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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the fifth of June twenty twenty four. I'm

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Speaker 1: sure in Aelma every afternoon we've got the five stories

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Speaker 1: that happen today that you need to know about. Australium.

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Speaker 1: One growth figures released today show that the Australian economy

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Speaker 1: expanded by just zero point one percent during the March

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Speaker 1: quarter and by one point one percent for the year

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Speaker 1: ending March thirty one, if you don't include the pandemic period.

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Speaker 1: It is the worst growth rate since the early nineteen

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Speaker 1: nineties recession. The anemic growth adds to the argument that

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Speaker 1: the Reserve Bank doesn't need to lift rates and might

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Speaker 1: even cut them later in the year that help equity markets,

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Speaker 1: with the SMPASX two hundred finishing up zero point four

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Speaker 1: percent to seven seven hundred and sixty nine points. Among

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Speaker 1: the large caps, Goodman Group, Aristocrat Leisure and Cochlear were

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Speaker 1: all up two percent or more, while Ria Weistat Global, Woollies, Transurban,

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Speaker 1: Telstra and CSL all jump more than one percent. Rio Tinto,

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Speaker 1: BHP and Fortescu Metals Group were all sharply lower, while

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Speaker 1: would Said and Santos also fell in Corporate News online

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Speaker 1: job market place. Seat jumped five percent after agreeing to

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Speaker 1: sell its majority stake in its Mexican and Latin American

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Speaker 1: businesses for one hundred and twenty eight million dollars. It

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Speaker 1: ends a sixteen year four a into the region by

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Speaker 1: the group. Story number two. Nvidia continues its climb on

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Speaker 1: Wall Street. The chip maker is now worth two point

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Speaker 1: eight six trillion US dollars, not far from the market

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Speaker 1: capitalization of Apple, which is at two point nine to

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Speaker 1: five trillion US dollars. The Aussie dollar is down a touch,

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Speaker 1: buying sixty six point six US cents. One asset benefiting

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Speaker 1: from all the speculation about lower interest rates, particularly in

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Speaker 1: the US, is Bitcoin, which popped above seventy thousand US

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Speaker 1: dollars a unit overnight. That is now five straight sessions

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Speaker 1: of gains, the best drum in three months. It's still

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Speaker 1: about five percent BLOA, its all time high, though that

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Speaker 1: was hit back in mid March. Story number three. Business

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Speaker 1: has warned that the Albanzi government will struggle to meet

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Speaker 1: its aggressive emissions reduction targets because the many hurdles industry

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Speaker 1: needs to overcome to deliver the energy transition. These hurdles

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Speaker 1: include building transmission lines, a pause in the growth of

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Speaker 1: electric vehicle sales, rising costs, and a shift in community attitudes.

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Speaker 1: The Financial Review has been holding an ESG summit gathering

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Speaker 1: many the major players in the sector. AMPOLE chief executive

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Speaker 1: Matthew Halliday is quoted as saying there is a huge

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Speaker 1: challenge to secure connections to the grid for fast charging

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Speaker 1: stations for evs, while paul resale values are hampering Takeer

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Speaker 1: David Gillespie, they're Managing director of Gas and Electricity Infrastructure Company.

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Speaker 1: Demeanor says delays in the building of transmission lines required

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Speaker 1: to carry electricity from renewable sources such as wind and

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Speaker 1: solar are stretching to up to five years, and there's

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Speaker 1: insufficient attention being paid to the use of gas made

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Speaker 1: from plant and other organic waste. Australia has a net

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Speaker 1: twenty thirty emissions target of forty three percent reduction below

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Speaker 1: two thousand and five levels and for net zero greenhouse

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Speaker 1: submissions by twenty fifty. The consensus is it Australia will

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Speaker 1: struggle to meet the targets. Story Number four Treasury Winer

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Speaker 1: State's share price JUNP more than five percent today after

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Speaker 1: it said it was confident of meeting internal forecasts. Investors

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Speaker 1: have been worried about the performance of its newly acquired

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Speaker 1: Californian luxury wine business, Dow Vineyards. Treasury paid one point

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Speaker 1: six billion dollars for the business last year, but management

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Speaker 1: expects how to contribute to earnings and overall the group

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Speaker 1: forecasts mint to high single digit earnings growth, hence the

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Speaker 1: share price performance today and story number five. Two smaller

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Speaker 1: lenders beyond Bank and Police and Nurses will merge, creating

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Speaker 1: one of the country's largest mutual financial institutions. The new

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Speaker 1: group will hold assets of around forty billion dollars and

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Speaker 1: have a customer base of four hundred and fifty thousand people.

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Speaker 1: Financial institutions are not cheap businesses to run, with significant

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Speaker 1: capital and regulatory requirements on top of investments needed in technology,

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Speaker 1: cybersecurity and digital banking. As a result, being small isn't

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Speaker 1: always a great option, and chair of Police and Nurses

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Speaker 1: said the merger will help the group remain competitive and sustainable.

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Speaker 1: That's it the Afternoon Report for Wednesday, the fifth of

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Speaker 1: June twenty twenty four. Don't forget to hit follow on

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

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Speaker 1: ex TikTok and Facebook, Joey Mirk Thompson and I Tomorrow

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Speaker 1: I'm Morning for the Fast five by Fear and Greed,

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Speaker 1: the top five business stories you need to know in

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Speaker 1: just five minutes. I'm sure Elma enjoy your evening