1
00:00:04,200 --> 00:00:06,960
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,960 --> 00:00:09,479
Speaker 1: for Tuesday, the first of October twenty twenty four. I'm

3
00:00:09,520 --> 00:00:12,440
Speaker 1: Sean Alma. Every afternoon, we've got the five stories that

4
00:00:12,520 --> 00:00:14,600
Speaker 1: happened today that you need to know about. Story number one.

5
00:00:14,680 --> 00:00:18,119
Speaker 1: The SMPA six two hundred closed down zero point seven

6
00:00:18,120 --> 00:00:20,640
Speaker 1: percent today at wait thousand, two hundred and nine points.

7
00:00:20,920 --> 00:00:23,640
Speaker 1: The big miners and banks were all lower, and when

8
00:00:23,680 --> 00:00:26,120
Speaker 1: that happens, it's almost inevitable that the boss ends up

9
00:00:26,160 --> 00:00:29,080
Speaker 1: in negative territory. The miners fell back after all the

10
00:00:29,120 --> 00:00:32,000
Speaker 1: excitement of the last week or so following a bunch

11
00:00:32,080 --> 00:00:36,080
Speaker 1: of stimulus announcements in China. BHP finished down nearly three percent,

12
00:00:36,120 --> 00:00:38,320
Speaker 1: while fortesqu middles Group was off three and a half

13
00:00:38,320 --> 00:00:41,280
Speaker 1: percent and BHB had jumped fifteen percent in the previous

14
00:00:41,320 --> 00:00:45,440
Speaker 1: five sessions, so the fall today wasn't a surprise. Run

15
00:00:45,520 --> 00:00:48,040
Speaker 1: Tinto fell two point six percent, while both Comwealth Bank

16
00:00:48,040 --> 00:00:50,200
Speaker 1: and Westpac roff at least two and a half percent.

17
00:00:50,440 --> 00:00:53,040
Speaker 1: The worst performer on the day was the Star Entertainment Group,

18
00:00:53,040 --> 00:00:56,320
Speaker 1: which fell nearly eight percent after it released its twenty

19
00:00:56,360 --> 00:00:59,680
Speaker 1: twenty four financial report, which included qualified support from its

20
00:00:59,680 --> 00:01:03,120
Speaker 1: audit based on expenses related to the new Queen's warf

21
00:01:03,160 --> 00:01:07,240
Speaker 1: casino precinct in Brisbane. Story number two Federal Reserve chairs

22
00:01:07,240 --> 00:01:10,520
Speaker 1: your own Powell spoke this morning saying the Central Bank

23
00:01:10,800 --> 00:01:14,200
Speaker 1: will lower interest rates over time. He views the US

24
00:01:14,280 --> 00:01:18,640
Speaker 1: economy as strong overall, with labor market conditions being solid

25
00:01:18,880 --> 00:01:22,360
Speaker 1: and policymakers having greater confidence that inflation is on a

26
00:01:22,440 --> 00:01:26,160
Speaker 1: sustainable path towards two percent. That helped the share market

27
00:01:26,200 --> 00:01:29,200
Speaker 1: close higher, meaning the broad based SMP five hundred and

28
00:01:29,200 --> 00:01:33,360
Speaker 1: tech heavy Nasdaq both finished the September quarter better than

29
00:01:33,360 --> 00:01:37,920
Speaker 1: where they started. It's the fourth consecutive quarter of higher returns. Meanwhile,

30
00:01:37,920 --> 00:01:40,840
Speaker 1: Brent Cruz trading just under seventy two US dollars a barrel,

31
00:01:40,880 --> 00:01:44,040
Speaker 1: probably surprising given what's going on in the Middle East.

32
00:01:44,080 --> 00:01:47,480
Speaker 1: Oil prices aren't actually higher Goals trading around twenty six

33
00:01:47,560 --> 00:01:50,200
Speaker 1: forty US dollars announced, and the Aussie dollar is worth

34
00:01:50,240 --> 00:01:53,680
Speaker 1: sixty nine point three US Since sorry number three, ARIA

35
00:01:53,800 --> 00:01:56,520
Speaker 1: has abandoned its twelve billion dollar bid for right Move

36
00:01:56,880 --> 00:02:00,360
Speaker 1: after the UK listed real estate site knocked back Ari's

37
00:02:00,480 --> 00:02:04,680
Speaker 1: fourth bid in almost as many weeks. Investors welcome the news,

38
00:02:04,720 --> 00:02:08,200
Speaker 1: including News Corp chief executive Robert Thompson, and RIA share

39
00:02:08,240 --> 00:02:11,480
Speaker 1: price rose four and a half percent High. News Corp

40
00:02:11,520 --> 00:02:14,040
Speaker 1: owned sixty one percent of Aria, and mister Thompson said

41
00:02:14,040 --> 00:02:16,440
Speaker 1: it would be foolhardy for Ria to pay any more

42
00:02:16,520 --> 00:02:19,320
Speaker 1: for Right Move. Right Move is the dominant real estate

43
00:02:19,320 --> 00:02:22,440
Speaker 1: platform in the UK now under British takeover rules, a

44
00:02:22,480 --> 00:02:25,200
Speaker 1: bid has twenty eight days from when its interest becomes

45
00:02:25,320 --> 00:02:30,320
Speaker 1: public to formalize an offer. That meant Aria's deadline came overnight.

46
00:02:30,720 --> 00:02:33,280
Speaker 1: Aria blamed it Right Move's board for the BID's collapse,

47
00:02:33,320 --> 00:02:37,919
Speaker 1: complaining of the director's cursory and procedural contact along with

48
00:02:38,080 --> 00:02:41,760
Speaker 1: the lack of meaningful engagement. Story number four. ABC staff

49
00:02:41,800 --> 00:02:46,320
Speaker 1: have been subjected to systemic racism, including racial slurs, derogatory

50
00:02:46,360 --> 00:02:50,680
Speaker 1: and offensive comments about their appearance, stereotyping, and being mistaken

51
00:02:50,800 --> 00:02:53,760
Speaker 1: for someone else because of their racial appearance. A port

52
00:02:53,960 --> 00:02:58,000
Speaker 1: released today has found Managing Director David Anderson issued an

53
00:02:58,000 --> 00:03:02,000
Speaker 1: apology to employees both past and present who experienced racism

54
00:03:02,040 --> 00:03:07,000
Speaker 1: after the taxpayer funded broadcaster released its independent racism review today.

55
00:03:07,360 --> 00:03:10,040
Speaker 1: He said anti racism training will be rolled out at

56
00:03:10,080 --> 00:03:13,880
Speaker 1: the ABC. After apologizing, mister Anderson said the ABC needs

57
00:03:13,919 --> 00:03:16,760
Speaker 1: to do better and is committed to zero tolerance for

58
00:03:16,880 --> 00:03:21,400
Speaker 1: racism in the workplace. The ABC has implemented fifteen recommendations,

59
00:03:21,400 --> 00:03:25,200
Speaker 1: including that all staff read the report, improved averse representation

60
00:03:25,280 --> 00:03:29,360
Speaker 1: at management level and better understand lived experiences by staff

61
00:03:29,400 --> 00:03:33,760
Speaker 1: to help with storytelling and create culturally safe support systems

62
00:03:34,080 --> 00:03:37,200
Speaker 1: and story number five. Sigma Healthcare has said it would

63
00:03:37,240 --> 00:03:40,320
Speaker 1: bring in data sharing rules to help alleviate concerns by

64
00:03:40,320 --> 00:03:43,680
Speaker 1: the regulator regarding its proposed seven hundred million dollar merger

65
00:03:44,000 --> 00:03:47,520
Speaker 1: with Chemist Warehouse in June. The regulator flat concerns that

66
00:03:47,560 --> 00:03:51,280
Speaker 1: the merger could potentially harm pharmacies currently supplied by Sigma

67
00:03:51,560 --> 00:03:55,520
Speaker 1: by allowing Chemist Warehouse to access those pharmacies data in

68
00:03:55,600 --> 00:03:59,200
Speaker 1: ways it could damage competition. To alleviate those concerns, Sigma

69
00:03:59,240 --> 00:04:02,680
Speaker 1: has said it would allow franchisees to terminate their agreements

70
00:04:02,920 --> 00:04:05,520
Speaker 1: and place restrictions on the use of confidential data from

71
00:04:05,600 --> 00:04:09,480
Speaker 1: Sigma wholesale customers and franchisees for a period of three years,

72
00:04:09,520 --> 00:04:11,600
Speaker 1: according to a report in the fin Review, and the

73
00:04:11,640 --> 00:04:14,400
Speaker 1: Australian Competition and Consumer Commission is now looking for feedback

74
00:04:14,400 --> 00:04:17,920
Speaker 1: from stakeholders on whether the draft undertaking offered by Sigma

75
00:04:18,120 --> 00:04:22,600
Speaker 1: may be capable of addressing the competition concerns. Sigma's share

76
00:04:22,600 --> 00:04:25,440
Speaker 1: price jumped to twenty five percent today, easily the best

77
00:04:25,440 --> 00:04:27,799
Speaker 1: of the top two hundred. That's it for the afternoon

78
00:04:27,800 --> 00:04:30,400
Speaker 1: report for Tuesday, the first of October twenty twenty four.

79
00:04:30,440 --> 00:04:33,080
Speaker 1: Don't forget follow on the podcast and find Fear and

80
00:04:33,120 --> 00:04:36,800
Speaker 1: Greed on LinkedIn, Instagram, x TikTok and Facebook. Join Michael

81
00:04:36,839 --> 00:04:38,799
Speaker 1: Thomas and I Tomorrow I'm mornning for the Fast Five

82
00:04:38,839 --> 00:04:40,839
Speaker 1: by Fear and Greed, the top five business thores you

83
00:04:40,839 --> 00:04:43,440
Speaker 1: need to know in just five minutes. I'm Seane Elmer.

84
00:04:43,839 --> 00:04:44,560
Speaker 1: Enjoy your evening,