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

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Speaker 1: the second of October twenty twenty four. I'm sure 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: SMPASX two hundred closed down a zero point one percent

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Speaker 1: today to eighty one hundred and ninety eight points. It

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Speaker 1: dropped sharply on opening and then rebounded by lunchtime, and

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Speaker 1: then didn't do much. Energy stocks were among the biggest winners,

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Speaker 1: with Woodside rising three and a half per Santos was

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Speaker 1: up nearly three percent. That was on the back of

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Speaker 1: higher earl prices. The big miners were higher. Plenty of

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Speaker 1: other stocks finished lower, including several tech companies, the retailers,

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Speaker 1: and most of the banks. Sigma Healthcare was a top performer,

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Speaker 1: up eight percent. That follows the twenty five percent rise yesterday.

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Speaker 1: It provided concessions to the Ahab'll see over its bid

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Speaker 1: four Chemist Warehouse. Clearly some investors think that deal is

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Speaker 1: going to go ahead. Quantits's share price fell another three

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Speaker 1: percent today after the four percent drop yesterday that followed

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Speaker 1: news that Qatar Airways is buying twenty five percent of

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Speaker 1: Virgin Story number two in corporate news, outdoor gear retail

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Speaker 1: group KMD Brands, which owns Katmandu, has appointed Brett Scrimshaw

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Speaker 1: as its new chief executive to replace Michael Daily. Its

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Speaker 1: share price rose one percent. Jim operator Viva Leisure's share

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Speaker 1: price was flat after posting a positive outlook for the

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Speaker 1: December quarter on the back of expansion plans and a

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Speaker 1: record number of member visits. And the battle for Nemoy

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Speaker 1: Cotton is all but over. It's been going on for

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Speaker 1: a while. Privately owned commodities trainer Louis Dreyfus has a

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Speaker 1: massed more than fifty percent of the group after Nemoy's

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Speaker 1: directors sold their shares. Louis Dreyfus has been in a

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Speaker 1: battle with Olham Group to buy the cotton ginner. Olam

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Speaker 1: bid seventy five cents to share, but was knocked back

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Speaker 1: by the Ahriable c which said asset sales might not

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Speaker 1: be enough to allow the deal to go ahead. So

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Speaker 1: Louis Dreyfus just kept buying shares and looks like it's

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Speaker 1: got control now. Story number three, one of the longer

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Speaker 1: running bank fights, is over after ain Z failed to

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Speaker 1: overturn a ruling that said it breach disclosure laws during

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Speaker 1: a two and a half billion dollar capital raising back

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Speaker 1: in twenty fifteen, A and z broke the laws, which

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Speaker 1: require companies to inform shareholders of events that may affect

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Speaker 1: their share price when it didn't tell investors it had

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Speaker 1: failed to raise the targeted two and a half billion

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Speaker 1: dollars in the capital raising from institutional investors. The raising

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Speaker 1: was seven hundred and ninety million dollars short. It was

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Speaker 1: underwritten by three investment banks, so they got the money.

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Speaker 1: The days later there was a retail investor raising. Last year,

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Speaker 1: Justice Mark Mashinsky ruled that retail investors should have been

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Speaker 1: told about the shortfall. Ain Zet appealed that finding and

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Speaker 1: the nine hundred thousand dollars fine, but the full bench

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Speaker 1: of the Federal Court has now dismissed the challenge. It

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Speaker 1: isn't so much the money, it's the look that ain't

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Speaker 1: so good. Story number four. Samsung is laying off staff

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Speaker 1: in Australia as its head office looks to cut costs.

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Speaker 1: About ten percent of the workforce could go in Southeast Asia,

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Speaker 1: Australia and New Zealand, according to a report on Bloomberg.

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Speaker 1: It's not clear how many people will lose their job

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Speaker 1: in the local market, but Samsung has about one hundred

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Speaker 1: and forty seven thousand staff outside South Korea. Sam Sung

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Speaker 1: shares Ha slid more than twenty percent this year as

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Speaker 1: the world's largest maker of memory chips and smartphones struggles

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Speaker 1: in key markets. It's fallen behind rival s K Heiniz

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Speaker 1: in the memory chips used for ai and has made

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Speaker 1: little progress against Taiwan's semiconductor manufacturing in the production of

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Speaker 1: custom made chips for outside customers and final Austorian number

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Speaker 1: five for Publican vice presidential candidate JD. Vance outpointed his opponent,

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Speaker 1: Democrat Tim Wiltz, in the only debate between the two

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Speaker 1: ahead of the US presidential election in less than five

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Speaker 1: weeks time. Consensus was that the forty year old had

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Speaker 1: beaten the sixty year old, who didn't really help himself

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Speaker 1: by continually taking notes and wandering through answers. It was

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Speaker 1: more civilized than the debates between the presidential candidates. Although

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Speaker 1: much of the debate was focused on Donald Trump and

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Speaker 1: Carmela Harris, the debate covet immigration, abortion, and foreign policy,

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Speaker 1: and of note, mister vance refused to concede that Donald

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Speaker 1: Trump had lost the twenty twenty election. That's it the

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Speaker 1: Afternoon Report for Wednesday, the second of October 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: the Thursday edition of Here and Green Business News. I'm

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Speaker 1: Sean Elma. Enjoy your reading me