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

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Speaker 1: for Friday, the twenty eighth of June twenty twenty four,

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Speaker 1: the last trading day of the financial year. I'm Sean Elmer.

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Speaker 1: Every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. Story number one. SMPA

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Speaker 1: Sex two hundred closed zero point one percent higher today

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Speaker 1: to seven seven hundred and sixty eight points, meaning for

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Speaker 1: the full year, the benchmark index finished up seven point

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Speaker 1: nine three percent. It's fair to say the market finished

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Speaker 1: the financial year with a whimper today. The banks were

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Speaker 1: mixed the way and Zed ended lower after being given

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Speaker 1: the green light to acquire sun Corpse banking business. The

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Speaker 1: big miners were lower, with three O tent Too and

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Speaker 1: FOURT Skew Medals Group falling around one and a half percent.

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Speaker 1: Wisteak Global had another good day, appropriate for the final

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Speaker 1: trading day of the financial year given the strength of

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Speaker 1: the tech stocks over the past twelve months. Aco Group

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Speaker 1: share price rose two and a half percent. It hit

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Speaker 1: a new high before falling back in the end. It

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Speaker 1: finished up just to touch for the session over the

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Speaker 1: past ten weeks. Mccroarie's shares are up eleven percent and

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Speaker 1: Murvack's share price jumps three percent after it sold a

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Speaker 1: one point three billion dollar stake named New Tower in

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Speaker 1: Sydney to a Japanese group. Story number two. The US

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Speaker 1: presidential debate was held this morning Australian Time, with Joe

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Speaker 1: Biden squaring off against Donald Trump. The experts gave the

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Speaker 1: victory to Donald Trump, after Joe Biden turned in one

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Speaker 1: of his lesser efforts on the campaign trail. There wasn't

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Speaker 1: a huge amount of substance in the answers to many questions,

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Speaker 1: and some of the facts spouted, particularly by Trump, needs

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Speaker 1: some fact checking, but the former president came across more

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Speaker 1: able than the current president. The topics ranged from immigration

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Speaker 1: and defense, the economy and abortion rights, to who had

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Speaker 1: the greater cognitive ability, who was the better golfer, and

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Speaker 1: who was more likely to start World War three? At

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Speaker 1: times it got very personal. In fact, there was plenty

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Speaker 1: of name calling. Afterwards, even the Democrat leaning media gave

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Speaker 1: it to Trump. Perhaps the New York Times heading set

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Speaker 1: it best. Biden's struggles as Trump blusters in content just debate,

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Speaker 1: that's a fair call. Fear and Greed put out a

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Speaker 1: bonus episodes straight after the debate. Look for that. It

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Speaker 1: gives Michael Thompson and my view on how the debate

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Speaker 1: went straight. Number three nine Entertainment cut around two hundred

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Speaker 1: jobs as a result of a weaker advertising market and

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Speaker 1: the cessation of a content deal with Meta. Between seventy

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Speaker 1: and ninety positions will be made redundant across its publishing businesses,

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Speaker 1: which runs the Sydney Morning Herald, the Age in the

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Speaker 1: Australian Financial Review. There will be some from television news

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Speaker 1: and Current Affairs as well, and the remainder will come

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Speaker 1: from corporate and Digital. Nine has around five thousand staff.

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Speaker 1: The job cuts represent four percent of the workforce. The

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Speaker 1: group share price finished up around one and a half

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Speaker 1: percent today. Straight number four former Treasurer Wayne Swan has

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Speaker 1: warned that the National Disability Insurance scheme is unsustainable and

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Speaker 1: running out of control. The Independent Budget Watchdog now expects

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Speaker 1: the forty two billion dollar program to overtake the Age

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Speaker 1: pension as the most expensive area of government spending within

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Speaker 1: a decade. Even if Labour successfully cuts the schemes, and

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Speaker 1: you'll growth rate to eight percent from the current twenty percent,

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Speaker 1: According to the Financial Review. The cost of the NDIS

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Speaker 1: will exceed the age pension in just three years if

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Speaker 1: he continues to grow at twenty percent, mister Swan said.

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Speaker 1: He added that if it remains unsustainable, then it will

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Speaker 1: probably fail because it will lose public support. As a

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Speaker 1: treasurer in the Gillard government, mister Swan was one of

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Speaker 1: the architects of the NDIS, where the program was legislated.

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Speaker 1: Mister Swan claimed to have fully funded it through a

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Speaker 1: range of measures including raising the medicare levy by zero

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Speaker 1: point five percentage points. The NDIS was originally expected to

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Speaker 1: cost about thirteen billion dollars per year, not the forty

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Speaker 1: two billion dollars it's costing now. And Story number five.

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Speaker 1: Insurance Group IAG has entered into strategic deals with three

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Speaker 1: overseas global reinsurers to improve its financial stability against claims

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Speaker 1: related to unpredictable extreme weather events. Now reinsurance is basically

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Speaker 1: insurance for the insurers. The deals that IAG has done

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Speaker 1: the next five years provides up to six hundred and

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Speaker 1: eighty million dollars of additional protection annually and up to

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Speaker 1: two point eight million dollars over the entire five year period.

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Speaker 1: It allows IAG to put a limit on how much

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Speaker 1: a natural disaster will actually cost the company, or at

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Speaker 1: least that's how it's supposed to work. Chief Executive Nick

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Speaker 1: Hawkins said the agreements will help to provide greater certainty

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Speaker 1: over the cost of natural perils as extreme weather events

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Speaker 1: become more frequent and severe. IAG also confirmed it's on

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Speaker 1: track to report earnings at the upper end of its

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Speaker 1: guidance for the just ending financial year. Its share price

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Speaker 1: closed up eight percent today. That's it for the afternoon

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Speaker 1: report for Friday, the twenty eighth of June twenty twenty four.

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Speaker 1: Don't forget to follow on the podcast and find Fearing

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Speaker 1: Greed on LinkedIn, Instagram, x TikTok and to Facebook. Join

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Speaker 1: Michael Thompson and I Tomorrow morning. It's the weekend past five.

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