1 00:00:03,680 --> 00:00:06,240 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,280 --> 00:00:08,639 Speaker 1: for Tuesday, the twenty seven to May twenty twenty five. 3 00:00:08,720 --> 00:00:11,080 Speaker 1: I'm sure in Aylmer every afternoon we've got the five 4 00:00:11,119 --> 00:00:13,039 Speaker 1: stories that happened today that you need to know about. 5 00:00:13,080 --> 00:00:15,040 Speaker 1: Story number one was a pretty quiet day on the 6 00:00:15,080 --> 00:00:17,959 Speaker 1: market today on the back of public holidays in the 7 00:00:18,079 --> 00:00:21,720 Speaker 1: US and UK overnight. By the clothes, the SMPASX two 8 00:00:21,800 --> 00:00:24,520 Speaker 1: hundred was up a little over half percent to eighty 9 00:00:24,640 --> 00:00:27,720 Speaker 1: four hundred and eight points. Among the large caps, Westpac, 10 00:00:27,800 --> 00:00:32,560 Speaker 1: ain Z and mcquarie outperformed, as did Aristocrat Leisure. Aria 11 00:00:32,760 --> 00:00:35,240 Speaker 1: was lower, while Neuwmont went ex dividend his share price 12 00:00:35,320 --> 00:00:39,040 Speaker 1: dropped about one percent. Woodside Energy was up slightly ahead 13 00:00:39,040 --> 00:00:41,720 Speaker 1: of an expected announcement from the federal government allowing its 14 00:00:41,760 --> 00:00:45,040 Speaker 1: north West Shelf gas project. Iron Ally was training at 15 00:00:45,040 --> 00:00:47,040 Speaker 1: a two week low under ninety seven US dollars a 16 00:00:47,080 --> 00:00:49,640 Speaker 1: ton that put pressure on the big miners. Story number two. 17 00:00:49,640 --> 00:00:52,919 Speaker 1: One of Australia's best known judges, Justice Michael Lee, has 18 00:00:52,960 --> 00:00:55,760 Speaker 1: warned directors of companies that if they pocket cash from 19 00:00:55,840 --> 00:00:58,520 Speaker 1: their roles, then they need to do the work. The 20 00:00:58,560 --> 00:01:01,160 Speaker 1: warning came as the corporate regular wraps up its case 21 00:01:01,240 --> 00:01:04,720 Speaker 1: against the former board of troubled casino operator Star Entertainment. 22 00:01:05,080 --> 00:01:08,440 Speaker 1: Justice Lee, known for sudden flourishers, warned he has grown 23 00:01:08,480 --> 00:01:12,520 Speaker 1: frustrated by the Stars director's argument that they should not 24 00:01:12,640 --> 00:01:15,039 Speaker 1: have the burden of going through hundreds of pages of 25 00:01:15,080 --> 00:01:18,280 Speaker 1: documents that may have shed light on money laundering by 26 00:01:18,360 --> 00:01:21,480 Speaker 1: junket operators. The Australian Securities and Investments Commission is suing 27 00:01:21,560 --> 00:01:24,520 Speaker 1: nine former Star executives and directors, alleging they fail to 28 00:01:24,560 --> 00:01:28,199 Speaker 1: appropriately manage risk and open the company up to serious harm. 29 00:01:28,240 --> 00:01:30,720 Speaker 1: According to the fin review. Over to Justice Lee, and 30 00:01:30,720 --> 00:01:33,840 Speaker 1: I quote, people just can't keep on saying that, oh well, 31 00:01:34,000 --> 00:01:36,000 Speaker 1: it's all too difficult for us to read the material 32 00:01:36,000 --> 00:01:39,399 Speaker 1: that's presented to a board. These non executive directors say, well, 33 00:01:39,640 --> 00:01:42,080 Speaker 1: don't give me all the director's fees. Please don't give 34 00:01:42,120 --> 00:01:44,040 Speaker 1: me all the director's fees because I can't get through 35 00:01:44,040 --> 00:01:46,720 Speaker 1: the work. I don't think that happens. I agree with 36 00:01:46,880 --> 00:01:49,360 Speaker 1: Justice Lee on that one. Story Number three, Former Reserve 37 00:01:49,400 --> 00:01:52,320 Speaker 1: Bank Governor Philip Lowe says the rising cost of energy 38 00:01:52,320 --> 00:01:56,040 Speaker 1: in Australia has become a national liability, saying importing LNG 39 00:01:56,280 --> 00:02:00,480 Speaker 1: to sole forecast gas shortfalls isn't a good option. Speaking 40 00:02:00,520 --> 00:02:04,080 Speaker 1: at a gas industry conference in Brisbane, Lowe's said energy 41 00:02:04,120 --> 00:02:07,480 Speaker 1: policy was one of many levers that governments could pull 42 00:02:07,560 --> 00:02:11,000 Speaker 1: to address stagnating productivity. He said energy has turned from 43 00:02:11,000 --> 00:02:14,200 Speaker 1: a national asset to a national liability. While Australia has 44 00:02:14,200 --> 00:02:18,040 Speaker 1: some great energy assets, it's also got unreliable and high 45 00:02:18,080 --> 00:02:21,520 Speaker 1: cost energy liabilities. Lowe said it is key to find 46 00:02:21,560 --> 00:02:24,360 Speaker 1: more domestic supply, adding that more supplies needed in a 47 00:02:24,360 --> 00:02:28,120 Speaker 1: bunch of sectors including housing, capital and infrastructure, which is 48 00:02:28,160 --> 00:02:31,320 Speaker 1: why productivity is so important. Story number four. There are 49 00:02:31,400 --> 00:02:33,959 Speaker 1: rumors in the market that an offshore group is closing 50 00:02:34,040 --> 00:02:37,680 Speaker 1: in on mac Copper, an ASX listed company that only 51 00:02:37,720 --> 00:02:40,200 Speaker 1: hit the boors fifteen months ago. Mac Copper, a small 52 00:02:40,280 --> 00:02:42,240 Speaker 1: miner with a market cap of around one point three 53 00:02:42,280 --> 00:02:45,400 Speaker 1: billion dollars, went into a training halt this morning. The company, 54 00:02:45,480 --> 00:02:48,440 Speaker 1: used to be known as Metal's Acquisition Corporation, operates a 55 00:02:48,480 --> 00:02:51,040 Speaker 1: copper mine near Coba and western New South Wales. The 56 00:02:51,120 --> 00:02:54,640 Speaker 1: rumors sent other copper miners higher, including Capstone Copper and 57 00:02:54,760 --> 00:02:58,520 Speaker 1: Sandfire Resources and finally Astoria. Number five four children are 58 00:02:58,560 --> 00:03:02,200 Speaker 1: among almost fifty people injured after a car plowed into 59 00:03:02,200 --> 00:03:06,600 Speaker 1: a crowd during Liverpool Football Club's Premier League victory parade overnight. 60 00:03:06,960 --> 00:03:10,040 Speaker 1: Some twenty seven people were taken to hospital. Two suffered 61 00:03:10,160 --> 00:03:13,239 Speaker 1: serious injuries, including a child. A fifty three year old 62 00:03:13,240 --> 00:03:15,880 Speaker 1: British Man has been arrested and is believed to be 63 00:03:15,880 --> 00:03:18,640 Speaker 1: the driver with the vehicle. According to the BBC, please 64 00:03:18,680 --> 00:03:21,919 Speaker 1: are not treating the incident as terrorism. Thousands of people 65 00:03:21,919 --> 00:03:25,080 Speaker 1: were celebrating on the city streets after Liverpool won the 66 00:03:25,320 --> 00:03:28,080 Speaker 1: English Premier League this season. That's it for the afternoon 67 00:03:28,120 --> 00:03:30,760 Speaker 1: report for Tuesday, the twenty seventh of May twenty twenty five. 68 00:03:30,800 --> 00:03:32,840 Speaker 1: Make sure you hit follhom on the podcast. We will 69 00:03:32,880 --> 00:03:34,960 Speaker 1: be back tomorrow morning with a Wednesday edition of Fear 70 00:03:35,000 --> 00:03:37,800 Speaker 1: and Greed Business Unions. I'm schanielma. Enjoy your evening.