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

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Speaker 1: for Wednesday, the twenty second of May twenty twenty four.

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Speaker 1: I'm Sean Aylmer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. Story

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Speaker 1: numer one, The market jumped on opening today, came very

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Speaker 1: close to a new record, and then fell back during

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Speaker 1: the afternoon to close flat. Or to be exact, the

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Speaker 1: SMPAA six two hundred ended down three point six points

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Speaker 1: to seven eight hundred and forty eight points. The telcos

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Speaker 1: did poorly. Telstra closed down four percent, as did consumer

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Speaker 1: discretionary stocks. Utilities were among the worst performers among large caps.

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Speaker 1: Toll Road Group Transurban was about the best performer, up

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Speaker 1: two point four percent, while A and Z to FOURY, s,

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Speaker 1: QW Metals Group, Macquarie, rear Tinto, Weistech Global, and QBE

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Speaker 1: all rose more than one percent. Where's Farmers was down

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Speaker 1: one point six percent or Commonwealth Bank, Woodside and Aristocrat

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Speaker 1: Leisure were also lower. Story number two. Authorities were investigating

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Speaker 1: exactly what happened on a Singapore airline's flight last night,

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Speaker 1: which struck severe turbulence over the Irrawady Basin in Mienma.

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Speaker 1: Fifty six Australians were among the two hundred and eleven

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Speaker 1: passengers and eighteen crew aboard the Boeing Trip seven London

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Speaker 1: to Singapore flight. One passenger died from a heart attack,

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Speaker 1: while seventy others were injured, including eight Australians. The aircraft

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Speaker 1: was cruising at five hundred knots at a height of

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Speaker 1: thirty seven thousand feet when it encountered the turbulence. It

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Speaker 1: initially climbed quickly about four hundred feet, then dropped four

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Speaker 1: hundred feet. The plane then descended to six thousand feet

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Speaker 1: in about five minutes as it diverted to land in Bangkok.

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Speaker 1: Passengers reported being thrown into the air, hitting their heads

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Speaker 1: on lockers, that type of thing. Some of the visuals

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Speaker 1: are very disturbing. Storying Number three lend Leash chairman Michael

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Speaker 1: Ulmer has about to invest a pressure and will step

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Speaker 1: down at the company's shareholder meeting in November. Also set

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Speaker 1: to depart in November is non executive director Nikola Wakefield Evans.

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Speaker 1: The decision comes three days after Lenless's largest investor, where

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Speaker 1: called for the board to expedit. Mister Ulma's exit and

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Speaker 1: undertake renewal as lend Li's attempts to overhaul its poorly

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Speaker 1: performing global development business. Also in London, tonight, HP sixty

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Speaker 1: four point four billion dollar bid for Anglo American hits

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Speaker 1: its time frame in fact five pm London time deadline

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Speaker 1: under UK take Over Panel rules. It means it must

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Speaker 1: have announced a firm intention to make an offer for

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Speaker 1: Anglo or announced it doesn't intend to make an offer

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Speaker 1: at all by that time. It's about two am tomorrow morning.

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Speaker 1: Australian Eastern time. Story number four. Plenty of corporate news

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Speaker 1: around the place, Travel group webjets that it's considering splitting

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Speaker 1: its consumer and business facing businesses, setting its share price

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Speaker 1: up eight percent. Ingham's share price fell six percent off

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Speaker 1: but the discovery of bird Fluid and EG Farm in Victoria.

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Speaker 1: Shares in biotech Telix Pharmaceuticals jumped two and a half

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Speaker 1: per cent after it held its annual general meeting and

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Speaker 1: confirm plans to float Script on the Nasdaq index. Consumer

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Speaker 1: lender Plenty said net profit jumped thirty six percent for

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Speaker 1: the financial year to March thirty one, sending its share

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Speaker 1: price up three percent. Small cap drone Shell said a

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Speaker 1: US government customer had awarded it a repeat five point

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Speaker 1: seven million dollar contract for its counter drone systems. Its

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Speaker 1: share price jumped one percent. It's almost tripled in the

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Speaker 1: past six months. That company and na Oi Cotton's board

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Speaker 1: has advised shareholders to reject French agribusiness Louis Drefus's takeover

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Speaker 1: offer of sixty seven cents per share. The Louis Drefus

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Speaker 1: offer prices below the seventy cents per share offered by

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Speaker 1: rival bidder olum Agri, which is the Singaporean business and

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Speaker 1: story number five. Australia's largest car dealership, Eagers has warned

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Speaker 1: that June half profits will be down fifteen percent on

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Speaker 1: last year, sending its share price tumbling fourteen percent. A

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Speaker 1: slow down and consumer spending is hitting vehicle sales and

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Speaker 1: Eagers has ten percent of that market in Australia. Extra

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Speaker 1: supply of vehicles from overseas manufacturers had led to more

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Speaker 1: competitive conditions in this sector. Also, eagers joint venture in

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Speaker 1: Australia with Chinese electric vehicle call maker BYD is struggling

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Speaker 1: with lower than expected returns. While vehicle sales are up

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Speaker 1: until the end of last month, According to the Federal

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Speaker 1: Chamber of Awardo Motive Industries, margins are being squeezed. Sidney

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Speaker 1: Identity Nick Politis owns twenty seven percent of Eagles, and

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Speaker 1: after the share price fall today, wopped off about one

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Speaker 1: hundred and sixty million dollars from his stake. That's it

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Speaker 1: for the afternoon report for Wednesday, the twenty second of

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Speaker 1: May twenty twenty four. Michael Thompson and I will be

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Speaker 1: back tomorrow morning with a Thursday edition I Fear and

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Speaker 1: Greed Business News. I'm Sean Elmer. Enjoy your evening,