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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 November are Michael Thompson, and

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Speaker 1: every afternoon we bring you the big five stories that

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

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Speaker 1: going a story number one. The S and p ASX

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Speaker 1: two hundred closed zero point one percent lower today to

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Speaker 1: eight hundred and two points, weighed down by the tech

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Speaker 1: stocks and the miners to the tech companies. First, there

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Speaker 1: was a selloff on Wall Street overnight, largely over concerns

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Speaker 1: that valuations are outpacing fundamentals, and the tech giants. Locally

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Speaker 1: that saw stocks like monitoring app Life three sixty and

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Speaker 1: data center Company next DC sold off. Both of them

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Speaker 1: closed more than four percent lower. But the miners had

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Speaker 1: an ordinary day two, with Fortescue off two and a

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Speaker 1: half percent and Rio Tinto down more than one percent.

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Speaker 1: The story here is all about a big mine in

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Speaker 1: Africa that China is planning to develop, with fears that

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Speaker 1: that will disrupt the global iron ore market. The price

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Speaker 1: of copper also fell, taking local miners with it, and

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Speaker 1: a similar story for gold, but a better day for

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Speaker 1: the bank's. Commonwealth Bank climbed one point three percent, NAB

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Speaker 1: was up one point seven percent, and just quickly, Bitcoin

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Speaker 1: has dropped below the one hundred thousand US dollar mark

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Speaker 1: for the first time since June. It's now entering bear

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Speaker 1: market territory. We'll have a closer look at this and

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Speaker 1: more broadly about what's going on in markets in tomorrow

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Speaker 1: morning's episode under story number two. Now is plenty of

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Speaker 1: corporate news around today. Medibank Private rose one point two

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Speaker 1: percent after it agreed to acquire Better Medical, which is

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Speaker 1: a network of sixty one GP and medical clinics across Victoria, Queensland,

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Speaker 1: South Australia and Tasmania, for around one hundred and fifty

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Speaker 1: nine million dollars. Blue Scope Steel fell after Australia's largest

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Speaker 1: steelmaker named Tanya Archibald as its new chief executive to

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Speaker 1: take over for Marcaseller. Tyro Payments is also in the

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Speaker 1: market for a new CEO. Its share price fell almost

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Speaker 1: three percent after it appointed Nigel Lee to replace John Davey.

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Speaker 1: PEXA Group was flat after property transaction volumes rose six

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Speaker 1: percent in the three months to September, driven by strong

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Speaker 1: refinancing activity and improving conditions in the UK, and perpetual

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Speaker 1: confirmed that it has entered into an exclusivity deed with

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Speaker 1: Bain Capital to further progress discussions about the potential sale

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Speaker 1: of the wealth management business. How's that for a solid

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Speaker 1: rap of what's going on in corporate news. I'm just

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Speaker 1: story number three and the boss of Woodside Energy says

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Speaker 1: Australia is becoming a difficult place to do business and

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Speaker 1: that the company is increasingly looking to the US and

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Speaker 1: Mexico to capture rising global demand for LNG. CEO Meg

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Speaker 1: O'Neil told investors today that while Woodside remains committed to Australia,

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Speaker 1: regulation is eroding competitiveness and deterring investment, even as Gastamann

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Speaker 1: saws in Asia. She pointed to the company's seventeen and

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Speaker 1: a half billion US dollar Louisiana LNG project is a

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Speaker 1: of where future growth lies. She said. We've seen great

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Speaker 1: opportunities in places like Mexico and the US and that's

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Speaker 1: why we're pursuing them. She also said that Australia's policy

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Speaker 1: changes have added cost and complexity and risk driving capital offshore.

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Speaker 1: Story number four. At least seven people have been killed

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Speaker 1: after a UPS cargo plane crashed on takeoff from Louisville's

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Speaker 1: main airport in Kentucky. The MD eleven aircraft was bound

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Speaker 1: for Honolulu when it went down shortly after five pm

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Speaker 1: local time. It had full tanks of fuel, sparking a

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Speaker 1: huge fire which engulfed nearby businesses. Four of those killed

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Speaker 1: were on the ground. The Kentucky governor has described it

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Speaker 1: as a catastrophic crash, with at least eleven more people injured,

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Speaker 1: some seriously. Louisville International Airport is actually the worldwide hub

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Speaker 1: for ups, with a major facility processing more than two

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Speaker 1: million packages a day there. And finally, story number five.

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Speaker 1: Dick Cheney, America's most powerful modern vice president and chief

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Speaker 1: architect of the War on Terror, has died at the

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Speaker 1: age of eighty four. His family said he passed away

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Speaker 1: surrounded by loved ones after complications from pneumonia and heart disease.

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Speaker 1: Cheney served as vice president to George W. Bush from

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Speaker 1: two thousand and one to two thousand and nine. He

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Speaker 1: was a key figure in the US response to the

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Speaker 1: September eleven attacks and the invasion of Iraq. In later years,

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Speaker 1: he actually broke with his party over Donald Trump, calling

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Speaker 1: him a coward and a threat to the Republic. President

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Speaker 1: Bush has described Cheney as quote a patriot and one

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Speaker 1: of the finest public servants of his generation. That's it

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Speaker 1: for the Afternoon Report for Wednesday, the fifth of November.

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Speaker 1: Make sure you hit follow on the podcast and go

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