1
00:00:04,240 --> 00:00:06,920
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,920 --> 00:00:09,480
Speaker 1: for Tuesday, the twenty fifth of June twenty twenty four.

3
00:00:09,520 --> 00:00:12,160
Speaker 1: I'm Sean Elmer. Every afternoon, we've got the five stories

4
00:00:12,160 --> 00:00:14,319
Speaker 1: that happened today that you need to know about. Storingem one.

5
00:00:14,440 --> 00:00:18,040
Speaker 1: The SMPASX two hundred closed up one point four percent

6
00:00:18,040 --> 00:00:21,160
Speaker 1: today to eight hundred and thirty nine points, the best

7
00:00:21,200 --> 00:00:23,920
Speaker 1: single session in almost six weeks. All of the eleven

8
00:00:24,000 --> 00:00:28,440
Speaker 1: sub indices of the BOSS closed higher, led by the Energy, Materials,

9
00:00:28,560 --> 00:00:32,400
Speaker 1: real Estate, and financials indexes. Some of the best companies

10
00:00:32,400 --> 00:00:36,360
Speaker 1: included Woodside and Santos, which both benefited from higher orl prices.

11
00:00:36,560 --> 00:00:39,240
Speaker 1: The banks did well, as did BHP and Rio tinto

12
00:00:39,360 --> 00:00:42,320
Speaker 1: plenty of corporate news around the place today. Paladin Energy

13
00:00:42,400 --> 00:00:45,360
Speaker 1: share price fell five percent after it said it had

14
00:00:45,360 --> 00:00:49,440
Speaker 1: made a takeover bid for Toronto listed fission uranium pathology group.

15
00:00:49,560 --> 00:00:53,880
Speaker 1: Helius rose slightly following a results update. Specialty dairy company

16
00:00:53,960 --> 00:00:57,640
Speaker 1: Sinlet Milk tumbled ten percent after warning it could tip

17
00:00:57,680 --> 00:01:01,080
Speaker 1: into insolvency if shareholders reject a critical one hundred and

18
00:01:01,080 --> 00:01:05,280
Speaker 1: twenty million dollar loan approval, and billionaire chech businessmen Pavail

19
00:01:05,480 --> 00:01:09,040
Speaker 1: Tieka's plans to buy a majority stake in ASX listed

20
00:01:09,040 --> 00:01:13,160
Speaker 1: coal minor Coronado Global Resources have collapsed after his family

21
00:01:13,200 --> 00:01:17,800
Speaker 1: office seven Global Investments that's sev DOT the N seven

22
00:01:17,840 --> 00:01:22,080
Speaker 1: Global Investments files secure Foreign Investment Review Board approval. Seven

23
00:01:22,160 --> 00:01:25,120
Speaker 1: had agreed to buy fifty one percent of Coronado from

24
00:01:25,240 --> 00:01:27,839
Speaker 1: Energy and Minerals Group, a US based private equity firm

25
00:01:28,040 --> 00:01:30,160
Speaker 1: that put together the minor and floated it on the

26
00:01:30,160 --> 00:01:34,880
Speaker 1: AX in twenty eighteen. Sorry number two consumer sentiment is rising,

27
00:01:35,120 --> 00:01:38,640
Speaker 1: which is good for the economy. Their households remain pessimistic

28
00:01:39,120 --> 00:01:42,880
Speaker 1: about pretty much everything. The Westpac Melbourne Institute Consumer Sentiment

29
00:01:42,920 --> 00:01:45,760
Speaker 1: Index rows to eighty three point six points, that remains

30
00:01:45,800 --> 00:01:49,080
Speaker 1: well below the neutral level of one hundred, meaning pessumous

31
00:01:49,240 --> 00:01:53,480
Speaker 1: outnumber Optimus by nearly twenty percentage points. The good news

32
00:01:53,480 --> 00:01:56,600
Speaker 1: from budget initiatives in recent weeks of being negated by

33
00:01:56,600 --> 00:02:00,000
Speaker 1: increased concerns about inflation and the outlook for interest rates.

34
00:02:00,080 --> 00:02:03,120
Speaker 1: Survey shows at half a consumers expect mortgage rates to

35
00:02:03,200 --> 00:02:06,040
Speaker 1: rise over the next twelve months, and when asked, survey

36
00:02:06,080 --> 00:02:09,680
Speaker 1: respondents recall budget and tax and inflation news more than

37
00:02:09,720 --> 00:02:13,360
Speaker 1: anything else. Story number three, billions of dollars of investment

38
00:02:13,400 --> 00:02:16,560
Speaker 1: in wind farms has been unable to boost energy generation

39
00:02:16,720 --> 00:02:20,040
Speaker 1: during the June quarter, contributing to the squeeze on East

40
00:02:20,160 --> 00:02:23,880
Speaker 1: Coast gas supplies. Electricity generation from wind farms in the

41
00:02:23,960 --> 00:02:28,400
Speaker 1: national electricity market since April one is roughly flat compared

42
00:02:28,440 --> 00:02:31,760
Speaker 1: with the same quarter in twenty twenty one, despite about

43
00:02:31,840 --> 00:02:35,280
Speaker 1: twenty five hundred megawatts of wind capacity having been added

44
00:02:35,360 --> 00:02:39,320
Speaker 1: since then. According to an analysis by electricity market watcher

45
00:02:39,600 --> 00:02:43,440
Speaker 1: Global Rome, since twenty twenty wind power capacity has increased

46
00:02:43,440 --> 00:02:46,840
Speaker 1: by about half for almost four thousand megawatts. The total

47
00:02:46,880 --> 00:02:50,440
Speaker 1: production of electricity from wind this Dune quarter may only

48
00:02:50,480 --> 00:02:53,840
Speaker 1: be up fifteen percent. Innalysis fines, with the current quarter

49
00:02:53,880 --> 00:02:57,560
Speaker 1: heading towards being the lowest output since twenty seventeen. Now.

50
00:02:57,600 --> 00:03:00,000
Speaker 1: According to a report in The Financial Review, Energy advice

51
00:03:00,040 --> 00:03:03,359
Speaker 1: as have previously warned about the risk of a renewables

52
00:03:03,440 --> 00:03:06,959
Speaker 1: drought in winter months where there's a prolonged period when

53
00:03:06,960 --> 00:03:11,359
Speaker 1: both solar and wind power generation are subdued. Story number four.

54
00:03:11,400 --> 00:03:14,359
Speaker 1: Times are getting tougher for Colin's Foods, owner of fast

55
00:03:14,360 --> 00:03:18,440
Speaker 1: food group KFC, as customers cut back spending, higher mortgage

56
00:03:18,440 --> 00:03:21,360
Speaker 1: bills rents and energy bills, as well as inflation, are

57
00:03:21,400 --> 00:03:24,600
Speaker 1: all eating into consumer spending. And Colin's Foods, including the

58
00:03:24,639 --> 00:03:28,200
Speaker 1: two hundred and seventy nine KFC outlets, reported same store

59
00:03:28,360 --> 00:03:31,880
Speaker 1: sales nearly one percent lower than last year, and the

60
00:03:31,880 --> 00:03:34,720
Speaker 1: outlook for the upcoming year ain't much better. According to

61
00:03:34,800 --> 00:03:38,280
Speaker 1: interim Chief executive Kevin Perkins, the group willok closely at

62
00:03:38,280 --> 00:03:41,640
Speaker 1: introducing more bundling of menu items in special offers to

63
00:03:41,640 --> 00:03:44,680
Speaker 1: help families under pressure with household budgets. There were some

64
00:03:44,720 --> 00:03:47,400
Speaker 1: better news in the Taco Bell side of the business,

65
00:03:47,440 --> 00:03:50,120
Speaker 1: with same store sales up over the last year. The

66
00:03:50,200 --> 00:03:54,000
Speaker 1: rollout of Taco Bell's chain has been suspended temporarily, Mister

67
00:03:54,040 --> 00:03:57,640
Speaker 1: Perkins said, I overaw Colin's Foods net profit jumped five hundred

68
00:03:57,640 --> 00:04:01,680
Speaker 1: percent to seventy seven million dollars with record revenue. Collins

69
00:04:01,760 --> 00:04:04,800
Speaker 1: Foods share price had tumbled twenty five percent this year.

70
00:04:04,840 --> 00:04:08,080
Speaker 1: Yesterday's announcement was better than expected and its share price

71
00:04:08,120 --> 00:04:10,080
Speaker 1: jumped to seven and a half percent, which was actually

72
00:04:10,080 --> 00:04:12,080
Speaker 1: the best of the top two hundred for the session

73
00:04:12,520 --> 00:04:15,080
Speaker 1: and sorry number five. Apple is the first company to

74
00:04:15,080 --> 00:04:18,440
Speaker 1: be charged with violating the Digital Markets Act, a law

75
00:04:18,520 --> 00:04:22,280
Speaker 1: passed in twenty twenty two that gives European regulators wide

76
00:04:22,279 --> 00:04:26,000
Speaker 1: authority to force the largest online gatekeepers to change their

77
00:04:26,040 --> 00:04:29,039
Speaker 1: business practices. According to a report in The New York Times,

78
00:04:29,200 --> 00:04:32,599
Speaker 1: the most recent charges further escalate a tussle between Apple,

79
00:04:32,960 --> 00:04:35,679
Speaker 1: which says its products are designed in the best interest

80
00:04:35,760 --> 00:04:38,840
Speaker 1: of customers, and Eyear regulators. Is how the company is

81
00:04:38,920 --> 00:04:42,719
Speaker 1: unfairly using its size and considerable resources to stifle competition.

82
00:04:43,200 --> 00:04:46,000
Speaker 1: It's an argument that regulators here in Australia are watching

83
00:04:46,160 --> 00:04:49,159
Speaker 1: very closely as it. For the Afternoon Report for Tuesday,

84
00:04:49,200 --> 00:04:51,720
Speaker 1: the twenty fifth of June twenty twenty four, don't forget

85
00:04:51,960 --> 00:04:54,880
Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram,

86
00:04:55,080 --> 00:04:58,000
Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow

87
00:04:58,000 --> 00:05:00,000
Speaker 1: I'm morning for the Fast five by Fear and Greed,

88
00:05:00,160 --> 00:05:02,320
Speaker 1: the top five business stories you need to know in

89
00:05:02,440 --> 00:05:05,440
Speaker 1: just five minutes. I'm Sean Eelma. Enjoy your evening,