1 00:00:03,990 --> 00:00:06,780 Sean Aylmer: Welcome to the Fair and Greed Afternoon Report for Tuesday, 2 00:00:06,780 --> 00:00:10,648 Sean Aylmer: the 30th of May 2023. I'm Sean Aylmer. Every afternoon 3 00:00:10,650 --> 00:00:12,719 Sean Aylmer: we've got the five stories that happened today that you 4 00:00:12,719 --> 00:00:15,150 Sean Aylmer: need to know about. Story number one. The S& P/ 5 00:00:15,150 --> 00:00:19,349 Sean Aylmer: ASX 200 closed down just a touch today, 0. 1% to 7, 6 00:00:19,380 --> 00:00:23,369 Sean Aylmer: 209 points. All the major banks were lower with ANZ 7 00:00:23,520 --> 00:00:26,459 Sean Aylmer: off 1. 4%. It was the worst among the large- 8 00:00:26,460 --> 00:00:32,549 Sean Aylmer: caps, Telstra, Woolworths, Wesfarmers, BHP and CSL all ended higher, but not 9 00:00:32,549 --> 00:00:35,699 Sean Aylmer: by much. Among the large- caps, there weren't really many 10 00:00:35,699 --> 00:00:38,370 Sean Aylmer: big movers at all. The worst performer today was Paladin 11 00:00:38,460 --> 00:00:41,520 Sean Aylmer: Energy, which tumbled 20%, more of that in a moment. 12 00:00:41,790 --> 00:00:44,400 Sean Aylmer: Oil is off a bit so too Gold. Coal prices 13 00:00:44,400 --> 00:00:47,370 Sean Aylmer: continue their slide and are at their lowest level since 14 00:00:47,370 --> 00:00:50,429 Sean Aylmer: January 2022. And the Aussie dollar is trading just above 15 00:00:50,429 --> 00:00:54,570 Sean Aylmer: 65 US cents. Story number two. Gaming giant Crown has 16 00:00:54,570 --> 00:00:58,710 Sean Aylmer: agreed to a $ 450 million penalty over anti- money laundering 17 00:00:58,710 --> 00:01:02,850 Sean Aylmer: and counter- terrorism breaches at its Melbourne and Perth Operations. 18 00:01:03,150 --> 00:01:06,719 Sean Aylmer: The agreement with the financial crimes regulator AUSTRAC comes following 19 00:01:06,719 --> 00:01:09,899 Sean Aylmer: breaches of gambling laws at the Melbourne Casino over more 20 00:01:09,900 --> 00:01:12,509 Sean Aylmer: than a decade. As part of the settlement Crown has 21 00:01:12,510 --> 00:01:16,500 Sean Aylmer: admitted its casinos failed to appropriately assess the money laundering 22 00:01:16,500 --> 00:01:20,160 Sean Aylmer: and terrorism financing risks they faced and to identify and 23 00:01:20,160 --> 00:01:22,889 Sean Aylmer: respond to changes in risk over time. They did not 24 00:01:22,889 --> 00:01:25,619 Sean Aylmer: have appropriate controls in place and didn't have an appropriate 25 00:01:25,620 --> 00:01:29,609 Sean Aylmer: transaction monitoring program in place. Crown has previously been fined $ 26 00:01:29,609 --> 00:01:34,740 Sean Aylmer: 230 million by Victorian Gambling Regulators. It also faces other 27 00:01:34,740 --> 00:01:38,639 Sean Aylmer: investigations, it's getting very expensive. This, Crown of course, is 28 00:01:38,639 --> 00:01:41,759 Sean Aylmer: now owned by Blackstone, the private equity group. They bought 29 00:01:41,759 --> 00:01:44,399 Sean Aylmer: it off James Packer and other shareholders almost a year 30 00:01:44,400 --> 00:01:48,869 Sean Aylmer: ago for $ 8. 9 billion. Story number three. Toll roads 31 00:01:48,870 --> 00:01:52,140 Sean Aylmer: group Atlas Arteria held its Annual General Meeting today, and 32 00:01:52,140 --> 00:01:56,670 Sean Aylmer: shareholders voted against the Group's remuneration report. Proxy votes show 33 00:01:56,670 --> 00:02:00,390 Sean Aylmer: a 35% vote against the report triggering a so- called 34 00:02:00,450 --> 00:02:03,779 Sean Aylmer: first strike. A second one next year means the board 35 00:02:03,780 --> 00:02:07,260 Sean Aylmer: of the group is spilled. Chair, Debbie Goodin said the 36 00:02:07,260 --> 00:02:10,800 Sean Aylmer: company will listen to the protest vote. Now, some shareholders 37 00:02:10,800 --> 00:02:13,889 Sean Aylmer: haven't been happy about Atlas's recent purchase of a two- 38 00:02:13,889 --> 00:02:18,299 Sean Aylmer: thirds stake in Chicago Skyway motorway in the US, but 39 00:02:18,360 --> 00:02:20,758 Sean Aylmer: its French toll roads are doing well, now it's been 40 00:02:20,758 --> 00:02:23,609 Sean Aylmer: helped by good ski season and also because of strikes 41 00:02:23,609 --> 00:02:26,370 Sean Aylmer: by French workers. Now that's meant fewer trains are running, 42 00:02:26,730 --> 00:02:29,970 Sean Aylmer: more people are using toll roads, there you go. Atlas's 43 00:02:30,060 --> 00:02:33,120 Sean Aylmer: share price is off nearly 2% this year. Story number 44 00:02:33,120 --> 00:02:37,619 Sean Aylmer: four. Uranium miner Paladin Energy share price tumbled 20% today 45 00:02:37,830 --> 00:02:42,060 Sean Aylmer: before it requested a trading halt after the Namibian government 46 00:02:42,090 --> 00:02:47,130 Sean Aylmer: threatened to nationalize some natural resources. Paladin owned 75% of 47 00:02:47,130 --> 00:02:51,329 Sean Aylmer: the Langer Heinrich mine in Namibia. It's been shut since 48 00:02:51,330 --> 00:02:55,290 Sean Aylmer: August, 2018, but it is subject to a $ 180 million 49 00:02:55,530 --> 00:02:58,799 Sean Aylmer: restart that was hoped to get things going again next 50 00:02:58,799 --> 00:03:04,019 Sean Aylmer: year. Namibia is a large uranium producer, and last night 51 00:03:04,050 --> 00:03:07,770 Sean Aylmer: the mines and energy Minister advocated for greater government control. 52 00:03:07,919 --> 00:03:11,099 Sean Aylmer: He suggested the state should own a minimum equity percentage 53 00:03:11,130 --> 00:03:16,020 Sean Aylmer: in all mining companies and petroleum production, and the State 54 00:03:16,049 --> 00:03:18,630 Sean Aylmer: shouldn't have to pay for it. Hence, the big fall 55 00:03:18,630 --> 00:03:20,700 Sean Aylmer: on the share price today. The other local operator in 56 00:03:20,700 --> 00:03:23,190 Sean Aylmer: Namibia is Deep Yellow that's listed on the ASX. Its 57 00:03:23,190 --> 00:03:26,400 Sean Aylmer: share price was down 5% today. And finally, story number 58 00:03:26,400 --> 00:03:30,779 Sean Aylmer: five. Federal Treasury is overhauling its oversight of consultants following 59 00:03:30,780 --> 00:03:35,549 Sean Aylmer: the PWC tax scandal, including strengthening deeds of confidentiality. In 60 00:03:35,549 --> 00:03:39,870 Sean Aylmer: an Estimates Committee meeting treasury official Roseann Kelly said the 61 00:03:39,870 --> 00:03:44,160 Sean Aylmer: bureaucracy had more accountability at the advisory level and with 62 00:03:44,160 --> 00:03:48,210 Sean Aylmer: industry bodies. Earlier today, treasury was criticized for knowing about 63 00:03:48,210 --> 00:03:51,269 Sean Aylmer: the leaks by PWC for five years before talking about 64 00:03:51,270 --> 00:03:54,570 Sean Aylmer: them publicly, the leaks gave the consulting firm an unfair 65 00:03:54,570 --> 00:03:58,559 Sean Aylmer: advantage within business also enabled multinationals to pay less tax. 66 00:03:58,890 --> 00:04:01,950 Sean Aylmer: On the same topic, Finance Minister Katy Gallagher today said, 67 00:04:01,950 --> 00:04:04,439 Sean Aylmer: while the government has taken steps in response to the 68 00:04:04,440 --> 00:04:08,699 Sean Aylmer: scandal, canceling existing procurement contracts is not a viable option. 69 00:04:08,969 --> 00:04:11,129 Sean Aylmer: That came after Green's Leader Adam Bandt called for an 70 00:04:11,129 --> 00:04:14,550 Sean Aylmer: immediate review into PWCs current contracts. That's it for the 71 00:04:14,550 --> 00:04:18,659 Sean Aylmer: afternoon report for Tuesday, the 30th of May, 2023. Michael 72 00:04:18,660 --> 00:04:20,550 Sean Aylmer: Thompson and I will be back tomorrow morning with a 73 00:04:20,550 --> 00:04:23,490 Sean Aylmer: Wednesday edition of Fear and Greed. I'm Sean Aylmer. Enjoy 74 00:04:23,490 --> 00:04:23,879 Sean Aylmer: your evening.