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Speaker 1: Welcome to the Fearing Greed Business News. The afternoon Report

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Speaker 1: for Tuesday, the twelfth of November twenty twenty four. I'm

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Speaker 1: sure in Alma every afternoon we've got the five stories

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

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Speaker 1: number one. The local market started poorly today, dropping sharply,

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Speaker 1: but by the end of the day he hadn't moved

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Speaker 1: much at all. The SMPA Sex two hundred closed down

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Speaker 1: just to touch zero point one percent to eighty two

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Speaker 1: hundred and fifty six points. It was a tough day

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Speaker 1: for the gold miners. There's the price for the precious

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Speaker 1: metal comes off recent highs. Iron ore prices are also slipping.

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Speaker 1: They're back around the one hundred US dollars a ton mark.

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Speaker 1: That's put pressure on the big miners. The tech stocks

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Speaker 1: did best today in corporate news. Mounting losses in nib's

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Speaker 1: New Zealand business means earnings will be down as much

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Speaker 1: as ten percent this year. Now, it's been an interesting company,

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Speaker 1: this one. The health insurer a poor performance last year,

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Speaker 1: what twenty percent of its share price in August, although

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Speaker 1: today it ended up flat. Sorry. Number two uranium minor

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Speaker 1: Paladin Energy has cut its forecast for production, saying its

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Speaker 1: previous estimates were a bit ambitious. That was enough to

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Speaker 1: send its share price down twenty nine percent today, easily

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Speaker 1: the worst of the top two hundred. Paladin cut guidance

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Speaker 1: from four to four and a half million pounds of

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Speaker 1: uranium to three to three point six million pounds of uranium. Now.

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Speaker 1: It's all due to problems at its flagship langer Heinrich

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Speaker 1: mine in Namibia. It owns a seventy five percent steak.

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Speaker 1: Palain's been an interesting company. It's trying to buy Toronto

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Speaker 1: listed at fission uranium that's been knocked off course by

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Speaker 1: the Canadian government. It's worried about Chinese involvement in the deal. Now.

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Speaker 1: The Chinese group that's involved with Paladin is a group

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Speaker 1: called China National Nuclear Corp. It owns the other twenty

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Speaker 1: five percent of Langehindric and also lends money to Paladin.

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Speaker 1: That's what the Canadian government's worried about. Straight Number three

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Speaker 1: gaming manufacturer Aristocrat Leisure has sold its mobile gaming business,

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Speaker 1: Plarium Global, for about one point two billion dollars. Wants

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Speaker 1: to focus on poker machines and casino style online games.

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Speaker 1: It sold something called Raid Shadow Legends to a Swedish group.

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Speaker 1: It also wrote down the value of its other free

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Speaker 1: to play mobile games business. It's no longer a focus

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Speaker 1: of the group, the company said. It's DNA. Aristocrat leigures

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Speaker 1: DNA is very much in regulated gaming machines. It brought

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Speaker 1: into social gaming back in twenty seventeen, spent about one

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Speaker 1: and a half billion US dollars. Back then, it was

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Speaker 1: worried that games like Queen of the Nile and Five

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Speaker 1: Dragons were slowing. For those who don't know, Quinn the

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Speaker 1: Nile seems to be the pokey machine game around the

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Speaker 1: place anyhow, that's gone from strength to strength. So Aristocrat

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Speaker 1: Leisure wants to get out of the free to play

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Speaker 1: mobile games business. It's financial results throughout today. Its share

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Speaker 1: price has been a cracker this year, up about fifty

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Speaker 1: seven percent. Straying number four. One of Australia's largest law firms,

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Speaker 1: Herbert Smith Freehills, is merging with a New York firm,

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Speaker 1: becoming the first local partnership to have significant operations in

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Speaker 1: the US. Kramer eleven, Natalist and Frankel is the company

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Speaker 1: they're merging with. Assuming that three quarters of the partner's

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Speaker 1: approved the deal. We're going to have a new firm

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Speaker 1: called Herbert Smith Freehills Kramer at the latter one hundred

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Speaker 1: and twenty partners to the group started in Melbourne in

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Speaker 1: eighteen fifty three. The company became Herbert Smith Freehills in

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Speaker 1: twenty twelve after merging with the UK's Herbert Smith. It's

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Speaker 1: got about five hundred partners around the world, which one

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Speaker 1: hundred and sixty eight are in Australia. The shift to

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Speaker 1: working with US firms has been going on for a while.

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Speaker 1: Allen and Overy agreed to merge with a smaller American company,

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Speaker 1: Sheuman and Sterling back in may. Ashurst, according to Finterview,

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Speaker 1: is looking for opportunities as well, and Storry number five.

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Speaker 1: President elect Donald Trump has picked two men with track

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Speaker 1: records of harshly criticizing China for key positions in his

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Speaker 1: new administration. It's a sign that relations between the world's

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Speaker 1: biggest superpowers may frey even further in the coming years.

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Speaker 1: According to Bloomberg, Senator Marco Rubio, who has taken an

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Speaker 1: aggressive stance on China's emergence as an economic power and

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Speaker 1: twice been hit with sanctions by Beijing, is expected to

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Speaker 1: be named Secretary of State. Representative Mike Waltz, who views

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Speaker 1: China as a greater threat to the US than any

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Speaker 1: other nation, is aligned to be National Security Advisor. The

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Speaker 1: peak of Waltz would elevate a former Army Green Beret

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Speaker 1: in combat veteran of Afghanistan to a role coordinating foreign

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Speaker 1: policy in the West Wing and briefing the President on

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Speaker 1: global crises. That's it for the Afternoon Report for Tuesday,

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Speaker 1: the twelfth of November twenty twenty four. Adam Lange and

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Speaker 1: I will be back tomorrow morning with the Wednesday edition

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Speaker 1: of Bearing Greed Business News. I'm Shana elma enjoy Reeving