Calls for EU to address boat deaths

CALLS are intensifying for the European Union to prevent migrant deaths, with at least 400 people drowning in three Mediterranean Sea shipwrecks in just over a week.

"I don't know how many more people need to die at sea before something gets done," Maltese Prime Minister Joseph Muscat said in an interview with the BBC on Saturday.

"As things stand we are building a cemetery within our Mediterranean Sea."

One vessel sank off the southern Italian island of Lampedusa on October 3, carrying more than 500 passengers.

There were 155 survivors, while the provisional death count was raised on Saturday to 359, as rescuers found the bodies of 20 more victims.

A second deadly accident took place on Friday afternoon, about 80 nautical miles southwest of Malta and 60 nautical miles southeast of Lampedusa.

Italian and Maltese rescuers found 34 bodies, while there were more than 200 survivors.

Also on Friday, at least 12 people died and 116 were rescued after a migrant boat sank off the Egyptian coastal city of Alexandria.

Egyptian state-run newspaper al-Ahram said the vessel was carrying about 150 people, mainly Palestinians and Syrians.

Pope Francis, a champion of migrants' rights, decried indifference towards the tragedies.

"Lord, have mercy! Too often we are blinded by our comfortable lives, and refuse to see those dying at our doorstep," he wrote on Twitter.

The message was accompanied by the #Lampedusa hashtag.

The migration crisis is due to be discussed by EU leaders at an October 24-25 summit in Brussels.

EU Home Affairs Commissioner Cecilia Malmstrom, the bloc's top migration official, is proposing vastly expanded sea patrols by EU border agency Frontex.

"These new horrible events ... stress even more strongly the urgency of a wide Frontex search and rescue operation in the Mediterranean, from Cyprus to Spain, to better detect and assist boats in distress," she said on Friday.

"We need to stop the merchants of death," Italian Interior Minister Angelino Alfano said.

He suggested conditioning EU aid to North African nations to them stopping migrants from setting off from their shores.

Italy has recorded a sharp increase in migrant boat arrivals since July.

Most vessels, organised by human traffickers, sail off from Libya, Tunisia or Egypt, carrying asylum seekers from Syria and the Horn of Africa.

Others, such as Lampedusa Mayor Giusi Nicolini and Italian Red Cross President Francesco Rocca, urged the EU to open "humanitarian corridors" allowing refugees to reach Europe safely and legally, without putting their lives in the hands of traffickers.

The Times of Malta reported the roughly 150 survivors from Friday's wreck were thought to be Syrians who'd each paid 4000 euros ($A5760) for the trip.

Two babies, an 11-year-old child and a woman were among the dead.

The migrants' boat was said to have capsized as those aboard tried to attract the attention of a passing Maltese aircraft.

The Italy Coast Guard also intervened between Thursday and Friday to help 85 migrants stranded on a dinghy about 80 nautical miles south of Lampedusa, and intercepted a boat with 183 migrants on board as it approached the port of the tiny island.

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Vic police commemorate Walsh St killings

THE pain of the Walsh Street killings is still raw in the minds of all Victorian police officers 25 years on, Chief Commissioner Ken Lay says.

Constable Steven Tynan, 22, and Constable Damian Eyre, 20, were gunned down on October 12, 1988, after being lured to an abandoned car in Walsh Street, South Yarra.

A memorial service to commemorate the 25th anniversary of the deaths was held at the nearby Prahran police station on Saturday.

Mr Lay said officers were still very conscious of the events of Walsh Street.

"The memories are still raw in the minds of all officers today," he said.

"Their deaths serve as a reminder of the dangers our officers face everyday, protecting and serving the Victorian community."

Mr Lay said the deaths sparked one of the longest investigations in the state's police history.

Victor Peirce, Peter McEvoy, Trevor Pettingill and Anthony Farrell were found not guilty of murder in 1991.

A review of the case by the head of the homicide squad earlier this year found insufficient new evidence to warrant a retrial.

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Another extreme fire danger day for NSW

THE Rural Fire Service has issued a total fire ban for areas in NSW ahead of hot and gusty weather conditions.

The bans will be in place on Sunday from the Illawarra to the Far North Coast as well as the North West and Central Ranges.

An extreme fire danger is also forecast for Sydney, including the Blue Mountains and Central Coast, and the Greater Hunter.

The Bureau of Meteorology says Sydney is in for a maximum of 36 degrees on Sunday with northwesterly winds up to 50 km/h in the morning.

RFS NSW Commissioner Shane Fitzsimmons said Sydney was in for extreme fire danger on Sunday.

"Do not light fires in the open. It's as simple as that," he told the Seven Network.

"You need to be vigilant and for people living in those bushfire prone areas you need to be ready to act on your bushfire survival plans."

Meanwhile, the NSW Ambulance Service is urging rockfishers to be wary of the gusty conditions.

"Given there is a strong wind warning for tomorrow, we would particularly like to put the message out there to those who are considering rock fishing to think twice and check the forecast before heading out," the service said in a statement.

"Unfortunately, paramedics are called to treat rock fishermen who are swept off the rocks by large waves on days with conditions similar to those expected tomorrow."

The dangerous fire conditions follow a sweltering day on Thursday where temperatures reached 37 degrees in southern parts of NSW.

Firefighters said immaculate planning and co-operation from the public helped prevent a potentially catastrophic bushfire emergency.

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Wells Fargo's profit up 13 per cent

WELLS Fargo & Co. says its third-quarter profit jumped 13 per cent as a decline in revenue from mortgage lending was offset by reduced expenses and fewer soured loans.

The biggest US mortgage lender reported on Friday that its net income increased to $US5.6 billion ($A5.94 billion) in the July-September period from $US4.9 billion a year earlier.

On a per-share basis, earnings were 99 cents, beating the 97 cents forecast by Wall Street.

Third-quarter revenue dipped to $US20.5 billion from $US21.2 billion, coming in below the analysts' forecast of $US21.1 billion.

Interest rates on US mortgages rose sharply in the spring and summer, and that had an impact on Wells Fargo's mortgage business.

The San Francisco-based bank controls nearly a third of the US mortgage market.

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IMF cuts Asia-Pacific growth forecast

EDS: Not for use before 0015 AEDT, Saturday, October 12

By Colin Brinsden, AAP Economics Correspondent

CANBERRA, Oct 12 AAP - The International Monetary Fund (IMF) has confirmed it expects Australian economic growth to remain below trend this year and next, as the mining investment boom wanes.

But in a mixed assessment of Asia and the Pacific in its latest Regional Economic Outlook released in Washington on Friday, the IMF expects neighbouring New Zealand to gain a boost as its post-earthquake reconstruction is accelerated.

It has cut its economic growth forecast for the region to 5.1 per cent for 2013, down from a 5.7 per cent prediction made in April.

For 2014 growth is now seen at 5.3 per cent rather than six per cent.

It says activity among emerging economies in the region lost their impetus during the first six months of 2013.

"Tepid external demand from advanced economies and a slowdown in China dampened industrial activity throughout much of emerging Asia," it says.

At the same time, many of these economies have endured tighter financial conditions as a result of expectations that the US Federal Reserve will start winding back its monetary policy stimulus.

In India, one of Australia's major trading partners, the fallout from financial stress has likely left corporate and bank balance sheets vulnerable, leading to a further downward revision to growth forecasts that were already historically lower.

While China has been insulated from recent financial market vulnerability, the IMF expects continued measures to slow credit demand from the excesses of the past should put the economy on a slower trajectory.

The IMF has cut its growth forecasts for emerging Asia by 0.9 per cent since April for both 2013 and 2014 to 6.3 and 6.5 per cent respectively.

Among advanced countries in the region, an economic upswing in Japanese growth has been a "bright spot" and is starting to lift the country out of chronic deflation.

"In Australia, a slowdown in the resource investment boom will drag down growth but in New Zealand continued low interest rates and the acceleration of post-earthquake reconstruction will provide a boost to the economy," it said.

As in the World Economic Outlook released earlier this week, the IMF lowered its Australian forecasts to 2.5 per cent for this year and 2.8 per cent for the next, bringing it more into line with Australian Treasury and the Reserve Bank of Australia's forecasts.

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AAP chairmen enter media Hall of Fame

A LARGE part of the history of Australian Associated Press along with a cavalcade of Australia's most influential and dynamic media figures are having their names and careers enshrined in Victoria's Media Hall of Fame.

Among the 30 inductees honoured in Melbourne on Saturday are AAP's founding editor Duncan Hooper and the company's former chairmen Harry Gordon and Graham Perkin.

Also on the latest list are News Limited chief Rupert Murdoch, former ABC manager Sir Charles Moses, columnist Keith Dunstan and broadcaster Norman Banks.

Murdoch, Gordon and Oscar-winning film maker Bruce Petty become the first living members of the Hall Of Fame.

For AAP the recognition of Hooper recognises the company's vital editorial role, along with its innovation and diversity.

Hooper, who was born in London in 1912, joined AAP from Reuters after working as a war correspondent in Europe in World War II.

Among his first tasks was to establish the company's headquarters in Melbourne which had been chosen ahead of Sydney due to the superior communications in place in preparation for the 1956 Olympic Games.

Hooper is also credited with inspiring the communications networks within AAP that led to development of subsidiary companies like AAP Communications and the telephone company AAPT.

The Melbourne Games were one of the first major events to be covered by Gordon whose career continues today as official historian for the Australian Olympic Committee.

In the development of AAP's place in the Australian media landscape, few gave as wholeheartedly as Gordon whose first involvement with AAP came in 1950 when he covered the Korean War for the agency.

He later became editor of the Sun News Pictorial in Melbourne for 18 years during which time he served a term as AAP's chairman.

At the other end of Melbourne, Perkin took The Age from struggling mediocrity to become, according to some authorities, one of the dozen greatest newspapers in the world.

Perkin inspired a generation of journalists during his nine-years as Age editor until his death in 1975 leaving behind a legacy of innovation and foresight.

Among Perkins lasting achievements at the paper was the establishment of the Insight team.

He also campaigned for the rights of children, the disabled and indigenous Australians.

He appointed Australia's first environment reporter, expanded the Age's foreign coverage and assembled an outstanding stable of cartoonists.

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India's industrial output slows again

INDIA says its industrial production in August rose 0.6 per cent from a year earlier, a significant slowing from the previous month's numbers.

The weak output is another sign the country's economy is still sputtering.

Most of the gains were due to strong growth of 7.2 per cent in the electricity sector compared to the previous August.

Mining was down by 0.2 per cent and manufacturing dropped 0.1 per cent in the numbers released on Friday by the Central Statistics Office.

Last month's index of industrial production showed overall gains of 2.6 per cent, sparking small hope India's economy might have bottomed out.

Stalling growth that reached a decade-low this year has marred India's economic outlook, while high inflation leaves little room for the central bank to boost demand by cutting interest rates.

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Time for human Hendra trial: scientist

THE scientist who developed the Hendra vaccine wants to see it trialled on humans.

Almost a year after the Equivac vaccine became commercially available for horse inoculation, Professor Christopher Broder is hoping to secure funding to start human trials.

The US scientist says the Hendra virus protein, in every vaccine dose, has already been successfully tested on cats, ferrets, monkeys and horses.

The first foals recently born to horses vaccinated against Hendra also showed no complications, and Prof Broder says there's no reason why human trials can't go ahead.

"I'd certainly like to see that done," Prof Broder told AAP.

"We picked the right protein and we've been able to show in not only one animal model - but now four animal models - that there are no adverse reactions to the vaccination."

However, Prof Broder said he wasn't sure how soon he could secure funding for a phase-one safety trial.

"Whether or not those funds will become available in the next few years is anyone's guess considering the current state of research support in both the United States and Australia," he said.

Prof Broder said current testing focused on how often a horse's immunity against Hendra should be boosted.

Horses are believed to contract the virus from feed contaminated by urine, saliva or birthing fluids from flying foxes.

There's no known cure for Hendra, but the Equivac HeV vaccine aims to break the cycle of transmission and prevent human deaths.

Four people have died from the virus in Australia since 1994.

Even if the Hendra vaccine can't be tested on humans, Prof Broder is confident it will go a long way towards preventing Hendra virus in horses and people.

Every person infected with Hendra has contracted the virus from a horse, he said.

"The vaccine is going to break that chain of potential transmission and, in reality, if 90 per cent of horses end up getting vaccinated and it's taken up very well then Hendra virus is definitely not going to be a problem any more.

"And I think it has a really good chance of being that way."

Prof Broder will spend the next two weeks in Australia discussing the progress of the vaccine with government representatives and those who have been instrumental in fighting the Hendra virus.

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Aust baby boomer and child drownings up

BABY boomers taking up water sports in their retirement have driven up the number of Australian drownings.

And child drownings nearly doubled last year, with 10 more deaths in the under-four age bracket.

The Royal Life Saving Society's annual report says of the 291 drowning deaths last year, 114 were over-55s.

The figure is the highest in 10 years for the age group, which now accounts for more than a third of the total.

The growing number of retiring baby boomers, many of whom take up water-based hobbies, could be to blame for the increase, Royal Life Saving Society chief executive Justin Scarr said.

"We're finding our parents and grandparents are boating and fishing their way into retirement," he said.

Accidents involving watercraft were responsible for 27 drowning deaths in people over 55 years old.

Existing medical conditions, such as heart problems, as well as medications which affect balance, could pose a threat for over-55s when out on the water, he said.

Of child drownings, 81 per cent of all deaths occurred after a child was left unsupervised.

Men also continued to make up the vast majority of deaths, accounting for 82 per cent of all drownings.

Thrill-seeking behaviour and alcohol were major factors, Mr Scarr said.

"We're calling on fathers, brothers and mates to look after each other and point out silly and foolish behaviour around water," he said.

The results reverse the previous year's downward trend, which saw total deaths drop to 284.

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Lincoln takes on Lexus in new US ads

FORD'S luxury Lincoln brand spent most of this year reintroducing itself to American buyers. Now, it's taking on Lexus in a new bid to get noticed.

In a series of television ads, young couples "interview" a Lincoln MKZ and a Lexus ES, pointing out features the MKZ has that the ES doesn't.

"Which of you is the most fuel-efficient luxury hybrid in America?" one man asks.

"I am," says a sign above the Lincoln. "No comment," says a sign above the Lexus.

The MKZ hybrid gets an estimated 45 miles per gallon (19km per litre) on the highway, while the ES gets 39 mpg.

It's a new strategy for Lincoln, which is trying to get back on buyers' shopping lists after decades of declining sales.

Previous ads reintroduced the brand using Abraham Lincoln or focused on the brand's promise of personalised service.

A Super Bowl ad used comedian Jimmy Fallon to appeal to younger buyers. But the latest ads are the first to go head-to-head with Lincoln's biggest competitor.

Andrew Frick, Lincoln's group marketing manager, said Lincoln is targeting Lexus because Lexus ES and Toyota Prius owners are among the most likely to trade in for a new MKZ.

The midsize MKZ, which went on sale in the spring, is already changing opinions about the brand, Frick said.

It just surpassed the Navigator SUV as Lincoln's best-known vehicle.

Frick says the MKZ is also attracting younger, more affluent buyers. The average age of an MKZ hybrid buyer is now 57, down from 61 with the previous model. The average household income of buyers has jumped by $US20,000 ($A21,275) to $US122,000.

And Lincoln's Date Nights, which invite customers to drive an MKZ for 48 hours and enjoy a free meal at a restaurant, have been a success.

The company expects 1000 Date Night participants will buy Lincolns by the end of this year.

But Lincoln still has a long way to go.

Car buying site Edmunds.com says only about one per cent of people searching its site are considering Lincolns - a number that didn't change even after the MKZ went on sale.

That compares with 4 per cent for Lexus and 6 per cent for BMW.

And while the MKZ's US sales are up one per cent to 23,775 through September compared with last year, Lexus ES sales are more than double that.

"Lincoln is getting a really late start, and this is going to be a really slow, long journey," said Michelle Krebs, a senior analyst with Edmunds.

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Flatback turtles emerge from Darwin sand

A TINY flipper waves over the edge of a bootprint in the Darwin sand.

Slowly, very slowly, a little head follows.

With a heave, the newborn flatback turtle propels itself over the sand and suddenly he's scuttling at speed down the beach after his brothers and sisters to the breaking waves.

Across the beach they run the gauntlet, with grasses to get tangled in, footprints to fall into, and birds keeping a hungry eye on the baby turtles.

Once they hit the water there's fish, sharks, and even dolphins waiting for a bite to eat.

Along eight kilometres of Casuarina Coastal Reserve in Darwin, flatback turtle eggs are hatching, with a helping hand from park rangers and locals alike.

"It's the only capital city in the world with marine turtles nesting on its beaches," park ranger Dean McAdam tells AAP.

"That's pretty special, and we want to make sure we preserve the integrity of that nesting. We need these people to follow the regulations we establish here, because a lot of them are designed to protect the marine turtles."

The free turtle hatching program teaches the value of biodiversity in urban environments and is immensely popular, with a waiting list of more than 1000 people.

There are only four or five flatbacks nesting at Casuarina, with 10 to 12 clutches of eggs laid in a year, of 45 to 60 eggs each.

The rangers monitor the nests and move them if necessary to a safer place on the beach away from the people and animals who share it.

Casuarina Coastal Reserve is visited by four times as many people as neighbouring Kakadu, but the rangers hope locals will learn to treat it with the same level of respect.

"People treat this like their backyard, so the work we're doing here around turtle nests doesn't always get a positive response," says Nigel Weston, district manager for Darwin's urban parks.

"If they take their dogs off lead and we explain there's reasons why we have regulations in place they ignore us, whereas in Kakadu or Litchfield they behave differently."

On the beach, adults and children alike happily hold the baby turtles, hatched just that morning, before escorting them to the Timor Sea.

The little critters demonstrate surprising agility, which will come in handy when evading predators for the next three decades before they're ready to reproduce.

"We hope that when they reach maturity a few might come back here and nest again," Mr McAdam says.

The last baby turtle reaches the surf and with one wave, it's gone.

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Compensation for Aussie terror victims

MORE than a decade after the September 11 attacks in the United States and the 2002 Bali bombing, Australian victims and their families are finally set to receive compensation.

Prime Minister Tony Abbott will confirm the news on Wednesday when he visits the Bali bombing memorial site in Kuta, making good his pre-election pledge that he would address the issue within 100 days of taking office.

The victims of overseas terrorism compensation scheme was introduced by the Gillard government in 2012, but was not made retroactive, meaning those affected by the attacks in New York in 2001 and Bali in 2002 and 2005 were unable to benefit.

But Mr Abbott, who was in Bali at the time of the 2002 bombings, will announce that compensation payments will now be made available to victims and their families for terrorist attacks dating back to September 10, 2001.

This will cover the attacks on New York and Bali as well as those in London and Egypt in 2005, Mumbai in 2008 and Jakarta in 2009.

Mr Abbott was in Bali when a massive bomb in a parked van was detonated outside the Sari Club in the bustling tourist area of Kuta just after 11pm on October 12, 2002.

The explosion came just 20 seconds after a suicide bomber detonated a backpack loaded with explosives inside Paddy's Bar.

In the aftermath of the attacks, the prime minister spent many hours at Bali's Sanglah General Hospital trying to help victims.

Mr Abbott has always said his intention to address the compensation issue was personal, and not political.

The move to address the compensation issue will finally fix the "extreme injustice" for victims and their families of recent overseas terrorism, Mr Abbott will say.

The scheme, which will cost about $30 million, will benefit around 300 individuals and families.

Payments of up to $75,000 will be made available to each eligible person, or their families. Claims can be lodged from October 21.

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IMF cuts Australian forecast, warns US

AUSTRALIA'S economic growth prospects have been downgraded by the International Monetary Fund (IMF) due to the nation's vulnerability to slower Chinese demand for commodity exports.

The IMF has also cut its world growth forecasts and warned any failure by the United States to raise its debt ceiling could "seriously damage" the global economy.

In its World Economic Outlook released on Tuesday, the IMF forecast Australian growth of 2.5 per cent in calendar 2013, down from the three per cent prediction made in April.

The outlook was slightly better than the Reserve Bank of Australia's latest forecast of 2.25 per cent growth in 2013, but worse than trend growth of 3.25 per cent.

For 2014, the IMF sees Australian growth at 2.8 per cent, rather than 3.3 per cent.

The IMF also cuts to its China growth expectations, citing rising convictions that Australia's number one trading partner will grow more slowly over the medium term than in recent years.

China is forecast to grow by 7.6 per cent this year and 7.3 per cent next year, having averaged 10 per cent over the past decade.

"Policymakers have refrained from further stimulating growth, which is consistent with the objectives of safeguarding financial stability and moving the economy to a more balanced and sustainable growth path," the IMF said.

"In the short term, as demand shifts away from materials-intensive growth, some commodity exporters could be vulnerable."

More broadly, the IMF says global growth is in "low gear" and risks persist.

IMF economic counsellor Olivier Blanchard says, while advanced economies are gradually strengthening, emerging economies have slowed.

US growth had also been hobbled by excessive fiscal consolidation despite still strong US private demand.

"Politics is creating uncertainty ... and conflicts around increasing the debt ceiling could lead to another bout of destabilising uncertainty and lower growth," Mr Blanchard said in the report.

The damage to the US economy from a short shutdown of the US government would be limited, but a longer one could be quite harmful.

"Even more importantly, a failure to promptly raise the debt ceiling, leading to a US selective default, could seriously damage the global economy," it says.

Elsewhere, the IMF said Japan was enjoying a vigorous rebound and, while the euro area was "crawling" out of recession, activity was likely to remain tepid.

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Regulators must improve:report

REGULATORS must make more effort to understand how regulation impacts small business.

Research the Productivity Commission has found small firms feel the burden of regulation more than larger businesses because a lack of staff, time and resources means they don't always understand and fulfil their obligations.

"A regulator's culture and attitude towards business can be as important as the content of the regulation itself," Commissioner Warren Mundy said in a statement on Wednesday.

"There is still significant scope for improvement in the way regulators engage with small business."

The report proposes a suite of changes which need to be implemented by all levels of government.

These include adopting communication practices with small business that focus on "brevity, clarity and accessibility of information".

Regulators should also be resourced to do their job effectively to avoid the shifting of direct and indirect costs onto business.

The commission found that regulators with effective risk-based engagement policies and procedures were more likely to be better resourced and to have senior leadership that invests in, and fosters, a business-focused culture among their staff.

"A stronger focus on risk was found to limit unnecessary intrusion on lower-risk small businesses, free up resources to improve frontline guidance and advice services, and enable them to more effectively address higher risks to communities," it says.

Government should require regulators to report back against a set of engagement principles to insure continuous improvement in regulatory performance.

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Jetstar to fly Dreamliners

BUDGET carrier Jetstar will fly its new high-tech Dreamliner aircraft from Melbourne to the Gold Coast, starting in November.

Qantas and Jetstar chief executives Alan Joyce and Jayne Hrdlicka have toured Boeing's factory in Seattle, as the group prepares to take delivery of its first Dreamliner in Melbourne on Wednesday.

Ahead of the maiden flight to Australia, Jetstar has announced that tickets for the first Boeing 787 Dreamliner flight would soon go on sale for travel between Melbourne and the Gold Coast on November 13.

But this is subject to approval from the Civil Aviation Safety Authority, which is required for all new aircraft types.

Dreamliner services will also operate between Melbourne and Cairns before international services are launched towards the end of 2013.

Qantas has ordered 14 Dreamliners, which will gradually replace Jetstar's Airbus A330 aircraft which fly to long-haul destinations like Honolulu, Phuket, Bali and Tokyo.

The A330s then will be moved into the Qantas mainline fleet, as part of a plan to retire ageing and less fuel efficient Boeing 767s by mid-2015.

Qantas also has options for 50 Boeing 787s from calendar 2016.

During the factory floor tour, Mr Joyce addressed reliability concerns about the Dreamliner.

"The 787, like any new aircraft, has had a number of teething problems with its introduction but it's actually had a smoother introduction than the 777 which is the last large aircraft that Boeing introduced," he said.

Last month, budget airline Norwegian Air Shuttle demanded Boeing take back a Dreamliner and fix a faulty hydraulic pump after only 30 days in service.

"It's important to distinguish reliability from safety. Sometimes in people's minds they can be really concerned," Mr Joyce said.

"Reliability in new aircraft takes a while to get up there. It's not a safety issue.

"We're very comfortable this is an extremely safe aircraft."

Boeing 787 vice president and general manager Larry Loftis said the ambition to build the most technologically advanced aircraft in five decades had been a logistical challenge since production began in 2007.

"From a reliability standpoint ... we're working to make sure the airplane continually improves and becomes more and more reliable," he told reporters.

"We put a lot of new technology in this aircraft and over-estimated the ability to bring this new technology to market in the time frame which we committed."

The Dreamliner is 20 per cent more fuel efficient than comparable wide-bodied aircraft with about 300 seats.

It uses carbon fibre composite graphite instead of traditional aluminium.

But 50 Dreamliner jets were grounded globally in January when lithium-ion batteries caught fire on two Japanese airlines.

They returned to the skies in April but an emergency transmitter on a Boeing 787 caught fire at London's Heathrow airport in July on an Ethiopian Airlines plane.

Mr Joyce said the lighter Dreamliners would reduce fuel costs in the Qantas group, and help enable the airline to have an even younger fleet than Singapore Airlines "in the next couple of years which we haven't seen in a long time".

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Greece expects economy to grow, finally

GREECE expects its economy to grow next year - at last.

In its draft budget presented on Monday, the government forecast the economy would grow 0.6 per cent, the first annual improvement after a brutal six years of contraction.

This year it is predicted to shrink four per cent, leaving the economy 25 per cent smaller than when it was first hit by the financial crisis in 2008.

The government even expects some jobs growth and a continued improvement in public finances through further spending cuts, but without new taxes. Deputy Finance Minister Christos Staikouras cited a rise in investment and exports.

Greece's economy was hit like many others by the global market turmoil in 2008.

But its problems multiplied in late 2009, when it revealed that its public debt was far higher than expected as a result of dodgy book-keeping.

That scared international investors away from buying its government bonds, bringing the country to the brink of bankruptcy in early 2010.

It was saved when other European countries and the International Monetary Fund stepped in with two massive bailouts.

In exchange, however, Athens had to make harsh spending cuts and tax increases to rein in the runaway deficits.

The reforms devastated the economy and eroded standards of life.

The country is now seeing signs of hope, though the recovery is expected to be slow.

The draft budget Staikouras presented foresees a slight drop in unemployment - from 27 per cent in 2013 to 26 per cent next year.

That is still not far from the 28 per cent hit in June, which is the highest rate among the 17 countries that use the euro currency.

Staikouras warned the government cannot afford to relax its five-year austerity drive, with further reforms and privatisations needed.

Athens continues to face a crushing debt load, expected to reach 174.5 per cent of annual output next year.

The minister said the conservative-led government had been able to reduce government overspending to 2.4 per cent of output this year, from 6 per cent in 2012 and more than 15 per cent three years ago.

According to the draft budget, the deficit will remain at the same percentage in 2014.

The final version of the budget will be tabled in Parliament following extensive negotiations with Greece's bailout creditors, and is expected to be voted in December.

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Greece expects economy to grow, finally

GREECE expects its economy to grow next year - at last.

In its draft budget presented on Monday, the government forecast the economy would grow 0.6 per cent, the first annual improvement after a brutal six years of contraction.

This year it is predicted to shrink four per cent, leaving the economy 25 per cent smaller than when it was first hit by the financial crisis in 2008.

The government even expects some jobs growth and a continued improvement in public finances through further spending cuts, but without new taxes. Deputy Finance Minister Christos Staikouras cited a rise in investment and exports.

Greece's economy was hit like many others by the global market turmoil in 2008.

But its problems multiplied in late 2009, when it revealed that its public debt was far higher than expected as a result of dodgy book-keeping.

That scared international investors away from buying its government bonds, bringing the country to the brink of bankruptcy in early 2010.

It was saved when other European countries and the International Monetary Fund stepped in with two massive bailouts.

In exchange, however, Athens had to make harsh spending cuts and tax increases to rein in the runaway deficits.

The reforms devastated the economy and eroded standards of life.

The country is now seeing signs of hope, though the recovery is expected to be slow.

The draft budget Staikouras presented foresees a slight drop in unemployment - from 27 per cent in 2013 to 26 per cent next year.

That is still not far from the 28 per cent hit in June, which is the highest rate among the 17 countries that use the euro currency.

Staikouras warned the government cannot afford to relax its five-year austerity drive, with further reforms and privatisations needed.

Athens continues to face a crushing debt load, expected to reach 174.5 per cent of annual output next year.

The minister said the conservative-led government had been able to reduce government overspending to 2.4 per cent of output this year, from 6 per cent in 2012 and more than 15 per cent three years ago.

According to the draft budget, the deficit will remain at the same percentage in 2014.

The final version of the budget will be tabled in Parliament following extensive negotiations with Greece's bailout creditors, and is expected to be voted in December.

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ASX BookBuild to launch on Tuesday

THE Australian Securities Exchange (ASX) has launched a new bookbuilding facility which it says will broaden the number and range of investors who can participate in this process to set the price of new shares.

In a bookbuild, the bookrunner, usually an investment bank, determines the price of shares to be offered based on the number of shares demanded by institutional investors and the price they are willing to pay for those shares.

Currently, participation in bookbuilds is via invitation and is limited to selected investors, usually major shareholders.

Under the ASX BookBuild facility, a wider market of potential buyers is available.

All investors could gain access if the offer of shares is a documented offer as determined by the Corporations Act.

But if the offer is undocumented, such as a placement of shares, only sophisticated investors can participate.

On-Market Bookbuilds (OMB) developed the ASX Bookbuild software.

"From today, ASX BookBuild is available to raise capital in a transparent, fair, efficient, and cost-effective way, drawing on the maximum number of potential investors in the marketplace," OMB chief executive Ben Bucknell said in a statement.

"Institutional investors benefit by having access to all capital raisings, and by seeing a live price.

"All investors, from retail to the largest institutional buyers, benefit by increased access and a level playing field."

Companies would benefit by accessing demand from all potential investors, lowering the cost of raising equity and have various means to control the price and allocation of shares.

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Energy industry set for big changes

ENERGY chiefs anticipate a major industry shakeup in the decade ahead as more shale gas and renewable power becomes available.

Senior utilities executives from 35 countries say their business model is headed for "complete transformation or important changes" by 2030, a survey of 53 power and utility companies conducted by Price Waterhouse Coopers (PWC) shows.

Almost 70 per cent of companies in Asia expect some degree of transformation, with eight per cent believing business models will become "unrecognisable" by 2030.

PwC's Australian utilities leader Mark Coughlin said the industry was on the brink of radical change.

"Consumers will hold the upper hand, new fossil fuel sources such as shale will come online, renewable sources will become increasingly affordable and competition more intense than in the past," Mr Coughlin said.

New technology is enabling more consumers to generate their own power, rather than buying it from one centralised source, he said.

"This is already the case to some degree in Australia with more than one million homes now having solar cells on their roof - a trend that is accelerating globally," Mr Coughlin said.

Almost two thirds of respondents to the annual PwC Power and Utilities Survey expect technology and new supply sources to dramatically reduce dependence on oil and gas-rich countries.

The same number described their customers as "passive customers that take what they are given," but this was expected to fall below 40 per cent within the decade.

But the report said a boost in shale gas, and tight oil supplies, were looming as a major challenge to regulators and policy makers.

It also showed the overwhelming majority of energy executives are looking to cut costs and implement austerity measures to make their businesses more efficient.

In Australia, seven major gas projects worth $200 billion are currently being built across the country.

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Killer on the run from Vic police

A CONVICTED killer who beat to death a disabled pensioner is on the run from Victorian police after breaching his parole.

Wayne Leslie Norris has not been seen since he breached parole on August 22, News Corp Australia reports.

Norris has 50 prior offences and was convicted of killing disabled man Lee Bridge.

He was serving a suspended sentence and skipped bail when the killing took place in Warragul in 2005.

He served six years for the crime but was released on parole.

His other convictions include armed robbery and aggravated burglary.

Victoria Police spokeswoman Melissa Search confirmed that Norris had breached the conditions of his parole and that the parole board would handle the matter.

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Abbott talks free trade with Xi Jinping

PRIME Minister Tony Abbott has told Chinese President Xi Jinping of his "fervent hope" that ties between the two nations can be strengthened.

Mr Abbott met with the Chinese leader for the first time just hours after arriving in Bali on Sunday evening ahead of the annual APEC leaders summit.

Trade was top of Mr Abbott's agenda for his meeting with one of the world's most powerful men. He wants to revitalise long-running free trade negotiations with China.

Mr Abbott told Mr Xi it was an "honour" to meet him, before saying he wanted to make two key points.

"First to say that China's strength, China's growing strength, is a benefit to the world, not a challenge," Mr Abbott said.

"Certainly we in Australia owe much of our prosperity to rapidly growing trade relations between our two countries.

"The other point I'd make Mr President is that we have a strong relationship and it's my fervent hope it will become even stronger in the months and years ahead."

Mr Xi congratulated Mr Abbott on his recent election win.

"Mr Prime Minister, I appreciate your positive attitude on growing the China-Australia relationship," the Chinese leader said through an interpreter.

"I also firmly believe that as important countries in the Asia Pacific region, China and Australia entering into closer cooperation not only serves the interests of both our countries but will also add positive energy to the region."

The prime minister is also expected to meet with the leaders of Papua New Guinea, Singapore, Thailand, Malaysia, Canada and Mexico on the summit's sidelines in the coming days.

But a planned meeting with Barack Obama was cancelled after the US president decided to stay in Washington to deal with the ongoing government shutdown.

Trade is top of Mr Abbott's to do list, particularly the ambitious Trans-Pacific Partnership (TPP) negotiations, which seek to establish a grand free trade area that would include Australia and 11 other Asia-Pacific nations. But there are doubts about whether the TPP talks will be able to make much progress without Mr Obama.

APEC wraps up on Tuesday, and Mr Abbott will head to the tiny sultanate of Brunei for what's known as the East Asia Summit on Wednesday.

It brings together the leaders of the 10 ASEAN South-East Asian nations, plus Australia, New Zealand, the US, Russia, China, India, Japan and South Korea.

Mr Abbott returns to Australia on Thursday.

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Moulin Rouge to dance at Cup carnival

A TROUPE of Moulin Rouge dancers will swap France for Australia during the Melbourne Cup Carnival.

Sixteen dancers from the Paris cabaret will perform in the La Maison G.H. Mumm marquee, in Flemington's birdcage precinct, three times each race day during cup week.

It will be the first time the Moulin Rouge has performed in Australia and the dancers will bring more than 1000kg of costumes and accessories.

The Moulin Rouge, founded in the French capital's Montmartre district in 1889, is known as the birthplace of the can-can and became the setting of Baz Luhrmann's 2001 film.

The Melbourne Cup Carnival runs from November 2 to 9, kicking off with Derby Day.

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