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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 tenth of October twenty twenty four. I'm

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Speaker 1: suan Elma. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Story number one.

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Speaker 1: The SMPA six two hundred closed up zero point four

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Speaker 1: percent to eight thousand, two hundred and twenty three points.

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Speaker 1: The banks were mixed, while the miners were stronger on

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Speaker 1: the back of high iron ore prices. For a Sku

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Speaker 1: Metals Group closed up four percent. Rio Tinto rose one

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Speaker 1: point four percent after agreeing last night to buy arkadium

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Speaker 1: lithium for nine point nine billion dollars. Best on the

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Speaker 1: day was arcadium, up thirty nine percent. Other lithium stocks

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Speaker 1: benefited with rises in Lake Resources, they Owner Mining and

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Speaker 1: line Town Resources. Woodsided Santos bounced after oil prices rebounded somewhat.

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Speaker 1: BHP added one point four percent after Norway's Sovereign fund

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Speaker 1: at Norge's Bank removed the mining giant from a climate

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Speaker 1: watch list, where it was placed in twenty twenty due

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Speaker 1: to coal use and production. In other corporate news, auto

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Speaker 1: pats manufacturer ARB Corporation rose after it said it's closer

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Speaker 1: to completing its acquisition of US business four Wheel Parts.

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Speaker 1: Financial services provider net Wealth share price also jumped after

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Speaker 1: posting a record increase in funds under administration over the

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Speaker 1: September quarter. It's a good day for New Zealand dairy

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Speaker 1: company sinlat as well and mining services group Parente rose

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Speaker 1: more than two percent after signing a two year extension

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Speaker 1: with lithium company Igo to mine at the Nova nickel

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Speaker 1: mine in Western Australia. Straight Number two goodsman Egomet is

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Speaker 1: one of the hottest stocks in the AX in recent months,

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Speaker 1: said it is on track to meet already bullish growth

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Speaker 1: projections and opened more stores internationally. In its first quarterly

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Speaker 1: sales update since its June listing, the company said it

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Speaker 1: was on track to meet the prospective's forecast this financial year,

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Speaker 1: including a target of opening thirty one new restaurants in Australia.

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Speaker 1: The company share price listed at twenty two bucks. It's

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Speaker 1: now worth almost thirty nine dollars. In the update today,

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Speaker 1: A Guzman said sales growth was above expectations in Australia,

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Speaker 1: Singapore and Japan. It's core division and is being helped

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Speaker 1: by a new advertising campaign and demand for cheap items

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Speaker 1: such as the twelve dollar chicken mini meal. Guzman now

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Speaker 1: has two hundred and twenty six stores around the world,

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Speaker 1: up from two hundred and twenty at the end of

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Speaker 1: June one. Ninety nine of those are in Australia, straight

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Speaker 1: number three ASX listed wine producer. Australian Vintage, the company

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Speaker 1: behind the mcgwigan tempest II and the Penthe Labels, has

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Speaker 1: re hired the chief executive it's sacked for a lack

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Speaker 1: of judgment less than six months ago. Craig Garvin, who

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Speaker 1: left in May, has returned to the company under a

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Speaker 1: new board and said he is not bitter about his

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Speaker 1: past treatment. According to report in The fin Review, Australian

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Speaker 1: Vintage had never detailed why mister Garvin was removed, saying

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Speaker 1: simply he displayed a lack of judgment inconsistent with the

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Speaker 1: values of the company. Yesterday, mister Garvin said, and I

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Speaker 1: quite the past is the past is upward and onward.

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Speaker 1: He said he'd refocus on building Australian Vintage's share price,

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Speaker 1: which has fallen more than sixty percent in six months

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Speaker 1: for legislation up being at the tax rate for earnings

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Speaker 1: on superannuation balances above three million dollars past the Lower

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Speaker 1: House today and will go to the Senate with a

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Speaker 1: fight expected from the Greens. Under the legislation, the tax

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Speaker 1: rate on the earnings of superannuation balances exceeding three million

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Speaker 1: dollars will go from fifteen percent to thirty percent. The

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Speaker 1: government rejected a push by Teal Independence to have the

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Speaker 1: three million dollar cap index to avoid increasing numbers of

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Speaker 1: Australians being subject to the tax. Due to braccreep in

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Speaker 1: the Senate, the government needs a support of the Greens

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Speaker 1: and at least three Cross benches to pass it. The

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Speaker 1: Greens previously have called for the threshold to the new

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Speaker 1: tax to be lowered to two million dollars. There's also

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Speaker 1: contention over the rules being applied to unrealized capital gains,

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Speaker 1: which could force farmers and small business owners who own

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Speaker 1: farms or business premises in their smsss to sell these

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Speaker 1: assets to meet their new tax obligations. And story number five,

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Speaker 1: Hurricane Milton slammed into Florida this morning Australian time, bringing

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Speaker 1: life threatening flooding and leaving millions without power. The cyclone

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Speaker 1: made landfall need es to key in Sarasota County as

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Speaker 1: a Category three storm with winds of up to one

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Speaker 1: hundred and eighty an hour. According to the US National

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Speaker 1: Hurricane Center, Its forecast remained at hurricane strength while it

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Speaker 1: moves across central Florida. The Center warned that the storm

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Speaker 1: would bring devastating rains and damaging winds, with life threatening gusts, tornadoes,

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Speaker 1: and storm surges of up to thirteen foot that could

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Speaker 1: inundate urban areas and flash flooding. More than two million

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Speaker 1: homes and businesses were without power in Florida a few

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Speaker 1: hours ago. Milton is his second major hurricane to hit

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Speaker 1: the US in a fortnight. It comes after Hurricane Helene

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Speaker 1: eaked havoc across several southeastern states, killing more than two

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Speaker 1: hundred and twenty five people and destroying roads across North Carolina.

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Speaker 1: That's it the Afternoon Report for the tenth of October

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Speaker 1: twenty twenty four. Don't forget to hit follow on the

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

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Speaker 1: and Facebook. Join Michael Thompson and I ru I'm wading

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Speaker 1: for the Fast five by Fear and Greed. The top

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Speaker 1: five business throws you need to know in just five minutes.

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Speaker 1: I'm Sean Elmer. Enjoy your evening,