

Victoria's east says her foot was trapped under a tree root

for two hours. Ashley Kirstjens

says she became lost from her

scout camp group on Saturday

morning while playing in the

snow. Heath has described his

daughter as a happy girl with

extensionive kmping

experience. REPORTER: What's

you hear they've found her?

Big sigh of relief and joy. The

teenager is recovering at the la drob Hospital. South

Australia Premier Mike Rann

will step down on 20th October.

Last week powerbrokers told him

to hand over to Education

Minister Jay Weatherill. Mr Rann said he Rann said he initially expected

to stay on until March next

year, but he has agreed to go early. He has early. He has told the South Australian media that South

Australians need confidence in

their leadership. The people of

South Australia elected me and

they have a right to know when

and why I am stepping down. So

I've therefore determined that

in order to complete the job I

have to do and to best assist

Jay and Jay and the Government in the leadership transition, that I

will step down from the office

of Premier on 20th

October. That is just over four

months sooner than had

previously been understood.

Under the bed is out and it's

clear the markets aren't the

place to stash your cash at the

moment. The spectre of another

global economic crisis has investors in search of safe

heavens. Some are gold fever,

but as Nicole Chettle reports,

others are looking for more

imaginative ways to spread the

risk and turn a profit. They

say beauty is in the eye of the

beholder and that's certainly

the case when it comes to these rhino horn cups with the

astonishing price tag of $1.4

million Thank you so much. You

made my century. But if there

have no treasure in the have no treasure in the attic, pink die

Australia's Argyle mine will

soon close forever and that's

driving up prices. The rare sparklers have

outperformed the major

indices We've seen pretty much

on a weekly basis people

inquirying and purchasing die Mondays which they say are for their investment

portfolio. Artwork is a popular

choice, but experts say it's

buyer beware We're very, very as an investment because there

is no guarantees. We can't

predict what will go up in

value. Whether it's fine art or

fine wine, the danger is they

could lose their shine if

owners need to quickly off-load

their assets. Yes, they can

return great returns over time,

but they are also a liquid. Everyone wants

Everyone wants to get out the door at the same time and you find you Captain, that could put value of those assets. Is there

such a thing as a safe bet? Commercial property, private equity infrastructure,

then that probably does help to

diversify some of your risks,

not keeping all of your eggs in

the one basket. So whether or

not you pin your hopes on the

share market t seems there is

no short cut to success. The

jobs market is cool ago cording

to a survey of ads in

newspapers and on the Internet. Job ads fell in July down 0.7%, although they're up on the same

period last year. The ANZ says

the growth in ads has slowed in the last six Federal Government will today

receive a detained report on options to fix the aged care

system in the decades ahead. The Productivity Commission has

examined ways to fund the

growth needed as baby boomers

join their parents' generation

in needing care. The report

will kran canvas the sale the family home for bonds as

well as increased care at home.

The Federal Government say it

is will consider the report and

respond later with an aged care reform package. Let's drill

down for a closer look at the

stock market with Simon Palan.

What are some of the biggest

casualties today? Ros, as we expected the falls are fairly

widespread. Roc Oil is down

4.5%. Billabong has dropped 4%

and Virgin Australia has lost almost

index is down 17 points to

4151. So as we've heard, the

falls are not as bad as some had expected but had expected but let's not forget, Ros, this is the fifth

day of falls for the local market and

market and it adds to the $100

billion that was shed from markets last week. Simon, some companies reporting full-year earnings today? Yes, JB Hi-Fi

reported a 7.5% decline in full-year net profit. The

company is now warning that retail conditions will remain

tough through 2012. JB Hi-Fi

shares are holding strong,

though, up 0.6%, that's to

$14.44. Elsewhere, Bendigo and

Adelaide bank has reported a

heavety increase in full-year

net profit, up 41% from the

prior corresponding period and

Bendigo and Adelaide bank

shares are steady today. What's

happening with Rio Tinto today,

Simon? Rio Tinto and Mitsubishi

have made an offer to buy out

Coal & Allied. The offer values the $10.6 billion. This has given

Coal & Allied a hefty boost

today. Its shares are up 30% to

$118, but Rio Tinto shares are feeling the strain. They're

down 1% to $71.17. Let's have a

check now of the domestic

market's other big movers in

the ASX top 100:

Street and expect more of the

same volatility. American

traders are yet to react to the

US credit downgrade which came

after the US markets closed on

Friday. There was another wild

ride then as the Dow lurched

into the black. Still, though,

it was the market's worst week

in almost three years:

A baby humpback whale has been returned to the Gold Coast almost 12 hours

after it was beached at Surfers

Paradise. The calf was first

spotted on the beach at about 1 o'clock

o'clock this morning. o'clock this morning. Sea World staff and Gold Coast lifeguards

searched the coast for the

calf's mother, but couldn't

find it. An animal of that size

is really velcroed to Mum and

they need continually. They

need a lot of nor rishment when

they're this age. Let's hope

the week-old whale will be able to communicate if she is still in the area. A

Christian Brother has been

sentenced to 14 years and 9

months in jail for sexually

abusing a number of boys at

schools in Ballarat, Box Hill

and Geelong between the 1960s and 1980s. He was found guilty

of abusing boys between age 8

and 11. Vivian Walker says the

church should now pay

compensation to the

victims. The Catholic Church and particularly the Christian

Brothers who have stood by Brother Best for the entire

time now need to take the next step with compensation. Victims

shoulded abuse at Best as he

was led away from the dock. He

will be 81 years old when he is

eligible for parole. Onto sport

now and Australia's Adam Scott

has won the World Chip in Ohio by 4 shots. It was the first

time Steve Williams carried the bag for Scott after being bag for Scott after being let go by Tiger Woods. Scort

claimed the 18th win of his

career To win here at this

place and a World golf

Championship, it's huge. I've

been enjoying coming here for a

few years but to finally win on this track is great. Scott

collected $1.4 million for the

victory one peek out from the US

Day tied for 4th

place. Manchester United has

come from 2-0 down at half-time

to beat Manchester City in the

Community Shield at

Wembley. Nani scored twice. Australia's most

decorated war-time heroine

Nancy Wake has died in London,

aged 98. It took 60 years for

her achievements to be

acknowledged in Australia. The

Gestapo called her the White Mouse because Mouse because of her ability to

evade capture. Rebecca Barrett

looks back on a remarkable

life. Nancy Wake was born in

New Zealand, grew up but her destiny lay on the

other side of the world. She

worked in Paris as a

journalist, but her life took a

different path after witnessing

Nazi violence against Jews in

Vienna in 1933. The Jews were

tide to the wheel and the SS

were whipping them, whipping there and I thought, "Ah,

that's dreadful. I couldn't

whip a cat." Six months before Germany invaded France, Nancy Wake

Wake marrieded a Frenchman. She join

join the French Resistance and smuggled allied troops to

safety. When the Nazis found

out she escaped to London, but

her husband was tortured and killed.

killed. In Britain, she trained

as a spy and became an expert

in hand-to-hand combat before parachuting back into Nazi occupied France. Unable to

catch her, the Gestapo called

Nancy Wake the White Mouse but

not because she was timid. In

my humble opinion, the only

good Jerman was a dead one, and

the deader the better. I

rejoiced in the fact that I

killed them. I'm sorry I

couldn't kill more. By the end

of the war she was at the top

of the Gestapo's most wanted

list. She was highly in France, Britain and the US,

but it took 60 years for her

achieve mets to be recognised

in Australia. In 2004, aged 91, she received the nation's highest honour, a Companion of

the Order of Australia. I

really can't express it in so

many words except that I feel

honour by it. I hope I'm worth

it. Her story was told in the 1987 telemovie, there were

numerous books and a Hollywood

film starring Cate Blanchett.

Nancy Wake was the allies most

decorated service woman of

World War II. She lived a

dangerous life trying to save

the lives of others. Asked how she would like to be

remembered, she said, "I got

away with blue murder and loved

every minute of it." Syria is

coming under strong

international pressure as a

bloody crackdown on dissents footage, explosions can be heard in the eastern city of

Deir al-Zour, the scene of a

series of anti-government protests. The protests. The pictures can't be

very fied by activists say 50

people have been killed in a

bombardment by scores of army

tanks and armoured vehicles. Other footage posted online

appears to show mourners at a

funeral procession coming under

fire. Saudi Arabia has recalled

its ambassador and is urging

Damascus to stop

machine. To other stories

making news around the world:

High tides and heavy surf have

been battering the Chinese port

city of Qingdao as Typhoon

Muifa move as long the

country's east coast. The rains

have left bus and rail

timetables in chaos. Many

domestic flights were cancelled. Thousands of

students have descended on the

streets of Santiago to press

for reforms to Chile's education sis testimony. This

demo stayed peaceful, unlike

many recent protests

ended amid clous of tear gas

and water cannon spray. And

amateur aviators in Russia have

been trying to fly as far as they can in a plane without an

engine. This competition on the

banks of the Moscow River had

pretty much the same outcome as

in other cities where it's been

staged. To the weather and the

satellite shows cloud swirling

around the south-east in a low

and upper pool of cold air,

cloud forming over the west

ahead of a cold front and

mostly clear skies elsewhere.

An area of An area of low pressure in the

south-east will maintain rain

in Victoria and showers in New

South Wales. A weakening front and low and low will bring isolated showers and storms to South

Australia, whilst a high clears

south-west WA. Around the

capitals:

A final check of the

markets:

That's the news for now.

There is continuous news on ABC

News 24 and there is also

online. Your next full bulletin

on ABC1 is at 7 o'clock this

evening. I'm Ros Childs. Thanks

for joining us and have a great

afternoon.

Closed Captions by CSI.

- I never knew there were three 'G's in Glenbogle. What?! - Like the three 'R's in stirrer? Let's keep this constructive, eh? Blanket coverage means plastering these all over the glen. Invasion of the oiks, THAT'S what it means. It's gonna be hard work...

Hands full, catering. I've already promised Golly that I'd be...about. Right. So it's just us two, then. Sorry, I've got this morning's post to sort through. Put it down, dear, before you do yourself an injury. What's all this? Oh, do say you like it, Archie! It's our contribution to the big day. We're calling it "The Dungeon Experience". The visitors come down here, then we give them a turn in the manacles