1 00:00:03,560 --> 00:00:06,280 Speaker 1: Welcome to the Fear and Green Business News Afternoon Report 2 00:00:06,360 --> 00:00:10,200 Speaker 1: for Tuesday, the third of December twenty twenty four. Every afternoon, 3 00:00:10,200 --> 00:00:11,959 Speaker 1: we've got the five stories have happened today that you 4 00:00:12,039 --> 00:00:12,719 Speaker 1: need to know about. 5 00:00:12,960 --> 00:00:15,440 Speaker 2: Straight number one, there's in PASEX two one hundred pushed 6 00:00:15,480 --> 00:00:18,640 Speaker 2: above eighty five hundred points for the first time today 7 00:00:18,920 --> 00:00:21,400 Speaker 2: before dipping in the final few minutes to finish up 8 00:00:21,640 --> 00:00:25,040 Speaker 2: more than half percent to eighty four hundred and ninety 9 00:00:25,079 --> 00:00:25,680 Speaker 2: five points. 10 00:00:25,760 --> 00:00:28,920 Speaker 1: That was a record close. Promedicus led the way among 11 00:00:28,920 --> 00:00:31,360 Speaker 1: the large caps, rising more than three percent, while four 12 00:00:31,400 --> 00:00:35,320 Speaker 1: to Skew Metals Group, ria Qbe, Brambles and Aristocrat Leisure 13 00:00:35,560 --> 00:00:38,160 Speaker 1: all rois around two percent. Worst of the large caps 14 00:00:38,200 --> 00:00:42,280 Speaker 1: were Wistech Global and Woolworths. Star Entertainment expects to receive 15 00:00:42,440 --> 00:00:44,920 Speaker 1: the first one hundred million dollars but two hundred million 16 00:00:44,960 --> 00:00:48,080 Speaker 1: dollar debt facility next week after the casino group met 17 00:00:48,080 --> 00:00:52,160 Speaker 1: preordained conditions that sent its share price up nine percent today, 18 00:00:52,200 --> 00:00:54,280 Speaker 1: the best of the top two hundred Insurance break a 19 00:00:54,280 --> 00:00:57,560 Speaker 1: Steadfast Group's share price rows three percent after an internal 20 00:00:57,600 --> 00:01:01,240 Speaker 1: review found no evidence of being proper incentives or compliance manipulation. 21 00:01:01,720 --> 00:01:04,679 Speaker 1: A couple of smaller super funds, Telstra Super and Equipped 22 00:01:04,720 --> 00:01:07,760 Speaker 1: Super will merge to create a fund with sixty billion 23 00:01:07,800 --> 00:01:10,400 Speaker 1: dollars under management and two hundred and twenty five thousand 24 00:01:10,440 --> 00:01:13,240 Speaker 1: members and Metcash's share price jumps seven and a half 25 00:01:13,240 --> 00:01:17,880 Speaker 1: percent after investment analysts upgraded stock following yesterday's half year earnings. 26 00:01:18,240 --> 00:01:21,880 Speaker 1: Story number two Australia's trade surplus fell to its lowest 27 00:01:21,959 --> 00:01:24,840 Speaker 1: level in six years during the September quarter. Drops in 28 00:01:24,880 --> 00:01:28,240 Speaker 1: export prices, particularly of iron ore and coal, are to blame. 29 00:01:28,520 --> 00:01:31,360 Speaker 1: Now the current account balance, which includes the trade trade 30 00:01:31,360 --> 00:01:34,440 Speaker 1: balance plus payments made to local and foreign investors think 31 00:01:34,480 --> 00:01:38,440 Speaker 1: dividends plus other transfers like foreign aid, came in as 32 00:01:38,480 --> 00:01:41,880 Speaker 1: a deficit of fourteen point one billion dollars, higher than expected. 33 00:01:42,120 --> 00:01:44,800 Speaker 1: What it means is that net exports, which is part 34 00:01:45,000 --> 00:01:48,800 Speaker 1: of economic growth, won't add as much to the September 35 00:01:48,920 --> 00:01:53,520 Speaker 1: quarter GDP as expected. Now September quarter GDP is due 36 00:01:53,560 --> 00:01:57,320 Speaker 1: for release at eleven thirty tomorrow morning. Story number three. 37 00:01:57,400 --> 00:02:00,600 Speaker 1: Law firms are going into non legal advice, picking up 38 00:02:00,640 --> 00:02:04,120 Speaker 1: partners from the big four consultancy firms as they push 39 00:02:04,240 --> 00:02:09,440 Speaker 1: beyond their traditional service lines. Mitter Ellison now earns about 40 00:02:09,440 --> 00:02:12,960 Speaker 1: ten percent of its fees as from consulting. According to 41 00:02:12,960 --> 00:02:16,119 Speaker 1: the Financial Review, the trend is for clients to look 42 00:02:16,120 --> 00:02:19,440 Speaker 1: at legal firms to provide consultancy work as they shy 43 00:02:19,520 --> 00:02:22,160 Speaker 1: away from the Big four. We're talking about Deloitte, Ey, 44 00:02:22,320 --> 00:02:27,720 Speaker 1: KPMG and PwC. Other law firms now offeringallting style services 45 00:02:27,960 --> 00:02:32,400 Speaker 1: include Ashurst, Clayton, Newts and King and Wood Mallisons. Story 46 00:02:32,480 --> 00:02:35,200 Speaker 1: number four. Collins Foods, better known to most of us 47 00:02:35,240 --> 00:02:38,399 Speaker 1: as the licensee of a bunch of KFC stores in Australia, 48 00:02:38,560 --> 00:02:42,520 Speaker 1: today warned about downbeat consumer spending and a squeeze in 49 00:02:42,520 --> 00:02:45,600 Speaker 1: its profit margins. Two hundred and eighty five of the 50 00:02:45,680 --> 00:02:48,760 Speaker 1: seven hundred and fifty KFC outlets in Australia are owned 51 00:02:48,880 --> 00:02:52,520 Speaker 1: by Colin's Foods. It also has seventy four KFC stores 52 00:02:52,560 --> 00:02:55,640 Speaker 1: in the Netherlands and Germany, as well as twenty seven 53 00:02:55,720 --> 00:02:59,520 Speaker 1: Taco Bell stores here in Australia. Now, it's net profit 54 00:03:00,080 --> 00:03:03,040 Speaker 1: film more than fifty percent, and it cut its half 55 00:03:03,160 --> 00:03:06,720 Speaker 1: year dividend same store sales in six months in Australia 56 00:03:06,760 --> 00:03:09,960 Speaker 1: to thirty October word flat. In Europe, they were down. 57 00:03:10,360 --> 00:03:13,040 Speaker 1: Not a good day for the fast food group. That 58 00:03:13,160 --> 00:03:16,400 Speaker 1: whole market is becoming much more competitive. We've got goosman 59 00:03:16,480 --> 00:03:20,200 Speaker 1: E Gomez nowadays, plus a bunch of Korean style fried 60 00:03:20,320 --> 00:03:24,440 Speaker 1: chicken groups. That's alongside McDonald's, Subbay, Domino's, Petezhart, et cetera, 61 00:03:24,520 --> 00:03:27,360 Speaker 1: et cetera. Collins Food share price ended down three percent 62 00:03:27,440 --> 00:03:30,080 Speaker 1: today and story at number five. The boss of Intel, 63 00:03:30,160 --> 00:03:32,919 Speaker 1: the one time leader in chip making, has been forced 64 00:03:32,960 --> 00:03:36,160 Speaker 1: out by the group's board, while Samsung has teamed with 65 00:03:36,280 --> 00:03:40,280 Speaker 1: Jeff Bezos, the Amazon founder, to invest in a Nvidia rival. 66 00:03:40,920 --> 00:03:44,480 Speaker 1: Starting with Intel, it was really left behind by Nvidia. 67 00:03:44,640 --> 00:03:46,839 Speaker 1: It used to be the bigger company. Now Intel's worth 68 00:03:46,960 --> 00:03:51,200 Speaker 1: about one hundred billion US dollars, in Vidia's worth three 69 00:03:51,280 --> 00:03:56,680 Speaker 1: point four trillion US dollars. Intel's boss, Pat Gelsinger took 70 00:03:56,720 --> 00:03:58,760 Speaker 1: the top job three years ago and vowed to restore 71 00:03:58,800 --> 00:04:02,440 Speaker 1: its pre eminence. Hasn't happened. The AI boom has largely 72 00:04:02,560 --> 00:04:05,280 Speaker 1: passed into a buy. Its share prices tumbled as a result. 73 00:04:06,000 --> 00:04:09,000 Speaker 1: On that Amazon Bezos steel They're both invested in a 74 00:04:09,080 --> 00:04:12,920 Speaker 1: company called Ten's Torrent. It hopes to take on end Video. 75 00:04:13,040 --> 00:04:16,080 Speaker 1: It wants to release a chip, new chip every two years. 76 00:04:16,200 --> 00:04:19,080 Speaker 1: By comparison and video reckons it will release a new 77 00:04:19,200 --> 00:04:22,400 Speaker 1: chip every year. For all the hype around AI, only 78 00:04:22,520 --> 00:04:25,520 Speaker 1: one company and video, has really made a serious amount 79 00:04:25,560 --> 00:04:28,240 Speaker 1: of money from it, so tens Torrent is an effort 80 00:04:28,360 --> 00:04:31,560 Speaker 1: to redress that. As if the afternoon Report for Tuesday, 81 00:04:31,600 --> 00:04:33,960 Speaker 1: the third of December twenty twenty four, Michael Thompson and 82 00:04:34,040 --> 00:04:36,440 Speaker 1: I will back to orow morning with the Wednesday edition 83 00:04:36,520 --> 00:04:39,600 Speaker 1: of Fear and Greed Business News. I'm Sean Elma. Enjoy 84 00:04:39,640 --> 00:04:40,040 Speaker 1: your evening.