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Speaker 1: Welcome to the Fearing Greed Business News. The Afternoon Report

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Speaker 1: for Tuesday, the twenty eighth of May twenty twenty four.

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

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

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Speaker 1: straight number one. The SMPA six two hundred closed down

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Speaker 1: to zero point three percent today to seven thousand, seven

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Speaker 1: hundred and sixty seven points, with industrials and utilities leading

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Speaker 1: the market la while consumer staples stocks outperformed. Given Wall

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Speaker 1: Street was closed overnight, there was no real lead in

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Speaker 1: and trading was relatively quiet. The banks were mixed. The

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Speaker 1: big miners were flat. West Farmers, Goodman Group in telstra

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Speaker 1: Or lost around half a percent, while mcquarie was off

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Speaker 1: nearly one percent and Transurban was down one point six percent.

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Speaker 1: High metals prices helped Diversified Minus South thirty two, while

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Speaker 1: the gold stocks, including Northern Star and De Gray Mining

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Speaker 1: did well. Story number two. In corporate news, at medical

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Speaker 1: software Darling, pro Medicus announced five new contract wins in

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Speaker 1: the US worth a minimum of four forty five million

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Speaker 1: dollars that sent its share price up one percent. Southern

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Speaker 1: Cross Media said it's considering an Australian Community Media proposal

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Speaker 1: that Southern Cross buys ACM assets, including a portfolio of

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Speaker 1: fourteen of its daily print and digital news publications, key

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Speaker 1: regional and metro titles, and its agriculture division. Southern Cross

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Speaker 1: says the talks are preliminary with no certainty of a deal.

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Speaker 1: Shares in uranium minor Boss Energy fell eleven percent today

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Speaker 1: of following chief executive at Duncan Crabe selling stock worth

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Speaker 1: twenty one million dollars. It was a worse performing stock

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Speaker 1: among the top two hundred today in Westpac owned mortgage

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Speaker 1: broking franchise at Rams Financial is under investigation and could

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Speaker 1: face penalties related to home loans written over a four

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Speaker 1: year period in which franchisees might have flouted credit rules,

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Speaker 1: including around responsible lending. Story number three. It might be

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Speaker 1: hard to believe that in twenty twenty four, every trade

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Speaker 1: on the New York Stock Exchange settles or finalizers in

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Speaker 1: two days time. It takes forty eight hours. So even

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Speaker 1: though we can transfer money between mobiles instantly, the stock

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Speaker 1: exchange takes two days. That is, until this week it

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Speaker 1: will change to twenty four hours, or as it's known

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Speaker 1: in the industry, T plus one. It used to be

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Speaker 1: T plus one until the nineteen twenties, when the volume

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Speaker 1: of trading surged suddenly became T plus five. Following the

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Speaker 1: Black Monday crash in nineteen eighty seven, it went down

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Speaker 1: to T plus three, then T plus two in twenty seventeen. Finally,

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Speaker 1: the New York Stock Exchange has entered the modern era,

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Speaker 1: with same day trading not instantaneous, but at least it's

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Speaker 1: the same day. In Australia, we operate on a T

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Speaker 1: plus two basis. Pretty archaic. I reckon story number four.

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Speaker 1: Federal Parliament is back in session, with question time being

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Speaker 1: dominated today by non citizen criminals who have had their

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Speaker 1: visas restored. Immigration Minister Andrew Gels says he'll urgently consider

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Speaker 1: overturning a number of recent administrative appeals tribunal decisions allowing

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Speaker 1: visa whole does to stay in Australia despite committing serious crimes.

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Speaker 1: Opposition leader ped Dunn asked mister Giles in question time

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Speaker 1: about a case of a New Zealand citizen who is

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Speaker 1: allowed to stay in Australia despite raping his stepdaughter. Mister

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Speaker 1: Giles said he had canceled the man's visa and it

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Speaker 1: remained canceled by the Department of Home Affairs before the

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Speaker 1: Tribunal ruled otherwise. Much of the criticism from the opposition

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Speaker 1: comes from the tribunal's interpretation of Ministerial Direction ninety nine,

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Speaker 1: which says significant weight must be given to a person's

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Speaker 1: ties to Australia, so a New Zealander who has lived

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Speaker 1: most of their life in Australia might be allowed to

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Speaker 1: stay for instance. Mister Giles said Direction ninety nine does

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Speaker 1: not decrease the importance of protecting the community from crime

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Speaker 1: and storying Number five. Optus has up to its post

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Speaker 1: paid mobile phone plans for new customers, with price rises

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Speaker 1: somewhere between five and six percent. The country's second largest

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Speaker 1: telco wasn't expected to lift its prices until new chief

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Speaker 1: executive Stephen Rue started in November. They've done it now.

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Speaker 1: Vata fine increase its prices by about nine percent in March.

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Speaker 1: Analysts and now waiting to see what Telstra does. That's

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Speaker 1: it for the Afternoon Report for Tuesday, the twenty eighth

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Speaker 1: of May, and a twenty twenty four Michael Thompson and

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Speaker 1: I will be back tomorrow morning with a Wednesday edition

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Speaker 1: of fear and greed, Business new News. I'm Sean Elmer.

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Speaker 1: Enjoy your evening,