1 00:00:04,160 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,960 --> 00:00:09,680 Speaker 1: for Friday, the sixth of December twenty twenty four. I'm 3 00:00:09,720 --> 00:00:12,440 Speaker 1: Adam Lang. Every afternoon, we've got the five stories that 4 00:00:12,480 --> 00:00:15,319 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:15,440 --> 00:00:18,319 Speaker 1: The S and p ASX two hundred closed down zero 6 00:00:18,360 --> 00:00:21,400 Speaker 1: point six percent today to eighty four hundred and twenty 7 00:00:21,400 --> 00:00:24,200 Speaker 1: one points, meaning the benchmark was down zero point three 8 00:00:24,239 --> 00:00:26,880 Speaker 1: percent for the week. A drop in iron ore prices, 9 00:00:26,880 --> 00:00:29,600 Speaker 1: which have been higher in the past fortnighte pushed down 10 00:00:29,640 --> 00:00:33,240 Speaker 1: the big miners, with BHP, Rio Tinto, and Fortescue Metals 11 00:00:33,280 --> 00:00:36,680 Speaker 1: all finishing lower. The big banks were mixed, while energy 12 00:00:36,680 --> 00:00:40,440 Speaker 1: stocks were tending to trade lower overnight. Major oil producers 13 00:00:40,479 --> 00:00:43,880 Speaker 1: delayed plans to cut output, putting downward pressure on Brent 14 00:00:44,040 --> 00:00:47,319 Speaker 1: crude oil prices. Bitcoin took a breather from its run 15 00:00:47,360 --> 00:00:50,320 Speaker 1: above US one hundred thousand dollars a unit and is 16 00:00:50,400 --> 00:00:53,680 Speaker 1: back around US ninety eight thousand. The Aussie dollar heads 17 00:00:53,720 --> 00:00:56,520 Speaker 1: into the weekend buying sixty four point three US cents. 18 00:00:57,480 --> 00:01:00,840 Speaker 1: Story number two. Prime Minister Anthony Albernizi he has condemned 19 00:01:00,880 --> 00:01:04,680 Speaker 1: the suspected fire bombing of a Melbourne Synagogue, saying Australia 20 00:01:04,720 --> 00:01:07,640 Speaker 1: has zero tolerance for anti Semitism and it has no 21 00:01:07,760 --> 00:01:10,720 Speaker 1: place in this country. Police in Melbourne say the fire 22 00:01:10,760 --> 00:01:13,800 Speaker 1: at the Adas Israel Synagogue, which had been built by 23 00:01:13,800 --> 00:01:18,440 Speaker 1: Holocaust survivors, was deliberately lit. Accelerant was placed inside the 24 00:01:18,480 --> 00:01:21,880 Speaker 1: synagogue and fire ripped through the building soon after four 25 00:01:21,920 --> 00:01:25,199 Speaker 1: am this morning. Opposition leader Peter Dutton called the fire 26 00:01:25,200 --> 00:01:29,000 Speaker 1: bombing abhorrent, while Victorian Premier de Cina Allen said every 27 00:01:29,040 --> 00:01:32,360 Speaker 1: resource will be deployed to find those responsible. The incident 28 00:01:32,400 --> 00:01:34,520 Speaker 1: comes as Australia is embroiled in a debate in the 29 00:01:34,600 --> 00:01:38,440 Speaker 1: United Nations. Australia has angered Israel by changing its vote 30 00:01:38,440 --> 00:01:41,280 Speaker 1: to join one hundred and fifty six other countries to 31 00:01:41,319 --> 00:01:45,440 Speaker 1: support a United Nations resolution demanding Israel and its occupation 32 00:01:45,520 --> 00:01:47,880 Speaker 1: of the West Bank, and moved towards a two state 33 00:01:47,960 --> 00:01:51,200 Speaker 1: solution with Palestine that has split Australia with the Jewish 34 00:01:51,240 --> 00:01:54,920 Speaker 1: State and the United States. Story Number three Rare Earths 35 00:01:54,920 --> 00:01:57,920 Speaker 1: Group by Lucas share price fell nine percent after a 36 00:01:57,960 --> 00:02:00,920 Speaker 1: blowout in the cost of its new refinery in Western Australia. 37 00:02:01,280 --> 00:02:03,920 Speaker 1: ILUKA and the federal government have agreed to share the 38 00:02:03,920 --> 00:02:06,280 Speaker 1: cost of the blowouts, with the original cost of one 39 00:02:06,280 --> 00:02:09,440 Speaker 1: point two billion belonging to one point eight billion. The 40 00:02:09,480 --> 00:02:12,240 Speaker 1: Albanezy government has pledged a further four hundred million towards 41 00:02:12,280 --> 00:02:15,280 Speaker 1: the facility, which will be the first rare earth refinery 42 00:02:15,280 --> 00:02:17,600 Speaker 1: in the country. The facility is part of the government's 43 00:02:17,600 --> 00:02:21,239 Speaker 1: plan to break China's dominance in the process of critical minerals, 44 00:02:21,480 --> 00:02:24,480 Speaker 1: Iluka will stump another two hundred and fourteen million in 45 00:02:24,560 --> 00:02:27,080 Speaker 1: cash to cover each share of the rising costs, and 46 00:02:27,120 --> 00:02:29,720 Speaker 1: the fall in a Luca's share price pushed it to 47 00:02:29,840 --> 00:02:32,919 Speaker 1: a four year low this morning. Rare earths are used 48 00:02:32,919 --> 00:02:36,840 Speaker 1: to make industrial magnets inside cars, wind turbines and fighter jets. 49 00:02:37,480 --> 00:02:41,480 Speaker 1: Storing number four. West Farmers has reshuffled management, putting Kmart's 50 00:02:41,520 --> 00:02:44,760 Speaker 1: chief financial officer in charge of the discount chain and 51 00:02:44,880 --> 00:02:48,520 Speaker 1: elevating the current CEO, Ian Bailey, to run the fast 52 00:02:48,600 --> 00:02:53,160 Speaker 1: growing Anco Global Empire. Alexandra Sposeeska, at forty one years 53 00:02:53,200 --> 00:02:56,560 Speaker 1: of age, will become West Farmer's youngest divisional boss and 54 00:02:56,639 --> 00:03:00,400 Speaker 1: run kymart. Anko was established as Kamart's own brand in 55 00:03:00,440 --> 00:03:04,560 Speaker 1: twenty nineteen and now sells more than one billion items 56 00:03:04,800 --> 00:03:08,120 Speaker 1: from linen to fashion and toys in Australia each year. 57 00:03:08,440 --> 00:03:11,359 Speaker 1: Last year, it signed with the Canadian department store Hudson's 58 00:03:11,400 --> 00:03:14,320 Speaker 1: Bay and made a deal with Mattel's Fisher Price brand 59 00:03:14,360 --> 00:03:17,600 Speaker 1: to roll out wooden toys across one thousand Walmart stores 60 00:03:17,600 --> 00:03:21,200 Speaker 1: in the US. Anko now contributes about eighty five percent 61 00:03:21,240 --> 00:03:23,959 Speaker 1: of sales at Kmart, which is significant reason why the 62 00:03:24,000 --> 00:03:27,720 Speaker 1: discount retailer is now contributing more to the West Farmer's business, 63 00:03:27,840 --> 00:03:31,640 Speaker 1: which includes Bunning's office works and industrial assets. West Farmer's 64 00:03:31,680 --> 00:03:35,000 Speaker 1: share price was slightly lower today. Story number five. A 65 00:03:35,120 --> 00:03:38,600 Speaker 1: magnitude seven earthquake hit off the northern California coast early 66 00:03:38,680 --> 00:03:42,040 Speaker 1: this morning Australian time, prompting at tsunami warning that was 67 00:03:42,080 --> 00:03:44,720 Speaker 1: later canceled for a large stretch of the California and 68 00:03:44,840 --> 00:03:48,880 Speaker 1: Oregon coasts. Some four point seven million residents of California 69 00:03:48,920 --> 00:03:51,600 Speaker 1: and Oregon had been under the tsunami warning before it 70 00:03:51,640 --> 00:03:54,720 Speaker 1: was canceled. The National Weather Service said the quake, which 71 00:03:54,800 --> 00:03:57,760 Speaker 1: hit at a shallow depth of ten kilometers, was centered 72 00:03:57,760 --> 00:04:00,600 Speaker 1: about sixty three kilometers west of the town of Ferndale, 73 00:04:00,640 --> 00:04:03,880 Speaker 1: which is a sparsely populated portion of the northern California coast. 74 00:04:04,200 --> 00:04:07,480 Speaker 1: That's according to Reuter's. The City of Berkeley Police Department 75 00:04:07,520 --> 00:04:10,400 Speaker 1: had issued an evacuation order for parts of the city 76 00:04:10,440 --> 00:04:13,480 Speaker 1: on the San Francisco Bay due to a tsunami coming 77 00:04:13,520 --> 00:04:16,200 Speaker 1: to the West Berkeley area, according to an alert scent 78 00:04:16,240 --> 00:04:19,160 Speaker 1: to residents. That's it for the afternoon report for Friday, 79 00:04:19,240 --> 00:04:21,600 Speaker 1: the sixth of December twenty twenty four. Make sure you 80 00:04:21,720 --> 00:04:24,040 Speaker 1: hit follow on the podcast. We'll be back tomorrow morning 81 00:04:24,080 --> 00:04:26,320 Speaker 1: with the weekend edition of the fast Fire Business News 82 00:04:26,320 --> 00:04:29,200 Speaker 1: by Fear and Greed. I'm Adam lang. Enjoy your evening.