1 00:00:04,120 --> 00:00:06,600 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,640 --> 00:00:09,080 Speaker 1: for Tuesday, the twenty ninth of July twenty twenty five. 3 00:00:09,119 --> 00:00:11,799 Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories 4 00:00:11,800 --> 00:00:13,520 Speaker 1: that happened today that you need to know about. Story 5 00:00:13,640 --> 00:00:16,840 Speaker 1: number one. The SMPASX two hundred finished up just a 6 00:00:16,840 --> 00:00:20,000 Speaker 1: few points today to eighty seven hundred and five points. 7 00:00:20,320 --> 00:00:22,160 Speaker 1: The market was in a bit of a holding pattern 8 00:00:22,400 --> 00:00:25,040 Speaker 1: tomorrow's Dune quarter inflation data, which will have a strong 9 00:00:25,120 --> 00:00:28,319 Speaker 1: bearing on whether the Reserve Bank cuts interestrates next month. 10 00:00:28,640 --> 00:00:31,440 Speaker 1: Intrast Rate sensitive stocks like the property groups were lower, 11 00:00:31,480 --> 00:00:33,440 Speaker 1: as were some of the miners on the back of 12 00:00:33,880 --> 00:00:37,160 Speaker 1: falling commodity prices. The big banks were mixed, although National 13 00:00:37,200 --> 00:00:40,080 Speaker 1: Australia Bank jump more than one percent. Standout sect with Energy, 14 00:00:40,440 --> 00:00:43,200 Speaker 1: which rose on the back of higher oil prices. Story 15 00:00:43,280 --> 00:00:45,720 Speaker 1: number two. Energy Minister Chris Bowen has hit back at 16 00:00:45,800 --> 00:00:49,160 Speaker 1: comments from the United Nations Climate chief that Australia should 17 00:00:49,159 --> 00:00:53,239 Speaker 1: do more to abate emissions. Bowen said targets are easier 18 00:00:53,320 --> 00:00:57,080 Speaker 1: set than met. The UN Simon Steele had warned that 19 00:00:57,120 --> 00:00:59,440 Speaker 1: the world would overheat and fruit would be a once 20 00:00:59,440 --> 00:01:02,840 Speaker 1: in a year treat as a result, Bowen disagreed, but 21 00:01:02,960 --> 00:01:07,479 Speaker 1: Labour is significantly increasing its spend on renewable projects, in fact, 22 00:01:07,560 --> 00:01:10,640 Speaker 1: will up the number it underwrites in a bid to 23 00:01:10,680 --> 00:01:13,399 Speaker 1: speed up the clean energy roll out. In response, former 24 00:01:13,480 --> 00:01:18,000 Speaker 1: Labor economist Roscano, though he said, notwithstanding the fact spending more, 25 00:01:18,120 --> 00:01:22,040 Speaker 1: Australia will fail to hit its twenty to thirty emissions goals. Finally, 26 00:01:22,080 --> 00:01:24,520 Speaker 1: on the story the climate change debate won't go away 27 00:01:24,520 --> 00:01:27,520 Speaker 1: for the Liberal and National parties today, Susan Lee refused 28 00:01:27,520 --> 00:01:30,360 Speaker 1: to predict an outcome of a review Internet zero by 29 00:01:30,360 --> 00:01:33,679 Speaker 1: twenty fifty, triggering speculation that the two parties might move 30 00:01:33,720 --> 00:01:36,680 Speaker 1: away from the commitment. Stray number three Rare Tinta, plans 31 00:01:36,720 --> 00:01:39,560 Speaker 1: to be mining iron ore in Western Studies Pilborough well 32 00:01:39,600 --> 00:01:44,119 Speaker 1: into the twenty second century, dismissing Fordescues Andrew Forrest's claim 33 00:01:44,400 --> 00:01:47,360 Speaker 1: the region is in imminent danger of becoming a wasteland. 34 00:01:47,720 --> 00:01:51,360 Speaker 1: RIO is seeking approval from WA's authorities for its East 35 00:01:51,440 --> 00:01:56,120 Speaker 1: Pilber Strategic Proposal, covering new minds, mine extensions and renewable 36 00:01:56,200 --> 00:01:59,960 Speaker 1: energy projects over the next eighty years. The RIO proposal 37 00:02:00,120 --> 00:02:02,520 Speaker 1: covers more than twenty seven thousand square kilometers an area 38 00:02:02,600 --> 00:02:05,040 Speaker 1: twice the size of Greater Sydney takes in many of 39 00:02:05,040 --> 00:02:07,440 Speaker 1: its existing mines in the Pilbra. According to report in 40 00:02:07,480 --> 00:02:10,880 Speaker 1: the Australian Rio estimates that new mining activity will disturb 41 00:02:10,919 --> 00:02:14,280 Speaker 1: an additional nine hundred and twenty square kilometers within the 42 00:02:14,400 --> 00:02:17,640 Speaker 1: wider land envelope in the years to twenty one oh five. 43 00:02:18,160 --> 00:02:20,960 Speaker 1: Story number four. Black coal has staged to comeback to 44 00:02:21,040 --> 00:02:24,200 Speaker 1: rival renewables as the cheapest form of energy amid a 45 00:02:24,240 --> 00:02:27,400 Speaker 1: spiking cost to build onshore wind, while small modular nuclear 46 00:02:27,400 --> 00:02:31,080 Speaker 1: plants remain the most expensive technology if built into Australia's 47 00:02:31,160 --> 00:02:35,120 Speaker 1: energy grid. A report from the CSIRO and the Australian 48 00:02:35,320 --> 00:02:39,000 Speaker 1: Energy Market Operator says black coal costs one hundred and 49 00:02:39,040 --> 00:02:41,760 Speaker 1: eleven dollars per Mega what hour, compared with backup wind 50 00:02:41,760 --> 00:02:44,280 Speaker 1: and solar at one hundred and sixteen dollars per Mega 51 00:02:44,280 --> 00:02:47,160 Speaker 1: what hour. Those figures represent a turn around from a 52 00:02:47,200 --> 00:02:49,800 Speaker 1: year ago when black coal was more expensive. Now black 53 00:02:49,800 --> 00:02:52,680 Speaker 1: hole isn't expected to retain its position, however, with the 54 00:02:52,720 --> 00:02:57,080 Speaker 1: costs of firmed solar and wind falling substantially to about 55 00:02:57,120 --> 00:03:00,440 Speaker 1: seventy six dollars per Mega what hour by twenty thirty 56 00:03:00,840 --> 00:03:03,079 Speaker 1: black Coles expected to be about one hundred and three 57 00:03:03,520 --> 00:03:07,000 Speaker 1: at that point. The report measures electricity technologies by comparing 58 00:03:07,000 --> 00:03:09,520 Speaker 1: a levelized cost of energy that includes operating in capital 59 00:03:09,560 --> 00:03:13,560 Speaker 1: costs over the power generator's economic life and story number five. 60 00:03:13,600 --> 00:03:16,280 Speaker 1: President Donald Trump has asked at US court to order 61 00:03:16,320 --> 00:03:20,000 Speaker 1: a swift deposition of Rupert Murdoch in his lawsuit against 62 00:03:20,000 --> 00:03:23,760 Speaker 1: the Wall Street Journal, citing the media mogul's advanced age. 63 00:03:23,960 --> 00:03:27,040 Speaker 1: Trump sued Murdock over an article in the journal, which 64 00:03:27,080 --> 00:03:29,720 Speaker 1: is owned by Murdoch's News Corps, that alleged the president 65 00:03:29,760 --> 00:03:33,040 Speaker 1: had written a body letter to celebrate sex offender Jeffrey 66 00:03:33,040 --> 00:03:36,000 Speaker 1: Epstein's birthday in two thousand and three, according to report 67 00:03:36,240 --> 00:03:38,960 Speaker 1: on the BBC. In a court filing, Trump's lawyers stated 68 00:03:38,960 --> 00:03:41,839 Speaker 1: that he had informed Murdoch prior to the report being 69 00:03:41,840 --> 00:03:45,040 Speaker 1: published that the letter was a fake. Trump's lawyers argued 70 00:03:45,040 --> 00:03:47,880 Speaker 1: that Murdock should be asked to post swiftly, noting that 71 00:03:47,920 --> 00:03:51,680 Speaker 1: he was ninety four and is believed to have suffered 72 00:03:51,800 --> 00:03:55,840 Speaker 1: recent significant health scares. The US ten billion dollar lawsuit 73 00:03:55,840 --> 00:03:57,960 Speaker 1: against the Wall Street Journal states that the publication was 74 00:03:57,960 --> 00:04:01,840 Speaker 1: attempting to harm the president's reputation. That's Iturday Afternoon Report 75 00:04:01,880 --> 00:04:04,280 Speaker 1: for Tuesday, the twenty ninth of July twenty twenty five. 76 00:04:04,320 --> 00:04:06,360 Speaker 1: Make sure you follow on the podcast. We will be 77 00:04:06,360 --> 00:04:08,360 Speaker 1: back tomorrow morning with a Wednesday edition of the past 78 00:04:08,360 --> 00:04:10,840 Speaker 1: five Piecess Years by Peer and Greed. I'm sure I 79 00:04:10,880 --> 00:04:12,320 Speaker 1: elma enjoy your evening.