1 00:00:03,760 --> 00:00:06,640 Speaker 1: Welcome to the Fear and Green Business News Afternoon Report 2 00:00:06,640 --> 00:00:09,600 Speaker 1: for Tuesday, the twenty second October twenty twenty four. I'm 3 00:00:09,640 --> 00:00:12,319 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:12,400 --> 00:00:14,880 Speaker 1: happened today that you need to know about. Storing Number one. 5 00:00:15,040 --> 00:00:17,280 Speaker 1: The S and PA Sex two hundred fell one point 6 00:00:17,320 --> 00:00:21,079 Speaker 1: seven percent today to finish just over eighty two hundred points. 7 00:00:21,600 --> 00:00:23,840 Speaker 1: There's plenty of red on the market. Eighty percent of 8 00:00:23,960 --> 00:00:28,080 Speaker 1: companies ended the day law it worries about higher interest rates. 9 00:00:28,480 --> 00:00:31,800 Speaker 1: That's really what sparked the selling. Will consumers keep spending? 10 00:00:31,840 --> 00:00:35,280 Speaker 1: Will businesses keep investing? There were big falls among most 11 00:00:35,320 --> 00:00:37,479 Speaker 1: of the large caps, two to three percent drops from 12 00:00:37,560 --> 00:00:41,519 Speaker 1: Commonwealth Bank, National Australia Bank, Macquarie, West Farmers, Goodman and 13 00:00:41,640 --> 00:00:46,440 Speaker 1: Aristocrat Leisure. The rate sensitive sectors did worst, Healthcare, real estate, 14 00:00:46,440 --> 00:00:50,519 Speaker 1: discretionary that's consumer discretionary, and financials. A little bit of 15 00:00:50,560 --> 00:00:52,760 Speaker 1: corporate news around. In fact, lots of corporate news around. 16 00:00:52,800 --> 00:00:57,200 Speaker 1: Middle Resources fell another four percent following yesterday's thirteen percent loss. 17 00:00:57,280 --> 00:00:59,320 Speaker 1: That's on the back of news that managing director Chris 18 00:00:59,320 --> 00:01:04,080 Speaker 1: Ellison allegedly evaded tax for many years. Transurban Today said 19 00:01:04,080 --> 00:01:06,960 Speaker 1: average daily traffic was up one point one percent during 20 00:01:07,000 --> 00:01:10,120 Speaker 1: this September quarter to two point five million trips per day. 21 00:01:10,160 --> 00:01:14,080 Speaker 1: There's growth across all markets except Melbourne and property to develop. 22 00:01:14,160 --> 00:01:17,080 Speaker 1: Mervac said it's making solid residential sales and its new 23 00:01:17,160 --> 00:01:21,720 Speaker 1: Sydney projects, and in Brisbane and Perth even Victoria is improving. 24 00:01:22,120 --> 00:01:25,959 Speaker 1: Story number two. Australia will spend seven billion dollars buying 25 00:01:26,000 --> 00:01:30,400 Speaker 1: long range missiles from the US to strengthen its defense capabilities. 26 00:01:30,600 --> 00:01:34,440 Speaker 1: Defense Industry Minister Pat Conroy overnight said that the world 27 00:01:34,600 --> 00:01:38,759 Speaker 1: faces the biggest arms race since World War II. Hundreds 28 00:01:38,800 --> 00:01:42,040 Speaker 1: of US made long range weapons for the Navy will 29 00:01:42,040 --> 00:01:44,959 Speaker 1: be purchased. They can be fired from land or ship. 30 00:01:45,200 --> 00:01:49,640 Speaker 1: They're capable of targeting and destroying aircraft and incoming missiles. 31 00:01:50,040 --> 00:01:52,800 Speaker 1: Defense spending is rising fast in this country one hundred 32 00:01:52,840 --> 00:01:54,560 Speaker 1: billion dollars a year by the end of the decade 33 00:01:54,560 --> 00:01:58,480 Speaker 1: they reckon. That's about double the current levels. Story number three. 34 00:01:58,520 --> 00:02:02,760 Speaker 1: Australia's third largest companies CSL, today said it has dropped 35 00:02:02,880 --> 00:02:07,120 Speaker 1: studies or trials on three therapies, and US regulators have 36 00:02:07,200 --> 00:02:10,720 Speaker 1: raised concerns around manufacturing of another new treatment. It is 37 00:02:10,800 --> 00:02:14,600 Speaker 1: enough to send CSL's share price down three percent now. 38 00:02:14,639 --> 00:02:18,280 Speaker 1: The Food and Drug Administration in the US is concerned 39 00:02:18,280 --> 00:02:22,760 Speaker 1: about the manufacturing of an antibody supposedly able to treat 40 00:02:22,960 --> 00:02:27,119 Speaker 1: severe swelling. The n CSL's decided to also drop trials 41 00:02:27,160 --> 00:02:30,600 Speaker 1: on an anticoagulant for the treatment of trauma, a muscle 42 00:02:30,639 --> 00:02:35,080 Speaker 1: inflation treatment, and a treatment targeting kidney transplant recipients. The 43 00:02:35,240 --> 00:02:39,160 Speaker 1: reasons basically regulatory scrutiny and also the time taken to 44 00:02:39,160 --> 00:02:41,640 Speaker 1: get any of these to market. The head of research 45 00:02:41,639 --> 00:02:44,600 Speaker 1: at CSL basically said, you take risks. This is what 46 00:02:44,720 --> 00:02:48,400 Speaker 1: happens sometimes. Strowing number five. Viva Energy has downgraded its 47 00:02:48,440 --> 00:02:51,360 Speaker 1: outlook on the back of softer retail conditions, lower tobacco 48 00:02:51,440 --> 00:02:54,440 Speaker 1: sales and higher business costs, triggering a year seven percent 49 00:02:54,480 --> 00:02:57,079 Speaker 1: drop in his share price, worst on the course today. 50 00:02:57,600 --> 00:03:01,520 Speaker 1: Viva owns the Geelong oil refinery, also licenses the Shell 51 00:03:01,560 --> 00:03:05,240 Speaker 1: brand it owns and sells via Coals Express, and it's 52 00:03:05,280 --> 00:03:08,160 Speaker 1: got those on the run. Businesses out of South Australia 53 00:03:08,720 --> 00:03:13,000 Speaker 1: surveys now are as much about high margin convenience retailing 54 00:03:13,280 --> 00:03:16,400 Speaker 1: as they are about low margin fuel. While fuel sales 55 00:03:16,400 --> 00:03:21,919 Speaker 1: are growing slightly, quick service restaurants turnover and convenience turnover 56 00:03:22,480 --> 00:03:25,040 Speaker 1: was down. In fact, it would have been flat but 57 00:03:25,200 --> 00:03:30,120 Speaker 1: for tobacco sales, mostly because there is growing illicit tobacco 58 00:03:30,280 --> 00:03:34,360 Speaker 1: trade going on and it's hurting sales in the convenience stores, 59 00:03:34,480 --> 00:03:37,880 Speaker 1: particularly in South Australia in Beaver's case, where it recently 60 00:03:37,880 --> 00:03:41,240 Speaker 1: brought those on the run convenience stores and storing. Number 61 00:03:41,240 --> 00:03:44,480 Speaker 1: five vise Tech Global founder and CEO Richard White has 62 00:03:44,520 --> 00:03:48,800 Speaker 1: settled his legal dispute with Sydney Wilness entrepreneur Linda Rogan. 63 00:03:49,160 --> 00:03:52,000 Speaker 1: The dispute was over mister White trying to bankrupt He's 64 00:03:52,040 --> 00:03:56,000 Speaker 1: a former alleged lover. It triggered a bunch of other allegations. 65 00:03:56,040 --> 00:03:59,400 Speaker 1: Mister White apparently, well unless it's alleged paid millions to 66 00:03:59,520 --> 00:04:01,640 Speaker 1: Private Life. He settled a dispute with another woman he 67 00:04:01,680 --> 00:04:06,240 Speaker 1: had a sexual relationship with. He was also allegedly approached 68 00:04:06,240 --> 00:04:09,680 Speaker 1: female entrepreneurs on social media with offers of professional support 69 00:04:09,920 --> 00:04:13,200 Speaker 1: that could later shift a crude or suggestive language that 70 00:04:13,280 --> 00:04:16,919 Speaker 1: has really hurt the share price. It tumbled in recent sessions. 71 00:04:16,920 --> 00:04:18,600 Speaker 1: Now it fell two percent this morning, but then it 72 00:04:18,720 --> 00:04:21,520 Speaker 1: bounced to finish up three percent. That's it for the 73 00:04:21,520 --> 00:04:24,360 Speaker 1: afternoon report for Tuesday, the twenty second of October twenty 74 00:04:24,400 --> 00:04:26,599 Speaker 1: twenty four. Michael Thompson and I will be back tomorrow 75 00:04:26,640 --> 00:04:29,719 Speaker 1: morning with the Wednesday edition of Fear and Greed Business News. 76 00:04:29,800 --> 00:04:31,719 Speaker 1: I'm Shane Elmer. Enjoy your evening.