1 00:00:03,640 --> 00:00:06,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:09,280 Speaker 1: for Thursday, the thirteenth of November. I'm Michael Thompson, and 3 00:00:09,360 --> 00:00:12,000 Speaker 1: every afternoon we have the five big stories that you 4 00:00:12,039 --> 00:00:14,400 Speaker 1: need to know about. Today, let's get cracking with story 5 00:00:14,480 --> 00:00:16,640 Speaker 1: number one. The S and PA is Sex two hundred 6 00:00:16,720 --> 00:00:20,000 Speaker 1: fell zero point five percent today to eighty seven hundred 7 00:00:20,000 --> 00:00:23,040 Speaker 1: and fifty three points. It wasn't going too badly until 8 00:00:23,079 --> 00:00:26,040 Speaker 1: the labor force figures were published late this morning. Australia 9 00:00:26,079 --> 00:00:29,640 Speaker 1: added forty two thousand, two hundred jobs last month, taking 10 00:00:29,680 --> 00:00:32,920 Speaker 1: the unemployment rate down to four point three percent it 11 00:00:33,000 --> 00:00:37,159 Speaker 1: was previously four point five percent. Further dowsing hopes of 12 00:00:37,200 --> 00:00:39,440 Speaker 1: an interest rate cut next year at the ASEX two 13 00:00:39,560 --> 00:00:43,000 Speaker 1: hundred tumbled as much as one percent on the back 14 00:00:43,040 --> 00:00:45,040 Speaker 1: of the data, before gaining a bit of ground through 15 00:00:45,040 --> 00:00:47,120 Speaker 1: the rest of the day to close half a percent down. 16 00:00:47,560 --> 00:00:50,839 Speaker 1: The worst performance today were the Techdocs Cloud of Counting 17 00:00:50,880 --> 00:00:54,840 Speaker 1: Group zero dropped nine percent after its operating expenses ratio 18 00:00:54,960 --> 00:00:58,520 Speaker 1: came in above expectations. Next DC was down four percent, 19 00:00:58,680 --> 00:01:01,840 Speaker 1: Wisetech Global off my two percent. Taking a look at 20 00:01:01,880 --> 00:01:04,520 Speaker 1: the banks, A and Z went ex dividend today, so 21 00:01:04,560 --> 00:01:07,280 Speaker 1: if you own shares before that point you get the dividend. 22 00:01:07,319 --> 00:01:09,759 Speaker 1: Afterwards you don't. As a result, it was down almost 23 00:01:09,760 --> 00:01:13,560 Speaker 1: five percent today. NAB and Westpac both fell around one percent, 24 00:01:13,600 --> 00:01:17,200 Speaker 1: but Commonwealth Bank bucked the trend, climbing one point one 25 00:01:17,240 --> 00:01:20,520 Speaker 1: percent after some big sell offs in recent days. Another 26 00:01:20,560 --> 00:01:22,839 Speaker 1: good day for the gold miners, the gold price around 27 00:01:22,920 --> 00:01:25,800 Speaker 1: forty two one hundred US dollars an ounce. Neumont was 28 00:01:25,880 --> 00:01:29,200 Speaker 1: up nearly four percent. The worst performer though today was 29 00:01:29,319 --> 00:01:31,000 Speaker 1: Drone Shield, which has been a bit of a share 30 00:01:31,040 --> 00:01:34,279 Speaker 1: market darling this year. Not anymore, it seems. The defense 31 00:01:34,360 --> 00:01:37,560 Speaker 1: tech company plummeted thirty one and a half percent today 32 00:01:37,600 --> 00:01:42,320 Speaker 1: after chief executive Oleg Vaornik sold nearly fifteen million shares 33 00:01:42,440 --> 00:01:46,680 Speaker 1: valued at around fifty million dollars. On to story number two, 34 00:01:46,800 --> 00:01:50,520 Speaker 1: and the Liberal Party has formally agreed to abandon its 35 00:01:50,520 --> 00:01:53,680 Speaker 1: commitment to net zero emissions by twenty fifty, confirming a 36 00:01:53,840 --> 00:01:57,240 Speaker 1: major shift in climate policy. The Liberal Party room had 37 00:01:57,280 --> 00:02:00,600 Speaker 1: flagged this yesterday, we spoke about that on the Small Show, 38 00:02:00,960 --> 00:02:04,520 Speaker 1: and today a meeting of shadow ministers confirmed it. The 39 00:02:04,560 --> 00:02:09,800 Speaker 1: party also resolved to repeal Labour's twenty thirty emissions reduction legislation, 40 00:02:10,200 --> 00:02:12,880 Speaker 1: but said it would remain part of the Paris Agreement 41 00:02:13,000 --> 00:02:18,040 Speaker 1: and set five year interim targets once they were elected 42 00:02:18,040 --> 00:02:21,560 Speaker 1: to government. Oppositionally to Susan Lee said that omissions would 43 00:02:21,560 --> 00:02:24,320 Speaker 1: be reduced and I quote as fast and as far 44 00:02:24,440 --> 00:02:29,919 Speaker 1: as technologies allow without imposing mandatory costs. National's leader David 45 00:02:29,919 --> 00:02:33,760 Speaker 1: Little Proud praised the move as leadership, saying it aligned 46 00:02:33,800 --> 00:02:38,000 Speaker 1: closely with the National's position to prioritize energy affordability. The 47 00:02:38,040 --> 00:02:41,359 Speaker 1: two coalition parties will now meet on Sunday to finalize 48 00:02:41,360 --> 00:02:45,120 Speaker 1: their joint policy. Story number three bit of corporate news 49 00:02:45,160 --> 00:02:48,960 Speaker 1: around today, Guzmani Gomez said it had maintained its earnings 50 00:02:49,000 --> 00:02:52,560 Speaker 1: guidance and expects strong sales growth this financial year through 51 00:02:52,600 --> 00:02:58,160 Speaker 1: menu innovation, operational excellence, marketing and digital initiatives. Goosman's share 52 00:02:58,200 --> 00:03:01,520 Speaker 1: price fell almost two percent today. It's down forty percent 53 00:03:01,720 --> 00:03:05,120 Speaker 1: over the past year. Grain Corp tumbled almost eleven percent 54 00:03:05,120 --> 00:03:07,600 Speaker 1: today after reporting a thirty five percent drop in net 55 00:03:07,600 --> 00:03:11,400 Speaker 1: profit for the twenty twenty five fiscal year. Softer international 56 00:03:11,440 --> 00:03:16,320 Speaker 1: grain margins are offsetting some strong local volumes. Ourica rallied 57 00:03:16,320 --> 00:03:19,200 Speaker 1: two and a half percent after posting its strongest earnings 58 00:03:19,200 --> 00:03:22,400 Speaker 1: in thirteen years, with full year net profit up thirty 59 00:03:22,400 --> 00:03:26,320 Speaker 1: two percent. Webjet Group fell more than seventeen percent after 60 00:03:26,400 --> 00:03:29,720 Speaker 1: downgrading its full year profit outlook, and the A Triple 61 00:03:29,760 --> 00:03:34,440 Speaker 1: C has provided informal clearance for the proposed merger between 62 00:03:34,520 --> 00:03:38,280 Speaker 1: Southern Cross Media and Seven West Media. Story number four. 63 00:03:38,400 --> 00:03:42,160 Speaker 1: Rio Tinto has dumped a twenty one year old ambition 64 00:03:42,360 --> 00:03:46,040 Speaker 1: to develop a lithium mine in Serbia, with the da 65 00:03:46,080 --> 00:03:49,560 Speaker 1: project falling victim to the miner's cost cutting program that's 66 00:03:49,600 --> 00:03:53,040 Speaker 1: already cut hundreds of jobs from Rio's Australian iron ore division. 67 00:03:53,400 --> 00:03:57,160 Speaker 1: The lithium and borates deposit in the Dar Valley was 68 00:03:57,160 --> 00:04:01,160 Speaker 1: discovered by Rio in two thousand and four. In twenty 69 00:04:01,200 --> 00:04:04,400 Speaker 1: twenty one, the company promised to spend two point four 70 00:04:04,440 --> 00:04:08,440 Speaker 1: billion US dollars building Europe's biggest lithium mind if all 71 00:04:08,480 --> 00:04:13,400 Speaker 1: permits were forthcoming from the Serbian government, but Rio temporarily 72 00:04:13,440 --> 00:04:16,320 Speaker 1: lost its license for the project between January twenty twenty 73 00:04:16,400 --> 00:04:20,280 Speaker 1: two and July twenty twenty four continues to battle community 74 00:04:20,279 --> 00:04:24,120 Speaker 1: opposition and political uncertainty towards the project. This is according 75 00:04:24,120 --> 00:04:28,360 Speaker 1: to the Financial Review. Also, Rio has spent what is 76 00:04:28,400 --> 00:04:32,160 Speaker 1: it more than ten billion dollars buying arcadium Lithium's established 77 00:04:32,160 --> 00:04:35,680 Speaker 1: and revenue generating business earlier this year, as well as 78 00:04:35,680 --> 00:04:39,760 Speaker 1: some earlier stage Chilean lithium assets. The big challenge here 79 00:04:39,839 --> 00:04:43,920 Speaker 1: is the competition for capital is rising within Rio's lithium division. 80 00:04:44,360 --> 00:04:47,160 Speaker 1: As a result, YadA has been put onto the back burner. 81 00:04:47,880 --> 00:04:51,839 Speaker 1: Last one story number five. Newly released emails suggest Donald 82 00:04:51,880 --> 00:04:56,200 Speaker 1: Trump knew about the conduct of convicted sex offender Jeffrey Epstein. 83 00:04:56,279 --> 00:04:59,200 Speaker 1: The messages made public by Democrats on the House Oversight 84 00:04:59,200 --> 00:05:03,000 Speaker 1: Committee include one in which Epstein allegedly said, of course 85 00:05:03,480 --> 00:05:07,040 Speaker 1: Trump knew about the girls, and another claiming that Trump 86 00:05:07,120 --> 00:05:11,080 Speaker 1: spent hours with a victim at Epstein's home. The emails 87 00:05:11,120 --> 00:05:13,320 Speaker 1: have renewed pressure on the White House to release the 88 00:05:13,360 --> 00:05:18,880 Speaker 1: full Epstein files. Republicans responded by releasing twenty three thousand 89 00:05:18,920 --> 00:05:22,280 Speaker 1: of their own documents, accusing the Democrats of cherry picking 90 00:05:22,320 --> 00:05:26,320 Speaker 1: the material. For his part, Trump dismissed the reports as 91 00:05:26,320 --> 00:05:29,880 Speaker 1: a hoax on truth social saying Democrats were trying to 92 00:05:29,960 --> 00:05:33,680 Speaker 1: distract from the government's shutdown. Speaking of the government shutdown, 93 00:05:33,760 --> 00:05:37,160 Speaker 1: legislation to end it was passed today by Congress. The 94 00:05:37,200 --> 00:05:39,679 Speaker 1: final stage now in the process is for Donald Trump 95 00:05:39,720 --> 00:05:42,480 Speaker 1: to sign the bill. That's it for the Afternoon Report 96 00:05:42,480 --> 00:05:45,160 Speaker 1: for Thursday, the thirteenth of November. Make sure you hit 97 00:05:45,200 --> 00:05:47,560 Speaker 1: follow on the podcast and head along to Fear and 98 00:05:47,680 --> 00:05:50,320 Speaker 1: Greed dot com dot au or click the link in 99 00:05:50,360 --> 00:05:52,599 Speaker 1: the show notes to sign up for our free daily 100 00:05:52,640 --> 00:05:55,680 Speaker 1: newsletter in your inbox by six am every weekday. Great 101 00:05:55,760 --> 00:05:58,200 Speaker 1: cheat sheet to help you get ahead. I'm Michael Thompson. 102 00:05:58,440 --> 00:05:59,279 Speaker 1: Enjoy your evening.