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

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Speaker 1: for Wednesday, the ninth of October twenty twenty four. I'm

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Speaker 1: suan Alma. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Story number one,

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Speaker 1: I'm the SMPASX two hundred closed up just to touch

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Speaker 1: today to eight one hundred and eighty seven points. The

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Speaker 1: buy now, Pay later groups led the way, with zip

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Speaker 1: Code finishing six percent higher and Block up more than

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Speaker 1: four percent. Mining stocks were among the worst performers if

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Speaker 1: you take a look at the large caps. The resource

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Speaker 1: stocks fell with BHP, Fortshew Metals Group, Rio, Tinto, Santos

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Speaker 1: and Woodside all down sharply. So too was Goodman Group.

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Speaker 1: The banks were up a touch, while Bramble's, Aria, Aristocrat, Leisure,

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Speaker 1: Weistet Global, Coles Willis and Telstra all did pretty well.

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Speaker 1: Shares an Apa Group, the owner of the south West

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Speaker 1: Queensland Pipeline, rose two point six percent after the Australian

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Speaker 1: Energy Regulator issued its draft findings that the benefits of

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Speaker 1: subjecting the pipeline to full regular on tariffs would not

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Speaker 1: outweigh the increased costs involved. What's that mean, well, there

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Speaker 1: won't be tougher price regulation on the main pipeline that

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Speaker 1: carries gas from Queensland to the South. That's raised hope

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Speaker 1: of more supply in Victoria and New South Wales. Straight

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Speaker 1: number two billionaire Jenna Reinhardt has scaled back plans for

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Speaker 1: the country's next major iron ore mine as part of

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Speaker 1: efforts to overcome concerns from environment regulators and native Tidle

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Speaker 1: custodians about heritage protection, vegetation clearing and carbon emissions. The

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Speaker 1: Mulga Downs mind that Miss Reinehardt's private company's plan to

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Speaker 1: build in the Pilboro region will now produce forty percent

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Speaker 1: less iron ore than was expected two years ago, according

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Speaker 1: to documents filed with the Western Australian Government last week.

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Speaker 1: The shrinking of the project comes after a year in

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Speaker 1: which Miss Reinhardt's companies have campaigned against the Albanezi government's

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Speaker 1: Nature Positive reforms, which seeks to protect more habitats and biodiversity.

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Speaker 1: According to a story in The Financial Review, Ms ryan

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Speaker 1: Hart had originally planned to clear eighty four hundred and

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Speaker 1: twenty two hectares of vegetation to build a mine at

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Speaker 1: Mulga Down's The vast pastoral property where she spent much

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Speaker 1: of her childhood. It was supposed to be capable of

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Speaker 1: producing twenty million tons of iron ore per year. New

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Speaker 1: plans involved clearing about half that to produce twelve million

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Speaker 1: tons a year. Sorry Number three point nine is considering

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Speaker 1: adding commercials to its STAN streaming platform, now that CEO

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Speaker 1: Mike Stevesby has gone. Stevesby, who formerly rends STAN and

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Speaker 1: has never been a fan of ads on paid for

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Speaker 1: streaming services, departed the company last month, and media reports

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Speaker 1: suggest nine is now looking at the change. Netflix, Amazon

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Speaker 1: Prime Video, Paramount Plus and Binge all run ads and

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Speaker 1: have tiered subscription packages STAN. It's almost now the odds

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Speaker 1: stream are out. Nine share price is down forty percent

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Speaker 1: this year and the ad market on free Aware is

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Speaker 1: challenging at best. Hence, you can probably expect to see

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Speaker 1: ads on Stand at some point in the not so

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Speaker 1: distant future. Straight Number four Labor turned independent senator Fatima

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Speaker 1: Payman has launched her new political party, and it's called

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Speaker 1: Australia's Voice. The senator said it was more than a party,

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Speaker 1: more of a movement for a faroh Australia. She said

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Speaker 1: Labor had lost its way and while no decisions have

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Speaker 1: been made on who to stand in the upcoming election,

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Speaker 1: she suggested the party may run a candidate and the

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Speaker 1: Prime Minister Anthony Albernizi's electorate a lot of meat around

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Speaker 1: the policies they senator payments, that any member of Australia's

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Speaker 1: Voice would be able to vote as they like on

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Speaker 1: issues i e. A conscience vote and story at number five,

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Speaker 1: the Melen Rebels are suing Rugby Australia, claiming it was

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Speaker 1: unfairly axed from the Super Rugby competition five months ago

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Speaker 1: and has announced plans to re enter the competition. The

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Speaker 1: rebels will be seeking more than thirty million dollars in

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Speaker 1: damages from the governing body, according to media reports. The

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Speaker 1: rebels are also seeking an urgent order in the Federal

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Speaker 1: Court granting it the right to inspect the books of

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Speaker 1: Rugby Stree, including accounting and loan records, to determine whether

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Speaker 1: there's been fiduciary in governance failures by the governing body.

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Speaker 1: The rebels entered voluntary administration on January twenty nine this year,

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Speaker 1: with debts owed to creditors exceeding twenty three million dollars,

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Speaker 1: including an eleven and a half million dollar debt to

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Speaker 1: the tax office. The Rebels were also struggling to pay

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Speaker 1: stadium fees and directors have received penalty notices from the

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Speaker 1: ATO Administrative PwC said the club may have operated while

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Speaker 1: insolvent for more than five years. Today, the Rebels claimed

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Speaker 1: that Rugby Australia has breached various sections of the Corporation Act,

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Speaker 1: has unlawfully oppressed the Rebels and is obliged to indemnify

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Speaker 1: the rebels for liabilities to the ATO. That's it for

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Speaker 1: the afternoon report for Wednesday, the ninth of October twenty

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Speaker 1: twenty four. Michael Thompson and I will be back tomorrow

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Speaker 1: morning with the Thursday edition of Few and Greek Business Views.

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Speaker 1: I'm Jean Elmer and Joey your evening