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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 twenty fourth of November. I'm Michael Thompson,

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Speaker 1: and every afternoon we have the five big 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: with story number one. The SMPA s X two hundred

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Speaker 1: rebounded today. It climbed one point three percent to eighty

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Speaker 1: five hundred and twenty five points. Came after a bit

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Speaker 1: of a horror week last week that saw it hit

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Speaker 1: a six month low, first on the back of nerves

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Speaker 1: over chip maker and Vidious results, and then once those

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Speaker 1: results were better than expected, the market tumbled on more

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Speaker 1: general fear and uncertainty, including interest rate expectations in the US.

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Speaker 1: But Wall Street bounced heading into the weekend, and today

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Speaker 1: we saw that flow through to the local boss. It

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Speaker 1: was a good day for the tech stocks. Life three

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Speaker 1: sixty was up more than seven percent. Weistet Global climbed

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Speaker 1: two percent. The big banks also went pretty well Comonwealth

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Speaker 1: Bank was up one point two percent, Westpac two point

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Speaker 1: three percent. BHP now BHP closed zero point six percent

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Speaker 1: higher today after for a very eventful day. The Big

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Speaker 1: Australian confirmed it was no longer considering a takeover of

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Speaker 1: UK listed rival Anglo American after holding talks for a

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Speaker 1: second time with the minor. And how about this one

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Speaker 1: as well. Logistics business Cube closed almost twenty percent higher

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Speaker 1: today after it received an eleven point six billion dollar

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Speaker 1: takeover offer from Macquari Asset Management. So a very big

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Speaker 1: day for deals and not quite deals. We'll have more

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Speaker 1: on all of this tomorrow morning under story number two.

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Speaker 1: Now and a visit from a senior Chinese official, Joo

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Speaker 1: Lagie to Parliament House has prompted unusually strict cybersecurity measures,

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Speaker 1: with MPs reportedly told to switch off all non essential

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Speaker 1: Internet connected devices, including phones, tablets and laptops. The Department

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Speaker 1: of Parliamentary Services warned that any devices which must remain

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Speaker 1: on should be updated and placed in lockdown mode. Shadow

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Speaker 1: Cybersecurity Minister Claire Chandler said the precautions quote went beyond

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Speaker 1: what's usually expected for a visiting delegation and we're a

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Speaker 1: stark reminder of cyber threats linked to China, and she

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Speaker 1: pointed to previous China linked attacks on MPs, including herself.

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Speaker 1: The Australian Strategic Policy Institute backed the move as well,

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Speaker 1: calling it a prudent precautionary measure given the warnings that

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Speaker 1: have been made in the past from intelligence agencies, including

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Speaker 1: MI five in the UK about China's recruitment and cyber

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Speaker 1: espionage efforts story number three. It's been revealed the controversial

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Speaker 1: website redesign for the Bureau of Meteorology cost almost one

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Speaker 1: hundred million dollars, which is nearly twenty four times the

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Speaker 1: original figure reported. The Bureau's new CEO, doctor Stewart Minchin,

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Speaker 1: says the rebuild cost ninety six point five million dollars

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Speaker 1: in total. There was the initial four point one million

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Speaker 1: dollars that was reported that was spent on the public

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Speaker 1: facing redesign, and the rest was on the full rebuild

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Speaker 1: and testing of the underlying IT systems and pipelines. Environment

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Speaker 1: Minister Murray Watt says he is not happy with the

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Speaker 1: cost blowout, and he's asked the Bureau chief to explain

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Speaker 1: what went wrong and ensure proper financial oversight going forward.

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Speaker 1: The website overhaul as part of an eight hundred and

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Speaker 1: sixty six million dollar decade long upgrade to the agency's

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Speaker 1: aging IT systems after a major twenty fifteen cyber intrusion.

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Speaker 1: The new site was heavily criticized by users at launch,

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Speaker 1: and then the bureau has already rolled out several fixes

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Speaker 1: and updates to it. Since then, they did pause further updates, though,

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Speaker 1: due to severe tropical cyclone Feena. Story number four. ASIK,

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Speaker 1: the corporate watchdog, has collected three hundred and eleven million

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Speaker 1: dollars in fines and penalties in just four months, triple

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Speaker 1: last year's total. The surge is led by a record

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Speaker 1: two hundred and forty million dollar penalty for A and Z,

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Speaker 1: with another seventy million dollars or a bit more actually

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Speaker 1: from actions against nab Rams and others, including conversation tied

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Speaker 1: to LED cases. The total enforcement this year tops seven

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Speaker 1: hundred million dollars. Deputy chair Sarah Court says ACIK has

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Speaker 1: doubled new investigations and is securing quote record penalties. It

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Speaker 1: comes after ACIK was slammed last year as a toothless

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Speaker 1: tiger by a long running Senate inquiry chair by Liberal

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Speaker 1: Senator Andrew Bragg and finally Storry number five. The Department

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Speaker 1: of Government Efficiency, known as DOGE, once headed up by

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Speaker 1: Elon Musk, has been quietly shut down by the White House.

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Speaker 1: Eight months before its mandate was due to expire, the

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Speaker 1: Office of Personnel Management confirmed the agency quote doesn't exist anymore,

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Speaker 1: is no longer operating as a centralized body. DOGE was

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Speaker 1: launched in January, just after the President took office with

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Speaker 1: a mandate to slash federal spending, cut grants, fireworkers, cancel

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Speaker 1: contracts pretty wide ranging really. Musk claimed that it would

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Speaker 1: help reduce the deficit by one trillion dollars by September,

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Speaker 1: but his public split with Donald Trump over the President's

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Speaker 1: One Big Beautiful Bill caused the partnership to unravel, and

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Speaker 1: Elon Musk left. Despite the fall out, he has recently

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Speaker 1: re emerged at a number of Trump linked events. The

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Speaker 1: White House has not commented on why the agency was

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Speaker 1: disbanded early, though I suspect the departure of Elon Musk

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Speaker 1: might have had something to do with that. That's it

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Speaker 1: for the Afternoon Report for Monday, the twenty fourth of November.

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Speaker 1: Make sure you're following the podcast and head along to

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Speaker 1: Fear and Greed dot com dot au to sign up

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Speaker 1: for our free daily newsletter. I put a link in

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Speaker 1: today's show notes as well. I'm Michael Thompson. Have a

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Speaker 1: great evening,