1 00:00:03,640 --> 00:00:06,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,200 --> 00:00:08,840 Speaker 1: for Friday, the fifteenth of November twenty twenty four. I'm 3 00:00:08,880 --> 00:00:11,879 Speaker 1: Shaan Elmer. Every afternoon, we've got the five stories that 4 00:00:11,960 --> 00:00:13,960 Speaker 1: happened today that you need to know about. Stratum one. 5 00:00:14,000 --> 00:00:16,520 Speaker 1: The local share market bounced today, the S and PA 6 00:00:16,680 --> 00:00:19,959 Speaker 1: six two hundred, closing three quarters of a percentage point 7 00:00:20,079 --> 00:00:22,919 Speaker 1: higher to eight two hundred and eighty five points. That 8 00:00:23,000 --> 00:00:25,440 Speaker 1: means for the week, the market lost just ten points. 9 00:00:25,680 --> 00:00:28,080 Speaker 1: Among the large caps, the banks did pretty well. Ain 10 00:00:28,160 --> 00:00:29,960 Speaker 1: Z was up two and a half percent, Westpac one 11 00:00:29,960 --> 00:00:33,240 Speaker 1: point nine percent, Commonwealth Bank and National Australia Bank around 12 00:00:33,280 --> 00:00:35,720 Speaker 1: that one and a half percent level. WISTEP was another 13 00:00:35,760 --> 00:00:38,560 Speaker 1: strong performer, up three percent. That means for the past 14 00:00:38,600 --> 00:00:41,360 Speaker 1: year it is now more than doubled in price for 15 00:00:41,479 --> 00:00:45,000 Speaker 1: Aeskew Metals and Rio were among the laggards, while CSL 16 00:00:45,080 --> 00:00:48,760 Speaker 1: for fell more than two percent. Pathology Group Helius' share 17 00:00:48,800 --> 00:00:51,839 Speaker 1: price tumbled sixteen percent. You now it held its annual 18 00:00:51,880 --> 00:00:54,920 Speaker 1: general meeting today and it updated its earnings guidance. It 19 00:00:54,960 --> 00:00:56,920 Speaker 1: was easily the worst perform of the top two hundred. 20 00:00:57,320 --> 00:00:59,960 Speaker 1: Lend Les avoided a second strike over it's from UW 21 00:01:00,000 --> 00:01:04,280 Speaker 1: Generational Report. At its AGM, ninety one percent of shareholders 22 00:01:04,319 --> 00:01:08,120 Speaker 1: voted for it. CEO Tanny Lombardo said shareholders needed to 23 00:01:08,120 --> 00:01:11,200 Speaker 1: look past this financial year to better times ahead. It 24 00:01:11,240 --> 00:01:13,600 Speaker 1: also launched a five hundred million dollars share buyback. Its 25 00:01:13,640 --> 00:01:16,920 Speaker 1: share price jumped pretty sharply today. Story number two. Prime 26 00:01:16,920 --> 00:01:19,880 Speaker 1: Minister to Anthony Alberzi says any move by Donald Trump 27 00:01:19,959 --> 00:01:24,760 Speaker 1: to diminish Joe Biden's mega energy spending via the Inflation 28 00:01:24,840 --> 00:01:28,240 Speaker 1: Reduction Act could benefit Australia. The Prime Minister, speaking from 29 00:01:28,280 --> 00:01:31,560 Speaker 1: Lama reckons it could drive investment into this country and 30 00:01:31,600 --> 00:01:35,319 Speaker 1: the Inflation Reduction Act drives investment in green energy and 31 00:01:35,360 --> 00:01:39,160 Speaker 1: advanced technology. The federal government here has he future made 32 00:01:39,160 --> 00:01:41,399 Speaker 1: an Australia Act aims to do the same thing, just 33 00:01:41,440 --> 00:01:45,000 Speaker 1: on a much much smaller scale. So if the IRA 34 00:01:45,280 --> 00:01:50,000 Speaker 1: the Inflation Reduction Act is reduced, then that could help locals. 35 00:01:50,280 --> 00:01:52,840 Speaker 1: Prime ministers said Australia is well placed to drive the 36 00:01:52,920 --> 00:01:57,520 Speaker 1: global economy with resources including copper, vanadium, cobalt and lithium. 37 00:01:57,640 --> 00:02:00,480 Speaker 1: Earlier today, Australia Beernezi met with his Indonesian ca unterpart 38 00:02:00,520 --> 00:02:04,320 Speaker 1: President Brababo Subianto and discussed the need to de escalate 39 00:02:04,480 --> 00:02:08,639 Speaker 1: tensions with China. Story number three. BHP today says it's 40 00:02:08,680 --> 00:02:12,959 Speaker 1: waiting to formally receive a court ruling. Only twenty fifteen, 41 00:02:12,960 --> 00:02:17,000 Speaker 1: fund out tailing's dam collapse in Brazil after media reports 42 00:02:17,040 --> 00:02:19,160 Speaker 1: at a lower court rule that its unit and other 43 00:02:19,240 --> 00:02:22,920 Speaker 1: firms are not criminally liable for the disaster. A damn 44 00:02:23,000 --> 00:02:25,560 Speaker 1: collapse at an iron ore mind owned by Samaco, a 45 00:02:25,680 --> 00:02:29,440 Speaker 1: joint venture between Vallet and BHP, resulted in nineteen deaths, 46 00:02:29,600 --> 00:02:33,280 Speaker 1: left hundreds of people homeless, flooded forests, and polluted the 47 00:02:33,320 --> 00:02:36,840 Speaker 1: Dochi River. According to Reuters, the court found there was 48 00:02:36,919 --> 00:02:40,320 Speaker 1: not enough evidence to establish a causal connection between the 49 00:02:40,320 --> 00:02:43,120 Speaker 1: companies and the dam failure. The court's ruling on criminal 50 00:02:43,200 --> 00:02:47,400 Speaker 1: charges filed by Brazil's federal prosecutors in twenty sixteen is 51 00:02:47,480 --> 00:02:50,920 Speaker 1: distinct from the thirty two billion US dollar civil settlement 52 00:02:51,000 --> 00:02:54,639 Speaker 1: disclosed last month, which deals with framework obligations and other 53 00:02:54,680 --> 00:02:58,840 Speaker 1: claims related to the damn failure. Separately, BHP also faces 54 00:02:58,840 --> 00:03:01,240 Speaker 1: a law suit in the UK for Samaco dan disaster, 55 00:03:01,600 --> 00:03:05,600 Speaker 1: potentially costing it forty seven billion US dollars in damages. 56 00:03:06,120 --> 00:03:10,160 Speaker 1: Story number four. The scandal ridden minor Mineral Resources has 57 00:03:10,200 --> 00:03:13,239 Speaker 1: admitted it should have told shareholders about a rental relief 58 00:03:13,280 --> 00:03:16,280 Speaker 1: scheme that went on for a decade involving companies linked 59 00:03:16,280 --> 00:03:19,840 Speaker 1: to the daughter of billionaire founder Chris Ellison. That relief 60 00:03:19,919 --> 00:03:24,520 Speaker 1: scheme benefited companies linked to Christie Lee Kraker between twenty 61 00:03:24,560 --> 00:03:27,440 Speaker 1: twelve and twenty twenty three, according to the Finn Review, 62 00:03:27,760 --> 00:03:31,640 Speaker 1: and was considered related party in nature, hence shareholders should 63 00:03:31,639 --> 00:03:35,520 Speaker 1: have been informed. Minrez's defense is that the scheme is 64 00:03:35,600 --> 00:03:39,720 Speaker 1: not was not materially price sensitive, particularly given the quantum involved, 65 00:03:39,880 --> 00:03:42,720 Speaker 1: as well as mineral resources ability to seek repayment if 66 00:03:42,720 --> 00:03:45,560 Speaker 1: it one or two mineral resources share price film more 67 00:03:45,560 --> 00:03:48,680 Speaker 1: than five percent today, it's off fifty percent for the 68 00:03:48,760 --> 00:03:51,640 Speaker 1: year and story number five. The Chair of the Federal Reserves, 69 00:03:51,680 --> 00:03:54,360 Speaker 1: Jeran Powell, Overnight, said there is no hurry to cut 70 00:03:54,400 --> 00:03:56,800 Speaker 1: interest rates. He said the strength in the US economy 71 00:03:56,800 --> 00:03:58,920 Speaker 1: at the moment gives the Fed the ability to approach 72 00:03:59,040 --> 00:04:02,680 Speaker 1: decisions care The FED cut the benchmark rate by fifty 73 00:04:02,720 --> 00:04:06,120 Speaker 1: basis points in September, twenty five basis points last week, 74 00:04:06,320 --> 00:04:08,960 Speaker 1: and it's expected to cut by another twenty five basis 75 00:04:08,960 --> 00:04:12,160 Speaker 1: points next month. Though mister Powell's comments have somewhat dampened 76 00:04:12,280 --> 00:04:14,960 Speaker 1: confidence about a cut. Data this week shows that the 77 00:04:15,080 --> 00:04:17,640 Speaker 1: core consumer price index is running about zero point three 78 00:04:17,640 --> 00:04:20,520 Speaker 1: percent per month in the US, which remains higher than 79 00:04:20,520 --> 00:04:23,320 Speaker 1: what the Fed targets. That's it for the afternoon report 80 00:04:23,360 --> 00:04:26,479 Speaker 1: for Friday, the fifteenth of November twenty twenty four. Michael Thompson, 81 00:04:26,560 --> 00:04:28,520 Speaker 1: Adam Lang and I will be back tomorrow morning with 82 00:04:28,560 --> 00:04:31,279 Speaker 1: the weekend edition off Her and Greed business News. I'm 83 00:04:31,279 --> 00:04:33,080 Speaker 1: Seane Elmer. Enjoy your evening.