1 00:00:04,200 --> 00:00:06,800 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,880 --> 00:00:09,559 Speaker 1: for Friday, the twenty ninth of November twenty twenty four. 3 00:00:09,600 --> 00:00:12,520 Speaker 1: I'm suan Alma. Every afternoon, We've got the five stories 4 00:00:12,520 --> 00:00:14,280 Speaker 1: that happened today that you need to know about. Story 5 00:00:14,320 --> 00:00:16,759 Speaker 1: and one on. The local share market closed down eight 6 00:00:16,800 --> 00:00:20,160 Speaker 1: points today to finish the week at eight four hundred 7 00:00:20,160 --> 00:00:23,040 Speaker 1: and thirty six points, meaning for the five sessions and 8 00:00:23,120 --> 00:00:26,360 Speaker 1: markets up about half a percent. Today. CSL A and 9 00:00:26,520 --> 00:00:28,960 Speaker 1: Z and zero were among the worst performers of the 10 00:00:29,000 --> 00:00:31,400 Speaker 1: large caps at least, while BHP for US Few Metals 11 00:00:31,400 --> 00:00:34,360 Speaker 1: and Weistech were among the best. It was a somber 12 00:00:34,560 --> 00:00:36,959 Speaker 1: end to a week in which the bank benchmark hit 13 00:00:37,040 --> 00:00:40,479 Speaker 1: a new high a couple of times, Capping the enthusiasm 14 00:00:40,520 --> 00:00:44,080 Speaker 1: today the number of market economists pushing out their forecast 15 00:00:44,120 --> 00:00:46,760 Speaker 1: for when interest rates will be cut In Australia. Haines, 16 00:00:46,840 --> 00:00:50,600 Speaker 1: zen Amp and of Queensland have joined Westpac and National 17 00:00:50,600 --> 00:00:53,159 Speaker 1: Australian Bank saying the earliest there will be a rate 18 00:00:53,240 --> 00:00:56,240 Speaker 1: cut is May next year. In corporate news today, Arman 19 00:00:56,360 --> 00:01:00,120 Speaker 1: Producers Select Harvest reported a full year profit finally that 20 00:01:00,400 --> 00:01:03,320 Speaker 1: comes after last year's loss, though Its share price closed 21 00:01:03,360 --> 00:01:06,920 Speaker 1: down five percent, and Star Entertainment fell below nineteen cents 22 00:01:06,920 --> 00:01:09,400 Speaker 1: a share for the first time ever this morning, though 23 00:01:09,440 --> 00:01:11,759 Speaker 1: it finished the day up to and a half percent 24 00:01:12,000 --> 00:01:14,600 Speaker 1: at twenty cents a share. Story number two is a 25 00:01:14,600 --> 00:01:17,560 Speaker 1: big day for Federal Treasurer Jim Chalmers, who was pushing 26 00:01:17,560 --> 00:01:20,839 Speaker 1: the need to reform the Reserve Bank. That's after legislation 27 00:01:21,040 --> 00:01:23,440 Speaker 1: passed in the Senate yesterday, one of eleven bills and 28 00:01:23,440 --> 00:01:26,559 Speaker 1: the Treasury portfolio to get the green light this week. 29 00:01:26,840 --> 00:01:29,640 Speaker 1: Others include changes to credit rules around by now pay 30 00:01:29,720 --> 00:01:32,280 Speaker 1: later products, changes in the taxation of buill to rent 31 00:01:32,319 --> 00:01:35,920 Speaker 1: property developments, and a law on a defined purpose for 32 00:01:36,000 --> 00:01:39,319 Speaker 1: supernuation savings. Dr Chalmers said the changes to the Reserve 33 00:01:39,360 --> 00:01:43,440 Speaker 1: Bank were about strengthening and modernizing the institution. The Central 34 00:01:43,440 --> 00:01:45,840 Speaker 1: Bank will have a committee to set interest rates and 35 00:01:45,920 --> 00:01:48,840 Speaker 1: a separate committee to look after governance. Doctor Chalmers will 36 00:01:48,840 --> 00:01:51,400 Speaker 1: appoint several members to the Reserve Bank Board ahead of 37 00:01:51,440 --> 00:01:54,800 Speaker 1: the next election. Story number three. Online property listings group 38 00:01:54,920 --> 00:01:58,800 Speaker 1: ARIA has sued its main rival, Domain, accusing it of 39 00:01:58,960 --> 00:02:02,920 Speaker 1: infringing on its copyright over property photos and floor plans 40 00:02:02,960 --> 00:02:06,480 Speaker 1: displayed on its website. Aria, owner of Real Estate dot 41 00:02:06,480 --> 00:02:09,160 Speaker 1: Com today U has alleged in the Federal Court that 42 00:02:09,280 --> 00:02:13,520 Speaker 1: Domain breached copyright by scraping exclusive listings and placing them 43 00:02:13,520 --> 00:02:17,080 Speaker 1: on domains price Finder and Inside Business platforms, according to 44 00:02:17,080 --> 00:02:20,320 Speaker 1: a story in the Australian Financial Review, but Domain, which 45 00:02:20,360 --> 00:02:23,160 Speaker 1: is defending the claim, argues that Aria's lawsuit is a 46 00:02:23,160 --> 00:02:27,639 Speaker 1: bid to exert uncompetitive market influence. As the biggest classifieds 47 00:02:27,639 --> 00:02:30,480 Speaker 1: company nationally. Aria is backed by News Court, while Domain 48 00:02:30,520 --> 00:02:33,840 Speaker 1: is sixty percent owned by nine Entertainment. Aria's alleging it 49 00:02:33,880 --> 00:02:37,000 Speaker 1: owns the copyright for images and schematics for one hundred 50 00:02:37,000 --> 00:02:39,880 Speaker 1: and eighty one listings obtained by demaand and used by 51 00:02:39,880 --> 00:02:43,880 Speaker 1: its analytics service, RIA claims it had exclusivity rights conferred 52 00:02:43,880 --> 00:02:46,480 Speaker 1: by photographers for the relevant listings to main Set. It 53 00:02:46,520 --> 00:02:49,160 Speaker 1: has since removed those one hundred and eighty one listings 54 00:02:49,160 --> 00:02:53,080 Speaker 1: from its platforms after being provided evidence of Ria's intellectual 55 00:02:53,080 --> 00:02:56,560 Speaker 1: property Story number four. The big social media platforms have 56 00:02:56,680 --> 00:02:59,040 Speaker 1: hit out today at the government's ban for under sixteen 57 00:02:59,120 --> 00:03:02,359 Speaker 1: year olds. They're concerned with how the bands will be enforced. 58 00:03:02,480 --> 00:03:05,720 Speaker 1: The House of Reps signed the proposal today and that's 59 00:03:05,760 --> 00:03:07,720 Speaker 1: the third reading and the new laws will come into 60 00:03:07,760 --> 00:03:10,840 Speaker 1: effect in late twenty twenty five and will capture platforms 61 00:03:10,840 --> 00:03:14,800 Speaker 1: such as Facebook, Instagram, Snapchat, Reddit and x There'll be 62 00:03:14,840 --> 00:03:18,320 Speaker 1: exemptions for health and education services, including Messenger Kids and 63 00:03:18,360 --> 00:03:22,200 Speaker 1: Google Classroom. A spakesperson for Meta, which owns Facebook and Instagram. 64 00:03:22,320 --> 00:03:24,760 Speaker 1: So the Tech Group is concerned about the process that 65 00:03:24,800 --> 00:03:27,840 Speaker 1: saw the legislation rushed through Parliament. They said it was 66 00:03:27,880 --> 00:03:32,000 Speaker 1: important that there's a productive consultation to ensure a technically 67 00:03:32,040 --> 00:03:35,040 Speaker 1: feasible outcome that doesn't place an onerous burden on parents. 68 00:03:35,280 --> 00:03:37,680 Speaker 1: Earlier in the day, Prime Minister Anthony Albernezi said the 69 00:03:37,680 --> 00:03:41,320 Speaker 1: social media companies would have greater responsibility to keep children 70 00:03:41,480 --> 00:03:45,000 Speaker 1: safe online and story number five today, one of the 71 00:03:45,000 --> 00:03:46,880 Speaker 1: big winners from the election of Donald Trump in the 72 00:03:46,960 --> 00:03:50,000 Speaker 1: US looks like being Rupert Murdock's Fox News. It has 73 00:03:50,040 --> 00:03:53,720 Speaker 1: captured nearly three quarters of all the US cable news 74 00:03:53,800 --> 00:03:57,040 Speaker 1: audiences in the aftermath of Donald Trump's victory, as liberal 75 00:03:57,080 --> 00:04:00,160 Speaker 1: Americans tune out of the former reality stars transition to 76 00:04:00,200 --> 00:04:04,400 Speaker 1: a second term in office, Fox's daily audiences have surged 77 00:04:04,560 --> 00:04:08,920 Speaker 1: forty percent since November five vote, according to the Financial Times, 78 00:04:09,320 --> 00:04:13,080 Speaker 1: while viewership of the more left leaning MSNBC and CNN 79 00:04:13,360 --> 00:04:16,839 Speaker 1: have dropped thirty eight percent and twenty seven percent respectively. 80 00:04:17,120 --> 00:04:20,240 Speaker 1: That's all based on Nilsen figures. Fox News averaged two 81 00:04:20,320 --> 00:04:22,960 Speaker 1: million viewers a day from November six to November twenty two, 82 00:04:23,440 --> 00:04:25,320 Speaker 1: up from one point four million for the year through 83 00:04:25,400 --> 00:04:28,920 Speaker 1: November four. During primetime evening hours and the week since 84 00:04:28,920 --> 00:04:31,360 Speaker 1: the election, seventy three percent of the title cable news 85 00:04:31,440 --> 00:04:35,480 Speaker 1: audience is now Fox, while sixteen percent tuned into MSNBC 86 00:04:36,040 --> 00:04:38,880 Speaker 1: and eleven percent to CNN. That's it for the afternoon 87 00:04:38,920 --> 00:04:41,680 Speaker 1: report for Friday, the twenty ninth, November twenty twenty four. 88 00:04:41,720 --> 00:04:44,360 Speaker 1: Don't forget tip follow on the podcast and find Fear 89 00:04:44,360 --> 00:04:47,520 Speaker 1: and Greed on LinkedIn, Instagram, ex TikTok and Facebook. Joined 90 00:04:47,560 --> 00:04:50,560 Speaker 1: Michael Thompson, Adelange and I Tomorrow Morning for the weekend 91 00:04:50,600 --> 00:04:53,839 Speaker 1: fast five by Fear and Greed. I'm Sean Elmer. Enjoy 92 00:04:53,880 --> 00:04:54,200 Speaker 1: reading