1 00:00:04,160 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,920 --> 00:00:09,480 Speaker 1: for Monday, the thirteenth of May twenty twenty four. I'm 3 00:00:09,480 --> 00:00:12,000 Speaker 1: Sean Elma. Every afternoon, they've got the five stories that 4 00:00:12,119 --> 00:00:14,560 Speaker 1: happened today that you need to know about. Sorry, Tom min, 5 00:00:14,600 --> 00:00:17,759 Speaker 1: I'm the SMPA six two hundred closed flat at seven 6 00:00:18,200 --> 00:00:20,640 Speaker 1: seven hundred and fifty points, with trading in a very 7 00:00:20,720 --> 00:00:24,720 Speaker 1: narrow range. Consumer discretionary stocks did best, while consumer staples 8 00:00:24,720 --> 00:00:28,080 Speaker 1: also outperformed. Energy and tech stocks were among the worst 9 00:00:28,080 --> 00:00:31,760 Speaker 1: performers Among the large caps. The Commonwealth Bank, West Farmers, Woollies, 10 00:00:31,800 --> 00:00:35,239 Speaker 1: and Weistet Global all finished up one percent. Woodside and 11 00:00:35,320 --> 00:00:38,560 Speaker 1: Rio Tito both closed down one percent. Ane Zenden Mcquarie 12 00:00:38,600 --> 00:00:41,440 Speaker 1: Group both went ex dividend, falling three percent and one 13 00:00:41,479 --> 00:00:45,280 Speaker 1: point six percent, respectively. In corporate news, construction group Fletcher 14 00:00:45,320 --> 00:00:48,320 Speaker 1: Building was the biggest laggard after cutting earning's guidance for 15 00:00:48,360 --> 00:00:51,800 Speaker 1: fiscal twenty twenty four due to a notable slowdown in 16 00:00:51,800 --> 00:00:55,080 Speaker 1: house sales in New Zealand and a weaker Australian property market. 17 00:00:55,240 --> 00:00:57,240 Speaker 1: It was also hit by a court judgment of no 18 00:00:57,400 --> 00:01:03,200 Speaker 1: substantive findings in its claims against subcontractors' work that allegedly 19 00:01:03,520 --> 00:01:07,520 Speaker 1: caused significant fire related damages flash to share price by 20 00:01:07,560 --> 00:01:09,959 Speaker 1: the end of all that closed down almost eleven percent 21 00:01:10,000 --> 00:01:14,200 Speaker 1: today and withium explorer AVZ Minerals delisted from the AX today, 22 00:01:14,240 --> 00:01:17,560 Speaker 1: two years after its shares were suspended. The company's been 23 00:01:17,600 --> 00:01:20,480 Speaker 1: in dispute for control of the world's largest hard rock 24 00:01:20,560 --> 00:01:23,640 Speaker 1: lithium deposit in Africa. It had more than twenty one 25 00:01:23,680 --> 00:01:27,040 Speaker 1: thousand shareholders with paper wealth of two point eight billion dollars. 26 00:01:27,360 --> 00:01:30,280 Speaker 1: Who knows what happens to that now? Story Number two 27 00:01:30,360 --> 00:01:32,760 Speaker 1: property giant len Lease said it's been hit with a 28 00:01:32,840 --> 00:01:36,080 Speaker 1: one hundred and twelve million dollar tax bill after whistleblower 29 00:01:36,120 --> 00:01:39,440 Speaker 1: alleged it is double dipping on tax benefits for its 30 00:01:39,480 --> 00:01:42,559 Speaker 1: retirement living business. Then Lease said it had been issued 31 00:01:42,640 --> 00:01:46,160 Speaker 1: with a statement of audit position and an amended tax 32 00:01:46,200 --> 00:01:48,920 Speaker 1: assessment relating to an audit of the partial sale of 33 00:01:48,960 --> 00:01:52,520 Speaker 1: the retirement Living business in twenty eighteen. It relates to 34 00:01:52,600 --> 00:01:55,480 Speaker 1: the twenty five percent sale of the retirement Living trust 35 00:01:55,600 --> 00:01:58,240 Speaker 1: for about four hundred and fifty million dollars to Dutch 36 00:01:58,280 --> 00:02:02,560 Speaker 1: pension fund APG. Now Yesdaylease said it's confident of its 37 00:02:02,600 --> 00:02:06,200 Speaker 1: position and will dispute the amended assessment, adding that further 38 00:02:06,320 --> 00:02:11,400 Speaker 1: sales of that asset hadn't attracted amended assessments. This has 39 00:02:11,440 --> 00:02:13,519 Speaker 1: been an ongoing issue for the group, with a former 40 00:02:13,600 --> 00:02:17,680 Speaker 1: external tax advisor turned whistleblower, Anthony Watson, alleging len Lease 41 00:02:17,720 --> 00:02:21,520 Speaker 1: is still under apporting potential tax liabilities. If so, there 42 00:02:21,680 --> 00:02:24,520 Speaker 1: is a big fine on the way that still has 43 00:02:24,560 --> 00:02:26,960 Speaker 1: to be proved. Of course, len Lisse's share price closed 44 00:02:26,960 --> 00:02:29,679 Speaker 1: down three and a half percent today. Story number three 45 00:02:29,960 --> 00:02:32,799 Speaker 1: ARN Media is scrambling to revive its attempt to buy 46 00:02:32,880 --> 00:02:36,720 Speaker 1: rival Southern Cross Ostereo after its partner, private equity group 47 00:02:36,720 --> 00:02:40,359 Speaker 1: Anchorage Capital, pulled out of the deal. IRN today said 48 00:02:40,360 --> 00:02:42,799 Speaker 1: an indicative proposal was on the way for the company 49 00:02:42,840 --> 00:02:45,320 Speaker 1: to buy the same radio stations and brands from Southern 50 00:02:45,320 --> 00:02:48,600 Speaker 1: Cross as under the previous deal, and also take digital 51 00:02:48,639 --> 00:02:53,200 Speaker 1: audeal assets in exchange for shares. Chair Hamish McClellan said 52 00:02:53,280 --> 00:02:55,760 Speaker 1: a deal would deliver a business of scale necessary to 53 00:02:55,800 --> 00:03:00,280 Speaker 1: compete against global platforms. Southern Cross wasn't so fussed the 54 00:03:00,360 --> 00:03:03,200 Speaker 1: idea because it said it meant shareholders would end up 55 00:03:03,200 --> 00:03:06,919 Speaker 1: with interest in two competing media businesses, one of which 56 00:03:06,960 --> 00:03:10,639 Speaker 1: would be subscale. It would also reduce Southern Cross Ousterio's 57 00:03:10,639 --> 00:03:14,120 Speaker 1: exposure to digital media. Under the original deal, IRN would 58 00:03:14,120 --> 00:03:16,919 Speaker 1: have taken Southern Cross's Kiss and Triple M radio stations 59 00:03:17,160 --> 00:03:20,480 Speaker 1: along with dozens of regional stations, while Anchorage Capital would 60 00:03:20,480 --> 00:03:22,520 Speaker 1: have received a smaller number of stations in the Southern 61 00:03:22,560 --> 00:03:26,480 Speaker 1: Cross Regional TV network. Storry number four, the corporate regulator 62 00:03:26,520 --> 00:03:29,600 Speaker 1: is investigating ain Z over its execution of a long 63 00:03:29,680 --> 00:03:33,440 Speaker 1: term Australian government bond issued last year. The Big four 64 00:03:33,480 --> 00:03:35,760 Speaker 1: Banks said it had been appointed by the Australian Office 65 00:03:35,760 --> 00:03:38,320 Speaker 1: of Financial Management to act as a risk manager in 66 00:03:38,360 --> 00:03:40,920 Speaker 1: relation to the issuance of a ten year treasury bond 67 00:03:41,200 --> 00:03:43,840 Speaker 1: back in twenty twenty three. That trade is now subject 68 00:03:43,880 --> 00:03:48,320 Speaker 1: to a formal investigation with ASSEX investigating suspected contraventions of 69 00:03:48,360 --> 00:03:52,640 Speaker 1: the ASSEK Incorporations Act, and said said it's cooperating fully 70 00:03:53,000 --> 00:03:56,200 Speaker 1: with the corporate watchdog and story number five. President Joe 71 00:03:56,240 --> 00:03:59,880 Speaker 1: Biden will quadruple tariffs on Chinese electric vehicles and sharply 72 00:04:00,040 --> 00:04:03,080 Speaker 1: increased levies for other key industries this week, framing the 73 00:04:03,120 --> 00:04:06,240 Speaker 1: measures as a defense of American workers. Of course, it's 74 00:04:06,280 --> 00:04:10,080 Speaker 1: also an election year. Biden will add or hike tariffs 75 00:04:10,160 --> 00:04:13,240 Speaker 1: in the targeted sectors after nearly two years of review. 76 00:04:13,520 --> 00:04:17,159 Speaker 1: According to Bloomberg, the title tariff on Chinese evs, for example, 77 00:04:17,200 --> 00:04:19,280 Speaker 1: will rise to one hundred and two point five percent 78 00:04:19,600 --> 00:04:22,599 Speaker 1: from twenty seven point five percent. Other tariffs will double 79 00:04:22,720 --> 00:04:26,679 Speaker 1: or triple. The administration has spent recent weeks finalizing the measures, 80 00:04:26,680 --> 00:04:29,240 Speaker 1: including which items to hit and which to avoid. Because 81 00:04:29,240 --> 00:04:31,720 Speaker 1: the inputs are needed to fuel American growth, for example, 82 00:04:31,760 --> 00:04:34,880 Speaker 1: some items used in the US solar industry will be excluded. 83 00:04:35,320 --> 00:04:39,000 Speaker 1: Biden's plan for more tariffs is mostly symbolic, as China 84 00:04:39,080 --> 00:04:43,479 Speaker 1: doesn't rely on US consumers in those targeted sectors. Chinese evs, 85 00:04:43,520 --> 00:04:45,520 Speaker 1: for example, were locked out of the US market years 86 00:04:45,560 --> 00:04:48,599 Speaker 1: ago by existing tariffs. However, it does make Joe Biden 87 00:04:48,640 --> 00:04:51,400 Speaker 1: look tough on China. Maybe that's good in an election 88 00:04:51,520 --> 00:04:54,479 Speaker 1: year in the US. As if the Afternoon Report for Monday, 89 00:04:54,520 --> 00:04:56,680 Speaker 1: the thirteenth of May twenty twenty four, don't forget to 90 00:04:56,839 --> 00:05:00,280 Speaker 1: follow on the podcast and find fear and greed on LinkedIn, Instagram, 91 00:05:00,480 --> 00:05:03,800 Speaker 1: x TikTok and Facebook. Johan Michael Thompson and I Tomorrow 92 00:05:03,800 --> 00:05:05,760 Speaker 1: I'm wanning for the Fast five by fear and greed. 93 00:05:05,800 --> 00:05:07,920 Speaker 1: The top five business stories you need to know in 94 00:05:08,040 --> 00:05:10,880 Speaker 1: just five minutes. I'm Sean Elmer, enjoy reading it.