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

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Speaker 1: for Monday, the thirteenth of October twenty twenty five. I'm

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Speaker 1: Michael Thompson, and every afternoon we've got the five stories

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Speaker 1: that happened today that you need to know about. Let's

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Speaker 1: go with story number one. It's all about markets. The

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Speaker 1: SMPA s X two hundred fell almost one percent today,

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Speaker 1: down seventy six points to eighty eight hundred and eighty

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Speaker 1: three points, ten of the eleven sectors losing ground. It

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Speaker 1: is the worst day in three weeks, comes after investors

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Speaker 1: were spooked by the ongoing and escalating US trade dispute

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Speaker 1: with China. Tech sector was the worst, Life three sixty

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Speaker 1: and Wise Tech Global both losing about two and a

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Speaker 1: half percent today. Computer share that was another one that

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Speaker 1: was off more than four percent. Most of the big

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Speaker 1: banks fell to which certainly doesn't help Commwealth Bank and

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Speaker 1: NAB were both down almost two percent. Westpac was lower

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Speaker 1: as well, but A and Z actually jumped three point

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Speaker 1: three percent today. More on that one in a moment.

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Speaker 1: A good day for the gold miners and the silver

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Speaker 1: miners as well for that matter, with gold hitting surprise

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Speaker 1: surprise yet another record. Regius Resources climbed seven percent, and

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Speaker 1: Evolution Mining and Newmont were both up between two and

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Speaker 1: a half and three percent. I mentioned the silver miners.

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Speaker 1: The standout there was Sun Silver, which saw it eighteen

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Speaker 1: percent today after being asked to give an update on

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Speaker 1: a US project ahead of a meeting between the Prime

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Speaker 1: Minister and the US President and just two more to mention.

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Speaker 1: Quantus was down one point six percent today as Investors'

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Speaker 1: process news that the stolen data of five point seven

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Speaker 1: million customers had emerged on the dark web, and Treasury

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Speaker 1: wines dropped fifteen percent. That was the worst on the

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Speaker 1: day after withdrawing its profit guidance onto story number two.

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Speaker 1: Now it's been a big day. Treasurer Jim Chalmers has

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Speaker 1: announced significant changes to its controversial plan to tax superbalances

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Speaker 1: over three million dollars, backing down on really some of

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Speaker 1: the most contentious elements of the policy. The tax threshold

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Speaker 1: will now be indexed and unrealized capital gains will no

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Speaker 1: longer be included in the fifteen percent earnings tax. Earnings

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Speaker 1: on balances between three million dollars and ten million dollars,

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Speaker 1: which is about ninety thousand people, will be taxed at

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Speaker 1: thirty percent, while the new forty percent rate will apply

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Speaker 1: to balances over ten million dollars, which does affect a

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Speaker 1: smaller amount. That's still eight thousand people. The changes reportedly

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Speaker 1: came after intervention by Prime Minister Anthony Albanezi. There is

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Speaker 1: a lot more detail too, There's a lot of politics involved.

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Speaker 1: We will have a lot more on it in tomorrow

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Speaker 1: morning's episode under story number three and I mentioned A

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Speaker 1: and Z before. Chief executive Nuno Matos has unveiled an

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Speaker 1: aggressive five year plan aimed at cutting costs, boosting profits,

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Speaker 1: and regaining market share. It's a strategy that he says

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Speaker 1: will challenge staff and change the culture of the bank.

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Speaker 1: Matos took over in May. He's previously announced major job cuts.

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Speaker 1: The new strategy, which was detailed today, focuses on four

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Speaker 1: main pillars. They are customer focus, simplicity, resilience, and delivering value.

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Speaker 1: Includes things like plans to expand branch based lending, hire

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Speaker 1: more business bankers, and rely less on mortgage brokers. On

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Speaker 1: to story number four Now and the federal government, We'll

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Speaker 1: meet with executives from Meta, Snapchat, YouTube, and TikTok this

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Speaker 1: week to discuss how they plan to enforce Australia's new

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Speaker 1: social media laws, which ban under sixteens from using their platforms.

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Speaker 1: We've talked a lot about this, but Communications Minister Annika

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Speaker 1: Wells and e Safety Commissioner Julie Inman Grant will now

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Speaker 1: press the companies to explain how they are going to

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Speaker 1: detect and block underage users ahead of the enforcement date,

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Speaker 1: which is December tenth, So not that far away. Platforms

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Speaker 1: face fines of nearly fifty million dollars if they fail

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Speaker 1: to comply. And finally, story number five, this is very

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Speaker 1: much an evolving story. It is happening as we speak.

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Speaker 1: The Red Cross has begun a large scale operation to

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Speaker 1: oversee the release of hostages and prisoners as part of

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Speaker 1: the ceasefire agreement between Israel and Hamas. The first seven

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Speaker 1: hostages held by Hermas have already been handed over and

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Speaker 1: will be reunited with their families before receiving medical care.

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Speaker 1: There are believed to be twenty hostages still alive, and

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Speaker 1: the Red Cross is coordinating their transfer over the next

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Speaker 1: couple of hours. Once the hostages have been released and

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Speaker 1: the remains of those who died as well have been returned.

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Speaker 1: Nearly two thousand Palestinian prisoners will then be released by Israel.

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Speaker 1: US President Donald Trump, who negotiated the peace deal, is

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Speaker 1: due to arrive in Israel shortly. That's it for the

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Speaker 1: afternoon Report for Monday, the thirteenth of October twenty twenty five.

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Speaker 1: Make sure you follow on the podcast and we'll be

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Speaker 1: back tomorrow morning with the Tuesday edition of Fear and Greed.

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Speaker 1: I'm Michael Thompson. Enjoy your eat