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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the fifteenth of August twenty twenty four. I'm

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Speaker 1: suan Alma. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Storing Number one,

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Speaker 1: the SMPA six two hundred closed up zero point two

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Speaker 1: percent today to seven eight hundred and sixty six points.

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Speaker 1: Among the large caps that weren't reporting, the big miners

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Speaker 1: were lower on the back of weekn The iron ore

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Speaker 1: prices Aria and Santos also underperformed, West Pakanain and Zed

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Speaker 1: that the big banks high, while West Farmers was another

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Speaker 1: strong performer. Investment group Magellan's share price surged eight percent

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Speaker 1: after it increased its profit and said it had taken

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Speaker 1: a stake in fund manager Vinva. Mining Contractor NRW holding

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Speaker 1: share price jump nine percent after it announced a nineteen

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Speaker 1: percent increase in profit last financial year and lifted its

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Speaker 1: dividend shares, and agri business New farm tumbled ten percent

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Speaker 1: after downgrading its earnings outlook due to reduced confidence that

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Speaker 1: the industry environment will improve the remainder of this year,

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Speaker 1: and the West Australian lithium producer Pilbur Minerals has made

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Speaker 1: a five hundred and sixty million dollar takeover bid for

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Speaker 1: Latin Resources and its projects in South America. Pilbrig's share

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Speaker 1: price for five percent straight Number two. Penfolds own a

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Speaker 1: troushy wine estates, today announced a sharp for the earnings

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Speaker 1: after writing off the value of some of its cheaper

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Speaker 1: wine brands, but it did increase its final dividend. Treasury

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Speaker 1: had already announced the decision to offload a bunch of brands,

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Speaker 1: including Wolfblasts, Yellow Glenn, and Lindeman's to concentrate on the

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Speaker 1: higher end of wine making. The group will combine its

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Speaker 1: Treasury Premium Brands business with its Treasury America's Premium Brands

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Speaker 1: portfolio next year, creating a division including nine en Crimes,

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Speaker 1: Mature Squealing, pig Wins, and Pepperjack. Penfolds will remain as

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Speaker 1: a separate division. About seventy five percent of the company's

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Speaker 1: overall profit comes from the Penfolds business and a luxury

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Speaker 1: wine portfolio in the United States. The bottom line was

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Speaker 1: a sixty one percent drop in profit to ninety nine

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Speaker 1: million dollars thanks to that big impairment that was worth

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Speaker 1: about three hundred and eighteen million dollars. The impairment to treasury.

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Speaker 1: Share price ended one point four percent higher today. Story

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Speaker 1: number three Origin Energy share price tumbled nearly ten percent

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Speaker 1: today despite a thirty percent rise in profit, after the

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Speaker 1: result and the outlook for this financial year were weaker

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Speaker 1: than expected. Chief executive Frank Collabria flagged that profits in

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Speaker 1: energy markets, which includes generation, retail and trading, would slide

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Speaker 1: in the coming year, echoing a similar warning from AGL

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Speaker 1: Energy yesterday. Origins profit for the twenty twenty four financial

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Speaker 1: year jump thirty two percent, to be exact, to one

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Speaker 1: point four billion, on the back of much higher earnings

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Speaker 1: in the energy generation and retailing businesses. The stock closed

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Speaker 1: at nine dollars sixty today, which is still above the

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Speaker 1: nine thirty nine offered by brook Field and EG in

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Speaker 1: a twenty billion dollar takeover bid rejected late last year.

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Speaker 1: Story number four Hearing implanted group Cocklear posted a nineteen

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Speaker 1: percent jump in profits for the last financial year, but

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Speaker 1: the result was considered a miss and its share price

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Speaker 1: tumbled seven percent. The group said it expected implant trading

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Speaker 1: conditions to remain strong, with improving post rates in developed countries.

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Speaker 1: Chief executive dig how It told The Australian that digital

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Speaker 1: savvy seniors and an expanding body of research on the

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Speaker 1: benefits of hearing to cognition underpin Cockle's long term growth trajectory.

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Speaker 1: He said hearing loss is undertreated and there's enormous potential

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Speaker 1: for cochlear implants to change people's lives through better hearing,

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Speaker 1: particularly for adults and seniors. His strategies to raise awareness,

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Speaker 1: having people referred, and making sure health systems have capacity

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Speaker 1: and funding to meet demand. And finally, story number five.

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Speaker 1: Iron ore prices have dropped to a twenty one month low,

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Speaker 1: as figures show that China's steel production in July fell

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Speaker 1: nine percent month a month, Singapore iron ore futures hit

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Speaker 1: as low as ninety three dollars seventy US a ton.

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Speaker 1: It comes after the chairman of bao Wu Steel Group

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Speaker 1: born that China's steel industry faces the crisis worse than

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Speaker 1: the downturns of two thousand and eight and twenty fifteen.

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Speaker 1: Boo Wu is the world's biggest steel maker, needs lots

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Speaker 1: of iron ore, which we produce. It is isn't much

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Speaker 1: better in the rest of the world's second largest economies.

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Speaker 1: Figures released today show that sluggish confidence is weighing on

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Speaker 1: consumption and investment in China, putting the government's annual growth

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Speaker 1: target at risk. In contrast, there was good news out

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Speaker 1: of Japan today. The world's third largest economy and an

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Speaker 1: important training partner of Australia, Japan's economy rebounded to growth

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Speaker 1: in the second quarter in the back of an increase

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Speaker 1: in private consumption. GDP expanded at an annualized pace of

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Speaker 1: three point one percent in the three months through June.

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Speaker 1: That's it for the Afternoon Report for Thursday, the fifteenth

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Speaker 1: of August twenty twenty four. Michael Thompson and I will

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Speaker 1: be back tomorrow morning with the Friday edition of Fear

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Speaker 1: and Greed Business News. I'm sure I Alma enjoy evening.