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

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Speaker 1: for Thursday, the twenty eighth of November twenty twenty four.

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Speaker 1: I'm sure in Ailma every afternoon we've got the five

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Speaker 1: stories that happened today that you need to know about.

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Speaker 1: Straight Number one, the local share market hit yet another

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Speaker 1: record today with healthcare stocks doing well. The s and

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Speaker 1: PASEX two hundred touched a new high of eighty four

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Speaker 1: hundred and sixty six point seven points before closing up

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Speaker 1: half a percent to eighty four hundred and forty four points.

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Speaker 1: Says well Promedicus and res med all did well, so

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Speaker 1: to the banks and the insurers. The underperformers included West Farmers,

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Speaker 1: Telstra and Transurban and some of the gold stocks. Really

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Speaker 1: was a bit of a surprising day to day. The

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Speaker 1: leading from Wall Street overnight wasn't strong. Inflation data came

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Speaker 1: out and it said that the US price rises was

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Speaker 1: just a bit higher than expected for the second successive month.

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Speaker 1: That pushed Wall Street lower, Yet the aasex ended higher.

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Speaker 1: Story Number two. The boss of our Entertainment, Steve McCann,

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Speaker 1: said the casino was experiencing negative monthly cash flows and

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Speaker 1: has asked for patients to turn the business around. That's

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Speaker 1: patients from both shareholders and lenders. The annual general meeting

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Speaker 1: was held today and certainly shareholders had to be patient

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Speaker 1: because it went on for close to three hours. The

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Speaker 1: general mood not happy. The company announced today a pre

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Speaker 1: tax loss of twenty four million dollars for the first

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Speaker 1: four months of this financial year. Mister McCann said revenue

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Speaker 1: had declined significantly and the cost of transformation and external

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Speaker 1: advice had risen. He also said that the company's exploring

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Speaker 1: asset sales now. Star is trying to raise one hundred

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Speaker 1: and fifty million dollars in capital from external sources, but

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Speaker 1: it can do that it can access the second tranch

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Speaker 1: of a two hundred million dollar loan. Star has been

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Speaker 1: fined fifteen million dollars by the New South Wales Independent

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Speaker 1: Casino Commission for multiple compliance breaches. It's awaiting an OSTRAK

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Speaker 1: fine for breaches of counter terrorism and anti money laundering laws.

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Speaker 1: It needs to refinance one point six billion dollars in

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Speaker 1: debt for its Queen's Wharf precinct in Risen at the

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Speaker 1: end of next year. So mister McCann's job is very,

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Speaker 1: very busy. The company's share price finished down six percent.

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Speaker 1: Today it's about a third of its peak in late July.

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Speaker 1: Story number three American real estate giant Proprium Capital Partners

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Speaker 1: has been three hundred and seventy four million dollars to

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Speaker 1: buy AV Jennings. The price is nearly double AV jennings

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Speaker 1: trading price, and its share price jumped nearly ninety percent today.

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Speaker 1: Ever since COVID, and probably even before that, AV Jennings

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Speaker 1: has struggled. Twenty years ago, its share price traded close

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Speaker 1: to twenty dollars. Today it's at sixty two cents. The

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Speaker 1: offer from Proprium is for sixty seven cents a share,

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Speaker 1: and the difference between the offer and the current training

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Speaker 1: price suggests there's a few regulatory hurdles to still overcome.

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Speaker 1: If successful, AV Jennings will become part of AVID Property,

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Speaker 1: which is owned by Proprium Capital. Proprium itself is a

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Speaker 1: large private equity group. Avid focuses on resident the residential

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Speaker 1: market in Australia. AV Jennings has been building home since

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Speaker 1: nineteen thirty two. Its majority shareholder nowadays is a Singaporean

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Speaker 1: based investor, Simon Chiong. Sorry Number four, the Australian Competition

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Speaker 1: and Consumer Commission is taking online travel agency Webjet to court,

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Speaker 1: alleging it advertised flights without compulsory charges and then requested

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Speaker 1: additional payments after confirming bookings. The ahriable C claims that

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Speaker 1: is deceptive and misleading conduct. Over five years, Webjet has

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Speaker 1: promoted airfares on its app, social media sites and websites

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Speaker 1: that excluded compulsory fees ranging from thirty four dollars ninety

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Speaker 1: to fifty four dollars ninety. At least that's what the

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Speaker 1: ATRIABLEC is claiming. Chair Geni Costcadalipe said in a statement

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Speaker 1: that the lowest price must be a true minimum price,

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Speaker 1: not a price subject to further fees and charges say.

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Speaker 1: Webjet said it had fully cooperated with the ACHABLEC before

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Speaker 1: the legal action and proactively undertaken a number of steps

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Speaker 1: to further improve its disclosure of pricing and fees and

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Speaker 1: story number five fish from Paikel, the New Zealand based

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Speaker 1: ASX listed respiratory care company, posted slightly disappointing results for

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Speaker 1: the half year to the end of September, sending its

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Speaker 1: share price. Law. New Zealand's biggest company has a dominant

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Speaker 1: position in the ventilators and generators market among hospitals. As

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Speaker 1: patient's numbers increase to pre pandemic levels, earnings have arisen,

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Speaker 1: but not by as much as investors had hoped. Net

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Speaker 1: profit was up forty three percent for the six months.

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Speaker 1: Revenue was up eighteen percent. Chief executive Lewis Graydon said

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Speaker 1: new products and changes in clinical practices were driving demand

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Speaker 1: for its munification products used in respiratory and surgical care.

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Speaker 1: That's it for the afternoon Report for Thursday, the twenty

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Speaker 1: eighth of November twenty twenty four. Don't forget to follow

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

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Speaker 1: x TikTok and Facebook. Joined Michael Thompson and I try.

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Speaker 1: I'm wanting 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 Sean Elmer. Enjoy evening