1 00:00:03,800 --> 00:00:06,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,519 --> 00:00:08,879 Speaker 1: for Wednesday, the twenty ninth of May twenty twenty four. 3 00:00:08,920 --> 00:00:11,440 Speaker 1: I'm sure, almum. Every afternoon we've got the five stories 4 00:00:11,440 --> 00:00:13,520 Speaker 1: that happened today that you need to know about. Sorry. 5 00:00:13,600 --> 00:00:15,880 Speaker 1: Number one, the SMPI six two hundred close down one 6 00:00:15,880 --> 00:00:18,680 Speaker 1: point three percent today, the seven six hundred and sixty 7 00:00:18,720 --> 00:00:21,759 Speaker 1: six points. It's the lowest close in three weeks. It 8 00:00:21,840 --> 00:00:26,439 Speaker 1: came after Australian Bureau Statistics data shows inflation for the 9 00:00:26,480 --> 00:00:28,360 Speaker 1: twelve months at the end of April coming in at 10 00:00:28,360 --> 00:00:31,920 Speaker 1: three point six percent. That was higher than expected and 11 00:00:32,000 --> 00:00:35,640 Speaker 1: higher than the month earlier. The inflation figures didn't help, though, 12 00:00:35,680 --> 00:00:38,240 Speaker 1: the market was already much lower ahead of the eleven 13 00:00:38,280 --> 00:00:40,599 Speaker 1: thirty am announcement that was pretty much on the back 14 00:00:40,640 --> 00:00:43,479 Speaker 1: of a new talk of US interest rates staying higher 15 00:00:43,479 --> 00:00:46,560 Speaker 1: for longer. There wasn't much to like in the market today, 16 00:00:46,560 --> 00:00:49,320 Speaker 1: with all eleven sub indices falling and around three quarters 17 00:00:49,360 --> 00:00:52,480 Speaker 1: of the stocks ending lower. They all fell by quite 18 00:00:52,520 --> 00:00:54,920 Speaker 1: a bit, with consumer stables down more than two percent, 19 00:00:55,280 --> 00:00:58,120 Speaker 1: and the best performing sub index was Tech, it was 20 00:00:58,160 --> 00:01:00,720 Speaker 1: still down half a percent. Among the line Archcabs, Fortes, 21 00:01:00,760 --> 00:01:02,960 Speaker 1: QUW Medals Group fell three point six percent and Rio 22 00:01:03,000 --> 00:01:05,440 Speaker 1: Tinto dropped one and a half percent. After the price 23 00:01:05,520 --> 00:01:07,399 Speaker 1: Vy and All came off, all the banks belower, with 24 00:01:07,440 --> 00:01:10,360 Speaker 1: Westpac and A and Z falling more than two percent. 25 00:01:10,800 --> 00:01:13,440 Speaker 1: Telstra was off one point seven percent, and Aristocrat Leisure 26 00:01:13,480 --> 00:01:16,839 Speaker 1: dropped nearly three percent. Story number two in Corporate News 27 00:01:16,840 --> 00:01:20,399 Speaker 1: News Corp unveiled a major restructure today, leaving the group 28 00:01:20,400 --> 00:01:22,880 Speaker 1: with three publishing units and a sales unit. The goal 29 00:01:23,040 --> 00:01:25,160 Speaker 1: is to find sixty five million dollars in savings this 30 00:01:25,319 --> 00:01:30,800 Speaker 1: and next financial years. Respiratory company Fisher and Paykel expects 31 00:01:30,920 --> 00:01:34,000 Speaker 1: net profit after tax in the next fiscal year to 32 00:01:34,040 --> 00:01:37,400 Speaker 1: bounce back after disappointing twenty twenty four because of some 33 00:01:37,400 --> 00:01:40,720 Speaker 1: abnormal items. Its share price jumped four percent today, the 34 00:01:40,720 --> 00:01:42,800 Speaker 1: best of the top two hundred. The worst today was 35 00:01:42,880 --> 00:01:46,080 Speaker 1: New and Pharmaceuticals, which tumbled nine percent. It had surged 36 00:01:46,080 --> 00:01:47,840 Speaker 1: a week ago in the back of Phase two trial 37 00:01:47,880 --> 00:01:50,880 Speaker 1: results for its Pitt Hopkins drug. Those gains have now 38 00:01:51,040 --> 00:01:55,040 Speaker 1: been eroded. Story number three. Prime Minister Anthony Abernezi says 39 00:01:55,080 --> 00:01:58,440 Speaker 1: the government will reissue a revised order to replace Direction 40 00:01:58,800 --> 00:02:02,200 Speaker 1: ninety nine to ensure that the protection of the community 41 00:02:02,400 --> 00:02:06,840 Speaker 1: outweighs other considerations. It comes after the order allowed non 42 00:02:06,960 --> 00:02:10,840 Speaker 1: citizen criminals to remain in the country. Direction ninety nine 43 00:02:10,919 --> 00:02:13,320 Speaker 1: says significant weight must be given to a person's ties 44 00:02:13,360 --> 00:02:16,160 Speaker 1: to Australia, so in New Zealand, for example, who has 45 00:02:16,200 --> 00:02:18,640 Speaker 1: lived most of their life in Australia might be allowed 46 00:02:18,680 --> 00:02:21,520 Speaker 1: to stay even if they are a criminal. The government 47 00:02:21,520 --> 00:02:26,280 Speaker 1: has also abolished the Administrative Appeals Tribunal, which followed Direction 48 00:02:26,400 --> 00:02:30,760 Speaker 1: ninety nine when releasing people into the community. Mister Albenezi 49 00:02:30,800 --> 00:02:34,000 Speaker 1: also added that Immigration Minister Andrew Joles has his support. 50 00:02:34,880 --> 00:02:37,079 Speaker 1: Story Number four the Lease to struck a deal to 51 00:02:37,120 --> 00:02:40,320 Speaker 1: sells US construction business. Three days after unveiling a four 52 00:02:40,320 --> 00:02:42,040 Speaker 1: and a half billion dollar plan to pull back from 53 00:02:42,080 --> 00:02:46,280 Speaker 1: its offshore operations to focus on Australia, It's agreed terms 54 00:02:46,320 --> 00:02:50,440 Speaker 1: of the major US construction firm, Consigli Construction, for the 55 00:02:50,480 --> 00:02:54,280 Speaker 1: sale of its US East Coast construction operations. Under the 56 00:02:54,400 --> 00:02:58,040 Speaker 1: terms of the deal, Consigli will Acquirelease's East Coast construction business, 57 00:02:58,040 --> 00:03:01,160 Speaker 1: which includes around forty five current under contract and pre 58 00:03:01,240 --> 00:03:04,120 Speaker 1: construction projects. As part of the sale, the majority of 59 00:03:04,160 --> 00:03:09,520 Speaker 1: lenlease'st US construction workforce will transition to Consigli. Lenlease isn't 60 00:03:09,520 --> 00:03:12,200 Speaker 1: disclosing the value of the deal, but it has previously 61 00:03:12,240 --> 00:03:13,919 Speaker 1: said it expects to write down about one and a 62 00:03:13,919 --> 00:03:16,960 Speaker 1: half billion dollars across its operations as it divests its 63 00:03:17,040 --> 00:03:20,600 Speaker 1: international businesses. Lenley's share price closed down two point four 64 00:03:20,600 --> 00:03:25,239 Speaker 1: percent today and story number five. Insurance Group IAG allegedly 65 00:03:25,320 --> 00:03:29,200 Speaker 1: hit loyal customers with higher prices via a pricing algorithm, 66 00:03:29,320 --> 00:03:32,799 Speaker 1: according to claims filed by class action law firm Slater 67 00:03:32,919 --> 00:03:36,040 Speaker 1: and Gordon. Slater and Gordon have claimed IAG engaged in 68 00:03:36,160 --> 00:03:40,040 Speaker 1: unfair tactics and misleading conduct and selling home insurance policies. 69 00:03:40,360 --> 00:03:44,960 Speaker 1: IAG refutes the allegations. The lawsuit alleges at IAG's algorithm 70 00:03:45,000 --> 00:03:49,400 Speaker 1: modeling estimated the likelihood of existing customers renewing and the 71 00:03:49,440 --> 00:03:52,240 Speaker 1: price at which they would probably accept an offer. According 72 00:03:52,240 --> 00:03:55,520 Speaker 1: to the financial review, It incorporated how long customers had 73 00:03:55,520 --> 00:03:58,400 Speaker 1: held policies and how many policies they had. The lawsuit 74 00:03:58,480 --> 00:04:01,880 Speaker 1: says some customers were then hit with a loyalty uplift 75 00:04:02,120 --> 00:04:05,800 Speaker 1: in pricing that was greater than any subsequent loyalty discount. 76 00:04:05,840 --> 00:04:08,880 Speaker 1: According to the lawsuit, the claim mimics earlier action from 77 00:04:08,920 --> 00:04:12,120 Speaker 1: the Australian Securities and Investments Commission against IAG on the 78 00:04:12,160 --> 00:04:15,800 Speaker 1: same issue. IAG is also battling a shareholder class action 79 00:04:16,000 --> 00:04:19,919 Speaker 1: about disclosure of COVID nineteen related problems with business insurance. 80 00:04:20,240 --> 00:04:22,559 Speaker 1: That's it for the afternoon report for Wednesday, the twenty 81 00:04:22,640 --> 00:04:24,760 Speaker 1: ninth of May twenty twenty four. Michael Thompson and I 82 00:04:24,839 --> 00:04:27,640 Speaker 1: will be back tomorrow morning with Thursday edition Fear and 83 00:04:27,640 --> 00:04:30,599 Speaker 1: Greed Business News. I'm sure Elma enjoy your evening.