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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 seventh of March twenty twenty five. I'm

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

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

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Speaker 1: The local sheer market tumbled nearly two percent today as

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Speaker 1: he on again, off again tariff wars spooked investors. The

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Speaker 1: SMPASX two hundred closed at seven nine hundred and forty

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Speaker 1: eight points, the lowest level since September last year. It

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Speaker 1: came after Wall Street failed to rise even though President

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Speaker 1: Donald Trump said he'd pause twenty five percent tariffs on

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Speaker 1: some Mexican and Canadian imports just three days after they

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Speaker 1: came into effect. The tech heavy Nasdaq on Wall Street

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Speaker 1: is now down more than ten percent since its peak,

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Speaker 1: meaning it's in correction. Territory locally market leader Commonwealth Bank

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Speaker 1: closed down three point three percent. West Pack and A

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Speaker 1: and Z were both off two point four percent. Macquari

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Speaker 1: Group tumbled five percent, Goodman Group four and a half percent.

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Speaker 1: But it was the textocks that were hit hardest. Aria, Wistech,

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Speaker 1: Global zero, Promerticus all losing ground. Sorry Number two cyclone

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Speaker 1: Alfred is expected to make landfall at about ten am

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Speaker 1: tomorrow morning, having once again slowed down. It's expected to

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Speaker 1: cross land with winds of up to one hundred and

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Speaker 1: fifty kilometers an hour and very heavy rains up to

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Speaker 1: eight hundred millimeters in some areas. Its forecast to hit

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Speaker 1: or The main impact will be from Nusa in Queensland

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Speaker 1: to Yamba in New South Wales. Residents in parts of

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Speaker 1: northeast New South Wales, including the Northern Rivers, were told

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Speaker 1: to evacuate or risk being stranded by floodwaters. Schools, public transport,

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Speaker 1: major roads and airports are closed with elective surgeries on whold,

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Speaker 1: but emergency departments remain open. The tropical cyclone will be

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Speaker 1: the first to directly hit southeast Queensland and northeast New

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Speaker 1: South Wales in more than fifty years. Sorry Number three

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Speaker 1: Star Entertainment has signed a deal to sell its half

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Speaker 1: stake in the New Queen's Wharf Casino, an entertainment complex

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Speaker 1: in Brisbane, and a bid to raise cash and keep

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Speaker 1: itself from falling into administration. A deal was signed today.

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Speaker 1: According to the Finn Review, the agreement means Stars joint

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Speaker 1: venture partners Hong Kong's Chow Tai Fook and Far East

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Speaker 1: Consortium will take full control of the Brisbane casino and

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Speaker 1: resort for about fifty million dollars. The deal allows the

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Speaker 1: casino to stay open and saves around three thousand jobs.

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Speaker 1: It's also expected to allow Star to avoid administration, gives

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Speaker 1: the company time to find a new investor or lender

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Speaker 1: to recapitalize the company. The Queensland government still needs to

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Speaker 1: approve the deal. Story number four. Private equity giant Brookfield

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Speaker 1: has pulled out of the three point four billion dollar

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Speaker 1: bidding war for wealth management firm Insignia Financial, leaving the

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Speaker 1: battle to Baine and CC Capital. Bain and CC Lodge

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Speaker 1: separate five dollars per share offers for the one hundred

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Speaker 1: and eighty year old institution formerly known as IF this morning.

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Speaker 1: That's an increase of about ten percent on early bids.

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Speaker 1: The final offer from either Bay or CC is likely

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Speaker 1: to be made within the next six weeks. The Insignia

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Speaker 1: board told investors in a statement it intends to recommend

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Speaker 1: a binding deal of at least five dollars a share,

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Speaker 1: and Insignia's share price jump ten percent today to almost

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Speaker 1: four dollars seventy a share and story number five. Nearly

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Speaker 1: two months after an explosion sent flaming debris raining down

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Speaker 1: on Turks and Caicos, SpaceX launched another Starship rocket overnight,

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Speaker 1: but lost contact minutes into the test flight as the

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Speaker 1: spacecraft came tumbling down and broke apart. This time, wreckage

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Speaker 1: from the latest explosion was seen streaming from the skies

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Speaker 1: over Florida. It isn't immediately known whether the spacecraft's self

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Speaker 1: destruct system had kicked in to blow it up. That's

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Speaker 1: it the afternoon report for Friday, the seventh of March

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Speaker 1: twenty twenty five. Make sure you hit follow on the podcast.

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Speaker 1: We'll be back tomorrow morning with the weekend edition of

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Speaker 1: the Fast five Business News by Fear and Greed. I'm

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Speaker 1: Sean Elmer, enjoy reaving