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Top stories this hour, Saudi Arabia's king has ordered an investigation into a stampede at the annual Hajj pilgrimage that left over 700 people dead. The crush in Mina occurred as two large crowds passed each other moving to and from a site. Around 850 people were injured. The head of Iran's Hajj organisation says Saudi mismanagement is to blame for the disaster.A woman knocked over by a mini motorbike at Carrum downs in Melbourne's south east has died in hospital. 34-year-old Andrea Lehane died after suffering a brain injury in the hit and run. A teenager has been charged over the crash and police are expected to charge another boy this evening.The trial of two men accused of murdering asylum seeker Reza Berati has been adjourned while police organise special protection for are the main witness. The witness told the PNG national court he'd been flen threatened since giving a statement about seeing Berati killed in a disturbance at the Joshua
centre last year. PNG men Joshua Kaluvia and Louie Efi are charged with wilful murder over Berati's death. Both charges.
pleaded not guilty to the charges.And Rugby League Gray have
players Dylan Walker and Aaron Gray have been released from hospital after overdosing on prescription medication. The pair apologised to their family and friends and said they hope the community learned a lesson. From their actions. Time for 'The Business' with Alicia Barry. This Program is Captioned Live by CSI Australia 'The
Good evening. Coming up on 'The Business' - the problems with starting up a Silicon Valley, what's stopping Australia's high-tech push? surviving the perils of biotech's Death Valley, the business.
Pharmaxis's boss talks to the business.Echl brace the digital future - that's the challenge from PM Malcolm Turnbull. The Internet start-up community has been quick to point out what's needed to make that happen. Around 20,000 Australians are embracing the digital future. In California's Silicon Valley, and the Government wants to bring their Robertson
expertise home. But as Andrew Robertson reports - Robertson reports, Australia faces big challenges before it can destination.
compete as a high-tech destination.There is a new number one golfer and for the of
first time Jason Day is on top of the world.It's shots like these which have made Jason Day The
the best golfer in the world. The 27-year-old went to the US to play on the biggest stage in the world.In the land of Internet start-ups, the biggest Valley and
stage is California's Silicon Valley and 20,000 Australians are on it.I know they want to come back here and I think now is a great opportunity for them to be part of what is a very excite time for our country.But is the Minister right, do the silicon valley expats want to come back? According to those the ABC spoke to, Wyatt Roy will have a does
big job persuading them.It does feel like there is a natural progression from Australia to go to Silicon Valley.Nick Abrahams is a 20 year veteran of the Internet world an an ex pat that came Operating Officer
home. At one point he was Chief Operating Officer of Spike networks in the US.The weighted capital in silicone valley is obviously significant. There are a lot of deals to be done over there.One tech start-up which has stayed at home is freelancer dotcom which describes itself as the world's largest online freelance job market. Despite being headquartered in Australia, Freelancer founder Matt Barrie believes we don't have much to offer tech start-ups.We already have a very difficult starting point, the fact that it's one of the most expensive places in the world to hire people, one of the most expensive places in the world for rent. We have a small local market. We don't have very much support for the industry as a whole and or even the technology departments in the universities.And funding remains a big issue. Matt Barrie is particularly critical of the venture capital industry which he claims has missed every successful tech start-up, except Look Smart.It goes right back to the late 90s when a lot of the venture capital firms set up were really run by junior bankers that didn't have a lot of operating experience so they really didn't know how to actually both identify the right companies to invest in and also manage them or provide support to them as they grew.Fish burner is Australia's largest incubator of internet start-up, among Peter
them hotels quickly. Founder, Peter Bradd, shares the view it will be tough to persuade silicon valley ex pats to return.Start-ups or founders go overseas to get closer to customers, to raise money which isn't available in Australia or to get closer to their investors that they have raised money from.Peter Bradd says there are three essentials that need to be addressed for Australia to have any hope of Of the
competing with Silicon Valley. Of the more local talent, which and
will require changes to school and university curriculums to emphasise stem subjects. Mortal lent from overseas, which will require changes to visa requirements, and more capital which will need creative tax breaks. On that issue, though, freelancers Matt Barrie has a different view. He believes companies that can prove they'll make money will have no trouble attracting it.In a rapidly changing world where 40% of jobs are tipped to disappear in the next 15 years because of automation, there's an urgency in Australia getting its hi-tech strategy right. Research from the US has shown that for every high-tech job created in a metropolitan area an additional five jobs outside high-tech are also created.Like golfer Jason Day, though, Australians will always want to work in the big its markets. Fishburners's Peter Bradd says even that can be used to Australia's advantage, the secret is to make expats advocates for home of theYou want as many Australian staff working for them as possible before they go overseas and overseas you need to create the environment that they go overseas and promote the environment.Even if the Turnbull Government can create that amazing environment for tech start-ups not everyone will be a Facebook or a Google. UK research shows only 1% of high-tech companies in Great Britain have sales of more than $2 million six years after they start. The meet unsales figure for a six-year-old hi-tech firm is less than $50,000. Sobering start-up figures for an hi-tech
Australian silicon valley.From hi-tech to biotech, and Australia may already have a strong global presence in the area, think CSL and dock lar, but - Cochlear, but for those ploughing through clinical trials getting products to market is tough going. Australia's 104 listed companies are worth a combined $70 billion, Pharmaxis wants the darling of the sector - once the darling of the sector is on the way back from a near death experience. In 2013 a surprise knock-back for its cystic fibrosis drug from US regulators severely rocked the company, shares plummeted losing 90% of their value in a matter of months.The CEO Gary Phillips was charged with breathing new life into Pharmaxis with the new business model that's relied on investment from offshore pharmaceutical giants. I spoke with him a short time ago. Gary, thank you for joining the program.It's a pleasure.As we heard earlier in the show, making a Silicon Valley in Australia is moving a little bit difficult. What do you think the biggest barrier to innovation in this country mentioned in
is?I think Malcolm Turnbull mentioned in his recent speech about the fact that translational research in Australia is a fairly low ebb, we are down the bottom of the league tables of the developed world. That, in my world, in biotech, takes us sometimes 10-15 years to go from the original innovation to having a product on the market. We need consistency in the environment of policy, and consistent environment where investors feel confident to put their money in for the long-term. As I said, it can take a long time. If we have a policy which changes every time we change a Government, or even when we change a Prime Minister, then that reduces investor better
confidence.As you will know development is
better than most, research and development is quite strong in Australia, but it seems getting products to become commercially viable is quite a big challenge.We call it the valley of death. In the years between actually the innovation and before we get on to the marketplace, our cash burn is at the highest, the rink is at the highest. You need a committed team of people to get it through that period. Unless you are well funded it's difficult to make that leap.Malcolm Turnbull highlighted the need for collaboration between universities and the private sector. Do you think that's you
necessary?Absolutely. I think you only have to look at the US as a shining example of what's possible. When you see more collaboration between industry and universities, they have a vibrant biotech sector and a huge number of start-up companies that are well-funded. They are funded so they can cross the valley of death as I talked about earlier and get their products to marketplace and I think that's what we need to see in Australia.You took over as CEO at a time when the company did have a near death experience after the rejection of your cystic fibrosis drug in the US market. How did you bring it back from the brink?Three things - the first thing was we still needed to find a way of accessing the US market, but without funding the 22 million dollar trial that the US FDA wanted us to do. Secondly we need today reduce cash burn drastically because we weren't going to survive. And lastly we needed to find a early
way of keeping developing our early stage development pipeline even though we were short on cash. In the last six months we have done three deals, the first was with a big responsibility for
pharma company to take over responsibility for the trial we are doing in the US, so they fund the study, and they commercialise the product but we'll earn royalties and milestones from it. Secondly we found distributors in Europe to carry on the promotion of our drugs there. That meant we could reduce our cost, we infrastructure
eliminated our commercial infrastructure in Europe which allowed us to reduce our cash managed
burn drastically. Finally we managed to get one of our early stage pipeline products, we did a transformational deal in May, worth about $750 million with a large European pharmaceutical company, which really is set it on the road now to recovery. We have built a strong small company out of a larger company.And as you attracted that capital, you then saw soon as
other interest?Yes, sure. As soon as one big company has validated your technology and said we like what these guys are doing, we think it works, then immediately, everybody else looks over their shoulder and says maybe we should have a seen
look at them too, so we have seen a big interest in other companies looking at the rest of our pipeline, but also from investors, we attracted one big US fund came in within a few weeks of the deal being done in specialist
May. And again, other funds, specialist funds, telling in the US and some Australian ones are now looking more closely, a second look, I guess.Is the falling Australian Dollar then a benefit for you when it comes to attracting investors?I think they saw technology they liked but also somewhat of a currency hedge. The US dollar was riding so high. We looked good value
very cheap and probably very good value for them compared with other similar companies on the NASDAQ.Your share price is around half of where it was back in 2003 when it listed at approximately 50 cents a share and it did take quite a big dive after a number of, I guess, set-backs for you. How share
are you going to increase that share price.Our enterprise value at the moment, is relatively small. But I think the deal that we have done and the validation of our technology, we have got 54 million cash in the bank, a long runway now ahead of us in which to realise the milestones that we have already negotiated from the deals we have on for We have
the US and early stage asset. pipelines
We have got more asset pipelines as well, so we'll be looking to exploit that with the cash that we have and build the value back again.How is for
bright do you think the future is for Australian biotech?We have a very good education system, I think we produce great scientists. What's not reported very often is if you publications that
look at the number of publications that come out of of the league
universities, we are at the top of the league table in erms it of number of publications. So the basic building blocks are there. I think if we carve a consistent policy and approach to building this knowledge talked
economy that Malcolm Turnbull's talked about, then there is no reason why we can't build that in Australia for the future.Gary Phillips, more to do, but we'll leave it there.Thanks very much, thank you.To the markets now, where an early rally quickly ran out of puff. Concerns over global growth and the prospect of a US rate rise weighed, the ASX losing more than half a per cent by the close.

For more I spoke tocm CMC Michael
Markets chief strategist Michael McCarthy shortly affidavit market closed. Michael McCarthy, an attempt at a rally this morning went nowhere?Certainly, Alicia, we saw momentum turn during the US session. European shares had been under severe pressure once again, indices falling by around 2%. We'd seen similar weakness at the US Open, however midway through the session sentiment seemed to turn and although the markets finished in the red they were much closer to square than they had been at the mid session point. That meant we had positive momentum coming into our session of the we started quite well, the market got away on the front foot. Particularly materials and energy stocks did well after bounceness key commodities overnight. Over the course of the morning session selling emerged in the banks in particular and that's where weight on the market, all four of the major banks falling by between 1 and 1.5%, that's what dragged the sharemarket into the US
the red today.We heard from the US Fed chair Janet Yellen. Did her speech clear up any of the confusion over the timing of US interest rate rises?Well, it help ed somewhat, but not really reasons I
enough, Alicia. One of the reasons I think we saw pressure of
on the market over the course of the afternoon, and on other markets in our region, was that the timing of any US interest rate rise is not - still not clear. It does appear it will be this year. That's certainly what Janet Yellen told us in the speech today, but markets are concerned, they are looking a lot of traders looking for an October rise, economists pointing out there is not enough data to justify that before the October meeting. Unfortunately uncertainty still about US rates and although there was some improvement and sentiment on the back of those comments because of the confidence expressed in global growth, we are still rattling around on Fed intentions.Well, even so it does seem as though a US rate rise is back in play this year. That, along with the strength of China being in question, leaves a big question mark over the Australian sharemarket and the Australian Dollar, where do you think they are headed?There is strong disagreement in the market evidenced by the very tight trading range that we are seeing, but the huge day to day volatility. Buyers and sellers have both got extreme views, a lot of buyers suggesting we are at a value phase, the yield on the dividend yield on the index is compelling at these levels and they are happy to fill their boots. On the other side we have got those pointing to China who are convinced the market is about to implode. And we'll see shares significantly lower. There is no resolving that, we'll have to wait for the market to make its decision. Valuations are good at these levels and I'd be suggesting we will see a positive close for the year.Very briefly, Michael McCarthy, do you think we'll finish in the black on the ASX this year?Absolutely. In fact, I'd be surprised if we don't see 5500 on the index before December 31. Michael McCarthy, thank you.Thank you.And that's all from 'The Business' for this week. I'm Alicia Barry, thanks for watching, have a great weekend. The top stories now, the deaths of more than # 00 people outside the holy city of Mecca during the Hajj pilgrimage prompted Saudi authorities to review the country's handling of the event. A teenager has been charged over the motorbike crash at Carrum downs in Melbourne's south east that claimed the life of a mother of two.Rugby League players Dylan Walker and Aaron Gray have been released from hospital after overdosing on prescription medication. He saw horror and he recorded history. Australian official war artist Alan Moore has died. He was 101. More Moore depicted what he witnessed when Bergen-Belsen
the Nazi concentration camp of Bergen-Belsen was liberated in the
1945. Helping open the eyes of the world to what had been happening behind the barbed First World
wire. Born on the cusp of the First World War in 1914, Alan it was
Moore's great love was art.And it was art that took Moore into World
conflict during the Second World War.He never wanted to celebrate war, that's not why he became a war artist. He wanted to tell the true stories of war.Moore depicted Australian forces in New Guinea and Europe. On April 15, 1945 while travelling with British forces in Germany Moore came face to face with horror at the Bergen-Belsen concentration camp as it was liberated.At first I was terribly shocked and overwhelmed with it. I realised that I had to try and get it down.Moore sketched and photographed what he saw, including the dead being buried by the captured SS guards. Beyond creating art, he was recording history.The initial reaction was of course horror because what had actually been going on inside the camps wasn't well known, so Alan's work was one of the very first group of images that began to make that known around the world.This is the proof, the proof that history can't be omittedOlga Horak was a teenager held in Bergen-Belsen, and she spoke to the young war artist. 60 years later, she met him again in Sydney.A wonderful surprise and something which I never forget.Alan Moore was reunited with his art during a visit to the War Memorial in 2014.Art was his life and life was to be celebrated. He did that on his 100th birthday.The artist died in central Victoria.Someone who has actually provided the Australian and the international public with an extraordinary insight into history.Through his work, Australia will never forget what Alan Moore saw. Driverless cars, drones delivering online purchases, what seemed like science fiction not that long ago could soon be reality if Australia can keep up.Leading industry bodies say when it comes to innovation, Australia isn't the they
leader it could be, something they are calling on Malcolm Turnbull's so-called 21st century Ministry to change.At a glance you might think this down the
looks like something you'd find down the kids aisle of a department store. But the truth is, this technology is serious business. Daniel Griffiths it part of the team that designed this machine, the winning design at a national autonomous was
robot tournament.That somehow was the winning robot.Studying a PhD in machine vision giving the computers the ability to see, Mr Griffith says right now is an exciting time to be involved in advanced robotics.There's so much development going on, the autonomous cars and all of that is coming with machine vision along and it's allowing us to do so much more.Handing your keys over to your computer may seem far fetched just a few technology
years ago, but next month that technology will be put to the test on Australian roads. And it's just one of many practical applications on the innovation up
horizon.If Australia can keep up with the relentless pace of innovation it will mean jobs and big dollars, too. The industry surrounding the driverless car alone is expected to be worth more than $90 billion within the next 15 years.But the numbers show Australia simply isn't the innovation leader it could be. One leading innovation index has Australia trailing nations such as Ireland, South Korea and NZ, a position labelled by the institution for Engineers Australia as mediocre. That same institute says a stronger national innovation culture is needed, one that begins in the classroom and has suggested the creation of an innovation board to target and direct funding and research efforts long-term. The Prime Minister has made it clear rising through the global innovation ranks remains a top priority.We must be more productive, above all we must be more innovative.How the Government plans on doing that has yet to be revealed. Let's get the sport now, with Georgie tony and Georgy, what's the latest from language Park? An up and down affair, the Brisbane Broncos are locked in a tense battle with the Sydney Preliminary
Roosters in the first NRL Preliminary Final in Brisbane. The hosts got off to the best possible start thanks to some help from their Opposition. Then, when Jordan Karhoum, Ben Hunt pounced to score the second of the night and extend their lead before the Broncos special.
half produced some extra It's been all the Roosters since then, though, Blake Ferguson scored a double in five minutes, the Broncos lead by eight points at half time. Hawthorn and Fremantle are locked in their own tight tussle in their AFL preliminary final in Perth. The Dockers looked sharp in the early stages leading to a fantastic opening goal in just the second minute. And they backed that up moments later to take a handy 11-point lead. Fremantle's customary tough Defence was on show as they dominated in the early stages but some ill discipline cost them the lead, Hawthorn in front by 21 at quarter time.The two Rabbitohs players Aaron Gray and Dylan Walker who overdose on prescription drugs earlier this week have now recovered and today were discharged from Sydney's St Vincent's hospital. They both apologised for think actions - their actions although the circumstances surrounding their overdose remain unclear. Patrick Galloway reports. After three days in hospital they emerged Gingerly and both were apologetic.It's a mistake, you know, that we have made and it's a lesson. That we have learned and we hope everyone can take a lesson. Out of this.We'd like to apologise to all our family and friends for what we put you through over the last few days as well, we Walker
know it hasn't been easy.Dylan Walker and Aaron Gray overdosed on prescription medication last Monday night. They were rushed to hospital and their lives saved. But this incident has raised alarm bells in the Rugby League community and medications
beyond.Prescription medications are not a Rugby League issue only. They are an issue across all competitive sport. And it's something that we need to face fair and square.John Lee did not confirm the exact results of the toxicology tests although he did say they did not contain But whatever
any traces of illicit drugs. they
But whatever the results were they have caused him to act.We are going to own the problems, we are going to fix the problems, and we are going to move on.Lee says the Rabbitohs want to be part of a new trial of testing players' hair follicles for prescription there
drugs.We think it's time that there is greater monitoring as well as education so as this incident can be prevented.We have learned from our mistakes and we hope everyone can learn Rugby League
from our lessons.Not only Rugby League players, but just people in general.An investigation of the incident the club.
is still being carried out by the club. West Coast coach Adam Simpson says his players are relishing being the new kids on the block in the AFL Preliminary Finals. The Eagles are the most inexperienced side left in the Premiership contention, but will go into tomorrow night's match against North Melbourne as the heavy favourites. Clint Thomas reports. Not many give causing
the Kangaroos much hope of causing an upset in Perth.That's okay. Not many rated us a month ago and we got are
ourselves to a prelim. So we are not fussed about that. We have had confidence the way we
that we have gone about it and we have confidence in the way we prepared and the way that we'll play tomorrow night, so not an issue with us.The Eagles have surprised almost everyone with their rapid rise into Premiership contention. And they have been heavily Grand Final
backed into making their first Grand Final since 2006 but the club is trying to stay focused on the task at hand.There is think
no favourites in prelims, I think we all know that. Finals is completely different.West of
Coast is the youngest team out of the clubs left in Premiership contention.We are the new kids on the block, so, you know, the least experienced team in the prelim. That does count for something in terms of it's going
experience, but I don't think it's going to be to the point where we going to be overawed.It's been a remarkable effort by the Kangaroos to make it through from eighth position and they believe they are as good Grand
achance as anyone to win the Grand Final.We feel like we are playing as good as the top four sides, so we are in pretty good shape.North Melbourne has flown a 28-man squad to Perth. Let's take another check of the weather now, here's Graham Creed.Some cloud moving this
towards the southwest of WA, this is in association with a couple of weak troughs and fronts but they are really not going to have much impact apart to
from introducing a bit of cloud potential
to the Southern Districts and potential of a little bit of drizzle or a light shower or this high
two. Through the south east this high pressure system is the dominant feature that extends up through much of the inland of the states but still onshore winds on the east coast, that's going to maintain into south
showers along the NSW coast up into south eastern Queensland, possibly about the north-east of Queensland. ABC
And that is the latest from ABC News for now. I'm Kathryn Robinson. Thanks for watching.

This program is not captioned.

This Program is Captioned Live by CSI AustraliaTonight - police charge a teenager over a Melbourne hit-and-run just hours after the victim dies in hospital. Also ahead - Middle Eastern nations fight over who's to blame for a stampede that left hundreds dead near Mecca.Two Manus Island men accused of Barati
murdering asylum seeker Reza Barati go on trial.And on 'Lateline' tonight after week one of the new Turnbull realignment
Government, are we seeing a realignment of Australian politics? And can Labor survive if Turnbull occupies the middle ground?Hello and welcome to ABC News, I'm Johanna Nicholson. A 34-year-old woman struck by a mini bike in a Melbourne shopping centre car park on Wednesday has died in hospital.Police have charged a 17-year-old boy over what they've labelled a callous hit-and-run.3 other teenagers are being questioned by police. Less than 48 hours after 34-year-old Andrea Lehane was struck by a small motorbike, her family made the heart her
breaking decision to turn off her life support. In a statement, Ms Lehane's husband James said: His wife suffered a fatal brain injury. He says her final act of generosity will be to donate her organs. The hit-and-run at the Carrum Downs shopping centre was captured on security cameras on Wednesday. This afternoon two another
teenagers from Carrum Downs and another from nearby Seaford were arrested by police.A growing mound of flowers now marks the spot where Ms Lehane was struck down.I think it was just waiting to happen. These bikes have been a problem for a decade now.It's mini motorbikes, also dubbed monkey bikes, like this one that are the issue.And I've seen them tearing through here. There's kids around here all the time. They've nearly collected us several times. Here, here.The bikes can be bought online for as little as $200 and it's illegal to ride them on the road.They have the potential Frankston
to be very dangerous.The Frankston City Council banned the mini bikes in 2007 and impounded
since then police have impounded 315 of them.I think it's a really difficult issue to tackle. I think if there was an easy solution we would have come up with it by now.The mayor is now suggesting people start to dob in their neighbours.If you see someone going out on a monkey bike, can
ring the police and the police can with waiting for them when they get home.A candal light vigil for Andrea Lehane will be helded on Sunday.The king of