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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Wednesday,

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Speaker 1: the nineteenth of February twenty twenty five. I'm sure in

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Speaker 1: Alma every afternoon we've got the five stories that happened

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Speaker 1: today that you need to know about. Stroe number one.

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Speaker 1: The S and p ASX two hundred finished down zero

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Speaker 1: point seven percent to eighty four hundred and nineteen points.

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Speaker 1: It's all about profits at the moment. In terms of

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Speaker 1: sectors today, energy and financials did worst, while utilities and

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Speaker 1: telco's did best. In corporate news, James Hardy's shares rose

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Speaker 1: three percent after earnings came in slightly ahead of consensus

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Speaker 1: despite at a client in Quarterly profit profit was down

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Speaker 1: nine percent, owing to drop in volumes in a very

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Speaker 1: tough market, particularly in the US. Santas pasted a fourteen

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Speaker 1: percent drop in full year profit and lower oil and

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Speaker 1: gas prices, but has reassured the market about the on

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Speaker 1: time startup of key new production projects here and in

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Speaker 1: North America. Net profit fell to one point two two

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Speaker 1: billion US dollars. That's pretty close to two billion OSSIE

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Speaker 1: in the year ending December thirty one. Santos also declared

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Speaker 1: a lower final dividend and its share price fell for

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Speaker 1: and a half percent. Sorry Number two, there were a

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Speaker 1: bunch of smaller companies reporting. Corporate Travel Management jump ten

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Speaker 1: percent despite the company's first half profit dropping by a

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Speaker 1: third owing to issues with its European divisions travel booking

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Speaker 1: and accommodation business. The Lottery Corporation jumped three percent after

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Speaker 1: the company retained its dividend and said performance had been

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Speaker 1: resilient despite falling earnings and revenue. And Australia's largest waste

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Speaker 1: management group, clean Away, dropped one percent after the company's

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Speaker 1: cash position missed expectations. Straight Number three. The biggest market

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Speaker 1: mover today was Mineral Resources. It had a shocker, with

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Speaker 1: its share price tumbling twenty one percent after it said

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Speaker 1: it needs an additional three hundred million dollars to upgrade

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Speaker 1: the road to its new Onslow iron ore project in

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Speaker 1: Western Australia. Now, Onslow is a great hope for mineral resources,

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Speaker 1: but it's costing a lot of money. The raiding question

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Speaker 1: has been the site of five truck crashes since August.

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Speaker 1: Now we're talking about triple trailer road trains carrying three

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Speaker 1: hundred and thirty tons of iron or along the one

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Speaker 1: hundred and forty seven kilometers piece of Tar five crashes

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Speaker 1: quite a bit. The company lost eight hundred million dollars

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Speaker 1: for the six months to the end of December and

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Speaker 1: cut its interim dividend. Falling commodity prices, trenchial weather, and

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Speaker 1: uncertainty over its leadership has really hit that group. Story

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Speaker 1: number four. Wages growth has weakened to its slowest pace

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Speaker 1: since the middle of twenty twenty two, providing support for

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Speaker 1: the Reserve Bank's decision to cut interest rates on Tuesday,

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Speaker 1: although wager urnals might not be quite as happy. For

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Speaker 1: the December quarter, wages grew by zero point six five

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Speaker 1: percent three point two percent for the year. That's actually

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Speaker 1: underneath the Reserve Bank's forecast if you include bonuses stuff

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Speaker 1: like that, wages for up three point four percent. They've

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Speaker 1: decreased quickly since their peak. Maybe the employment market just

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Speaker 1: that isn't quite so red hot. The decision on Tuesday

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Speaker 1: to cut rates by the Reserve Bank included commentary about

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Speaker 1: the Central Bank being worried about wage's growth pushing up inflation.

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Speaker 1: The figures yesterday suggest that's not a major concern. Tomorrow

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Speaker 1: we'll find out January's unemployment right and storing number five.

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Speaker 1: President Donald Trump said he's likely to impose taris on cars,

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Speaker 1: semiconducted chips, and pharmaceutical imports of about twenty five percent,

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Speaker 1: an announcement coming as soon as early April. The new duties,

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Speaker 1: if implemented, would widen the president's trade war. Mister Trump

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Speaker 1: previously announced twenty five per cent tariffs on steel and

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Speaker 1: aluminium that are set to take effect in March, but

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Speaker 1: the new comments are his most detailed yet in specifying

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Speaker 1: other sectors that could be hit with these protectionist barriers.

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Speaker 1: Australia sells pharmaceutical drugs into the US, they would certainly

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Speaker 1: be effected. That's it for the afternoon report for Wednesday,

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Speaker 1: the nineteenth February twenty twenty five. Make sure you hit

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Speaker 1: follow on the podcast. We will be back to orow

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Speaker 1: morning with Thursday edition I Fear and Greed Business News.

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Speaker 1: I'm sure Elma enjoy your evening