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

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Speaker 1: for Tuesday, the twenty seventh of August twenty twenty four.

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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 Story

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Speaker 1: number one. The SMPASEX two hundred closed down a zero

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Speaker 1: point two percent today to eight seventy one points, with

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Speaker 1: the Technology sub index the worst performer, while the Energy

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Speaker 1: index was the best. The banks walloma while the retailers

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Speaker 1: were mixed, as is normal at the moment. Much of

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Speaker 1: the action came on the back of profit results. BHP

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Speaker 1: share price rose more than one percent after it announced

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Speaker 1: ay twenty billion dollar profit for the Last Financial Lim.

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Speaker 1: Global Engineering group Walley share price rose three percent after

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Speaker 1: reporting a higher profit Last Financial Lim. Infection prevention group

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Speaker 1: Nanosonics jump twenty three percent, best of the top two

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Speaker 1: hundred today following the release of its results. Jewelry retailer

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Speaker 1: Levisa tumbled nearly thirteen percent after a trading update disappointed

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Speaker 1: investors despite high net profit in twenty twenty four. Property

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Speaker 1: services business John's Ling Group fell twenty seven percent after

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Speaker 1: a revenue decline in the year ended June thirty and

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Speaker 1: by Now pay Later group Zipco announced cash earnings of

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Speaker 1: sixty nine million dollars last year. Transactions fell in Australia

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Speaker 1: amid softer consumer spending as it pulled back on lending

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Speaker 1: to more risky borrowers, but turnover surged in the US,

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Speaker 1: where it has almost four million customers. Its share price

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Speaker 1: finished down eight percent. A story number two, Woodside Energy

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Speaker 1: says it can pay strong dividends even as it increases

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Speaker 1: spending on low carbon energy projects and invests in developing

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Speaker 1: new oil and gas fields. The oil and gas producer

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Speaker 1: announced an underlying profit of one point six billion US

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Speaker 1: dollars for the six months to the end of June

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Speaker 1: on sales at dipped nineteen percent two six billion US dollars.

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Speaker 1: The average price that Woodside received for its oil and

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Speaker 1: gas fell fifteen percent to sixty two dollars sixty US

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Speaker 1: of barrel shares an oil and gas producer rose four percent,

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Speaker 1: notwithstanding a cut in its dividend. Woodside chief executive Mego

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Speaker 1: Neil the company was delivering on its strategy to thrive

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Speaker 1: through the energy transition while maintaining a discipline to capital

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Speaker 1: management approach. She said Woodside's agreement last month by a

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Speaker 1: clean Ammonia project in Texas positions Woodside to be an

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Speaker 1: early mover in the emerging low carbon ammonia industry and

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Speaker 1: makes a significant contribution to delivering its Scape three targets

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Speaker 1: Stratum of three. Hostel is fighting to maintain its standing

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Speaker 1: as a responsible contractor to the US Navy after accepting

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Speaker 1: a twenty four million US dollar penalty as part of

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Speaker 1: a plea deal to head off criminal prosecution by US

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Speaker 1: regulators in a fraud investigation. The deal is the result

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Speaker 1: of negotiations with the US Department of Justice and Securities

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Speaker 1: in Exchange Commission, whose investigations focused on alleged fraud between

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Speaker 1: twenty thirteen and twenty sixteen within Hostel's US division. According

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Speaker 1: to a report in the Australian, Perth headquartered Hostel has

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Speaker 1: been desperate to ensure any settlement was acceptable to its

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Speaker 1: biggest customers, the US Navy and the Royal Australian Navy.

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Speaker 1: For the Victorian government has announceday seven and a half

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Speaker 1: percent levee on short stay accommodation bookings, including bookings made

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Speaker 1: through AIRB and B and stays from January one next year.

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Speaker 1: Treasury Tim Pallas said the Short Stay Levy Bill twenty

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Speaker 1: twenty four will be introduced into Parliament this week. The

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Speaker 1: tax is expected to raise sixty million dollars a year,

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Speaker 1: with revenue to go to Homes Victoria to support the

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Speaker 1: building and maintenance of social and affordable housing. Homeowners leasing

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Speaker 1: out their primary place of residence for a short stay. Hotels,

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Speaker 1: motels and caravan parks will all be exempt from the

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Speaker 1: levee and story number five. The share price of PDD Holdings,

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Speaker 1: the parent company of online retailer Teamu, tumbled nearly thirty

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Speaker 1: percent today, cutting the wealth of founder Colin Huang by

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Speaker 1: about fourteen billion dollars. It Meanshwang is now worth just

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Speaker 1: thirty five billion US dollars according to the Bloomberg Billionaires Index.

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Speaker 1: He's now the fourth wealthiest person in Chinam. His reign

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Speaker 1: as the richest person lasted just two weeks. Now. Anyone

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Speaker 1: with teenagers in the house knows Team It's a marketplace

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Speaker 1: for very low cost items. Its parent PDD reported disappointing

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Speaker 1: revenue for the Dune quarter and conceded its growth trajectory

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Speaker 1: isn't sustainable given the increased competition from competitors like Ali Baba.

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Speaker 1: Huang founded PDD in twenty fifteen. After launching a few

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Speaker 1: gaming and e commerce ventures. The former Google engineer quickly

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Speaker 1: ascended the ranks of the world's richest people, with his

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Speaker 1: net worth peaking at about seventy one and a half

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Speaker 1: billion US dollars in early twenty twenty one. He stepped

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Speaker 1: down as pdd's chief executive in twenty twenty and left

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Speaker 1: the board as chairman in twenty twenty one, as Beijing

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Speaker 1: began cracking down on China's tech giants. As if the

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Speaker 1: Afternoon Report for Tuesday, the twenty seventh of August twenty

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Speaker 1: twenty four, don't forget to follow on the podcast and

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Speaker 1: find Fear and Greed on LinkedIn, Instagram, ex TikTok and Facebook.

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Speaker 1: Joined Michael Thompson and I Tomorrow, I'm morning for the

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Speaker 1: Fast Five by Fear and Greed, the top five business

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Speaker 1: stories you need to know in just five minutes. I'm

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Speaker 1: Sean Elmer. Enjoy your evening,