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ABC News 24 The Business -

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(generated from captions) towards Sunday evening. An isolated coastal shower about Queensland.

Our top stories this hour - the pedophile who sparked a Royal Commission into SA's child protection system has Shannon Grant
been jailed for up to 35 years. Shannon Grant McCoole abused seven children as young as 18 months old. He took pictures of his crimes and uploaded them to a web site that he ran. The judge described him as evil and depraved.The PM says a Federal Adani
Court decision to halt the Adani coal mine in Queensland is tragic. Earlier this week the court withdrew the Government's approval of the mine over concerns about threatened species. Tony Abbott says he is frustrated by the decision. He says projects like this one are too important to be hindered by red tape.Donald refusal
Trump has been booed over his refusal to rule out running as an Independent for the White House. The billionaire businessman took on nine candidates in the first round of televised debates of the presidential campaign. He indicated he will stand as an Independent if he loses the Republican nomination and that triggered an angry exchange with Senator Rand Paul.And Jon Stewart has signed off after 16 years presenting 'The Daily Show'. It was once a basic cable entertainment program and became a powerful cultural platform. Bruce Springstein and members of the E Street band were among those to take part in the final show. Stewart will be replaced by Trevor Noah next month. Time for 'The Business' now with Elysse Morgan. The
Good evening.Coming up on The Business - black coal's billion dollar white elephant. The mothballed mine the NSW Government can't sell.And the holiday's over for Virgin. Bali and Thailand flights slashed as international losses soar. A small town in NSW is demanding the State Government sell back land it bought for a coal mine six years ago. The then Labor Government planned to turn farming land Dunedoo into a mine to supply a subsidised coal to power stations. As coal prices fell and the fine became more marginal, the project was scrapped in 2013. The Government has revived the sale process for the mine area but there may not be any takers. It comes at a very bad time for coal, prices are plunging, mines are being mothballed and financiers are pulling out of projects like Adani's Carmichael coal mine. I travelled to Dunedoo, a a community ravaged by the coal mine that never was.This is the prime farmland the NSW Government bought to turn in to area
a State-owned coal mine.The area is now littered with bulldozed and boarded up farms. The only evidence of the hundreds of millions of taxpayer dollars that have been spent. We are all excited about it for growth for the town and my idea was to try and get in and get a bit of extra business out of the mine.Mechanic Derek Dallman had a prosperous business in Dunedoo, a small town in central NSW east of Dubbo. In 2009 the Cobra holding company, the Government owned entity tasked with preparing the area for the mine, told him to expand.They wanted this and that, they were talking figures of 600 people would be employed at the mine.He spent tens of thousands of dollars expanding his workshop and buying new machinery.I bought what they call a monster tyre machine which would never do the big mine work. We were hoping to get work out of the contractors.Over the next four years more and more farmland was aggressively acquired and the NSW taxpayer now owns an astonishing 46,000 hectares. That is three times bigger than the land that Shenhua was bought for the huge watermark supportive
mine further north.We were supportive of it in the beginning and hoped it would put this town on the map.Established farms have gone, along with the half a million dollars they spent annually in Dunedoo. One of the first businesses to go was the piggery. It was one of the largest in the State and a big local employer.Cobra Holding companies bulldozed it.Stock and station agent Gus Stuart salesman
and former Attorney-General salesman Chris Sullivan say the buy-outs have devastated the local area.Just on 100 have been moved out of the Warrumbungle shire.We would have had a lot of clients all up along springridge Road and

from the start.I think the probability of it being mined is very remote at best. It is low quality and the market globally is totally awash with surplus coal.Tim Buckley says the outlook for coal makes it even less likely that mines like Cobra will ever be built.My forecast will decline by 30% in the next five will
years globally, then Australia will be left with ridiculously large amounts of surplus capacity.Diving coal prices and the poor quality and isolation of this resource means the project was doomed from the beginning.This is the third year in a row that the Government has had this project up for sale, with no takers so far. The community of Dunedoo now says enough is enough, and if the coal mine isn't going to go ahead, they want the Government to sell back the land so the community can start to recover and businesses and farmers can have some certainty.The current Baird Government dumped plans to develop the mine in 2013.It has since aggregated some of the properties and leased them back which Gus Stuart says is better than nothing.It is not the same. You aggregate one holding into 10,000 acres or something like that. Before there could have been 10 different families on that provide
10,000 acres.Short-term leases provide no long term certainty.The Government offered $20 million to compensate businesses. That has so far paid for a skate park and a toilet block.Nothing as far as I am concerned. A big percentage of that money went to Dubbo and Wellington. Dubbo shire is not on the edge of the that
mine site. This is the area that lost everything and we didn't get it and the bit we have got hasn't been spent locally.It has been no use to us whatsoever in my opinion. A lot of other people in the town think the same. It is a shambles.Mayor Peter Shinton says the Government has to write off the mine and sell the land back to farmers.You have and
worthless coal seam out there and no potential for anything to happen. That would be the savour if it went ahead but it won't go ahead an the Government will have to be quick and ruthless to get this town going again.Goldman Sachs, the Government's advisor has revived the sale process for Cobra and tenders close next week.The Government says it will consider responses to the request for expressions of interest for Cobra before deciding the next steps.Businesses and farmers argue that selling the land back in parcels is the only solution.There is some good country out there. A lot of people would be very interested in buying that. They probably won't get what they paid for it initially, but cut the losses, move on, let's all move on.As the coal price sinks, so do the prospects for mines across Australia.And Dunedoo is not likely to be the only town suffering because of a mine that never was. Still on coal, the Federal Opposition has accused the PM of second guessing the Federal Court's decision to halt the multibillion dollar Adani coal mine in central Queensland.The court yesterday wuth drew the Government's approval of the mine over concerns about threatened species. The PM says he is frustrated with the outcome, Labor has questioned Tony Abbott's commentary.If we get to the stage where the rules are such that projects like this can be endlessly frustrated, it is dangerous for our country and it is tragic for the wider world.I don't think it is right that the leader of this nation is second guessing our judges. If there is a problem with the way the law is formed, we go back and Commonwealth Bank
debate it in parliament.The Commonwealth Bank has walked away from its role as financial advisor to the project in the wake of the court decision. To the markets and big falls today, about $30 billion was wiped off as savage selling of banks in particular took the ASX down.

Michael McCarthy from CMC Markets was watching the big bank sell off.Huge fall-out from ANZ's capital raising. All the big four were hit. It is not exactly a surprise. How come such a big reaction? It is surprising to see that reaction today. Distressing for some investors. The financial part
stocks are such an important part of the index, making up half its value, that selling has spread across the market. It almost - every sector is dropping into the red today. The size of the offering and the fact that it has come straight on top of an offering from Westpac earlier in the week is one of the key concerns and despite the fact that that $2.5 billion placement was underwritten by three key investment banks, it appeared to spook the horses and investors appear to be bailing out of the banks ahead of a possible further raising.We have CBA or Commonwealth Bank having its results next week. Will they take the opportunity to go for capital raising as well? That is what was scaring investors today. Given the big fall in bank share prices today, I suspect CBA might look Al other alternate ives, rather than trying to raise more capital in the current environment. If that is the case, we could see a big bounce back in bank shares.Westpac will be the only one of the four who hasn't gone yet and presumably it will have to go at some point over the next 12 months? It seems likely there will be some raising. NAB to come to the party also. The banks do have other alternatives, if share prices fell too far, they would look at some of those alternatives. It is not a fait accompli and if investors keep bailing out, it makes the chance of further placements less likely.Orica, the explosives maker today had a fairly explosive announcement for the market? Yes, unfortunately. Bad news for investors in Orica today. Finally, it appears the downturn in mining activity has hit Orica's bottom line. Up until now they have defied gravity and the share price has held up, despite big falls amongst their peers in the mining services sector. Their share price down more than 16% today in trading after they reported lower than expected earnings and guided the market, the future earnings likely to fall by a further 10-15%.Looking ahead, US jobs numbers out overnight tonight. There will be a focus for the markets. What will be the likely reaction? We are looking on a read of unemployment around 5.3% or 225,000 new jobs. If that is the case and the numbers come in close to that level, it seems certain we will see a rate rise from the US Federal Reserve next month. If we see numbers stronger than that we might start to see the markets worrying about potential further interest rates rises in US markets later this year.Michael McCarthy thanks for your time. Virgin is tourist
switching some of its popular tourist routes to its budget arm Tigerair as it tries to get back in the black. The collapse in the oil price and a truce with Qantas on domestic routes have given Virgin some blue skies. Today's results show losses have narrowed to $94 million, that is down from the $260 million loss the prior year. The international business is still losing money and now flights to popular tourist spots in Bali and Thailand no no longer be operated by Virgin.With fuel prices down and planes being more sustainably managed, a good time to be running an airline.There is signs of improvement out there albeit small.If trading conditions have dramatically improved, can management claim the credit for a better result? We have been engaged in a very competitive competitor
battle with a very strong competitor and a battle that every other airline that has fought has failed.Virgin's domestic airline made a pretax profit of $111 million, a $210 million turn around. International operations are still struggling, losing $69 million, 50% more than last frequent
year. Earnings in the Velocity frequent flyer program were up 8% to $81 million. Company-wide the loss was $49 million, $94 million after tax, an last
improvement of $260 million on last year.They are still in the process of metamorphosing into a full service airline, with all the costs that go with that. It is much harder airline
changing from one form of airline to another than actually doing a total new start-up.International remains a problem though. Virgin is expanding its trans-Tasman services which it says is driven by increased demand but Perth Phuket is being axed and Adelaide
flights to Bali from Perth, switched to
Adelaide and Melbourne will be switched to the Budget carrier Tigerair, despite the fact Tiger has had some reputational issues in the past.The airline is in a solid state. It is performing very well. All our independent research and our own research shows that the brand is very, very strong.This is a half step to becoming an international carrier. Virgin aircraft being reconfigured and the Virgin pilots flying the aircraft initially. It is perhaps testing the water and seeing how the group can work.In the short-term Virgin's most pressing problem with Bali is volcanic, which is still causing it to cancel flights.Although Virgin's performance is clearly improving, the bottom line is that the company has still made a significant loss. This will be put into stark contrast later this month when Qantas announces its result, which is expected to be a profit of around $700 million.There is absolute support from the shareholders. Secondly, any pressure that exists is pressure we are putting on ourselves to achiever the Virgin vision targets which we are achieving and we are ahead of.John Borghetti remains confident international will be fixed and Virgin Australia will be profitable next year. That Elysse
is all from The Business. I'm Elysse Morgan, have a great weekend..The pedophile who sparked a Royal Commission into SA's child protection system has been jailed for up to 35 years.Donald Trump has been booed over his refusal to rule out running as an Independent for the bhiet house. And American TV host Jon Stewart has signed off after 16 years presenting 'The Daily Show'. The royal Queensland show has opened for its 138th year. Organisers say it was a top crowd with a predicted 30,000 people through the gates.On a spectacular Queensland day, first crowds threw themselves into Ekka 2015. For many, it is a family affair and a long loved tradition. It keeps this family together. It is the glue. Ekka has become the glue every August.For younger visitors, there was one main attraction.What do you look forward to? The showbags.Showbags.Showbags.The new pig display managed to pull some of the little ones away from the showbags and rides.They are eating my shoes.Today it is all about these guys, the Bulls and cows, more than 1,000 head of beef cattle will descend on the Ekka to be judged, paraded and displayed in what is Australia's biggest annual cattle competition.Rodney Johanssen has travelled from central Queensland to bring his rare hornless bull to the show. He says it has been a tough year battling the ongoing drought.If you aren't resilient, you won't make a farmer. You have to have that grit. You have to have that want to be there.He says it is a trying time to be a farmer.There is so much of the State still out there doing it really tough.Today, he will leave with a smile on his face.We won the Verve junior champion bull, which was awesome.Crowds were pleased to see old favourites like strawberry sundaes and dagwood dogs on the menu.A Tasmanian University student has discovered six new species of soft coral in the Tamar River. Experts say it is an exciting find which highlights the ecological significance of the river system. For many, what lies beneath the Tamar might come as a surprise.We have sea
some amazing soft coral reefs, sea grass and a lot of protected species like sea horses and dragons down there.In part the estuary is 55m deep, much of the ecosystem is a mystery.We don't understand the Tamar estuary and animals that are there. If we are to manage it properly, we need to understand what makes it tick.University of Tasmania student Megan Dykman set out to identify the Tamar's soft corals, between beauty point and low head. Her findings were under expected.From the 46 specimens we collected, out of six groups that look to be new species, they don't match with previously described species.Any time we find a new species it helps us better to understand our environment, it is important.The discovery is expected to help protect the Tamar into the future.Having this research and a baseline of the corals means we can monitor them into the future to ensure there are no impacts.It gives us the opportunity to look for further new animals living in the Tamar.The new coral The
species will go on display at The Queen Victoria museum next week. The heavy beat of Top End hip-hop are ringing out over Darwin tonight as the city's annual festival gets underway. Darwin rapper Requiem says his music is a tribute to the Top End while indigenous hip-hop artist Jimblah is speaking out about racism in a new song. The Top End's lush landscape is the inspiration for Darwin rapper Requiem's latest album. A collaboration of artists from around the Territory. From Alice Springs, I have got Dave Crowe and Jacinta Price and a MC called Skank. From Darwin, I am working with a rapper and beat boxer called Kouf.One band member has flown 1,500km to make it to the show. As the 37th Darwin festival the
gets into high gear.As far as the Territory goes, it is a big place. Because of our population, we are also a small community. The music scene, because we had a minnow in a big pond of the Australian national scene, we gel together and work together.Requiem is supporting hip-hop artist Jimblah, the Larrakia man this week released a new song with other artists in the wake of the Adam Goodes booing saga. I look at someone like Adam Goodes. I have dealt with people coming in on me because of my race before and that has been a handful of people. That was hard.Seeing him go against thousands like that and just saying "This is me".The stage is set in Darwin's festivities
festival park where the festivities will play out over the next two weeks. Let's get the sport now with Niav Owens. Australia has taken early Trent
wickets on the second day at Trent Bridge. Mitchell Starc trying to ignite an unlikely fighting
come back and Australia fighting their way back into the fourth Test.Australia pushed hard for an early Mark
breakthrough as Joe Root and Mark Wood expended the home side's lead before Mitchell Starc struck, dismissing Root for 130 with his fourth wicket of the innings. The night watchman was living dangerously, riding his luck at Trent Bridge before Starc struck again. A short time ago, Butler was sent packing, Starc's 6th wicket to leave England 7/324. Manly lead the Rabbitohs by 12 points at half-time in their Friday night The Sea
footy clash at Brookvale Oval. The Sea Eagles fight to keep their finals hopes alive. The home side was rewarded for a tacking instead of taking the 2 points on offer early.Brett Stewart had the faithful on their feet. What a pass. Lovely try. The Sea Eagles dangerous right edge struck again before the break to give Manly a 14-2 lead at half-time.It has been a tight tussle so far in Adelaide but it didn't take the Tigers too long to find some space in the forward 50. Meanwhile, the Crows started off target, booting four behinds and falling off defensively. Ellis slots it.The Tigers were in front at the first break but the Crows are fighting back in the second, a short time ago scores were locked at 32-all.Essendon coach James Hird says he is nervous about his side's poor record this season and how that will impact on his future at the AFL club. Hird's position is likely to come under scrutiny in an internal review of the club's football program.For all the James Hird has been through over the last three years he knows his future is still dependent on one thing, wins on the field.The you
fact is you win five games when you expect to do better, that will put pressure on everyone and particularly the coach.Essendon is 15th on the ladder and that has made Hird nervous about his future. He agrees a review of the club's football program's structure and resources is necessary.Any time you are underperforming, which we have for whatever reason, whether it is related to ASADA or through injuries or other circumstances, I think it is important to review.Geelong captain Joel Selwood will celebrate his 200th against the Swans tomorrow and says he has no problem if that milestone is overshadowed by the return of Adam Goodes.We will run through the banners together. I am happy with that and we move on.Carlton need more effort from Chris Yarran amid speculation about his future.If we want to stand for something as a club and we want to move forward and give ourselves the best chance of being a good team going forward, we need to stand for a strong four quarter intent.The interim coach backed away from Yarran
making a prediction as to where Yarran will play next season. Australia has claimed another medal at the swimming world championships in Russia with Cameron McEvoy winning silver in the 100m freestyle. The 21-year-old had qualified fastest but in a slow final was Ning
pipped at the wall by China's Ning Ze'tao.It was close. That is what sprinting is. That is the best place I have gotten the at such a high competition. I am over the moon.Emily Seebohm narrowly missed bronze in the 50m (stoke. The women's 200m freestyle relay team faded to finish 6th. Australia is placed for medalled tonight with Mitch Larkin setting a Commonwealth record to qualify fastest for the 200m back stroke final and Cate Campbell is looking to defend her 100m insist
freestyle title.The Wallabies insist they won't be treating tomorrow night aeg Rugby Championship deciding Bledisloe World
Cup clash as a tune-up for the World Cup. They are ex perming by using Michael Hooper and David Pocock in their starting line-up for the first time just six weeks out from their opening Cup match. Every game we play leading up to the World Cup is important. We want to make sure, it is part of our preparation and make sure we put in a good performance evidence time we step out on the field.The Wallabies are chasing their first win over the All Blacks in four years. Australian basketballer star Dante Exum is likely to be sidelined for 6-12 months with a serious knee injury. He suffered the injury two days ago. The 20-year-old has undergone scans that have confirmed he has torn his anterior cruciate ligament, a major blow for Exum who was expected to make major strides for his NBA team the Utah Jazz. He should be available for the Boomers' Rio campaign next year with a good recovery.Good news from trept bridge. England are 8/333. They have lost another Trent
wicket. Ben Stokes is out. Trent Bridge.It is still a formidable lead.We will be keeping abreast of all the cricket action on ABC News 24 throughout the evening. Thanks Niav. Time for the weather with Graham Creed.A strong cold front moving up into the south-west of WA tomorrow. We have a trough triggering light rainfall ahead of it. Showers and thunderstorms will bring the potential of some widespread showers and even hail through the south west. We will see snow developing around the Stirling Ranges as well in the evening. Very cold conditions on the way for Perth. Saturday and Sunday could be the coldest days of winter so far. Through the east, a high pressure system the dominant feature. We still have the potential of widespread frost... News
That is the latest from ABC News 24 for now. I'm Kathryn Stolarchuk. Thanks for watching.

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Tonight, a South Australian paedophile gets a 35-year prison term for abusing children as young as 18 months old. This Program is Captioned Live by CSI Australia Also ahead, real estate mogul Donald Trump holg hogs the limelight at the republican's first Presidential debate. Michael Clarke's side tries to recover from last night's horror start to the fourth Ashes test.And on 'Lateline', how do we guarantee children a job, and make Australia rich. Experts say it's simple, teach kids computer programming early and reap the rewards. Hello, Adil Rashid with ABC News. Evil and depraved, that's how a judge has described a paedophile whose crimes sparked Child
a Royal Commission into SA's Child Protection system. Former Government carer, Shannon Grant McCoole, has been sentenced to Grant McCoole
35 years in prison.Shannon Grant McCoole said he hated himself for being a paedophile, and thought he could control Oaklands Park
his sexual urges. From his Oaklands Park home in Adelaide south, he helped operate a sophisticated child pornography website.A disgrace to absolutely disgusting.
society.A monster.Disgusting, absolutely disgusting.Very hard to absorb, actually. Listening to it. I'm still hear.
shaking.It was horrible to hear.I can't understand anyone can act that way.The public gallery was packed for today's sentence, with applause and cheers after the 35-year term was handed down. The sentence went for more than an hour, as judge Paul rice provided graphic details of Coolangatta's offending against 7 children - Shannon Grant McCoole's defending against children. Most are in State care, some suffered neglect. He committed offences while working for Families SA in a out-of-school-hours care
residential care facility and

service.I'm hoping that my grandson will never lay eyes on him again.He saw a picture of Shannon on TV, he ran. He absolutely ran. My grandson has Grant
autism. And he ran.Shannon Grant McCoole pleaded guilty to 20 State and Commonwealth charges related to having sex with children and child pornography. His crimes are uncovered on the other side the world in May last year. Of the Danish police found images taken by McCoole in the possession of a Dutch national. The images mettia data helped lead Australian police to McCoole. Most of the images contained handwritten notes, proving to website members he created them.I take pleasure in knowing he's away for a long time and he won't get out for a