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

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Speaker 1: for Wednesday, the twenty third of October twenty twenty four.

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Speaker 1: I'm Sean A. Elmer. Every afternoon, We've got five stories

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

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Speaker 1: number one. Wise Tech Globals share price fell another one

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Speaker 1: point four percent today after yet another revelation involving the

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Speaker 1: personal life of founder and chief executive officer Richard White.

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Speaker 1: Nine Media is reporting that White had a lengthy relationship

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Speaker 1: with an employee called Christine Contos. She was recruited by

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Speaker 1: White after the start of their relationship back in twenty sixteen.

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Speaker 1: He gave her a luxury waterfront mansion worth seven million

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Speaker 1: dollars in Melbourne's Docklands at the end of their relationship.

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Speaker 1: According to nine that's the third property mister White has

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Speaker 1: purchased allegedly for a woman he's had a relationship with.

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Speaker 1: In a statement, mister White said he told the board

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Speaker 1: about the relationship, though he didn't tell them about the

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Speaker 1: property purchase. This story just keeps giving. Story number two,

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Speaker 1: the corporate regulator has sued insurer QBE, alleging it failed

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Speaker 1: to deliver on pricing promises made to more than five

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Speaker 1: hundred thousand customers over a five year period. The Australian

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Speaker 1: Securities and Investments Commission alleges the pricing methodology QB used

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Speaker 1: to calculate premiums actually eroded the discounts that were promised.

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Speaker 1: For example, loyalty discounts that were promoted weren't provided, according

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Speaker 1: to the allegations. In an ASX statement today, QB apologized

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Speaker 1: for inconsistencies in how discounts were applied. That certainly isn't

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Speaker 1: an admission of guilt. Another story we're going to hear

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Speaker 1: plenty about. The share price finished down slightly today, though

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Speaker 1: it's up about sixteen percent this year, so QBA has

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Speaker 1: been a pretty good investment for a bunch of people.

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Speaker 1: Story Number three tab corpus management is under pressure to

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Speaker 1: cut shop fronts as part of its cost cutting regime.

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Speaker 1: The Gaming Group, with its new chief executive officer former

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Speaker 1: AFL boss Gil McLaughlin, fronted investors at its annual general

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Speaker 1: meeting in Sydney today. It's been an awful year, let's

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Speaker 1: face it. Its share price is down forty three percent

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Speaker 1: in twenty twenty four. It announced to one point thirty

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Speaker 1: six billion dollar loss for the last financial years and

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Speaker 1: that was all well not all, but a lot of

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Speaker 1: it was on right downs on wagering assets in South

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Speaker 1: Australia and New South Wales. That was a climate for

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Speaker 1: mister McLachlin to face shareholders. Of course, we're in the

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Speaker 1: mid middle of the spring racing season. That should be

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Speaker 1: a good time anyway. Mister McLachlin came out and said

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Speaker 1: he is going on a big cost cutting initiative. He said,

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Speaker 1: and I quote cost cutting is all about being more

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Speaker 1: cost effective, an agile company and unlocking the opportunities within

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Speaker 1: the asset base. David Kingston, a high profile investor over

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Speaker 1: many years, he was at the meeting. He stood and spoke.

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Speaker 1: He said he's angry that Tabcorp isn't competing with online

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Speaker 1: competitors like sports bet and Ladbrokes and he calls for

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Speaker 1: the closure of some of the betting shop fronts straight

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Speaker 1: um before the longtime boss of Domain, Jason Pellergreen, will

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Speaker 1: depart after sixty years running the online real estate business.

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Speaker 1: Mister Pellegrino came out of Google in Australia and led

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Speaker 1: the group through thirteen intrastrate rises, a pandemic and against

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Speaker 1: a very tough competitor in Ria, domain, of course, is

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Speaker 1: sixty percent owned by nine Entertainment. Another share market nears.

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Speaker 1: The gold miners did very well today as the price

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Speaker 1: for gold continues to hover around record levels. Bellvue, Gold,

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Speaker 1: Genesis Minerals, and Perseus Mining were all strong today. Best

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Speaker 1: on the day of the top two hundred was Quantus.

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Speaker 1: There was a bunch of upgrades from investment analysts. Quantuses

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Speaker 1: up sixty five percent over the past twelve months. Mineral

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Speaker 1: Resource to share price was down five percent. That makes

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Speaker 1: it twenty eight percent over the last week. That's after

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Speaker 1: ACIK is reportedly interested in revelations that Chris Ellison allegedly

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Speaker 1: ran a tax evasion scheme for a decade. Chris Ellison

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Speaker 1: being the founder and current CEO copper Focus. Twenty nine

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Speaker 1: Medals was down after reporting a steep fall in cash reserves. Overall,

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Speaker 1: the SMPA six two hundred finished up slightly zero point

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Speaker 1: one percent to two hundred and sixteen points and story

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Speaker 1: number five. Bitcoin is appreciating and investors put it down

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Speaker 1: to the Trump trade, the idea that if Donald Trump

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Speaker 1: becomes president of the USA, it will be good for

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Speaker 1: the cryptocurrency Bitcoin is heading towards seventy thousand US dollars

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Speaker 1: a unit. That's up sixty percent this year to the

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Speaker 1: record he's seventy three seven nine seven US dollars a unit,

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Speaker 1: so it's approaching that level. Trump has said if he wins,

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Speaker 1: he will make the US the crypto capital of the planet.

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Speaker 1: KRMLA Harris has also softened on the currency, and certainly

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Speaker 1: her ideas about cryptocurrencies are far more friendly to the

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Speaker 1: sector than Joe Biden's. Otherwise, in international markets, oil fell

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Speaker 1: towards seventy one US dollars a barrel over the past

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Speaker 1: twenty four hours. That's after we heard of arise in

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Speaker 1: inventory levels in the US US bond neils a rising

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Speaker 1: fast as investors rethink chances of another rate cut anytime

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Speaker 1: soon in that market. The outside of that is that

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Speaker 1: investors don't think there's going to be a recession, or

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Speaker 1: at least there's a reduced risk of recession as it

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Speaker 1: if the afternoon report for Wednesday, the twenty third of

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Speaker 1: October twenty twenty four, Don't forget Tit. Follow on the

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Speaker 1: podcast and find Fear and Greed on LinkedIn Instagram x

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Speaker 1: TikTok and Facebook. Join Michael Thoms and I Tomorrow I'm

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Speaker 1: wanning for the Fast five by Fear and Greed, the

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Speaker 1: top five pisiness stories you need to know in just

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Speaker 1: five minutes. I'm Sean Elma. Enjoy your evening,