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

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Speaker 1: for Monday, the eighteenth of August twenty twenty five. Ah

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Speaker 1: Michael Thompson. Every afternoon, I 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: go story number one. Another record for the local share

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Speaker 1: market today, the S and PA sex two hundred, hitting

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Speaker 1: an intra day high for the sixth consecutive session. The

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Speaker 1: BOSS closed zero point two percent higher at eighty nine

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Speaker 1: hundred and sixty points. That's a closing high as well,

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Speaker 1: and the intra day high set earlier in the day

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Speaker 1: was a few points above that. Banks were strong performers today,

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Speaker 1: led by NAB. Its shares closed two point seven percent

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Speaker 1: higher after it gave a June quarter update, even though

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Speaker 1: it did flag one hundred and thirty million dollar spike

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Speaker 1: in operating expenses this financial year, partly caused by underpayment

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Speaker 1: of staff. Westpac continued its strong run. Commonwealth Bank even

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Speaker 1: climbed one point two percent after a selloff last week.

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Speaker 1: As for the big miners, a bit of a slump

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Speaker 1: in iron ore prices saw BHP and Rio Tinto down

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Speaker 1: more than one percent. A huge drop in profit for

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Speaker 1: blue Scope Steel from more than eight hundred million dollars

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Speaker 1: down to about eighty four million dollars, led to a

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Speaker 1: three point one percent decline in its share price, and

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Speaker 1: Quantus's share price was down about half of one percent

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Speaker 1: after the airline was fined ninety million dollars for illegally

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Speaker 1: sacking eighteen hundred workers during the pandemic. On to story

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Speaker 1: number two now and on the eve of the government's

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Speaker 1: economic reform round table, Productivity Commission Chair Daniel Wood has

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Speaker 1: gone straight for two of Australia's most contentious taxes, stamp

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Speaker 1: duty on property and the fringe benefits tax break for

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Speaker 1: electric vehicles. In a speech to the National Press Club today,

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Speaker 1: Would called stamp duty exceptionally economically damaging and said it

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Speaker 1: should be wound back in favor of a broad based

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Speaker 1: land tax, and she warned the EV fringe benefits concession

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Speaker 1: is duplicative and high cost, with the Productivity Commission estimating

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Speaker 1: that it costs between one thousand dollars and twenty thousand

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Speaker 1: dollars per ton of carbon abated. She also called for

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Speaker 1: a growth mindset in government. This is all as Jim

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Speaker 1: Chalmers gathers business and policy leaders in Canberra tomorrow. Productivity

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Speaker 1: is right at the top of the agenda. Story number three.

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Speaker 1: Google has been hit with a fifty five million dollar

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Speaker 1: fine here in Australia for anti competitive deals with Telstra

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Speaker 1: and Optus. The a Triple C says Google's Asia Pacific

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Speaker 1: arms struck agreements that forced the telcos to pre install

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Speaker 1: Google Search on Android phones sold between late twenty nineteen

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Speaker 1: and early twenty twenty one, essentially shutting out rival search engines.

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Speaker 1: In return, Telstra and Optus pocketed a share of Google's

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Speaker 1: ad revenue from those searches. Google has admitted liability and

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Speaker 1: signed a court enforceable undertaking pledging to strip out pre

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Speaker 1: installation and default search restrictions from its contracts with Android

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Speaker 1: manufacturers and telco's. Story number four. Indonesian forces have air

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Speaker 1: dropped almost eighteen tons of humanitarian aid for the Palestinian

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Speaker 1: people in the Gaza Strip to coincide with Indonesia's Independence Day.

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Speaker 1: The Australian newspaper reports that the Indonesian mission arrived in

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Speaker 1: Jordan on Friday for the aid drop on Sunday local time.

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Speaker 1: It was part of a multinational operation led by Jordan

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Speaker 1: and consisted of sixty six personnel and two Hercules aircraft.

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Speaker 1: The delivery was dropped using parachutes, including ready to eat meals, medicine,

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Speaker 1: emergency supplies, and other essential goods. The Indonesian military described

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Speaker 1: it in a statement as a demonstration not only of

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Speaker 1: Indonesia's concern for the suffering of the Palestinian people, but

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Speaker 1: also a message of solidarity and finally, story number five.

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Speaker 1: Ukrainian President Vladimir Zelenski has arrived in Washington, DC ahead

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Speaker 1: of his meeting with Donald Trump overnight Australian time, but

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Speaker 1: he will not be on his own, with the leaders

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Speaker 1: of France, Britain, Germany, Italy, NATO and the European Commission

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Speaker 1: all accompanying him to the Oval Office for talks about

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Speaker 1: ending the war in Ukraine. Trump posted on social media

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Speaker 1: that he'd never had so many European leaders at one

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Speaker 1: time and it was his great honor to host them,

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Speaker 1: and it is going to be a challenging meeting. CNN

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Speaker 1: reports the US President has indicated he'll tells Zelenski to

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Speaker 1: agree to sum of Russia's conditions, including that Ukraine give

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Speaker 1: up Crimea, which Russia annexed back in twenty fourteen, and

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Speaker 1: agree never to join NATO. The president is also hoping

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Speaker 1: to tee up a meeting between Zelenski and Russian lead

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Speaker 1: of Vladimir Putin within a week. That's it for the

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Speaker 1: Afternoon Report for Monday, the eighteenth of August twenty twenty five.

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Speaker 1: Make sure you follow on the podcast and we'll be

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Speaker 1: back tomorrow morning with the Tuesday edition of the Fast

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Speaker 1: five Business News by Fear and Greed. B'm Michael Thompson.

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Speaker 1: Enjoy your evening