1 00:00:03,760 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,400 --> 00:00:08,639 Speaker 1: for Friday, the twenty eighth of June twenty twenty four, 3 00:00:08,680 --> 00:00:11,399 Speaker 1: the last trading day of the financial year. I'm Sean Almer. 4 00:00:11,760 --> 00:00:14,400 Speaker 1: Every afternoon, We've got the five stories that happened today. 5 00:00:14,120 --> 00:00:15,840 Speaker 2: That you need to know about. Story number one. 6 00:00:16,000 --> 00:00:18,920 Speaker 1: The s and PA SEX two hundred closed zero point 7 00:00:19,000 --> 00:00:23,200 Speaker 1: one percent higher today seven seven hundred and sixty eight points, 8 00:00:23,520 --> 00:00:26,480 Speaker 1: meaning for the full year, the benchmark index finished up 9 00:00:26,680 --> 00:00:30,800 Speaker 1: seven point nine three percent. It's fair to say the 10 00:00:30,840 --> 00:00:33,879 Speaker 1: market finished the financial year with a whimper today. The 11 00:00:33,920 --> 00:00:36,080 Speaker 1: banks were mixed the way and Z ended lower after 12 00:00:36,120 --> 00:00:39,599 Speaker 1: being given the green light to acquire sun Corpse banking business. 13 00:00:39,920 --> 00:00:41,760 Speaker 1: The big miners were lower, with three O tent too 14 00:00:41,840 --> 00:00:44,519 Speaker 1: and four SKEW Medals Group falling around one and a 15 00:00:44,560 --> 00:00:47,800 Speaker 1: half percent. Wisteak Global had another good day, appropriate for 16 00:00:47,880 --> 00:00:50,280 Speaker 1: the final trading day of the financial year given the 17 00:00:50,280 --> 00:00:52,320 Speaker 1: strength of the tech stocks over the past four months. 18 00:00:52,479 --> 00:00:54,640 Speaker 1: Aco Groups share price rose two and a half percent. 19 00:00:54,920 --> 00:00:58,080 Speaker 1: It hit a new high before falling back in the end. 20 00:00:58,160 --> 00:01:00,440 Speaker 1: It finished up just to touch for the session. Over 21 00:01:00,480 --> 00:01:03,360 Speaker 1: the past ten weeks, mccroarie's shares are up eleven percent 22 00:01:03,640 --> 00:01:06,040 Speaker 1: and Murvack's share price jumps three percent after it sold 23 00:01:06,080 --> 00:01:08,639 Speaker 1: a one point three billion dollar stake named New Tower 24 00:01:08,880 --> 00:01:12,080 Speaker 1: in Sydney to a Japanese group. Story number two. The 25 00:01:12,160 --> 00:01:15,600 Speaker 1: US presidential debate was held this morning Australian Time, with 26 00:01:15,680 --> 00:01:18,800 Speaker 1: Joe Biden squaring off against Donald Trump. The experts gave 27 00:01:18,840 --> 00:01:21,360 Speaker 1: the victory to Donald Trump, after Joe Biden turned in 28 00:01:21,400 --> 00:01:24,119 Speaker 1: one of his lesser efforts on the campaign trail. There 29 00:01:24,160 --> 00:01:26,720 Speaker 1: wasn't a huge amount of substance in the answers to 30 00:01:26,760 --> 00:01:30,520 Speaker 1: many questions, and some of the facts spouted, particularly by Trump, 31 00:01:31,080 --> 00:01:34,000 Speaker 1: needs some fact checking, but the former president came across 32 00:01:34,000 --> 00:01:36,360 Speaker 1: more able than the current president. The topics ranged from 33 00:01:36,360 --> 00:01:39,520 Speaker 1: immigration and defense, the economy and abortion rights, to who 34 00:01:39,560 --> 00:01:42,800 Speaker 1: had the greater cognitive ability, who was the better golfer, 35 00:01:43,200 --> 00:01:46,720 Speaker 1: and who was more likely to start World War three? 36 00:01:46,840 --> 00:01:49,160 Speaker 1: At times it got very personal. In fact, there was 37 00:01:49,200 --> 00:01:52,240 Speaker 1: plenty of name calling. Afterwards, even the Democrat leaning media 38 00:01:52,280 --> 00:01:54,919 Speaker 1: gave it to Trump. Perhaps the New York Times heading 39 00:01:55,000 --> 00:01:59,720 Speaker 1: set it best. Biden's struggles as Trump blusters in contentious 40 00:01:59,760 --> 00:02:02,480 Speaker 1: to buy that's a fair call. Fear and Greed put 41 00:02:02,520 --> 00:02:05,120 Speaker 1: out a bonus episodes straight after the debate. Look for 42 00:02:05,200 --> 00:02:08,560 Speaker 1: that it gives Michael Thompson and my view on how 43 00:02:08,600 --> 00:02:12,200 Speaker 1: the debate went Straight Number three nine Entertainment cut around 44 00:02:12,240 --> 00:02:14,720 Speaker 1: two hundred jobs as a result of a weaker advertising 45 00:02:14,800 --> 00:02:17,880 Speaker 1: market and the cessation of a content deal with Meta. 46 00:02:17,960 --> 00:02:21,320 Speaker 1: Between seventy and ninety positions will be made redundant across 47 00:02:21,360 --> 00:02:24,600 Speaker 1: its publishing businesses, which runs the Sidney Morning Herald, the 48 00:02:24,639 --> 00:02:27,000 Speaker 1: Age in the Australian Financial Review. There will be some 49 00:02:27,440 --> 00:02:29,680 Speaker 1: from television news and Current affairs as well, and the 50 00:02:29,680 --> 00:02:32,840 Speaker 1: remainder will come from corporate and Digital. Nine has around 51 00:02:32,880 --> 00:02:36,200 Speaker 1: five thousand staff. The job cuts represent four percent of 52 00:02:36,200 --> 00:02:38,320 Speaker 1: the workforce. The group share price finished up around one 53 00:02:38,360 --> 00:02:41,240 Speaker 1: and a half percent today. Straight number four Former Treasurer 54 00:02:41,280 --> 00:02:44,640 Speaker 1: Wayne Swan has warned that the National Disability Insurance scheme 55 00:02:44,760 --> 00:02:48,680 Speaker 1: is unsustainable and running out of control. The Independent Budget 56 00:02:48,680 --> 00:02:51,200 Speaker 1: Watchdog now expects the forty two billion dollar program to 57 00:02:51,320 --> 00:02:54,640 Speaker 1: overtake the Age pension as the most expensive area of 58 00:02:54,720 --> 00:02:58,720 Speaker 1: government spending within a decade, even if Labour successfully cuts 59 00:02:58,720 --> 00:03:01,679 Speaker 1: the schemes and your growth rate to eight percent from 60 00:03:01,720 --> 00:03:04,760 Speaker 1: the current twenty percent. According to the Financial Review, the 61 00:03:04,800 --> 00:03:07,080 Speaker 1: cost of the NDIS will exceed the age pension in 62 00:03:07,160 --> 00:03:09,280 Speaker 1: just three years if it continues to grow at twenty percent, 63 00:03:09,639 --> 00:03:12,760 Speaker 1: mister Swan said. He added that if it remains unsustainable, 64 00:03:12,840 --> 00:03:15,560 Speaker 1: then it will probably fail because it will lose public support. 65 00:03:15,800 --> 00:03:18,040 Speaker 1: As a treasurer in the Gillard government, mister Swan was 66 00:03:18,080 --> 00:03:20,560 Speaker 1: one of the architects of the NDIS. When the program 67 00:03:20,639 --> 00:03:23,760 Speaker 1: was legislated, mister Swan claimed to have fully funded it 68 00:03:23,800 --> 00:03:26,440 Speaker 1: through a range of measures, including raising the medicare levy 69 00:03:26,800 --> 00:03:30,079 Speaker 1: by zero point five percentage points. The NDIS was originally 70 00:03:30,120 --> 00:03:33,320 Speaker 1: expected to cost about thirteen billion dollars per year, not 71 00:03:33,440 --> 00:03:36,119 Speaker 1: the forty two billion dollars it's costing now. And Story 72 00:03:36,240 --> 00:03:39,880 Speaker 1: number five. Insurance Group IAG has entered into strategic deals 73 00:03:40,080 --> 00:03:44,160 Speaker 1: with three overseas global reinsurers to improve its financial stability 74 00:03:44,440 --> 00:03:47,520 Speaker 1: against claims related to unpredictable. 75 00:03:46,800 --> 00:03:51,720 Speaker 2: Extreme weather events. Now reinsurance is basically insurance for the insurers. 76 00:03:52,000 --> 00:03:54,800 Speaker 2: The deals that IAG has done the next five years 77 00:03:54,840 --> 00:03:56,800 Speaker 2: provides up to six hundred and eighty million dollars of 78 00:03:56,800 --> 00:03:59,720 Speaker 2: additional protection annually and up to two point eight billion 79 00:03:59,720 --> 00:04:03,720 Speaker 2: dollars over the entire five year period. It allows IAG 80 00:04:03,960 --> 00:04:06,880 Speaker 2: to put a limit on how much a natural disaster 81 00:04:06,960 --> 00:04:08,920 Speaker 2: will actually cost the company, or at least that's how 82 00:04:08,920 --> 00:04:11,480 Speaker 2: it's supposed to work. Chief executive Nick Harkins said the 83 00:04:11,520 --> 00:04:14,520 Speaker 2: agreements will help to provide greater certainty over the cost 84 00:04:14,560 --> 00:04:18,000 Speaker 2: of natural perils as extreme whether events become more frequent 85 00:04:18,080 --> 00:04:21,479 Speaker 2: and severe. IAG also confirmed it's on track to report 86 00:04:21,520 --> 00:04:23,599 Speaker 2: earnings at the upper end of its guidance for the 87 00:04:23,760 --> 00:04:26,160 Speaker 2: just ending financial year. Its share price closed up eight 88 00:04:26,160 --> 00:04:28,960 Speaker 2: percent today. That's it for the afternoon report for Friday, 89 00:04:29,000 --> 00:04:31,440 Speaker 2: the twenty eighth of June twenty twenty four. Michael Thompson, 90 00:04:31,480 --> 00:04:33,320 Speaker 2: Adam Lange, and I will be back tomorrow morning with 91 00:04:33,360 --> 00:04:36,080 Speaker 2: the weekend edition off your and Greed business news. I'm 92 00:04:36,080 --> 00:04:36,679 Speaker 2: Seane Elmer. 93 00:04:37,000 --> 00:04:37,719 Speaker 1: Enjoy your evening.