1 00:00:03,720 --> 00:00:06,480 Speaker 1: Welcome to the Beer and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,160 Speaker 1: for Wednesday, the eleventh of December twenty twenty four. I'm 3 00:00:09,200 --> 00:00:12,000 Speaker 1: Sean Almer. Every afternoon, we've got the five stories that 4 00:00:12,080 --> 00:00:14,360 Speaker 1: happened today that you need to know about. Straight Number one, 5 00:00:14,920 --> 00:00:18,279 Speaker 1: the market. The SMPA six two hundred ended down half 6 00:00:18,320 --> 00:00:21,320 Speaker 1: percent today to eight thousand, three hundred and fifty four points. 7 00:00:21,720 --> 00:00:23,800 Speaker 1: It's kind of a quiet day on the market. The 8 00:00:23,840 --> 00:00:27,040 Speaker 1: techtocs were among the worst performers wise. Tech Global was 9 00:00:27,080 --> 00:00:30,080 Speaker 1: off three percent. The real estate investment trusts were among 10 00:00:30,120 --> 00:00:33,080 Speaker 1: the best. Goodman jump nearly two percent. The big miners 11 00:00:33,080 --> 00:00:36,479 Speaker 1: were mixed, Banks were lower. Wes Farmers rose one percent, 12 00:00:36,840 --> 00:00:40,080 Speaker 1: but most of the action I reckon was offshore, particularly 13 00:00:40,600 --> 00:00:44,440 Speaker 1: coffee prices. They continue to run, with Arabica beans now 14 00:00:44,520 --> 00:00:49,839 Speaker 1: at their highest level since records began in nineteen seventy two, 15 00:00:50,360 --> 00:00:53,040 Speaker 1: beating the previous all time high back in nineteen seventy seven. 16 00:00:53,400 --> 00:00:57,120 Speaker 1: Prices of Arabica beans are up eighty percent this year 17 00:00:57,440 --> 00:01:00,200 Speaker 1: after poor weather conditions in the world's largest produce, use 18 00:01:00,240 --> 00:01:04,400 Speaker 1: of Brazil, hampered crops not just this year but also 19 00:01:04,680 --> 00:01:07,319 Speaker 1: next year next. Cafe, the world's biggest fire is uping 20 00:01:07,360 --> 00:01:10,760 Speaker 1: prices and your barista could too. Just before we leave, 21 00:01:10,760 --> 00:01:13,200 Speaker 1: the commodity market's Brent cruds trading around seventy three US 22 00:01:13,280 --> 00:01:16,080 Speaker 1: dollars of barrel goals up towards twenty seven hundred US 23 00:01:16,120 --> 00:01:17,960 Speaker 1: dollars and ounce in fact in Aussie dollars because the 24 00:01:18,000 --> 00:01:19,840 Speaker 1: Aussie dollars is quite weak. About sixty three and a 25 00:01:19,880 --> 00:01:23,840 Speaker 1: half cents gold is close to a record high. Straight 26 00:01:23,959 --> 00:01:27,160 Speaker 1: Number two Business sentiment fell last month after a short 27 00:01:27,160 --> 00:01:30,360 Speaker 1: lived spike, but inflation pressures in the economy look to 28 00:01:30,400 --> 00:01:33,840 Speaker 1: be easy. The National Australia Bank Business Survey shows business 29 00:01:33,880 --> 00:01:39,559 Speaker 1: sentiment tumbled in November, although conditions remain resilient, albeit heading lower. 30 00:01:40,000 --> 00:01:43,319 Speaker 1: Forward looking indicators in the survey forward orders, for example, 31 00:01:43,640 --> 00:01:47,120 Speaker 1: remain quite weak. NAB's employment index is also trending lower, 32 00:01:47,480 --> 00:01:50,760 Speaker 1: which suggests less jobs growth in coming months, and the 33 00:01:50,840 --> 00:01:54,520 Speaker 1: NAB survey of prices, which great guide to inflationary pressures, 34 00:01:54,720 --> 00:01:57,600 Speaker 1: continue to trend lower. Bottom line from the National Australia 35 00:01:57,600 --> 00:02:01,960 Speaker 1: Bank Survey the economy is slowing, inflation continues to head lah. 36 00:02:02,480 --> 00:02:04,960 Speaker 1: Straight Number three New South Aales Premier Chris Mins has 37 00:02:05,000 --> 00:02:09,160 Speaker 1: called an anti semitic attack in Wallara in Sydney disgraceful 38 00:02:09,240 --> 00:02:13,280 Speaker 1: and disgusting, as politicians from across the country joined to 39 00:02:13,560 --> 00:02:18,280 Speaker 1: condemn the action. The apparent anti Semitic slogans were graffited 40 00:02:18,280 --> 00:02:20,720 Speaker 1: across two buildings in a car set a light in 41 00:02:20,760 --> 00:02:24,240 Speaker 1: Sydney's East this morning. It follows the fire bombing of 42 00:02:24,240 --> 00:02:27,080 Speaker 1: a Jewish synagogue last week in Melbourne and it's his 43 00:02:27,160 --> 00:02:30,280 Speaker 1: second attack in Wallara, home to many Jewish people, in 44 00:02:30,320 --> 00:02:33,720 Speaker 1: the last month. Prime Minister Anthony Albert Nisi said there's 45 00:02:33,720 --> 00:02:37,239 Speaker 1: no place for anti Semitism in Australia and said these 46 00:02:37,280 --> 00:02:41,680 Speaker 1: attacks must stop. Story number four. The chief executive of 47 00:02:42,080 --> 00:02:45,440 Speaker 1: da z N Dezone has been in Australia this week 48 00:02:45,720 --> 00:02:48,920 Speaker 1: as the British global sports streaming platform, backed by a 49 00:02:48,919 --> 00:02:53,280 Speaker 1: billionaire businessman, Len blavat Nick, assesses a bid for news 50 00:02:53,320 --> 00:02:58,560 Speaker 1: corporations Foxtel. Shay Segev, who previously led London listed sports 51 00:02:58,639 --> 00:03:02,040 Speaker 1: betting Giant and Tayne, in holding meetings in Australia as 52 00:03:02,040 --> 00:03:04,960 Speaker 1: the company considers weather to make an offer for Foxtel. 53 00:03:05,000 --> 00:03:08,040 Speaker 1: According to report in the Afar, Foxtel operates its pay 54 00:03:08,080 --> 00:03:11,640 Speaker 1: television business as well as streaming platforms. Are KOs Sports 55 00:03:11,720 --> 00:03:15,880 Speaker 1: and Binge Design has acquired broadcasting businesses over the past 56 00:03:15,919 --> 00:03:18,520 Speaker 1: two years as it attempts to build a major sports 57 00:03:18,639 --> 00:03:22,079 Speaker 1: streaming platform. Foxtel is sixty five percent owned by News Corp, 58 00:03:22,120 --> 00:03:23,880 Speaker 1: thirty five percent owned by Tel Austraight. It's been up 59 00:03:23,880 --> 00:03:26,959 Speaker 1: for sale since August and finally Story number five. Australia 60 00:03:26,960 --> 00:03:30,280 Speaker 1: has a new life insurance brand, a Sender, after the 61 00:03:30,280 --> 00:03:34,280 Speaker 1: merger of MLC Life Insurance and Resolution Life Now. This 62 00:03:34,360 --> 00:03:37,280 Speaker 1: all came as a result of Nippon Life Insurance, which 63 00:03:37,360 --> 00:03:42,120 Speaker 1: owns eight percent of MLC, buying the London based Resolution 64 00:03:42,520 --> 00:03:46,600 Speaker 1: Life group. That means the Ouzi subsidiary of Resolution Life 65 00:03:46,880 --> 00:03:49,640 Speaker 1: goes to Nipon. The owner of the twenty percent of 66 00:03:49,760 --> 00:03:52,880 Speaker 1: MLC that Nippon doesn't own is National Australia Bank. It's 67 00:03:52,920 --> 00:03:54,800 Speaker 1: happy to sell that to Nipon for about half a 68 00:03:54,800 --> 00:03:57,520 Speaker 1: billion dollars. That combined business to be known as a sender. 69 00:03:57,520 --> 00:04:00,840 Speaker 1: We'll have around two million customers and thirty billion dollars 70 00:04:00,920 --> 00:04:05,400 Speaker 1: of assets under management. Life insurance is big business in Australia. 71 00:04:05,720 --> 00:04:09,119 Speaker 1: The sale by National Australia Bank ends decades of involvement 72 00:04:09,160 --> 00:04:11,800 Speaker 1: in the life insurance business by Australia's big four banks, 73 00:04:12,000 --> 00:04:14,840 Speaker 1: with A and Z Comwealth Bank and Westpac all selling 74 00:04:14,880 --> 00:04:18,200 Speaker 1: their life businesses during the past four years or so. 75 00:04:18,240 --> 00:04:20,679 Speaker 1: That's it for the Afternoon Report for Wednesday, the eleventh 76 00:04:20,680 --> 00:04:23,119 Speaker 1: of December twenty twenty four. Make sure you hit follow 77 00:04:23,160 --> 00:04:25,640 Speaker 1: on the podcast. We'll be back tomorrow morning with your 78 00:04:25,640 --> 00:04:29,000 Speaker 1: Thursday edition off Your and Greed business Views. I'm Suan Elma. 79 00:04:29,160 --> 00:04:29,880 Speaker 1: Enjoy your evening.