1
00:00:03,760 --> 00:00:07,000
Speaker 1: Welcome to the Fearing Greed Business Year's Afternoon Report for Friday,

2
00:00:07,040 --> 00:00:09,320
Speaker 1: the tenth of May twenty twenty four. I'm Sean Almer.

3
00:00:09,720 --> 00:00:12,280
Speaker 1: Every afternoon, we've got the five stories that happened today

4
00:00:12,280 --> 00:00:13,760
Speaker 1: that you need to know about story and I'm one

5
00:00:13,880 --> 00:00:16,560
Speaker 1: This and PA Sex two hundred closed up nearly half

6
00:00:16,600 --> 00:00:19,320
Speaker 1: percent today the seven seven hundred and forty nine points

7
00:00:19,680 --> 00:00:22,599
Speaker 1: for the week. The benchmark finished up one point six percent.

8
00:00:22,840 --> 00:00:24,840
Speaker 1: The big movers today with the energy stocks, while the

9
00:00:24,840 --> 00:00:27,280
Speaker 1: gold stocks did pretty well also. That's on rising oil

10
00:00:27,320 --> 00:00:30,159
Speaker 1: and gold prices. Within the energy sector. Woodside finished up

11
00:00:30,160 --> 00:00:33,600
Speaker 1: around two percent. Santos and Pollen Viv Energy also did well.

12
00:00:33,880 --> 00:00:36,839
Speaker 1: Gold Digger Northern Star closed up one percent. All the

13
00:00:36,840 --> 00:00:39,640
Speaker 1: big banks did o KA, National, Australian Bank, wes Pack

14
00:00:39,680 --> 00:00:41,360
Speaker 1: and A and Zaid. We're all up more than one percent.

15
00:00:41,400 --> 00:00:44,479
Speaker 1: Macquarie Group was also up more than one percent, and

16
00:00:44,720 --> 00:00:47,479
Speaker 1: the big miners generally were lower. The retailers were mixed.

17
00:00:47,960 --> 00:00:50,479
Speaker 1: Story number two. In a win for the alban Easy government,

18
00:00:50,520 --> 00:00:53,199
Speaker 1: the High Court has dismissed a case brought by an

19
00:00:53,240 --> 00:00:57,160
Speaker 1: Iranian man seeking release from immigration to tention after he

20
00:00:57,240 --> 00:01:01,560
Speaker 1: refused to cooperate with his planned deportation. According to report

21
00:01:01,600 --> 00:01:04,880
Speaker 1: in The Financial Review, the man known as ASF seventeen,

22
00:01:05,080 --> 00:01:08,560
Speaker 1: had told the court he would be persecuted if returned

23
00:01:08,560 --> 00:01:12,080
Speaker 1: to Iran because he's bisexual. His lawyers thought his release

24
00:01:12,160 --> 00:01:14,720
Speaker 1: following the twenty twenty three High Court ruling in the

25
00:01:14,760 --> 00:01:17,360
Speaker 1: case of a Rowhinger man. In that case, the court

26
00:01:17,400 --> 00:01:20,959
Speaker 1: rule that indefinite immigration detention is unlawful for people with

27
00:01:21,040 --> 00:01:24,680
Speaker 1: no reasonable prospect of deportation. That decision sparked the release

28
00:01:24,680 --> 00:01:27,080
Speaker 1: of about one hundred and fifty people, including some criminals,

29
00:01:27,400 --> 00:01:30,560
Speaker 1: who have reoffended in the community. This morning's decision, though,

30
00:01:30,640 --> 00:01:32,959
Speaker 1: is a win for the government, and Immigration Minister Andrew

31
00:01:33,040 --> 00:01:37,200
Speaker 1: Giles welcomed it, saying the community remains the government's highest priority.

32
00:01:37,800 --> 00:01:41,240
Speaker 1: Story number three. QBE is pushing through double digit insurance

33
00:01:41,240 --> 00:01:44,280
Speaker 1: premium increases, but there is some good news for consumers.

34
00:01:44,400 --> 00:01:47,040
Speaker 1: The pace of increases appears to have slowed to its

35
00:01:47,080 --> 00:01:49,760
Speaker 1: lowest point in a year. At its annual general meeting

36
00:01:49,840 --> 00:01:53,000
Speaker 1: in Sydney today, QBE, which operates in twenty seven countries

37
00:01:53,040 --> 00:01:56,800
Speaker 1: covering everything from aircraft to organ transplants, said markets have

38
00:01:56,840 --> 00:02:00,520
Speaker 1: supported premium increases this year. Now premium rates in Australia,

39
00:02:00,720 --> 00:02:04,200
Speaker 1: according to the insurer, have been rising at about eleven percent,

40
00:02:04,320 --> 00:02:07,320
Speaker 1: which is actually down over the previous year. The rise

41
00:02:07,360 --> 00:02:10,160
Speaker 1: reflects the higher risk insurers have to take on, and

42
00:02:10,280 --> 00:02:13,600
Speaker 1: QB chair Mike Wilkins called for more help from government.

43
00:02:13,680 --> 00:02:16,440
Speaker 1: The bill for claims from weather disasters in twenty twenty

44
00:02:16,440 --> 00:02:19,280
Speaker 1: four is also tracking broad in line with planned assumptions.

45
00:02:19,400 --> 00:02:23,440
Speaker 1: QB told investors net costs from catastrophes are about three

46
00:02:23,520 --> 00:02:26,280
Speaker 1: hundred million US dollars. It's about four hundred and fifty

47
00:02:26,360 --> 00:02:29,760
Speaker 1: million AUSI dollars, with its internally budget allowance sitting at

48
00:02:29,800 --> 00:02:32,320
Speaker 1: six hundred million dollars for about six months through the year,

49
00:02:32,360 --> 00:02:36,080
Speaker 1: so that's not too bad sorry. Number four Anglo Americans

50
00:02:36,280 --> 00:02:40,040
Speaker 1: Key South African shareholders are open to a takeover offer

51
00:02:40,040 --> 00:02:43,680
Speaker 1: from BHP, with some advocating for an additional cash compaionent

52
00:02:43,919 --> 00:02:46,840
Speaker 1: to the bid. According to report in The Financial Times,

53
00:02:47,080 --> 00:02:49,440
Speaker 1: the investors, who collectively hold more than fifteen per cent

54
00:02:49,440 --> 00:02:52,480
Speaker 1: of Anglo American said BHP needs to sweeten its offer,

55
00:02:52,600 --> 00:02:54,959
Speaker 1: but they are not opposed in principle to an acquisition

56
00:02:55,040 --> 00:02:57,520
Speaker 1: by the Australian group. The FT is reporting that other

57
00:02:57,600 --> 00:03:00,360
Speaker 1: fund managers with minority States and Anglo are pushing for

58
00:03:00,440 --> 00:03:03,920
Speaker 1: a more straightforward offer from BHP, possibly with a cash

59
00:03:03,960 --> 00:03:07,840
Speaker 1: component or without the condition of selling Anglo's South African assets.

60
00:03:08,000 --> 00:03:11,320
Speaker 1: Late last month, Anglo American rebuffed bhp fifty seven billion

61
00:03:11,360 --> 00:03:15,200
Speaker 1: dollar script take over proposal, saying it significantly undervalued the

62
00:03:15,280 --> 00:03:19,679
Speaker 1: London listed minor and its prospects and story number five. Today,

63
00:03:19,760 --> 00:03:22,480
Speaker 1: Federal Court Judge Michael Lee has granted a cost order

64
00:03:22,840 --> 00:03:26,239
Speaker 1: in Network ten and Lisa Wilkinson's favor in its landmark

65
00:03:26,280 --> 00:03:30,520
Speaker 1: defamation case against Bruce Lherman. Justice Lee has ruled the

66
00:03:30,560 --> 00:03:34,079
Speaker 1: Network can recover costs from mister Lehrman on an indemnity

67
00:03:34,120 --> 00:03:37,160
Speaker 1: basis covering about ninety percent of its legal bill in

68
00:03:37,240 --> 00:03:40,640
Speaker 1: relation to its truth defense, and on an ordinary or

69
00:03:40,720 --> 00:03:42,920
Speaker 1: party party basis, which is about seventy percent of its

70
00:03:43,000 --> 00:03:46,520
Speaker 1: legal bill in relation to the qualified privileged defense. He

71
00:03:46,600 --> 00:03:49,760
Speaker 1: made an award in the same terms for Miss Wilkinson.

72
00:03:50,240 --> 00:03:52,560
Speaker 1: That's it the Afternoon Report for Friday, the tenth of

73
00:03:52,560 --> 00:03:55,160
Speaker 1: May twenty twenty four. Michael Thompson, Adam Lang and I

74
00:03:55,240 --> 00:03:57,440
Speaker 1: will be back tomorrow morning with the weekend edition off

75
00:03:57,480 --> 00:04:00,360
Speaker 1: Peer and Green Business Views. I'm Sean elmer joy your

76
00:04:00,360 --> 00:04:03,000
Speaker 1: evening m