Billabong considering new deal

THE board of troubled clothing retailer Billabong is considering a rival refinancing proposal to the deal it recently reached with a US private equity firm.

The company plans to take a loan of $US300 million from a consortium led by Altamont to help stabilise its business, overhaul its cost structure and pursue a profitable growth strategy.

Altamont will in turn take a large stake in Billabong, which made a loss of more than $500 million in the first half of the 2012/13 financial year.

The value of the company has also plunged by about 90 per cent in the past few years.

But two US hedge funds, Centerbridge and Oaktree, have approached Billabong's board with their own recapitalisation plan, which they say provides Billabong with greater flexibility to address its financial problems.

Centerbridge and Oaktree have offered to pay more than Altamont for a stake in Billabong, and say they will charge a lower interest rate on its loan to the retailer.

"Billabong confirms that the board is considering the proposal and as part of its consideration the board met with the Centerbridge/Oaktree consortium," the retailer said on Friday.

The company wants to finalise a financing package as soon as practical, it said.

Billabong shares gained 3.75 cents, or 6.8 per cent, to 58.75 cents.

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Rudd offers UN Australian support on Syria

PRIME Minister Kevin Rudd says the United Nations has Australia's support for an immediate investigation into the use of chemical weapons in Syria.

During a phone call to UN Secretary-General Ban Ki-moon on Friday Mr Rudd expressed Australia's grave concern about the deteriorating situation in Syria.

They also discussed what next steps the international community should consider.

The world is calling for answers amid claims Bashar al-Assad's regime used chemical weapons to massacre up to 1300 people on the outskirts of Damascus this week.

UN weapons inspectors are in Syria but have not been given permission to investigate the latest claim.

Mr Rudd offered the UN chief Australia's support for an immediate and thorough investigation.

"Australia calls on the Syrian government to respond positively to the Secretary-General's call for co-operation and that it provide full and unfettered access to UN inspectors currently in Damascus," he said in a statement on Friday.

He said the events were "a tragedy of unspeakable proportions".

Asked earlier whether Australia would consider committing troops to a possible international intervention in Syria, the prime minister said he is taking a "calm and measured approach".

"I take this step-by-step. I'm not in the business of making chest-beating announcements," he said.

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Chinese civil rights leader arrested

ONE of China's most well-known civil rights advocates has been formally arrested on charges of disrupting public order, as Beijing cracks down on grassroots efforts to build a civil society that may challenge its rule.

Zhang Qingfang, a lawyer for Xu Zhiyong, said his partner learned of Xu's arrest from Beijing's prosecuting office on Thursday and that the arrest document should be delivered to Xu's family soon. The Beijing prosecuting office could not immediately provide information on Xu.

Xu is a moderate but outspoken voice in China's beleaguered rights movement, campaigning for issues that include equal rights to education, and for officials to declare their assets.

Xu, a founder of the loosely organised New Citizens group, has called for people to hold monthly dinners to discuss China's constitution and other issues.

During his detention, Xu urged Chinese citizens to unite in pursuing democratic freedoms in a video posted online.

"No matter how utterly defeated or absurd this society is," Xu said in the video, "this country needs brave citizens who can stand up and hold fast to their convictions, who can take their rights, responsibilities and their dreams seriously."

Last month, another figure in the New Citizens movement, Yang Maodong, was detained by police in southern China, also on the suspicion of disrupting public order.

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Coalition extends lead in new Nielsen poll

THE coalition appears to have extended its lead as the federal election campaign passes the halfway mark.

The latest Fairfax-Nielsen poll, to be published on Saturday, shows Labor's primary vote has dropped two points in the past fortnight to 35.

In contrast, the coalition's primary vote bumped up a point to 47 per cent.

After preferences, this gives the coalition a 53 per cent to 47 per cent lead.

The poll suggests the coalition is headed for a solid win on September 7, although the movements are within the margin of error.

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NSW art dealer pleads guilty to fraud

HIGH-FLYING NSW art dealer Ronald Morris Coles had a reputation for influence, mixing with celebrities and spending big at the races.

His clients could not have imagined Coles was also running a Ponzi-style scheme that his lawyer now agrees will certainly land him in prison.

Wearing dark slacks and a jumper, he pleaded guilty on Thursday to 15 counts of fraud that lost his victims nearly $6 million.

"My client knows he's going to jail," counsel Greg Hoare told Parramatta District Court.

An agreed fact sheet tendered to the court shows Coles agreed to buy, sell and manage valuable works by celebrated Australian artists - among them Norman Lindsay, Albert Namatjira, Arthur Streeton, Brett Whiteley and Arthur Boyd - for clients in the mid-to-late 2000s.

Coles was convicted of using a single painting as surety for multiple loans, and selling single works several times over.

On one occasion he agreed to manage a $45,000 Norman Lindsay watercolour for a client, but instead traded it to another client in return for two artworks.

A year later, in 2006, he told the original owner he "should have a buyer for $85,000 in the next month".

The money never came, but it would be another three years before police pounced.

On January 2009, raids on a gallery, trucks and the homes of Coles' stepchildren Sage Carver and Colin Foster uncovered 413 artworks, including several of "little value", according to the agreed fact sheet.

Days later, on January 28, Coles and his wife Jan were declared bankrupt.

Coles was released on bail on Thursday but told not to leave the state.

He'll appear at Sydney District Court on October 17 for sentencing.

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Gambaro tells forum she's for gay marriage

THE Liberal MP representing Queensland's most marginal federal seat has declared she would vote for gay marriage if the coalition allowed a conscience vote.

Teresa Gambaro has previously stated she would push Opposition Leader Tony Abbott to allow a conscience vote on the matter after the election.

The shadow parliamentary secretary has, however, previously declined to say whether or not she personally supported gay marriage.

But on Thursday night, the MP who holds Brisbane by a narrow 1.1 per cent margin, told a candidates' forum in her electorate she would vote in favour of marriage equality if given the choice.

"Should I be privileged to represent the people of Brisbane and be re-elected to the seat, my conscience vote would be in favour of same-sex marriage," she said to loud applause.

Ms Gambaro said people should be free to love who they want, regardless of their gender.

"I've made this decision because of my personal journey speaking to people, touched by the issue, as I've been door knocking right around the electorate," she said.

"Who people choose to love is not a decision for government.

"People should be free to love who they want, free of discrimination, bias and prejudice."

Ms Gambaro told the forum that marriage equality had been used as a political wedge, and said her vote against a gay marriage motion last year fulfilled a 2010 election promise.

"I believe it accurately reflected the majority view of the electorate of Brisbane at the time," she said.

"I'm on the record as saying that I'm not going to be bullied into taking one position or another and believe in representing people properly and not using this for political purposes."

Her position in favour of marriage equality comes as Australian Marriage Equality distributes leaflets in her inner-city seat pointing out how she hadn't declared a position.

Ms Gambaro has joined fellow federal Liberal MPs Malcolm Turnbull, Wyatt Roy and Kelly O'Dwyer in backing same sex marriage.

She said she had previously supported conscience votes for euthanasia and the abortion drug RU486.

Labor's candidate for Brisbane, Fiona McNamara, who supports gay marriage, questioned whether Ms Gambaro would cross the floor if the coalition didn't change its position to allow a conscience vote.

"I welcome Ms Gambaro's statement that she would vote for a conscience vote," she told AAP after the forum.

"Will she cross the floor if the LNP doesn't allow a conscience vote?"

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Roads, trains back after Sydney outage

Around 60,000 homes and businesses in Sydney's inner west have lost power. Source: AAP

ROADS have reopened and trains are back on track but the power outage that caused Sydney traffic to come to a standstill is still causing huge delays for motorists.

Power was restored to the 60,000 homes and businesses in Sydney's inner and southwestern suburbs at 5.30pm (AEST) on Thursday after a fault was detected on the local electricity network an hour earlier.

The Transport Management Centre said the M5 East had opened in both directions after being closed earlier in the afternoon because of the widespread power failure.

All diversions were lifted but traffic remains very heavy so motorists are advised to expect significant delays and allow additional travel time, the centre said in a statement.

Trains are again running between Sydenham and Bankstown after a halt during peak hour due to the partial closure of the Bankstown Line.

In a statement, Ausgrid apologised to residents, businesses, motorists and commuters affected by the interruption to the power supply.

It said that power was cut while an Ausgrid technician was conducting work at the Canterbury Subtransmission Substation on Thursday afternoon.

Ausgrid said its chief operating officer has requested a full investigation to be carried out immediately to determine the cause of the interruption and include any connection to the work that was being undertaken by the Ausgrid technician.

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NSW man's gambling 'led to wife's murder'

BRIAN Bradbury beat his wife to death with a dumbbell inside their Sydney home after they argued about his gambling addiction, court documents allege.

He then staged a random home invasion to conceal Lynette Bradbury's murder on October 31, 2011, the documents say.

At the time of his wife's death there was only $12 in their bank accounts.

But when Bradbury, 58, was granted bail in Parramatta Local Court on Wednesday there were hugs and sobs of joy from about a dozen family members in the gallery.

Outside court, his sister-in-law Suzanne Walker said police had charged the wrong man.

"If Lynette's family believe in him so strongly that's got to tell you something," Ms Walker told reporters.

"Nobody's perfect but I'm telling you he's not a murderer."

The couple worked at Westmead Hospital, she as an administration officer by day and he as cleaner by night, the court documents state.

She returned to their rented housing commission home in Oatlands about 4pm (AEST) that day, minutes before Bradbury set off for his evening shift.

He says he returned home just after 11pm to find her hands and feet bound with silver duct tape and her head covered in a black towel.

She had died from blunt force injuries to her head.

Police allege the cup of Milo that Bradbury made his wife every day before setting off to work, found untouched in the kitchen, was evidence he bludgeoned her to death with his 2kg dumbbell before he left the house.

Police said little was disturbed during the "staged" robbery and it was odd that the victim was bound but nothing had been stolen.

He had also not removed the towel from her head.

Bradbury told police he was home while his wife was at work that day, but evidence placed him at Parramatta Leagues Club, where he may have gambled away up to $240.

His addiction was straining their relationship, police allege, and Mrs Bradbury had to work extra shifts to pay off their debt.

"The victim had confided in a family member that she would leave the accused if she discovered him gambling again," the court documents state.

Over a prolonged period of time, he made withdrawals from her account from licensed premises.

Police allege she likely confronted Bradbury about his gambling before he killed her.

Mrs Bradbury had also received $50,000 from a family relative who had won the Lotto.

She placed $40,000 in a separate account and used the remaining amount as down payment on a family cruise.

Police allege Bradbury won a $35,000 pokie jackpot in early 2011 but lied about the amount and how he acquired the money.

He paid off some debts and gambled away the remaining $15,000, police allege.

He will appear before the same court on October 3.

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Synthetic drugs found in Sydney shop

A WESTERN Sydney convenience store is under investigation after synthetic drugs were found in the shop.

NSW Fair Trading officer raids found 115 bags of synthetic cannabis at the Five Star Handy Mart in Campbelltown.

Fair Trading Commissioner Rod Stowe said legal action will be taken against those involved in the sale of the banned items.

A 60-day interim federal ban on the drugs was announced on June 18 after the death of Sydney teenager Henry Kwan

The ban was extended to September 14.

"Traders should be reminded the maximum fine is $220,000 for an individual or $1.1 million for a body corporate if they are found guilty of operating contrary to the ban," Mr Stowe said.

The 19 consumer goods named in the ban include three synthetic cocaine products and 16 synthetic cannabis products.

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Tas Labor MP caught in medals furore

Tasmanian Labor MP Geoff Lyons has apologised for claiming he was awarded a prestigious medal. Source: AAP

A TASMANIAN Labor MP who questioned an opponent's military record has admitted he incorrectly listed his own medals in election material.

Member for Bass Geoff Lyons has issued his second public apology in as many weeks after claiming he held the prestigious Emergency Services Medal.

He has corrected the listing on his website to the National Medal, which he received in 1997 for services to surf life-saving.

"It's a disappointment that I had the name wrong," Mr Lyons told reporters.

"I thought that's what it was, for service in an emergency service, surf life-saving.

"It's been corrected and I apologise for that."

Last week Mr Lyons apologised to Liberal candidate Andrew Nikolic after suggesting the Iraq veteran had spent most of his defence career as a bureaucrat.

The federal opposition seized on his latest mistake, pointing out the Emergency Services Medal had been awarded only 280 times to the National Medal's 175,000.

"A clear pattern of deceit is emerging here from Mr Lyons," Tasmanian Liberal senator Eric Abetz said.

The error was reportedly spotted by a voter who checked on Mr Lyons' record.

Polling suggests the incumbent faces a tough battle to hang on to the northern Tasmanian seat, which Labor holds by a margin of 6.7 per cent.

Mr Nikolic, who rose to the rank of Brigadier, has said he does not want his military career to be the focus of the campaign.

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