1 00:00:03,520 --> 00:00:06,880 Speaker 1: Welcome to Fearing Greed Business News Afternoon Report for Thursday, 2 00:00:06,920 --> 00:00:09,639 Speaker 1: v second of April twenty twenty six. I'm Sean Alma. 3 00:00:09,960 --> 00:00:12,360 Speaker 1: Every afternoon, We've got the five stories that happened today 4 00:00:12,360 --> 00:00:14,440 Speaker 1: that you need to know about. Story number one, the 5 00:00:14,560 --> 00:00:17,119 Speaker 1: SMPA SX two hundred finished the day of trading ahead 6 00:00:17,160 --> 00:00:19,400 Speaker 1: of the easter to break down more than one percent. 7 00:00:19,800 --> 00:00:22,960 Speaker 1: Markets started the day pretty well, but at noon Australian time, 8 00:00:23,079 --> 00:00:26,280 Speaker 1: US President Donald Trump gave a national address and provided 9 00:00:26,320 --> 00:00:28,560 Speaker 1: no timeline for the end of the war in the 10 00:00:28,560 --> 00:00:32,720 Speaker 1: Middle East. Markets had hoped for something more concrete. Oil 11 00:00:32,800 --> 00:00:36,640 Speaker 1: prices rose, share markets in the Asia region fell. The 12 00:00:36,640 --> 00:00:39,080 Speaker 1: Aussie dollar finished the day trading back below sixty nine 13 00:00:39,200 --> 00:00:42,400 Speaker 1: US cents on the local market. Techtocks were hit hardest, 14 00:00:42,680 --> 00:00:44,760 Speaker 1: while the big miners were also sold off. The banks 15 00:00:44,760 --> 00:00:48,720 Speaker 1: were mixed, while the retailers generally outperformed the broader market. 16 00:00:49,040 --> 00:00:52,040 Speaker 1: Story number two, the fallout and I mean fallout from 17 00:00:52,080 --> 00:00:56,160 Speaker 1: Prime Minister Anthony Alberizi's national address last night continues. The 18 00:00:56,240 --> 00:00:59,240 Speaker 1: general gist is why did the PM eat into broadcaster 19 00:00:59,480 --> 00:01:03,360 Speaker 1: and radio airtime to say, not very much? In fact, 20 00:01:03,640 --> 00:01:06,559 Speaker 1: given that there was a rush to buy petrol ahead 21 00:01:06,560 --> 00:01:09,760 Speaker 1: of the speech. Maybe it actually had a negative impact. 22 00:01:09,959 --> 00:01:13,520 Speaker 1: Opposition leader Angus Taylors said Prime Minister Anthony Alberanesi's national 23 00:01:13,560 --> 00:01:18,000 Speaker 1: address could have been a social media post Deputy Prime Minister, 24 00:01:18,040 --> 00:01:20,200 Speaker 1: which Miles defended his boss, saying it was the right 25 00:01:20,200 --> 00:01:22,640 Speaker 1: thing for the Australian PM to do, and that's what 26 00:01:22,680 --> 00:01:26,399 Speaker 1: Alberanize said himself. He was at the National Press Club today. 27 00:01:26,600 --> 00:01:29,480 Speaker 1: He said he needed to speak directly to Australians, not 28 00:01:29,560 --> 00:01:33,640 Speaker 1: through social media. Story number three, a nine month investigation 29 00:01:33,800 --> 00:01:36,959 Speaker 1: into the failings of the share market operator, has slammed 30 00:01:37,000 --> 00:01:41,119 Speaker 1: the ASEX management and its board for prioritizing shareholder returns 31 00:01:41,480 --> 00:01:44,640 Speaker 1: over its ability to deliver stable infrastructure to run the 32 00:01:44,640 --> 00:01:48,440 Speaker 1: country's financial markets. A final report by a three member 33 00:01:48,480 --> 00:01:52,240 Speaker 1: independent panel led by Compwealth Bank director Rob Whitfield was 34 00:01:52,280 --> 00:01:56,040 Speaker 1: also damning of the company's culture. According to the finn Review, 35 00:01:56,080 --> 00:01:59,520 Speaker 1: the report says I quote too often ASX has adopted 36 00:01:59,560 --> 00:02:03,200 Speaker 1: tactical solutions to solving problems rather than addressing the root 37 00:02:03,240 --> 00:02:07,280 Speaker 1: cause of its issues, and focused on remedying obvious shortcomings 38 00:02:07,360 --> 00:02:11,359 Speaker 1: rather than striving for best practices. This incremental approach, combined 39 00:02:11,360 --> 00:02:14,080 Speaker 1: with an insular and defensive culture led to a focus 40 00:02:14,120 --> 00:02:17,200 Speaker 1: on meeting minimum standards rather than striving to fulfill its 41 00:02:17,280 --> 00:02:20,960 Speaker 1: role in a way that best serves Australia's interests end 42 00:02:21,000 --> 00:02:24,520 Speaker 1: quote OUCH. The inquiry was investigated by the Australian Securities 43 00:02:24,560 --> 00:02:28,079 Speaker 1: Investments Commission, which has joined supervision of the ASEX along 44 00:02:28,080 --> 00:02:30,800 Speaker 1: with the Reserve Bank. Story number four. The share price 45 00:02:30,800 --> 00:02:34,240 Speaker 1: of KMD Brands, owner of Catmandu and Rip Call, fell 46 00:02:34,400 --> 00:02:38,079 Speaker 1: more than fifty percent today after assuming training following the 47 00:02:38,080 --> 00:02:42,200 Speaker 1: completion of an institutional component of its emergency capital raising. 48 00:02:42,280 --> 00:02:45,160 Speaker 1: It's now trading at seven cents a share. The company's 49 00:02:45,160 --> 00:02:48,840 Speaker 1: market capitalization is down to about two hundred million dollars. 50 00:02:48,960 --> 00:02:52,520 Speaker 1: Chief executive Brent Scrimshaw, so the fresh capital will strengthen 51 00:02:52,680 --> 00:02:55,960 Speaker 1: strengthen kmd's balance sheet and allow it to continue its 52 00:02:56,000 --> 00:03:00,920 Speaker 1: turnaround program. KMD previously rejected an approach for rival surf 53 00:03:00,960 --> 00:03:05,040 Speaker 1: player Stokehouse regarding the d merger of the Ripcore brand. Finally, 54 00:03:05,160 --> 00:03:08,360 Speaker 1: Story number five four astronauts are headed to the Moon, 55 00:03:08,400 --> 00:03:11,440 Speaker 1: having reached orbit shortly after take off at the Kennedy 56 00:03:11,480 --> 00:03:15,400 Speaker 1: Space Center in Florida this morning. NASA's Artemis two space 57 00:03:15,480 --> 00:03:19,640 Speaker 1: launch system rocket carried the Orion spacecraft under mission commander 58 00:03:19,800 --> 00:03:23,840 Speaker 1: Reid Wiseman. After a last minute hiccup involving a battery, 59 00:03:24,160 --> 00:03:27,360 Speaker 1: Artemis lifted off about nine thirty am Australian time, five 60 00:03:27,400 --> 00:03:29,800 Speaker 1: minutes into humanity's first flight to the Moon in fifty 61 00:03:29,840 --> 00:03:34,440 Speaker 1: three years. Commander Wiseman saw the team's target the moon. Instead, 62 00:03:34,800 --> 00:03:37,560 Speaker 1: we have a beautiful moonrise. We're headed right at it. 63 00:03:37,920 --> 00:03:40,240 Speaker 1: That's it for the afternoon report for Thursday, the second 64 00:03:40,240 --> 00:03:42,480 Speaker 1: of April twenty twenty six. Make sure you're following the 65 00:03:42,480 --> 00:03:44,480 Speaker 1: podcast and head along to Fair and Greed dot com 66 00:03:44,520 --> 00:03:46,520 Speaker 1: Today you to sign up for our free daily newsletter. 67 00:03:46,680 --> 00:03:48,680 Speaker 1: I'm Sean Aelma. Enjoy your evening.