1 00:00:03,840 --> 00:00:06,680 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,720 --> 00:00:09,320 Speaker 1: for Wednesday, the fifth of June twenty twenty four. I'm 3 00:00:09,320 --> 00:00:12,080 Speaker 1: sure in Aelma every afternoon we've got the five stories 4 00:00:12,080 --> 00:00:14,240 Speaker 1: that happen today that you need to know about. Australium. 5 00:00:14,280 --> 00:00:17,600 Speaker 1: One growth figures released today show that the Australian economy 6 00:00:17,680 --> 00:00:20,840 Speaker 1: expanded by just zero point one percent during the March 7 00:00:20,920 --> 00:00:23,880 Speaker 1: quarter and by one point one percent for the year 8 00:00:24,040 --> 00:00:27,120 Speaker 1: ending March thirty one, if you don't include the pandemic period. 9 00:00:27,240 --> 00:00:30,360 Speaker 1: It is the worst growth rate since the early nineteen 10 00:00:30,440 --> 00:00:33,720 Speaker 1: nineties recession. The anemic growth adds to the argument that 11 00:00:33,760 --> 00:00:35,760 Speaker 1: the Reserve Bank doesn't need to lift rates and might 12 00:00:35,840 --> 00:00:38,800 Speaker 1: even cut them later in the year. That helped equity markets, 13 00:00:38,800 --> 00:00:41,640 Speaker 1: with the SMPASX two hundred finishing up zero point four 14 00:00:41,680 --> 00:00:45,160 Speaker 1: percent to seven seven hundred and sixty nine points. Among 15 00:00:45,159 --> 00:00:48,120 Speaker 1: the large caps, Goodman Group, Aristocrat Leisure and Cochlear were 16 00:00:48,159 --> 00:00:51,400 Speaker 1: all up two percent or more, while Ria Weist had 17 00:00:51,440 --> 00:00:54,560 Speaker 1: Global Woolies, Transurban, Telstra and CSL all jump more than 18 00:00:54,560 --> 00:00:57,560 Speaker 1: one percent. Rio Tinto, BHP and Fortes qu Metals Group 19 00:00:57,600 --> 00:01:01,480 Speaker 1: were all sharply lower, while woodside ENDCIOS also fell in 20 00:01:01,560 --> 00:01:04,880 Speaker 1: Corporate News online job market place Seat jumped five percent 21 00:01:05,240 --> 00:01:07,920 Speaker 1: after agreeing to sell its majority stake in its Mexican 22 00:01:08,000 --> 00:01:10,400 Speaker 1: and Latin American businesses for one hundred and twenty eight 23 00:01:10,440 --> 00:01:13,720 Speaker 1: million dollars. It ends a sixteen year for a into 24 00:01:13,720 --> 00:01:17,360 Speaker 1: the region by the group. Story number two. Nvidia continues 25 00:01:17,400 --> 00:01:19,920 Speaker 1: its climb on Wall Street. The chip maker is now 26 00:01:19,959 --> 00:01:24,160 Speaker 1: worth two point eight six trillion US dollars, not far 27 00:01:24,240 --> 00:01:27,080 Speaker 1: from the market capitalization of Apple, which is at two 28 00:01:27,160 --> 00:01:30,880 Speaker 1: point nine to five trillion US dollars. The Aussie dollar 29 00:01:30,920 --> 00:01:34,120 Speaker 1: is down a touch, buying sixty six point six US cents. 30 00:01:34,440 --> 00:01:37,880 Speaker 1: One asset benefiting from all the speculation about lower interest rates, 31 00:01:37,880 --> 00:01:41,280 Speaker 1: particularly in the US, is Bitcoin, which popped above seventy 32 00:01:41,319 --> 00:01:44,760 Speaker 1: thousand US dollars a unit overnight. That is now five 33 00:01:44,959 --> 00:01:48,160 Speaker 1: straight sessions of gains, the best drum in three months. 34 00:01:48,200 --> 00:01:50,520 Speaker 1: It's still about five percent bloads all time high, though 35 00:01:50,760 --> 00:01:53,720 Speaker 1: that was hit back in mid March. Story number three. 36 00:01:53,840 --> 00:01:57,000 Speaker 1: Business has warned that the Albanezy government will struggle to 37 00:01:57,000 --> 00:02:00,160 Speaker 1: meet its aggressive emissions reduction targets because of the see 38 00:02:00,240 --> 00:02:03,280 Speaker 1: many hurdles industry needs to overcome to deliver the energy 39 00:02:03,320 --> 00:02:07,600 Speaker 1: transition These hurdles include building transmission lines, a pause in 40 00:02:07,640 --> 00:02:10,679 Speaker 1: the growth of electric vehicle sales, rising costs, and a 41 00:02:10,760 --> 00:02:14,400 Speaker 1: shift in community attitudes. The Financial Review has been holding 42 00:02:14,400 --> 00:02:17,600 Speaker 1: an ESG summit gathering many the major players in the sector. 43 00:02:17,840 --> 00:02:21,240 Speaker 1: AMPOLE chief executive Matthew Halliday is quoted as saying there 44 00:02:21,280 --> 00:02:24,040 Speaker 1: is a huge challenge to secure connections to the grid 45 00:02:24,080 --> 00:02:28,360 Speaker 1: for fast charging stations for evs, while paul resale values 46 00:02:28,400 --> 00:02:31,800 Speaker 1: are hampering Taker David Gillespie, they're Managing Director of Gas 47 00:02:31,840 --> 00:02:35,880 Speaker 1: and Electricity Infrastructure Company. Demeanor says delays in the building 48 00:02:35,919 --> 00:02:39,560 Speaker 1: of transmission lines required to carry electricity from renewable sources 49 00:02:39,560 --> 00:02:42,120 Speaker 1: such as wind and solar are stretching to up to 50 00:02:42,200 --> 00:02:45,400 Speaker 1: five years, and there's insufficient attention being paid to the 51 00:02:45,480 --> 00:02:48,239 Speaker 1: use of gas made from plant and other organic waste. 52 00:02:48,600 --> 00:02:51,240 Speaker 1: Australia has a net twenty thirty emissions target of forty 53 00:02:51,280 --> 00:02:54,720 Speaker 1: three percent reduction below two thousand and five levels and 54 00:02:54,720 --> 00:02:58,280 Speaker 1: for net zero greenhouse submissions by twenty fifty. The consensus 55 00:02:58,680 --> 00:03:02,560 Speaker 1: is that Australia struggle to meet the targets. Story Number 56 00:03:02,560 --> 00:03:05,120 Speaker 1: four Treasury Winer State's share price JUNDS more than five 57 00:03:05,120 --> 00:03:07,600 Speaker 1: percent today after it said it was confident of meeting 58 00:03:07,639 --> 00:03:10,760 Speaker 1: internal forecasts. Investors have been worried about the performance of 59 00:03:10,760 --> 00:03:15,600 Speaker 1: its newly acquired Californian luxury wine business, Dow Vineyards. Treasury 60 00:03:15,639 --> 00:03:18,280 Speaker 1: paid one point six billion dollars for the business last year, 61 00:03:18,600 --> 00:03:21,359 Speaker 1: but management expects now to contribute to earnings, and overall 62 00:03:21,480 --> 00:03:24,639 Speaker 1: the group forecasts mint to high single digit earnings growth, 63 00:03:24,840 --> 00:03:28,200 Speaker 1: hence the share price performance today and story number five. 64 00:03:28,240 --> 00:03:32,600 Speaker 1: Two smaller lenders beyond Bank and Police and Nurses will merge, 65 00:03:32,600 --> 00:03:36,760 Speaker 1: creating one of the country's largest mutual financial institutions. The 66 00:03:36,800 --> 00:03:39,600 Speaker 1: new group will hold assets of around forty billion dollars 67 00:03:39,840 --> 00:03:42,320 Speaker 1: and have a customer base of four hundred and fifty 68 00:03:42,400 --> 00:03:46,200 Speaker 1: thousand people. Financial institutions are not cheap businesses to run, 69 00:03:46,280 --> 00:03:50,280 Speaker 1: with significant capital and regulatory requirements on top of investments 70 00:03:50,320 --> 00:03:54,120 Speaker 1: needed in technology, cybersecurity and digital banking. As a result, 71 00:03:54,120 --> 00:03:56,480 Speaker 1: Bank small isn't always a great option, and chair of 72 00:03:56,520 --> 00:03:58,760 Speaker 1: Police and Nurses said the merger will help the group 73 00:03:58,840 --> 00:04:03,120 Speaker 1: remain competitive sustainable. That's it the Afternoon Report for Wednesday, 74 00:04:03,160 --> 00:04:05,640 Speaker 1: the fifth of June twenty twenty four. Michael Thompson and 75 00:04:05,680 --> 00:04:07,880 Speaker 1: I will be back tomorrow morning with a Thursday edition. 76 00:04:07,960 --> 00:04:11,240 Speaker 1: I hear and Greed Business News. I'm Sean Elma Enjoy 77 00:04:11,280 --> 00:04:11,720 Speaker 1: your evening.