1 00:00:04,280 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,880 --> 00:00:09,239 Speaker 1: for Friday, the twenty third of August twenty twenty four. 3 00:00:09,320 --> 00:00:12,080 Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories 4 00:00:12,119 --> 00:00:14,160 Speaker 1: that happened today that you need to know about. Joy 5 00:00:14,240 --> 00:00:17,439 Speaker 1: Number one, the SMPASX two hundred closed flat today, or 6 00:00:17,480 --> 00:00:21,160 Speaker 1: down three points to eighty twenty four points. It was 7 00:00:21,200 --> 00:00:23,400 Speaker 1: only three points, but it did break the ten day 8 00:00:23,440 --> 00:00:26,239 Speaker 1: streak of positive closes for the week. The BOSS was 9 00:00:26,320 --> 00:00:28,600 Speaker 1: up zero point seven percent. Not a lot happening today. 10 00:00:28,640 --> 00:00:31,159 Speaker 1: A bit quieter on the earnings front. The utilities and 11 00:00:31,320 --> 00:00:34,960 Speaker 1: energy sub indices were the worst performers. The Telco index 12 00:00:35,040 --> 00:00:36,880 Speaker 1: was the best. That was on the back of tulstrarizing 13 00:00:36,920 --> 00:00:38,680 Speaker 1: one point one percent, one of the best of the 14 00:00:38,720 --> 00:00:41,760 Speaker 1: large caps. James Hardy's Sun Corp, Goodman Group and Woollies 15 00:00:41,800 --> 00:00:45,559 Speaker 1: also outperformed. The big miners underperformed, as did an Z. 16 00:00:46,640 --> 00:00:49,400 Speaker 1: Story number two. The Federal treasure will retain the power 17 00:00:49,440 --> 00:00:52,560 Speaker 1: to override Reserve Bank decisions, and all existing Reserve Bank 18 00:00:52,600 --> 00:00:55,520 Speaker 1: Board members will shift onto a new interest rate setting 19 00:00:55,520 --> 00:00:58,520 Speaker 1: board under a compromise offered by the alban EASi government 20 00:00:58,560 --> 00:01:02,040 Speaker 1: to secure coalition support for an overhaul of the Central Bank. 21 00:01:02,360 --> 00:01:05,160 Speaker 1: Treasure Jim Chalmers has made the two key concessions in 22 00:01:05,200 --> 00:01:08,520 Speaker 1: an aim to secure a deal to reform the Central Bank. 23 00:01:08,760 --> 00:01:11,479 Speaker 1: After a review into the Reserve Bank, the government has 24 00:01:11,480 --> 00:01:14,560 Speaker 1: been pushing to split the existing board into separate groups 25 00:01:14,560 --> 00:01:17,800 Speaker 1: for interstrate setting and for governance. Now, Doctor Chalmers has 26 00:01:17,840 --> 00:01:21,000 Speaker 1: also agreed to the coalition demand that the six external 27 00:01:21,120 --> 00:01:24,320 Speaker 1: members of the current Reserve Bank Board be transferred to 28 00:01:24,400 --> 00:01:28,880 Speaker 1: the new Interest Rate Monetary Policy Setting Committee, which would 29 00:01:28,920 --> 00:01:31,720 Speaker 1: determine the cash rate. He's agreed to preserve the power 30 00:01:31,720 --> 00:01:33,920 Speaker 1: of the Treasurer to override the interest rate decisions of 31 00:01:33,920 --> 00:01:37,280 Speaker 1: the Board under special circumstances. Reserve Bank Governor Michelle Bullock, 32 00:01:37,319 --> 00:01:40,640 Speaker 1: Deputy Governor Andrew Houser, and Treasury Secretary Stephen Kennedy will 33 00:01:40,640 --> 00:01:43,640 Speaker 1: sit on the Interest Rate Setting Board as planned. Story 34 00:01:43,760 --> 00:01:45,640 Speaker 1: number three. A and Z Bank has been hit with 35 00:01:45,720 --> 00:01:48,920 Speaker 1: an extra two hundred and fifty million dollars capital charge 36 00:01:49,080 --> 00:01:53,480 Speaker 1: after the prudential regulator identified persistent concerns about its risk 37 00:01:53,600 --> 00:01:57,360 Speaker 1: management stemming from an escalating bond trading scandal. It means 38 00:01:57,360 --> 00:01:59,520 Speaker 1: ain Z has to hold an extra seven hundred and 39 00:01:59,560 --> 00:02:02,200 Speaker 1: fifty million dollars as a type of insurance money that 40 00:02:02,240 --> 00:02:05,360 Speaker 1: can only be deployed in limited ways, hindering the bank's 41 00:02:05,440 --> 00:02:08,800 Speaker 1: ability to make a profit. It also is a bad 42 00:02:08,880 --> 00:02:12,400 Speaker 1: pr look. The Australian Prudential Regulation Authority penalty comes as 43 00:02:12,400 --> 00:02:16,000 Speaker 1: the bank faces an investigation into alleged market manipulation of 44 00:02:16,000 --> 00:02:18,960 Speaker 1: the government bond rate after it admitted to providing correct 45 00:02:19,000 --> 00:02:22,760 Speaker 1: information to the government's debt agency. An internal investigation into 46 00:02:22,800 --> 00:02:24,919 Speaker 1: the matter has already resulted in one trade of being 47 00:02:24,919 --> 00:02:28,280 Speaker 1: dismissed and two others being suspended. APRA said it had 48 00:02:28,320 --> 00:02:32,000 Speaker 1: not seen improvements in a Z's risk management since imposing 49 00:02:32,000 --> 00:02:34,520 Speaker 1: a five hundred million dollar capital charge back in May 50 00:02:34,560 --> 00:02:37,600 Speaker 1: twenty nineteen, which had been designed to address major flaws 51 00:02:37,600 --> 00:02:41,239 Speaker 1: in its risk culture. The latest issues have only increased 52 00:02:41,320 --> 00:02:43,880 Speaker 1: those concerns. Not a good look for ain Z A 53 00:02:43,919 --> 00:02:46,520 Speaker 1: straighter before. There's a bit going on in healthcare. Telix 54 00:02:46,520 --> 00:02:50,079 Speaker 1: Pharmaceuticals has posted its first half year profit after a 55 00:02:50,080 --> 00:02:53,639 Speaker 1: big jump in sales last financial year. Telix products us 56 00:02:53,760 --> 00:02:57,320 Speaker 1: targeted radiation to image and help treat cancer. It share 57 00:02:57,360 --> 00:03:00,880 Speaker 1: prices up more than thirteen hundred percent past five years. 58 00:03:01,120 --> 00:03:03,799 Speaker 1: By a tech main farmer double sales last financial year. 59 00:03:03,840 --> 00:03:06,200 Speaker 1: Although it posted a statutory loss of one hundred and 60 00:03:06,240 --> 00:03:09,040 Speaker 1: sixty nine million dollars on the back of acid impairments 61 00:03:09,040 --> 00:03:12,480 Speaker 1: and legal costs, Fisher and pokel lifted its financial twenty 62 00:03:12,480 --> 00:03:15,519 Speaker 1: twenty five profit guidance, sending its share price up eleven percent, 63 00:03:15,880 --> 00:03:19,800 Speaker 1: and Worth mention his clarity Pharmaceuticals the clinical stage radio 64 00:03:19,800 --> 00:03:23,359 Speaker 1: pharmaceutical companies developing products to help improve treatment outcomes for 65 00:03:23,440 --> 00:03:26,280 Speaker 1: cancer sufferers. Its share price hit a record high today 66 00:03:26,800 --> 00:03:30,000 Speaker 1: and story number five the Big One. Vice President Kalmla 67 00:03:30,080 --> 00:03:32,520 Speaker 1: Harris pledged to find a new way forward for all 68 00:03:32,560 --> 00:03:36,080 Speaker 1: Americans and presidential pitch to voters that painted rival Donald 69 00:03:36,120 --> 00:03:40,080 Speaker 1: Trump as a dangerous and unseious man who would alter 70 00:03:40,160 --> 00:03:43,080 Speaker 1: the foundation of American democracy. In the biggest speech of 71 00:03:43,120 --> 00:03:46,760 Speaker 1: her political career, televised in American prime time, Ms Harris 72 00:03:46,800 --> 00:03:49,840 Speaker 1: presented herself as a pragmatic leader who would fight to 73 00:03:49,840 --> 00:03:53,600 Speaker 1: build a stronger middle class if elected president on November five. 74 00:03:54,040 --> 00:03:56,440 Speaker 1: We are not going back, she told thousands of cheering 75 00:03:56,440 --> 00:03:59,920 Speaker 1: supporters at the Democratic National Convention in Chicago. This election 76 00:04:00,200 --> 00:04:02,120 Speaker 1: is not only the most important of our lives, it 77 00:04:02,200 --> 00:04:04,000 Speaker 1: is one of the most important in the life of 78 00:04:04,040 --> 00:04:06,840 Speaker 1: our nation. That's according to report in the fin Review. 79 00:04:07,120 --> 00:04:09,040 Speaker 1: She went on to say, with this election, our nation 80 00:04:09,160 --> 00:04:13,440 Speaker 1: has a precious, fleeting opportunity to move past the bitterness, cynicism, 81 00:04:13,680 --> 00:04:16,560 Speaker 1: and divisive battles of the past, a chance to chart 82 00:04:16,560 --> 00:04:19,240 Speaker 1: a new way forward, not as members of any one 83 00:04:19,279 --> 00:04:23,440 Speaker 1: party or faction, but as Americans. Accepting her party's nomination 84 00:04:23,520 --> 00:04:26,120 Speaker 1: for president, Miss Harris said she was also seeking the 85 00:04:26,160 --> 00:04:29,760 Speaker 1: oval office because she wanted to stop fordster and sexual 86 00:04:29,760 --> 00:04:32,880 Speaker 1: abuser Trump, who would only use the power of the 87 00:04:32,880 --> 00:04:36,200 Speaker 1: presidency to enrich himself and his billionaire friends. That's it. 88 00:04:36,240 --> 00:04:38,680 Speaker 1: Fair Afternoon Report for Friday, the twenty third of August 89 00:04:38,720 --> 00:04:41,120 Speaker 1: twenty twenty four. Don't forget Tip, follow on the podcast 90 00:04:41,160 --> 00:04:43,640 Speaker 1: and find Fear and Greed on LinkedIn, Instagram, x TikTok 91 00:04:43,800 --> 00:04:46,200 Speaker 1: and Facebook. Joined Michael Thompson and I tomorrow morning for 92 00:04:46,320 --> 00:04:49,240 Speaker 1: a weekend fast five by Fear and Greed. I'm Seane Elmer. 93 00:04:49,640 --> 00:04:50,360 Speaker 1: Enjoy your evening.