1
00:00:03,160 --> 00:00:05,720
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:05,760 --> 00:00:08,400
Speaker 1: for Tuesday, the first of April twenty twenty five. I'm

3
00:00:08,400 --> 00:00:11,320
Speaker 1: Sean Almer. Every afternoon, we've got the five stories that

4
00:00:11,400 --> 00:00:13,520
Speaker 1: happened today that you need to know about. Story and one,

5
00:00:13,520 --> 00:00:16,160
Speaker 1: the Reserve Bank left the official cash rate unchanged at

6
00:00:16,200 --> 00:00:19,680
Speaker 1: four point one percent today and gave little hint of

7
00:00:19,760 --> 00:00:22,479
Speaker 1: when the next move will be. The outcome helped push

8
00:00:22,520 --> 00:00:25,120
Speaker 1: the local share market high, with the SMPA six two

9
00:00:25,239 --> 00:00:28,400
Speaker 1: hundred finishing up more than one percent to seven nine

10
00:00:28,520 --> 00:00:31,400
Speaker 1: hundred and twenty five points. Two thirds of the companies

11
00:00:31,400 --> 00:00:34,080
Speaker 1: on the top two hundred ended higher, with some big

12
00:00:34,120 --> 00:00:38,840
Speaker 1: moves among large caps. Goodman Group, Aristocrat Leisure, Fortescue, Medals,

13
00:00:38,920 --> 00:00:42,560
Speaker 1: Qbria all jumped around two percent. In corporate news, av

14
00:00:42,720 --> 00:00:46,080
Speaker 1: Jennings rallied eight percent after the home builder announced US

15
00:00:46,080 --> 00:00:50,600
Speaker 1: real estate giant Approprium Capital and its local development Avid

16
00:00:50,600 --> 00:00:54,040
Speaker 1: Property will acquire one hundred percent of its shares for

17
00:00:54,160 --> 00:00:57,640
Speaker 1: sixty five and a half cents, and insurer Tower fell

18
00:00:57,800 --> 00:01:00,880
Speaker 1: eight percent after Main Capital sold around round sixty eight

19
00:01:00,880 --> 00:01:03,680
Speaker 1: million shares in the group. Story number two on the

20
00:01:03,720 --> 00:01:07,839
Speaker 1: campaign trail, opposition leader Peter Dutton today promised one point

21
00:01:07,920 --> 00:01:11,720
Speaker 1: five billion dollars to complete the Melbourne Airport rail link.

22
00:01:12,160 --> 00:01:15,800
Speaker 1: The opposition also said it would lower our serviceability ratios

23
00:01:15,800 --> 00:01:19,640
Speaker 1: to boost borrower's capacity to find money for home loans.

24
00:01:19,840 --> 00:01:22,720
Speaker 1: Both sides were on the attack today, with debate ranging

25
00:01:22,720 --> 00:01:25,839
Speaker 1: from healthcare to housing affordability and the Chinese spy ship

26
00:01:26,120 --> 00:01:28,560
Speaker 1: off the coast of Australia and then the Albanezi was

27
00:01:28,560 --> 00:01:32,000
Speaker 1: in Adelaide. He says he'll officially launch the ALP campaign

28
00:01:32,040 --> 00:01:36,759
Speaker 1: in Western Australia on April thirteen, demonstrating that state's importance

29
00:01:36,800 --> 00:01:39,360
Speaker 1: to the polls. We also found out today that the

30
00:01:39,400 --> 00:01:41,759
Speaker 1: first election debate between the two leaders will be held

31
00:01:41,840 --> 00:01:44,920
Speaker 1: on April eight, that's a week from today. Story number

32
00:01:44,920 --> 00:01:47,840
Speaker 1: three Virgin Australia is planning to list on the AASEX

33
00:01:47,920 --> 00:01:51,480
Speaker 1: in June after a five year absence. The company and

34
00:01:51,560 --> 00:01:54,760
Speaker 1: its executives met with prospective investors today for the first

35
00:01:54,760 --> 00:01:57,840
Speaker 1: time since twenty twenty three in a rocho Builled as

36
00:01:57,880 --> 00:02:01,000
Speaker 1: a business update, but it flows at a timeline of

37
00:02:01,080 --> 00:02:04,040
Speaker 1: raising capital in May and listing on the share market

38
00:02:04,040 --> 00:02:06,840
Speaker 1: in June, according to the Finn Review. At the same time,

39
00:02:06,960 --> 00:02:10,120
Speaker 1: Virgin has restructured into a public company, a key step

40
00:02:10,160 --> 00:02:13,240
Speaker 1: towards a listing. According to filings with the corporate regulator,

41
00:02:13,480 --> 00:02:16,240
Speaker 1: Private equity group Bain is the majority owner of Virgin,

42
00:02:16,280 --> 00:02:19,200
Speaker 1: while Qatar Airways has a twenty five percent stake. It

43
00:02:19,360 --> 00:02:22,120
Speaker 1: delisted from the ASEX in late twenty twenty after falling

44
00:02:22,160 --> 00:02:26,800
Speaker 1: into administration. Storing number four Industry Superannuation Giane Hester says

45
00:02:26,800 --> 00:02:30,160
Speaker 1: the return of wise Tech Global's former chair Andrew Harrison

46
00:02:30,600 --> 00:02:33,799
Speaker 1: as an independent director at the logistics software group has

47
00:02:33,840 --> 00:02:38,040
Speaker 1: failed to meet its expectations of proper corporate governance. According

48
00:02:38,040 --> 00:02:41,320
Speaker 1: to his story in The Finn, Hester, which manages ninety

49
00:02:41,320 --> 00:02:44,440
Speaker 1: one billion dollars in investments, is the second industry fund

50
00:02:44,440 --> 00:02:47,720
Speaker 1: in the past month to raise concerns about wis Tech's

51
00:02:47,760 --> 00:02:51,480
Speaker 1: leadership and governance. Last month, Australian Super which had been

52
00:02:51,520 --> 00:02:54,280
Speaker 1: a shareholder since twenty sixteen, confirmed that it had sold

53
00:02:54,639 --> 00:02:57,600
Speaker 1: its two point two six percent stake in Wistech It's

54
00:02:57,600 --> 00:03:00,280
Speaker 1: worth about five hundred and eighty million bucks. It was

55
00:03:00,360 --> 00:03:03,919
Speaker 1: unsatisfied with how the group was being governed, and story

56
00:03:04,040 --> 00:03:06,920
Speaker 1: number five well. French politics is always dramatic, though the

57
00:03:07,000 --> 00:03:11,200
Speaker 1: last twenty four hours have been particularly incredible. A French

58
00:03:11,240 --> 00:03:14,960
Speaker 1: court has convicted Marien La Penn of embezzlement and barred

59
00:03:15,040 --> 00:03:18,520
Speaker 1: her from seeking public office for five years. Mareene Lapenn

60
00:03:19,080 --> 00:03:22,240
Speaker 1: is the leading presidential hope of the far right party,

61
00:03:22,639 --> 00:03:26,000
Speaker 1: very nearly topped Emmanuel Macron in the last election. La

62
00:03:26,080 --> 00:03:29,160
Speaker 1: Penn's lawyer said she will appeal the verdict, but she

63
00:03:29,200 --> 00:03:33,040
Speaker 1: will remain ineligible while she does, and so she could

64
00:03:33,040 --> 00:03:35,600
Speaker 1: be ruled out of the twenty twenty seven percentage to raise.

65
00:03:36,040 --> 00:03:38,880
Speaker 1: She was also sentenced to two years under house arrest.

66
00:03:39,280 --> 00:03:42,200
Speaker 1: Her party called for mass protests in response to the

67
00:03:42,280 --> 00:03:44,800
Speaker 1: ruling by three judges. Now. The court found that a

68
00:03:44,840 --> 00:03:48,240
Speaker 1: system of fake contracts and jobs helped La Pen's party

69
00:03:48,640 --> 00:03:51,920
Speaker 1: siphon off about four point four million euros of EU

70
00:03:52,000 --> 00:03:55,240
Speaker 1: funds by using parliamentary assistance in Brussels to work for

71
00:03:55,280 --> 00:03:58,279
Speaker 1: the party in France. So broad with the political implications

72
00:03:58,280 --> 00:04:01,000
Speaker 1: that even some of La Pen's opponents reacted by saying

73
00:04:01,040 --> 00:04:03,760
Speaker 1: that the Paris court had gone too far as it.

74
00:04:03,800 --> 00:04:06,040
Speaker 1: For the Afternoon Report for Tuesday, the first of April

75
00:04:06,120 --> 00:04:08,320
Speaker 1: twenty twenty five, make sure you hit follow on the podcast.

76
00:04:08,440 --> 00:04:10,760
Speaker 1: We will be back tomorrow morning with the Wednesday edition

77
00:04:10,920 --> 00:04:13,360
Speaker 1: of the Fast five business news by fear and Greed.

78
00:04:13,640 --> 00:04:15,560
Speaker 1: I'm Sean Elmer. Enjoy your evening.