1
00:00:03,600 --> 00:00:06,440
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,480 --> 00:00:09,280
Speaker 1: for Tuesday, the second of December. I'm Michael Thompson, and

3
00:00:09,320 --> 00:00:12,160
Speaker 1: every afternoon we have the five big stories that you

4
00:00:12,240 --> 00:00:14,680
Speaker 1: need to know about that happened today. So let's get going.

5
00:00:14,720 --> 00:00:17,120
Speaker 1: Story number one. The S and PA s X two

6
00:00:17,200 --> 00:00:20,360
Speaker 1: hundred closed zero point two percent higher to eight thousand,

7
00:00:20,440 --> 00:00:23,680
Speaker 1: five hundred and eighty points today, helped in particular by

8
00:00:23,840 --> 00:00:27,880
Speaker 1: energy and mining companies in that order. Starting with energy, Woodside,

9
00:00:27,920 --> 00:00:30,920
Speaker 1: Santos and Beach Energy were all up about one percent,

10
00:00:31,040 --> 00:00:34,720
Speaker 1: with oil prices strong after a recent OPEC plus decision

11
00:00:34,720 --> 00:00:38,960
Speaker 1: about supply and of course the ongoing geopolitical situation. The

12
00:00:38,960 --> 00:00:42,080
Speaker 1: big miners had a good one today as well, BHP

13
00:00:42,280 --> 00:00:44,199
Speaker 1: up one point one percent, four to Q up one

14
00:00:44,200 --> 00:00:46,920
Speaker 1: point three percent, REO Tinto up one point seven percent.

15
00:00:47,520 --> 00:00:49,760
Speaker 1: At the other end of the market, the tech companies

16
00:00:49,880 --> 00:00:53,720
Speaker 1: Wisteed Global Technology one and monitoring app Life three sixty

17
00:00:53,760 --> 00:00:56,040
Speaker 1: were all off between two point three and two point

18
00:00:56,080 --> 00:00:59,280
Speaker 1: six percent today. Drone Shield fell more than four percent.

19
00:01:00,000 --> 00:01:02,120
Speaker 1: Had a bit of a turbulence run that one and

20
00:01:02,320 --> 00:01:05,920
Speaker 1: another worth a mention. Market operator ASX dropped one point

21
00:01:06,400 --> 00:01:10,560
Speaker 1: four percent today after morning Star downgraded the company after

22
00:01:10,640 --> 00:01:15,000
Speaker 1: yesterday's system failure that prevented company announcements being made. There's

23
00:01:15,160 --> 00:01:17,720
Speaker 1: a few things to factor into all of these market

24
00:01:17,720 --> 00:01:21,839
Speaker 1: movements arise in bond yields after the Bank of Japan

25
00:01:21,959 --> 00:01:25,440
Speaker 1: signal that might increase interest rates. This month, we saw

26
00:01:25,480 --> 00:01:29,120
Speaker 1: that overnight, an ordinary leading from Wall Street that really

27
00:01:29,240 --> 00:01:32,000
Speaker 1: kind of flowed on from there, and a major crypto slump.

28
00:01:32,120 --> 00:01:36,240
Speaker 1: Bitcoin dropped more than seven percent, now trading below eighty

29
00:01:36,280 --> 00:01:40,120
Speaker 1: five thousand US dollars, a unit that is off thirty

30
00:01:40,160 --> 00:01:44,160
Speaker 1: three percent in just the last couple of months, staggering

31
00:01:44,800 --> 00:01:48,720
Speaker 1: onto story number two now and former PwC Australia Chief

32
00:01:48,720 --> 00:01:52,520
Speaker 1: executive Tom Seymour has been suspended as a chartered accountant

33
00:01:52,520 --> 00:01:56,240
Speaker 1: for four years and find almost twenty five thousand dollars

34
00:01:56,240 --> 00:01:59,760
Speaker 1: over his role in the tax leak scandal. Chartered Accountants

35
00:01:59,800 --> 00:02:03,440
Speaker 1: a Z has ruled Seymour failed to act on clear

36
00:02:03,520 --> 00:02:07,640
Speaker 1: signs that confidential government tax information was being shared inside

37
00:02:07,680 --> 00:02:11,840
Speaker 1: PwC and allowed an unethical culture to flourish. He'd already

38
00:02:11,840 --> 00:02:14,720
Speaker 1: been deregistered as a tax agent by the Tax Practitioners

39
00:02:14,760 --> 00:02:18,120
Speaker 1: Board and banned from reapplying for four years. The ruling

40
00:02:18,200 --> 00:02:22,240
Speaker 1: says his conduct was quote objectively very serious given his

41
00:02:22,320 --> 00:02:27,000
Speaker 1: seniority and responsibility for PWC's culture. PwC has shrunk by

42
00:02:27,040 --> 00:02:30,720
Speaker 1: a third since the scandal broke, and the fallout continues

43
00:02:30,760 --> 00:02:36,080
Speaker 1: to reshape regulations and trust across Australia's consulting sector. Story

44
00:02:36,160 --> 00:02:40,240
Speaker 1: number three. Speaking of the consulting sector, Accentia has copped

45
00:02:40,240 --> 00:02:42,440
Speaker 1: a bit of a whack during a Senate estimates hearing

46
00:02:42,760 --> 00:02:45,600
Speaker 1: over the ninety six million dollar overhaul of the Bureau

47
00:02:45,720 --> 00:02:49,760
Speaker 1: of Meteorologies website. New Bureau Chief Executive Stuart Minchin, who's

48
00:02:49,760 --> 00:02:51,480
Speaker 1: only been in the job for less than a month,

49
00:02:51,919 --> 00:02:57,200
Speaker 1: fronted the Senate Estimates session last night, where the website

50
00:02:57,240 --> 00:03:01,600
Speaker 1: redesign was described as a quote case study of how

51
00:03:01,639 --> 00:03:05,080
Speaker 1: not to do something really important. The initial price tag

52
00:03:05,240 --> 00:03:07,720
Speaker 1: was four point one million dollars that blew out to

53
00:03:07,800 --> 00:03:10,440
Speaker 1: ninety six million dollars after the contract was issued in

54
00:03:10,440 --> 00:03:14,040
Speaker 1: twenty nineteen following a series of amendments. Part of the

55
00:03:14,080 --> 00:03:17,000
Speaker 1: work was done by Accenture, which saw its contract increase

56
00:03:17,040 --> 00:03:20,400
Speaker 1: from thirty three million dollars to seventy seven million dollars

57
00:03:20,440 --> 00:03:24,680
Speaker 1: over the course of ten amendments. Green Senator Barbara Pocock said,

58
00:03:25,080 --> 00:03:28,240
Speaker 1: and I quote, there's been a massive feeding on the

59
00:03:28,240 --> 00:03:31,480
Speaker 1: public sector by the big consulting firms. She went on

60
00:03:31,520 --> 00:03:33,480
Speaker 1: to say, no, this is a longer quote, but you

61
00:03:33,520 --> 00:03:36,840
Speaker 1: need to hear this. This project has been a nightmare

62
00:03:36,880 --> 00:03:40,840
Speaker 1: case study in contract failure, in management of contracts, failure

63
00:03:40,880 --> 00:03:44,960
Speaker 1: of leadership, and completely unacceptable and unethical behavior by the

64
00:03:44,960 --> 00:03:47,160
Speaker 1: big consultants who had been at the trough through the

65
00:03:47,160 --> 00:03:51,240
Speaker 1: Bureau of Meteorology. For his part, Bureau Boss Stuart Minchin

66
00:03:51,480 --> 00:03:54,120
Speaker 1: said the full ninety six million dollars went well beyond

67
00:03:54,120 --> 00:03:58,240
Speaker 1: the website to include basically end to end weather forecasting models.

68
00:03:59,000 --> 00:04:02,640
Speaker 1: Story number four. Corporate Travel, the ASX listed stock that's

69
00:04:02,680 --> 00:04:05,520
Speaker 1: been suspended since August after not being able to release

70
00:04:05,560 --> 00:04:09,480
Speaker 1: annual accounts because of irregularities in its UK business, is

71
00:04:09,520 --> 00:04:13,640
Speaker 1: now being investigated by Britain's Cabinet Office. London's mayor has

72
00:04:13,760 --> 00:04:17,279
Speaker 1: also ordered an urgent review into his counsel's contract with

73
00:04:17,360 --> 00:04:22,400
Speaker 1: CTM amid suggestions the group overcharged customers, including government clients.

74
00:04:22,400 --> 00:04:26,200
Speaker 1: CTM has committed to refund almost eighty million pounds at

75
00:04:26,200 --> 00:04:29,200
Speaker 1: about one hundred and sixty million dollars to clients, including

76
00:04:29,240 --> 00:04:33,359
Speaker 1: the UK's Home Office, which assigned two billion pounds in

77
00:04:33,440 --> 00:04:37,040
Speaker 1: contracts with the company to house thousands of asylum seekers

78
00:04:37,080 --> 00:04:40,200
Speaker 1: who were entered Britain illegally. Along with its work providing

79
00:04:40,240 --> 00:04:43,160
Speaker 1: migrant accommodation. CTM was awarded a three year deal last

80
00:04:43,240 --> 00:04:45,520
Speaker 1: year to become the major one stop shop for travel

81
00:04:45,800 --> 00:04:50,360
Speaker 1: for the entire UK public service. And finally story number five.

82
00:04:50,440 --> 00:04:54,040
Speaker 1: Airbus has told airlines that hundreds of A three to

83
00:04:54,120 --> 00:04:58,800
Speaker 1: twenty Neo aircraft will need inspections after potential structural defects

84
00:04:58,800 --> 00:05:02,240
Speaker 1: were discovered in panels supply during manufacturing. A total of

85
00:05:02,240 --> 00:05:05,080
Speaker 1: six hundred and twenty eight aircraft may be affected, including

86
00:05:05,080 --> 00:05:07,320
Speaker 1: one hundred and sixty eight that are already in service.

87
00:05:07,560 --> 00:05:11,039
Speaker 1: The issue involves exterior panels that may be too thin

88
00:05:11,560 --> 00:05:15,240
Speaker 1: or maybe too thick, and because the panels aren't individually traceable,

89
00:05:15,520 --> 00:05:18,520
Speaker 1: Airbus has had to water checks across the entire batch.

90
00:05:18,720 --> 00:05:21,320
Speaker 1: Most of the planes are still in production, some deliveries

91
00:05:21,320 --> 00:05:23,839
Speaker 1: have already been delayed. Quantas and Air New Zealand say

92
00:05:23,839 --> 00:05:27,000
Speaker 1: none of their aircraft are affected. It comes as days though,

93
00:05:27,120 --> 00:05:30,839
Speaker 1: after Airbus was forced to ground thousands of jets worldwide

94
00:05:30,839 --> 00:05:34,400
Speaker 1: because of a software issue. Airbus shares dropped almost six

95
00:05:34,480 --> 00:05:38,960
Speaker 1: percent overnight, with concerned the company may struggle to hit

96
00:05:39,040 --> 00:05:42,200
Speaker 1: its target of eight hundred and twenty aircraft deliveries this year.

97
00:05:42,640 --> 00:05:45,320
Speaker 1: That's it for the Afternoon Report for Tuesday, the second

98
00:05:45,360 --> 00:05:48,160
Speaker 1: of December. Make sure you're following the podcast and head

99
00:05:48,160 --> 00:05:49,920
Speaker 1: along to Fear and Greed dot com dot A you

100
00:05:50,040 --> 00:05:52,680
Speaker 1: to sign up for our free daily newsletter, AH Michael Thompson.

101
00:05:52,839 --> 00:05:53,520
Speaker 1: Have a good epit