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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Tuesday,

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Speaker 1: the twenty eighth of May twenty twenty four. I'm Sean Elmer.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. A straight number one.

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Speaker 1: The SMPA six two hundred closed down zero point three

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Speaker 1: percent today to seven thousand, seven hundred and sixty seven points,

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Speaker 1: with industrials and utilities leading the market la while consumer

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Speaker 1: staples stocks outperformed. Given Wall Street was closed overnight, there

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Speaker 1: was no real lead in and trading was relatively quiet.

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Speaker 1: The banks were mixed. The big miners were Flat Wes Farmers,

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Speaker 1: Goodman Group in telstra Or lost around half a percent,

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Speaker 1: while mcquarie was off nearly one percent and Transurban was

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Speaker 1: down one point six percent. High metals prices helped Diversified

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Speaker 1: Minus South thirty two, while the gold stocks including Northern

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Speaker 1: Star and De Gray Mining did well. Story number two.

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Speaker 1: In corporate news, at medical software Darling, pro Medicus announced

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Speaker 1: five new contract wins in the US worth of minimum

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Speaker 1: of forty five million dollars that sent its share price

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Speaker 1: up one percent. Southern Cross Media said it's considering an

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Speaker 1: Australian Community Media proposal that Southern Cross buys ACM assets,

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Speaker 1: including a portfolio of fourteen of its daily print and

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Speaker 1: digital news publications, key regional and metro titles, and its

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Speaker 1: agriculture division. Southern Cross says the talks are preliminary with

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Speaker 1: no certainty of a deal. Shares in uranium minor Boss

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Speaker 1: Energy fell eleven percent today of following chief executive at

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Speaker 1: Duncan Crabe selling stock worth twenty one million dollars. It

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Speaker 1: was a worse performing stock among the top two hundred

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Speaker 1: today in Westpac owned mortgage broking franchise at Rams Financial

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Speaker 1: is under investigation and could face penalties related to home

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Speaker 1: loans written over a four year period in which franchisees

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Speaker 1: might have flouted credit rules, including around responsible lending. Story

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Speaker 1: number three. It might be hard to believe that in

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Speaker 1: twenty twenty four, every trade on the New York Stock

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Speaker 1: Exchange settles or final life in two days time. It

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Speaker 1: takes forty eight hours. So even though we can transfer

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Speaker 1: money between mobiles instantly, the stock exchange takes two days.

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Speaker 1: That is, until this week it will change to twenty

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Speaker 1: four hours, or as it's known in the industry, T

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Speaker 1: plus one. It used to be T plus one until

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Speaker 1: the nineteen twenties, when the volume of trading surged suddenly

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Speaker 1: became T plus five. Following the Black Monday crash in

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Speaker 1: nineteen eighty seven, it went down to T plus three,

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Speaker 1: then T plus two in twenty seventeen. Finally, the New

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Speaker 1: York Stock Exchange has entered the bottom era, with same

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

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Speaker 1: In Australia, we operate on a T plus two basis.

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Speaker 1: Pretty archaic. I reckon story number four. Federal Parliament is

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Speaker 1: back in session, with question time being dominated today by

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Speaker 1: non citizen criminals who have had their visas restored. Immigration

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Speaker 1: Minister Andrew Gels says he'll urgently consider overturning a number

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Speaker 1: of recent administrative Appeals tribunal decisions allowing visa holds the

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Speaker 1: stay in Australia despite committing serious crimes. Opposition leader ped

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Speaker 1: Dunn asked mister Giles in question time about a case

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Speaker 1: of a New Zealand citizen who is allowed to stay

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Speaker 1: in Australia despite raping his stepdaughter. Mister Giles said he

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Speaker 1: had canceled the man's visa and it remained canceled by

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Speaker 1: the Department of Home Affairs before the Tribunal ruled otherwise.

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Speaker 1: Much of the criticism from the opposition comes from the

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Speaker 1: tribunal's interpretation of Ministerial Direction ninety nine, which says significant

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Speaker 1: weight must be given to a person's ties to Australia,

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Speaker 1: so a New Zealander who has lived most of their

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Speaker 1: life in Australia might be allowed to stay. For instance.

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Speaker 1: Mister Giles said Direction ninety nine does not decrease the

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Speaker 1: importance of protecting the community from crime and storying Number five.

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Speaker 1: Optus has up to its post paid mobile phone plans

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Speaker 1: for new customers, with price rises somewhere between five and

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Speaker 1: six percent. The country's second largest telco wasn't expected to

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Speaker 1: lift its prices until new chief executive Stephen Rue started

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Speaker 1: in November. They've done it now, Vada fanning increase its

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Speaker 1: share prices by about nine percent in March. Analysts and

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Speaker 1: now waiting to see what Telstra does. That's it The

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Speaker 1: Afternoon Report for Tuesday, the twenty eighth of May twenty

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Speaker 1: twenty four. Don't forget to follow on the podcast and

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Speaker 1: find Fear and Greed on LinkedIn Instagram x TikTok and Facebook.

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Speaker 1: Join Michael Thompson and I Tomorrow. I'm waiting for the

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Speaker 1: Fast Five by Fear and Greed, the top five business

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Speaker 1: stories you need to know in just five minutes. I'm

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Speaker 1: Sean Elmer. Enjoy your evening,