specificok at a more example. not a great time to unlatch .ieces of expensive equipment has taken a $1.05 billion write-down on this after taking a $433 million charge on the same project a year ago. not great times for santos. the chairman saying this is clearly disappointing. if we take a look at shares, the market working through the five stages of grief pretty quickly. earnings, you mentioned national australia bank. also out with disappointing news. cash profit of 3%. paul: $1.6 billion for the quarter. this is a trading update which the australian banks do from time to time. a useful snapshot, anyway. the bank struggling with the same issues as all the banks. a tougher regulatory environment. net interest margins are a little lower. 21%, $228 million in the third quarter. higher saying we saw funding costs, but asset quality remains strong. joining us live from sydney. coming up later, the imf's warning china that urgent action is needed to contain growing risk in the economy. largest rail freight operator h