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Live. Tonight, 1900 jobs to go

at Fairfax as the group falls

victim to the digital

revolution. It's not something

you can stop, it's not something you can turn

back. Share markets rally as

Greece votes to stick with the

Euro. This is a victory for

all Europe. The PM tells world

leaders to loosen the purse

strings like Australia did four

years ago. And the father and

daughter on target to make

history at the Olympic Games.

Good evening, Craig Allen with

ABC News. One of Australia's

big newspaper groups has

announced a radical

restructuring of its operation

as it comes to grips with the

digital age. The Fairfax Media

group will shed 1900 jobs over

the next three years. It's

closing two printing plants,

one in Melbourne, one in

Sydney, introducing online

subscriptions and changing the broadsheets 'Sydney Morning

Herald' and Melbourne age to a

tabloid format. Critics say it

may be too little too late and

accuse the Fairfax board of

responding too slowly to the

changing media landscape. In

the old days, the presses were

stopped to add a big story to a

newspaper. Today, when it was

announced the presses would

close, many people read all

about it online. But the editor

of the 'Sydney Morning Herald'

was in no mood to talk. Sir,

does your newspaper have a

future? Fairfax staff were

given the grim news by their

chief executives, ironically

over the Internet. 1900 people

will be leaving the business

over the next three years. The

Tullamarine and Chullora printing plants will close in

the next two years. The days

classified business are of printing plants for our

over. Staff in Melbourne

reacted angrily. We're telling

Fairfax loudly and clearly they

should be ashamed of themselves

tonight and they should come

out and absolutely disclose

where these jobs are, who is

affected directly. There were

tears also in the newsrooms of

'The Age' and the 'Sydney

Morning Herald'. We've never

see redundancies of this

magnitude, this could be one in

four, one in five of the remaining reporters

going. Those left will have

smaller newspapers to fill.

Both broadsheets will be

reduced next year to tabloid

size and Fairfax will build pay

withdrawals around its

immensely popular news

websites. Our question is how

can you maintain quality

independent journalism with far

fewer staff? We want to hear

answers. As deep as the cuts

are, Fairfax admits they might

not be enough. The company said

today if advertising and circulation revenues fall

materially more, it may abandon print altogether. Some believe

it's only a matter of time

before all news is delivered digitally. In sectors that

were profitable previously are

going to struggle as the

Internet cannibalises different

parts of the economy. It's not

something you can stop. Critics

say Fairfax should have moved

to change its business model

years ago. What we are now

seeing the-S the staff,

particularly the journalists,

and the readers are going to

pay the price for a board

that's been asleep at the wheel

for the last 5 to 10 years.

Waiting on the sidelines is

Gina Rinehart. Today the mining

billionaire increased her stake

in the company to 19%, making

even more difficult for Fairfax

to resist her demand for two

seats on the board. At least

shareholders had a win. Fairfax

shares rose more than 7%. Our

resident finance specialist

Alan Kohler is a former editor of 'The Age' and the Australian

'Financial Review'. He says

Fairfax is now paying the price

for not moving with the times

20 years ago. One of the

reasons I was sacked by Conrad

Black as editor of the age in

1995, apart from falling

circulation, was I made a few

speeches predicting the

eventual demise of newspapers

as a result of the Internet. I

was also talking to the staff

about the impending lose of

classified advertising and what

that might mean for

journalists. The boss wasn't

pleased. Mr Black and

subsequent owners and managers

didn't want to hear about the

Internet and what it might mean

for newspapers which is why the

first CEO to really get it,

former journalist Greg Hywood,

has had to respond in one cathartic traumatic

announcement today rather than

gradually over 15 years as the

company should have been doing.

Classified advertising has

moved online and is now dominated by others. That's

gone. Three-quarters of

Fairfax's readers are now

online, mostly for free, only a

quarter of them are in print

and that figure is still

declining. Nobody has any idea

where it might stop. The hard

fact is that the advertising

revenue from each online

readser a fraction of the

revenue from each print reader.

That's partly because online

advertising is accountable.

Advertisers know what works and

how well it worked. There's an

old saying that half what you

spend on advertising is wasted.

You just don't know which half. Traditional media has relied on

the half that's wasted. Online

there's no wastage. Is it the

end of newspapers? Not yet but

maybe eventually. But it's not

the end of journalism. Like

games, movies and retailing,

it's just moving online and

what Fairfax has acknowledged

today is that as a result of

that it has to be done more

cheaply. Alan Kohler, who'll be

back with his regular finance

segment later in the bulletin and little is known at this

stage about the impact on the

Fairfax-owned 'Canberra Times'

but staff will be briefed at a

meeting on Wednesday. There's

some relief in Europe tonight

after Greek voters chose to remain in the Eurozone but it

was a narrow victory for the

party's committed to the country's international

blouted. Europe correspondent

Philip Williams reports from

Athens. As the votes were

counted, the supporters of the

left-wing Syriza Coalition

dared hope their plan to scrap

the bail-out was about to

become reality. The first exit

polls were too close to call.

These New Democracy supporters

feared the worst. But New

Democracy kept its narrow lead.

Their promise to stick to the

bail-out package and austerity

won the day but only just.

Today the Greek people

expressed their will to stay

anchored with a Euro. This a

victory for all Europe. Antonis

Samaras came to the square, a

battleground in recent times,

now a place of jubilation. This

is the new Prime Minister of

Greece. He only has now to form a Coalition Government. Of

course the hard work comes

tomorrow when the reality oaf

this country's financial

situation sets in. It's a big

problem ahead. He says he's the

man for the job. It's likely

he'll ask to renegotiate the

terms of the bail-out, soften

some sharp edges, and he wants

a plan for growth to get the

country out of recession. For

Syriza leader Alexis Sipris, a

night of frustration. His plan

to crap the bail-out beaten by

fears it might drive Greece

from the Euro.

TRANSLATION: We will continue

our battle, having the

confidence that the future does

not belong to the terrorised

but to the bearers of hope. The

old parties will rule again. A

Coalition is expected to be

formed quickly. This, the

answer many European leaders,

especially Angela Merkel, were

hoping for. Few expect this to

be the last crisis facing this

beleaguered nation but the

battered Greek spirit is still flying. Philip Williams

reporting from the Greek

capital where he's been

monitoring the situation and

just filed this update. Behind

me here the negotiations have

started to form a new

Government and they want to

form it very quickly because

there's lot of pressure both

overseas and domestically to

get this problem sorted. Is

this the end of the problem for

Greece? Almost certainly not.

Many analysts believe they'll

be forced from the Eurozone

eventually anyway. It may turn

out this is one of the smaller

problems in the Eurozone anyway

because a debt caravan will

move on, potentially to places

much bigger with much harder

problems to solve like Spain

and Italy. Greece, ironically,

may end up being the easy

bit. There was a sigh of relief

in financial trading rooms when

the election outcome was known.

Markets throughout Asia, which

were the fist to respond,

jumped higher as investors

displayed a little more

optimism but there are plenty

of analysts who believe the

vulnerability merely a stay of

execution. Following the Greek

vote, that electorate called

the financial markets voted

with their money. Equity

markets are stronger, the

Euro's stronger, the Aussie

dollar's up, bond yields are up

so there's a bit of

relief. Markets throughout Asia

were up between 1 and 2%, the Australian Dollar is at a

one-month high above $1.01 US.

In terms of market reaction

today, we think the euphoria

will be short-lived. If it was all about Greece it would

probably be a more positive

outcome but I think people are

pretty coginousant of the fact

there are still a number of big

global risks out there. Like

rising concerns surrounding

Spain and Italy and the

prospect of Greece and Europe

renegotiating bail-out terms.

I think they have to. I think

the whole Eurozone concept does

require the strong and the

financially more secure parts

of the Eurozone putting their

hand in their pocket and

bailing them out. But other

don't see a middle ground.

There's pryB going to be a

mutually agreed separation as

there would be in a malfunctioning marriage. At

the end of the day, it's a very

difficult environment for the

average investor where a

market-friendly Greek election

result more or less maintains

the status quo and the opposite

could have done a great deal of

damage. Analysts say the Greek

election has not solved the

fundamental problem. There are

a number of European countries

that face almost intractable

public debt problems and there

isn't a clear plan, it seems,

to deal with that. So prepare

for the graphs going in the

opposite direction. Julia

Gillard has told global

business and political leaders

Australia has the answers to

some of the world's economic

woes ahead of the G20 summit in

Mexico. The Prime Minister's

issued a remind that's right a

mix of stimulus and strict

Budget controls helped

Australia and it can work for

other countries too. Chief

political correspondent Webb

Simpson reports from the

Mexican city of Los Cabos. The

political elite are receiving

an unusual welcome to country.

Nothing ceremonial, just

machine gun-toting soldiers

patrolling the tarmac. Mexico's

brutal drug wars kill more than 50,000 people and the

Government isn't taking any

chances. There are soldiers on

the sand, riot police in the

streets, a busload of officers

ran off the freeway, creating

traffic chaos and delaying

Julia Gillard's arrival.

TRANSLATION: In this case there

were 15 comrades who were

travelling onboard. Sadly, they

are injured, the majority with concussion, two have

considerable lesions. The G20

hopes to prevent Europe's

economy from driving off a cliff. Julia Gillard arrived

with the letter she's written

to the other leaders, urging

them to take decisive action. Most of the G20 economies are

far bigger and more important

than Australia but few can

match its performance. Have

any of the leaders responded as

yet? My understanding from the

senior officials' discussionicise the letters

have become a talking point and

there has been focus on

them. An even greater focus

came later. Thank you, Prime

Minister Julia Gillard. We are

eager to hear you. In a speech

that almost sounded like a

lecture. In coming days y will

be urging my European friends

to take note of the Australian

way. The Australian way goes

something like this. We went

for growth on the way in and we

went for discipline on the way

out once growth had

returned. Australia's economy

is the envy of the world. The

leaders gathered here are

impressed but that doesn't mean

they'll follow or appreciate

Australia's advice and it

doesn't mean Labor will get

credit for its economic

management where it matters

politically, at home. Divisions

over whether to allow gay

marriage have again been exposed in Federal Parliament.

A committee has examined the

issue and received more than 2

70,000 submissions but its

report has highlighted splits

between those pushing for

change and those who believe

marriage should remain just

between a man and woman. It's a

broad church, this parliament,

and the reality is we have a

range of views. That's the

beauty of democracy and its

curse. Two gay marriage bills

are in the parliament but their

backers don't want them brought

on for a vote unless Coalition

MPs are granted a conscience

vote. The ACT is threatening to

stop providing emergency

services to protect national institutions. The Federal

Government's been paying the

Territory around $10 million a

year to provide response

services to Commonwealth

expired and the Commonwealth buildings but the agreement has

now only wants to pay $4

million. The ACT Government

says it's been short-changed

and has warned it's not going

to ask taxpayers to provide the

extra money. There's no way $4

million is enough to cover the

level of service the ACT provides to the Commonwealth

and indeed if the Commonwealth

had to provide this service

itself and pay for fire

stations and specialist

response capability, they'd be

looking at around $18 million

per annum. The Federal

Government says the payment has been disproportionately high

and the ACT must be treated the

same as other jurisdictions. A

Melbourne hospital has

conducted the first trial of a

landmark procedure which makes

heart repair much safer for the

frail elderly. Doctors at the

Monash Heart Unit have used

keyhole techniques to replace

faulty valves that can

subsequently be repositioned if

necessary. As Geoff Waters

reports, they've now successfully performed the

procedure on 11 elderly women.

Nothing much seems to get in 86-year-old Muriel Satchwell's

way. She's one of 11 elderly Australian women brave enough

to volunteer for a world-first

surgical trial. And I said,

"If I die, I die. I've had a

good life." She was suffering

aortic stenosis, her main heart

valve was degenerating but she

was too frail to undergo

open-heart surgery. It's not an

un common condition,

particularly in the elderly.

More than half the people won't

survive 12 months. There are a

whole lot of different types of

wires you could use. A team at

the Monash Heart Unit inserted

a valve using a wire pushed

through a small hole in the

patients' groins. Such devices

have already been tried on a

handful of patients but this

was the first full human trial

with a new type of valve. So

the wire length became an issue

there. We really only had a

centimetre either side. It's

called a lotus valve because it

opens like a flower and it can

be easily repositioned if

required. It's a coup for the

Monash Heart Unit here which

had to beat off competition

from the likes of Harvard

University and the Mayo clinic

for the right to conduct the

trials. I'm just thrilled to

bits, as I told Professor

Meredith, I just feel so privileged. Professor Meredith

will now lead an international

trial of the device. This will

have a significant impact on

patients all around the world

because it is a very common

problem in the elderly. 16

hospitals in four countries

will take part. A Sri Lankan

refugee being held in

indefinite detention because of

an adverse ASIO assessment has

taken his case to the High

Court. The man was among a

group of asylum seekers rescued

by the Customs ship 'Oceanic

Viking'. He's now in a

Melbourne detention centre

because no third country can be

found to take him or 51 others

in a similar position. His

lawyers say he's very

distressed. He's been detained

for over three and a half years

now and every day is another

day of damage to him. But some

lawyers believe his case could

succeed in the wake of the High

Court ruling on the Malaysia

Solution. It has that going

for it, the new way the High Court's viewing the Migration

Act. ASIO and the Commonwealth

are expected to present their

cases tomorrow. Police have

suspended the search for two

men missing after a fishing

trip on the Central Coast.

Rescue crews began searching

yesterday after fishing gear

was found on rocks at Moonee

Beach. A short time later the

body of an 18-year-old woman

was found at nearby Ghosties

Beach. Today crews searched

caves and cliffs for the 18 and

20-year-old men still missing.

With cold waters and strong

currents, police now fear the

men have drowned. A scaled-back

search will resume at first

light tomorrow. The man whose

treatment by police triggered

the worst riots in US history

has died. The body of 47-year-old Rodney King was

found in the swimming pool of

his California home by his

fiancee. At about 5:25am this

morning, she had heard him

speaking to her, she got up to

go outside to talk with him at

which time she found him in the

bottom of the pool. His brutal

beating by police in 1991,

captured on video, hence-X the

subsequent acquittal of the

officers involved caused days

of rioting in LA. Earlier this

year, Rodney King said he had

forgiven his attackers. The

death is being investigated as

an accidental drowning. King

had a long struggle with drugs

and alcohol. To finance now and

the Australian stock market

surged 2% today as word of the Greek election result came

through. The Australian dollar

is firmly back above parity and

trading at its highest level

for more than a month. Here's

Alan Kohler again. The

Australian share market was the

first major one in the world to

react to the Greek election and

it jumped 1.5% in the first 10

minutes on the basis of exit

polls in Greece, showing new democracy, the centre right

party, was look good for a win.

The index kept rising and

closed almost 2% higher, a bit

more than most Asian mark wrts

the typical knan was 1.8%,

except for China which was up

marginally. On the local exchange the best gains were

seen by the banks because the

global banking collapse has

been post-poned and the

resources stocks because the

global recession has been put

off as well. Echo entertainment, operator of

Sydney's star city casino, came

back after a week on the bench

having announced a $450 million

capital raising and went up

nearly 1%. Fairfax shares

jumped 7.5% after announcing

its revolution. Of course

that's in the con text of a

90% decline in the share market

price since 1997 while the rest

of the market dropped 40%. I

did find something else that

dropped 90% since November

2007, the Athens composite

share index. They're having to

make a few changes as well. The

Australian Dollar is now above

101 US cents and revalued by

5.5% since the start of June.

New car sales went up 2.4% in

May after falling in April,

sales of SUVs and four-wheel

drives is at a record high. One

in three cars sold these days

is one of them. A man found

guilty of running five slum

boarding houses in Canberra

said he wanted to give people a

place to live. Tan tan tan was

found guilty of running

boarding houses with up to

110ants. In one boarding house

at Macquarie, 19 people shared

one toilet and rodent faeces

were found in the kitchen. The

prosecutor sought a jail

sentence but chief magistrate

Lorraine Walker sentenced Fan

to 450 hours of community serve

ws a $3,300 fine. Military

lawyer and barrister Bernadette

Boss has been welcomed as the

ACT's newest magistrate. Dr

Boss was joined by family and friends as she took her place

on the bench. In his welcome, the Attorney-General Simon Corbell pointed to her

experience as a military lawyer

in Iraq, Afghanistan and East

Timor. More recently, Dr Boss

has been a barrister and

lecturer for the Australian

Defence Force. American Webb

Simpson has won a remarkable US

Open after starting the final

day six shots back from the

lead. Over night leaders Jim

Furyk and Graeme McDowell held

their nerve until the final

stretch, handing the title to

the 14th-lanked American. -

ranked. On a day when anyone

was a chance, Australia's John

Senden had his moments in the

spotlight. She start would six

pars before climbing to just

three shots from the lead.

This for bird tee get it to

plus 2. At any moment, one shot

could make or break any player.

The fans knew little about

American Michael Thompson,

ranked 107th in the world, but

when he moved to 2 under he was

in the hunt. Then Webb Simpson,

who'd been 6 shots back after 5

holes, snuck into outright

second, trailing Jim Furyk by a

shot. A the 12th, Furyk hole

adhuge putter to maintain his

lead. That could be a defining

moment right there. Furyk

dropped a shot at the next hole

to share the lead with Webb

Simpson at one over. Needing a

par at the last to take the

clubhouse lead, Simpson held

his nerve to become the man to

beat. Furyk and playing partner

Graeme McDowell were his only

challengers. Three bogies in

the last six holes, Jim Furyk

cracked first. We see lot of

emotion out of Furyk. That

angered him. For Furyk, it only

got worse and his dreams evaporated. That's pretty

sad. McDowell handed the US

Open to Simpson when he missed

a birdie attempt that would

have forced a play-off. It took

a few minutes for the

26-year-old to realise he'd won

his first major. I never felt

nerves like I did today and lot

of times I had to hit my legs

because I couldn't really feel

'em. The British yopson the

next major event on the

calendar. To tennis and there

were sensation during the final

of the men's singles at the

Queens Club tournament over

night. Argentina's David

Nalbandian was disqualified for unsportsman-like behaviour

after he kicked an advertising

sign into a line judge.

Nalbandian was set up against

Marin Cilic but lost his cool

when he lost his serve to trail

in the second set. The official

suffered a gashed leg.

30-year-old Nalbandian did

offer an apology. I feel very

sorry to the guy. I didn't want

to do that but sometimes you

get angry, sometimes you cannot

control that moment. That many

times happens. Well, to me. The

big crowd felt short changed

when the match was cut short

and loudly jeered the decision. Australia's Olympic shooting

team is increasingly a family

affair. Russell Mark and his

wife Lauryn will be joined in

London by Australia's first

father and daughter Olympians,

David and Hayley Chapman. Ben

Knight caught up with them at

training in Melbourne this morning. Hayley Chapman just

flew in this morning after six weeks competing in Europe. It's

the first time she's seen her

dad since they found out they'd

be team-mates in London. I

called home to wake up my dad

and then get him on Skype. At

2 in the morning. He says to

me, "I'm sleeping, Hayley."

Dad, I just made the Olympics!

David Chapman has been there

before. When he competed in

Sydney, Hayley was 8 years old

but she was on a family holiday

in Darwin and wasn't even

watching the Games. Not at.

All had no idea. It's the first

time a father and daughter have

represented Australia at any

Olympics in any any sport but

even the family wasn't

expecting this to happen this

year. Actually, no. No. David

is sort of coming towards the

end of his elite shooting and

Hayley's just starting and the

aim had always been for Hayley

Rio so this is an awesome

bonus. But while her husband

and daughter are soaking up the

sights in London, Karen Chapman

will be back home minding the

animals on the family farm in

rural SA. I'd love mum tee boo

in the crowd but she not making

the trip over I get nervous

when they're in the finals. At

least they won't be competing

against each other. Archeologists have confirmed

Indigenous paintings in a rock shelter in the Northern

Territory are among the oldest

in the world. An Australian and

French team started excavating

the site in Arnhem Land near

Katich two years ago. They say

carbon dating suggestess the

paintings are 28,000 years old.

The archeologists say the site

documents the importance of

animals as a food source. They

draw the picture of, say, a

fish, and they include the

internal organs inside it as

well, the backbone and swim

bladder and all those kinds of

things are inside it. They're

called X-ray figures because

you can see the internal organs

of the animals. Last year the

team deted the piece of a stone

axe in the same shelter as

being 35,000 years old. To the

weather scpafr a pretty bleak

weekend it was nice to see the

sun today. Temperatures up to

13 in the city and in

Tuggeranong and it stayed dry.

The satellite picture shows

the country's pretty clear of

cloud with the exception of

Tasmania and parts of Victoria

into Southern NSW.A large high

pressure system is keeping

conditions fine and stable for

most of the country but a cold

front is starting to imfact

corner of WA.

Before we go, a brief recap

of our top stories tonight. The

Fairfax media group is to be

radically restructured. 1900

jobs will be lost and the

'Sydney Morning Herald' and

'Melbourne Age' will switch to

tabloid size. There's relief on

financial markets after a

narrow majority of Greeks voted

to remain in the Eurozone.

That's the news for now. You

can keep up to date 24 hours a

day on ABC News online but stay

with us now for 7:30 with Leigh

Sales. Thanks for your company. Goodnight. Closed Captions by CSI

Welcome to 7.30. Tonight -

stopping the presses. Do the

Fairfax job cuts signal the death of newspapers?

All the indications are that

News Limited is going along a

similar path. Broadly, they

have similar commercial

pressures with the business

model collapsing.

This is a victory for all

Europe. And Greece reluctantly

embraces the bail wrought, but

there are still fears. What we

will have will not be a united

Europe, it will be a new German empire.

Today is an historic day in

the Australian media. It's

quite possibly the beginning of

the end of broadsheet

newspapers. Fairfax is slashing

almost 2,000 jobs, closing

printing plants and recasting