1
00:00:04,200 --> 00:00:07,000
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,000 --> 00:00:09,720
Speaker 1: for Tuesday, the fourth of February twenty twenty five. I'm

3
00:00:09,720 --> 00:00:12,440
Speaker 1: Suan Elmer. Every afternoon, We've got the five stories that

4
00:00:12,560 --> 00:00:14,720
Speaker 1: happened today that you need to know about. Straight Number one,

5
00:00:14,840 --> 00:00:18,120
Speaker 1: Donald Trump has delayed for thirty days imposing twenty five

6
00:00:18,120 --> 00:00:22,439
Speaker 1: percent tariffs on both Canada and Mexico, but the ten

7
00:00:22,440 --> 00:00:26,000
Speaker 1: percent tariff on Chinese goods is now in effect, and

8
00:00:26,040 --> 00:00:30,280
Speaker 1: that triggered Beijing into implementing retaliatory tariffs on the US.

9
00:00:30,760 --> 00:00:33,920
Speaker 1: The toing and throwing hit global financial markets over the

10
00:00:33,920 --> 00:00:37,839
Speaker 1: past twenty four hours. The gosely dollar fell, bitcoin rose,

11
00:00:38,320 --> 00:00:41,920
Speaker 1: oil was down, and gold is still trading near record highs.

12
00:00:42,120 --> 00:00:45,760
Speaker 1: The asx rallied sharply in the first half hour this morning,

13
00:00:46,240 --> 00:00:49,800
Speaker 1: then pretty much fell all day to actually finish lower

14
00:00:49,880 --> 00:00:53,120
Speaker 1: at eighty three hundred and seventy four points. Tech stocks

15
00:00:53,159 --> 00:00:56,360
Speaker 1: were easily the best performers, mirroring Wall Street. Mine has

16
00:00:56,480 --> 00:01:00,080
Speaker 1: also rallied after Donald Trump revealed he'd probably speak the

17
00:01:00,160 --> 00:01:03,639
Speaker 1: Chinese government about these tariffs. Energy companies fell back as

18
00:01:03,680 --> 00:01:07,000
Speaker 1: oil prices dropped, so to real estate investment trusts and

19
00:01:07,080 --> 00:01:12,160
Speaker 1: consumer discretionary stocks. Uncertainty Uncertainty uncertainty is ruling the market

20
00:01:12,200 --> 00:01:15,959
Speaker 1: at the moment. Stralamer two Wilworth's boss, Amanda Bardwell, has

21
00:01:16,000 --> 00:01:18,759
Speaker 1: restructured her management team as she looks to burst sales

22
00:01:18,800 --> 00:01:22,240
Speaker 1: across the chain and particularly in its home brand products.

23
00:01:22,760 --> 00:01:26,000
Speaker 1: There's now a position of managing director of Woolworth's Retail.

24
00:01:26,080 --> 00:01:28,560
Speaker 1: The woman who is taking that job. Her name is

25
00:01:28,640 --> 00:01:32,240
Speaker 1: Annette Karen Tony. She was previously chiefs the ply Officer.

26
00:01:32,720 --> 00:01:36,240
Speaker 1: She look after supermarkets, the red meat processing and supply

27
00:01:36,360 --> 00:01:40,080
Speaker 1: business known as Greenstock, the broader home brands operation, and

28
00:01:40,200 --> 00:01:44,240
Speaker 1: grocery delivery company Milk Run. A very big gig, Woolies

29
00:01:44,319 --> 00:01:46,640
Speaker 1: is under pressure. Late last year, it said it was

30
00:01:46,680 --> 00:01:50,600
Speaker 1: heading for lower profits and had to up discounting. Of course,

31
00:01:50,640 --> 00:01:54,160
Speaker 1: the competition watchdog, the Australian Competition and Consumer Commission, is

32
00:01:54,200 --> 00:01:57,360
Speaker 1: also looking into pricing behavior of both Wooli's and Cole's.

33
00:01:57,600 --> 00:02:01,080
Speaker 1: Woolli's share price is down about sixteen percent over the

34
00:02:01,120 --> 00:02:02,920
Speaker 1: last twelve months. It was one of the worst of

35
00:02:02,920 --> 00:02:06,000
Speaker 1: the large caps in twenty twenty four. Story number three

36
00:02:06,120 --> 00:02:09,960
Speaker 1: in other corporate news seeks proposed acquisition of ex Ref

37
00:02:10,120 --> 00:02:13,080
Speaker 1: for forty two million dollars has fallen through after the

38
00:02:13,080 --> 00:02:17,239
Speaker 1: bid failed to receive sufficient support from the takeover targets shareholders.

39
00:02:17,760 --> 00:02:20,519
Speaker 1: New Farms share price rose four percent after it told

40
00:02:20,600 --> 00:02:24,360
Speaker 1: investors a previously announced cost cunning program remains on track,

41
00:02:24,720 --> 00:02:28,760
Speaker 1: and Promedicus shares jumped five percent after the company signed

42
00:02:28,800 --> 00:02:31,600
Speaker 1: a fifty three million dollar contract with US healthcare network

43
00:02:31,639 --> 00:02:36,320
Speaker 1: bay Care to roll out its visage diagnostic imaging platform.

44
00:02:36,520 --> 00:02:39,800
Speaker 1: The imaging group is already up twelve percent this year.

45
00:02:40,200 --> 00:02:44,079
Speaker 1: Story number four, Australia's largest glass maker and only maker

46
00:02:44,120 --> 00:02:49,000
Speaker 1: of architectural glass, Oceania Glass, has been placed in administration

47
00:02:49,120 --> 00:02:52,320
Speaker 1: less than a year after successfully arguing that China and

48
00:02:52,360 --> 00:02:56,320
Speaker 1: Thailand were dumping cheap glass into the Australian market. Grant

49
00:02:56,400 --> 00:03:00,000
Speaker 1: Thornton has been installed as administrator of the Dandenong Base

50
00:03:00,200 --> 00:03:02,960
Speaker 1: Company and will continue to run it while they assess

51
00:03:03,080 --> 00:03:05,200
Speaker 1: the state of the business. According to a report in

52
00:03:05,200 --> 00:03:07,919
Speaker 1: The Australian, the company employees around two hundred and fifty

53
00:03:07,919 --> 00:03:11,120
Speaker 1: people and its products include float glass, coated glass and

54
00:03:11,120 --> 00:03:14,800
Speaker 1: eliminated glass. They're used in buildings across the country. The

55
00:03:15,040 --> 00:03:18,840
Speaker 1: company is owned by private equity investor Crescent Capital Partners Now.

56
00:03:18,919 --> 00:03:21,639
Speaker 1: Last year, the company successfully argued that Chinese and tire

57
00:03:21,639 --> 00:03:24,799
Speaker 1: competitors were dumping glass products into the Australian market at

58
00:03:24,800 --> 00:03:28,680
Speaker 1: subsidized prices. Obviously, that didn't help. The company was founded

59
00:03:28,720 --> 00:03:31,639
Speaker 1: in eighteen fifty six. It claims to be the only

60
00:03:31,800 --> 00:03:36,160
Speaker 1: architectural glass manufacturer in Australia and story number five. Donald

61
00:03:36,160 --> 00:03:40,000
Speaker 1: Trump says Elon Musk can't do anything without his approval,

62
00:03:40,440 --> 00:03:44,520
Speaker 1: as the cost cutting czar is accused of breaching the constitution.

63
00:03:45,000 --> 00:03:47,760
Speaker 1: The ex owner and newly appointed head of the Department

64
00:03:47,800 --> 00:03:52,600
Speaker 1: of Government Efficiency as in DOGE, sparked outrage after pledging

65
00:03:52,600 --> 00:03:55,960
Speaker 1: to abolish the US Agency for International Development, which he

66
00:03:56,040 --> 00:04:00,640
Speaker 1: condemned as a criminal organization. Also, representatives from Miss Musk's

67
00:04:00,760 --> 00:04:04,920
Speaker 1: organization were granted access to secure Treasury systems over the weekend,

68
00:04:05,360 --> 00:04:08,160
Speaker 1: raising fears he could cut payments to state programs such

69
00:04:08,160 --> 00:04:11,720
Speaker 1: as Medicaid, which provides healthcare to millions of low income Americans.

70
00:04:11,960 --> 00:04:15,760
Speaker 1: Democratic legislators in the Senate wrote to the Secretary of

71
00:04:15,880 --> 00:04:20,440
Speaker 1: State Marco Rubio, raising deep concerns about mister Musk's department

72
00:04:20,920 --> 00:04:25,960
Speaker 1: accessing classified information and risking national security. Miss Trump appears

73
00:04:25,960 --> 00:04:28,320
Speaker 1: to be trying to reel in mister Musk, he said,

74
00:04:28,320 --> 00:04:32,000
Speaker 1: and I will give him the approval when appropriate. We're

75
00:04:32,040 --> 00:04:35,840
Speaker 1: not appropriate, we won't, but he reports in as if

76
00:04:35,880 --> 00:04:38,440
Speaker 1: The Afternoon Report for Tuesday, the fourth of February twenty

77
00:04:38,520 --> 00:04:40,600
Speaker 1: twenty five. Make sure you hit follow on the podcast.

78
00:04:40,880 --> 00:04:42,880
Speaker 1: We'll be back tomorrow morning with a Wednesday edition of

79
00:04:42,880 --> 00:04:45,560
Speaker 1: the Fast five Business News by Fear and Greed. I'm

80
00:04:45,560 --> 00:04:47,520
Speaker 1: Shane Elmer. Enjoy your evening