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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Wednesday,

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Speaker 1: the seventh of August twenty twenty four. I'm Sean Elma.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. Storyamo on the SNPA

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Speaker 1: six two hundred closed up zero point three percent to

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Speaker 1: seventy seven hundred points. Having started the day lower, nine

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Speaker 1: of the eleven sectors on the benchmark ended higher, led

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Speaker 1: by the real estate investment trusts. The two sectors that

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Speaker 1: ended lower were the two biggest financials and materials. The

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Speaker 1: banks were mixed, with Commonwealth Bank and ain Z higher

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Speaker 1: while National Australia Bank and ain Z were lower. C

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Speaker 1: SEL had a good day, rising nearly one percent, as

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Speaker 1: did Telstra, which jumped one point two percent. Woodside closed

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Speaker 1: up one and a half percent. It wasn't so good

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Speaker 1: for the big three miners, as iron ore prices fell.

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Speaker 1: Fortes fu Metals Group and Rio both closed down one percent,

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Speaker 1: while BHP was off more than half a percent. A

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Speaker 1: notable poor performer was James Hardy, which dropped more than

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Speaker 1: two percent, pairing back gains made in recent sessions. In

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Speaker 1: corporate news, new and Pharmaceuticals put itself into a trading

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Speaker 1: halt today ahead of downgrading its earnings outlook on the

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Speaker 1: back of weaker sales from American partner Arcadia. Ewan's share

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Speaker 1: price is off more than thirty percent this year, having

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Speaker 1: more than doubled in the final six weeks of twenty

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Speaker 1: twenty three. Story number two. Japan continues to be the

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Speaker 1: most interesting financial market in the region. Today, It's central bank,

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Speaker 1: the Bank of Japan, said it won't raise its policy

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Speaker 1: interest rate while financial and capital markets are unstable. That

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Speaker 1: sent the nikeye higher and the end higher. The Nike

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Speaker 1: is now trading around the level it was at the

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Speaker 1: beginning of the week, having at one point dropped as

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Speaker 1: much as thirteen percent. Otherwise, things are I suppose volatile

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Speaker 1: as the best word to use. That's for equity markets

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Speaker 1: at least, but they're not quite as jumpy as they

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Speaker 1: were earlier in the week. Oil prices are trending higher

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Speaker 1: and gold is trending lower. The Aussie dollars up about

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Speaker 1: half a cent against the green back to sixty five

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Speaker 1: and a half fewer cents, and cryptos are off their layers,

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Speaker 1: with bitcoin back to almost fifty seven thousand US dollars

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Speaker 1: YAE unit story number three. Australia has issued travel advisory

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Speaker 1: notices warning tourists of the risk to their safety from

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Speaker 1: anti immigration protests and riots in the United Kingdom. After

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Speaker 1: last weekend's violence in the country, in which rioters attacked

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Speaker 1: hotels used to house asylum seekers, Australia updated its travel

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Speaker 1: warnings to the UK now says avoid areas where protests

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Speaker 1: are occurring due to the potential for disruption and violence.

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Speaker 1: The United Arab Emirates, Nigeria, Malaysia and Indonesia have also

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Speaker 1: told their citizens to be on high alert. The violence

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Speaker 1: has affected towns and city centers across the country, including

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Speaker 1: tourist destinations like Manchester and Liverpool. The Australian government has

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Speaker 1: also changed its travel advice to Bangladesh to do not travel,

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Speaker 1: with the Foreign Ministry, saying the situation is volatile. It

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Speaker 1: comes as the President of Bangladesh dissolved the country's parliament

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Speaker 1: following an ultimatum issued by student protests, which forced the

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Speaker 1: resignation of the Prime Minister on Monday. For workers in

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Speaker 1: rogue rams, financial franchises paid and took illicit kickbacks and

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Speaker 1: faked tax returns and company statements in the years leading

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Speaker 1: up to their termination, Westpac allegers. In response to a

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Speaker 1: class action threat hanging over the bank, Westpac said it

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Speaker 1: would effectively shut down the thirty three year old RAMS

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Speaker 1: brand this week, amid an Australian Securities and Investments Commission

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Speaker 1: probe into the business, covering the conduct of franchisees that

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Speaker 1: have since taken the bank to court. Now, the sixteen

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Speaker 1: franchisees alleged the bank and properly terminated their licenses. However,

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Speaker 1: in documents file to the Federal Court and obtained by

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Speaker 1: the Australian Financial Review, Westpac said it found evidence of

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Speaker 1: widespread misconduct. Away from the court case, RAMS will no

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Speaker 1: longer accept new customers, while existing ones can still access

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Speaker 1: services through its app, website or call centers. The thirty

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Speaker 1: one point eight billion dollar Lane book will be absorbed

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Speaker 1: into Westpac's mortgage portfolio and Story number five, Carmala Harris

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Speaker 1: aver and I introduced Tim Walls, her running mate in

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Speaker 1: the race for the White House, saying the Minnesota governor

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Speaker 1: was a champion of dearly held freedoms that Donald Trump

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Speaker 1: was plotting to take away. Her comments in front of

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Speaker 1: thousands of cheering supporters in Philadelphia came after polls show

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Speaker 1: the vice president moving slightly ahead of her Republican rival

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Speaker 1: in some national and crucial battleground state polling averages. Harris

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Speaker 1: selected Walls, a former football coach and National Guardsman, over

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Speaker 1: the governor of Pennsylvania and an Arizona senator. Walls is

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Speaker 1: a mainstream Democrat from the Midwest who appeals to both

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Speaker 1: the progressive and moderate wings of the party. He was

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Speaker 1: immediately attacked by Donald Trump and Republicans as a radical leftists.

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Speaker 1: Harris and Walls are now pitching themselves as defenders of

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Speaker 1: personal freedoms, including abortion rights and safety from gun violence.

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Speaker 1: According to The Financial Times, as if the Afternoon Report

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Speaker 1: for Wednesday, the seventh of August twenty twenty four, don't

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Speaker 1: forget to follow on the podcast and find Fear and

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Speaker 1: Greed on LinkedIn, Instagram, ex TikTok and Facebook. Joined Michael

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Speaker 1: Thompson and I tomorrow morning for the Fast five by

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Speaker 1: few You're agreed the top five business stories you need

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Speaker 1: to know in just five minutes. I'm suan Elma. Enjoy

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Speaker 1: your evening.