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

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Speaker 1: for Thursday, the twenty first of November twenty twenty four.

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

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

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Speaker 1: One common off banks share price hit another new record today,

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Speaker 1: more than one hundred and fifty seven dollars per share,

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Speaker 1: but like the market, it eventually ended the session flat.

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Speaker 1: The biggest company on the ASEX closed down just to

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Speaker 1: touch at a one hundred and fifty six dollars and

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Speaker 1: twenty three cents a share. The SMPASEX two hundred finished

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Speaker 1: flat at eighty three hundred and twenty three points. Over All,

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Speaker 1: the banks were mixed, though Westpac had a good day.

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Speaker 1: The miners were also mixed, though for Skew Metals Group jumped.

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Speaker 1: In corporate news, web Travel Group, which was spun out

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Speaker 1: of Webjet, has been told by its auditors to change

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Speaker 1: its previous financial reporting that sent its share price down

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Speaker 1: four percent today. The share prices of both Sayona Mining

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Speaker 1: and Piedmont Lithium tumbled after an equity raised by Sayona.

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Speaker 1: Those two lithium companies are set to merge and an

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Speaker 1: update on the story of the boss of Resolute Mining,

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Speaker 1: Terry Hollahan. Now he has been detained in Marli after

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Speaker 1: the gold miner struck a deal to pay one hundred

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Speaker 1: and sixty million US dollars to the Marlian government. Mister

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Speaker 1: Hollahan and to other execs have reportedly been released Story

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Speaker 1: number two. Cole's boss Leah Weckett has told the Competition

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Speaker 1: Inquiry that the supermarket group is always looking to beat

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Speaker 1: Woodi's and the number of major competitors out there has

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Speaker 1: grown and now includes Amazon. Wickett also pushed in store experiences,

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Speaker 1: saying a few years back, when Cole's focused only on value,

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Speaker 1: it actually lost market share. The Competition Inquiry heard that

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Speaker 1: Coles buys about fifteen percent of all fruit and veggies

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Speaker 1: grown in Australia, Woolies grows about twenty percent, and the

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Speaker 1: two big chains controlled sixty seven percent of the market.

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Speaker 1: Cole says it monitors Woolly's, Ldija, Costco and now Amazon

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Speaker 1: in all sorts of areas the latter and place things

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Speaker 1: like Nappy's washing powder and snacks. Missus Wickett said customers

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Speaker 1: had changed in the past eighteen months. They're trying cheap

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Speaker 1: of brands and certainly going to house brands. The ahriable

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Speaker 1: C's inquiring into the supermarket sector, including pricing practices of

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Speaker 1: the big supermarkets and their relationships with suppliers. Story number

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Speaker 1: three an attempt by an activist investor to end the

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Speaker 1: dual class share structure and News Corp has been voted

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Speaker 1: down at the company's annual General Meeting, ensuring the Murdoch

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Speaker 1: family continues to control the company. Now the Murdocks control

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Speaker 1: about forty one percent of voting shares. Starboard Value had

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Speaker 1: argued the dual structure that applies at the moment gives

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Speaker 1: the Murdoch's outsized influence, ie when Rupert steps down, he

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Speaker 1: could put Locklan in charge. News Corp has argued that

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Speaker 1: the structure promotes stability and the company has done well

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Speaker 1: under it. At the AGM, the proposed changes were voted down. Also,

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Speaker 1: Rupert Murdoch is trying to change the family trust conditions

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Speaker 1: to have sole control of News Corp go to Lachlan

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Speaker 1: upon his death, rather than dividing it among his four

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Speaker 1: older children. Were still waiting on the ruling from that one.

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Speaker 1: In a Nevada probate, Story number four. Mineral Resources held

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Speaker 1: its AGM today and there was little sympathy for founder

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Speaker 1: and chief executive officer Chris Ellison, who's been embroiled in

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Speaker 1: an alleged tax avoidance scheme. Chair James McClements started off

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Speaker 1: by telling the meeting that Ellison lacked the judgment and

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Speaker 1: integrity aboard expected. MinRes has hired Elizabeth Broderick, the former

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Speaker 1: sex discrimination commissioner, to conduct a report into the company's culture.

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Speaker 1: Mister mclement said MinRes will exit or on wind business

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Speaker 1: deals with parties related to mister Ellison. The ren all

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Speaker 1: sorts of revelations in recent months of multiple corporate governance

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Speaker 1: failings at Mineral Resources, and it was mister Ellison's first

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Speaker 1: public appearance since the scandal broke. He expressed contrition and said,

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Speaker 1: I quote, I can't stress enough how much I hate

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Speaker 1: what I've done, and a dark cloud in my life

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Speaker 1: that I lived with forever and story number five Wall Streets.

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Speaker 1: The largest company chipmaker, Nvidia, has placed a slightly disappointing

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Speaker 1: quarterly result, mostly because it met expectations. The rise and

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Speaker 1: rise of Nvidia is such that if it doesn't shoot

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Speaker 1: the lights out, then people are disappointed for the third quarter,

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Speaker 1: it broadly met expectations, but no more. Its outlook statement

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Speaker 1: was slightly disappointing after our share price training suggested the

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Speaker 1: stock will fall about three percent, though it did come

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Speaker 1: back a little later in the day. Bitcoin also pushed

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Speaker 1: through ninety seven US dollars a unit that's worth a

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Speaker 1: mentioned this afternoon. That's it for the afternoon report for Thursday,

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Speaker 1: the twenty first of in November twenty twenty four. Michael

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Speaker 1: Thompson and I will be back tomorrow morning with a

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Speaker 1: Friday edition of Hear and Greed Business News. I'm schanelma

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Speaker 1: Enjoy your reading me