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Live. The top stories from ABC News The top stories - the AFL has charged the - the AFL has Essendon football club, its coach James Hird Essendon football club, coach James Hird and three
other senior club coach James other senior club officials as other a result of its controversial sub a result of sub implements program. a result of its and three owner senior figures have been charged and three owner conduct that is unbecoming figures have been conduct that is unbecoming or
likely conduct that is likely to bring the game into disrepute. The likely to bring the game disrepute. The league's general
counsel likely to bring the game into
disrepute. counsel Andrew Dillon says so far there is no counsel Andrew Dillon far there is no evidence that
players far there is no players violated anti-doping
rules. The stage has been set for an auft yer election campaign with confirmation of $60 billion of deficits over the next three years. The Treasury has released its official Budget update instantly reigniting debate over the costing of election promises. Labor is using the figures to pressure the Coalition to release its full policy costings. Holden workers in Adelaide have votedover whem had gonely to accept a three-year wage freeze and a cut in their conditions. The unions say there was a majority yes vote from the 1700 workers at the Ries leth plant.And a Sydney police officer has been convicted of secretly filming himself having sex with three women and showing the videos to his colleagues. Marc Osborn made the recordings at his home using a clock with a concealed camera.

This Program is Captioned Live.Tonight - the blue oval's multimillion dollar road show. A glitzy vision for the future and Ford says it's not the rear vision mirror.This is a centre of excellence for the creation of all Ford products, not just for Australia but for the entire world.I'm Ticky Fullerton, you're watching The Business.

Well on a day Holden workers took a pay cut, Ford's fighting a PR battle over its commitment to Australia.Ford at the crossroads, launching a product blitz and new business model. Treasury opens its books, sparking Treasury opens sparking a new battle of the Budget bottom lines.And the new Stockland boss on paying the price for a rebuild.First a quick look at the markets. After a slow start local investors were accentuating the positive. The All Ords rose almost 1%:

Ford's factory may be closing its door but the company says it's in Australia for the long haul. Ford was putting on a show in Sydney today aimed at turning around the perception it's shutting up shop.Top global execs and a range of new models were wheeled out to much razzmatazz in Sydney. Not celebrating werehold - Holden workers who voted to take a pay cut to keep the company afloat.It had all the glitz and glamour of a Hollywood movie premiere.Hello, everyone and thanks, Jim.Top executives from Ford's global headquarters played a starring role in a secret Sydney launch in the company's next generation of cars. On hand an audience of hundreds of dealers and Ford's big Estefans.I didn't really know until we got here but you felt a movie star. All you lacked was red carpet, we had blue.It was minus the Falcon few featuring new styles of the SUV and the iconic Mustang.For us the future starts today and it's time to take a fresh look at a new Ford motor company here in Australia and New Zealand.Analysts say there was more to it.When Nissan left Australia several years ago their market share dropped from 8% to 4%, same with Mitsubishi. Ford is trying to say here we are, we've got 3 years of Falcon and Territory production to go but we've got some other products coming.There was little talk of Ford's recent announcement to close its remaining Australian factories in 2016 or the loss of 1,200 jobs. But the company is promising a new business model. R & D will stay here with development and engineering centres in Victoria guaranteeing around 1,000 positions.We have great test facilitieser hoo, here we're upgrade ing those. This is a centre of excellence for the creation of all Ford products. Not only for Australia but for the entire world .They will be designing cars for China or Brazil or helping with designs for the US and Europe. They won't be made in Australia, they will be made for a global market.But made in Australia was the big issue for rival Holden.When things go were good we had to fight for conditions, now things are bad and everything's just getting taken.Too upset to think about it.Workers in Adelaide were visibly emotional after a vote on a deal to cut conditions and freeze wages after the company indicated it couldn't survive without the tough measures.To keep this company going for the next 10 years they're prepared to do all that. They don't like it and they really wanted to vote no but at the end of the day they know it's the workers have done their bit future.The union says workers have done their bit and
Holden's survival will workers have a
Holden's survival will rest on a new workers have done their bit and
Holden's survival will to be negotiated Holden's survival will rest on
a new to be negotiated after the to be election.Treasury's apolitical economic statement has reinforced the Government's forecast delivered less than 2 forecast delivered less than weeks ago. The economic view has become bleaker since the May Budget and so has the Treasury's commentary with the word uncertainty used dozens of times.There was also a considerable discussion about the forecasting risks, a response to the political attacks by the Coalition to Treasury's reputation. Here's finance correspondent Philip Laskar.It was a welcome document for a government whose economic forecasting credibility has been called into question.The figures in this document confirm the economic statement released by Minister Wong and I the Friday been
before last.After all, it's been less than 2 weeks since the Government released its economic statement and any further deterioration would have been a serious setback for the Government. So the major forecasts are the same for the next 4 years with this year's growth cut to 2.5%, unemployment set to peak at 6.25%, inflation a comfort able 2.5% and the terms of trade weakening by more than 5%. The Budget bottom line projections are almost identical with the Budget surplus coming in at $4.2 billion in 4 years compared with the Government's forecast of $4 billion. But even when the surplus is forecast the Budget will be in structural deficit. In other words, government policy has chartered a medium-term trend where spending will outstrip revenue.If you look at the the
Budget numbers, if you look at the structural deficit you will find that it is tends to be tilted towards deficit. So there is, I guess, a risk, more of a risk, I think, that their
they're not going to achieve their surplus.But Treasury, which has been under significant political pressure following the Coalition's attacks has gone to great lengths to point out the hazards embedded in its forecasts.The word uncertainty occurs very, very frequently throughout the outlook from both the global economy perspective and from the local economy. And all of those risks are very much weighted to the downside for the economy.Like China's economic path, Europe's emergence from its debt crisis and America's attempt to wind back its massive stimulus program.Particularly on the global front the Treasury is much more bearish than many in the market would be and there really seemed to have focused in on high lighting those risks that they see out there.PEFO was even given creedence by the man who had previously attacked its credibility.There is significant commentary in the document about the downside risks to the Budget. These need to be carefully considered by the Coalition. The downside risks are exceptional.The uncertainty at the centre of PEFO is the major reason much of business remains on its knees. The latest National Australia Bank business conditions survey remains at 4-year lows.It's still a very soft situation for the Australian economy according to our business survey.It will be slow going no matter who wins the election.Blackberry might have creatured the culture of users glued to their mobiles but customers are no longer stuck on Blackberry. Back in March we spoke to boss author Steen heens.It's a strong brand globally and we want to support this brand, we want to rally our troops. We want our customers to rally behind that brand.Now Blackberry says it's considering selling the company. The new Blackberry 10 launched only 7 months ago to great fan fare but failed to excite consumers. The Canadian company's a distant last behind market leaders android and Apple raising the question who would want to buy Blackberry. I'm joined in the studio by the man with many answers Scott Phillips from Mott Motley Fool. It was a high-end market pitch. Author ThorsteinHeins was talking a lot about mobile computing and investing a lot in the new platform.The 10 platform was crash or crash through. Unfortunately for them it was crash. The android platform way out in front, Apple as a single manufacturer platform doing well, Microsoft and Nokia doing reasonably well.They must have thrown a huge amount of money into this?They did. This was the last shot in the locker. This was their chance to remake the company, remake the company again. Unfortunately
itself and become relevant again. Unfortunately they've fail and failed dismally.When they come to potential Byers they've now got a committee organised and chairing this committee is a guy called Timothy Datels from TPG private equity, what would be attractive about Black bs berry to a perspect ive buyer?It's hard to see any rel value. It now comes to the cash on its books and probably its patents. So whether that's a trade buyer or private equity firm these patents are everything from the track ball, the swipe feature, all these things that make up the operating systems of mobile phones that are used by multiple manufacturers, the pay - patent has some value. And that's really all Blackberry can hope is they can generate enough demand for the patents and cash from other suppliers or from a trade purchaser.Well let's move to housing. Now, CBA's Ian Narev says he's not losing any sleep over a property bubble, should he be?Giving Governor Glenn Stevens saying he's doing a great job, he doesn't lose any sleep at all. It's hard to imagine a house price crash. We saw Standard & Poors come out and talk about a 5% possibility of some sort of housing crash, a hard landing in China creating 10% unemployment in Australia, possibly 25% house price fall. But they only gave that probability, as I said, a 5% chance. There's no real significant weight. By the same token Australian house pricing is high compared to the rest of the industrial world.Let me get that straight. If there was a 5% chance and for a a 5% chance and that would be
for a 25% fall?That's right. A 5% chance for a 25% fall?That's 5% chance of a hard landing for a 25% fall?That's right. A China which 5% chance of a hard China which takes Chinese growth to a 5% GDP growth, that could create a 25% fall in house prices in Australia.When Mr Nah rev talks about stress tests on banks they could resist house price falls of up to 40%.That will keep the bank in business. Shareholders will suffer a significant loss if that happens. It's one thing to say the bank will continue in its current form but if we saw that sort of crash shareholders will be very significantly affected.In the meantime we've got various signals about how competitive the market's becoming because I think Westpac moved more than the 25 basis points in terms of the fall in rates. We've now got the NAB offering $1,000 cash payments to customers who refinance with them. It would suggest that there's quite a lot of competition in this market now?I think there's more competition than it used to be.Amongst the big four let's say.It's hard to say it's the most competitive banking market in the world, I know you weren't saying that. It's a nice cosy 4 pillar system we've got going on. It's more competitive than it used to be. It shows the organic growth of the housing market is anaemic at the moment. When everything is growing nicely the banks are happy to take their profit margins an run. At the moment they have to compete hard because there's not a lot of lending out there.Let me go to this new plan for David Jones to deal with its electronics business. It's quite inventive one would say?A little bit of an unusual taking Dick Smith Electronics type partnership. David Jones into store, a taking Dick Smith into store, a concession, so effectively David into store, effectively David Jones getting out of into store, a concession, so out of the electronics
business, giving that space over to Dick Smith Electronics over to run over to Dick Smith to run an in-story, I think it's David Jones to run an in-story, it's David Jones powered by Dick Smith.So it keeps Dick Smith.So it keeps its brand?David Jones keeps the head brand but Dick Smith gets the exposure. Good news for David Jones is this is a loss making category currently so they exit that type of business. They get a regular monthly payment from Dick Smith. So they will go from a loss-making business to some sort of annuity stream that will be a nice payment for them for 3 years.Is it the right partner because they're very different in terms of low end, high end?It's harder to see how this is going to work. If you go to David Jones electronics area at moment you've got high end equipment, lots of really high end stuff. Dick Smith running the house brand strategy effectively. So it's hard to imagine how the David Jones shoppers are going to react to a Dick Smith product but time will tell how they change their product mix.Thank you very much for joining us.Thanks, Ticky.The local share market touched 2.5-month high with a late session rally across the board. I spoke to Marcus Padley at Patterson Securities earlier. After that moribund morning session we then had a strong rally towards the close, what sparked it?Well it's all resources, I think, Ticky. Everything's flying along, the iron ore prices are up 4% today, all that Chinese stuff last week, the trade numbers in particular, industrial production on Friday was better than expected. And as we go into the results and some of the results coming out not as bad as expected in resources and we're seeing some significant bounces there. So it's the traders place of play at the moment.Take us through a couple of the profit results today?Well we had Bradken, they're up 12% on a set of numbers that were OK. Reckon was down 3%, real estate.com which just hit an all-time high is down 4.# 4%. Dominos Pizza in a trading Holt and Stockland down on their results. The main feature was Bradken up 12%. The mining services companies have all been flattened, of course, ahead of this and some of them are the most shorted stocks at all, list of one of the most shorted stocks was going around this morning. And this sort has come around because Billabong jumped 50% in a week, it's one of the most shorted stocks. JB Hi Fi has doubled in the last year, one of the most shorted stocks. So anything that's having a half decent set of results that is well shorted is flowing.I see. Now you mentioned Dominos Pizzas there. I see there's a lot of corporate action around dominos Pizza and the Australian business side looking far slice of the Japanese market, apparently.Yes, they're buying
into into Japanese or Domino Pizza Japan, into Japanese or Japan, 75% paying - well Japan, 75% paying they're raising $156 million to buy 75%. they're raising $156 million buy 75%. It will be 9% earnings acreative. They've got a rights issue, they're in a trading halt, they've got a rights issue going on at discount. The rights issue may struggle a bit initially, it will be well received, I think, as an acquisition and possibly if you brokers
see some price weakness the brokers are more likely to be saying buy than sell.We've got a couple of key earnings tomorrow. What's being anticipated there?After today, particularly Bradken, we've got Worley Parsons make an interesting set of results tomorrow. They've been running into these results on the hopes they're going to be better than expected. Otherwise CBA, of course, talk of a special dividend again the stock approaching an all-time high although with BHP's rally, BHP's almost as big as CBA. We've all got Computedershare, Car Sales.A lot of the companies that are currency affected have had good results. So we're all sort of flying into results trying to trade like dervishes.We'll be talking to CBA's Ian Narev tomorrow. Marcus Padley, thank you for joining us.My pleasure.To the other major movers on the local share market. Property group Stockland has been under new management this past year with the first full annual reports for CEO Mark Steinert. A steep fall in profit down 79% to $104.6 million including write downs on the residential side thanks to the weak housing market. But the new boss is confident that his restructure is making the group more resilient and well positioned for any improved market when it comes. I spoke with him earlier.Mark Steinert, welcome to the program.Thanks, Ticky.Fairly sobering results. The price fell more than the sector. You're a work in progress, really.That's a fair way to characterise us. I mean we certainly provided a pretty clear view at our interim results and the strategic review that we did have a lot of challenges to address and we took a large number of impairments and we changed policies to be more conservative in our growth outlook and our assumptions around capitalised interests and we did all that to create a solid foundation for growth.Just on distributions, you're paying out 24 cents in dividends, underlying earnings is 22.4 cents. How much is that about this incredible investor pressure for yield.Look, at the end of the day we thought very carefully about what was the right thing to do there. I mean we made - the changes in FY 13, which are really made in a 6-month period impacted net profit by more than $75 million pretax. We feel the policy was prudent at that time, we acknowledged it was well above policy. It's not sustainable long term but given our view on earnings growth looking forward and our confidence around the organic growth as well as some moderate improvement in the market, we think it's still a prudent place to be in terms of the 24 cents.You've got a $355 million write down on the housing side, now this is your first full year of results obviously but I'm just wondering how much of that is the market not performing for you or have some of these properties being on the books for some time?A lot of those assets were acquired in the early 2000s and as a result, you know, they've had a lot of interest that's acrude against them and that's been the biggest challenge, the interest accrual has damaged the profitability and viability of those projects. We took the hard medicine and adjusted them.Mark, one for you as a former head of researcher at UBS, why would an investor today go for Stockland rather than a GPS or a Mirvac?Well look, I think, you know, we've got very strong array of different assets being diversified vehicle and if you,
you know, different assets being a diversified assets are that assets are shopping centres
that are or differentiated Sepp centres in regional locations or differentiated Sepp ters or differentiated Sepp ters in metropolitan location. We have improved metropolitan location. We market, we have an improved leverage to housing strategy we believe we can execute. We've just demonstrated above expectation results in our retirement living village business and we've bought costs out and we're improving our processes.I'm looking at the business climate at the moment. We've got the NAB business conditions out now very depressing, Andrew Robb talking about the lack of business and consumer confidence today and yet shopping centres all over the place are continuing to be developed.Well, you know, we can really only speak to our own and the reason why we're confident that our development still stack up is because we're not, you know, building them and going head to head with competition in the immediate trade area. We're putting retailing into the centres that we know that shoppers want because they're going outside of the trade area to make those purchases, you know. We have heavy focus on supermarkets, discount department stores and services and that makes our portfolio more resilient as well.You've got a pretty strong balance sheet, I see there's rumours again in the Fin today about Aust raland and a Commonwealth Bank note about how Australand might be a dis diversified fit for your trust.We don't comment on speculation but it's interesting there's all this attention there because they've gone through a formal process, a pretty comprehensive one, including the major shareholders come out and committed to their holding and once again they have leverage to an improving housing market. So I would say that they're core holding for a lot of
people in the Australian stock market.Now Mark, people in the market.Now Mark, I was at a Property Council market.Now Mark, I was at Property Council conference
earlier in the year and there was a lot of talk about was a lot of talk about the euphoria around Real Estate Investment Trust and whether yield would drive value ahead of Investment of property fundamentals. Do you see this as still an issue?I think, you know, for the very best real estate that I guess is in the trophy category where we've seen pretty comprehensive demand from pension funds and sovereign funds internationally as well as domestically, that there's potentially, you know, it's gotten a little bit warm. I don't think it's gotten ridiculous but it's certainly gotten quite warm for some of those assets but by and large, you know, while there is very robust demand for good quality commercial real estate, given where interest rates are and given where underlying fundamentals are I think the market still represents reasonable value. You've got to be selective.Just on industrial relations we had a lot of concerns obviously with Grollo and the SFMEU earl crer views
in the year. What are your views on the reinstatement of the building commission and indeed a more sensible balance on industrial relations as the Opposition would put it?Looking at certain aspects of construction process, I mean it's clear that, you know, there's some pretty significant hurdles around efficiently delivering built form and ultimately it's in the interests of the community and the end user to be able to provide built form as efficiently as possible, you know, to make sure that the costs are reasonable. So to the extent that we're able to streamline processes and provide clarity around what's required and to operate in a transparent, fair and proper way, then I think that can help deliver that efficiency and that would be a step in the right direction.Mark Steen - Steinert it's good to get you back from the US, thanks for business
joining us. A look at other business stories, Melbourne will be the moment of Qantas' new Dream liners. Victoria had beaten other states vying for the new facility. The $100 million maintenance and training facility is expected to create 100 new jobs.The first Dreamliner will be delivered next month.And famous for Tesler electric cars and Space X Elon Musk wants to revolutionise rail travel. The billionaire's unveiled his vision for the futuristic Hyperloop to whisk passengers between San San Francisco and Los Angeles at 1,200km/h. Described as a cross between a concord and an air hockey table, the Hyperloop will be safer and cheaper than high-speed rail.And before we go a look at what's making business news in overseas newspapers. In London's 'Financial Times' says Mexico's floated a plan to open up the country's energy sector to foreign investors for the first time in 75 years. In a move that could unleash billions of dollars from all majors struggling to find new resources.And on housing, Britain's 'Daily Telegraph' says Britain's housing market has finally turned a corner with rising prices and activity across the whole of the UK with the fastest growth since 2006.And that's The Business. You can watch the show Monday to Thursday each night on ABC News 24 as well as after 'Lateline' on ABC Fullerton. Thanks for 'Lateline' on ABC 1. I'm Ticky Fullerton. Thanks for watching, Closed Captions by CSI.

This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. This program is not captioned. Tonight, on 'The World', the AFL charges James Hird and three senior Essendon officials over the club's could be tro verbal supplements program. They were all charged with engaging in conduct that is unbecoming or likely to prejudice the interests or reputation of the Australian football league.The AFL says so far there is no evidence players violated anti-doping rules. We'll go live to Melbourne for the latest.

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Also ahead, it's crunch time for the numbers men in Federal politics, with new data on the nation's finances revealing Australia will have a tough time paying for its future. Britain warns Spain it might take legal action to force Madrid to abandon tighter controls of the border with the contested British overseas territory of Gibraltar. And it's take off time in NZ for the developers of a personalised Jetpack that's just been given clearance for manned test flights.

Hello, I'm Jeremy Fernandez, it's 9pm in Melbourne where there's been a huge development tonight in the AFL supplement s scandal with the league formally charging Essendon. Head coach James Hird - the case will be heard by the AFL Commission in two weeks. In a moment, we'll get reaction from AFL House in Melbourne, and analysis from Canberra from former head of the Australian Richard
sports anti-doping agency,s Richard Ings. The but - Richard Ings, first, AFL general council Andrew Dillon and what he had to say. I have reviewed the evidence, carefully considered the matter and have come to the view that the parties charged have a case to answer. The parties have and
been informed of the charges and that a hearing of the charges is scheduled to be held on 26 August 2013 at AFL House. in relation to the Essendon players, I can advise that although WADA declared AOD-9604 is a banned substance, on the information currently before the AFL, there is no specific anti-doping rule violation attributed to any individual player for the use of AOD9604 or any other prohibited substance. As such, at the present time, there will be no infraction notices issued under the AFL anti-doping code.That's the AFL's general counsel Andrew Dillon. For more, reporter James is outside AFL headquarters. Judging by what some of the players had to say this morning, this has caught them by surprise?Indeed, Jeremy. morning James Hird, the senior coach, said that he did not believe there was enough evidence to warrant any charges at this point. Now, some ten