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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 second of August twenty twenty five.

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Speaker 1: Oh Michael Thompson, Every afternoon, I've got the five stories

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Speaker 1: that happened today that you need to know about. Let's

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Speaker 1: go a story number one. The S and PA Sex

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Speaker 1: two hundred closed down zero point six percent today to

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Speaker 1: eighty nine hundred and sixty seven points, ending the day

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Speaker 1: below the record it's set yesterday when it sailed past

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Speaker 1: nine thousand points. Still, despite the boss easing, it was

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Speaker 1: still up zero point three percent for the week. That's

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Speaker 1: three weeks in a row of gains. Consumer staples was

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Speaker 1: the weakest sector today, pulled down by a pretty ordinary

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Speaker 1: result from chicken producer Ingham's Group. Ingham's fell more than

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Speaker 1: twenty percent after a ten percent drop in full year profit,

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Speaker 1: with both result and outlook below expectations. Coles was down

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Speaker 1: three point three percent ahead of its results next week,

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Speaker 1: and a bad end to a shocking week for healthcare

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Speaker 1: giant CSL, following another four point two percent following it

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Speaker 1: worst one day drop earlier this week. At the other

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Speaker 1: end of the market, Buy Now, Pay Later group ZIP

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Speaker 1: shot up more than twenty percent today. It is considering

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Speaker 1: a dual listing on the Nasdaq. There wasn't a lot

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Speaker 1: of action at the banks today, and as for the miners,

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Speaker 1: Fortescue and Rio Tinto, both lost a little ground. Story

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Speaker 1: number two one of the interesting results posted today. Mexican

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Speaker 1: food chain Kuzmini Gomez served up somewhat mixed annual result,

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Speaker 1: posting more than a billion dollars in annual sales and

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Speaker 1: its first dividend, but spooking investors with a sluggish start

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Speaker 1: to the new financial year. Revenue was up twenty three

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Speaker 1: percent to just under one point two billion dollars for

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Speaker 1: the twelve months to the end of June, and there

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Speaker 1: was a swing to a fourteen million dollar profit following

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Speaker 1: a thirteen point seven million dollar loss, But underlying earnings

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Speaker 1: fell well short of expectations, and there was just three

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Speaker 1: point seven percent sales growth in the first seven weeks

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Speaker 1: of the new year. That's barely half of what analysts

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Speaker 1: had expected, and investors certainly didn't like that. Shares plunged

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Speaker 1: almost eighteen percent today. They're now almost back to where

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Speaker 1: they started when the company first floated on the ASX

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Speaker 1: last June. The company's US expansion is dragging on results,

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Speaker 1: but there are plans to still keep opening plenty of

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Speaker 1: restaurants here thirty two new restaurants in Australia this year.

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Speaker 1: That'll certainly keep them on their burritos. Sorry, I had

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Speaker 1: to do it. Story number three. Queensland's Liberal National Party

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Speaker 1: has fired a shot at the federal coalition leadership, voting

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Speaker 1: overwhelmingly for the party to abandon its commitment to net zero.

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Speaker 1: Hundreds of delegates at the lnp's state convention in Brisbane

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Speaker 1: today backed a resolution calling for the federal opposition to

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Speaker 1: dump its support for a net zero mandate, despite federal

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Speaker 1: leader Susan Lee urging members to modernize to win back

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Speaker 1: voters after the May election defeat. The push came from

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Speaker 1: more than twenty Queensland branches. It was seconded on the

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Speaker 1: floor by Nashtional Senator Matt Canavan, who argued that the

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Speaker 1: net zero agenda is not working. The thing is this

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Speaker 1: resolution isn't binding on the federal coalition and the Liberal

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Speaker 1: National Party state government in Queensland still is committed to

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Speaker 1: net zero by twenty fifty. But what it does do

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Speaker 1: is heat pressure on Susan Lee as she is trying

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Speaker 1: to review the opposition's policy platform under story number four

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Speaker 1: now and Crypto Exchange Finance Australia has been ordered to

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Speaker 1: bring in an external auditor after the Financial Crimes Regulator

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Speaker 1: raised serious concerns about its anti money laundering and counter

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Speaker 1: terrorism financing controls. OSTRAK says the crypto Exchange has twenty

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Speaker 1: eight days to nominate orditors after it found problems with

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Speaker 1: Finance's latest independent review. The regulator also pointed to high

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Speaker 1: staff turnover, limited local resources and weak senior oversight of

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Speaker 1: money laundering risks. Finance is already under pressure worldwide after

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Speaker 1: its founder was jailed last year. In the US, and

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Speaker 1: finally story number five, Donald Trump has scored a major

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Speaker 1: legal win with a New York appeals court striking down

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Speaker 1: a four hundred and sixty four million US dollar fraud

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Speaker 1: penalty against him and his company. It did, however, uphold

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Speaker 1: the finding that he broke the law by inflating the

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Speaker 1: value of assets like his marri Lago resort in Florida.

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Speaker 1: The five judge panel ruled the penalty was quote excessive

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Speaker 1: and unconstitutional, but other sanctions do remain. Trump and his

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Speaker 1: sons are still facing temporary bans on serving as corporate

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Speaker 1: officers in New York, and his company's finances will continue

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Speaker 1: to be monitored, though both of these measures are actually

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Speaker 1: on hold while other appeals play out. The New York

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Speaker 1: Attorney General says she will challenge the ruling at the

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Speaker 1: state's highest court, stressing that this is a quote. Yet

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Speaker 1: another court has ruled that the president violated the law.

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Speaker 1: As for the president's view on truth, social Donald Trump

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Speaker 1: described the decision as a great win for America. And yes,

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Speaker 1: that was all in caps. That's it for the afternoon

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Speaker 1: bought for Friday, the twenty second of August twenty twenty five.

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Speaker 1: Make sure you hit follow on the podcast and we'll

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Speaker 1: be back tomorrow morning with the weekend edition of the

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Speaker 1: Fast five Business News by Fear and Grave Are Michael Thompson.

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Speaker 1: Enjoy your evening.