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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 eleventh of September twenty twenty four. I'm

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Speaker 1: sure in Alma every afternoon we've got the five stories

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

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Speaker 1: on them. One. The S and P ASX two hundred

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Speaker 1: closed down zero point three percent today to finish at

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Speaker 1: seven nine hundred and eighty eight points. The bank's roller

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Speaker 1: coaster ride continues with A and Z, Commonwealth Bank, Western

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Speaker 1: Australia Bank and Westpac all down around two percent today.

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Speaker 1: It's a different story of the big miners that was

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Speaker 1: on the back of a rebounded nine are prices. Forest

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Speaker 1: Few Medals Group closed up nearly three percent, BHP was

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Speaker 1: up two percent and Rio Tinto jump more than one percent.

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Speaker 1: Woodside didn't have a great day. The Energy Giant finished

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Speaker 1: down two and a half percent. There was a bit

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Speaker 1: of m and a action around the place. Energy and

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Speaker 1: digital infrastructure investor Infratil is backing a plan to sell

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Speaker 1: Menowa Energy to New Zealand's Contact Energy, and a deal

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Speaker 1: valued at one point seven billion dollars now. Infantil is

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Speaker 1: a fifty one percent shareholder in Nawe and gold min

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Speaker 1: and Newmont has agreed to say now its majority stake

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Speaker 1: in the Telfa mine in Western Australia and a handful

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Speaker 1: of other assets to UK listed Gretland Gold. Graatland said

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Speaker 1: it wants to ultimately list on the AX and finally,

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Speaker 1: next DC fell six percent today after raising five hundred

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Speaker 1: and fifty million dollars in issuing thirty two point one

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Speaker 1: million new shares. It was the worst performer of the

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Speaker 1: ASEX two hundred story number two. Police arrested thirty three

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Speaker 1: protesters in Melbourne today and some are accused of throwing

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Speaker 1: a liquid containing acid over officers, while others are charged

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Speaker 1: with arson attacks and blocking roadways. The anti war rally,

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Speaker 1: held outside the Melbourne Convention Center, which was hosting the

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Speaker 1: Land Forces Defense Expo, descended into violent clashes between demonstrators

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Speaker 1: and police. Victoria Police Chief Commissioner Chane Patten defended the

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Speaker 1: actions of the police, commenting that there was restraint while

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Speaker 1: managing the protest. Mister Patten justified the use of force

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Speaker 1: by officers, which included rubber bullets, flash being devices and

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Speaker 1: pepper spray, asserting that it was appropriate under the circumstances.

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Speaker 1: And estimated twenty five thousand people attended the rally. Sorry

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Speaker 1: Number three. The Chair of the ASEX, Amien Roach, will

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Speaker 1: retire next month after four years as head of the

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Speaker 1: board of the share market operator, a period notable for

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Speaker 1: the failed rollout of critical settlement and clearing infrastructure known

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Speaker 1: as Chess. Mister Roach will be replaced by former Westpac

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Speaker 1: banker David Clark, who's currently chair of property investor Charter Hall.

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Speaker 1: Mister Clark will join the board immediately. Mister Roach leaves

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Speaker 1: shortly after the Australian Securities and Investments Commission sued ASX Limited,

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Speaker 1: alleging the company misled investors about the failure to upgrade

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Speaker 1: Chess with blockchain technology, a disaster that ultimately led to

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Speaker 1: a two hundred and fifty million dollar right down and

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Speaker 1: a slump in the group's share price. That action has

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Speaker 1: been taken against the company, not individual directors now. Mister

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Speaker 1: Roach became chair of the ASEX in twenty twenty one,

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Speaker 1: a year before the company revealed its big problems. He's

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Speaker 1: been in the firing line ever since. He's been an

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Speaker 1: AX director since August twenty fourteen. He'll formerly retire at

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Speaker 1: the AGM storry number four. There's been very little good

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Speaker 1: news for lithium miners recently, with tumbling prices sending valuations south,

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Speaker 1: but the closure of a lithium mine in China triggered

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Speaker 1: a surge in local lithium players. Today, the four best

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Speaker 1: performing stocks in the ASEX two hundred were Mineral Resources

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Speaker 1: and line Tan Resources, both up sixteen percent, Pilbra Minerals

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Speaker 1: up fourteen percent, and Arcadium lithium up eleven percent. The

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Speaker 1: reports that Chinese electric vehicle battery maker CATL had suspended

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Speaker 1: two of its minds in China that was expected to

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Speaker 1: cut Chinese supply sharply, probably by around eight percent, and

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Speaker 1: that triggered a rise in lithium prices. Ahead of the warning,

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Speaker 1: lithium prices had dived to their lowest since twenty twenty one.

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Speaker 1: A soft demand from China and waning appetite for electric

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Speaker 1: vehicles collided with an oversupply of the battery material, leading

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Speaker 1: to elevated inventories. Also helping mineral resources today was news

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Speaker 1: that the Foreign Investment Review Board had approved the sale

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Speaker 1: of a forty nine percent interest in the Onslow Iron

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Speaker 1: Hall Road worth one point three billion dollars to Morgan's

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Speaker 1: Daily Infrastructure Partners and finally Straight Number five. Apple has

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Speaker 1: suffered a significant defeat after the European Union's top court

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Speaker 1: ruled the iPhone maker must pay thirteen billion euros in

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Speaker 1: back taxes, overturning an early decision in the big tech

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Speaker 1: group's favor. The ruling relates to a twenty sixteen case

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Speaker 1: when the EU's competition watchdog said Ireland had given the

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Speaker 1: company an illegal sweetheart deal amounting to a tax rate

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Speaker 1: of less than one percent. The European Court of Justice

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Speaker 1: said in its final ruling that it confirms the European

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Speaker 1: Commission's twenty sixteen decision Ireland granted Apple unlawful aid, which

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Speaker 1: Ireland is required to recover. Apple chief executive Tim Cook

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Speaker 1: has previously dismissed the Commission's position as total political crap.

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Speaker 1: According to the FtM, their case has been watched carefully

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Speaker 1: across the block as a watershed moment for Big Tex

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Speaker 1: tax affairs in Europe. That's it for the Afternoon Report

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Speaker 1: for Wednesday, the eleventh of September twenty twenty four. Don't

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Speaker 1: forget tit. Follow on the podcast and find Fear and

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Speaker 1: Greed on LinkedIn Instagram ex TikTok and Facebook joined Michael

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Speaker 1: Thompson All tomorrow. I'm morning for the Fast five by

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Speaker 1: Fear and Greed, the top five business stores you need

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Speaker 1: to know in just five minutes. I'm Jane Elma. Enjoy

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Speaker 1: your evening,