1
00:00:04,200 --> 00:00:07,000
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,040 --> 00:00:10,360
Speaker 1: for Tuesday thirtieth of July twenty twenty four. I'm Sean Elmam.

3
00:00:10,400 --> 00:00:12,760
Speaker 1: Every afternoon, we've got the five stories that happened today

4
00:00:12,760 --> 00:00:14,480
Speaker 1: that you need to know about. Storing number one there

5
00:00:14,640 --> 00:00:17,720
Speaker 1: in PASX two hundred closed down half a percent today

6
00:00:17,760 --> 00:00:20,400
Speaker 1: to seven nine hundred and fifty three points, with the

7
00:00:20,480 --> 00:00:24,600
Speaker 1: Materials index leading the market lover, while tech stocks also underperformed.

8
00:00:24,880 --> 00:00:27,680
Speaker 1: Commonwealth Bank and Westpac were higher, but National Australia Bank

9
00:00:27,680 --> 00:00:29,480
Speaker 1: and A and ZED were lower, with the ladder down

10
00:00:29,520 --> 00:00:32,640
Speaker 1: more than one percent. Wistech Global and Woodside were other

11
00:00:32,680 --> 00:00:36,080
Speaker 1: poor performers. The best among the top twenty stocks outside

12
00:00:36,080 --> 00:00:39,640
Speaker 1: the two banks were Tulstra CSL, West Farmers, Woollies Coals

13
00:00:39,720 --> 00:00:43,519
Speaker 1: and QBE BHP Fol one point four percent after announcing

14
00:00:43,600 --> 00:00:45,880
Speaker 1: it will spend three billion dollars as part of a

15
00:00:45,960 --> 00:00:49,360
Speaker 1: joint ventured to buy copper assets in South America. Ramsey

16
00:00:49,440 --> 00:00:52,360
Speaker 1: Healthcare dropped three percent after announcing the retirement of chief

17
00:00:52,360 --> 00:00:55,760
Speaker 1: executive Craig McNally at the end of due next year.

18
00:00:56,040 --> 00:00:59,600
Speaker 1: The private hospital operator has appointed ex Woollies Supermarkets Managing

19
00:00:59,640 --> 00:01:04,120
Speaker 1: Director Natalie Davis to start as CEO in October this year.

20
00:01:04,200 --> 00:01:07,080
Speaker 1: Well she'll be CEO elected least that may actually create

21
00:01:07,120 --> 00:01:10,880
Speaker 1: a succession headache at Woolli's Minor IgA rallied three percent,

22
00:01:10,959 --> 00:01:13,480
Speaker 1: then fell the closed down four point four percent. That's

23
00:01:13,520 --> 00:01:18,080
Speaker 1: after reporting higher underlying earnings. Credit Corps shares rallied fourteen

24
00:01:18,080 --> 00:01:22,120
Speaker 1: percent after its guidance came in within analyst expectations. In

25
00:01:22,200 --> 00:01:25,480
Speaker 1: Star Entertainment said it wasn't aware of any information that

26
00:01:25,520 --> 00:01:28,520
Speaker 1: could have triggered the massive fifteen percent jump in its

27
00:01:28,560 --> 00:01:32,720
Speaker 1: share price yesterday. Storying number two, by far the worst

28
00:01:32,760 --> 00:01:35,240
Speaker 1: performer on the share market today and the reason the

29
00:01:35,319 --> 00:01:38,119
Speaker 1: Materials index was down so much was for to Skew

30
00:01:38,200 --> 00:01:42,200
Speaker 1: Metals Group. Its share price fell ten percent. Media reports

31
00:01:42,200 --> 00:01:44,759
Speaker 1: suggest a large investor was wanting to offload one point

32
00:01:44,840 --> 00:01:49,120
Speaker 1: nine billion dollars worth of discounted stock after last night's

33
00:01:49,200 --> 00:01:52,080
Speaker 1: closing bell that's a decent chunk of the minor and

34
00:01:52,120 --> 00:01:54,840
Speaker 1: the tumbling of its share price today means it's down

35
00:01:54,920 --> 00:01:58,520
Speaker 1: nearly forty percent since early in the year. Story number

36
00:01:58,560 --> 00:02:00,880
Speaker 1: three a couple of weeks into the gum quarter earning

37
00:02:00,920 --> 00:02:03,760
Speaker 1: season in the US and Europe and results have been mixed.

38
00:02:04,000 --> 00:02:07,240
Speaker 1: Companies are broadly lowering full year sales and profit guidance

39
00:02:07,240 --> 00:02:10,480
Speaker 1: as higher interest rates and weakness in China's economy hurts

40
00:02:10,639 --> 00:02:15,240
Speaker 1: global consumer sentiment. That's taken the shine off solid earnings growth. Otherwise,

41
00:02:15,560 --> 00:02:19,000
Speaker 1: a number of high profile companies have underwhelmed investors, according

42
00:02:19,000 --> 00:02:23,200
Speaker 1: to a report on Reuters, including McDonald's, automakers Nissen and Tesla,

43
00:02:23,560 --> 00:02:27,040
Speaker 1: and consumer giants in Nesle and Unilever. With roughly forty

44
00:02:27,040 --> 00:02:29,960
Speaker 1: percent of US and European companies reporting results so far,

45
00:02:30,360 --> 00:02:33,600
Speaker 1: earnings have come in about as expected, but after the

46
00:02:33,639 --> 00:02:37,760
Speaker 1: strong run by world equity markets, about as expected seems

47
00:02:37,760 --> 00:02:39,799
Speaker 1: a bit like a disappointment. There's a bunch of big

48
00:02:39,880 --> 00:02:43,880
Speaker 1: names reporting in coming days, including Apple, Microsoft, Samsung, Toyata,

49
00:02:44,040 --> 00:02:48,600
Speaker 1: x On Mobile and Shell Loreal And addedas story number four.

50
00:02:48,680 --> 00:02:51,160
Speaker 1: Air New Zealand, which is jointly listed on the AX

51
00:02:51,200 --> 00:02:54,600
Speaker 1: and back Home, has dumped its carbon emissions reductions target,

52
00:02:55,040 --> 00:02:58,880
Speaker 1: saying they are unachievable by twenty thirty. The Kiwi carrier

53
00:02:58,919 --> 00:03:01,840
Speaker 1: has been aiming to slash its carbon intensity by nearly

54
00:03:01,880 --> 00:03:05,200
Speaker 1: twenty nine percent compared to twenty nineteen levels through the

55
00:03:05,320 --> 00:03:10,280
Speaker 1: use of sustainable aviation fuel, lower emissions aircraft and other changes,

56
00:03:10,480 --> 00:03:12,720
Speaker 1: but now Air New Zealand says many of the leavers

57
00:03:12,760 --> 00:03:15,400
Speaker 1: needed to meet the target are outside its control and

58
00:03:15,440 --> 00:03:19,680
Speaker 1: remain challenging. Chief executive Greg Foran said it had also

59
00:03:19,760 --> 00:03:22,520
Speaker 1: become a parent in recent months that potential delays to

60
00:03:22,520 --> 00:03:27,080
Speaker 1: fleet renewal plans posed an additional risk to the target's achievability.

61
00:03:27,400 --> 00:03:29,240
Speaker 1: Air New Zealand has previously been one of the more

62
00:03:29,280 --> 00:03:32,800
Speaker 1: outspoken carriers on sustainability issues, and was one of the

63
00:03:32,800 --> 00:03:35,560
Speaker 1: first to announce plans to develop carbon neutral aircraft for

64
00:03:35,680 --> 00:03:39,320
Speaker 1: regional routes in partnership with Airbus and Story Number five.

65
00:03:39,760 --> 00:03:42,360
Speaker 1: The saying goes, it's good to follow the money, and

66
00:03:42,400 --> 00:03:44,800
Speaker 1: that's work for people who have followed Warren Buffett's money.

67
00:03:44,960 --> 00:03:48,720
Speaker 1: His company, Berkshire Hathaway, has decided to cut its massive,

68
00:03:49,000 --> 00:03:53,040
Speaker 1: profitable bet on Bank of America, the US's second largest lender,

69
00:03:53,360 --> 00:03:55,880
Speaker 1: by a total of more than three billion US dollars.

70
00:03:56,120 --> 00:03:58,640
Speaker 1: The conglomerates started building an investment in the bank in

71
00:03:58,680 --> 00:04:01,839
Speaker 1: twenty eleven and has long rained as the top shareholder.

72
00:04:02,120 --> 00:04:05,160
Speaker 1: Even after the sales, Berkshire still holds nine hundred and

73
00:04:05,200 --> 00:04:09,360
Speaker 1: sixty two million shares worth for almost forty billion US dollars.

74
00:04:09,640 --> 00:04:12,720
Speaker 1: The legendary ninety three year old investor is cashing out,

75
00:04:12,760 --> 00:04:15,800
Speaker 1: with the price of Bank of America shares up twenty

76
00:04:15,840 --> 00:04:18,480
Speaker 1: two percent this year. That's it for the Afternoon Report

77
00:04:18,480 --> 00:04:21,440
Speaker 1: for Tuesday, the thirtieth of July twenty twenty four. Don't

78
00:04:21,440 --> 00:04:23,680
Speaker 1: forget tip follow on the podcast and find Fear and

79
00:04:23,720 --> 00:04:26,960
Speaker 1: Greed and LinkedIn the Instagram, ex TikTok and Facebook. Join

80
00:04:27,000 --> 00:04:29,239
Speaker 1: Michael Thompson and I Tomorrow'm morning for the Fast Five

81
00:04:29,320 --> 00:04:31,400
Speaker 1: by Fear and Greed, the top five business stories you

82
00:04:31,440 --> 00:04:33,719
Speaker 1: need to know in just five minutes. I'm Seane Elmer.

83
00:04:34,120 --> 00:04:34,839
Speaker 1: Enjoy your evening.