1 00:00:03,240 --> 00:00:06,000 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,040 --> 00:00:09,480 Speaker 1: for Tuesday, the seventeenth December twenty twenty four. I'm Sean Elmer. 3 00:00:09,800 --> 00:00:12,320 Speaker 1: Every afternoon, we've got the five stories that happened today 4 00:00:12,320 --> 00:00:14,080 Speaker 1: that you need to know about. Strotum one. The S 5 00:00:14,080 --> 00:00:17,040 Speaker 1: and PA six two hundred finished up zero point eight 6 00:00:17,079 --> 00:00:19,799 Speaker 1: percent today to eight thousand, three hundred and fourteen points 7 00:00:20,040 --> 00:00:23,520 Speaker 1: Plenty of winning sectors. Redis Investment Trust did well, so 8 00:00:23,600 --> 00:00:27,600 Speaker 1: to healthcare stocks, industrials and technology groups. The biggest losers 9 00:00:27,640 --> 00:00:30,080 Speaker 1: were the energy stocks. The big banks all did well 10 00:00:30,160 --> 00:00:34,040 Speaker 1: so to Goodman Group, Aristocrat, Leisure Area and Promedicus. Not 11 00:00:34,159 --> 00:00:39,760 Speaker 1: so good bhpen Woodside. A few interesting corporate news items today. PEXA, 12 00:00:39,880 --> 00:00:44,000 Speaker 1: the property settlement exchange back by Commwealth Bank, jumped eight 13 00:00:44,000 --> 00:00:48,040 Speaker 1: percent after announcing a new CEO. Nevonex jumped as much 14 00:00:48,120 --> 00:00:51,680 Speaker 1: as sixteen percent before settling up five percent after it 15 00:00:51,800 --> 00:00:54,600 Speaker 1: received conditional approval for a loan from the US Department 16 00:00:54,600 --> 00:00:58,400 Speaker 1: of Energy. IT Services and Solutions provided Data Number three 17 00:00:58,480 --> 00:01:03,560 Speaker 1: fell ten percent changes to its partnership with Microsoft in Australia, 18 00:01:03,720 --> 00:01:07,600 Speaker 1: and the Australian Energy Regulator is likely to reject APA 19 00:01:07,720 --> 00:01:11,319 Speaker 1: Group's bid to have its recently acquired Basslink electricity cable 20 00:01:11,400 --> 00:01:15,200 Speaker 1: converted into a regulated asset that sent its share price lower. 21 00:01:15,560 --> 00:01:18,959 Speaker 1: Story number two. Federal Treasurer Jim Charmers will tomorrow released 22 00:01:19,000 --> 00:01:22,520 Speaker 1: the mid year Economic and Fiscal Outlook Statement, an update 23 00:01:22,560 --> 00:01:24,880 Speaker 1: on how the budget's going, and he's warned not to 24 00:01:24,920 --> 00:01:27,559 Speaker 1: expect any big numbers to help reduce the cost of living. 25 00:01:28,080 --> 00:01:30,959 Speaker 1: Any spending for the cost of living won't stand out. 26 00:01:31,240 --> 00:01:34,119 Speaker 1: Dr Chalmers said the focus instead will be on rolling 27 00:01:34,160 --> 00:01:37,319 Speaker 1: out what has already been announced. My IFO will have 28 00:01:37,400 --> 00:01:41,560 Speaker 1: fourteen point six billion dollars worth of savings from reprioritizing 29 00:01:41,680 --> 00:01:45,320 Speaker 1: funding in areas like aged care reforms in the Indigenous 30 00:01:45,319 --> 00:01:49,720 Speaker 1: Advancement Program. According to Finance Minister Katie Gallagher, my IFO 31 00:01:49,800 --> 00:01:52,080 Speaker 1: will confirm that the budget is back in deficit and 32 00:01:52,240 --> 00:01:55,240 Speaker 1: it will be for some time. Story number three. BHP 33 00:01:55,440 --> 00:01:58,920 Speaker 1: and Rio Tinto will join with Bluescope Steel to build 34 00:01:59,000 --> 00:02:03,480 Speaker 1: Australia's just electric iron making furnace, a move they say 35 00:02:03,560 --> 00:02:07,800 Speaker 1: may speed up the decarbonization of steel production. The pilot 36 00:02:07,800 --> 00:02:11,080 Speaker 1: project near Perth will produce thirty thousand, forty thousand tons 37 00:02:11,120 --> 00:02:14,280 Speaker 1: of molten iron a year. And will initially use natural 38 00:02:14,320 --> 00:02:18,720 Speaker 1: gas and hydrogen supplied by consulting partner Woodside to reduce 39 00:02:18,919 --> 00:02:22,200 Speaker 1: iron ore to direct reduced iron according to a joint 40 00:02:22,240 --> 00:02:25,799 Speaker 1: statement from the companies. Once operational, the project aims to 41 00:02:25,880 --> 00:02:29,080 Speaker 1: use hydrogen to generate the power. According to Bloomberg, the 42 00:02:29,120 --> 00:02:31,680 Speaker 1: technology could reduce emissions by up to eighty percent if 43 00:02:31,680 --> 00:02:35,240 Speaker 1: renewables and green hydrogen are used. The project may help 44 00:02:35,320 --> 00:02:37,880 Speaker 1: show iron ore sourced from the Pilber region of Australia 45 00:02:37,919 --> 00:02:42,200 Speaker 1: can be smelted using an electric furnace rather than traditional 46 00:02:42,200 --> 00:02:45,720 Speaker 1: blast furnaces, which are powered by coal. More than seventy 47 00:02:45,720 --> 00:02:49,840 Speaker 1: percent of steel is currently produced using coal. Straight Number 48 00:02:49,840 --> 00:02:54,280 Speaker 1: four OPTAs sold mobile phone plans to vulnerable Australians, including 49 00:02:54,280 --> 00:02:57,560 Speaker 1: a deaf and mute, homeless man, and an elderly man 50 00:02:57,600 --> 00:03:00,520 Speaker 1: with Alzheimer's disease. He later collapsed in one of its stores. 51 00:03:00,880 --> 00:03:05,040 Speaker 1: According to the consumer watchdog That's its allegations, it also 52 00:03:05,120 --> 00:03:09,839 Speaker 1: created fraudulent contracts with First Nations people. According to the allegations, 53 00:03:10,040 --> 00:03:13,040 Speaker 1: the Australian Competition and Consumer Commission is suing Optus for 54 00:03:13,320 --> 00:03:16,960 Speaker 1: unconscionable conduct, saying it not only sold products to people 55 00:03:17,120 --> 00:03:20,120 Speaker 1: knew couldn't afford them, but sold their unpaid bills to 56 00:03:20,200 --> 00:03:23,360 Speaker 1: debt collection agencies. According to a story in The Australian, 57 00:03:23,720 --> 00:03:26,240 Speaker 1: it even sold debt to third parties when op to 58 00:03:26,280 --> 00:03:30,400 Speaker 1: senior management and its parents, Sintel knew some consumers had 59 00:03:30,400 --> 00:03:34,080 Speaker 1: no knowledge of the contracts, which appear forged. Optus, which 60 00:03:34,080 --> 00:03:38,160 Speaker 1: has since apologized to consumers, also dismantled its profit protection 61 00:03:38,280 --> 00:03:42,320 Speaker 1: team responsible for investigating suspected compliance issues during the height 62 00:03:42,400 --> 00:03:47,160 Speaker 1: of the allegations, despite protestations from staff the HBLEC allegers. 63 00:03:47,520 --> 00:03:49,520 Speaker 1: This is the ahable C side of the story. We 64 00:03:49,560 --> 00:03:52,480 Speaker 1: are still to hear from Optus and story number five. 65 00:03:52,600 --> 00:03:55,640 Speaker 1: Donald Trump lost his request to toss his conviction in 66 00:03:55,680 --> 00:03:59,200 Speaker 1: the New York hush money case on presidential immunity grounds, 67 00:03:59,240 --> 00:04:01,840 Speaker 1: though the case may not proceed to sentencing as the 68 00:04:01,880 --> 00:04:05,520 Speaker 1: president elect continues to challenge the verdict. The judge ruled 69 00:04:05,560 --> 00:04:08,920 Speaker 1: that Trump had failed to properly raise objections to most 70 00:04:08,920 --> 00:04:12,240 Speaker 1: of the evidence he claimed was subject to immunity, except 71 00:04:12,320 --> 00:04:15,640 Speaker 1: the testimony of one witness. The judge said that even 72 00:04:15,680 --> 00:04:20,280 Speaker 1: if the challenged evidence fell within Trump's presidential authority, prosecutors 73 00:04:20,360 --> 00:04:25,240 Speaker 1: used it to prove decidedly personal acts of falsifying business records, 74 00:04:25,480 --> 00:04:27,599 Speaker 1: and that there is no danger of intrusion on the 75 00:04:27,600 --> 00:04:31,320 Speaker 1: authority and function of the executive branch. Finally, Justice Swan 76 00:04:31,480 --> 00:04:35,159 Speaker 1: Merchant said that any possible error in admitting evidence was 77 00:04:35,200 --> 00:04:37,800 Speaker 1: harmless in that it would not have changed the overwhelming 78 00:04:37,839 --> 00:04:41,520 Speaker 1: evidence of guilt against Trump. That's it for the Outternoon 79 00:04:41,600 --> 00:04:44,560 Speaker 1: Report for Tuesday, the seventeenth December twenty twenty four. Make 80 00:04:44,600 --> 00:04:46,840 Speaker 1: sure you hit follow on the podcast. We'll be back 81 00:04:46,880 --> 00:04:49,080 Speaker 1: tomorrow morning with a Wednesday edition of The Fast five 82 00:04:49,120 --> 00:04:52,359 Speaker 1: Business Years by Fear and Greed. I'm Schane Elmer. Enjoy 83 00:04:52,400 --> 00:04:52,760 Speaker 1: reading it.