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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the twenty fifth of September twenty twenty four.

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Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: get going. Story number one. The S and PASX two

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Speaker 1: hundred closed down zero point two percent to eighty one

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Speaker 1: hundred and twenty six points to day after a volatile

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Speaker 1: day of trading. All eyes were really on the Bureau

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Speaker 1: of Statistics for the monthly inflation data, showing headline inflation

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Speaker 1: back into the target band for the first time in

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Speaker 1: almost three years, but underlying inflation came in at three

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Speaker 1: point four percent, still well above the RBA's targets. Back

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Speaker 1: to the markets, though, the top performers by quite a

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Speaker 1: stretch were metals and mining materials and resources. Champion iron

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Speaker 1: was a top performer, up thirteen point five percent, BHP

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Speaker 1: up three point eight percent, and four to Skew Metals

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Speaker 1: four point seven percent. China's Central Bank cut its one

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Speaker 1: year rates on the back of a new government stimulus package,

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Speaker 1: which explained some of the optimism about iron ore. The falls, though,

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Speaker 1: were a mixed bag with financials leading the declines, followed

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Speaker 1: by information technology among the worst performers over the day,

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Speaker 1: where the banks led by NAB down two point seven

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Speaker 1: percent and speaking of the bank's, Macquarie was slapped with

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Speaker 1: a record four point nine to nine to five million

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Speaker 1: dollar fined by the corporate regulator after it founded it

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Speaker 1: had failed to catch dodgy electricity futures transactions from three

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Speaker 1: clients on about forty occasions in the months after Russia

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Speaker 1: invaded Ukraine. Onto story number two now and Fortescue Metals

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Speaker 1: will pay two point eight billion dollars to replace two

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Speaker 1: thirds of its fleet of haulage trucks and equipment in

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Speaker 1: Western Australia with electric versions as it seeks to cut

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Speaker 1: diesel consumption and meet ambitious emissions reduction targets. The miner

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Speaker 1: will buy four hundred and seventy five emissions free machines,

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Speaker 1: including three hundred and sixty autonomous battery electric trucks, from

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Speaker 1: a German company. According to Bloomberg, the fleet will service

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Speaker 1: Fortescue's sprawling iron ore operas in the pilbra Perth based

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Speaker 1: Fortescue has plans to decarbonize its iron ore mining operations

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Speaker 1: by twenty thirty, but it is a challenge. Fortescue consumed

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Speaker 1: six hundred and thirty one million liters of diesel last

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Speaker 1: financial year alone, quite incredible. Story number three. The Federal

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Speaker 1: government has ordered Vanguard to pay twelve point nine million

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Speaker 1: dollars in penalties over misleading claims about its ESG filters.

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Speaker 1: This is the biggest penalty for greenwashing secured by the

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Speaker 1: Australian Securities and Investments Commission through court action. ASSEX said

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Speaker 1: in a statement that Vanguard admitted to misleading investors. Overscreening

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Speaker 1: applied to its ethically conscious Global Aggregate Bond Index fund,

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Speaker 1: which claimed it would exclude bond issuers with business activities

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Speaker 1: in fields like fossil fuels. This turned out to not

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Speaker 1: always be the case, and it was found in court

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Speaker 1: to have misrepresented the main distinguishing feature of the fund,

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Speaker 1: having not researched or screened seventy four percent of securities

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Speaker 1: by market value against the criteria. Story number four. The

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Speaker 1: atriple C has again extended the deadline to decide on

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Speaker 1: the merger of Sigma Healthcare and pharmacy Giant Chemist Warehouse,

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Speaker 1: with the call now expected later in October. The regulator

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Speaker 1: was initially due to hand down its long expected ruling

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Speaker 1: on October the second. In June, it raised five orange

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Speaker 1: flags in a preliminary assessment of the deal. You'll remember

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Speaker 1: that back in December last year, Sigma and Chemist's Warehouse

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Speaker 1: entered into a merger deal where Sigma would acquire all

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Speaker 1: the shares in chemist Warehouse in exchange for Sigma shares

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Speaker 1: and a seven hundred million dollar cash consideration. Meanwhile, Chemist's

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Speaker 1: Warehouse yesterday reported a near eighty percent jump in net profit,

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Speaker 1: while Sigma Healthcare's earnings fell by sixty six percent. Sigma's

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Speaker 1: shares ended the day down three and a half percent.

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Speaker 1: And finally, story number five, Donald Trump has warned US

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Speaker 1: trading partners that they would be quote losing their jobs

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Speaker 1: to America if he wins a second term in the

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Speaker 1: White House, as he promised a new American industrialism under

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Speaker 1: his watch. Mister Trump's version of the US industrial policy

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Speaker 1: is centered on a promise to cut taxes for companies

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Speaker 1: that manufacture in America and impose tariffs on those that don't.

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Speaker 1: He said, and this is a quote vote for Trump,

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Speaker 1: and you will see a mass exodus of manufacturing from

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Speaker 1: China to Pennsylvania, from Korea to North Carolina, from Germany

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Speaker 1: to right here in Georgia. There you go. That's it

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Speaker 1: for the afternoon report for Wednesday, the twenty fifth of

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Speaker 1: September twenty twenty four. Don't forget to follow on the

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Speaker 1: podcast find Fear and Greed as well on LinkedIn, Instagram,

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Speaker 1: x TikTok, and Facebook. Join us tomorrow morning for the

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Speaker 1: fast five business news by Fear and Greed, the top

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Speaker 1: five business stories you need to know in five minutes.

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Speaker 1: I'm Michael Thompson. Enjoy your evening,