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

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Speaker 1: for Monday, the second of September twenty twenty four. Michael Thompson.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. So let's get going

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Speaker 1: a story number one. The S and p ASX two

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Speaker 1: hundred closed up zero point two percent today to eighty

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Speaker 1: one hundred and ten points, with a surprise afternoon uptick,

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Speaker 1: reversing early morning declines and pushing the market close to

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Speaker 1: its previous record high. Financials and energy were the top

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Speaker 1: performing sectors over the day, with the banks behind the

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Speaker 1: afternoon surge. Gold Metals and mining materials all fell pretty sharply,

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Speaker 1: with drops in both gold and the iron ore price

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Speaker 1: weighing on the market. Jewelry company Leavisa Holdings bounce back

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Speaker 1: a bit today as well, with shares up three point

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Speaker 1: one percent after seeing quite a drop at the end

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Speaker 1: of last week amid concerns about discretionary consumer goods despite

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Speaker 1: solid results. Bellevue Gold fell nine point one percent after

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Speaker 1: posting results, followed by Red Five down seven point four percent.

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Speaker 1: Dream World Zonner Coast Entertainment suffered a share price fall

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Speaker 1: of one point nine percent. It followed news that an

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Speaker 1: animal handler was bitten by a tiger at the Gold

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Speaker 1: Coast Theme Park and Area. Group put a halt to

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Speaker 1: trading this morning as it announced it's considering making a

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Speaker 1: move for London listed online property portal right Move, which

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Speaker 1: is the top residential listing service in the UK. After

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Speaker 1: resuming trading, shares fell five point three percent over the day.

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Speaker 1: On de story number two now, the Star Casino Star

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Speaker 1: Entertainment Group has been suspended from trading on the ASX.

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Speaker 1: After the Star received its copy of a review from

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Speaker 1: the New South Wales Regulator into its operations late last week,

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Speaker 1: it held off publishing its financial results and went into

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Speaker 1: a trading halt. It then failed to post results today

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Speaker 1: and the ASX stepped in and suspended securities for falling

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Speaker 1: behind the due date. There is not yet any date

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Speaker 1: for when the suspension will lift. The Australian Financial Review

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Speaker 1: reported that over the weekend Stars executives were looking for

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Speaker 1: ways to relax debt obligations and that without a way

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Speaker 1: to raise capital or move past this episode, it may

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Speaker 1: face being put up for sale. On to story number three,

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Speaker 1: September has been off to a rough start after a

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Speaker 1: record breaking hot August. One person has been killed and

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Speaker 1: more than one hundred thousand Australians left without power as

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Speaker 1: wild whether lashes the East coast on the weekend and today.

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Speaker 1: There have been some chaotic scenes across parts of Australia.

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Speaker 1: In Victoria, about one hundred and twenty one thousand people

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Speaker 1: were without power and there were hundreds of fixed line

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Speaker 1: phone customers unable to make or received called. By ten

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Speaker 1: am this morning, twenty eight hundred people had called for

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Speaker 1: assistance amid fallen trees and building damage. Just across the

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Speaker 1: border at Moama, in New South Wales, a woman was

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Speaker 1: killed when a tree fell on a holiday cabin. Elsewhere

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Speaker 1: in the state, dozens of grass and bush fires were ablaze,

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Speaker 1: some of which are still out of control, And in

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Speaker 1: Tasmania there have been evacuations of some areas due to

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Speaker 1: flooding and about twenty five thousand people are still without

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Speaker 1: power today. There are expected to be some big insurance

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Speaker 1: claims filed over the next few days and weeks. Story

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Speaker 1: number three. The Greens are pushing to establish a National

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Speaker 1: Renter's Protection Authority to deal with tenancy disputes and to

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Speaker 1: enforce new minimum rental standards. The authority would cost two

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Speaker 1: hundred million dollars a year, with one thousand national staff

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Speaker 1: members to investigate rental breaches but also undertake advocacy, advice

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Speaker 1: and education work for tenants. It would be able to

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Speaker 1: levy fines of up to eighteen thousand, seven hundred and

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Speaker 1: eighty dollars against real estate agencies and instant fines of

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Speaker 1: more than three thousy, seven hundred dollars. The idea is

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Speaker 1: that this authority would actually replace tribunals in states and

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Speaker 1: territories that are regularly backed up with these kinds of cases.

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Speaker 1: The Greens are also pushing for a two year rental freeze,

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Speaker 1: two percent per annum caps for rent increases, and the

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Speaker 1: right to have an option to access five year leases

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Speaker 1: and guaranteed renewals. And finally, Story number five X has

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Speaker 1: officially gone offline in Brazil after owner Elon Musk chose

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Speaker 1: not to comply with the country's laws. It's left millions

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Speaker 1: of local users locked out of the social media platform.

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Speaker 1: The Supreme Court in Brazil had ordered X to scrap

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Speaker 1: anti democratic and far right voices from the service following

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Speaker 1: major upheaval locally, Musk refused and mister Deadline to name

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Speaker 1: a new local legal representative after closing its Brazilian office

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Speaker 1: in August. Now locked out, Brazilians have been flocking to

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Speaker 1: rival Blue Sky, according to the Guardian, which has racked

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Speaker 1: up an extra five hundred thousand uses over just two days.

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Speaker 1: This number may yet skyrocket, with x having had twenty

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Speaker 1: two million users in Brazil. There has been a backlash

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Speaker 1: against the Brazilian Supreme Court, though, and it's likely that

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Speaker 1: this will be an evolving story. That's it for the

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Speaker 1: afternoon report for Monday, the tewond of September twenty twenty four.

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Speaker 1: I'll be back tomorrow morning with the Tuesday edition Fear

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Speaker 1: and Greed. I'm Michael Thompson. Enjoying all right, mmm