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

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Speaker 1: for Friday, the twenty ninth of November 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: and one on. The local share market closed down eight

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Speaker 1: points today to finish the week at eight four hundred

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Speaker 1: and thirty six points, meaning for the five sessions and

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Speaker 1: markets up about half a percent. Today. CSL A and

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Speaker 1: Z and zero were among the worst performers of the

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Speaker 1: large caps at least, while BHP for US Few Metals

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Speaker 1: and Weistech were among the best. It was a somber

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Speaker 1: end to a week in which the bank benchmark hit

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Speaker 1: a new high a couple of times, capping the enthusiasm

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Speaker 1: today the number of market economists pushing out their forecast

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Speaker 1: for when interest rates will be cut In Australia. Haines,

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Speaker 1: zen Amp and Bens of Queensland have joined Westpac and

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Speaker 1: National Australian Bank saying the earliest there will be a

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Speaker 1: rate cut is May next year. In corporate news today,

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Speaker 1: Arman Producers Select Harvest reported a full year profit. Finally,

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Speaker 1: that comes up after last year's loss, though its share

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Speaker 1: price closed down five percent and Star Entertainment fell below

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Speaker 1: nineteen cents a share for the first time ever this morning,

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Speaker 1: though it finished the day up to and a half

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Speaker 1: percent at twenty cents a share. Story number two is

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Speaker 1: a big day for Federal Treasurer Jim Chalmers, who was

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Speaker 1: pushing the need to reform the Reserve Bank. That's after

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Speaker 1: legislation passed in the Senate yesterday, one of eleven bills

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Speaker 1: and the Treasury portfolio to get the green light this week.

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Speaker 1: Others include changes to credit rules around buy now, pay

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Speaker 1: later products, changes in the taxation of bill to rent

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Speaker 1: property developments, and a law on a defined purpose for

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Speaker 1: supernuation savings. Dr Chalmers said the changes to the Reserve

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Speaker 1: Bank were about strengthening and modernizing the institution. The Central

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Speaker 1: Bank will have a committee to set interst rates and

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Speaker 1: a separate committee to look after governance. Doctor Chalmers will

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Speaker 1: appoint several members to the Reserve Bank Board ahead of

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Speaker 1: the next election. Story number three. Online property listings group

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Speaker 1: ARIA has sued its main rival Domain, accusing it of

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Speaker 1: infringing on its copyright over property photos and floor plans

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Speaker 1: displayed on its website. Aria, owner of real estate dot

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Speaker 1: Com today U, has alleged in the Federal Court that

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Speaker 1: Domain breached copyright by scraping exclusive listings and placing them

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Speaker 1: on domains price Finder and Inside Business platforms, according to

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Speaker 1: a story in the Australian Financial Review, but Domain, which

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Speaker 1: is defending the claim, argues that Aria's lawsuit is a

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Speaker 1: bid to exert uncompetitive market influence. As the biggest classifieds

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Speaker 1: company nationally. Aria is backed by News Court, while Domain

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Speaker 1: is sixty percent owned by nine Entertainment. Aria's alleging it

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Speaker 1: owns the copyright for images and schematics for one hundred

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Speaker 1: and eighty one listings obtained by demaand and used by

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Speaker 1: its analytics service. RIA claims it had exclusivity rights conferred

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Speaker 1: by photographers for the relevant listings tomain set. It has

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Speaker 1: since removed those one hundred and eighty one listings from

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Speaker 1: its platforms after being provided evidence of Aria's intellectual property

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Speaker 1: story number four. The big social media platforms have hit

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Speaker 1: out today at the government's ban for under sixteen year olds,

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Speaker 1: saying they're concerned with how the bands will be enforced.

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Speaker 1: The House of Reps signed the proposal today and that's

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Speaker 1: the third reading and The new laws will come into

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Speaker 1: effect in late twenty twenty five and will capture platforms

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Speaker 1: such as Facebook, Instagram, Snapchat, Reddit and x There'll be

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Speaker 1: exemptions for health and education services, including Messenger Kids and

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Speaker 1: Google Classroom. A spakesperson for Meta, which owns Facebook and Instagram.

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Speaker 1: So the Tech group is concerned about the process that's

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Speaker 1: aw the legislation rushed through parliament. They said it was

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Speaker 1: important that there's a productive consultation to ensure a technically

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Speaker 1: feasible outcome that doesn't place an onerous burden on parents.

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Speaker 1: Earlier in the day, Prime Minister Anthony Albernesi said that

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Speaker 1: the social media companies would have greater responsibility to keep

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Speaker 1: children safe online and story number five today, one of

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Speaker 1: the big winners from the election of Donald Trump in

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Speaker 1: the US looks like being Rupert Murdock's Fox News. It

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Speaker 1: has captured nearly three quarters of all the US cable

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Speaker 1: news audiences in the aftermath of Donald Trump's victory as

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Speaker 1: liberal Americans tune out of the former reality stars transition

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Speaker 1: to a second term in office, Fox's daily audiences have

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Speaker 1: surged forty percent since November five vote, according to the

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Speaker 1: Financial Times, while viewership of the more left leaning MSNBC

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Speaker 1: and CNN have dropped thirty eight percent and twenty seven

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Speaker 1: percent respectively. That's all based on Nielsen figures. Fox News

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Speaker 1: averaged two million viewers a day from November six to

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Speaker 1: November twenty two, up from one point four million for

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Speaker 1: the year through November four. During primetime evening hours and

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Speaker 1: the week since the election, seventy three percent of the

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Speaker 1: title cable news audience is now Fox, while sixteen percent

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Speaker 1: tuned into MSNBC and eleven percent to CNN. That's it

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Speaker 1: the Afternoon Report for Friday twenty ninth to November twenty

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Speaker 1: twenty four. Michael Thompson and I will be back tomorrow

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Speaker 1: morning with the weekend edition of Fear and Greed Business News.

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Speaker 1: I'm Sean Elmer. Enjoy reading