1
00:00:03,440 --> 00:00:06,280
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,320 --> 00:00:09,200
Speaker 1: for Tuesday, the twenty fourth of February twenty twenty six.

3
00:00:09,280 --> 00:00:11,639
Speaker 1: Oh Michael Thompson, and every afternoon, We've got the five

4
00:00:11,680 --> 00:00:13,720
Speaker 1: stories that happened today that you need to know about.

5
00:00:14,000 --> 00:00:15,360
Speaker 2: Let's go with story number one.

6
00:00:15,520 --> 00:00:17,880
Speaker 1: The S and PA s X two hundred close pretty

7
00:00:17,920 --> 00:00:21,320
Speaker 1: much flat today, down just four points to nine than

8
00:00:21,520 --> 00:00:25,000
Speaker 1: twenty two points, but the index did climb earlier in

9
00:00:25,040 --> 00:00:27,520
Speaker 1: the day and was at one point up half of

10
00:00:27,560 --> 00:00:31,000
Speaker 1: one percent, before losing pretty much all those gains. Five

11
00:00:31,080 --> 00:00:33,960
Speaker 1: of the eleven sectors were weaker in the end. Tech

12
00:00:34,000 --> 00:00:38,159
Speaker 1: stocks were hit hard after heavy selling on the Nasdaq overnight. Wise,

13
00:00:38,159 --> 00:00:41,600
Speaker 1: Tech Global was down three point seven percent. Zero fell

14
00:00:41,680 --> 00:00:44,600
Speaker 1: four point six percent. Technology One was off nearly four percent.

15
00:00:45,080 --> 00:00:48,600
Speaker 1: It is a very familiar story now. Investors are worried

16
00:00:48,720 --> 00:00:52,320
Speaker 1: about the longer term impact of artificial intelligence on the

17
00:00:52,479 --> 00:00:57,840
Speaker 1: established business models, particularly of these software companies. Insurance stocks

18
00:00:57,880 --> 00:01:01,520
Speaker 1: also slipped today. IAG was down three point three percents, deadfast,

19
00:01:01,680 --> 00:01:05,119
Speaker 1: falling more than five percent again amid concerns that AI

20
00:01:05,280 --> 00:01:09,360
Speaker 1: tools could disrupt the sector. Energy was the standout though today,

21
00:01:09,640 --> 00:01:13,560
Speaker 1: with oil rising above seventy two US dollars a barrel.

22
00:01:13,600 --> 00:01:15,880
Speaker 1: That is its highest point in more than six months.

23
00:01:16,160 --> 00:01:19,319
Speaker 1: Woodside gained two point four percent despite a twenty four

24
00:01:19,360 --> 00:01:23,280
Speaker 1: percent fall in full year profit, while Viva Energy jumped

25
00:01:23,319 --> 00:01:27,080
Speaker 1: eight point one percent. BHP hit a record high during

26
00:01:27,080 --> 00:01:29,520
Speaker 1: the day before coming off just a little still closed

27
00:01:29,560 --> 00:01:31,880
Speaker 1: one point four percent higher though for the day, so

28
00:01:31,920 --> 00:01:34,760
Speaker 1: a pretty good day overall, and lithium stocks rallied with

29
00:01:34,840 --> 00:01:39,440
Speaker 1: Lintown up eight point seven percent, Pls eight percent, Mineral

30
00:01:39,480 --> 00:01:42,880
Speaker 1: Resources more than six percent. There were plenty of companies

31
00:01:42,920 --> 00:01:47,760
Speaker 1: reporting results today. I mentioned Woodside there. We'll get to

32
00:01:47,760 --> 00:01:49,840
Speaker 1: a few more of them in a bit. Story Number two.

33
00:01:50,600 --> 00:01:53,720
Speaker 1: Former A and Z chief executive Shane Elliott has dropped

34
00:01:53,720 --> 00:01:56,680
Speaker 1: his legal action against the bank, where he'd been seeking

35
00:01:56,680 --> 00:01:59,600
Speaker 1: to recover more than thirteen and a half million dollars

36
00:01:59,640 --> 00:02:03,160
Speaker 1: in booness. A and Z had clawed back the remuneration

37
00:02:03,360 --> 00:02:06,360
Speaker 1: following a series of compliance failures that resulted in a

38
00:02:06,360 --> 00:02:09,840
Speaker 1: two hundred and fifty million dollar penalty from ASEK. A

39
00:02:09,919 --> 00:02:12,359
Speaker 1: and Z told the ASEX today that no payments or

40
00:02:12,400 --> 00:02:15,480
Speaker 1: commitments were made as part of the discontinuation of the

41
00:02:15,480 --> 00:02:19,280
Speaker 1: court action. Both sides covering their own legal costs. The board,

42
00:02:19,360 --> 00:02:22,200
Speaker 1: led by Paul O'Sullivan, had maintained the clawback had a

43
00:02:22,240 --> 00:02:26,200
Speaker 1: solid legal basis. The dispute followed a shareholder backlash at

44
00:02:26,240 --> 00:02:28,680
Speaker 1: A and z's annual meeting, where more than thirty two

45
00:02:28,720 --> 00:02:32,480
Speaker 1: percent voted against the executive pay report. Onto story number three,

46
00:02:32,560 --> 00:02:34,760
Speaker 1: I mentioned that there were a lot of companies reporting today.

47
00:02:34,919 --> 00:02:37,080
Speaker 1: Let's go through a few of them. Center Group, which

48
00:02:37,160 --> 00:02:40,079
Speaker 1: of course owns the Westfield shopping centers all around Australia.

49
00:02:40,160 --> 00:02:42,840
Speaker 1: It's pushing into residential housing. We'll go into this in

50
00:02:42,840 --> 00:02:45,880
Speaker 1: a bit more detailed tomorrow, but its Lodge proposals to

51
00:02:46,040 --> 00:02:49,600
Speaker 1: develop more than sixteen thousand apartments at six of its malls.

52
00:02:50,040 --> 00:02:51,200
Speaker 1: The group recorded a.

53
00:02:51,160 --> 00:02:53,799
Speaker 2: Nearly seventy percent increase in net profit, but at share

54
00:02:53,840 --> 00:02:57,840
Speaker 2: price closed one point six percent lower today. Southern Cross

55
00:02:57,880 --> 00:03:00,440
Speaker 2: Media reported a drop in profit over the past six months.

56
00:03:00,440 --> 00:03:04,560
Speaker 2: It flagged cost cuts over the next year. Its CEO

57
00:03:04,680 --> 00:03:07,360
Speaker 2: also abruptly left the business last night. Again, more on

58
00:03:07,360 --> 00:03:09,480
Speaker 2: this one tomorrow, but the share price closed one point

59
00:03:09,520 --> 00:03:12,919
Speaker 2: four percent higher today. Still in the media space, Nine

60
00:03:13,080 --> 00:03:16,160
Speaker 2: Entertainment delivered a forty two percent rise in earnings. Its

61
00:03:16,160 --> 00:03:19,040
Speaker 2: share price rose about half a percent, and a Door

62
00:03:19,080 --> 00:03:21,959
Speaker 2: Beauty fell nearly thirty twenty eight percent. It was down

63
00:03:22,040 --> 00:03:24,760
Speaker 2: after the retailer's profit fell by more than two thirds.

64
00:03:25,480 --> 00:03:28,960
Speaker 2: The main reason for that deep discounting, particularly as part

65
00:03:29,000 --> 00:03:32,200
Speaker 2: of the Black Friday sales, eight into its margins. Not

66
00:03:32,320 --> 00:03:35,320
Speaker 2: a good day for a Door Beauty story Number four.

67
00:03:35,680 --> 00:03:39,600
Speaker 2: Quantas has launched its double Status Credits promotion, a day

68
00:03:39,680 --> 00:03:43,160
Speaker 2: after Virgin Australia revived its own bonus offer. As the

69
00:03:43,200 --> 00:03:46,400
Speaker 2: airlines compete for loyal frequent flyers, it is a good

70
00:03:46,440 --> 00:03:48,200
Speaker 2: time to be a traveler. We talked about that on

71
00:03:48,240 --> 00:03:51,480
Speaker 2: the show this morning and we're wondering if Quantus was

72
00:03:51,520 --> 00:03:54,520
Speaker 2: about to announce their big promotion and they've now done it.

73
00:03:54,720 --> 00:03:58,760
Speaker 2: The offer is uncapped, allowing members who register and book

74
00:03:58,800 --> 00:04:01,640
Speaker 2: within the next week to earn double Status credits on

75
00:04:01,720 --> 00:04:05,400
Speaker 2: eligible flights, potentially fast tracking them to silver, gold and

76
00:04:05,440 --> 00:04:09,040
Speaker 2: platinum tears. Virgin's Velocity promotion is capped at one hundred

77
00:04:09,040 --> 00:04:11,200
Speaker 2: and twenty five bonus credits for up to six flights,

78
00:04:11,560 --> 00:04:13,760
Speaker 2: after the airline last year made it harder to earn

79
00:04:13,800 --> 00:04:18,200
Speaker 2: status on its cheapest fairs. Interestingly, federal public servants are

80
00:04:18,240 --> 00:04:22,640
Speaker 2: barred from participating in either promotion following a government crackdown.

81
00:04:23,120 --> 00:04:26,320
Speaker 2: Where in the past travel bookings had in fact surged

82
00:04:26,680 --> 00:04:31,000
Speaker 2: during status credit campaigns, not anymore. Finally, story number five,

83
00:04:31,320 --> 00:04:34,960
Speaker 2: Peter Mandelson, who is the UK's former ambassador to the

84
00:04:35,040 --> 00:04:38,640
Speaker 2: United States, has been released on bail after being arrested

85
00:04:38,640 --> 00:04:42,280
Speaker 2: in London on suspicion of misconduct in public office over

86
00:04:42,320 --> 00:04:46,200
Speaker 2: alleged links to Jeffrey Epstein. The investigation follows the release

87
00:04:46,240 --> 00:04:48,960
Speaker 2: of new Epstein related documents in the United States, which

88
00:04:49,000 --> 00:04:53,720
Speaker 2: reportedly includes correspondents suggesting that Mandelsson shared sensitive government and

89
00:04:53,839 --> 00:04:59,600
Speaker 2: market information. Mandalson denies wrongdoing. The probe has intensified scrutiny

90
00:04:59,640 --> 00:05:03,000
Speaker 2: of his par relationship with Epstein and added political pressure

91
00:05:03,040 --> 00:05:06,719
Speaker 2: on UK Prime Minister Sir Keirs Starmer, who appointed Mandelsson

92
00:05:06,839 --> 00:05:09,960
Speaker 2: to the role despite the government being warned of the

93
00:05:10,000 --> 00:05:13,559
Speaker 2: alleged Epstein connection. And that's it for the Afternoon Report

94
00:05:13,600 --> 00:05:16,280
Speaker 2: for Tuesday, the twenty fourth of February. Make sure you're

95
00:05:16,279 --> 00:05:18,880
Speaker 2: following the podcast and head along to Fearangreed dot com

96
00:05:18,920 --> 00:05:21,200
Speaker 2: dot A you to sign up for our free daily newsletter.

97
00:05:21,360 --> 00:05:23,159
Speaker 2: A'm Michael Thompson. Enjoy your evening,