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Live. - the world is waiting to The top stories - the world is waiting to see
the first glimpse - the world the first glimpse of the royal baby. A huge media presence the first glimpse of the baby. A huge media presence is waiting baby. A huge waiting outside St Mary's Hospital in London. There have been celebrations in the streets of Hospital in London. streets of the city since Kensington Palace announced early this morning that a little Prince had been born and that mother and baby were doing well.Former PM Julia Gillard has been successful in getting her preferred candidate to replace her in the seat of Lawlor. Joanne Ryan has been preselected by the ALP to contest the Melbourne seat at the Federal election. Several candidates put up their hands for pre-selection before pulling out over the past week. Catholic schools are the latest to sign up to the Federal Government's school funding plan. The agreement will see the Catholic schools system get roughly $1.6 billion of extra funding over six years. Several states are yet to sign on. And defence force personnel who are sexually abused will now be able to take their complaints it a new independent unit. A report on the treatment of women in defence has also been released. It has found that while some progress has been made in changing defence force culture, there is still plenty of work to be done.Those are the latest headlines from ABC News.

P This Program is Captioned Live.Tonight - the scale of justice coming down hard on the people's protestor.The $1.2 billion Whitehaven hoax has its sequel in court.He has felt a massive weight of the law. One might draw the might draw the a - analogy of
a sledgehammer to crack a nut.I'm Ticky Fullerton, you're watching The Business. He stands accused destroying shareholder wealth when his fake email hit the market.But is the anti-coal campaigner the small fry being cooked while the big fish swim free? A white paper on red tape seeking a new tonic for a chronic problem.And we talk to union boss Paul bafs baftian, a surprise message on cars an the FBT.A quick look at the markets and the All Ords achieved another 29- - 2-month high but it was a cautious session.

The man accused of sending The man hoax press release The man accused of hoax press the share price of Whitehaven hoax press release that caused the share price of been granted bail after Moy appearing in court. Johnathan Moy listen was charged by ASIC Moy listen was of making a false and Moy listen was charged by misleading statement but the
case has raised serious questions about whether ASIC has gone too far.At the time he sent his fake press release in January, Jonathan Moylan was unrepentent.Change doesn't happen without people taking risks. The consequences to me could be very serious but nowhere near as serious as the impact that this mine is going to have on our water and our farmlands.Those risks landed the 25-year-old activist in the Downing Centre local court facing 10 years jail on charges of making a false and misleading statement under corporations law. The charges stem from this, a fake document supposedly from ANZ saying it was withdrawing a loan for Whitehaven Coal's Maules Creek coal mine expansion. It looked real enough to fool the financial press and the stock exchange and when it was reported as fact, shares in Whitehaven Coal slumped more than $300 million forcing a trading halt and infuriating investors. Cleanly shaven and quiet, Mr Moylan appeared briefly in court flanked by around 50 supporters but left his lawyer to speak on his behalf.This matter is larger than Jonathan poi Moylan. This matter is about the destruction of the environment of the Leard forest, it's not about Jonathan Moylan. It's about getting the public to know what is going on and the destruction of our rural communities.ASIC has cited the importance of market integ dito the Australian economy as its reason for pursuing the case. But Mr Moylan's lawyer John Sutton has accused the corporate regulator of overkill.He has felt a massive wailingt - weight of the law. One analogy of a sledgehammer to crack a analogy of crack a nut.Others might question whether ASIC has gone too far.In terms of question whether ASIC too far.In terms of the cases
that ASIC has chosen not to

pursue or been willing to settle for some form of enforceable undertaking rather than taking people to court, then in that context I think it seems over the top to pursue an individual with a charge that carry as-10-year jail sentence.Dr Denniss says ASIC should have bigger fish to fry.In recent years we've seen things like the collapse of ABC Learning, we've seen recent allegations about systematic problems in the financial advice industry. I mean there are Australians out there that are losing their life savings as financial planner s that do things that are either inappropriate or illegal.Initially Mr Moylan apologised to investors who lost money because of his prank. Outside the court his supporters reiterated that apology but said their campaign to stop the mine expansion is paramount.It's the the farmers, you know, with
coal mining particularly. Jono's brought the fact out that this is a very ugly project. It's going to be a very dusty project, it's a very massive project.Jonathan Moylan was granted unconditional bail and will appear in court again in September. Australia's corporate leaders are calling on their politicians to back their words with deeds. The Institute of Company Directors says it's time to display a commitment to reducing costs and boosting productivity by cutting red tape. It's released a white paper outlining policy priorities for the next Government. Here's finance correspondent Philip Laskar.With around the corner lobby group grievances are getting a good airing and company directors are no different.Around about 26% of their time is dealing with regulations, conformants and what have you as opposed to dealing more with entrepreneurial risk, performance of the organisation and promoting jobs, investments and those type of things.The Institute of Company Directors outlining a reform process designed to reduce red tape with a view to boosting productivity and competitiveness. And it starts with doing something about this, the massive increase in laws since the '70s which shows no signs of slowing down. The AICD wants the next government to call a regulation business together within the to call a regulation summit
bringing government and first 100 days of its business together aimed at mapping out first 100 days of aimed at mapping out a reform aimed at mapping process that coordinates aimed at mapping out a process that coordinates the
removal process that removal of unnecessary legislation and the introduction of legislation too often new regulation has been developed on a knee jerk reaction to a one-off event rather than being developed through proper regulatory processes involving risk-based assessment, consultation and proper cost benefit analysis.The AICD is reluctant to point the finger at the Labor Government which has been accused of introducing policy on the run. Joining the chorus of complaints was Myer boss Bernie Brookes.We're not helped by the Government. I don't think we can blame the Government for the changes that are taking place in the worldwide web.But he did blame governments for the big differences in State and federal laws, doubling the compliance and cost load. Also a concern is the business judgment rule defence, it's a defence against prosecution for a breach of directors duties as long as a director can show the decision was taken in good faith, a type of get out of jail free card. The AICD wants to see this defence widened for directors in Australia as it is in the US, to encourage more entrepreneurial decision making.We think as a director that this is where the company's likely to go. In Australia, you are reluctant to say that because of all the liability laws. We want to make the market actually better, work better rather than being constrained.That's not how the corporate governance experts see it.The specific regulations that have been put forward by the AICD need to be very carefully examined, in particular the suggestion that the business judgment rule, which would have seen the directors of James Hardie and of Centro not prosecuted at all, should be treated with caution of Centro not prosecuted all, should be treated evidence really that we need to
make such a radical change.One man's meat, another man's poison.And from red tape to red ink, at least that's what fund manager Roger Montgomery seems to be warning down the track. Welcome back.Thanks, Ticky.This week we hear super funds have had their best returns in 16 years, medium return of 15.6% and at the same time you're writing a piece, I gather, called super investors get ready to take another bath.That's exactly right. And in fact just when superannuation some semblance of sort of rational returns or they appear to have regained the losses from the global financial crisis, it appears they're about to take another bath and that's for a number of reasons. Firstly, the Australian economy does not justify a higher share prices, we're not going to see strong earnings growth in aggregate from Australian companies. Secondly, China is deteriorating rapidly and while many people point to its 7.5% growth rate the reality is that that growth rate could drop to as low as 4% or even lower if in fact China doesn't transition well from its export-led and investment intensive economic growth to consumption growth and I think it's absurd to think that it's going to maintain a 7% growth rate as it tries to achieve that. Corporate capital expenditure, rather, fixed asset investment in China is now 80% of GDP and 2 years ago it was 60% of GDP. So it's now a higher proportion of a lower rate of growth which means the rest of the economy has fallen off the cliff and the Government is taking up the reins.Now the other area I want to talk about was - well Cassandra's talking about the potential bubble in the US equity markets. Graham Summers thoughts he says it's not gone
unnoticed that IBM, Intel, Google, Microsoft, Blackberry all missed their revenue eft Mats and US GDP is turning sharply down?And that's my third reason for being very cautious about investing in Australian shares at the moment and not only that McDonald's has only grown its revenue 1%. If you look at the US second quarter earnings, 107 companies have reported so far. What's really interesting is if you take out the finance sector and the finance companies that have reported, there's no growth in revenue and there's been negative growth about 4.1% negative growth to earnings. So while it's only one quarter and one quarter doesn't make a lifetime of investing, the reality is there appears to be a trend forming and it looks like shares have gone well ahead of themselves and it's because of this artifice of money printing.Now, attached to the US performance, presumably that is an element as to why the gold price has taken off recently?Yes, it is and it's really interesting. In fact we're asking the question internally at the moment about whether or not gold stocks look cheap and one of the things that we've noticed is that there's a very good correlation between share price performance and the margin of gold companies, their gross margin in Australian dollar terms. And so we're measuring that correlation through regression analysis and that there appears to be some value analysis and we've discovered that there value in gold stocks at the moment, despite, I guess, aggregate sentiment being negative towards that sector.Can I ask you to pick up on the stier on Whitehaven that we had earlier, the hoax. What do you make of this? Do you think this is ASIC using a hammer to crack a nut given this is an individual who obviously has a green cause facing potentially up to 10 years or do you side with ASIC on the issue of market integrity and the importance of it?I think there's a balancing act that needs to be made here and that is ASIC is right to pursue anybody who jeopardise s the credibility, the transparency and the reliability of the Australian market. They're right to pursue that but whether or not a 10-year jail sentence in this particular case is warranted I'm not sure and I'd leave that for the judge.We'll see how they go with those allegations against Newcrest. Thanks for joining us.It's a pleasure.Let's take a look at today's stories from the market action. I spoke with Marcus Padley from Paterson Securities. The All Ords pushed through 5,000 today and it stayed there. Is there much hope from the market it's going to stay over that level?I don't think the 5,000 level is that significant. We've come up 8.6% I think it is now, from the recent 11.7% correction we had but the feature is it's come up on low volumes, around $4 billion a day whereas in 2007 we were doing $6 billion a day and the average for the last year is $4.3 billion.Let's go to stocks, Fortescue Metals posted a sharp
metal

metal - lift in its iron ore metal - production but the market didn't seem metal - lift in its didn't seem that impressed?The production was good in iron ore in particular if you sort of looked at numbers but it was in line with what the market was expecting and really the market was looking to see what progress they'd made on the prospect of them selling their Pilbara infrastructure assets which of course would get debt down and help investor sentiment a little bit and the feeling is they're hedging their bets on that. They've said they will make an announcement in the September quarter but there is an expectation they may not sell them at all and they did start talking about other options to raise money like selling other assets and various other things which sort of suggests that that boost for the share price may not come so it was just down 1.8% today or something.Now just on warnings, Incitec Pivot warned of a $23 million hit to its second half profit. How did the market react?Well, initially it was down or at one point it was down 4.7%. It is $23 million on over 500 million in their last - full year result last year. People knew they'd had problems with this phosphate hill reactor and they were just sort of quantityifying it and also the share price since Orica had a profit warning recently and Incitec Pivot own ed dynamo nobel. In the end I think it closed pretty much flat basically because the share price is sitting on support and has already had a big correction.And I see Oil Search has downgraded its production guidance today?Yes, production numbers were OK. Share price had tremendous run over the last - well not just, you know, few months, years, and has been performing very well and people just encourage, I think, just to see the PNG, LNG project 90% complete. It's going to be kicking off or in production third quarter 2014. That's really what people want not
to hear. Share price today is not really relevant to the long-term trend which is still up.LNG does still seem to be the big blue at the moment. Thanks for joining us.My pleasure.The other major movers on the local share market. Gold miners were among the top gainers

When Kevin Rudd returned to the office of PM recently one of the early mentions he made was around jobs in manufacturing. Heartening news for the unions according to Paul Bastian, the national secretary of the Australian manufacturers union. I spoke to him about the big issues in what promises to be a passionate election campaign. Thank you for joining us there.You're welcome.Can I move to the car industry first and the surprise changes to FBT. Just how much of an impact do you believe it will have on jobs?Well I'm not sure there will be a great deal of impact on jobs in the auto sector. I understand that there are some job losses from those who provide that type of leasing arrangement and in job losses aren't good in our view but to be frank, I'm just not sure that we will see a lot of difference in that for us.Well that's very interesting because there have been big calls that this might impact the ability of companies like Holden to continue to do business in Australia?Well when we - well I'd be surprised if it goes that far to say that it's a crucial factor in whether or not Holden continues to do business but I guess we'd like to see a little bit about it and then if there are issues that to see a little bit more detail
about issues that we think need to be taken up with Government issues that we taken up with Government we'll do taken up do that.There is speculation that Holden has been asking government, looking to government, government for perhaps up to another $265 government for perhaps up another $265 million to be provided to it before the election comes to pass, do you know much about that?I think the whole issue of coinvestment in the auto industry is a very important issue. Australia's only one of 13 nations globally that are able to design, engineer and produce a car from start to finish. And Australia plays - pays one of the lowest per capita rates of coinvestment. We're down to $19 per head whereas if you go to Sweden and the USA it's in excess of $250.Have you heard anything about Holden looking for an additional lick of funding before the election and do you support that?We certainly support government supporting the auto industry through a coinvestment scheme. We know that there was an ask on prior because it was up for renewal. I'm not privy to the latest round of negotiations between Holden and the Government but certainly our view, where we are strong supporters of coinvestment for what it does for manufacturing in this country. Our campaign is very simple. It's simply a choice between a government that has a vision and a plan for manufacturing, a government that's got skin on the table by putting $1 billion down for the future of manufacturing in this country versus an opposition to date that has no plan, no vision, is going to cut $500 million out of the auto sector.Do you see the manufacturing industry starting and ending with the car industry and what hangs off it because there doesn't seem to be much else that the Government is doing for manufacturing beyond car manufacturing sector is much broader than the auto sector. There are 200,000 workers in the food industry and we shouldn't forget that part of the package that the Government put on the table was 10 manufacturing precincts. The first two are in manufacturing and in the food sector. They're both welcome initiatives where we get to get SMEs, our research and our yufrts - universities collaborating together so we solve problems make.Can I move and we commercialise what we relations
make.Can I move to industrial relations because you've had make.Can I relations because you've had a
couple of make.Can I move to industrial
relations couple of pretty tough disputes up in up in Newcastle where Waratah Coal and Forex. From an industry stand point it might seem quite a high number compared to inflation and yesterday I was speaking to AFIC and the chairman talks about when he talks to companies time and again it's this cost issue including labour costs and time again companies are now, including manufacturing companies, are looking at going offshore precisely because of these sorts of pressures?I just think that's an absolute red herring from the employers. Let's get serious about labour cost in this country. If you look at the ABS statistics in relation to labour costs, manufacturing and labour costs is about 16.8%. So even if you went down the path, the deadend path of the low road and said to workers take a 10% cut, the best you will save is around 1.6% of cost. That's not where we need to be in the manufacturing sector. If we want to boost productivity it is exactly the issues the PM identified. It is the same issues that the PM's task force identified when they handed over their report earlier this year and they were made up by the captains of industry and the trade union movement - skills, work force development, work force design, education, training, innovation, management capabilities, they're the things that will boost they're the things boost manufacturing. That's what manufacturing needs, not some red what some red herring debate because some people see an election some red herring debate and
people see an election coming and an people see and an opportunity to see some - seize some ground.But the paid - seize some paid parental leave scheme that the Greens have put out today the Greens have seems awfully similar to the one put up by the Opposition. I mean they support full wage replacement and paid for by a 1.5% tax on business. Where would the union sit on this?I haven't privied on what the Greens have done but I'm aware of the Opposition's scheme and I'm also aware that business is opposed to it. For us what we want to see is a decent paid parental leave scheme in this country. That's the debate. But there are other important issues that we want to concentrate all our effort and resources on and that's the future of manufacturing in this country.Paul baft baftian, thank you for sharing your time with us.Thank you. A brief look at other business stories making news. And it may have been the most salacious of all book launches. A high-powered gathering of clans in Sydney have marked 'Killing Fairfax - Packer, Murdoch and the Ultimate Revenge'. Written by Fairfax journalist Pamela Williams it's been published by News Corporations HarperCollins Australia. It charts the decline of Fairfax at the hands of rivals. Sydney has made its way into the top 10 most expensive cities in the world. The harbour city made its debut in the Mercer's annual cost of living survey thanks mainly to the high cost of housing and the strength of the Australian dollar. Sydney was 10th but top spot went to the Angolan capital Luanda with Moscow and Tokyo in second and third place.And pharmaceutical giant GlaxoSmithKline has admitted to contraventions of Chinese law. Senior executives of GSK China are accused of colluding to offer big bribes to push up drug prices and expand sales. The company now says certain executives appear to have acted outside the company's processes and controls which breaches Chinese law. Other foreign drug companies are also coming under the scrutiny of Chinese authorities.Before we go, a look at what's making business news in overseas newspapers and the 'Wall Street Journal' says first-time home Byers in America are increasely ingly getting left behind the real estate recovery. Couples in their 20s and 30s accounted for 50% of home sales in 2009 as they benefitted from tax incentives. That's fallen to just 30% over the past year.And Britain's 'Daily Telegraph' giant Yahoo! has suffered a
blow Telegraph' says technology
giant Yahoo! blow to its turn around hopes after billionaire blow to its turn after billionaire hedge fund after manager Daniel Loeb sold most of his stake in the company of his stake $520 million US. The of his stake in the company for $520 million US. The move has sparked a share market sell sparked a share market sell off coming just after a year after Mr coming just Mr Loeb engineered a boardroom coup at Yahoo!.That's The Business, I'm Ticky Fullerton, thank you for watching, goodnight.

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Tonight on the Worlds - it's a boy - the birth of a future king sparks celebrations.

Now another wait is on with the Duke and Duchess of Cambridge expected to leave hospital tonight.Happy birthday to you.I'm over the moon, I am so excited. This Program is Captioned
Live.

Also ahead - Live.

Also ahead - it's early
afternoon

afternoon in Also ahead - afternoon in Cairo and six
people have Also ahead - it's early
afternoon people have been killed in new clashes in the Egyptian clashes in the Egyptian capita, bringing the clashes in the bringing the death toll to bringing around 100 since the Army around 100 since the ousted former Mohammed Morsi.It's 7pm in China's northern Mohammed Morsi.It's 7pm China's northern Gansu province where rescuers are having difficulty reaching victims in the remote parts hit by a powerful earthquake that's leveled more than 1,200 leveled more than 1,200 homes, it's 8am in Brazil's largest city Rio de Janeiro where the arrive al of the Poper Pope has been over shadowed by protests against the public cost of the event. Hello, I'm Jeremy Fernandez, it's midday in London and Prince William and his wife Catherine say they couldn't be happier after the birth of their baby boy. The royal family still in hospital and many around the world are on tenterhooks to get the first peak of the little prince. The baby's birth was official ly anoupszed on 2 July, he arrived at 4:24 local time in the afternoon. He weighed about 3.8 kilos.And this is the scene right now in London outside the lindo Wing of Saint Mary's hospital in spad Paddington. The royal couple is expected, we don't know for sure, expected to appear some time in the Foxtel few hours with the first glimpse of their baby boy.This will be very reminiscent of the very moment that Prince William was first introduced to the world by prin sis Diana and Prince Charles.People across the Commonwealth are celebrating the news of the royal baby's birth. Our reporter Mary Gearin is outside the lindo Wing at Saint Mary's believe it's just started
raining there, that adds believe it's just raining there, that adds a little bit of raining there, little bit of complication to the coverage of the the coverage of the vent?That is right, it is not just raining it's been bucketing for the past 10 minutes, it's been quite Shakespearian you could say this sultry weather was building up over weeks as everyone was weight and now the birth has happened there's thunderstorms tonight and day and makes it dramatic down here or it could be delirious from people in the media who have been here too long. As much as anything, the royal family knows that this is an important part of the PR, this has been planned for some time by