Australian police withdraw from East Timor

AUSTRALIA has withdrawn its last remaining police officers from East Timor as international forces wind up a 13-year presence in Asia's youngest country.

The eight Australian officers serving with the UN Police boarded a Darwin-bound plane from the capital Dili on Saturday as the United Nations prepares to officially end its peacekeeping mission by December 31.

International forces began pulling out in earnest in October, when the UN handed policing responsibility back to the country which recently celebrated a decade of formal independence that ended Indonesia's 24-year brutal occupation.

Australian police commander for the mission Charmaine Quade expressed confidence East Timor could handle its own security after successful elections this year and the formation of a new government.

"Australian police have been there to contribute to the enhancement and professionalisation of the Timor-Leste police, and the competence the national police here have shown is testament to how far they've come," she said.

The move comes after the Australian-led International Stabilisation Force (ISF) ceased its security operations in November and began pulling out some of its 390 troops from the country.

Australia has stationed 50 police at a time in East Timor under the UN since 2006, with 33 deployed this year under a bilateral capacity-building program.

International peacekeepers first entered East Timor in 1999 as deadly violence erupted around the country's referendum for independence.

The vote ended Indonesia's occupation, under which an estimated 183,000 people - then a quarter of the population - died from fighting, disease and starvation.

The only major violence in the impoverished half-island state of 1.1 million people since has been a failed assassination attempt against then-president Jose Ramos-Horta and Prime Minister Xanana Gusmao in 2008.

Quade said the last batch of Australian police to leave East Timor, also known as Timor-Leste, were "looking forward to being reunited with their loved ones".

"They've been able to fully focus on their roles and duties here with the UN because they've had that support and understanding at home," she said.

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'How are my people?' Chavez asks

Officials say Venezuelan President Hugo Chavez is undergoing a satisfactory recovery. Source: AAP

HUGO Chavez's first words after emerging from surgery were "How are my (Venezuelan) people?" according to officials, who proclaimed here Friday that the ailing leader is on the road to recovery.

Venezuela's Information Minister Ernesto Villegas told reporters that Chavez spoke with family members immediately after an operation to control bleeding after his cancer surgery earlier this week, and that his recovery was proceeding "satisfactorily."

Although Chavez, who underwent lengthy cancer surgery Tuesday in Cuba, faces a complex recovery process, he is "meeting the post-operative protocol in satisfactory fashion," the minister said in nationally broadcast remarks.

Minutes after Villegas's comments, Chavez spokeswoman Teresa Maniglia wrote on Twitter: "'How are my people?' was the first thing Chavez said today when he spoke with his family for the first time."

Chavez, 58 and re-elected to a third term in October, announced to the nation a week ago that he had suffered a recurrence of the cancer he thought he had beaten, and would have to return to Cuba for surgery.

The revelation marks his third brush in the past year and a half with the disease, each time requiring extended stays in Cuba.

Aides this week said Chavez experienced "complications" from this most recent surgery including bleeding that now appears to be under control.

Chavez is scheduled to be inaugurated to a third presidential term on January 10. But the country now is on tenterhooks to see if the outspoken, formerly tireless leader will remain their president, become incapacitated or worse.

He has named foreign minister and vice president Nicolas Maduro as his both his temporary replacement and handpicked successor.

The latest turn in Chavez's 18-month-long health saga comes less than a month before he was to be sworn in to another six-year term, and just days before Sunday's regional elections, which are seen as a key political test.

Until last week, when Chavez stunned the nation with news that his cancer had returned, he appears to have banked on making a full recovery, despite recurring rounds of debilitating radiation treatment and chemotherapy since he was first diagnosed with cancer in June 2011.

Chavez claimed a year later that he was cancer free before embarking on his successful but arduous reelection campaign.

Venezuela has never clearly stated what type of cancer Chavez has or what organs affected, but doctors said they removed a grapefruit-sized tumour from his pelvis last year.

State television has also been broadcasting spots praising Chavez's accomplishments, as well as pro-government documentaries.

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Australia praised as economic 'Iron Man'

AUSTRALIA has been described as the "Iron Man" of the major industrialised nations, after producing 21 years of uninterrupted economic growth and building conditions that should help insulate it from future global challenges.

In its latest survey of Australia, the Organisation for Economic Co-operation and Development (OECD) says the nation weathered the 2008-2009 global economic crisis well, due to its sound macroeconomic policies and supporting demand from China.

"Australia's long period of uninterrupted economic growth makes it the Iron Man among OECD countries," OECD Secretary-General Angel Gurria said in a statement on Friday.

But the Paris-based institution said the federal government should be prepared to delay its promised 2012/13 budget surplus if conditions deteriorated, even though the current interest rates and fiscal setting were appropriate for sustained growth.

"While monetary policy should be the first line of defence, if a new, full-scale global crisis of a similar magnitude as in 2008-09 breaks out, fiscal expansion to support activity would be warranted," its said.

The OECD's assessment came as speculation continued to mount that the Labor government would ditch its forecast $1.1 billion surplus for this financial year because of the impact of falling tax revenues, against a backdrop of softer commodity prices.

Chief government whip Joel Fitzgibbon has fanned the flames by saying Australians would understand if the government gave up the surplus if conditions remained bad in the international market place.

Prime Minister Julia Gillard said Mr Fitzgibbon was entitled to his view, but she and cabinet decided policy.

She pointed to the surplus and trend growth forecasts in the mid-year budget update.

"We work with the Treasury forecasts," she told ABC radio.

Shadow treasurer Joe Hockey said Labor's surplus plans were in "tatters".

"The man who is meant to enforce discipline in their own ranks ... is even now breaking ranks with the government," he told reporters in Sydney.

The OECD said while Australia had a positive outlook, the potential for a worsening crisis in Europe would be a challenge.

Australia also faced risks from a substantial weakening of growth in China and other Asian countries.

"A sharper than expected slowdown in this part of the world would reduce exports, the terms of trade and, most likely, the real exchange rate," the OECD said.

It forecast the economy to grow at three per cent in 2013, after a robust 3.7 per cent expansion in 2012 and moderate growth of 2.3 per cent in 2011.

Treasurer Wayne Swan said the report was another reminder that Australians had a lot to be proud of.

"Once again our economy stands tall amongst its peers, with 21 consecutive years of growth, robust economic fundamentals and a positive outlook in the face of acute global challenges," he said in a statement.

The OECD made a number of recommendations, saying Australia should raise the GST rate and broaden its base, and expand the coverage of the mining tax beyond coal and iron ore.

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Petroleum tax to allow more deductions

THE federal government plans to amend the petroleum resources rent tax (PRRT), following a Federal Court decision that could prevent companies deducting legitimate expenditure.

The August decision, in a case involving Esso Australia Resources Pty Ltd, disallowed a claim for office facilities, administrative and account expenditure when it engaged a subsidiary company for a service agreement.

Treasurer Wayne Swan said while the decision favoured the tax commissioner, a number of broader observations by the court about the operation of the PRRT law had significant implications for the deductibility of expenditure.

"Such an outcome would be inconsistent with the intent of the PRRT regime and the way it has been administered since its commencement in 1987," he said in a statement on Friday.

"The government will therefore introduce amendments."

The amendments would maintain the policy intent of the tax while reflecting the substance of the court's decision that a taxpayer cannot derive a tax advantage through contract arrangements with related parties.

The government would continue to consult with industry players to ensure the amendments achieved the desired outcome.

"These amendments will ensure the PRRT continues to operate as a profits-based tax as intended and continues to strike the right balance between providing industry with certainty ... while also ensuring the adequate revenue safeguards are in place," Mr Swan said.

The PRRT applies to most offshore petroleum production and onshore oil and gas production, including coal seam gas and oil shales.

Australian Petroleum Production and Exploration Association (APPEA) chief executive David Byers said the technical amendments would provide clarity.

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GrainCorp says no to ADM's sweetened offer

US food processing giant Archer Daniels Midland (ADM) has had its second takeover knockback from Australia's GrainCorp in a month.

The grains marketer on Thursday said it had rejected ADM's sweetened offer of $2.78 billion as it materially undervalued the company.

"GrainCorp's board will be constructive in any dealings in relation to proposals that have the potential to be in the best interests of shareholders," GrainCorp said in a statement.

"GrainCorp has a unique portfolio of integrated, strategic assets and is confident in its outlook and strategy to continue to deliver shareholder value."

ADM's initial offer of $11.75 a share in October was rejected by GrainCorp, which said it undervalued its business.

ADM increased its offer to $12.20 a share in November.

The offer was subject to several conditions, including due diligence and regulatory approvals.

ADM lifted its stake in GrainCorp to 19.9 per cent in early December, taking it near the 20 per cent threshold that automatically triggers a full takeover bid.

GrainCorp chief executive Alison Watkins in November said the company was more interested in unlocking $110 million of annual profit improvements than being acquired.

GrainCorp lifted its net profit by 19 per cent to $204.9 million in 2011/12.

Shares in the company closed eight cents lower at $12.30.

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Bonds lower after US Fed meeting

AUSTRALIAN bond futures prices are lower after the US central bank announced it would extend its bond-buying program.

At 1630 AEDT on Thursday, the December 10-year bond futures contract was at 96.770 (implying a yield of 3.230 per cent), down from 96.855 (3.145 per cent) on Wednesday.

The December three-year bond futures contract was trading at 97.260 (2.740 per cent), down from 97.320 (2.680 per cent).

At midday on Thursday, the December 2012 90-day bank bill futures contract expired, replaced by a contract expiring in June 2013.

ANZ head of interest rate research Tony Morriss said bond prices in both the US and Australia had unexpectedly softened following the US Federal Reserve Open Market Committee meeting.

"US bonds are weaker, and that's kept our market on the back foot," he said.

"We're trying for figure out why, since the Fed has looked to extend easing, and has an easing bias."

At the conclusion of its meeting on Wednesday, the FOMC said it would continue debt-purchasing, spending $US45 billion ($A42.95 billion) a month on long-term bonds, with the goal of keeping lending rates low, and stimulating spending.

However, it said it would no longer cover the cost of the purchases through the sale of short term debt.

Mr Morriss said that in the lead up to Christmas, the only other event of market interest was the Japanese general election.

"This US QE (quantitative easing) might be followed up by QE in Japan," he said.

"So that region will be important in the near-term."

Japan will go to the polls on December 16.

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Urban in running for Oscar for best song

KEITH Urban and Nicole Kidman may soon have his and hers Oscars.

Nicole Kidman won her gold statuette in 2003 for The Hours and the Academy of Motion Picture Arts and Sciences announced on Tuesday Urban's song, For You, from the film Act of Valor, is in the running for an Oscar at February's ceremony.

Urban is up against an elite group for the original song Oscar, with many of the contenders - including Katy Perry, Adele and Arcade Fire - regulars on the Grammy red carpet rather than the film industry's biggest night.

Urban is also competing against fellow Aussie, Hugh Jackman, for his song Suddenly from Les Miserables.

The Academy announced 75 songs from eligible feature-length motion pictures released in 2012 are in contention for nominations in the original song category.

The 75 will be whittled down to five nominees and announced on January 10 when the Oscar nominees for best actor, actress picture and other categories are revealed.

Usually it is Urban on Kidman's arm at film award ceremonies, but Urban's For You is gathering Oscar buzz, with a nomination for best song on Tuesday by the US Broadcast Film Critics Association.

Urban is also up against Jackman for Les Miserables' Suddenly, Mumford & Sons' Learn Me Right for the movie Brave, Adele's Skyfall and Paul William's Still Alive for the BFCA award, known as the Critics' Choice Awards.

Jackman was also nominated by the BFCA for best actor for his starring role in Les Miserables and another Aussie, Naomi Watts, received a best actress nomination for The Impossible.

The BFCA's Critics' Choice Movie Awards ceremony will be held on January 10 in Los Angeles.

The Oscars ceremony is scheduled for February 24.

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Stevens hints stability to constrain rates

GLENN Stevens had obviously been doing a lot of thinking about the limits to monetary policy recently.

The Reserve Bank of Australia governor on Wednesday gave a speech in Thailand dwelling on the topic.

In particular, his speech implied the need to take financial stability into the setting of interest rates meant less scope to fine-tune growth in the short term.

The discussion of the need to incorporate financial stability into the way central banks use monetary policy expanded on a theme he explored in the opening remarks made at a conference in August but released to the public only on Tuesday.

"If there were any thought that controlling inflation over a two or three year horizon was enough, we have been well and truly disabused of that by experience over the past half decade," he said, closely echoing the comments published the day before.

But there was something a little newer in the Bangkok speech - a greater focus on financial stability might temper efforts to boost growth over the short term.

While the long period of economic stability of the 1990s and early 2000s scored highly in terms of low inflation and strong economic growth, it was ultimately harmful to financial stability and therefore to macroeconomic stability, he said.

The apparently benign environment encouraged the belief that increased leverage (borrowing) was safe.

"But higher leverage exposed people to more distress if and when a large negative shock eventually came along," he said.

So central banks now had to work out how to incorporate financial stability into their monetary policy settings.

"We will have to accept the occasional need to make a judgement about short-term trade-offs, but that is the nature of policymaking," he said.

The trade-off he referred to is that interest rates might not be cut as far as they might previously have been, in order to avoid unwanted behaviour in financial markets.

The obvious example was the housing boom and associated credit binge sparked by the US Federal Reserve's ultra-low interest rates following the share market crash in 2000.

Mr Stevens made it clear at the outset that he wasn't speaking about the current situation in Australia.

Even so, his speech does suggest that when the RBA meets in February to work out whether to cut the cash rate to a new 50-year low, it will not just be mindful of the potential for low interest rates to cause consumer prices to rise to fast.

It will be also considering the potential for the move to encourage excessive borrowing and inflation in the markets for assets like shares or housing.

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Parole breaker on revenge mission: police

Police believe parolee on the run Jason Herbert is on a vengeance mission against two WA officers. Source: AAP

AFTER breaking his parole twice this year, armed robber Jason Robert Herbert is on the run and believed to be hunting two policemen he blames for the death of his brother.

Police fear Herbert, 40, is heading from NSW to Western Australia to seek revenge on the two officers.

In 2009, his brother Troy Matthew Herbert took a large dose of methamphetamine and was killed on his motorbike as he tried to outrun the officers in Perth.

The two are being offered protection, while Corrective Services NSW Commissioner Peter Severin has ordered an urgent inquiry into Herbert's disappearance.

He had previously been released in April but was returned to jail in July when he broke his parole conditions by failing to report to his parole officer, a corrective services spokeswoman told AAP.

Released for a second time on November 28, Herbert had served 11 years of a 15-year-sentence for grievous bodily harm and armed robbery.

He escaped from his Newcastle lodgings over the weekend and was last seen at 2am (AEDT) on Saturday near the Pacific Highway at Hexham.

He was wearing an electronic monitoring device on his leg and is understood to have simply cut it off.

His mother Ruth appeared on the Seven Network on Tuesday, tearfully appealing for him to contact her and give himself up.

"Do the right thing, don't do anything stupid, I beg you," she said.

The West Australian newspaper reported her saying her son would be coming home to pay his respects to Troy, with whom he was very close.

"I have read Jason is armed and dangerous. He would be dangerous to police. He would not be dangerous to me or his friends," she said.

Mrs Herbert said she feared for her son's safety.

"If Jason is cornered it might be shoot first, ask questions later," she said.

NSW Opposition Leader John Robertson said it was alarming someone could cut off their security bracelet, and noted there had been a number of failures of such devices.

"The O'Farrell government is failing to do the job properly and protect the community," he told ABC Radio.

NSW Premier Barry O'Farrell said his anger was directed at the parole board for freeing Herbert.

"What I'm unhappy about today ... is why the hell this bloke was given parole," Mr O'Farrell told reporters in Sydney.

"What I want to look at first is why he was allowed to have access to this technology by a parole board whose parole he'd broken earlier this year.

"He's described today as a dangerous prisoner by the very same people who gave him parole, that's what I'm angry about."

Police say Herbert is of Caucasian appearance and between 185cm to 190cm tall, with a medium build, hazel eyes and short brown hair.

He is considered dangerous and should not be approached.

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Adelaide Fringe 2013 program launched

AFTER 52 Fringe festivals, Adelaide still lets anyone and everyone perform anywhere from a big theatre to a pub, a derelict building and even a caravan.

"I have not curated it. It's still total open access, and anyone can be in the fringe at all," says third-time Adelaide Fringe director Greg Clarke of the 2013 offerings.

The program is packed with 930 events at 350 venues in shows including cabaret, circus and physical theatre, comedy and dance.

Clarke says one highlight for him is Circolombia, featuring performers from the Colombian national circus school in a street setting with a pounding reggaeton soundtrack.

Then there's Ireland's "really funny" Ponydance with its "disco-infused time warp", and Leo, a mind-bending, surreal physical theatre from Berlin where a man is left in a room with nothing but a small suitcase.

Speaking of small, Clarke says one of the more unusual acts is Life in Miniature, set and performed by a WA dance company inside a caravan to an audience of five people at a time.

It depicts the lives of two unknown travellers.

Another favourite for Clarke is Uta Uber Kool Ja which he says is set in a hotel room where the performer is in bed and thinks everyone is a celebrity.

He also raves about a UK rapper who asks everyone to empty the contents of their bags or pockets before he improvises about what he sees.

The Adelaide Fringe will run for four weeks from February 15, culminating in a closing-night concert that will feature Peter Murray, The Whitlams and the Adelaide Symphony Orchestra.

"We have been doing this for 52 years and we have many regulars," he says.

Comedians will include Ruby Wax, Wil Anderson, Jimeoin, Judith Lucy and Paul McDermott, a Fringe ambassador who donned table tennis gear at last week's launch.

Ping Pong Madness will be run on two Saturday afternoons at a local pub, with at least six tables in operation and participants expected to dress as a table tennis pros.

Clarke says the organisers would never censor anything at the festival.

"A show would only get closed down if it broke the law," he adds.

The program can be viewed at adelaidefringe.com.au.

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Bikies booked after six raids in Brisbane

TWO Renegades outlaw motorcycle gang members were arrested over drugs and weapons charges after police raids on half a dozen Brisbane residences this morning.

The bikies were charged with 10 offences after raids led by the State Crime Operations Command's dedicated OMG unit, Task Force Hydra, netted weapons including a handgun, a stun gun, a hinged knife and ammunition.

Police declined to reveal details of drugs seized but referred to "further inquiries being made in relation to other items located during the searches".

Organised Crime Group Detective Superintendent Garry Watts said: "We will continue this proactive enforcement action and are committed to ensuring the safety of the Queensland community."

"This is not something we will shy away from and will take any necessary action."

The Renegades, who have kept a low profile in recent years, have a traditional stronghold in North Queensland where they claim to have been the first outlaw motorcycle club.

The club's Queensland website refers to a chapter on Brisbane's southside being formed in 1998 as the state's "mother chapter".

The year before, a violent takeover by the Rebels of the Renegades' two-decade old Townsville chapter saw the latter club's self-appointed president allegedly bashed, bound and gagged, set loose on a remote dirt track and then shot at.

Around the same time, the club was also embroiled in a dispute with the rival Gypsy Jokers in Cairns which led to a drive-by shooting.

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CTV copycat buildings being examined in NZ

ENGINEERS are assessing 379 buildings across New Zealand which have similar design characteristics to the doomed CTV building in Christchurch.

The building collapsed in the February 2011 earthquake, killing 115 people, and an inquiry report released on Monday identified serious structural weaknesses.

NZ Building and Construction Minister Maurice Williamson says he isn't taking any chances the same could happen to similar buildings.

"We are checking every one thoroughly and signing them off," he said at a press conference.

"I don't believe any have been found not to comply - CTV is looking more and more like a standout."

Mr Williamson said he wasn't going to issue a list of the buildings because people would be scared of being in them, even if there was nothing wrong with them.

The commission report into the CTV collapse concluded designer David Harding was inexperienced and numerous errors were made when the building was constructed.

Site foreman William Jones received insufficient guidance from construction manager Gerald Shirtcliff.

Mr Williamson said he has told his officials to find out whether there is any way individuals can be held accountable in law but doubts there is.

"I'm not looking at anyone in particular and it's going to be up to the police whether there are any prosecutions."

The report says while council engineers had concerns about the design, they were "under pressure to approve it" - including from principal engineer Alan Reay, even though he knew very little about the structural details.

Mr Shirtcliff is under investigation by police in New Zealand and Australia amid allegations he misrepresented his engineering qualifications.

The report was also critical of a rapid assessment by Christchurch City Council building officers after the September 2010 quake, which saw the building given a green sticker, without assessment by an engineer.

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NKorea considers delaying rocket launch

North Korea says it is considering postponing a planned long-range rocket launch. Source: AAP

NORTH Korea may postpone the controversial launch of a long-range rocket slated for liftoff as early as this week, state media says, as international pressure on Pyongyang to cancel the provocative move intensifies.

Scientists have been pushing forward with final preparations for the launch from a west coast site, slated to take place as early as Monday, but are considering "readjusting" the timing, an unidentified spokesman for the Korean Committee for Space Technology told North Korea's state-run Korean Central News Agency on Sunday.

It was unclear whether diplomatic intervention or technical glitches were behind the delay.

A brief KCNA dispatch said scientists and technicians were discussing whether to set new launch dates, but did not elaborate.

Word of a possible delay comes just days after satellite photos indicated snow may have slowed launch preparations, and as officials in Washington, Seoul, Tokyo, Moscow and elsewhere urged North Korea to cancel a liftoff widely seen as a violation of bans against missile activity.

Commercial satellite imagery taken by GeoEye on December 4 and shared on Friday with The Associated Press by the 38 North and North Korea Tech websites showed the Sohae site northwest of Pyongyang covered with snow.

The road from the main assembly building to the launch pad showed no fresh tracks, indicating that the snowfall may have stalled the preparations.

However, analysts believed rocket preparations would have been completed on time for liftoff as early as Monday.

In Seoul, officials at the Defence Ministry, Joint Chiefs of Staff and the Foreign Ministry said they were looking into what might be behind the possible delay.

North Korea announced earlier this month it would launch a three-stage rocket mounted with a satellite from its Sohae station southeast of Sinuiju sometime between December 10 and December 22.

Pyongyang calls it a peaceful bid to send an observational satellite into space, its second attempt this year.

The launch announcement captured global headlines because of its timing: South Korea and Japan hold key elections this month, President Barack Obama begins his second term next month and China has just formed a new leadership.

The United States, Japan, South Korea and others have urged North Korea to refrain from carrying out the launch, calling it a violation of UN security council resolutions on nuclear activity because the rocket shares the same technology used for firing a long-range missile.

China, the North's main ally and aid provider, noted its "concern."

It acknowledged North Korea's right to develop its space program, but said that had to be harmonised with restrictions including those set by the UN security council.

Past launches have earned North Korea international condemnation and a host of sanctions.

South Korean analysts said North Korea's announcement of a possible delay suggests the country wants to resume talks with the US on receiving much-needed aid, or has yielded to diplomatic pressure by China.

North Korea may not fire the rocket if the US actively engages in talks with Pyongyang and promises to ship stalled food assistance to the country, said Koh Yu-hwan, a professor of North Korean studies at Seoul's Dongguk University.

In February, the US agreed to provide 240,000 metric tons of food aid to North Korea in exchange for a freeze in nuclear and missile activities. The deal collapsed after North Korea launched a long-range rocket in April.

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Hundreds arrested in Xmas booze blitz

POLICE have arrested more than 160 people across Victoria in a holiday season crackdown on public drunkenness.

Provisional statistics from Operation Unite, which occurred across all Australian and New Zealand police jurisdictions on Friday and Saturday nights, show a total 166 people were arrested.

Of those arrested, 105 were drunk, while 29 assaults were detected, police said.

Police conducted breath tested more than 1000 drivers, with 13 returning positive results.

The figures indicate a slight decline in arrests compared to Operation Unite 2011, in which 180 Victorians were arrested, including 158 for public drunkenness.

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