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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Wednesday,

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Speaker 1: the twelfth of June twenty twenty four. I'm Sean Almer.

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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: SMPASX two hundred close down half percent today to seven

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Speaker 1: seven hundred and sixteen points, with ten of the eleven

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Speaker 1: sectors in the red. The material sector was the worst performer,

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Speaker 1: as iron ore prices headed towards one hundred US dollars

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Speaker 1: a ton. Fotes qu Metals Group and Rio Tinto both

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Speaker 1: fell more than one percent, while BHP was off zero

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Speaker 1: point seven percent. Interest rate sensitive stocks also fell ahead

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Speaker 1: of tonight's Federal Reserve meeting on rates. Wistet Global closed

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Speaker 1: three percent lower. Other poor performers included West Farmers and CSL.

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Speaker 1: Woodside was the best of the large caps, jumping nearly

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Speaker 1: three percent following an analyst upgrade on the stock. Best

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Speaker 1: in the day was Helius, up nearly nine percent. Nickel

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Speaker 1: Industry was the worst of the top two hundred, down

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Speaker 1: nearly eight percent. Story number two. Oil prices are higher

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Speaker 1: after figures showing a shrinking US stockpile pushed crude up.

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Speaker 1: Now Brent crude is trading around eighty two US dollars

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Speaker 1: a barrel. This of course suggests there will be some

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Speaker 1: pressure on local petrol prices, so I checked what's going

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Speaker 1: on around the country courtesy of the Australian Competition and

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Speaker 1: Consumer Commission. Petrol prices, of course are sickly cool, so

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Speaker 1: it's always worthwhile checking the h we'll see website. Sydney

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Speaker 1: prices at the moment are well above the peaks of

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Speaker 1: last cycle, very very expensive right now. Melbourne prices are

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Speaker 1: on the way back to their last peak. Not so

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Speaker 1: good there either, same deal in Brisbane, Adelaide prices are

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Speaker 1: actually falling though, while Perth prices are at a low point.

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Speaker 1: Story number three. Apple will allow iPhone users to access

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Speaker 1: buy now pay latest style loans from A and Z

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Speaker 1: directly from Apple Pay, and is open to adding after

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Speaker 1: Pain and Zip to its digital wallet. Apple said A

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Speaker 1: and Z was among a handful of global banks expanding

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Speaker 1: services inside Apple Pay by integrating its credit card installment

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Speaker 1: payment plans. Ain Z was the first Australian bank to

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Speaker 1: let its customers make card payments directly from iPhones in

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Speaker 1: twenty sixteen, forcing the other major lenders to respond. According

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Speaker 1: to a report in the Financial Review, this latest move

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Speaker 1: highlights is split from Commonwealth Bank, which is skeptical about

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Speaker 1: seeding control of customers to Apple. Its boss, Matt Common,

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Speaker 1: has been leading calls for more regulation in Australia and

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Speaker 1: including ensuring bank apps can access Apple's infrastructure on fair terms.

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Speaker 1: Ain Z has more or less gone the other way

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Speaker 1: and will let existing credit card customers create simple repayment

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Speaker 1: plans at the time they wave their phone over the

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Speaker 1: payment terminal. Currently, this feature is only available via the

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Speaker 1: A and Z app after a credit card transaction has

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Speaker 1: been made. Story number four. The Guzman e Gomes float

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Speaker 1: his scheduled for next week, but not everyone is convinced

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Speaker 1: it's been fairly priced. Morning Star brokers have done some

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Speaker 1: work and reckon it's worth around fifteen dollars to share.

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Speaker 1: That's about seven dollars less than what the group intends

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Speaker 1: to list at. Morning Star essentially says its growth plans

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Speaker 1: are who optimistic. Goosman is expected to fote on June

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Speaker 1: twenty be worth about two point two billion dollars, but

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Speaker 1: morning Star doubts it can achieve its forecast of going

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Speaker 1: from one hundred and eighty five stores currently to one

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Speaker 1: thousand stores over the next couple of decades. Morning Star

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Speaker 1: says other listed fast food chains like Domino's Pizza and

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Speaker 1: Collins Food, which operates the KFC stores, a better value

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Speaker 1: for investors. Of course, if you're investing, get your own advice,

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Speaker 1: go and see a financial planner. We are not an

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Speaker 1: investing podcast. And finally, story number five. President Joe Biden's

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Speaker 1: son Hunter was convicted overnight by a jury of lying

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Speaker 1: about his drug used to illegally by a gun, making

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Speaker 1: him the first child of a sitting US president to

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Speaker 1: be convicted of a crime. A twelve member jury in Wilmington, Delaware,

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Speaker 1: the Biden's hometown, found the defendant guilty on all three

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Speaker 1: counts against him. According to Reuter's, the fifty four year

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Speaker 1: old lightly nodded his head after the verdict was read,

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Speaker 1: but otherwise showed little reaction. Hunter Biden faces up for

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Speaker 1: twenty five years in prison when he's sentenced, though as

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Speaker 1: a first time offender, he's unlikely to get anywhere near

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Speaker 1: the maximum. In fact, there's no guarantee the judge would

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Speaker 1: send him to prison. The judge did not set a

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Speaker 1: sentencing date. President Joe Biden said in a statement issued

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Speaker 1: shortly after the verdict that he would accept the outcome

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Speaker 1: and I quote continue to respect the judicial process as

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Speaker 1: Hunter considers an appeal quote as if. The Afternoon Report

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Speaker 1: for Wednesday, the twelfth of June twenty twenty four, Michael

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Speaker 1: Thompson to night. We'll be back tomorrow morning with the

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Speaker 1: Thursday edition of Fear and Greed Business News. I'm Sean Elmer.

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Speaker 1: Enjoy you read me