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

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Speaker 1: for Thursday, the twenty first of November twenty twenty four.

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Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. Stroingham

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Speaker 1: One commonf bank share price hit another new record today,

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Speaker 1: more than one hundred and fifty seven dollars per share,

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Speaker 1: but like the market, it eventually ended the session flat.

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Speaker 1: The biggest company on the ASEX closed down just to

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Speaker 1: touch at the one hundred and fifty six dollars and

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Speaker 1: twenty three cents a share. The SMPAX two hundred finished

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Speaker 1: flat at eighty three hundred and twenty three points. Over All,

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Speaker 1: the banks were mixed, though Westpac had a good day.

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Speaker 1: The miners were also mixed, though for s Kew Metals

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Speaker 1: Group jumped. In corporate news, web Travel Group, which was

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Speaker 1: spun out of Webjet, has been told by its auditors

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Speaker 1: to change its previous financial reporting that sent its share

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Speaker 1: price down four percent today. The share prices of both

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Speaker 1: Sayona Mining and Piedmont Lithium tumbled after an equity raised

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Speaker 1: by Sayona. Those two lithium companies are set to merge

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Speaker 1: and an update on the story of the boss of

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Speaker 1: Resolute Mining, Terry Hollahan. Now he has been detained in

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Speaker 1: Marli after the gold miner struck a deal to pay

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Speaker 1: one hundred and sixty million US dollars to the Marlian government.

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Speaker 1: Mister Hollahan and to other execs have reportedly been released

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Speaker 1: story number two. Cole's boss Leah Weckertt has told the

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Speaker 1: Competition Inquiry that the supermarket group is always looking to

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Speaker 1: beat Woollies and the number of major competitors out there

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Speaker 1: has grown and now includes Amazon. Wickett also pushed in

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Speaker 1: store experiences, saying a few years back, when Cole's focused

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Speaker 1: only on value, it actually lost market share. The Competition

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Speaker 1: Inquiry heard that Coles buys about fifteen percent of all

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Speaker 1: fruit and veggies grown in Australia, Woolies grows about twenty percent,

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Speaker 1: and the two big chains controlled sixty seven percent of

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Speaker 1: the market. Cole says it monitors Woolly's, Ldija, Costco and

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Speaker 1: now Amazon in all sorts of areas the latter and

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Speaker 1: place things like Nappy's washing powder and snacks. Missus Wickett

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Speaker 1: said customers had changed in the past eighteen months, trying

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Speaker 1: cheaper brands and certainly going to house brands. The ahriable

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Speaker 1: C's inquiring into the supermarket sector, including pricing practices of

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Speaker 1: the big supermarkets and their relationships with suppliers. Story number three,

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Speaker 1: an attempt by an activist investor to end the dual

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Speaker 1: class share structure and News Corp has been voted down

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Speaker 1: at the company's annual General Meeting, ensuring the Murdoch family

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Speaker 1: continues to control the company. Now the Murdocks control about

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Speaker 1: forty one percent of voting shares. Starboard Value had argued

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Speaker 1: the dual structure that applies at the moment gives the

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Speaker 1: Murdoch's outsized influence, ie when Rupert steps down, he could

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Speaker 1: put Locklan in charge. News Corp has argued that the

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Speaker 1: structure promotes stability and the company has done well under it.

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Speaker 1: At the AGM, the proposed changes were voted down. Also,

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Speaker 1: Rupert Murdoch is trying to change the family trust conditions

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Speaker 1: to have sole control of News Corp go to Lachlan

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Speaker 1: upon his death, rather than dividing it among his four

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Speaker 1: older children. Were still waiting on the ruling from that one.

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Speaker 1: In the Nevada Probate Court. Story number four, Mineral Resources

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Speaker 1: held its AGM today, and there was little sympathy for

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Speaker 1: founder and chief executive officer Chris Ellison, who's been embroiled

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Speaker 1: in an alleged tax avoidance scheme. Chair James McClements started

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Speaker 1: off by telling the meeting that Ellison lacked the judgment

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Speaker 1: and integrity the board expected. MinRes has hired Elizabeth Broderick,

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Speaker 1: the former sex discrimination commissioner, to conduct a report into

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Speaker 1: the company's culture. Mister McClement said MinRes will exit or

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Speaker 1: on wine business deals with parties related to mister Ellison.

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Speaker 1: The ren all sorts of revelations in recent months of

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Speaker 1: multiple corporate governance failings at Mineral Resources, and it was

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Speaker 1: mister Ellison's first public appearance since the scandal broke. He

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Speaker 1: expressed contrition and said, I quote, I can't stress enough

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Speaker 1: how much I hate what I've done, and a dark

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Speaker 1: cloud in my life that I lived with forever and

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Speaker 1: story number five Wall Streets. The largest company chip maker, Nvidia,

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Speaker 1: has placed a slightly disappointing quarterly result, mostly because it

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Speaker 1: met expectations. The rise and rise of Nvidio is such

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Speaker 1: that if it doesn't shoot the lights out, then people

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Speaker 1: are disappointed. For the third quarter, it broadly met expectations,

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Speaker 1: but no more. Its outlook statement was slightly disappointing after

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Speaker 1: our share price training suggested the stock will fall about

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Speaker 1: three percent, though it did come back a little later

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Speaker 1: in the day. Bitcoin also pushed through ninety seven US

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Speaker 1: dollars a unit that's worth a mentioned this afternoon. That's

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Speaker 1: it for the afternoon report for Thursday, the twenty first

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Speaker 1: of November twenty twenty four. Don't forget tip following on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow

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Speaker 1: I'm wanning for the Fast Five by Fear and Greed,

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Speaker 1: the top five business stories you need to know in

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Speaker 1: just five minutes. I'm Shane Elmer. Enjoy reading