Pakistani Taliban selects new leader

THE Pakistani Taliban has selected Khan Said Sajna as the insurgent group's new leader after Hakimullah Mehsud was killed in a US drone strike, members of the organisation say.

Sajna is from a group within the Pakistani Taliban that was in favour of peace talks with the government.

He was a close associate of Baitullah Mehsud, the founder and former leader of Tehrik-e-Taliban Pakistan (TTP), who was also killed by a drone in 2009.

A Taliban council picked the Mehsud tribesman as the new chief at a meeting at an undisclosed location in the tribal region on Saturday.

Hakimullah Mehsud was killed on Friday, one day before the government and the TTP were about to open peace talks after a decade of conflict.

Information Minister Pervaiz Rashid said the government would not cease its efforts to seek a peace deal with the militants despite the US attack.

"We had removed all hurdles in opening dialogue with the Taliban, and we will still try to build on that," Rashid said.

It was not immediately known whether the Taliban was also interested in initiating a process of reconciliation.

A militant commander in the northwestern town of Dera Ismail Khan said it was too early to say if the militia would still respond to government overtures.

Analysts said the future of the TTP and the proposed peace talks depend upon how well the new leader keeps the militia united.

"If the organisation splits into many groups, it will not be easy for the government to deal with each one of them," said Irfan Shehzad, lead researcher at an Islamabad-based think tank, the Institute of Policy Studies.

Pakistan's government declared a red alert overnight after Hakimullah Mehsud's killing out of fear of retaliatory attacks.

It ordered increased security around airports and other key installations.

The army was deployed on Saturday in all major cities near tribal areas after intelligence agencies warned that the TTP might launch improvised attacks to avenge the killing of their leader.

Hakimullah Mehsud was buried on Saturday, an official said.

He and four other militants were killed when an unmanned aircraft fired four missiles at a compound in the Dande Darpa Khel area of the North Waziristan tribal district near the Afghan border.

A security official said the dead rebel leader and his associates were buried in different areas of the tribal region but declined to give the exact locations.

Hakimullah Mehsud headed the banned TTP, a group of more than a dozen rebel outfits, since 2009. He succeeded Baitullah Mehsud.

Sajna hails from the Laddah area of the South Waziristan tribal district.

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Myanmar rebel groups agree on peace plan

EIGHTEEN ethnic rebel groups have reached an agreement to sign a ceasefire with the Myanmar (Burma) government if it agrees to their conditions.

The rebels agreed to negotiate with the government over the armistice, something the country has not had in 64 years.

The groups were drafting a nine-point ceasefire plan, conference spokesman Khun Oakka said at the end of the three-day conference in Laiza, 890 kilometres north of Rangoon.

It was called to discuss the government's proposal on a country-wide ceasefire.

The insurgents' demands are to be presented to government representatives at a conference November 4-5 in Myaitkyina, the capital of Kachin state.

The government of reform-minded President Thein Sein, which came to power in March 2011 after Myanmar's first elections in 20 years, has signed separate ceasefires with 14 of the country's ethnic rebel groups.

Some of the groups have been fighting since 1949, many for semi-autonomy for ethnic minorities in their traditional territories.

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Safe assumption phone was tapped: Carr

BOB Carr says while he was foreign minister it was a "safe assumption" to operate as though his phone calls were being monitored.

Mr Carr's comments come after media leaks from former US intelligence contractor Edward Snowden revealed that German Chancellor Angela Merkel, and other foreign leaders, had their personal phones tapped by the US National Security Agency (NSA).

The revelation has created an uproar in Germany and across Europe amid conflicting reports as to whether US President Barack Obama knew of the eavesdropping.

When asked by ABC's Lateline on Thursday whether he operated under the assumption that his calls were being monitored while he was Australia's foreign minister, Mr Carr said it was a "safe assumption".

"In travelling in some parts of the world, one felt that advice more pressing than in other parts of the world," the recently retired NSW senator said.

Mr Carr, who was foreign minister under the former Labor government, says the lesson to be learned out of the leaks is whether allowing security agencies to pursue "adventurous objectives" is worth the potential loss of prestige.

"The Americans are going to have a vigorous debate about whether their national interest has been compromised by a too adventurous activity from intelligence agencies set up, strengthened, and strongly resourced after September 11," he said.

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Imax creates home systems for China market

IMAX says it's partnering with Chinese TV maker TCL to design and manufacture a home theatre system aimed at China's growing ranks of affluent movie fans.

The companies said on Tuesday the joint venture expects to launch the new system in China and other unnamed markets starting in 2015.

The systems will feature "Imax-enhanced" films delivered straight to homes through a secure system.

Financial terms and the "premium" system's selling price were not disclosed.

Imax and TCL have an equal share of the venture.

It's the latest move by the maker of big-screen technology to tap rapid growth in China.

In July, it teamed up with local partner Wanda to open 120 giant-screen cinemas in China, the world's second biggest movie market.

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Barnes & Noble releases new Nook e-reader

BARNES & Noble is releasing a new Nook e-book reader for the Christmas holidays while it evaluates the future of tablet computers.

Nook tablets haven't sold well amid intense competition with Apple's iPad, Amazon's Kindle Fire and others. Barnes & Noble Inc had a slim 2 per cent share of the worldwide tablet market in the fourth quarter of 2012, but fell off IDC's top five list this year.

The company said it isn't giving up on tablets, but it will focus on a new e-reader this year while continuing to sell last year's tablet models.

The move comes as research firm IDC says the market for dedicated electronic-book readers is declining. Instead, consumers have been more interested in tablets, which can do much more, including video, email, Facebook and games.

Barnes & Noble's new e-reader, Nook GlowLight, is available in its retail stores and online starting Wednesday for $US119 ($A125.88), the same as the standard model of Amazon.com Inc.'s Kindle Paperwhite reader.

At 176g, the GlowLight is 15 per cent lighter than the Paperwhite. It's also ad-free, while Amazon charges $US20 more for a Paperwhite without ads on its screensaver or home screen.

Barnes & Noble officials say the new e-reader's design is based partly on feedback received at the company's retail stores, where Nook devices are prominently displayed.

Consumers' suggestions led to a brighter screen on the brightest setting and more durability in the form of a rubber-like silicone edge, which also provides comfort in the hands. In addition, the frame is white, not black, to match the screen colour.

Jonathan Shar, general manager for emerging digital content at Barnes & Noble, said that even as attention has turned to tablets, e-readers are still popular for long-form reading. The GlowLight has an electronic ink touch screen, which has better battery life and less glare than typical tablet screens.

Unlike Kindles, which are tied to Amazon's bookstore, Nook devices are compatible with books bought at other stores that use the EPub standard, including Apple's iBookstore.

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GM 3Q earnings fall, but beat forecasts

GENERAL Motors' third-quarter net income fell 53 per cent compared with a year ago, as one-time expenses masked a strong performance in North America and a narrowed loss in Europe.

The company earned $US698 million ($A738 million) in the quarter, or 45 US cents per share.

That compares with $US1.48 billion, or 89 US cents per share, a year ago.

But without $US900 million in one-time items, GM earned $US1.7 billion, or 96 US cents per share, beating Wall Street's expectations.

Analysts polled by FactSet expected 94 cents per share.

Revenue rose 4 per cent to $US39 million, just short of Wall Street's estimate of $US39.2 billion.

Investors viewed the results favourably, and the company's shares rose 3 per cent to $US37.15 in trading before the opening bell.

GM's performance in North America was especially strong, with pretax earnings up 28 per cent to $2.2 billion on solid pickup truck sales and better pricing. GM rolled out updated versions of its Silverado and Sierra pickups in the spring.

The company's profit margin in North America - the percentage of revenue it gets to keep after expenses - was the highest in two years at 9.3 per cent.

In Europe, GM cut its loss by more than half to $US214 million, and revenue there rose year-over-year for the first time in two years.

One-time items included $US800 million to buy preferred stock from a health care trust for union retirees and a $US48 million impairment charge in South Korea.

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Mars co-owner charged in US fatal crash

JACQUELINE Badger Mars, an owner of the sweets company Mars, will face a reckless driving charge after a fatal crash in the US.

Police says Mars was driving a Porsche sport utility vehicle in Virginia on October 4 when it crossed the centre line and hit a minivan.

An 86-year-old minivan passenger died at the scene.

Seventy-four-year-old Mars, the company founder's daughter who has been ranked by Forbes Magazine as the world's seventh richest woman, is set to appear in court December 5.

A personal spokesman says Mars "regrets this tragic accident" and her thoughts and prayers are with those who suffered injury and loss.

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Disadvantage persists in schools: report

A NEW report paints a bleak picture of how disadvantaged students do at school, say the people who work with those children.

The COAG Reform Council report on education, released on Wednesday, shows there are still huge gaps between the performance of indigenous and non-indigenous students.

The Smith Family, a leading provider of education support to disadvantaged students, says the results are depressing.

"It's really clear that there's a significant group of young people ... who just aren't getting the education that they deserve," chief executive at The Smith Family, Lisa O'Brien, told AAP.

Indigenous children are twice as likely to be developmentally vulnerable and unprepared for starting primary school, then have poor literacy and numeracy results and school attendance.

After school, 60 per cent of young indigenous people weren't fully engaged in study or work - almost three times more than non-indigenous people.

There are also big differences between students from low socio-economic backgrounds compared with their wealthier, more advantaged peers.

"It remains the case in Australia that if you are disadvantaged for any reason, you will perform less well," council deputy chairman Greg Craven said.

"It's a mixed picture but it's clearly something that COAG's work is not finished on."

Dr O'Brien said students weren't getting a firm grounding early on and problems were exacerbated by a lack of good role models.

In a western Sydney school, teachers kicked off a careers program by asking their Year 7 students to interview an adult they knew about their job, career choices and training.

"All the kids were looking a little bit concerned about how to do it so (the teacher) was wondering what's the issue," Dr O'Brien said.

"Only two in that class actually knew someone who was employed.

"What does a post-school career look like when inter-generational poverty is set and unemployment is all that you've known?" he said.

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Disengaged youth cause for concern

MORE than a quarter of young Australians are neither learning nor earning in the years after school, a report says.

Experts are concerned if the disengaged youth of Australia aren't drawn back into the economy they could become a "lost" generation.

The new COAG Reform Council report on education, released on Wednesday, shows the proportion of 17- to 24-year-olds not fully engaged in work or study grew to 27.3 per cent in 2011.

Queensland, South Australia, Tasmania and the Northern Territory were above the national average while in the ACT just 17 per cent of youth were not fully engaged.

The report found there were more in full-time study but fewer in full-time work in 2011 than in 2006.

Council deputy chairman Greg Craven said the global financial crisis and subsequent drop in jobs available would have had an impact.

He said all those young people weren't necessarily sitting around doing nothing - they could be in part-time study or work, but not enough hours a week to count as fully engaged.

Nevertheless, the results were worrying.

"This is a very, very complicated problem," he told reporters in Canberra.

"More research would be good because we don't want people in that age group to become entrenched in non-participation."

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Business credit hit by FBT uncertainty

UNCERTAINTY surrounding the previous Labor government's planned changes to fringe benefit tax (FBT) on cars had a dampening impact on overall business credit in the run-up to the September election.

However, credit data provider Veda says low interest rates and a new government appears to be giving businesses greater confidence with credit demand in October looking strong.

Veda said its business credit demand index for the September quarter, released on Wednesday, fell 0.7 per cent over the year, a sharp fall from 5.5 per cent annual growth in the June quarter.

"The September quarter was the first contraction in business credit demand since the end of the GFC, so it is clear that weak economic conditions and political uncertainty were affecting business confidence," Veda's general manager of commercial credit risk Moses Samaha said in a statement.

While inquiries for business loans rose 3.1 per cent in the September quarter, trade credit fell 0.6 per cent and asset finance tumbled 5.9 per cent, reversing two quarters of growth.

"We saw a large drop in the number of businesses seeking to hire or lease equipment in the September quarter, which may have been a result of changes to fringe benefit tax implemented by the Labor government at the beginning of the quarter," Mr Samaha said.

The coalition government has scrapped the FBT changes.

He said the Veda index was highly correlated with growth in gross domestic product (GDP), investment in machinery and building construction.

The September quarter reading would be consistent with annual GDP growth of 2.5 per cent compared with 2.6 per cent as of the June quarter.

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BP sees profit drop in Q3, raises dividend

UK oil company BP has reported a 34 per cent drop in third-quarter net profit, but says it will increase its quarterly dividend and divest another $US10 billion ($A10.4 billion) in assets.

BP blamed a drop in refining margins for the decrease in net profit to $US3.5 billion in the quarter ended September 30 from $US5.28 billion in the same period a year earlier.

But investors were encouraged by the company's plans to increase its quarterly dividend by 5.6 per cent, to 9.5 cents a share, payable in December.

Chief Executive Bob Dudley also said the company plans to sell off $US10 billion in assets before the end of 2015, with the proceeds set to go to shareholders, such as in the form of share buybacks.

Shares in BP were up 4.5 per cent in midday trading in London.

Total production for the third quarter was 3.17 million barrels of oil equivalents a day, driven mainly by growth in production from new projects.

The company said new major upstream projects - particularly in Norway and Angola - are showing strong production.

BP, which has already set aside more than $US42 billion for the 2010 oil spill in the Gulf of Mexico, did not elaborate on its current estimates for the costs of the Gulf spill, but said it might revisit its provisions at a later date.

Ishaq Siddiqi, a market strategist at ETX capital, said the numbers "look clean" on the whole. The fact BP's costs related to the Deep Water Horizon incident have held steady, for now, is "another welcome relief".

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Jackson's doctor released from jail

THE former doctor convicted of causing Michael Jackson's death has been released from jail.

Jail records confirmed Conrad Murray's release on Monday and the sheriff's office said he left a downtown Los Angeles jail at 12.01am (1800 AEDT).

The former cardiologist served less than two years in jail after being convicted in 2011 of involuntary manslaughter for Jackson's June 2009 death.

The pop superstar died after receiving a lethal dose of the anaesthetic propofol, which Murray was giving Jackson as a sleep aid.

Murray's medical licences remain suspended or revoked in three states where he previously practised medicine.

Murray had been sentenced to serve four years behind bars, but a change in California law allowed his incarceration time to be significantly cut down.

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Investment outlook rests with govt

HOPES are fading that non-mining sections of the economy will be taking up the slack of a waning resources investment boom any time soon.

So an independent forecaster believes government infrastructure spending must be encouraged.

In its latest Investment Monitor, Deloitte Access Economics says for the first time in a decade the total value of investment projects at all stages of construction has now declined for three consecutive quarters.

"It is clear that the investment in the resources sector which has underpinned growth for the best part of a decade is fading," Deloitte Access Economics partner Stephen Smith said releasing the report on Tuesday.

"However, the composition of growth in the medium term - and in particular what the key driver of growth will be - remains less clear."

He said despite record low interest rates, retail spending continues to be soft with few signs of a revival, while non-residential building activity "remains on shaky ground".

The value of non-residential work commenced over the past year is at the lowest since the immediate aftermath of the 2008-2009 global financial crisis, when the then Labor government rolled out the school building program in an effort to lift activity.

Mr Smith said public infrastructure spending can play an important part during an uncertain period of economic transition.

Tony Abbott has labelled himself as the 'infrastructure prime minister' and Treasurer Joe Hockey is pushing the funding of projects to the top of the government's agenda.

"In a phase in which business investment spending is looking increasingly shaky and support to economic activity is required, a more active public sector role in financing and supporting infrastructure projects should be welcomed," he said.

The forecaster's investment database showed the total value of projects decreased by $3.4 billion or 0.4 per cent in the September quarter to $873.7 billion, taking it 5.7 per cent lower than a year ago.

The value of definite projects - under construction or committed - slipped in value by 0.7 per cent to $464.7 billion, although this was a modest 0.6 per cent higher than a year earlier.

But while the value of planned projects - under consideration or possible - at $409 billion was little changed from the June quarter, this was 12 per cent down from September 2012.

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NSW trucks deregistered for tunnel delays

THREE trucks have had their registration suspended after becoming stuck in Sydney tunnels and causing lengthy traffic delays.

Their drivers are the first to be hit by state laws introduced in July.

Roads Minister Duncan Gay said one over-height truck drove into the Eastern Distributor last Friday.

It caused damage to the sprinkler system and more than two hours of delays on the busy road.

Mr Gay said the truck was deregistered for three months and the driver was being penalised for failing to stop.

Another two trucks have had their registrations suspended for 28 days after they closed the Sydney Harbour Tunnel for 20 minutes in separate incidents this month.

Mr Gay said there were $2200 fines and demerit points for truck drivers with over-height loads, but the message was not getting through.

"New laws were introduced in July this year which allow us to hit operators where it hurts and suspend a vehicle's registration for up to three months if it's driven into a tunnel when over-height," he said in a statement.

Mr Gay said the drivers who affected the harbour tunnel "ignored countless signs and warning devices" and had to be reversed out of the tunnel.

In yet another instance, a West Australian operator had his visiting rights in NSW revoked for three months for closing the Sydney Harbour Tunnel for 20 minutes last week.

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Cyprus president expects positive review

CYPRUS' president says he expects international creditors' latest review to approve the country's handling of its bailout program.

Cyprus in March got a 10 billion euro ($A14.5 billion) loan to save it from bankruptcy, but in return it had to commit to a series of reforms and measures.

Among those, uninsured depositors in the country's two biggest banks were forced to take major losses on their savings.

The second-largest bank, Laiki, was shut down and authorities imposed capital controls to prevent a run.

Nicos Anastasiades said on Monday that a second assessment by the country's eurozone partners and the International Monetary Fund will be "equally significant and positive" as their initial one over the summer.

EU and IMF officials are due to begin their review on Tuesday.

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Vic opposition slams road compo plans

Victoria's opposition say proposed changes to the road accident compensation scheme are unfair. Source: AAP

PROPOSED changes to Victoria's road accident compensation scheme are unfair and unjust, the state opposition says.

The Victorian government will this week introduce laws to parliament that would change the eligibility for Transport Accident Commission (TAC) payments.

As part of the changes, relatives of victims will face more stringent guidelines for trying to claim compensation for mental injuries suffered as a result of road collisions.

Opposition Leader Daniel Andrews said the government was being unnecessarily cruel.

"They intend to make, I think, some of the worst changes that you could imagine to the way our traffic accident compensation scheme works," he told reporters on Sunday.

"They are bad changes, they are the wrong changes - unfair, unjust and we'll oppose them."

Assistant Treasurer Gordon Rich-Phillips said the laws made reasonable changes, and would provide more counselling for families.

"These reforms will ensure there is a clear, modern definition of what constitutes a serious mental injury for the purposes of lump-sum compensation," he told AAP.

"This legislation will ensure that the TAC continues to provide relevant and appropriate support to victims, preserves their common-law entitlements, and helps to keep the cost of the scheme under control for Victorian motorists."

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Teen stabbed at Melbourne party

Two people were injured at a party attended by about 200 youths in Melbourne's western suburbs. Source: AAP

A 15-YEAR-OLD boy has been stabbed during a fight at a large Melbourne party.

Police say the teenager was stabbed twice and a 17-year-old suffered head injuries at a party in a Deer Park hall on Saturday night.

Up to 200 youths attended the party.

Police were called and dispersed the crowd.

The 15-year-old boy was taken to the Royal Children's Hospital in a stable condition.

The 17-year-old was taken to Sunshine Hospital and released early on Sunday morning.

Police are looking for two men who they believe may be able to assist their enquiries.

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Govt must justify $9b RBA payment: Bowen

Labor is demanding Treasurer Joe Hockey justify his reasons for giving the Reserve Bank nearly $9bn. Source: AAP

LABOR is demanding Treasurer Joe Hockey justify his reasons for giving the Reserve Bank nearly $9 billion in what it's calling a bid to score "expensive political points".

The federal government this week announced it would make an $8.8 billion payment to the Reserve Bank of Australia (RBA) to ensure it was in the best shape to face the financial challenges ahead.

Mr Hockey said RBA governor Glenn Stevens had written to him indicating the bank wanted to boost its reserve funds, which had been depleted in recent years by the high dollar and "extraordinary" dividend withdrawals by the former Labor government.

Shadow Treasurer Chris Bowen called on Mr Hockey to publicly release this letter, saying the government was trying to score "expensive political points" instead of justifying its decision.

"If he can't, then he's got something to hide," he told Network Ten on Sunday.

There was a case for allowing the RBA to build up its reserve funds but Mr Hockey had come nowhere near justifying how this payment was necessary, he added.

Mr Bowen said at no point did he or former treasurer Wayne Swan receive advice from the RBA or Treasury suggesting it would be appropriate for such a payment to be made.

"On the contrary, the former Treasurer received explicit advice that that would be a retrograde step," he said.

Labor has also questioned Mr Hockey's other decision this week to seek parliamentary approval to raise the debt ceiling to $500 billion.

Mr Bowen said the treasurer would have to release the midyear economic forecast before putting the legislation to raise the cap to a vote in parliament.

"I don't believe he's come anywhere near yet justifying that extraordinary increase to the debt limit," he said.

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Royals turn out for Opera House 40th

LIKE many Australians, Crown Princess Mary has a fond appreciation for the Sydney Opera House.

The Tasmanian-born Danish Royal even conceded before a crowd of 5000 on Sunday it was one of two things she knew about Denmark before her marriage to Crown Prince Frederik.

Mary told the crowd that turned out for the Sydney Opera House's 40th anniversary about a journalist who asked her what she knew about her new home country before she got engaged to Frederik 10 years ago.

"I replied Hans Christian Andersen and that the Sydney Opera House was designed by a Dane," she said.

"And today we are celebrating the masterpiece of timeless beauty and simplicity designed by that Dane architect Jorn Utzon."

The eager crowd at the Opera House forecourt strained to get a glimpse of Mary and Frederik as they arrived at the celebrations on Sunday night.

In a knee-length white coat and embellished cream and gold dress, Mary told the crowd the Opera House was a symbol of national pride for both Australia and Denmark.

"The Sydney Opera House has the ability to move us, not only with its visual magnificence but also what it holds inside and what it was built for - the arts," she said.

Among the contingent of dignitaries seated near the Royal couple were NSW Governor Marie Bashir, Premier Barry O'Farrell and Jan Utzon.

Opera House chief executive officer Louise Herron said it was an honour to have the royal couple in attendance.

She said it symbolised the enduring links between Australia and Denmark.

While many concert goers would have purchased their tickets before the Danish Royals were revealed as VIP guests, attendees viewed it as an added bonus.

Wollongong mother Tanya Cross said the princess's attendance was the drawcard for her daughters.

"I was telling them about the singers coming but they didn't really care about that," she said.

Daughter Ella, 10, said she was excited the princess was visiting Australia.

"I have only seen her on TV but now I get to see her for real," she told AAP.

The royals were entertained by some of Australia's best musicians, including Megan Washington, John Butler and Sarah Blasko, and internationally renowned director Baz Luhrmann.

The spectacular backdrop of the Sydney Harbour, Opera House and Circular Quay was a striking contrast to the fire-ravaged scenes the royal couple faced earlier on Sunday.

About 200 fans and curious locals gathered at Winmalee's Rural Fire Service station on Sunday to catch a glimpse of the home-grown princess.

The prince, dressed in leather boots and cargo pants, took a back seat as his wife - who at one point had to wave over a minder to relieve her of an armful of bouquets - did the rounds.

Six-year-old Jessica told AAP she'd been practising her curtsy at ballet class, and when the princess came around, she handed over a bunch of pink roses.

"She wanted to cut them out of the garden but there's not many flowers there at the moment," father Peter Berechree said.

"She would've found a few things with petals falling off them and bits and pieces.

"It would've been colourful. But we thought it was a bit more appropriate to go and get something that was a bit more wrapped."

The family is building a house on Singles Ridge Road, a Winmalee street that was devastated in the fires.

"We were very lucky, we didn't get touched but our neighbours did lose part of their property," Mr Berechree said.

Mary thanked volunteer firefighters and took a tour of the station before setting out for nearby Buena Vista Road, where some 40 homes were destroyed by fire.

Mary and Frederik are in Sydney as patrons of the Opera House's 40th anniversary.

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