1 00:00:06,040 --> 00:00:08,639 Sean Aylmer: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:08,680 --> 00:00:11,320 Sean Aylmer: for Tuesday, the first of April twenty twenty five. I'm 3 00:00:11,320 --> 00:00:14,240 Sean Aylmer: Sean Aylmer. Every afternoon, we've got the five stories that 4 00:00:14,320 --> 00:00:16,400 Sean Aylmer: happened today that you need to know about. Story one, 5 00:00:16,440 --> 00:00:19,080 Sean Aylmer: the Reserve Bank left the official cash rate unchanged at 6 00:00:19,120 --> 00:00:22,599 Sean Aylmer: four point one percent today and gave little hint of 7 00:00:22,680 --> 00:00:25,400 Sean Aylmer: when the next move will be. The outcome helped push 8 00:00:25,440 --> 00:00:28,040 Sean Aylmer: the local share market higher, with the SMPA six two 9 00:00:28,160 --> 00:00:31,320 Sean Aylmer: hundred finishing up more than one percent to seven nine 10 00:00:31,440 --> 00:00:34,320 Sean Aylmer: hundred and twenty five points. Two thirds of the companies 11 00:00:34,320 --> 00:00:37,000 Sean Aylmer: on the top two hundred ended higher, with some big 12 00:00:37,040 --> 00:00:41,760 Sean Aylmer: moves among large caps. Goodman Group, Aristocrat Leisure, Fortescue, Medals, 13 00:00:41,800 --> 00:00:45,480 Sean Aylmer: Qbria all jumped around two percent. In corporate news, av 14 00:00:45,640 --> 00:00:49,000 Sean Aylmer: Jennings rallied eight percent after the home builder announced US 15 00:00:49,000 --> 00:00:53,520 Sean Aylmer: real estate giant Approprium Capital and its local development Avid 16 00:00:53,520 --> 00:00:56,960 Sean Aylmer: Property will acquire one hundred percent of its shares for 17 00:00:57,080 --> 00:01:00,560 Sean Aylmer: sixty five and a half cents. An insurer, Tower fell 18 00:01:00,720 --> 00:01:04,119 Sean Aylmer: eight percent after maying Capital sold around sixty eight million 19 00:01:04,160 --> 00:01:07,520 Sean Aylmer: shares in the group. Story number two on the campaign trail, 20 00:01:07,600 --> 00:01:11,679 Sean Aylmer: Opposition leader Peter Dutton today promised one point five billion 21 00:01:11,800 --> 00:01:15,679 Sean Aylmer: dollars to complete the Melbourne Airport rail link. The opposition 22 00:01:15,760 --> 00:01:19,880 Sean Aylmer: also said it would lower serviceability ratios to boost borrower's 23 00:01:19,959 --> 00:01:23,440 Sean Aylmer: capacity to find money for home loans. Both sides were 24 00:01:23,440 --> 00:01:26,400 Sean Aylmer: on the attack today, with debate ranging from healthcare to 25 00:01:26,480 --> 00:01:29,600 Sean Aylmer: housing affordability and the Chinese spy ship off the coast 26 00:01:29,640 --> 00:01:32,319 Sean Aylmer: of Australia and then the Albanese was in Adelaide. He 27 00:01:32,360 --> 00:01:36,040 Sean Aylmer: says he'll officially launch the ALP campaign in Western Australia 28 00:01:36,200 --> 00:01:40,480 Sean Aylmer: on April thirteen, demonstrating that state's importance to the polls. 29 00:01:40,880 --> 00:01:43,200 Sean Aylmer: We also found out today that the first election debate 30 00:01:43,200 --> 00:01:45,680 Sean Aylmer: between the two leaders will be held on April eight, 31 00:01:45,800 --> 00:01:48,920 Sean Aylmer: that's a week from today. Story number three Virgin Australia 32 00:01:49,000 --> 00:01:52,000 Sean Aylmer: is planning to list on the AASEX in June after 33 00:01:52,040 --> 00:01:55,520 Sean Aylmer: a five year absence. The company and its executives met 34 00:01:55,560 --> 00:01:58,520 Sean Aylmer: with prospective investors today for the first time since twenty 35 00:01:58,560 --> 00:02:01,800 Sean Aylmer: twenty three in a road shoe billed as a business update, 36 00:02:02,200 --> 00:02:05,160 Sean Aylmer: but it floated a timeline of raising capital in May 37 00:02:05,560 --> 00:02:07,960 Sean Aylmer: and listing on the share market in June, according to 38 00:02:08,000 --> 00:02:11,119 Sean Aylmer: the finn Review. At the same time, Virgin has restructured 39 00:02:11,160 --> 00:02:13,799 Sean Aylmer: into a public company, a key step towards a listing. 40 00:02:14,120 --> 00:02:17,239 Sean Aylmer: According to filings with the corporate regulator, private equity group 41 00:02:17,280 --> 00:02:20,200 Sean Aylmer: BAANE is the majority owner of Virgin, while Qatar Airways 42 00:02:20,240 --> 00:02:22,880 Sean Aylmer: has a twenty five per cent stake. It delisted from 43 00:02:22,919 --> 00:02:25,920 Sean Aylmer: the AX in late twenty twenty after falling into administration. 44 00:02:26,360 --> 00:02:30,240 Sean Aylmer: Storing number four Industry Superannuation Giane Hester says the return 45 00:02:30,280 --> 00:02:33,840 Sean Aylmer: of wise Tech Global's former chair Andrew Harrison as an 46 00:02:33,840 --> 00:02:37,480 Sean Aylmer: independent director at the logistics software group has failed to 47 00:02:37,520 --> 00:02:41,160 Sean Aylmer: meet its expectations of proper corporate governance. According to his 48 00:02:41,280 --> 00:02:44,640 Sean Aylmer: story in The Finn, Hester, which manages ninety one billion 49 00:02:44,680 --> 00:02:47,520 Sean Aylmer: dollars in investments, is the second industry fund in the 50 00:02:47,560 --> 00:02:51,880 Sean Aylmer: past month to raise concerns about Wistech's leadership and governance. 51 00:02:52,280 --> 00:02:55,160 Sean Aylmer: Last month, Australian Super which had been a shareholder since 52 00:02:55,200 --> 00:02:58,360 Sean Aylmer: twenty sixteen, confirmed that it had sold its two point 53 00:02:58,360 --> 00:03:01,120 Sean Aylmer: two six percent stake in White It's worth about five 54 00:03:01,200 --> 00:03:03,960 Sean Aylmer: hundred and eighty million bucks, and said it was unsatisfied 55 00:03:04,000 --> 00:03:07,160 Sean Aylmer: with how the group was being governed. And story number 56 00:03:07,240 --> 00:03:10,280 Sean Aylmer: five well. French politics is always dramatic, though the last 57 00:03:10,440 --> 00:03:14,440 Sean Aylmer: twenty four hours have been particularly incredible. A French court 58 00:03:14,480 --> 00:03:18,120 Sean Aylmer: has convicted Marien la Penn of embezzlement and barred her 59 00:03:18,160 --> 00:03:22,080 Sean Aylmer: from seeking public office for five years. Mareen Lapenn is 60 00:03:22,120 --> 00:03:25,720 Sean Aylmer: the leading presidential hope of the far right party, very 61 00:03:25,760 --> 00:03:29,320 Sean Aylmer: nearly topped Emmanuel Macron in the last election. Le Penn's 62 00:03:29,360 --> 00:03:32,280 Sean Aylmer: lawyer said she will appeal the verdict, but she will 63 00:03:32,360 --> 00:03:36,000 Sean Aylmer: remain ineligible while she does, and so she could be 64 00:03:36,080 --> 00:03:38,520 Sean Aylmer: ruled out of the twenty twenty seven percentage to raise. 65 00:03:38,960 --> 00:03:41,800 Sean Aylmer: She was also sentenced to two years under house arrest. 66 00:03:42,200 --> 00:03:45,080 Sean Aylmer: Her party called for mass protests in response to the 67 00:03:45,200 --> 00:03:47,600 Sean Aylmer: ruling by its three judges. Now the court found that 68 00:03:47,640 --> 00:03:50,720 Sean Aylmer: a system of fake contracts and jobs helped le Pen's 69 00:03:50,800 --> 00:03:54,480 Sean Aylmer: party siphon off about four point four million euros of 70 00:03:54,560 --> 00:03:58,080 Sean Aylmer: EU funds by using parliamentary assistance in Brussels to work 71 00:03:58,120 --> 00:04:00,560 Sean Aylmer: for the party in France. So broad with the political 72 00:04:00,560 --> 00:04:03,920 Sean Aylmer: implications that even some of Lapen's opponents reacted by saying 73 00:04:03,920 --> 00:04:06,800 Sean Aylmer: that the Paris court had gone too far. That's it 74 00:04:06,840 --> 00:04:09,240 Sean Aylmer: for the afternoon report for Tuesday, the first of April 75 00:04:09,240 --> 00:04:11,440 Sean Aylmer: twenty twenty five. Make sure you hit follow on the podcast. 76 00:04:11,480 --> 00:04:13,800 Sean Aylmer: We will be back tomorrow morning with the Wednesday edition 77 00:04:13,840 --> 00:04:16,560 Sean Aylmer: of Fear and Greed Business News. I'm Sean Aylmer. Enjoy 78 00:04:16,600 --> 00:04:17,080 Sean Aylmer: your evening