Rolling Stones sell Hyde Park in minutes

65,000 tickets for the Rolling Stones' concert in London have sold out in under five minutes. Source: AAP

THE 65,000 tickets for the Rolling Stones' upcoming concert in London's Hyde Park have sold out in under five minutes.

The clamour on Friday came despite anger from some fans at how much the ageing British rock legends are charging for their shows, with a standard ticket for July's open-air Hyde Park gig costing STG95 ($A139.66) and an upmarket "hospitality" package priced at STG299 ($A439.58).

"We sold 65,000 tickets in the speed the system could handle it," said Rob Hallett of concert promoter AEG Live.

"If the system could handle it in seconds, we would have probably sold out in seconds."

The show comes 44 years after the legendary rock band played another famous concert in Hyde Park - for free.

"Hyde Park holds such great memories for us," said frontman Mick Jagger, 69.

"We can't think of anywhere better to perform to our UK fans this summer."

The Stones have been criticised over the steep prices of tickets for the 50 and Counting tour marking a half-century of the band.

Fans were charged up to STG406 ($A596.88) for the two dates at London's O2 Arena last November while ticket prices soared to thousands of pounds on resale websites, with hundreds taking to the internet to complain.

Fans again headed to Twitter and online message forums to voice their anger over the price of tickets for the Hyde Park gig, which will be standing-only.

"I'm not paying 100 to stand in a field at 300m from the stage screen," one fan wrote.

"110 for the Rolling Stones in Hyde Park? I don't think so, especially with a 10.30pm curfew," wrote another. "Ripoff."

The Stones were announced in March as one of the headline acts for Britain's Glastonbury Festival, while on Friday the band added two more shows - in Toronto and Chicago - to their 50 and Counting tour of North America.

The Stones have also revealed that more shows may be added at a later date.

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Man charged over Easter fight in Qld

A MAN who started a street fight at a busy Gold Coast intersection has been charged.

Police say the 24-year-old man assaulted a 50 year old man at the intersection of Bundall Road and Thomas Drive, near the Chevron Island Bridge, Southport on March 30.

A video of the fight was circulated widely online.

The younger man has been charged with one count of affray.

He is due to appear in Southport Magistrates Court on April 15.

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US military to deploy spy plane in Japan

THE US military is set to deploy an unmanned spy plane in Japan to boost surveillance capabilities as North Korea apparently readied for missile launches, a newspaper report says.

The Global Hawk will be stationed at the US airbase in Misawa, northern Japan, in the first ever deployment of the aircraft in the country, the Sankei Shimbun reported, quoting government sources.

The US military informed Japan last month about plans to deploy the plane between June and September but may bring the date forward, it said, following reports about North Korea's preparations for missile launches.

South Korea's Yonhap news agency, citing a top South Korean government official, said North Korea had loaded two mid-range Musudan missiles on mobile launchers and hidden them in underground facilities near its east coast.

The Musudan have never been tested but are believed to have a range of around 3000km, which could theoretically be pushed to 4000km if they were to be given a light payload.

That would cover any target in South Korea and Japan, and possibly even reach US military bases located on the Pacific island of Guam.

Tensions have soared on the Korean peninsula since December, when the North test-launched a long-range rocket. In February, it conducted its third nuclear test and drew fresh UN sanctions.

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US envoy shouts 'fore' in embassy district

CANBERRA'S diplomatic district may need to be on high alert for stray golf balls as the US ambassador tests out his new rooftop tee box.

The tee box and a practice putting green sit on top of the embassy's new public affairs building, unveiled by ambassador Jeffrey Bleich on Friday.

He proudly demonstrated his golf swing for the media, joking he was aiming for the nearby Indian embassy before whacking a ball out of the embassy grounds.

Fortunately the ball sailed over a carpark below.

"You know I have no control," Mr Bleich said, adding there were no numbers high enough to calculate his golf handicap.

But his golf skills are improving.

In February he won, with American professional Jessica Korda, the pro-am at the 2013 Australian Women's Open at Royal Canberra Golf Club.

"Jessica helped a bit," Mr Bleich said of the 2012 Open winner.

Until now, the embassy's public affairs team have worked out of the National Press Club building in Barton.

Mr Bleich donned a silver hard hat while cutting a red, white and blue ribbon with giant gold-plated scissors for the official ceremony.

He likened the "painful" construction process to an elephant pregnancy, which takes two years. But it could have been worse.

"For a while there we thought it could be more like the 3.5-year gestation period of the frilled shark."

The state-of-the-art clean and green building is faithful to the architecture of other embassy buildings.

"It had to have a green roof garden, with the right dimensions to accommodate a putting green and tee box," Mr Bleich said.

"So the fact I can practise my putting and drives from up there was well worth the pain for me."

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Abbott transport priorities wrong: Greens

OPPOSITION Leader Tony Abbott's plan to fund road and not urban rail projects shows 19th century thinking that will turn inner Melbourne into a rat's nest, the Australian Greens say.

Mr Abbott on Thursday said if elected to government, the coalition would not fund urban rail projects such as the cross-city Melbourne Metro rail tunnel.

However, Mr Abbott did commit to funding the East-West road link, which would connect the Western Ring Road to the Eastern Freeway.

Greens MP Adam Bandt said the opposition leader had the wrong priorities.

"If Tony Abbott is elected, it will be a disaster for inner-city Melbourne," he told reporters in Melbourne on Friday.

"The suburbs that we love and that make Melbourne consistently one of the world's most liveable cities will be turned into a rat's nest of on and off ramps.

"To suggest the federal government doesn't have a role in building public transport in major cities like Melbourne is 19th century thinking."

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Shell sale 'could lead to fuel volatility'

Plans to sell Shell's Geelong refinery could lead to dependence on volatile foreign fuel markets. Source: AAP

AUSTRALIA'S fuel supply could be exposed to foreign volatility in the wake of Shell's plans to sell its Geelong refinery, say industry experts.

The global oil giant says it will sell the refinery with a view to keeping it open, but may convert it to a fuel import terminal if a buyer isn't found by the end of next year.

Melbourne University economics lecturer Dr David Byrne says any threats to local refineries mean more dependence on potentially volatile foreign markets.

"You might be exposing yourself to risk inherent to refining fuel in foreign markets," Dr Byrne told AAP.

"When you refine domestically you might have more control over that in a situation of a crisis."

NRMA director Graham Blight said political instability along supply routes could put Australia's fuel supply at risk.

"If our supplies stop I can assure you this country is in trouble," he told Fairfax Radio.

Mr Blight said he doubted importing fuel would lead to cheaper prices, with Australia at the end of long trade routes.

Dr Byrne said while foreign refining could bring retail prices down, transport costs had to be taken into account.

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Vic jobs to go if Shell sale fails: union

HUNDREDS of jobs at Shell's Geelong refinery face the axe if the company can't find a buyer to keep the plant open, a union says.

The global oil giant plans to sell the refinery to keep it open, but it may convert the site to a fuel import terminal if a buyer isn't found by the end of next year.

"Shell will be seeking a buyer who will show due care for employees, provide reliable supply for the company and its customers, and run the facility safely with respect for the environment and the Geelong community," Shell's Australian downstream vice-president Andrew Smith told reporters on Thursday.

Australian Workers Union (AWU) Victoria acting branch secretary Ben Davis says the refinery's 450 full-time staff and 150 contractors have been rocked by Thursday's announcement.

"They're all wretchedly concerned for their futures," he told AAP.

"This is going to be a long, drawn-out process; it's going to take months, not weeks."

Mr Davis said he would pessimistic about a successful sale, and up to 450 full-time jobs at the refinery would go if the plant was converted to a fuel terminal.

"The potential number of buyers is probably only about three or four," he said.

Federal MP for Corio Richard Marles was more optimistic.

"This is one of the largest refineries in Australia, so it ought to be able to have a future," he told AAP.

The Geelong refinery opened in 1954 and supplies about half of Victoria's and 30 per cent of South Australia's fuel.

The company wanted to grow its retail and bulk fuels business, along with terminals and pipelines, Mr Smith said of the decision to sell the site.

Shell last September shut down its 79,000-barrel-a-year refinery in Clyde, Sydney, converting it into a fuel terminal.

The same month, the company's global downstream director Mark Williams described the Geelong refinery's future as questionable and borderline, blaming increased competition from Asia and reduced margins.

Geelong Trades Hall secretary Tim Gooden says unions will meet on Monday and are seeking urgent talks with Shell management to discuss its proposal in more detail.

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SA summer time debate set to continue: MP

DEBATE over the merits of daylight saving will continue, possibly for the next 50 years, South Australian Attorney-General John Rau says.

Summer time ends in SA on Sunday, after the period was extended in 2009 to push into April each year.

That keeps SA in line with the eastern states but causes some concern for people living on the state's west coast who find themselves leaving for work or school in the dark.

Mr Rau said he appreciated the inconvenience to some but believed the benefits outweighed the problems.

"We've found as much of a happy compromise as we can presently," he said.

"But I'm sure this is a debate we'll be hearing a lot about for the next 10, 15, 20 or maybe 50 years.

"It's a great yarn particularly at this time of the year when the clocks are changing."

Mr Rau said it was unlikely South Australia would ever consider introducing two time zones across the state, which could result in those people in the state's west feeling disconnected from Adelaide.

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More Chinese influence in Pacific: Gillard

PRIME Minister Julia Gillard agrees China is increasing its influence in the Pacific, where Australia has numerous aid and development projects.

After a speech to the Foreign Correspondents' Association in Sydney on Thursday, Ms Gillard was asked if Australia's influence was waning as China stepped up its presence in places like Fiji.

The prime minister recognised China's growing power.

"As China's weight and power continues to rise then of course it will have a stronger and more diverse relationships around the world, including in the Pacific," she said.

Ms Gillard said Australia wanted to see more countries working in aid and development in the Pacific, but believed there needed to be more accountability.

"We believe that aid and development money needs to be the subject of proper accountabilities and transparencies so people can see the work that is being done," she said.

On Fiji, Ms Gillard said Australia continued to look forward to "free and fair" elections being held in the island republic which has been run by Commodore Frank Bainimarama since a 2006 military coup.

"We stand ready to assist with preparations for those elections, for the conduct of those elections," she said.

"We believe that Commodore Bainimarama needs to be held to his promises and accountability and they need to be held on time and property done."

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Rainbow Warrior in Qld to protect Reef

PETER Willcox was nearly killed when French spies blew up Greenpeace's flagship, Rainbow Warrior, in Auckland Harbour in 1985.

More than 25 years later he's at the helm of the third Rainbow Warrior, which is visiting Queensland to highlight the importance of protecting the Great Barrier Reef.

The ship arrived on Wednesday in Brisbane where it will remain for three days before heading to ports in north Queensland, including the Abbot Point coal port near Bowen which is proposed for expansion.

Mr Willcox was the skipper of the first Rainbow Warrior when it was bombed by French spies on July 10, 1985, amid protests against French nuclear testing in the Pacific Ocean.

Photographer Fernando Pereira was killed in the blast.

"I would say the most amazing thing of that whole incident was the knowledge that a group of hippies on an old trawler had scared the mighty government of France," he told reporters in Brisbane on Thursday.

"They were prepared to murder us to keep us from carrying out our plans."

For Mr Willcox and Greenpeace, the focus has turned to climate change.

"The reef is an example of what's going on with climate change," he said.

"We are greatly concerned that the burning of fossil fuels will do immeasurable damage to the reef."

Australia was contributing to this, he said, "by more than doubling coal exports".

Greenpeace CEO David Ritter is calling on the state and federal governments to stop all new developments and port expansions on the Queensland coast.

But state Environment Minister Andrew Powell says the reef is one of the best managed marine protection areas in the world.

"I am confident that we can carefully manage development and resource activities while ensuring the World Heritage values are protected," he said.

* The Rainbow Warrior is open for free tours on Thursday at Portside Wharf, Brisbane, from 9am to 2pm.

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Mediator for Tasmanian bus deadlock

A MEDIATOR has been called in to try to resolve an increasingly bitter pay dispute between Tasmanian bus drivers and the state government.

Drivers marched on Parliament House in Hobart on Wednesday, angry they had been locked out of work with all services cancelled by state-owned transport company, Metro.

Around 100 gathered outside Metro's headquarters and 60 took part in the March after two planned stop-work meetings led to the shutdown.

The state's 400 drivers are seeking an annual pay rise of three per cent over three years, while Metro has offered 2.1 per cent and a faster progression to the top rate.

Services have been disrupted since action began more than a month ago and Metro chief executive Heather Haselgrove said an independent facilitator would meet both parties next week in an attempt to end the deadlock.

"Metro has always said that our door is open to continue negotiations so we are pleased with this outcome," Ms Haselgrove said in a statement.

Commuters including school students returning after their Easter break were forced to make other transport arrangements on Wednesday.

More disruptions will occur on Thursday morning.

Tasmania's Minister for Sustainable Transport Nick McKim has been criticised by the Rail Tram and Bus Union and the state's Liberal opposition for failing to intervene in the dispute.

The opposition says the dispute has exposed a split in the power-sharing arrangement between Mr McKim's Greens and Labor cabinet members who opposed stand downs.

"If this government can't even agree on how to run the buses, how can we trust them to agree on how to run the State?" opposition spokesman Matthew Groom said.

Mr McKim said the dispute needed to be resolved by the parties.

"This is a matter ultimately between Metro and its workforce and I've continually urged both parties to sit down at the negotiating table and work their way through this issue, and I still believe that's what needs to happen," he told ABC radio.

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Abandoned baby in Syria has lucky escape

A NEWBORN baby abandoned on the street in the battleground Syrian city of Aleppo has been named "Gift from God" by the family who adopted her even at the cost of an extra mouth to feed.

In a city that has been devastated by fighting since July last year, where jobs have disappeared and prices for even basic goods have risen beyond most people's reach, parents face impossible choices.

Doctors say the abortion rate has increased, as parents take fright at the prospect of having to fend for another child. Others have sent children to live with family members, or abandoned them altogether.

Hibat Allah, as she is named in Arabic, was lucky to survive her abandonment in a rebel-held neighbourhood of the city in December, her adoptive parents recall.

"She was left in a bag at the entrance to a building. It was 3am, she was crying, and no one had cut her umbilical cord," mother Umm Moawiya, a hairdresser turned volunteer field nurse, told AFP.

"She was lucky. In 12 hours, she was seen by 20 doctors in five hospitals. She was blue in the face and needed oxygen, but hospitals in liberated (rebel-held) areas did not have the electricity needed to run the incubator.

"Eventually I found a hospital in an occupied (army-held) area willing to keep her for two days."

Umm Moawiya was tasked with looking after the baby, who at just two kilos required the special care that could only be provided by a person with some medical care experience.

With four children already, Umm Moawiya's husband admits he not did immediately welcome the idea of adopting the baby when his wife brought her home and suggested it.

"But my wife and children insisted," Abu Moawiya said. "We named her 'Hibat Allah' because she really is a gift from God."

Earlier this year, NGO Save the Children warned of a risk of increased child abandonment in a special report on the plight of Syria's youth.

"In the panic of escape, many children become separated from their families. In other cases, parents make the tough decision to send children away to relatives in areas deemed less insecure," the report published in March said.

"As the situation deteriorates further, many foster families will no longer be able to cope, increasing the risk that children may be handed over to institutions or abandoned to live on the street and fend for themselves in a country at war."

And gynaecologist Nashwa Shakfi, who works with Syrian women arriving in Lebanon, told AFP in February that many pregnant Syrian women felt unable to keep their babies.

"Many of them think they won't be able to pay for their baby's needs, so they prefer to abort," she said.

Overcoming his initial hesitation, Abu Moawiya went to register Hibat Allah's adoption at one of the religious courts that the rebels have set up to administer justice in areas under their control.

"If her parents want to reclaim her, they will have to go there and petition for her," said the 45-year-old trader, who has spent his whole life in Aleppo.

"God willing, no one will come for her," said his wife.

"Many people have come to us, trying to adopt her, but we don't want to let her go. There was even someone who offered to take her to Germany."

Even Umm Moawiya admits that the addition to the family was not something that she and her husband had sought.

"With the fighting and bombing happening all around us, I prayed that I would not become pregnant," she said. "Eventually, a fifth child came to us anyway."

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RBA keeps cash rate on hold at 3%

The Reserve Bank kept the cash rate on hold at 3.0 per cent at its April board meeting. Source: AAP

HOME owners will continue to enjoy the benefits of low interest rates, with the Reserve Bank of Australia opting to keep the cash rate on hold in April.

The RBA held the cash rate at three per cent, equal to its lowest level on record, at its monthly board meeting on Tuesday.

It has kept the rate on hold in 2013 after cutting by 1.25 percentage points between May and December last year.

RBA governor Glenn Stevens said with economic growth expected to be a little below trend over the coming year, it was prudent not to change the cash rate.

However the central bank has room to cut if economic conditions deteriorate.

"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," he said in a statement accompanying the decision.

Mr Stevens said the risks to the global economy appeared to have eased in recent months while commodity prices, a key driver of the Australian economy, remained high by historical standards.

AMP Capital chief economist Shane Oliver it appeared the RBA was in "wait and see mode" on interest rates.

The RBA faced the dilemma that while lower interest rates were having some effect on the economy, the Australian dollar remained high and credit growth was weak.

"There's no indication that they're about to move next month," Mr Oliver said.

"To get further the easing, the signs of improvement that we're currently seeing would have to peter out or there'd have to be some sort of global shock and they certainly don't seem in any rush to move."

UBS economist George Tharenou said that although a further interest rate cut was possible, it was looking increasingly likely the RBA would keep the cash rate on hold for the rest of 2013.

Mr Tharenou said a recent improvement in house prices was a sign that last year's interest rate cuts were having the desired effect on the economy.

He said the RBA appeared more confident that the non-mining sectors of the economy would pick up in 2013 as the mining investment boom peaked.

"Our view is that, baring some unforeseen risk event, the RBA is going to remain on hold from here," he said.

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Search widens for missing plane in NT

THE search is widening for a light plane that's been missing for almost a day in the Northern Territory.

The Cessna 210 took off from Bullo River Station carrying an electrical contractor and his family about 2pm (CST) on Monday.

It was due to land at an airfield south of Darwin a few hours later, but did not arrive.

The electrical contractor, aged 45, who was also the pilot, is believed to have moved to the territory recently.

Local police say he was travelling with his 53-year-old wife and two children, aged 12 and 15.

Four planes and four helicopters have been searching a 1800 square kilometre area between Cape Ford and Point Jenny.

That search was expanded on Tuesday afternoon to include five planes and seven helicopters and will take in more areas, including north of Port Patterson.

Sergeant Meacham King says water police have also joined the search effort.

"Police remain hopeful of a successful outcome. However, bad weather is hampering the search," he said.

Bullo River Station, once owned by the late pastoralist, author and Telstra businesswoman of the year Sara Henderson, is now owned by daughter Marlee Ranacher and her husband Franz.

Ms Ranacher is hoping for good news.

"I've got my fingers crossed," she told AAP.

"I sincerely hope they find it, it would be a very sad end to Easter if they didn't."

The Australian Maritime Safety Authority (AMSA) said on Tuesday afternoon there were "significant concerns" for the family of four.

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Uni researcher killed in Vic wall collapse

UNIVERSITY colleagues have expressed their shock and condolences as the third victim of Melbourne's wall collapse was named as a Monash staff member.

Frenchwoman Dr Marie-Faith Fiawoo, 33, died at the scene when a 15-metre-long section of brick wall fell onto Swanston Street in Carlton on Thursday.

French Consul-General Eric Berti released her name on Tuesday after her family had been notified of her death.

Dr Fiawoo had been working as a postdoctoral research fellow in the materials engineering department at the university's Clayton campus.

A Monash spokeswoman said the university was deeply saddened to hear one of its staff members had been killed in the tragic wall collapse.

"Our thoughts and prayers go out to Dr Fiawoo's family, work colleagues and friends," she said.

Monash Student Association president Freya Logan said the news had come as a shock to the university community.

According to her LinkedIn profile, Dr Fiawoo had been studying precipitates in aluminium alloys at the university since November 2010.

She had previously worked at the Paul Cezanne University in France and had been a PhD student at Onera, the French aerospace research facility, where she did her thesis on carbon nanotubes growth.

Her Facebook page lists her hometown as Paris.

Mr Berti said Dr Fiawoo's family had been notified on Good Friday of the tragedy and would take her body back to France.

"Her parents intend to come to Australia," Mr Berti told AAP on Tuesday.

He said Monash staff had been very helpful to Dr Fiawoo's family.

The wall collapse also killed brother and sister Alexander and Bridget Jones.

Mr Jones, 19, died at the scene after he shielded his sister from the falling bricks.

His sister, 18, died in hospital from head injuries on Sunday.

Multiple investigations are under way into the cause of the wall collapse.

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Abbott gay marriage views bizarre: ALP MP

A FEDERAL Labor backbencher has accused Opposition Leader Tony Abbott of "trotting out his daughters' views" in support of gay marriage to counterbalance his own opposition to marriage equality.

Frances and Bridget Abbott have told News Limited they believe same-sex couples should be able to marry and they have discussed the matter with their father.

But Mr Abbott on Sunday reaffirmed the coalition's position that marriage should remain between a man and a woman.

"As long as it is party policy - and that's a matter for the party room - there's no conscience vote," he told Sky News.

Labor MP Graham Perrett, who has two gay brothers, said Mr Abbott's stern opposition to a conscience vote was puzzling.

"He's saying it's set in stone," Mr Perrett told Sky News on Monday.

"(Mr Abbott is saying) because it's the policy now, it must be the policy forever, which is a bizarre approach."

He added that Mr Abbott was "trotting out his daughters' views to counterbalance his hardcore views about marriage equality".

"I would've thought it's the sort of issue that Tony Abbott, with that free-thinking family of his, might allow his party ... to have a conscience vote," Mr Perrett said.

Liberal MP Paul Fletcher said he'd consulted widely with in his upper North Shore Sydney electorate of Bradfield and had found a "strong majority view" in favour of maintaining the status quo on marriage law.

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Rebels, oppn form govt in Central Africa

The Central African Republic's Prime Minister Nicolas Tiangaye has named a new post-coup government. Source: AAP

THE Central African Republic's prime minister has named mostly rebels and opposition figures to his new post-coup government, as reports emerged of child soldiers killed in the fight for the capital.

Prime Minister Nicolas Tiangaye - who has been allowed to keep his post by new strongman Michel Djotodia, whose rebels seized the capital a week ago - named a 34-member cabinet on Sunday that includes nine ministers from the Seleka rebel coalition.

The new government, named in a decree read on national radio, also includes eight ministers from the former opposition and one close to ousted president Francois Bozize.

Rebel leader Djotodia, who named himself president after ousting Bozize last Sunday, added the post of defence minister to his job titles.

The petroleum, security, water and forestry, and communications ministries also went to Seleka members.

Djotodia's rebels launched a rapid-fire assault on the capital, Bangui, last weekend to oust Bozize after the collapse of a January peace deal.

After days of looting and chaos, rebel soldiers have largely secured the city with the aid of a regional African force.

But troubling reports of child soldiers being killed in the battle for Bangui were published on Sunday in South Africa, which had sent troops to the Central African Republic in a failed effort to stabilise the country before Bozize's fall.

"It was only after the firing had stopped that we saw we had killed kids," a paratrooper who took part in the fighting told the Sunday Times.

"We did not come here for this ... to kill kids. It makes you sick. They were crying calling for help ... calling for (their) mums."

In the City Press newspaper, a soldier was quoted as saying many of the rebels were "only children".

The South African army declined to comment on the reports.

Around 200 South African troops fought against some 3000 rebels during the battle for Bangui, which lasted several hours.

In what has turned out to be South Africa's heaviest military loss since apartheid, 13 soldiers were killed in the fighting.

South Africa's government is facing increasing calls at home for a probe into why President Jacob Zuma sent troops to the Central African Republic.

Seleka, a coalition of three rebel groups, launched its insurgency in December, accusing Bozize of failing to honour earlier peace deals signed with rebels in the conflict-prone country.

They quickly came within striking distance of Bangui, forcing Bozize into signing the January deal, which created a power-sharing government with Tiangaye as prime minister.

But the rebels claimed Bozize was not respecting the deal and renewed their assault.

The coup was welcomed by many in a city tired of Bozize's unfulfilled promises to rebuild the nation by harnessing its stores of oil, gold and uranium.

But fear quickly set in as swarms of armed men and gangs of looters roamed the city in the wake of the coup.

Djotodia vowed on Saturday to hand over power at the end of a three-year transition and not contest elections in 2016.

The latest in a long line of coup leaders, he said the rebels had come to power not through "political ambition but through national duty".

"I hope to be the last rebel chief president of Central Africa," he told a crowd of supporters.

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N. Korea parliament meets as tensions soar

North Korea's rubber-stamp parliament is set to meet at a time of soaring military tensions. Source: AAP

NORTH Korea's rubber-stamp parliament is set to meet at a time of soaring military tensions and a day after ruling party leaders vowed to enshrine Pyongyang's right to nuclear weapons in law.

The annual single-day session of the Supreme People's Assembly usually scores low on important policy announcements - its role largely limited to unanimously pushing through pre-decided budgets and personnel changes.

But with North Korea having declared itself in a "state of war" with the South, Monday's session will be closely watched for any sign of the current crisis impacting on the fortunes of members of the ruling elite.

"The North has played most of its political cards, so I don't see any fresh, tangible threats to come out after the meeting," said Cho Han-bum, an analyst at the Korea Institute for National Unification.

"It will probably issue some kind of symbolic statement, like urging all North Koreans to stand ready for a possible war," Cho said.

The Korean peninsula has been caught in a cycle of escalating tensions since North Korea's long-range rocket launch in December which its critics condemned as a ballistic missile test.

United Nations sanctions were followed by a nuclear test in February, after which came more sanctions and then a stream of near-daily threats from Pyongyang as South Korea and the United States conducted joint military drills.

Those threats have run the gamut from limited artillery bombardments to pre-emptive nuclear strikes, and have been met with promises from Seoul and Washington to hit back at any provocation.

"I believe that we should make a strong retaliation as early as possible without any political consideration if any provocations are made," South Korean President Park Geun-Hye reiterated on Monday in a meeting with security officials.

The US military said on Monday it had deployed F-22 Raptor stealth fighters to South Korea as part of the ongoing "Foal Eagle" military exercise.

The jets were reportedly flown out of the US air base in Okinawa, Japan.

Although it is not the first time F-22s have been used in the annual drill, their presence is sure to further infuriate Pyongyang.

North Korea has already threatened to strike the US mainland and US bases in the Pacific in response to the participation of nuclear-capable US B-52 and B-2 stealth bombers in this year's exercise.

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Overhaul gives Bank of England more power

THE Bank of England will become one of the most powerful central banks in the world on Monday when the biggest overhaul of financial regulation since 1997 takes place.

As part of sweeping changes that will undo the system set up by former British chancellor Gordon Brown, the Financial Services Authority (FSA) will be replaced with three new bodies - the Financial Policy Committee (FPC), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Slammed for being "asleep at the wheel" during the financial crisis, the so-called Tripartite structure - comprising the FSA, the Treasury and the Bank of England - will make way for a new system to regulate the financial sector and ward off future crises.

With both the FPC and the PRA sitting within the Bank, it will take on vast new powers and responsibility not just for regulating lenders, but also spotting and preventing possible financial shocks.

It marks a return of regulatory powers to the Bank, which were taken away from it on gaining independence in 1997.

Chancellor George Osborne is hoping the shake-up will plug the gap that previously existed in the Tripartite system, with no one taking responsibility to monitor risks to the financial system as a whole, such as the lending boom.

He has previously criticised the structure for being "incoherent" and "without clear lines of accountability".

This lack of oversight led to excessive lending that sparked a sub-prime mortgage crisis and in turn the credit crunch and banking meltdown.

Regulators worldwide have now accepted they need to have macro-prudential responsibilities to avoid a repeat of the financial crisis.

There are also specific faults within Britain's financial watchdog that the new system aims to iron out.

With its self-proclaimed "light tough" regulation, the FSA failed to rein in banks.

It has since admitted mistakes were made in the run up to the collapse of Northern Rock, while it appeared woefully inept in preventing the banking scandals that have emerged in recent years - such as the Libor interbank rate-rigging affair and mis-selling of payment protection insurance (PPI) and interest rate swaps to small businesses.

There are hopes the new system will have more teeth.

With the FPC acting as the pillar of the incoming regime, it will take the broadest overview of financial regulation.

The PRA will ensure banks and insurers have enough capital and liquidity, while the FCA will protect consumers by promoting effective competition and regulating all financial services firms.

But there are concerns the Bank will become too powerful, given that it also has responsibility for monetary policy in the UK.

In a stark warning, the former head of Germany's central bank said recently it risked impacting its independence.

Ex-Bundesbank boss Axel Weber, who currently chairs Swiss group UBS, said he "flatly refused" taking on a regulatory remit when he was head of the bank due to concerns over independence.

However, the incoming structure heralds a new era for UK financial regulation after the banking crisis.

There will also be a change at the top for the Bank, with Canada's top central banker Mark Carney taking over from governor Sir Mervyn King in July.

Having impressed with his record of steering Canada through the global financial crash largely unscathed, Carney is seen as a solid choice to oversee Britain's financial regulation and will pave the way for a fresh start.

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Man dies after Cockatoo Island cliff fall

A MAN has died after falling off a cliff at Cockatoo Island in Sydney Harbour.

Police say the dead man, in his 40s, was found about 8.30am on Sunday at the base of the cliff.

It was believed the man fell from the top of the cliff in the early hours of the morning, police told AAP.

No more details have been made public as police investigations into the incident continue.

Fairfax Media is reporting that the man had been camping on the island as part of a former colleague's 50th birthday party celebrations when the incident occurred.

It's understood the dead man was a former sports journalist and now ran a PR consulting firm.

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Gold Coast beach closed for mass rescues

A GOLD Coast beach had to be closed on Easter morning after four people became caught in a rip and another was taken to hospital.

Gold Coast duty lifesaver Stacey Ferreira says a 21-year-old man had to be rescued at Southport Beach on Sunday morning after swallowing a lot of water.

He was taken to Gold Coast hospital for observation, she said.

Ms Ferreira said just hours later, four people were rescued in an inflatable rescue boat, but did not require medical attention.

"There are still a lot of rip conditions at Southport because a lot of the beach was washed away," she told AAP.

Gold Coast beaches have copped a battering in recent months, with severe storms and flooding in Queensland's southeast causing mass erosion along the coastline.

Ms Ferreira said Southport Beach was reopened on Sunday afternoon, but lifesavers were monitoring a storm cell moving into the area.

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