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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Monday,

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Speaker 1: the twenty second of July twenty twenty four. I'm Sean Elmer.

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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. Story number one. The

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Speaker 1: equity markets in the region dropped after Joe Biden announced

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Speaker 1: he won't run for president in the US election. That

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Speaker 1: was about four thirty am Australian time. His vice president,

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Speaker 1: Carmla Harris is now hot favorite to replace him, though

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Speaker 1: it's not assured. Most Democrat politicians and heavyweights people like

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Speaker 1: Bill and Hillary Clinton, have come out in support of her.

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Speaker 1: One who hasn't, interestingly enough, is Barack Obama. The news

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Speaker 1: sent the SMPA six two hundred down one percent before

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Speaker 1: it closed off half a percent, and she stocks fell most,

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Speaker 1: followed by materials, real estate investment trusts, and Telco's. Among

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Speaker 1: the large caps, the banks were flat or lower. Goodmin

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Speaker 1: Group dropped more than two percent, while Aria and QB

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Speaker 1: were off one percent. The retailers were strong performers, led

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Speaker 1: by Cole's at Woolly's and West Farmers. Signia Financials share

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Speaker 1: price jumped five percent after it said it expects higher

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Speaker 1: than forecast earnings, and iris's share price closed up nine

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Speaker 1: percent on stronger earnings guidance. Storying Number two in commodity markets,

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Speaker 1: iron ore prices the lower heading towards one hundred US

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Speaker 1: dollars a ton. Inventory levels at Chinese ports have risen

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Speaker 1: and a higher than the last couple of years. Also,

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Speaker 1: Chinese steel production is off to a week start this month,

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Speaker 1: and hipments from key markets such as Australia and Brazil

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Speaker 1: are up this year. In short, higher supply lower demand

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Speaker 1: puts downboard pressure on prices. Then there's copper. Copper is

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Speaker 1: considered the benchmark commodity reflecting how global growth is going.

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Speaker 1: Last week, copper had its worst five days since twenty

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Speaker 1: twenty two, down five percent. It peaked back in May,

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Speaker 1: but since then demand from China has disappointed, and last

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Speaker 1: week's third Plenum in Beijing did little to stimulate the

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Speaker 1: world's second largest economy. That cent copper lower, and other

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Speaker 1: medals like aluminium, tin and nickel also fell. Having said

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Speaker 1: all that, on a historical basis, copper prices remain pretty high.

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Speaker 1: Storing Number three, South thirty two share price tumbled thirteen

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Speaker 1: percent today after it warned about the viability of its

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Speaker 1: Worsley Alumina refinery, blaming the Western Australian government's strict approach

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Speaker 1: to environmental approvals. The diversified minor announced a five hundred

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Speaker 1: and fifty four million US dollar impairment and it isn't

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Speaker 1: happy with the West Australian government. It's said. For five years,

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Speaker 1: South thirty two has been working on environmental approvals for

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Speaker 1: the refinery, saying it had undertaken extensive environmental assessment and

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Speaker 1: consultation with a range of stakeholders. Then two weeks ago,

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Speaker 1: the state's Environmental Protection Agency said the proposal could go ahead,

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Speaker 1: subject to conditions. Now South thirty two says several of

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Speaker 1: those conditions go beyond what's reasonable. Otherwise, South thirty two's

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Speaker 1: quarterly production was broadly in line with expectations, with higher

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Speaker 1: volumes across the business. Storrow number four Virgin Australia will

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Speaker 1: act all flights from cans to Hartita just one year

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Speaker 1: after the launch of the route, citing poor in bound tourism.

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Speaker 1: The root will cease in February twenty twenty five because

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Speaker 1: there are still thirty percent a fewer inbound tourists from

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Speaker 1: Japan to Australia then pre covid. Keep in mind how

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Speaker 1: weak the yen is, and no doubt that's hurting Australia

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Speaker 1: at least in terms of Japanese tourists. Virgin's fleet of

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Speaker 1: seven three seven Max eights will be redeployed to the

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Speaker 1: carrier's domestic roots. It's the latest route to Asia to

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Speaker 1: be scrapped in recent months, following Quantus's exit from mainland

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Speaker 1: China that takes effect next week and story number five

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Speaker 1: crowd strikes, Australian customers have foregone their rights to pursue

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Speaker 1: compensation for Friday's global outage in the Australian courts. According

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Speaker 1: to one of the nation's top law firms, a botched

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Speaker 1: software upgrade is expected to cost businesses billions of dollars globally,

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Speaker 1: with estimates in New South Wales alone topic two hundred

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Speaker 1: million dollars. After big banks, hospitals, retailers and their lives

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Speaker 1: were faced with what is known as the blue screen

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Speaker 1: of death, James North, head of Technology, Media and Communications

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Speaker 1: that Cause Chambers Westcart, told The Australian that extracting compensation

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Speaker 1: for losses would be difficult. It said many of Crowdstrike's

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Speaker 1: customers must agree to New York governing law and arbitration

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Speaker 1: in Singapore for going access to Australian courts in the

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Speaker 1: pursuit of legal remedies. CrowdStrike earned more than two billion

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Speaker 1: US dollars from companies globally last year. According to Gartner,

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Speaker 1: it's the second biggest provider of what's known as endpoint protection.

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Speaker 1: In Australia. It earned more than one hundred and eleven

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Speaker 1: million dollars from companies last year. That's it Fair Afternoon

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Speaker 1: Report for Monday, the twenty second of July twenty twenty four.

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

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Speaker 1: a Tuesday edition off Fear and Greed business news. I'm

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Speaker 1: Sean Elmer. Enjoy your evening.