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

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Speaker 1: for Monday, the thirteenth of May twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, I've got the five stories that

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

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Speaker 1: The SMPA SEX two hundred closed flat at seven seven

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Speaker 1: hundred and fifty points, with trading in a very narrow range.

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Speaker 1: Consumer discretionary stocks did best, while consumer staples also outperformed.

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Speaker 1: Energy and tech stocks were among the worst performers among

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Speaker 1: the large caps. The Comonwealth Bank, West Farmers, Woollies, and

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Speaker 1: Weistek Global all finished up one percent. Woodside and Rio

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Speaker 1: Tito both closed down one percent. Ane Eden Mcquarie Group

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Speaker 1: both went ex dividend, falling three percent and one point

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Speaker 1: six percent, respectively. In corporate news, construction group Fletcher Building

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Speaker 1: was the biggest laggard after cutting earning's guidance for fiscal

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Speaker 1: twenty twenty four due to a notable slowdown in house

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Speaker 1: sales in New Zealand and a weaker Australian property market.

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Speaker 1: It was also hit by a court judgment of no

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Speaker 1: substantive findings in its claims against subcontractor's work that allegedly

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Speaker 1: caused significant fire related damages flash to share price by

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Speaker 1: the end of all that closed down almost eleven percent

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Speaker 1: today and withium explorer AVZ Minerals delisted from the AX today,

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Speaker 1: two years after its shares were suspended. The company's been

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Speaker 1: in dispute for control of the world's largest hard rock

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Speaker 1: lithium deposit in Africa. It had more than twenty one

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Speaker 1: thousand shareholders with paper wealth of two point eight billion dollars.

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Speaker 1: Who knows what happens to that now. Story number two

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Speaker 1: Property giant len Lease said it's been hit with a

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Speaker 1: one hundred and twelve million dollar tax bill after whistleblower

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Speaker 1: alleged it is double dipping on tax benefits for its

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Speaker 1: retirement living business. Then Lease said it had been issued

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Speaker 1: with a statement of audit position and an amended tax

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Speaker 1: assessment relating to an audit of the partial sale of

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Speaker 1: the Retirement Living business in twenty eighteen. It relates to

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Speaker 1: the twenty five percent sale of the retirement Living trust

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Speaker 1: for about four hundred and fifty million dollars to Dutch

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Speaker 1: pension fund APG. Saylease said it's confident of its position

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Speaker 1: and will dispute the amended assessment, adding that further sales

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Speaker 1: of that asset hadn't attracted amended assessments. This has been

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Speaker 1: an ongoing issue for the group, with a former external

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Speaker 1: tax advisor turned whistleblower, Anthony Watson, alleging len Lease is

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Speaker 1: still under reporting potential tax liabilities. If so, there is

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Speaker 1: a big fine on the way that still has to

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Speaker 1: be proved. Of course, len Liss's share price closed down

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Speaker 1: three and a half percent today. Story number three ARN

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Speaker 1: Media is scrambling to revive its attempt to buy rival

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Speaker 1: Southern Cross Ostereo after its partner, private equity group Anchorage Capital,

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Speaker 1: pulled out of the deal. IRN today said an indicative

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Speaker 1: proposal was on the way for the company to buy

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Speaker 1: the same radio stations and brands from Southern Cross as

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Speaker 1: under the previous deal, and also take digital audio assets

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Speaker 1: in exchange for shares. Chair Hamish McClellan said a deal

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Speaker 1: would deliver a business of scale necessary to compete against

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Speaker 1: global platforms. Southern Cross wasn't so fussed about the eye

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Speaker 1: idea because it said it meant shareholders would end up

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Speaker 1: with interest in two competing media businesses, one of which

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Speaker 1: would be subscale. It would also reduce Southern Cross Osterio's

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Speaker 1: exposure to digital media. Under the original deal, IRN would

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Speaker 1: have taken Southern Cross's Kiss and Triple M radio stations

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Speaker 1: along with dozens of regional stations, while Anchorage Capital would

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Speaker 1: have received a smaller number of stations in the Southern

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Speaker 1: Cross Regional TV network. Storry number four, the corporate regulator

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Speaker 1: is investigating ain Z over its execution of a long

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Speaker 1: term Australian government bond issued last year. The Big four

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Speaker 1: Banks said it had been appointed by the Australian Office

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Speaker 1: of Financial Management to act as a risk manager in

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Speaker 1: relation to the issuance of a ten year treasury bond

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Speaker 1: back in twenty twenty three. That trade is now subject

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Speaker 1: to a formal investigation with ASSEX investigating suspected contraventions of

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Speaker 1: the ASSEK Incorporations Act, and said said it's cooperating fully

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Speaker 1: with the corporate watchdog and story number five. President Joe

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Speaker 1: Biden will quadruple tariffs on Chinese electric vehicles and sharply

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Speaker 1: increased levies for other key industries this week, framing the

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Speaker 1: measures as a defense of American workers. Of course, it's

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Speaker 1: also an election year. Biden will add or hike tariffs

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Speaker 1: in the targeted sectors after nearly two years of review.

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Speaker 1: According to Bloomberg, the title tariff on Chinese evs, for example,

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Speaker 1: will rise to one hundred and two point five percent

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Speaker 1: from twenty seven point five percent. Other tariffs will double

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Speaker 1: or triple. The administration has spent recent weeks finalizing the measures,

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Speaker 1: including which items to hit and which to avoid. Because

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Speaker 1: the inputs are needed to fuel American growth, for example,

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Speaker 1: some items used in the US solar industry will be excluded.

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Speaker 1: Biden's plan for more tariffs is mostly symbolic, as China

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Speaker 1: doesn't rely on US consumers in those targeted sectors. Chinese evs,

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Speaker 1: for example, were locked out of the US market years

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Speaker 1: ago by existing tariffs. However, it does make Joe Biden

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Speaker 1: look tough on China. Maybe that's good in an election

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Speaker 1: year in the US. That's it for the Afternoon Report

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Speaker 1: for Monday, the thirteenth of May twenty twenty four. Michael

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Speaker 1: Thompson and I will be back tomorrow morning with a

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Speaker 1: Tuesday edition. Off here and greed is this news. I'm Schanielma.

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Speaker 1: Enjoy your evening. M