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

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Speaker 1: for Tuesday, the seventeenth December twenty twenty four. I'm Sean Aylmer.

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Speaker 2: Every afternoon, we've.

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Speaker 1: Got the five stories that happened today that you need

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Speaker 1: to know about storinghum one. The S and PA six

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Speaker 1: two hundred finished up zero point eight percent today to

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Speaker 1: eight thousand, three hundred and fourteen points Plenty of winning sectors.

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Speaker 1: Redist Investment Trust did well, so to healthcare stocks, industrials,

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Speaker 1: and technology groups. The biggest losers were the energy stocks.

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Speaker 1: The big banks all did well, so to Goodman Group, Aristocrat, Leisure,

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Speaker 1: Aria and Promedicus. Not so good behpen Woodside. A few

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Speaker 1: interesting corporate news items today. PEXA, the proper Settlement exchange

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Speaker 1: backed by Commwealth Bank, jumped eight percent after announcing a

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Speaker 1: new CEO. Nevonyx jumped as much as sixteen percent before

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Speaker 1: settling up five percent after it received conditional approval for

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Speaker 1: a loan from the US Department of Energy. IT Services

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Speaker 1: and Solutions Provided Data Number three fell ten percent after

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Speaker 1: changes to its partnership with Microsoft in Australia, and the

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Speaker 1: Australian Energy Regulator is likely to reject APA Group's bid

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Speaker 1: to have its recently acquired Baslink electricity cable converted into

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Speaker 1: a regulated asset that sent its share price lower. Storry

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Speaker 1: number two Federal Treasury Jim Charmers will tomorrow released the

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Speaker 1: mid year Economic and Fiscal Outlook Statement, an update on

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Speaker 1: how the budget's going, and he's warned not to expect

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Speaker 1: any big numbers to help reduce the cost of living.

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Speaker 1: Any spending for the cost of living won't stand out.

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Speaker 1: Dr Chalmers said the focus instead will be on rolling

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Speaker 1: out what has already been announced. My IFO will have

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Speaker 1: fourteen point six billion dollars worth of savings from reprioritizing

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Speaker 1: funding in areas like aged care reforms in the Indigenous

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Speaker 1: Advancement Program. According to Finance Minister Katie Gallaherb. My IFO

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Speaker 1: will confirm that the budget is back in deficit and

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Speaker 1: it will be for some time. Story number three BHP

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Speaker 1: and Rio Tinto will join with Blue Steel to build

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Speaker 1: Australia's largest electric iron making furnace, a move they say

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Speaker 1: may speed up the decarbonization of steel production. The pilot

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Speaker 1: project near Perth will produce thirty thousand, forty thousand tons

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Speaker 1: of molten iron a year and will initially use natural

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Speaker 1: gas and hydrogen supplied by a consulting partner, Woodside to

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Speaker 1: reduce iron ore to direct reduced iron according to a

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Speaker 1: joint statement from the companies. Once operational, the project aims

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Speaker 1: to use hydrogen to generate the power. According to Bloomberg,

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Speaker 1: the technology could reduce emissions by up to eighty percent

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Speaker 1: if renewables and green hydrogen are used. The project may

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Speaker 1: help show iron ore sourced from the Pilber region of

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Speaker 1: Australia can be smelted using an electric furnace rather than

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Speaker 1: traditional blast furnaces, which are powered by coal. More than

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Speaker 1: seventy percent of steel is currently produced using coal straight

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Speaker 1: num before OPTAs sold mobile phone plans to vulnerable Australians,

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Speaker 1: including a deaf and mute, homeless man, and an elderly

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Speaker 1: man with Alzheimer's disease. He later collapsed in one of

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Speaker 1: its stores. According to the consumer watchdog That's its allegations,

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Speaker 1: it also created fraudulent contracts with First Nations people. According

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Speaker 1: to the allegations, The Australian Competition and Consumer Commission is

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Speaker 1: suing Optus for unconscionable conduct, saying it not only sold

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Speaker 1: products to people knew couldn't afford them, but sold their

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Speaker 1: unpaid bills to debt collection agencies. According to a story

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Speaker 1: in The Australian, it even sold debt to third parties

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Speaker 1: when op to senior management and its parents, Sintel knew

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Speaker 1: some consumers had no knowledge of the contracts.

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Speaker 2: Which appear forged. Optus, which has since apologized to consumers,

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Speaker 2: also dismantled its profit protection team responsible for investigating suspected

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Speaker 2: compliance issues during the height of the allegations, despite protestations

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Speaker 2: from staff the HBC allegers. This is the hble C

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Speaker 2: side of the story. We are still to hear from

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Speaker 2: Optus and story number five. Donald Trump lost his request

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Speaker 2: to toss his conviction in the New York hush money

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Speaker 2: case on presidential immunity grounds, though the case may not

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Speaker 2: proceed to sentencing as the president elect continues to challenge

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Speaker 2: the verdict. The judge ruled that Trump had failed to

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Speaker 2: properly raise objections to most of the evidence he claimed

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Speaker 2: was subject to immunity, except the testimony of one witness.

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Speaker 2: The judge said that even if the challenged evidence fell

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Speaker 2: within Trump's presidential authority, prosecutors used it to prove decidedly

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Speaker 2: personal acts of falsifying business records, and that there is

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Speaker 2: no danger of intrusion on the authority and function of

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Speaker 2: the executive branch. Finally, Justice Swan Merchant said that any

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Speaker 2: possible error in admitting evidence was harmless in that it

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Speaker 2: would not have changed the overwhelming evidence of guilt against Trump.

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Speaker 1: That's it for the afternoon Report for Tuesday, the seventeenth

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Speaker 1: December twenty twenty four.

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Speaker 2: Make sure you hit follow on the podcast.

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Speaker 1: We will be back tomorrow morning with a Wednesday edition

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Speaker 1: of Fear and Greed Business News.

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Speaker 2: I'm Sean Elmer. Enjoy your evening.