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Live.

Tonight - Australian markets

dive amid spreading gloom over

the US and Europe economies.

The Commonwealth tries to seize the proceeds of David Hicks'

Guantanamo book. And banana

twist, Cyclone Yasi's double

blow to Queensland farmers. Good evening, welcome to ABC

News, I'm Virginia Haussegger.

A judge has frozen the

proceeds of David Hicks' book

about his time as a detainee in

Guantanamo Bay. As authorities seek

seek to strip him of the money altogether.

DPP obtained the orders today

under the literary provisions of the Proceeds of Crime Act. Outside court

described it as an attack on free speech. Some publishers

are worried as well. It was a

small protest by anyone's

measure but those who did come

were no less appalled about the

latest chapter in the David

Hicks story. David Hicks suffered enough in Guantanamo Bay, now the Australian Government is seeking to persecute Enough's enough, it's time to

leave this man alone. David

Hicks wasn't in court but last

year he launched 'Guantanamo:

My Journey', the story of his

5.5 years at the US military

prison after his arrest in Afghanistan. Months Afghanistan. Months past and

thousands of sales were made but the Commonwealth Director of Public Prosecutions only stepped in a fortnight ago.

Hicks pleaded guilty to

supporting terrorism in 2007.

Under the Proceeds of Crime Act

a court can order offenders to

hand over profits made criminal note ryity. This is a

warning bell for others from

the Australian Government not

to publish the truth, not to

tell their full story and the

Australian people need to stand

up against our Attorney-General

and say stop and say stop these proceedings

now. One publisher says other

important stories might never

make it out. We want to see

more, we want to see diversity.

We don't want to simply see the

authorised record of what is

State sanctioned. When lawyers

for both sides requested more

time to continue talks away

from court, the judge asked if

they could resolve the they could resolve the case amongst themselves.

was no. The assets named by the

judge cannot be moved by anyone

pending the outcome of what's

likely to be a lengthy legal battle. Police in London have

arrested an 11th person over

the phone hacking scandal at the defunct Murdoch tabloid

'News of the World'. Stuart

Kuttner was the paper's managing editor for 22 years

and oversaw its finances. Stuart Kuttner was known as Stuart Kuttner Stuart Kuttner was known as

the public face of the 'News of

the World'. He was its managing

editor for 22 years until he

resigned in 2009. During the

period of phone hacking he

approved contracts like the

$150,000 a year deal with the

now disgraced private investigator Glenn Mulcaire.

Two years ago he said he may

have unwittingly approved cash

payments linked to phone

hacking. A relatively smau but regrettable number of false cash payments were created. Police spent the

afternoon searching his home.

He's the 11th person arrested in the 'News of the World' investigation. He was once

described as the person who

came closest to being the DNA

of the organisation. He

appeared in public relatively frequently

frequently and critically as

the managing editor that's

where the money goes

through. There were also developments stemming from one

of the stranger chapters in this saga. A man who threw a foam-filled pie at

Rupert Murdoch as he testified before a parliamentary committee has been jailed.

Jonathan May-Bowles received a

6-week sense. - sentence. He

pleaded guilty to assault last

Friday and couldn't resist

poking fun at Mr Murdoch's parliamentary testimony. I'd

just like to say that this has

been the most humble day of my life. Thank you very much. It's

a safe bet News Corporation was

hoping for at least some loss

of momentum in this story. Now

another arrest and word that

charge for the 'Guardian'

newspaper is in the US

investigating phone hacking

there. For News Corporation

there may well be more there may well be more to come. President Hosni Mubarak and

his two sons have appeared in

court in Cairo at the start of

an unprecedented trial. The

83-year-old is said to be in

poor health and had to be

wheeled into the specially

designed court on a stretcher.

Hosni Mubarak has been charged

with corruption and is accused

of ordering the

protestors during this year's

uprising. Hundreds of people

have gathered outside the court

to watch proceedings on a big

screen. Proand anti-Mubarak

supporters were involved in a

series of scuffles in the hours

leading up to the trial. About

3,000 soldiers and police are standing by to maintain

order. The trouble is brewing

in Indonesian territory of Papua.

people have converged on the province's capital demanding a referendum on independence.

Footage broadcast on Indonesian television shows security forces standing by as speakers

called for the withdrawal of

all troops from the territory.

The city was tense because of a

predawn ambush in which 4

people were killed by armed

gunmen but the rally passed

without incident. Jakarta has

taken a tough approach to a

Melanesian insurgency which has

simmered for decades territory, the site of the

world's biggest gold and copper reserves. There's reserves. There's growing

support for a shake up of

tertiary education in the ACT. A new report recommends a

merger between the University

of Canberra and the Canberra

Institute of Technology. And as

is reported, both parties are

open to the proposal. It's a testing time for tertiary

education as providers deal

with rapid change. We're now at

a juncture where we need make some difficult decisions

in relation to the future of the sector. The Canberra

Institute of Technology and the University

University of Canberra have

themselves become objects of study. The ACT Government

ordered a review and the author has delivered a blunt assessment. Neither

institution, I think, in its

current form will be well

served by the status quo. The

report warns there could be

hard times ahead and makes a

case for change. It recommends

UC and CIT amalgamate new university from next year.

An earlier review of the ACT's public service drew the same

conclusion. The merger is being

touted as a respectful partnership rather than a takeover by either party. It's

a great opportunity, I think,

for Canberra to, in the one

institution, to be providing

flexible education right across

the tertiary landscape. But if

a merger doesn't happen the

report suggests greater

independence for CIT a more competitive edge. We're

pretty confident whether we are

part of a new institution or

alone that we will continue to do really do really good work here in servicing the ACT

community. Education has to be

the future major driver of the ACT

ACT economy and a struck chral

change like this could unleash

new energies. The Government

says it will make a decision in November after

consultations. We need to

ensure that we look after the

current staff who were working within organisations. There's also an assurance students

won't be worse off. A man

charged after police seized millions of dollars worth of

drugs is the father of John Mak Macros. 73-year-old Stelios

Macris was found with chemicals

in his car that could be used

to make the drug

ice. 73-year-old Stelios Macris was arrested here Central Coast yesterday

afternoon. Police pulled over

his car and allegedly found 25

litres of the drug known as ice

in liquid in liquid form. They then

raided one of his properties

near Woy Woy and inside found

another 25 litres of the drug, 2 firearms and ammunition.

Police estimate that if the crystal methamphetamine had

been processed it would have a

street value of almost $13

million. It's emerged that the son of

Macris, was an alleged rival of

the Ibrahim family. The Ibrahim

brothers, Michael and Fadhi,

face court later this year

charged with conspireing charged with conspireing to

murder John Macris. Police also

raided the Mosman home of Mr

Macris senior as part of a

widening investigation. We'll

be looking at all associates of

the accused and that does include family members. Stelios

Macris faced Gosford court

today charged with supplying a

commercial quantity of drugs

and firearm offences. The court was told he was told he will apply for bail

tomorrow morning. Investors are seeing

seeing red and lots of it.

Worries about the global

economy have rippled through

financial markets driving share

prices down from New York to

Tokyo to Sydney. The signing of

the US debt deal failed to

soothe investors, spooked by

slowing US growth and the

Eurozone's debt woes. In

Australia nearly $50 billion

has been wiped off the market

in just 2 days. And analysts say the economic looking so bleak that an

interest rate cut could now be

on the cards. Here's on the cards. Here's finance

reporter Sue Lannin. It was a

day of reckoning for Wall

Street. The debt deal may have

passed in Washington but now

investors are worried about the

US economy on the back of more

disappointing economic data.

Further fears too about

Europe's debts. This time in

Italy where officials held an

emergency meeting that sparked

a rout on global markets. In the US just over 2% wiping out most of

this year's gains. In London

the FT 100 dropped 1%, in Japan

the Nikkei was also hit back home the All Ords index

dropped 2% or 102 points. The

AXS 200 fell to its lowest

level in almost a year. The ASX

200 appears on the verge of a

bear market. It's already down

around 9% this year as economic

gloom and debt crisis dampen investor confidence. and investors are selling. So

yes, we're heading towards bear

market territory and if the macro news globally continues to disappoint then it's a bear

market that I think will continue right into next

year. And an even bleaker

outlook. The risk of recession

next year is around 30%. Others

are not so pessimistic about

the likelihood of a bear market

here or globally. Well at

Barclays we don't believe so.

We believe the US economy and

Europe will muddle through and Asia will remain strong. The Treasurer is US and Europe but talking up

Australia. We do have some soft

spots in the economy but we shouldn't lose sight of the fact that unemployment is low., that public that we have a huge investment pipeline. And some say a rise

in official interest rates could be needed. If the

recovery remains contrack - on

track and we see very strong

investment intentions in the

to near mining sector taking investment

to near 50-year highs for the

private sector, then I think

there will be likely a need to

raise interest rates a little

bit to contain the inflation pressures. Others predict a rate cut is more likely.

Short-term money markets have

factored in a rate cut in

coming months. The world's

biggest economy has narrowly

avoided defaulting on its debt

but it's not out of the woods

yet. US President Barack Obama

this morning signed into law

the hard-fought deal to lift

the country's borrowing limit.

But as Craig McMurtrie reports, But as

there was little fan

fare. Behind the scenes images released by the White House

tracked the final stages of the debt crisis negotiations.

Stretched out on the chief of

staff's office, the commander

in chief at his desk, the deal

clinched and finally a single

image showing Barack Obama

signing it, lifting the US

borrowing limit just in time.

The White House wasn't in the

mood for celebrating. The

announcement camed scrawled on

a note. The note that Jamie know that the President has just handed me is to let you

signed the bill. With the piece

of legislation that nobody's

happy with signed into law, Barack Congress. It shouldn't take the Barack Obama chided

risk of default, the risk of economic catastrophe to get folks in this town to work

together and do their jobs. Two

of the major rating agencies

say America can keep its AAA

credit rating for now but the

Treasury Secretary acknowledges

an uncertain outlook. I don't

know, it's hard to tell. I think this is a good result but think

a terrible process. It passed

the Senate easily but the

Democrat majority leader warned

that America had been on the

brink of disaster. A result of

the Tea Party direction of this

Congress the last few months

has been very disconcerting and

very unfair to the American people. Republican leaders praised conservatives who

agitated for deeper cuts. I

want to assure you today that

although you may not see it

this debate. Barack Obama this way

described the debt crisis as a

wound Washington inflict ed on

America. A new opinion poll showed most Americans didn't appreciate it. Congress's

approval rating has slumped to

14%. So why was Australia hit

so hard? Here's our financial

commentator Alan

Kohler. Everyone's moved on

from the debt ceiling now,

that's old news. Today's market

sell off was due to two newish

problems - Italy and the US problems

economy. Last night the price

of Italian Government bonds

slumped to their lowest level since since 1997 as investors worried about

service its massive debts and more to the point Europe's

ability to bail them out if the

panic became self-fulfilling. Suddenly Italy and Greece

seemed to have more in common

than their weather. Meanwhile

that the economic recovery in the US more data suggested

there has stalled. This time consumers have cut back their spending for the first time 2 years. The world economy and 2 years. The world economy and spending for the first time in

financial system are fragile

again as they were in 2008. The

world's investors are once bitten, twice shy. I'll be back bitten, twice

with the rest of today's finance later in the bulletin.

A man accused of failing to

declare a tonne of imported

tobacco has been found not

guilty by a Supreme Court jury.

Sam al Hasan was accused of

failing to declare 147 boxes of Iranian tobacco Lebanon. Customs found it in a

shipping container full of

building products. $360,000 in

import duty was owing. This

the third time Al Hassan has

been tried over the matter.

He's been described as Australia's most successful art

gallery director. Edmund Capon

who's credited with

transforming the NSW gallery from a provincial institution

into a world-class gallery has

retired. He's been in the job for more than 3

building filled with famous

names this time Edmund Capon

was the star of the show. He

secretly shared his retirement plan with

just before he died. She said I

dreamt you're not going to go

after all. I said that was not a dream, that was a nightmare. And

nightmare. And it has been a

dream gig for Edmund Capon,

poached from London in 1978.

His goal was to turn a

backwater gallery into a cultural institution at the

centre of modern life. His

first act was to remove the turnstiles

feel open. I've always said I

want you the leave with one

thing above all - to leave thing above all - to leave the

gallery with the will to come

back and I think most people do

that. Hailed a coup in that. Hailed a coup in 1983 Capon scored the first showing of the entombed warriors

outside of China. Acquisitions

were a key focus. Don't put 100

million, it might get bounced. There was the moment

Margaret Olley whot a cheque

for $1 million towards this $16

million Se - Cezanne and there

was a $5.5 million purchase of

one when a small portrait was

stolen and never found and Kay ton grew the Archibald Prize into an event more than a million people each

year. To get that many people

viewing your work, whether they

like it or not, it's a

fantastic expose for what is a

very open competition. There's no word yet on who will replace

Edmund Capon but he did have

this little piece of advice for thiz - his press for a long successor. Absolutely none press for a long time. Edmund

Capon goes out with another

coup, a major Picasso exhibition at the end of the

year. And now to some year. And now to some breaking

news. Police in Sydney have

surrounded a North Shore house

where a woman has what appears

to be a bomb strapped to her

body. Emergency services

body. Emergency services were

called by the woman at 3pm.

Police won't confirm reports

that someone else strapped the explosives on to the

18-year-old in an extortion

attempt. They've evacuated a number of houses in surrounding area as the bomb

squad tries to examine the

device. It appears we'll be stuck

stuck with expensive bananas

for some time yet. Growers in

North Queensland say they've underestimated the damage from

Cyclone Yasi and a cold winter has compounded their

problems. These banana palms

are struggling. Cyclone Yasi hit plantations leaving crops

flattened and the industry in

ruin. What growers know now is

the force of the twisted palms stunting growth. This

This field will be cut back to

stagger the harvest. But

producers predict even that

won't help avoid when the fruit is ripe. We'll

probably see an oversupply of

fruit again from say early to mid

mid December through until

maybe March. It's been the

coldest winter in a decade,

further slowing growth. Usually

this farm produces around 12,000 cartons of bananas each

week. At the

cartons for June, 500 for July,

we'll probably do 2,000 for

next month so you can see we're

a long way behind what we

should be doing. It comes at a time many are time many are still recovering from Cyclone Larry which

flattened the region in 2006

and cash is low. It's estimated

it's cost the industry sat

least $200 million but it isn't the only sector feeling the strain. Cane fields were also

damaged and the most

pessimistic forecasts weren't grim enough. It lost over 1 million tonnes from a

a normal year. What's been

harvestside poor quality and several crops

several crops will have to be

burnt in an area that's predominantly green cut. It just aids with the harvest, also with debris from cyclone,

damaged sheds, houses, things like that. The financial

implications won't be known

until at least the end of the year. Growers hope next season

will be cyclone free. It's not

an exact science but economists

have for the first time tried to estimate the full value of

the Internet to Australia. And they claim it already rivals

iron ore exports. Online

shopping is a growing part of the Internet's economic contribution. contribution. It's also a

growing headache for traditional shop front

retailers. The struggling

retail sector shows no signs of

improving. Today's result a bit

worse than a lot of people were expecting, not a lot of good

news there. Despite the

economic hard sales for June were expected to

increase but once again they fell, down 0.1%. Some

categories are hurting quite significantly. In particular department stores down

3.2%. One of the biggest thorns

in retail side is the Internet

and according to a new report

the value of the Internet to

Australia's economy is now

equal to that of the nation's

iron ore ex-importants. It's

going to have a disruptive

effect on the nature of

businesses and put consumers

more and more in the driving

by Google looks at the total

value of the Internet. Its

authors acknowledge the exact

values are difficult to

determine but it shows online shopping is a

with Australia's total Internet economy now worth $50 billion

and it's forecast to rise to

$70 billion over the next 5 years. Growth in

years. Growth in the digital

economy will be hastened by the

national broadband network and

the online shopping component

of it is predicted to grow at

least twice as fast as the

total retail sector over the

next 4 years.

Australian traditional bricks next 4 years. The problem for Australian traditional bricks

and mortar retailers is almost

half the money spent online is

going offshore. I think

Australian retailers need to be more innovative with

online offer. They've got to do

more to link their online store

with their bricks and mortar

stores. The Productivity

Commission is conducting an

inquiry into Australia's retail sector. Its draft report is due

to be released tomorrow. To finance now and as you've

heard, local shares were down

8th day in a row. That's 2.25%. Wall Street fell for 8th day in a row. That's its longest losing streak since the

depths of the global financial

crisis. In more evidence of a

weakening Australian economy, retail sales fell again. Here's

Alan Kohler again. It was a

100-point bath for the local

market today and I haven't seen

one of those for a while, 2.- 2.25%. This correction is

starting to get long in the

on April 11 and since then the tooth. It started

All Ords has fallen 13%. The

main Wall Street index by

comparison is down 9%. However

last night's fall in the US was a bit worse than ours, 2.6%,

because of an unexpected fall

in consumer spending. I don't

know why it was unexpected with

all the talk of a catastrophic

default lately. European stocks

were smashed because there's

developing panic in the Italian

bond market. Yields there

jumped to the highest levels serious concerns since 1997 and there are jumped to the highest

serious concerns Italy be do a

Greece except much bigger. The other casuality of today's

carnage is the Australian

dollar down almost 2 whole

cents to 107. Not only has risk

aversion gripped global

investors as sthai survey the

US economy and the debt struggles of Mediterranean

Europe, Australian retail sales

have fallen for the second

month in a row. The biggest

falls were in newspapers and

books and takeaway food and department stores. The worst

State is NSW. It looks like the

premier State's economy has hit

the wall, a victim of the

2-speed national economy. And

retail sales in the financial

year just ended saw the weakest

growth for 50 years, since the

is recession of 1961, 2.6%. This

is the core problem of the

Australian economy at the

moment. It's called the paradox

of thrift. One person saving

and getting bargains online is

great, everyone doing it is

bad. And that's finance. The

Wallabies insist there's no

reason to be intimidated when

they meet New Zealand at Eden

Park on Saturday. Australia

flew out to Auckland this

made 4 changes to the squad afternoon. The selectors have

that beat South Africa 2 weeks

ago. Wallabies haven't won a

Test at Eden Park in 25 years.

Is this as tough Is this as tough as it gets? I think New Zealand

certainly lift when they play

there. We'll go over there and

with the intention of playing

well and winning the

game. Australia won the most recent Test against New Zealand

in Hong Kong last year but haven't claimed the Bledisloe

Cup since 2002. When it comes

white settlement it appears

Europeans had a very vivid

imagination. Rarely seen books

that went on sale today show

elephants and reindeer in what's now the Northern

Territory. Half monster, half humans roamed the rest of the

continent. The 2 - - for

$225,000 this map from the

1600s representing Sir Francis Drake's view of the world can

be yours. For $300,000 you can

buy a 1608 letter from a mariner

outlining a plan to colonise

the great south land. They're

part of a $4 million private

collection that's just hit the

market. This is really an unusual, exceptional and extraordinary way of looking at

the world. Well before white settlement Europeans thought

elephants and reindeers grazed

in what's now the Northern

Territory. But it's bet row's

world that is considering most

scrutiny. A place where the sun

burned so briegtedly people has to shield themselveses from the

leg - sun with their one big

leg. Derek McDonnell say

they're the little green

Martians of the 16th

century. They said there must

be people there, they're not

going to be like us. One of the

country's earliest maritime

tragedies has been called the

unlucky voyage and the ba 'Batavia's journey was that. Pt

this book contains images of

the both the majesty and tragedy. It's beautifully made,

the paper, the printing, that

they really do they're looked after. This

medieval encyclopaedia is rin

by is of Saville. Pt it's

contained so much information

that St Isidore has been

described as the patron saint of the Internet. To the weather now and while it wasn't quite

sun bathing weather it was

close. Certainly warm enough to keep Mark busy enjoying

himself. We reached

unseasonal top of 21 today with

lows of 2 and 3. It was sunny

around our region. Mid 20s

along the coast and a few degrees Scattered cloud crossing south-west WA and a cloud Scattered

south-west WA and a cloud band

crossing the Bight ahead of a

front is bringing showers to

South Australia. Mostly clear

elsewhere. On the synoptic

chart a high will keep

interior and east mostly clear

and dry while directing warm

north to north-west winds over NSW. To our region mostly sunny right around the region.

Enjoy tomorrow's warmth

because it won't last. Next

week we return to winter with

tops of 12 and 13 and just 11

by mid week. And that's the

news for now. You to date 24 hours a day on ABC

News online. But stay with us

now for '7:30' with Leigh Sales

and Chris Uhlmann. From me for

now goodnight. Closed Captions by CSI This Program is Captioned Live Tonight on 7.30, victim of

a ven death da or paying for

his crime? David Hicks's book profits frozen. He's confessed

to being a terrorist and he now

wants to make money out of it

This is a warning bell for Government not to publish the

truth. The worldwide campaign

At stake, the future of the against illegal timber imports.

we'll lose orangutan. If it continues

we'll lose the orangutan in one

to two decades.

Welcome to the program, I'm Leigh Sales. It

years since Australian David

Hicks was captured in

Afghanistan and handed over to

US forces. All this time later, the former Guantanamo Bay inmate is still embroiled