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

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Speaker 1: for Cheeresday, thirty July twenty twenty four. I'm Sean Elma.

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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. The

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Speaker 1: S and PASX two hundred closed down half a percent

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Speaker 1: today to seven nine hundred and fifty three points, with

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Speaker 1: the Materials index leading the market lover, while tech stocks

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Speaker 1: also underperformed. Commonwealth Bank and Westpac were higher, but National

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Speaker 1: Australia Bank and A and ZED were lower, with the

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Speaker 1: ladder down more than one percent. Wistech Global and Woodside

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Speaker 1: were other poor performers. The best among the top twenty

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Speaker 1: stocks outside the two banks were Tulstra CSL, West Farmers,

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Speaker 1: Woollies Coals and QBE BHP Fol one point four percent

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Speaker 1: after announcing it will spend three billion dollars as part

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Speaker 1: of a joint ventured to buy copper assets in South America.

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Speaker 1: Ramsey Healthcare dropped three percent after announcing the retirement of

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Speaker 1: chief executive Craig McNally at the end of due next year.

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Speaker 1: The private hospital operator has appointed ex Woollies Supermarkets managing

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Speaker 1: director Natalie Davis to start as CEO in October this year.

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Speaker 1: We'll she'll be CEO elected. Least that may actually create

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Speaker 1: a succession headache at Woolli's Minor IgA rallied three percent,

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Speaker 1: then fell the closed down four point four percent. That's

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Speaker 1: after reporting higher underlying earnings. Credit Corps shares rallied fourteen

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Speaker 1: percent after Fitz guidance came in within analyst expectations, and

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Speaker 1: Star Entertainment said it wasn't aware of any information that

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Speaker 1: could have triggered the massive fifteen percent jump in its

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Speaker 1: share price yesterday. Storing number two by far the worst

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Speaker 1: performer on the share market today and the reason the

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Speaker 1: Materials index was down so much was for the Skew

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Speaker 1: Metals Group. Its share price fell ten percent. Media reports

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Speaker 1: suggest a large investor was wanting to offload one point

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Speaker 1: nine billion dollars worth of discounted stock after last night's

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Speaker 1: closing bell that's a decent chunk of the minor and

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Speaker 1: the tumbling of its share price today means it's down

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Speaker 1: nearly forty percent since early in the year. Story number

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Speaker 1: three a couple of weeks into the June core earning

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Speaker 1: season in the US and Europe and results have been mixed.

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Speaker 1: Companies are broadly lowering full year sales and profit guidance

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Speaker 1: as higher interest rates and weakness in China's economy hurts

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Speaker 1: global consumer sentiment. That's taken the shine off solid earnings growth. Otherwise,

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Speaker 1: a number of high profile companies have underwhelmed investors, according

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Speaker 1: to a report on Reuter's, including McDonald's, automakers Nissen and Tesla,

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Speaker 1: and consumer giants Nesle and Unilever. With roughly forty percent

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Speaker 1: of US and European companies reporting results so far, earnings

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Speaker 1: have come in about as expected, but after the strong

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Speaker 1: run by world equity markets, about as expected seems a

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Speaker 1: bit like a disappointment. There's a bunch of big names

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Speaker 1: reporting in coming days, including Apple, Microsoft, Samsung, Toyata, x

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Speaker 1: On Mobile and Shell, Loreal and addeddas story number four.

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Speaker 1: Air New Zealand, which is jointly listed on the ASEX

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Speaker 1: and back Home, has dumped its carbon emissions reductions target,

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Speaker 1: saying they are unachievable by twenty thirty. The Kiwi carrier

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Speaker 1: has been aiming to slash its but intensity by nearly

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Speaker 1: twenty nine percent compared to twenty nineteen levels through the

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Speaker 1: use of sustainable aviation, fuel, lower emissions aircraft and other changes,

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Speaker 1: but now Air New Zealand says many of the leavers

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Speaker 1: needed to meet the target are outside its control and

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Speaker 1: remain challenging. Chief executive Greg Foran said it had also

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Speaker 1: become a parent in recent months that potential delays to

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Speaker 1: fleet renewal plans posed an additional risk to the target's achievability.

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Speaker 1: Air New Zealand has previously been one of the more

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Speaker 1: outspoken carriers on sustainability issues, and was one of the

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Speaker 1: first to announce plans to develop carbon neutral aircraft for

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Speaker 1: regional routes in partnership with Airbus and Story Number five.

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Speaker 1: The saying goes, it's good to follow the money, and

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Speaker 1: that's worked for people who have followed Warren Buffett's money.

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Speaker 1: His company, Berkshire Hathaway, has decided to cut its massive

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Speaker 1: profitable bet on Bank of America, the US's second largest lender,

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Speaker 1: by a total of more than three billion US dollars.

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Speaker 1: The conglomerates started building an investment in the bank in

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Speaker 1: twenty eleven and has long run and as the top shareholder.

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Speaker 1: Even after the sales, Berkshire still holds nine hundred and

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Speaker 1: sixty two million shares worth almost forty billion US dollars.

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Speaker 1: The legendary ninety three year old investor is cashing out,

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Speaker 1: with the price of Bank of America shares up twenty

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Speaker 1: two percent this year. That's it Fay Afternoon Report for Tuesday,

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Speaker 1: the thirtieth of July twenty twenty four. Michael Thompson and

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Speaker 1: I will be back tomorrow morning with a Wednesday edition

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Speaker 1: of Beer and Green Business News. I'm Sean Elmer, enjoy

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Speaker 1: revening