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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Friday, the fifth of December. Oh Michael Thompson, and

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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. Let's go a story

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Speaker 1: number one. The smp ASX two hundred closed zero point

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Speaker 1: two percent higher today to eighty six hundred and thirty

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Speaker 1: five points. It means the BOSS was up slightly for

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Speaker 1: the week as well, up zero point two percent for

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Speaker 1: the week. The best performers today with the material stocks,

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Speaker 1: led by the lithium miners. UBS lifted its outlook for

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Speaker 1: lithium demand between now and twenty thirty That played out

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Speaker 1: very well indeed for the local miners. Igo was up

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Speaker 1: seven point one percent today. Both Mineral Resources and Liontown

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Speaker 1: were up almost five percent. The banks broadly had a

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Speaker 1: good day Westpac, Comwealth Bank and NAB We're all up.

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Speaker 1: A and Zed was flat and Bendigo and Adelaide Bank

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Speaker 1: jumped two and a half percent. With the Financial Review

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Speaker 1: reporting that police in Victoria arrested four people in a

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Speaker 1: money laundering investigation linked to a branch. There were slightly

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Speaker 1: mixed results today for the tech stocks. Data center operator

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Speaker 1: next dc inked a partnership with open Ai. It climbed

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Speaker 1: three point one percent today. For the retailers Premier Investments,

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Speaker 1: which owns brands like Peter, Alexander, Smiggle, Just Genes, it

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Speaker 1: fell almost sixteen percent after its first half guidance came

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Speaker 1: in below expectations. Broadly, markets are in a bit of

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Speaker 1: a holding pattern at the moment ahead of two big

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Speaker 1: big meetings next week, the Reserve Bank Board and the

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Speaker 1: US Federal Reserve. Story number two. The other big story

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Speaker 1: on market today a very bruising debut on the ASX

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Speaker 1: for Saluta Medical, the spinal cord stimulation company, listed on

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Speaker 1: the share market today, only to tumble more than fifty percent.

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Speaker 1: Shares were issued at two dollars sixty five, but opened

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Speaker 1: at one dollar ninety and continued to head south from there,

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Speaker 1: closing at one day seven. Saluta had raised two hundred

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Speaker 1: and thirty million dollars ahead of the float, hoping for

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Speaker 1: evaluation of about seven hundred and seventy five million dollars.

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Speaker 1: It is the second week debut from a medical device

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Speaker 1: maker just this week. Saluta is based in the US,

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Speaker 1: but the technology was developed in Sydney and the third

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Speaker 1: of its operations are in Australia. The tech aims to

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Speaker 1: treat chronic back and leg pain by adjusting electrical stimulation

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Speaker 1: in real time. The company says six thousand patients have

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Speaker 1: already been implanted with the device, with no requests for removal.

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Speaker 1: Onto story number three. Now and AGL has walked away

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Speaker 1: from its flagship offshore wind proposal in Gippsland, delivering another

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Speaker 1: blow to Victoria's renewable energy ambitions. The company and its

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Speaker 1: partners have surrendered their feasibility license for the Gippsland Skyes project,

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Speaker 1: halting plans to explore large scale offshore turbines in the region.

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Speaker 1: It is the highest profile exit so far from Victoria's

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Speaker 1: offshore wind program, following two earlier project cancelations. It raises

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Speaker 1: some fresh questions about the state's ability to meet its

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Speaker 1: twenty thirty two offshore wind targets. The Australian newspaper reports

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Speaker 1: this afternoon that the federal government had tried to keep

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Speaker 1: developers engaged by waiving license fees, but rising costs and

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Speaker 1: regulatory hurdles and delays to an auction that was crucial

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Speaker 1: to the development in Victoria have all hit confidence AGL

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Speaker 1: says it will now focus on onshore wind gas and

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Speaker 1: a major battery rollout, with plans to approve up to

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Speaker 1: nine hundred megawatts of grid scale batteries within the next

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Speaker 1: eighteen months. Story number four Media icon Oprah Winfrey has

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Speaker 1: praised Australia's ban on social media for under sixteens, calling

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Speaker 1: it world leading and a move that could change the

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Speaker 1: lives of an entire generation. The ban comes into effect

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Speaker 1: next week, preventing anyone under the age of sixteen from

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Speaker 1: having an account on platforms including Instagram, Top Facebook and more.

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Speaker 1: Appearing in Sydney last night, Winfrey said, and I quote,

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Speaker 1: there are all of these young people who cannot actually

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Speaker 1: communicate or have a conversation, particularly young boys, because they

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Speaker 1: become addicted to pawn so early and don't know how

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Speaker 1: to actually ask somebody out on a date, haven't experienced

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Speaker 1: the socialization of talking to a real person. So once again,

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Speaker 1: Australia leads the way for the rest of the world.

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Speaker 1: The Speaking Tour is Oprah's first visit to Australia in

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Speaker 1: a decade, and finally, Story number five a big one

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Speaker 1: to finish the afternoon. Netflix is in exclusive negotiations to

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Speaker 1: buy Warner Brothers Discovery, with Bloomberg reporting that the blockbuster

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Speaker 1: deal could reshape the global entertainment industry. Netflix has reportedly

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Speaker 1: offered twenty eight dollars a share for Warner Brothers Discovery,

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Speaker 1: coming in above a twenty seven dollars per share offer

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Speaker 1: from rival Paramount, though Paramount wants to buy the whole company,

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Speaker 1: including a cable channel CNN, whereas Netflix focused on the

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Speaker 1: film and TV studios, HBO Max streaming service, and related

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Speaker 1: parts of the company, including a huge content library ranging

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Speaker 1: from Harry Potter and Friends to The White Lotus and

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Speaker 1: The Sopranos. Netflix has also offered a five billion dollar

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Speaker 1: breakup fee. If regulators block the takeover, a deal could

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Speaker 1: be announced within days. The merger would create a streaming

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Speaker 1: giant with more than four hundred million subscribers worldwide, but

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Speaker 1: may raise a few antitrust concerns in the US and

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Speaker 1: in Europe. And that's it for the Afternoon Report for Friday,

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Speaker 1: the fifth of December. Make sure you're following the podcast

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Speaker 1: and head along to Fearandgreed dot com dot au to

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Speaker 1: sign up for our free daily newsletter. I'll put a

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Speaker 1: link in today's show notes as well. I'm Michael Thompson.

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Speaker 1: Enjoy your evening.