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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 twenty eighth of October twenty twenty four.

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

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Speaker 1: that happened today that you need to know about. Stratumer one,

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Speaker 1: there's in PASX two hundred closed up zero point one

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Speaker 1: percent today to eight two hundred and twenty two points.

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Speaker 1: Not a lot's gone on really the last five sessions.

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Speaker 1: The market's up just twelve points today. The banks were down,

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Speaker 1: the big miners were up on the back of higher

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Speaker 1: iron ore prices after some further stimulus out of Beijing.

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Speaker 1: West Farmers had a good day, Resmet and zero were

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Speaker 1: other good performers on the flip side. CSL, Goodman, Woodside

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Speaker 1: and QB all underperform. But I've got to say not

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Speaker 1: a huge amount going on stroight. Number two, Federal Treasurer

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Speaker 1: Jim Chalmers is set to crack down on poke machine

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Speaker 1: manufacturers being given a tax concession for research and development.

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Speaker 1: Figures from the Australian Tax Office show millions of dollars

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Speaker 1: flowing to the poke manufacturer is now R and D

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Speaker 1: is an expense. It's also a tax deduction that's for

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Speaker 1: all corporates. Doctor Chalmers, though isn't quite sure whether the

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Speaker 1: Pokeys should be getting one. He said it's problematic for

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Speaker 1: taxpayers money to fund R and D for poker machines.

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Speaker 1: Companies like Aristocrat Leisure and Ainsworth Game Technologies are the

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Speaker 1: source of groups that would be affected. Story number three.

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Speaker 1: Fordes Q Energy's boss Mark Hutchison has apologized for how

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Speaker 1: he handled being linked to a religious group that promotes

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Speaker 1: anti lgbtqia plus values. After being pressured by his boss,

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Speaker 1: Andrew Forrest, Doctor Forrest told his leadership team that they

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Speaker 1: all needed to commit to corporate diversity and support for

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Speaker 1: same sex couples. According to a story in the Financial

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Speaker 1: Review Now, mister Hutchison, who runs the energy business at Fortescue,

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Speaker 1: is also director of Alpha International. It's a Christian organization

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Speaker 1: that believes strictly in heteronormative sexual ideolog g Mister Hutchison

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Speaker 1: on Sunday night apologized, declaring his support for sexual equality,

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Speaker 1: same sex relationships, and the value of the lgbtqia plus community.

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Speaker 1: Story number four. The AX Limited held its annual general

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Speaker 1: meeting today and recorded a first strike on its remuneration report.

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Speaker 1: A vote of twenty five percent or more is required

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Speaker 1: to deliver a strike. Twenty six percent of voters in

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Speaker 1: this case, we're against your remuneration report. Hence the strike.

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Speaker 1: Plenty going on at that company. Director accountability, the bungled

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Speaker 1: Chess replacement project, and plenty of regal treat scrutiny has

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Speaker 1: upset shareholders. They're not happy and they showed it by

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Speaker 1: voting against the rem report. CEO Helen Lofthouse was awarded

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Speaker 1: a one point seven million dollars short term bonus this year,

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Speaker 1: up seventy percent. I think that's what drew the hor

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Speaker 1: of shareholders. Outgoing chair Damien Roach said the vote shows

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Speaker 1: a clear level of dissatisfaction with remuneration among shareholders. IX

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Speaker 1: The share price closed lower for the year, it's up

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Speaker 1: about six percent and story number five Paladin Energy share

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Speaker 1: price tumbled fifteen percent today after the uranium producer said

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Speaker 1: that it's one and a half billion dollar acquisition of

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Speaker 1: Coronte listed fission Uranium may not go ahead as at a

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Speaker 1: weights approval by Canadian regulators. It was the biggest one

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Speaker 1: day drop in Paladin's share price in more than a year.

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Speaker 1: The Canadian government has launched a national security review of

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Speaker 1: the deal that could well scupper any tie up between

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Speaker 1: the two. Otherwise, Paladin said production has increased in Namibia

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Speaker 1: to six hundred and forty thousan pounds of uranium yellow

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Speaker 1: cake that was during the September quarter. Yellow cake is

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Speaker 1: actually powdered uranium concentrate. It's very volatile stock. This one,

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Speaker 1: Paladin was nearly eighteen dollars in May, got down to

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Speaker 1: about eight dollars fifteen September. Now it's just over ten dollars.

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Speaker 1: That's it for the afternoon Report for Monday, the twenty

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Speaker 1: eighth of October twenty twenty four. Michael Thompson and I

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Speaker 1: will be back tomorrow morning with the Tuesday edition off

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Speaker 1: here and Green Business News. I'm Sean Elmer. Enjoy Eavening