1 00:00:03,600 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,400 --> 00:00:08,960 Speaker 1: for Thursday, the fifth of December twenty twenty four. I'm 3 00:00:09,000 --> 00:00:11,840 Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that 4 00:00:11,960 --> 00:00:14,160 Speaker 1: happened today that you need to know about. Strotum one, 5 00:00:14,160 --> 00:00:17,480 Speaker 1: there's some PASX two hundred closed up just touch today 6 00:00:17,800 --> 00:00:21,200 Speaker 1: zero point one percent to eight four seventy five points. 7 00:00:21,720 --> 00:00:25,200 Speaker 1: The techtocs and consumer discretionary companies did best. The real 8 00:00:25,280 --> 00:00:28,840 Speaker 1: estate investment trusts were among the worst on the day. 9 00:00:28,960 --> 00:00:33,519 Speaker 1: Promedicus was up again, Weiss Tech Global, Transurban Cols they 10 00:00:33,560 --> 00:00:35,880 Speaker 1: all had good days, so too Northern Star and South 11 00:00:35,960 --> 00:00:39,360 Speaker 1: thirty two. The big minu worst was Goodwin Group, Santos 12 00:00:39,400 --> 00:00:43,280 Speaker 1: and Woodside, BHP and James Hardy. The other big news 13 00:00:43,280 --> 00:00:47,280 Speaker 1: in markets today Bitcoin pushed through one hundred thousand US 14 00:00:47,360 --> 00:00:50,560 Speaker 1: dollars a unit that's on the back of Donald Trump 15 00:00:50,800 --> 00:00:54,120 Speaker 1: appointing a crypto fan to be the regulate them. The 16 00:00:54,120 --> 00:00:56,639 Speaker 1: AUSI dollar end of the day down at sixty four 17 00:00:56,680 --> 00:00:59,760 Speaker 1: point three US cents. Story number two. Rio Tinto is 18 00:00:59,800 --> 00:01:03,960 Speaker 1: under pressure to unify its dual listing structure, offering shares 19 00:01:04,000 --> 00:01:07,839 Speaker 1: only in Australia. Although Boss Jakubstouse Home is against the idea. 20 00:01:07,959 --> 00:01:09,840 Speaker 1: At the moment you can buy Rio shares on the 21 00:01:09,840 --> 00:01:13,080 Speaker 1: British end Australian markets. PHP used to be the same, though. 22 00:01:13,120 --> 00:01:16,000 Speaker 1: It dropped its dual listing structure and went all in 23 00:01:16,040 --> 00:01:18,039 Speaker 1: on the AX back in early twenty twenty two. That 24 00:01:18,080 --> 00:01:22,080 Speaker 1: boosted its market cap, making it then the biggest company 25 00:01:22,080 --> 00:01:25,200 Speaker 1: on the moors. Some shareholders think Rio should do the 26 00:01:25,280 --> 00:01:28,640 Speaker 1: same now. About seventy five seventy seven percent of shares 27 00:01:28,680 --> 00:01:31,400 Speaker 1: in Rail are traded in the UK, about twenty three 28 00:01:31,400 --> 00:01:34,840 Speaker 1: percent of thereabouts in Australia. Rio argues that the dualisting 29 00:01:34,880 --> 00:01:37,920 Speaker 1: reflects what the miner is, part British, part Australian. The 30 00:01:37,959 --> 00:01:41,560 Speaker 1: Australian shares actually traded a slight premium because you get 31 00:01:41,640 --> 00:01:44,120 Speaker 1: tax benefits if you buy Rio shares and live in 32 00:01:44,120 --> 00:01:47,760 Speaker 1: this country. Mister Stout's Home today hinted at issuing more 33 00:01:47,800 --> 00:01:50,840 Speaker 1: Aussie shares to fix the imbalance. That's actually the opposite 34 00:01:50,840 --> 00:01:53,200 Speaker 1: of dropping the due listing. The comments came out and 35 00:01:53,200 --> 00:01:57,560 Speaker 1: invested briefing Rio's forecast a big jump in copper output 36 00:01:57,640 --> 00:01:59,880 Speaker 1: over the next twelve months or so to offset reliance 37 00:01:59,920 --> 00:02:03,720 Speaker 1: on iron or share price initially fell before recovering to 38 00:02:03,760 --> 00:02:06,440 Speaker 1: closed flat straight up A three treasure. Jim Chalmers has 39 00:02:06,520 --> 00:02:10,400 Speaker 1: left open the prospect of labor expanding the definition of 40 00:02:10,600 --> 00:02:13,960 Speaker 1: a small business from fifteen to twenty five employees, a 41 00:02:14,040 --> 00:02:17,600 Speaker 1: change that would exempt more companies from onerous workplace relations 42 00:02:17,880 --> 00:02:22,200 Speaker 1: laws but would definitely angle the union movement. Dr Chalmers 43 00:02:22,280 --> 00:02:25,200 Speaker 1: was responding to a joint push by Teal MPs to 44 00:02:25,240 --> 00:02:27,680 Speaker 1: broaden the definition, and move backed by the Australian Chamber 45 00:02:27,720 --> 00:02:31,240 Speaker 1: of Commerce and Industry, Australian Industry Group and the Council 46 00:02:31,280 --> 00:02:35,400 Speaker 1: of Small Business Organizations Australia. According to the AFR, in 47 00:02:35,440 --> 00:02:38,799 Speaker 1: a joint letter to Workplace Relations Minister Murray What last month, 48 00:02:38,840 --> 00:02:42,320 Speaker 1: the eight lower House tel MPs argued that businesses with 49 00:02:42,400 --> 00:02:45,840 Speaker 1: fewer than twenty five employees, which could include casuals, should 50 00:02:45,919 --> 00:02:49,400 Speaker 1: not be subject to the same workplace rules as major corporations. 51 00:02:49,600 --> 00:02:52,880 Speaker 1: It would exempt about forty six than five hundred businesses 52 00:02:53,000 --> 00:02:56,640 Speaker 1: or about five percent of all employers, from Fair Work 53 00:02:56,680 --> 00:02:59,720 Speaker 1: Act rules such as unfair dismissile provisions and having to 54 00:02:59,720 --> 00:03:02,880 Speaker 1: pay union delegates to take time off for training. Would 55 00:03:02,880 --> 00:03:06,200 Speaker 1: also delayed right to disconnect rules coming into force. Move 56 00:03:06,240 --> 00:03:09,640 Speaker 1: those businesses from multi employer bargaining and reduce red tape 57 00:03:09,639 --> 00:03:14,280 Speaker 1: requirements straight number for US National Security Advisor Jake Sullivan 58 00:03:14,320 --> 00:03:17,320 Speaker 1: has championed ORCUS as one of the most ambitious defense 59 00:03:17,400 --> 00:03:20,760 Speaker 1: projects in modern history and the lynchpin of US efforts 60 00:03:20,800 --> 00:03:24,040 Speaker 1: to build an integrated defense industrial base for the free world. 61 00:03:24,440 --> 00:03:27,760 Speaker 1: Mister Sullivan promoted ORCAS as one of the outstanding achievements 62 00:03:27,760 --> 00:03:30,400 Speaker 1: of the Biden administration and a key piece of America's 63 00:03:30,400 --> 00:03:33,919 Speaker 1: global strategy to deter future conflicts in an area of 64 00:03:34,000 --> 00:03:37,720 Speaker 1: growing strategic uncertainty. According to report in The Australian and 65 00:03:37,800 --> 00:03:40,040 Speaker 1: a message to Donald Trump, mister Sullivan said it was 66 00:03:40,080 --> 00:03:43,960 Speaker 1: imperative to strengthen the US defense industrial base to ter 67 00:03:44,240 --> 00:03:47,000 Speaker 1: threats in Europe, the Middle East, and the Indo Pacific, 68 00:03:47,320 --> 00:03:50,400 Speaker 1: arising from greater cooperation between China, Russia and North Korea 69 00:03:50,440 --> 00:03:53,920 Speaker 1: and Iran. This would require not just more investment, but 70 00:03:54,000 --> 00:03:57,720 Speaker 1: smarter investment, production, innovation, and integration with allies. He urged 71 00:03:57,720 --> 00:04:01,480 Speaker 1: the incoming administration to accelerate the production of critical munitions, 72 00:04:01,640 --> 00:04:05,920 Speaker 1: vital air defense capabilities, and autonomous systems, while pursuing major 73 00:04:05,960 --> 00:04:09,280 Speaker 1: acquisition reform at the Department of Defense. And final Australia 74 00:04:09,320 --> 00:04:12,280 Speaker 1: Number five. The French government has collapsed after Prime Minister 75 00:04:12,520 --> 00:04:16,520 Speaker 1: Michael Barnier was removed after i no confidence vote. He 76 00:04:16,560 --> 00:04:19,599 Speaker 1: was only appointed by President Emmanuel mccron three months ago. 77 00:04:19,880 --> 00:04:23,120 Speaker 1: Mister Barnier has been under fire since he used special 78 00:04:23,120 --> 00:04:26,400 Speaker 1: powers to force through a budget without a vote. Now 79 00:04:26,400 --> 00:04:30,240 Speaker 1: the budget included big tax increases in spending cuts. The 80 00:04:30,360 --> 00:04:34,120 Speaker 1: far right teamed up with the leftist block in parliament 81 00:04:34,480 --> 00:04:36,520 Speaker 1: to vote the Prime minister out. That's the first time 82 00:04:36,560 --> 00:04:39,120 Speaker 1: it's happened in more than sixty years. Mister mccron now 83 00:04:39,240 --> 00:04:42,200 Speaker 1: needs to find another PM. The French Parliament is divided 84 00:04:42,240 --> 00:04:44,120 Speaker 1: into three blocks, none of which have a majority. And 85 00:04:44,160 --> 00:04:46,839 Speaker 1: a quick update of the crisis in South Korea. President 86 00:04:46,920 --> 00:04:51,200 Speaker 1: Yune has sacked his Defense minister, who yesterday he blamed 87 00:04:51,240 --> 00:04:54,120 Speaker 1: for suggesting martial law in the country, even though he 88 00:04:54,200 --> 00:04:56,720 Speaker 1: was the one that declared it plenty to play out 89 00:04:56,760 --> 00:04:59,359 Speaker 1: on that one. That's It's the Afternoon Report for Thursday, 90 00:04:59,400 --> 00:05:01,760 Speaker 1: the fifth of December twenty twenty four. Make sure you 91 00:05:02,080 --> 00:05:04,400 Speaker 1: follow on the podcast and we'll be back tomorrow morning 92 00:05:04,400 --> 00:05:06,880 Speaker 1: with a Friday edition of Beer and Greed Business News. 93 00:05:06,960 --> 00:05:09,080 Speaker 1: I'm Sean Elmer, enjoy your evening