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

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Speaker 1: for Thursday, the third of July twenty twenty five a

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: story number one. It was a day for profit taking

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Speaker 1: on the share market, with the run in stocks over

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Speaker 1: recent days, notably the banks and retailers coming to an end.

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Speaker 1: By the close, the S and PA sets two hundred

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Speaker 1: was down slightly to eighty five hundred and ninety six points.

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Speaker 1: All the big banks lost ground, with Commonwealth Bank off

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Speaker 1: two percent. Retailers that had run earlier in the week

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Speaker 1: on the hopes of a rate cut also fell back.

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Speaker 1: They included JB Hi, Fi, Wes Farmers, Harvey Norman. Now,

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Speaker 1: profit taking is when investors figure stock won't run much

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Speaker 1: higher and could in fact fall, so they may as

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Speaker 1: well take the money off the table. The winners yesterday

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Speaker 1: were the miners. After Beijing promised to crack down on

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Speaker 1: disorderly low price competition in commodity markets and phase out

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Speaker 1: some industrial capacity. BHP, Rio, Tinto and forts few Metals

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Speaker 1: all jumped. Lithium miners, mineral resources Pilborough Minerals and Linetown.

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Speaker 1: They all rose as well under story number two. Now

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Speaker 1: and the country's corporate regulator says major financial services firms,

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Speaker 1: including Macquarie, AMP and Colonial First State, need to do

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Speaker 1: more to ensure that retirement savers are protected from complex,

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Speaker 1: high risk schemes hosted on their superannuation platforms. The Australian

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Speaker 1: Securities and Investments Commission said too many financial advisors were

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Speaker 1: inappropriately convincing customers, mostly running self managed superfunds, to put

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Speaker 1: savings into these products. This is according to the Financial Review.

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Speaker 1: The regulator said it was already investigating two platform trustees,

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Speaker 1: Macquarie Bank and Equity Trustees, for failing to protect consumers

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Speaker 1: from problematic products. The platforms are the tools used by

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Speaker 1: advisors to make investments in certain products that they host.

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Speaker 1: Story number three. A bunch of corporate news around today.

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Speaker 1: Housing developer gem Life opened five point eight percent higher

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Speaker 1: on the ASX and its first day of trading. There's

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Speaker 1: been a run of strong IPOs over the past couple

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Speaker 1: of weeks, and gym Life is the latest of those.

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Speaker 1: Pro Medicus jumped more than ten percent today, at one

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Speaker 1: point reaching a record high after announcing it won two

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Speaker 1: US contracts collectively worth nearly two hundred million dollars. Domino's

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Speaker 1: Pizza also rebounded somewhat after its share price tumbled sixteen

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Speaker 1: percent yesterday on the news that chief executive Mark Van

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Speaker 1: Dyke would resign in December, and G eight Education fell sharply,

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Speaker 1: making for its third decline in a row since Victoria

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Speaker 1: Police revealed that it had charged one of its former

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Speaker 1: employees with dozens of offenses or allegedly abusing eight children.

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Speaker 1: Story number four. The Federal government has recommitted to the

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Speaker 1: seven point one billion dollar co funding agreement with the

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Speaker 1: Queensland Government to deliver twenty thirty two Brisbane Olympic and

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Speaker 1: Paralympic Games venues. This is ahead of early works beginning

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Speaker 1: next week on the Centerpiece Stadium. The renewed intergovernmental agreement

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Speaker 1: was announced by the Queensland Government today with Prime Minister

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Speaker 1: Anthony Abernezi to tip one point two billion dollars into

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Speaker 1: the sixty three thousand seat Victoria Park Stadium. And finally,

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Speaker 1: story number five, Rescuers are searching for dozens of people

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Speaker 1: missing in rough seas after a ferry carrying sixty five

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Speaker 1: people sank near Indonesia's resort island of Bali. The vessel

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Speaker 1: sank almost half an hour after leaving East Java on

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Speaker 1: a fifty kilometer voyage. The ferry carried fifty three passengers,

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Speaker 1: twelve crew members, twenty two vehicles, including fourteen trucks. According

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Speaker 1: to Royce's, a number of bodies have been recovered and

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Speaker 1: twenty people were rescued, many of them unconscious after drifting

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Speaker 1: in choppy waters for hours. Rescuers were battling waves up

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Speaker 1: to two meters high. In March, an Australian woman was

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Speaker 1: killed when a snorkeling boat carrying a number of Australian

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Speaker 1: tourists capsized in rough seas also off Ballei. That's it

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Speaker 1: for the afternoon report for Thursday, the third of July

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Speaker 1: twenty twenty five. Make sure you follow on the podcast

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Speaker 1: and we'll be back tomorrow morning with the day edition

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Speaker 1: of Fear and Breed. I'm Michael Thompson. Enjoy your evening,