1 00:00:03,520 --> 00:00:06,440 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,159 Speaker 1: for Thursday, the fourteenth of August twenty twenty five. Are 3 00:00:09,240 --> 00:00:11,879 Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that 4 00:00:11,920 --> 00:00:14,040 Speaker 1: happened today that you need to know about. So let's 5 00:00:14,080 --> 00:00:17,759 Speaker 1: go with story number one. Another day, another record for 6 00:00:17,800 --> 00:00:20,680 Speaker 1: the local share market, the S and p ASX two hundred, 7 00:00:20,760 --> 00:00:25,119 Speaker 1: setting a new intra day high for the fourth consecutive day. 8 00:00:25,560 --> 00:00:28,360 Speaker 1: The market closed zero point five percent higher to eighty 9 00:00:28,520 --> 00:00:31,480 Speaker 1: eight hundred and seventy four points. The high it hit 10 00:00:31,560 --> 00:00:34,559 Speaker 1: earlier in the day was just a whisker shy of 11 00:00:34,680 --> 00:00:37,600 Speaker 1: eighty nine hundred points. The start of the show today 12 00:00:37,840 --> 00:00:41,400 Speaker 1: was definitely Westpac. It delivered a fourteen percent rise in 13 00:00:41,479 --> 00:00:43,920 Speaker 1: net profit to one point nine billion dollars for the 14 00:00:43,960 --> 00:00:47,240 Speaker 1: third quarter. Its share prices took off, powering six point 15 00:00:47,320 --> 00:00:51,639 Speaker 1: three percent higher. That is its highest level in a decade. 16 00:00:51,760 --> 00:00:54,600 Speaker 1: A and Z and NAB both climbed around two percent, 17 00:00:55,160 --> 00:00:58,400 Speaker 1: but Commonwealth Bank continued to slip after yesterday's big drop, 18 00:00:58,480 --> 00:01:01,920 Speaker 1: down another one point one percent. The other company worth mentioned, Telstro, 19 00:01:02,080 --> 00:01:05,800 Speaker 1: reported a thirty one percent increase in annual net profit 20 00:01:05,920 --> 00:01:09,400 Speaker 1: of two point three billion dollars. The results were in 21 00:01:09,400 --> 00:01:12,559 Speaker 1: line with expectations, and the Telco share price closed two 22 00:01:12,600 --> 00:01:16,240 Speaker 1: point six percent lower. Story number two. The case for 23 00:01:16,360 --> 00:01:20,280 Speaker 1: interest rate cuts at consecutive RBA meetings took a little 24 00:01:20,280 --> 00:01:22,479 Speaker 1: bit of a hit today after a pretty strong set 25 00:01:22,480 --> 00:01:26,040 Speaker 1: of labor force figures. The unemployment rate fell from four 26 00:01:26,080 --> 00:01:28,800 Speaker 1: point three percent to four point two percent in July, 27 00:01:29,240 --> 00:01:32,480 Speaker 1: with more than twenty four thousand jobs created. Behind that 28 00:01:32,520 --> 00:01:35,959 Speaker 1: figure was an increase of about sixty thousand full time 29 00:01:36,080 --> 00:01:39,640 Speaker 1: jobs and the loss of thirty six thousand part time roles. 30 00:01:39,760 --> 00:01:42,880 Speaker 1: It's a sign of a fairly resilient economy, with economists 31 00:01:42,880 --> 00:01:45,840 Speaker 1: suggesting that were less likely to see another rate cut 32 00:01:45,880 --> 00:01:49,160 Speaker 1: at the next RBA meeting next month in September, and 33 00:01:49,320 --> 00:01:53,920 Speaker 1: more likely in November or December. Story number three. Ampol 34 00:01:54,040 --> 00:01:57,560 Speaker 1: has agreed to buy eg groups petrol station network for 35 00:01:57,640 --> 00:02:01,160 Speaker 1: about a billion dollars. That is, five hundred forty service stations, 36 00:02:01,400 --> 00:02:04,640 Speaker 1: the same ones that were worth sold in twenty nineteen 37 00:02:04,840 --> 00:02:07,920 Speaker 1: for one point seven billion dollars. Ampire looks to be 38 00:02:07,920 --> 00:02:11,120 Speaker 1: doubling down on selling petrol just as the world largely 39 00:02:11,320 --> 00:02:15,399 Speaker 1: is kind of transitioning towards evs. It's also a major refiner, 40 00:02:15,520 --> 00:02:18,800 Speaker 1: importer and distributor of fuel, so this is essentially a 41 00:02:18,880 --> 00:02:22,880 Speaker 1: vertical expansion that cements its position in retailing as well. 42 00:02:23,720 --> 00:02:27,799 Speaker 1: Story number four today, Chinese AI startup deep Seak has 43 00:02:27,880 --> 00:02:29,880 Speaker 1: hit a little bit of a roadblock. It tried to 44 00:02:29,960 --> 00:02:34,920 Speaker 1: train its new model on Chinese tech company huawees Ascend chips, 45 00:02:35,160 --> 00:02:38,160 Speaker 1: but the hardware couldn't cope, according to the Financial Times. 46 00:02:38,320 --> 00:02:41,480 Speaker 1: As a result, the company went back to Nvidia for 47 00:02:41,720 --> 00:02:45,520 Speaker 1: training and use Huawei only for inference, the two kind 48 00:02:45,520 --> 00:02:48,960 Speaker 1: of major roles of the AI platforms. It is a 49 00:02:49,120 --> 00:02:52,480 Speaker 1: major setback for deep Seek, which caused an upset in 50 00:02:52,600 --> 00:02:54,840 Speaker 1: January this year when it first launched because it claimed 51 00:02:54,840 --> 00:02:56,799 Speaker 1: to be doing much the same job as other AI 52 00:02:56,880 --> 00:03:00,160 Speaker 1: providers like Chat GPT, but doing it using much less 53 00:03:00,200 --> 00:03:03,400 Speaker 1: processing power. But the new model has been delayed, showing 54 00:03:03,480 --> 00:03:06,800 Speaker 1: that Chinese made chips are still lagging behind US rivals. 55 00:03:07,040 --> 00:03:10,440 Speaker 1: It comes after reports this week that Beijing demanded Chinese 56 00:03:10,480 --> 00:03:14,920 Speaker 1: tech companies justify their order of chips from Nvidia, reportedly 57 00:03:14,960 --> 00:03:18,200 Speaker 1: to encourage them to focus on those locally made alternatives. 58 00:03:18,680 --> 00:03:21,079 Speaker 1: And finally, story number five, it's not a business story 59 00:03:21,120 --> 00:03:23,960 Speaker 1: as such, but Australia has lost an icon with the 60 00:03:24,080 --> 00:03:27,520 Speaker 1: death of film critic David Stratton at age eighty five, 61 00:03:27,800 --> 00:03:30,240 Speaker 1: who was best known to TV audiences as the host 62 00:03:30,320 --> 00:03:32,480 Speaker 1: of the Movie Show on SBS and at the Movies 63 00:03:32,520 --> 00:03:36,920 Speaker 1: on the ABC alongside Margaret Pomerantz. Prime Minister Anthony Alberanizi 64 00:03:37,000 --> 00:03:40,480 Speaker 1: has led tributes to Stratton's dry humor and sharp insight, 65 00:03:40,880 --> 00:03:44,160 Speaker 1: saying everyone who watched him on television respected him for 66 00:03:44,240 --> 00:03:47,080 Speaker 1: his deep knowledge and for the gentle and generous way 67 00:03:47,160 --> 00:03:49,800 Speaker 1: he passed it on. That's it for the Afternoon Report 68 00:03:49,840 --> 00:03:52,640 Speaker 1: for Thursday, the fourteenth of August twenty twenty five. Make 69 00:03:52,680 --> 00:03:54,640 Speaker 1: sure you hit follow on the podcast and we'll be 70 00:03:54,680 --> 00:03:57,480 Speaker 1: back tomorrow morning with the Friday edition of Fear and Creed. 71 00:03:57,680 --> 00:03:59,520 Speaker 1: Are Michael Thompson Enjoy your evening.