1 00:00:03,640 --> 00:00:06,800 Speaker 1: Welcome to the Fearing Greed Business Years Afternoon Report for Friday, 2 00:00:06,840 --> 00:00:09,480 Speaker 1: the ninth of April twenty twenty five. I'm sure, alma, 3 00:00:09,600 --> 00:00:12,200 Speaker 1: every afternoon, we've got the five stories that happened today 4 00:00:12,200 --> 00:00:13,840 Speaker 1: that you need to know about. Story number one, the 5 00:00:13,880 --> 00:00:17,560 Speaker 1: local share market recorded its first negative week in about 6 00:00:17,560 --> 00:00:21,119 Speaker 1: a month, notwithstanding a half percent rise in the SMPASX 7 00:00:21,120 --> 00:00:24,400 Speaker 1: two hundred. Today, the index finished at eight two hundred 8 00:00:24,440 --> 00:00:27,400 Speaker 1: and thirty one points. Market was down about zero point 9 00:00:27,440 --> 00:00:30,000 Speaker 1: five percent for the week. Today, the tech stocks and 10 00:00:30,160 --> 00:00:33,440 Speaker 1: banks did best, while the materials companies did worst. Among 11 00:00:33,560 --> 00:00:37,960 Speaker 1: large caps, Westpac, Woollies and Woodside outperformed. BHP, A and Z, 12 00:00:38,040 --> 00:00:41,800 Speaker 1: Transurban and Aristocrat Leisure had tough days. Worst performer on 13 00:00:41,880 --> 00:00:45,400 Speaker 1: the burse was Helius. It dropped twenty five percent, though 14 00:00:45,400 --> 00:00:48,280 Speaker 1: it did go ex dividend for a special dividend payment. 15 00:00:48,640 --> 00:00:52,000 Speaker 1: Story number two. Angus Taylor and Susan Lee will run 16 00:00:52,040 --> 00:00:55,200 Speaker 1: against each other for Liberal leadership, with both declaring their 17 00:00:55,280 --> 00:00:59,320 Speaker 1: candidacy today. While Dan Tien said he won't run, Taylor 18 00:00:59,360 --> 00:01:01,480 Speaker 1: pledged to read build the party on a foundation of 19 00:01:01,480 --> 00:01:05,920 Speaker 1: strong economic management, national security, and reward for effort. Ms 20 00:01:05,959 --> 00:01:08,919 Speaker 1: Lee said she wants to harness the talent among the Liberals, 21 00:01:08,959 --> 00:01:11,560 Speaker 1: meet the Australian people where they are and address the 22 00:01:11,560 --> 00:01:14,759 Speaker 1: fact that the Coalition has let women down. Meanwhile, Queensland 23 00:01:14,800 --> 00:01:18,039 Speaker 1: National Senator Matt Canavan is set to challenge David Little 24 00:01:18,040 --> 00:01:20,720 Speaker 1: Proud for the leadyship role of the National Party. That's 25 00:01:20,720 --> 00:01:24,160 Speaker 1: according to report in The Australian Story. Number three US 26 00:01:24,200 --> 00:01:26,440 Speaker 1: based co Star has struck a deal to buy real 27 00:01:26,520 --> 00:01:30,040 Speaker 1: estate classifies platform Domain for three billion dollars after months 28 00:01:30,080 --> 00:01:33,560 Speaker 1: of negotiations. Shares in Domain, which is majority owned by 29 00:01:33,640 --> 00:01:37,000 Speaker 1: Nine Entertainment, rows three percent, while nine share price jumped 30 00:01:37,040 --> 00:01:40,199 Speaker 1: six percent today. The US real estate data giant first 31 00:01:40,280 --> 00:01:43,640 Speaker 1: bought almost seventeen percent of Domain in February, offered four 32 00:01:43,680 --> 00:01:45,280 Speaker 1: dollars forty three a share for the rest of the 33 00:01:45,280 --> 00:01:48,440 Speaker 1: company sixty percent, which is owned by nine. Now nine 34 00:01:48,520 --> 00:01:51,480 Speaker 1: walk away with about one point four billion dollars after tax. 35 00:01:51,600 --> 00:01:54,760 Speaker 1: It's expected to pay about half of that to shareholders 36 00:01:54,880 --> 00:01:58,080 Speaker 1: as a fully franked special dividend. Sorry Number former Query 37 00:01:58,120 --> 00:02:00,440 Speaker 1: Group and now stay three point seven billion dollar full 38 00:02:00,520 --> 00:02:03,520 Speaker 1: year profit today and vowed to respond to regulate his 39 00:02:03,560 --> 00:02:06,760 Speaker 1: criticism of its risk culture, which earlier this week resulted 40 00:02:06,760 --> 00:02:10,160 Speaker 1: in extra oversight in its banking divisions. The full year 41 00:02:10,160 --> 00:02:12,080 Speaker 1: profit was up six percent in the group share price 42 00:02:12,160 --> 00:02:15,280 Speaker 1: jumped four percent today. The result reflects a strong performance 43 00:02:15,320 --> 00:02:18,720 Speaker 1: by its asset management division and growth in loans and deposits, 44 00:02:18,720 --> 00:02:21,119 Speaker 1: as well as cost cutting. In its annual report, Chair 45 00:02:21,160 --> 00:02:24,040 Speaker 1: Glenn Stephens said the board and management had a responsibility 46 00:02:24,200 --> 00:02:28,120 Speaker 1: to ensure the highest standards of professional conduct across the 47 00:02:28,160 --> 00:02:32,120 Speaker 1: group and finding story number five. Another Corporate one QBE 48 00:02:32,280 --> 00:02:37,119 Speaker 1: chair Mike Wilkins, said state government insurance taxes raised three 49 00:02:37,160 --> 00:02:39,639 Speaker 1: and a half billion dollars more than the entire industry's 50 00:02:39,720 --> 00:02:43,040 Speaker 1: profits in twenty twenty four, and cutting them would be 51 00:02:43,080 --> 00:02:45,160 Speaker 1: the fastest way to bring relief to customers hit with 52 00:02:45,240 --> 00:02:48,240 Speaker 1: higher premiums from the rising costs of cleaning up after 53 00:02:48,240 --> 00:02:51,480 Speaker 1: the natural disasters. At its annual general meeting today, Wilkins 54 00:02:51,480 --> 00:02:55,480 Speaker 1: criticized policymakers for spending ninety seven percent of disaster funding 55 00:02:55,520 --> 00:02:59,040 Speaker 1: on recovery after catastrophes, that is, and only three percent 56 00:02:59,320 --> 00:03:02,800 Speaker 1: on mitigation projects like building dames and levies according to 57 00:03:02,840 --> 00:03:05,400 Speaker 1: the AFR. He said, with the average cost of insurance 58 00:03:05,480 --> 00:03:09,040 Speaker 1: jumping sixteen percent last year, reducing state taxes is one 59 00:03:09,080 --> 00:03:12,480 Speaker 1: of the few immediate ways of cutting premiums. That's it 60 00:03:12,560 --> 00:03:14,720 Speaker 1: for the afternoon report for Friday, the ninth of May 61 00:03:14,800 --> 00:03:17,480 Speaker 1: twenty twenty five. Make sure you hit follow on the podcast. 62 00:03:17,520 --> 00:03:19,520 Speaker 1: We will be back tomorrow morning with a weekend edition 63 00:03:19,760 --> 00:03:21,960 Speaker 1: of Fear and Greed business News. I'm sure I eld Monk, 64 00:03:22,280 --> 00:03:23,000 Speaker 1: enjoy your evening.