1 00:00:03,760 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,360 --> 00:00:08,719 Speaker 1: for Friday, the twenty third of August twenty twenty four. 3 00:00:08,800 --> 00:00:11,560 Speaker 1: I'm Sean Elmer. Every afternoon, we've got the five stories 4 00:00:11,600 --> 00:00:13,640 Speaker 1: that happen today that you need to know about. Joy 5 00:00:13,720 --> 00:00:16,919 Speaker 1: Number one, the SMPASX two hundred closed flat today, or 6 00:00:16,960 --> 00:00:20,639 Speaker 1: down three points to eighty twenty four points. It was 7 00:00:20,680 --> 00:00:22,880 Speaker 1: only three points, but it did break the ten day 8 00:00:22,920 --> 00:00:25,720 Speaker 1: streak of positive closes for the week. The BOSS was 9 00:00:25,800 --> 00:00:28,080 Speaker 1: up zero point seven percent. Not a lot happening today. 10 00:00:28,080 --> 00:00:30,600 Speaker 1: A bit quieter on the earnings front. The utilities and 11 00:00:30,800 --> 00:00:34,440 Speaker 1: energy sub indices were the worst performers. The Telco index 12 00:00:34,479 --> 00:00:36,400 Speaker 1: was the best. That was on the back of tulstrarizing 13 00:00:36,400 --> 00:00:38,159 Speaker 1: one point one percent, one of the best of the 14 00:00:38,200 --> 00:00:41,240 Speaker 1: large caps. James Hardy's Sun Corp, Goodman Group and Woollies 15 00:00:41,280 --> 00:00:45,040 Speaker 1: also outperformed. The big miners underperformed, as did an Z. 16 00:00:46,120 --> 00:00:48,880 Speaker 1: Story number two. The Federal treasure will retain the power 17 00:00:48,880 --> 00:00:52,040 Speaker 1: to override Reserve Bank decisions, and all existing Reserve Bank 18 00:00:52,080 --> 00:00:54,960 Speaker 1: Board members will shift onto a new interest rate setting 19 00:00:55,000 --> 00:00:58,000 Speaker 1: board under a compromise offered by the alban EASi government 20 00:00:58,000 --> 00:01:01,520 Speaker 1: to secure Coalition support and overhaul of the Central Bank. 21 00:01:01,840 --> 00:01:04,640 Speaker 1: Treasure Jim Chalmers has made the two key concessions in 22 00:01:04,680 --> 00:01:07,959 Speaker 1: an aim to secure a deal to reform the Central Bank. 23 00:01:08,240 --> 00:01:10,920 Speaker 1: After a review into the Reserve Bank, the government has 24 00:01:10,959 --> 00:01:14,040 Speaker 1: been pushing to split the existing board into separate groups 25 00:01:14,040 --> 00:01:17,280 Speaker 1: for interstrate setting and for governance. Now, Doctor Chalmers has 26 00:01:17,319 --> 00:01:20,480 Speaker 1: also agreed to the coalition demand that the six external 27 00:01:20,600 --> 00:01:23,840 Speaker 1: members of the current Reserve Bank Board be transferred to 28 00:01:23,880 --> 00:01:28,360 Speaker 1: the new Interest Rate Monetary Policy Setting Committee, which would 29 00:01:28,360 --> 00:01:31,199 Speaker 1: determine the cash rate. He's agreed to preserve the power 30 00:01:31,200 --> 00:01:33,399 Speaker 1: of the Treasurer to override the interest rate decisions of 31 00:01:33,400 --> 00:01:36,760 Speaker 1: the Board under special circumstances. Reserve Bank Governor Michelle Bullock, 32 00:01:36,800 --> 00:01:40,120 Speaker 1: Deputy Governor Andrew Houser, and Treasury Secretary Stephen Kennedy will 33 00:01:40,120 --> 00:01:43,119 Speaker 1: sit on the Interest Rate Setting Board as planned. Story 34 00:01:43,240 --> 00:01:45,120 Speaker 1: number three. A and Z Bank has been hit with 35 00:01:45,200 --> 00:01:48,400 Speaker 1: an extra two hundred and fifty million dollars capital charge 36 00:01:48,560 --> 00:01:52,920 Speaker 1: after the prudential regulator identified persistent concerns about its risk 37 00:01:53,080 --> 00:01:56,840 Speaker 1: management stemming from an escalating bond trading scandal. It means 38 00:01:56,840 --> 00:01:59,040 Speaker 1: ain Z has to hold an extra seven hundred and 39 00:01:59,080 --> 00:02:01,640 Speaker 1: fifty million dollars as a type of insurance money that 40 00:02:01,680 --> 00:02:04,840 Speaker 1: can only be deployed in limited ways, hindering the bank's 41 00:02:04,880 --> 00:02:08,280 Speaker 1: ability to make a profit. It also is a bad 42 00:02:08,320 --> 00:02:11,880 Speaker 1: pr look. The Australian Prudential Regulation Authority penalty comes as 43 00:02:11,880 --> 00:02:15,480 Speaker 1: the bank faces an investigation into alleged market manipulation of 44 00:02:15,480 --> 00:02:18,440 Speaker 1: the government bond rate after it admitted to providing correct 45 00:02:18,480 --> 00:02:22,240 Speaker 1: information to the government's debt agency. An internal investigation into 46 00:02:22,280 --> 00:02:24,399 Speaker 1: the matter has already resulted in one trade of being 47 00:02:24,400 --> 00:02:27,760 Speaker 1: dismissed and two others being suspended. APRA said it had 48 00:02:27,800 --> 00:02:31,480 Speaker 1: not seen improvements in a Z's risk management since imposing 49 00:02:31,480 --> 00:02:34,000 Speaker 1: a five hundred million dollar capital charge back in May 50 00:02:34,040 --> 00:02:37,080 Speaker 1: twenty nineteen, which had been designed to address major flaws 51 00:02:37,080 --> 00:02:40,720 Speaker 1: in its risk culture. The latest issues have only increased 52 00:02:40,760 --> 00:02:44,080 Speaker 1: those concerns. Not a good look for AINZ. Straight before. 53 00:02:44,120 --> 00:02:47,160 Speaker 1: There's a bit going on in healthcare. Telix Pharmaceuticals has 54 00:02:47,200 --> 00:02:49,960 Speaker 1: posted its first half year profit after a big jump 55 00:02:50,000 --> 00:02:54,200 Speaker 1: in sales last financial year. Telix products us targeted radiation 56 00:02:54,320 --> 00:02:57,320 Speaker 1: to image and help treat cancer. Its share prices up 57 00:02:57,360 --> 00:03:00,000 Speaker 1: more than thirteen hundred percent in the past five year. 58 00:03:00,600 --> 00:03:03,280 Speaker 1: By a tech main farmer double sales last financial year. 59 00:03:03,320 --> 00:03:05,679 Speaker 1: Although it posted a statutory loss of one hundred and 60 00:03:05,720 --> 00:03:08,480 Speaker 1: sixty nine million dollars on the back of acid impairments 61 00:03:08,520 --> 00:03:11,920 Speaker 1: and legal costs, Fisher and pokel lifted its financial twenty 62 00:03:11,960 --> 00:03:15,000 Speaker 1: twenty five profit guidance, sending its share price up eleven percent, 63 00:03:15,320 --> 00:03:19,239 Speaker 1: and Worth mention his clarity Pharmaceuticals the clinical stage radio 64 00:03:19,280 --> 00:03:22,840 Speaker 1: pharmaceutical companies developing products to help improve treatment outcomes for 65 00:03:22,919 --> 00:03:25,760 Speaker 1: cancer sufferers. Its share price hit a record high today 66 00:03:26,280 --> 00:03:29,480 Speaker 1: and story number five the Big One. Vice President Kalmla 67 00:03:29,520 --> 00:03:32,000 Speaker 1: Harris pledged to find a new way forward for all 68 00:03:32,040 --> 00:03:35,560 Speaker 1: Americans and presidential pitch to voters that painted rival Donald 69 00:03:35,600 --> 00:03:39,560 Speaker 1: Trump as a dangerous and unseerious man who would alter 70 00:03:39,640 --> 00:03:42,560 Speaker 1: the foundation of American democracy. In the biggest speech of 71 00:03:42,600 --> 00:03:46,240 Speaker 1: her political career, televised in American prime time, Ms Harris 72 00:03:46,240 --> 00:03:49,320 Speaker 1: presented herself as a pragmatic leader who would fight to 73 00:03:49,320 --> 00:03:53,080 Speaker 1: build a stronger middle class if elected president on November five. 74 00:03:53,520 --> 00:03:55,920 Speaker 1: We are not going back, she told thousands of cheering 75 00:03:55,920 --> 00:03:59,440 Speaker 1: supporters at the Democratic National Convention in Chicago. This election 76 00:03:59,600 --> 00:04:01,760 Speaker 1: is not the most important of our lives. It is 77 00:04:01,800 --> 00:04:04,040 Speaker 1: one of the most important in the life of our nation. 78 00:04:04,480 --> 00:04:06,880 Speaker 1: That's according to report in the fin Review. She went 79 00:04:06,920 --> 00:04:09,400 Speaker 1: on to say, with this election, our nation has a precious, 80 00:04:09,440 --> 00:04:13,800 Speaker 1: fleeting opportunity to move past the bitterness, cynicism, and divisive 81 00:04:13,880 --> 00:04:16,320 Speaker 1: battles of the past, a chance to chart a new 82 00:04:16,360 --> 00:04:19,559 Speaker 1: way forward, not as members of any one party or faction, 83 00:04:19,920 --> 00:04:23,680 Speaker 1: but as Americans. Accepting her party's nomination for president, Miss 84 00:04:23,760 --> 00:04:26,839 Speaker 1: Harris said she was also seeking the oval office because 85 00:04:26,880 --> 00:04:30,840 Speaker 1: she wanted to stop fordster in sexual abuser Trump, who 86 00:04:30,880 --> 00:04:33,280 Speaker 1: would only use the power of the presidency to enrich 87 00:04:33,320 --> 00:04:36,320 Speaker 1: himself and his billionaire friends. That's it for their afternoon 88 00:04:36,360 --> 00:04:38,920 Speaker 1: report for Friday, the twenty third of August twenty twenty four. 89 00:04:39,000 --> 00:04:41,839 Speaker 1: Michael Thompson, Adam Lang, and I move back tomorrow morning 90 00:04:41,920 --> 00:04:44,599 Speaker 1: the weekend edition of Fear and Greek Business News. I'm 91 00:04:44,600 --> 00:04:46,360 Speaker 1: Sean Elma. Enjoy your evening.