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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 thirteenth of October twenty twenty five. I'm

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Speaker 1: Michael Thompson, and every afternoon we've got the five stories

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

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Speaker 1: go with story number one. It's all about markets. The

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Speaker 1: SMPA s X two hundred fell almost one percent today,

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Speaker 1: down seventy six points eighty eight hundred and eighty three points,

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Speaker 1: ten of the eleven sectors losing ground. It is the

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Speaker 1: worst day in three weeks, comes after investors were spooked

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Speaker 1: by the ongoing and escalating US trade dispute with China.

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Speaker 1: Tech sector was the worst, Live three sixty and Wise

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Speaker 1: Tech Global, both losing about two and a half percent today.

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Speaker 1: Computer share that was another one that was off more

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Speaker 1: than four percent. Most of the big banks fell to

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Speaker 1: which certainly doesn't help. Commonwealth Bank and NAB were both

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Speaker 1: down almost two percent. Westpac was lower as well, but

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Speaker 1: A and Z actually jumped three point three percent today.

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Speaker 1: More on that one in a moment. A good day

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Speaker 1: for the god old miners and the silver miners as

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Speaker 1: well for that matter, with gold hitting surprise surprise yet

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Speaker 1: another record. Regius Resources climbed seven percent, and Evolution Mining

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Speaker 1: and Newmont were both up between two and a half

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Speaker 1: and three percent. I mentioned the silver miners. The standout

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Speaker 1: there was Sun Silver, which saw it eighteen percent today

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Speaker 1: after being asked to give an update on a US

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Speaker 1: project ahead of a meeting between the Prime Minister and

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Speaker 1: the US President and just two more to mention. Quantus

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Speaker 1: was down one point six percent today as Investors' process

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Speaker 1: news that the stolen data of five point seven million

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Speaker 1: customers had emerged on the dark web, and Treasury wines

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Speaker 1: dropped fifteen percent. That was the worst on the day

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Speaker 1: after withdrawing its profit guidance onto story number two. Now

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Speaker 1: it's been a big day. Treasurer Jim Chalmers has announced

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Speaker 1: significant changes to its controversial plan to tax superbalances over

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Speaker 1: three million dollars, backing down on really some of the

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Speaker 1: most contentious elements of the policy. The tax threshold will

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Speaker 1: now be index and unrealized capital gains will no longer

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Speaker 1: be included in the fifteen percent earnings tax. Earnings on

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Speaker 1: balances between three million dollars and ten million dollars, which

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Speaker 1: is about ninety thousand people, will be taxed at thirty percent,

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Speaker 1: while the new forty percent rate will apply to balances

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Speaker 1: over ten million dollars, which does affect a smaller amount,

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Speaker 1: that's still eight thousand people. The changes reportedly came after

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Speaker 1: intervention by Prime Minister Anthony Albanezi. There is a lot

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Speaker 1: more detail too, There's a lot of politics involved. We

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Speaker 1: will have a lot more on it in tomorrow morning's

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Speaker 1: episode under story number three and I mentioned A and

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Speaker 1: Z before. Chief executive Nuno Matos has unveiled an aggressive

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Speaker 1: five year plan aimed at cutting costs, boosting profits, and

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Speaker 1: regaining market share. It's a strategy that he says will

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Speaker 1: challenge staff and change the culture of the bank. Matos

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Speaker 1: took over in May. He's previously announced major job cuts.

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Speaker 1: The new strategy, which was detailed today, focuses on four

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Speaker 1: main pillars. They are customer focus, simplicity, resilience, and delivering value.

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Speaker 1: Includes things like plans to expand branch based lending, hire

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Speaker 1: more business bankers, and rely less on mortgage brokers. Onto

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Speaker 1: story number four now and the federal government. We'll meet

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Speaker 1: with executives from Meta, Snapchat, YouTube, and TikTok this week

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Speaker 1: to discuss how they plan to enforce Australia's new social

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Speaker 1: media laws, which ban under sixteens from using their platforms.

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Speaker 1: We've talked a lot about this, but Communications Minister Annika

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Speaker 1: Wells and e Safety Commissioner Julie Edman Grant will now

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Speaker 1: press the companies to explain how they are going to

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Speaker 1: detect and block underage users ahead of the enforcement date,

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Speaker 1: which is December tenth, So not that far away. Platforms

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Speaker 1: face fines of nearly fifty million dollars if they fail

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Speaker 1: to comply. And finally, story number five, this is very

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Speaker 1: much an evolving story. It is happening as we speak.

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Speaker 1: The Red Cross has begun a large scale operation to

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Speaker 1: oversee the release of hostages and prisoners as part of

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Speaker 1: the ceasefire agreement between Israel and Hamas. The first seven

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Speaker 1: hostage held by HOMAS have already been handed over and

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Speaker 1: will be reunited with their families before receiving medical care.

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Speaker 1: There are believed to be twenty hostages still alive, and

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Speaker 1: the Red Cross is coordinating their transfer over the next

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Speaker 1: couple of hours. Once the hostages have been released and

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Speaker 1: the remains of those who died as well have been returned.

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Speaker 1: Nearly two thousand Palestinian prisoners will then be released by Israel.

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Speaker 1: US President Donald Trump, who negotiated the peace deal, is

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Speaker 1: due to arrive in Israel shortly. That's it for the

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Speaker 1: afternoon report for Monday, the thirteenth of October twenty twenty five.

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Speaker 1: Make sure you follow on the podcast and we'll be

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Speaker 1: back tomorrow morning with the Tuesday edition of the past

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Speaker 1: five Business News by Fear and Greed are Mirk Thompson,

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Speaker 1: Joyry