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Speaker 1: Welcome to Fear and Greed. Business News Afternoon Report for Friday,

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Speaker 1: the twentieth of September twenty twenty four. I'm Sean Elma.

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Speaker 1: Every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. Story number one. The

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Speaker 1: SMPASX two hundred closed up just a bit today, zero

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Speaker 1: point two percent to eighty two hundred and ten points.

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Speaker 1: An Z and Wes Farmers were the best of the

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Speaker 1: large caps A and Z A hitting a multi year high.

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Speaker 1: Telstra was the worst, down more than one percent. In

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Speaker 1: corporate news, Tabcorp chair Bruce Akehurst will step down after

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Speaker 1: major investors expressed concerns about the company's week performance and

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Speaker 1: rising costs. Tablecorps share price is down only fifty percent

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Speaker 1: this year. In retailer Harvey Norman was served with a

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Speaker 1: second class action for misleading and deceptive conduct over the

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Speaker 1: alleged selling of extended warranties, days after Echo Law launched

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Speaker 1: similar proceedings against the company. Today's proceedings were announced by

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Speaker 1: law firm Morris Blackburn. Sorry number two. Wall Street hit

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Speaker 1: record levels overnight on the back of the fifty bases

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Speaker 1: point rate, but from the federal reserve earlier in the week,

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Speaker 1: with a broad based SMP five hundred finishing up nearly

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Speaker 1: two percent, topping fifty seven hundred points for the first time,

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Speaker 1: while the tech heavy NASTACK raised two and a half percent.

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Speaker 1: The Dow Jones Industrial Average, which measures the thirty leaders

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Speaker 1: on Wall Street, also hit a record, topping forty two

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Speaker 1: thousand points for the first time. Nvidia, Apple, and Meta

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Speaker 1: all jumped sharply, while Tesla rose seven percent overnight. The

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Speaker 1: Bank of England, as expected, kept interest rates unchanged during

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Speaker 1: the day. The Bank of Japan kept rates in that

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Speaker 1: economy unchanged. Bitcoins also had a good twenty four hours

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Speaker 1: training at more than sixty four thousand US dollars a unit.

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Speaker 1: The Aussie dollar has held on to recent gains, fetching

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Speaker 1: more than sixty eight US since story number three. There

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Speaker 1: was quite a bit going on in federal politics today,

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Speaker 1: even though the Prime Minister was overseas. Opposition leader Peter

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Speaker 1: Dunton rejected costing estimates for the coalition's nuclear power proposal

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Speaker 1: released by Energy Minister Chris Bowen, which suggests it would

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Speaker 1: raise household energy bills by six hundred and sixty five

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Speaker 1: dollars a year Thus far, the Coalition hasn't provided estimates

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Speaker 1: on what its nuclear policy would mean for households spending

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Speaker 1: on energy pension As job seekers and those on rent

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Speaker 1: assistance will receive a boost to their payments from today

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Speaker 1: in line with the biannual indexation increase. Social Services Minister

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Speaker 1: Amanda Rishworth was spooking the boost in payments today. The

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Speaker 1: increase will impact more than five million Australians who received

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Speaker 1: some sort of government welfare payment outgoing. In dis Minister

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Speaker 1: Bill short And ramped up the Albanesi government's attack on

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Speaker 1: the Greens. This is at the end of a week

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Speaker 1: where it struggled to pass legislation through the Senate. Mister

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Speaker 1: short And accused the Greens of living in a parallel

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Speaker 1: universe and former Xenophone Senator rex Patrick mak a second

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Speaker 1: tilt at Parliament in the next federal election after he

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Speaker 1: was announced as the Jackie Lamby Network candidate for South Australia.

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Speaker 1: Story number four. Meyer has recorded a sharp drop in

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Speaker 1: sales and a slump in profit for the twenty twenty

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Speaker 1: four financial liear, the group said, challenging macroeconomic conditions and

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Speaker 1: the closure of its Brisbane Frankston and Werribee Stores led

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Speaker 1: to three percent drop in sales to almost three billion dollars.

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Speaker 1: Net profit after tax fell twenty eight percent. That resulted

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Speaker 1: in a big drop in its share price, though by

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Speaker 1: the end of the day it had paired most of

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Speaker 1: those losses. It finished down half percent. Executive chair Olivia

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Speaker 1: Worth outlined plans to return the department store to sustainable

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Speaker 1: growth may Tomorrow She's calling it, and includes stronger cost controls,

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Speaker 1: cracking down on instore theft, better use of formations, and

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Speaker 1: unlocking the full potential of its Maya one loyalty scheme.

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Speaker 1: It will seek to increase custom engagement, especially mail and

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Speaker 1: young shoppers, to enhance the loyalty scheme and give Maya

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Speaker 1: a greatest share of the wallet and story number five.

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Speaker 1: Israel launched a waiver air strikes against Hesbala targets in

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Speaker 1: Lebanon this morning Australian Time, as the Milton Group's leader

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Speaker 1: said two days of attacks on its members involving pages

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Speaker 1: and walking talkies amounted to a declaration of war. In

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Speaker 1: his first public remarks since the device explosions, which killed

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Speaker 1: at least thirty seven people. Hesbla's leader, Hassen Israela acknowledged

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Speaker 1: that his group had endured a severe and cruel blow,

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Speaker 1: according to report on Reuter's in the Telegraph of London.

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Speaker 1: He said Israel would face just retribution and a bitter reckoning,

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Speaker 1: and promise that the attacks were not deter Hesbla from

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Speaker 1: continuing to launch rockets and drones at Israel. As he spoke,

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Speaker 1: two large sonic booms from Israeli fighter jets buildings in Beirut,

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Speaker 1: the Lebanese capital, an apparent show of Mike by Israel.

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Speaker 1: Later in the day, Israeli warplanes struck thirty rocket launches

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Speaker 1: in southern Lebanon, as well as weapons cachets in military structures.

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Speaker 1: The Israel military said that's it for the afternoon report

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Speaker 1: for Friday, the twenty September twenty twenty four. Don't forget tip,

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Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Joined Michael Thompson and I Tomorrow

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Speaker 1: Morning's the weekend past five by Fear and Greed. I'm

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Speaker 1: Sean Eelma. Enjoy your evening.