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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 tenth of February twenty twenty five. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Story number one,

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Speaker 1: Donald Trump overnight said the US will soon implement twenty

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Speaker 1: five percent tariffs on metal products, which, if enacted, will

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Speaker 1: capture Australia's steel and aluminium makers. The new surprised markets,

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Speaker 1: sending the ASX two hundred downs sharply this morning, before

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Speaker 1: it recovered late in the day to finish off zero

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Speaker 1: point three percent to eight thousand, four hundred and eighty

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Speaker 1: three points. All in all, wasn't really a bad result

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Speaker 1: considering the week leading for Wall Street and the Trump announcement.

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Speaker 1: Tech stocks and telco's were among the worst performers. Outside earnings,

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Speaker 1: which will come to in a moment, there are a

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Speaker 1: couple of notable announcements. Stay Entertainment Group rose fourteen percent

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Speaker 1: after it said it would not accept an offer from

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Speaker 1: a Chinese consortium to take over its fifty percent steak

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Speaker 1: and debt in the Queen's ward Off complex in Brisbane,

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Speaker 1: and Main Farmer Group jumped more than twenty percent at

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Speaker 1: one point after the company forecast a big jump in

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Speaker 1: pretax earnings thanks to strong growth in its women's health range.

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Speaker 1: Story number two. Earning season kicks off properly this week.

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Speaker 1: Today JB hi Fi posted a rise in sales and revenue,

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Speaker 1: but boss Terry Smart was cautious about the economic outlook

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Speaker 1: that sent its share price down five percent. Car Sales

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Speaker 1: share price fell seven percent after it reported disappointing earnings,

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Speaker 1: and medical gloves and surgical gown manufacturer Ansels share price

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Speaker 1: surged eight percent after announce again big jump in half

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Speaker 1: a year profit. The group said it plans to lift

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Speaker 1: prices to offset the impact of winning tariffs imposed by

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Speaker 1: the US government and shift some manufacturing out of China

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Speaker 1: to spait its production more evenly. Story number three. The

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Speaker 1: corporate watchdog has accused the former leadership team of Star

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Speaker 1: Entertainment of putting profitability ahead of risk and misleading a

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Speaker 1: major lender. The Australian Securities and Estment's Commission is suing

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Speaker 1: ten former executives and directors of Star Entertainment, including former

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Speaker 1: chief executive Matt Beckier and chairman John O'Neil, for alleged

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Speaker 1: breaches of their director's duties. Assek alleges that the group

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Speaker 1: did not pay enough attention to the risks of money

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Speaker 1: laundering and the infiltration of the casino by criminal organizations.

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Speaker 1: Assek began several proceedings against eleven directors and executives a

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Speaker 1: couple of years ago, but it was delayed. Now one

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Speaker 1: of the Star's former leadership team, the former CFO, has

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Speaker 1: agreed to a settlement with Assex being picked up again,

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Speaker 1: suing ten of former execs and directors. The case against

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Speaker 1: Starr will test the boundaries of knowledge of wrongdoing and

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Speaker 1: whether that knowledge puts a director in breach of their

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Speaker 1: duties of good faith and due diligence. A bit of

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Speaker 1: a test case. The defendants have all denied they breached

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Speaker 1: any director's duties. Sorryum before. Woolworths is ordering its ten

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Speaker 1: thousand office based workers to come back to the workplace

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Speaker 1: at least three days a week, following a similar ment

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Speaker 1: and from Cole's last year. In a note to staff

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Speaker 1: boss Amanda Bardwell this morning, said the organization wants to

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Speaker 1: create more in person opportunities. Slowly, slowly, corporates are cajoling

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Speaker 1: and encouraging people to come back to the office and

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Speaker 1: storry number five. The Cook Islands will sign a strategic

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Speaker 1: agreement with China, in a move that's rattled New Zealand

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Speaker 1: and deepen concerns about Beijing's influence in our region. Mark Brown,

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Speaker 1: the archipelago's Prime Minister, is traveling to China for a

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Speaker 1: state visit and will sign a comprehensive strategic partnership that

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Speaker 1: will cover everything from trade and tourism to renewable energy.

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Speaker 1: The islands were controlled by New Zealand until the nineteen

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Speaker 1: sixties and have a very small population of about fifteen

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Speaker 1: thousand people. Now, New Zealand still provides financial backing. Deputy

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Speaker 1: PM of New Zealand, Winston Peters, said the government was

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Speaker 1: blindsided by the move and called on the Cook Islands

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Speaker 1: to share the details of the agreement with New Zealand

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Speaker 1: authorities as quired by its constitution. Brown has responded that

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Speaker 1: there's no need for New Zealand to be in the room,

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Speaker 1: arguing that the pact with China is not related to

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Speaker 1: security or policing, so it doesn't need sign off. That's all,

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Speaker 1: according to the ft. That's it for the Afternoon report

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Speaker 1: for Monday, the tenth of February twenty twenty five. Make

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Speaker 1: sure you hit follow on the podcast. We will be

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Speaker 1: back tomorrow morning with the Tuesday edition off Her and

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Speaker 1: Greed business News. I'm Sean Elma Enjoy your evening,