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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the twenty ninth of May twenty twenty five.

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Speaker 1: I'm suan Alma. Every afternoon, We've got the five stories

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Speaker 1: that happened today that you need to know about, storytam

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Speaker 1: on one. The local share market swung between losses and

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Speaker 1: gains all day before closing up just to touch to

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Speaker 1: eighty four hundred and ten points. Energy and tech stocks

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Speaker 1: did best, while the real estate Investment Trust's flagged. Among

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Speaker 1: the large caps, Mcquarie Group and weisstech Global did pretty well,

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Speaker 1: Goodman and Promedicus not so well. Woodside added another three

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Speaker 1: percent following Wednesday's decision to allow the energy giant to

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Speaker 1: extend its north West Shelf gas project that was probably

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Speaker 1: the standout among the large caps. Sorry number two Prime

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Speaker 1: Minister Anthony Alberizi has been forced to defend Labour's decision

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Speaker 1: to grant Woodside that forty five year extension on its

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Speaker 1: Northwest Shelf gas development. The Prime Minister stood by the call,

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Speaker 1: arguing that very strict conditions had been imposed on the project,

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Speaker 1: before suggesting the visions had to be viewed within Labour's

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Speaker 1: broader efforts to reduce emissions. While welcomed by the resources sector,

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Speaker 1: the decision has upset environmentalists and some indigenous stakeholders, who

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Speaker 1: argue the project will undermine action on climate change and

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Speaker 1: the preservation of aboriginal culture. Sorry. Number three. Local data

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Speaker 1: center stocks rose then fell today after a positive earnings

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Speaker 1: result from Nvidia showed the world's biggest manufacturer of AI

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Speaker 1: accelerators is stepping up output to meet rising demand for

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Speaker 1: artificial intelligence, and Vidia's chief executive Jensin Huang said the

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Speaker 1: AI computing market is still poised for exponential growth. That

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Speaker 1: it was his phrase, avershadowing investor fears about a China

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Speaker 1: slowdown and chip manufacturing after the company's sales met forecasts,

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Speaker 1: and Vidia's share price searched five percent in after hours

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Speaker 1: trading after it announced a seventy percent jump in quarterly revenues.

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Speaker 1: Not bad sorry. Number four. In corporate news, Capstone Copper's

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Speaker 1: share price searched following a decision by Chile, the world's

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Speaker 1: largest copper producer, to raise its price projections for the

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Speaker 1: medal this year. Capstone share price ended up five percent,

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Speaker 1: the best of the top two hundred today. Champion Iron

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Speaker 1: rose after growing earnings by forty four percent of the

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Speaker 1: fourth quarter, driven by record sales of iron ore concentrate.

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Speaker 1: Agribusiness company Elders rose despite the Australian Competition and Consumer

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Speaker 1: Commission flagging concerns that it's proposed four hundred and seventy

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Speaker 1: million dollars buyout of rival Delta Agrobusiness risk. Competition in

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Speaker 1: rural supplies to farmers and Resolute Mining fell after the

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Speaker 1: gold miner said it was seeking further information and clarification

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Speaker 1: from the Guinea and government following media reports that a

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Speaker 1: number of its permits may be revoked in that country.

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Speaker 1: And finally, story number five, Elon Musk is formally stepping

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Speaker 1: down from his role in the Trump administration after just

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Speaker 1: five months, ending a tumultuous period during which he oversaw

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Speaker 1: cost cutting by the so called Department of Government Efficiency. Musk,

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Speaker 1: who began scaling back his work at DOGE last month, said,

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Speaker 1: and I quote, as my schedule time as a special

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Speaker 1: government employee comes to an end, I would like to

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Speaker 1: thank President Donald Trump for the opportunity to reduce wasteful

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Speaker 1: spending end quote. Musk originally intended to lead DOGE until

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Speaker 1: next summer. A White House official said that Musk's offboarding

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Speaker 1: had begun. Musk originally pledged to cut two trillion US

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Speaker 1: dollars from the annual federal budget, or almost one third

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Speaker 1: of all government spending. As of May, Doge had claimed

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Speaker 1: one hundred and seventy five billion dollars in savings. That's

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Speaker 1: less than ten percent. That's about eight percent of it,

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Speaker 1: and many of those line items that made up that

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Speaker 1: figure were found to be unverifiable. The TESLA Chief executive

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Speaker 1: has in recent weeks blamed lawmakers for Doge's slow progress

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Speaker 1: and criticized the House Republican tax bill that passed last week.

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Speaker 1: That's Trump's top priority in Congress. Clearly those two aren't

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Speaker 1: as close as they once were. Nonpartisan estimates have found

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Speaker 1: that that bill that Congress passed, which still needs to

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Speaker 1: go through the Senate, will add more than three point

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Speaker 1: three trillion dollars over the next decade to the US

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Speaker 1: dead that's it for the Afternoon Report for Thursday the

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Speaker 1: twenty ninth, and May twenty twenty five. Make sure you

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Speaker 1: hit the follow on the podcast. We'll be back tomorrow

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Speaker 1: morning with the Friday edition of Fear and Green Business News.

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Speaker 1: I'm sure al month, Enjoy your evening