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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 ninth of August twenty twenty five.

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Speaker 1: Are Michael Thompson and every afternoon we've got the five

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

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Speaker 1: let's go with story Number one is all about markets.

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Speaker 1: The S and p ASX two hundred closed down just

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Speaker 1: ever so slightly lower today, just zero point one percent

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Speaker 1: down to eighty nine hundred and seventy three points. But

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Speaker 1: for the week it was actually the other way, zero

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Speaker 1: point one percent up, meaning that is four weeks in

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Speaker 1: a row of gains and a two point six percent

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Speaker 1: increase for the month, which isn't bad considering August has

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Speaker 1: seen one of the most volatile reporting seasons in a

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Speaker 1: very long time. It was a tough day for the banks.

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Speaker 1: Comwealth Bank and Westpac were both down a touch over

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Speaker 1: one percent. Real Estate the sector was down as well.

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Speaker 1: Harvey Norman reported results well above expectations and investors loved it.

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Speaker 1: The share price climbed more than ten percent. The story

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Speaker 1: there isn't just about strong sales in store, but it's

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Speaker 1: also about the overseas expansion of Harvey Norman going well

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Speaker 1: and the value of its property portfolio is booming too.

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Speaker 1: Shipbuilder Ostel was another big mover. It was up almost

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Speaker 1: fifteen percent today on a strong outlook plenty of ships

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Speaker 1: being ordered a strategic agreement with the federal government. The

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Speaker 1: best performing sector though was Technology Next DC climbed seventeen

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Speaker 1: percent today on strong guidance, particularly because of forecast demand

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Speaker 1: for data centers. Onto story number two now and Virgin

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Speaker 1: Australia has posted a strong first set of results. This

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Speaker 1: is their first one since rejoining the ASX, with profit

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Speaker 1: up twenty eight percent to six hundred and sixty four

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Speaker 1: million dollars on the back of higher revenues and tight

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Speaker 1: cost control. But the good news does come with a

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Speaker 1: little bit of controversy. Virgin is going to cancel ninety

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Speaker 1: three million dollars in unused pandemic flight credits this year.

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Speaker 1: That is a move that attempted and then abandoned back

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Speaker 1: in twenty twenty three after a customer backlash. Chief executive

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Speaker 1: Dave Emerson also says that new aircraft are going to

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Speaker 1: lift domestic capacity by four percent over the next six months,

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Speaker 1: though there are delays to new aircraft coming from Boeing

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Speaker 1: and that's really stopping their long haul plans. Shares dipped

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Speaker 1: one percent today but are still up for the week,

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Speaker 1: and also well up on the price when the company

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Speaker 1: first hit the balls a couple of months ago. Story

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Speaker 1: number three. What do you make of this one? Former

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Speaker 1: Labor Premiers Bob Carr and Daniel Andrews will be in

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Speaker 1: Beijing next week for a massive military parade in Tianaman

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Speaker 1: Square marking eighty years since the end of China's war

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Speaker 1: with Japan. China says the two Australians are going to

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Speaker 1: be honored guests at the ceremony on September three, which

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Speaker 1: will also feature Chinese President Jijinping, Russian leader Vladimir Putin,

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Speaker 1: and North Korean dictator Kim Jong un. Bob Karr has

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Speaker 1: told the Australian newspaper that he is a teen to

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Speaker 1: highlight China and Australia's shared military history in World War II,

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Speaker 1: saying Chinese resistance helped defend Australia from Japanese attack. He

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Speaker 1: has emphasized that he is paying his own way and

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Speaker 1: plans to focus on the bilateral relationship. The Department of

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Speaker 1: Foreign Affairs and Trade apparently was not consulted on their attendants.

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Speaker 1: Story number four, Australia Post boss Paul Graham has defended

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Speaker 1: the decision not to suspend parcels to the US earlier

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Speaker 1: than this week, after thousands of small businesses and exporters

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Speaker 1: were caught out by that decision. The crackdown follows Donald

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Speaker 1: Trump's July thirty executive order ending a rule that allowed

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Speaker 1: goods under eight hundred dollars to enter the US duty free. Now,

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Speaker 1: Paul Graham today said that Australia Post was this is

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Speaker 1: a quote between a rock and a hard place, because

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Speaker 1: the White House had twice flagged and then reversed the change.

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Speaker 1: He says if Australia Post had moved earlier than this

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Speaker 1: week and then the Trump administration changed its mind again,

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Speaker 1: the Postal Service would have been accused of crying wolf. Meanwhile,

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Speaker 1: Australia Post has reported a modest prophet for FY twenty

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Speaker 1: five based on record revenue from parcels and a busy Christmas,

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Speaker 1: but there was a two hundred and thirty million dollar

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Speaker 1: loss in the letter's division. And finally, story number five,

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Speaker 1: the White House has sacked Susan Monerez, who is the

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Speaker 1: director of the CDC the Center for Disease Control after

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Speaker 1: she refused to resign under pressure from the Trump administration

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Speaker 1: to change vaccine policy. The Washington Post reports that Health

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Speaker 1: Secretary Robert F. Kennedy Junior, who is a long time

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Speaker 1: vaccine critic, is accused by doctor Monerez's lawyers of weaponizing

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Speaker 1: public health and putting millions at risk. Her abrupt dismissal,

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Speaker 1: just weeks after her position was approved by the Senate

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Speaker 1: She's only been there for a few weeks, has triggered

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Speaker 1: a wave of resignations from top CDC officials. It is,

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Speaker 1: it appears, the latest flashpoint between Kennedy and federal scientists

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Speaker 1: and mid growing fears that the administration is starting to

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Speaker 1: undermine public health institutions. That's it for the afternoon Report

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Speaker 1: for Friday, the twenty ninth of August twenty twenty five.

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Speaker 1: Make sure you hit follow on the podcast and headlong

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Speaker 1: to Fearangreed dot com dodau and sign up for our

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Speaker 1: pre daily newsletter. We'll be back tomorrow morning with the

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Speaker 1: weekend edition of Fear and Greed. I'm Michael Thompson. Enjoy

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Speaker 1: your evening,