1 00:00:04,240 --> 00:00:06,840 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,880 --> 00:00:09,160 Speaker 1: for Friday, the ninth of August twenty twenty four. I'm 3 00:00:09,160 --> 00:00:11,840 Speaker 1: Sean Aelma. Every afternoon, We've got the five stories that 4 00:00:11,960 --> 00:00:13,920 Speaker 1: happened today that you need to know about. Straightham why 5 00:00:13,920 --> 00:00:16,279 Speaker 1: I'm there in PASEX two hundred jumped one and a 6 00:00:16,360 --> 00:00:19,200 Speaker 1: quarter percent today to close it seven thousand, seven hundred 7 00:00:19,200 --> 00:00:21,360 Speaker 1: and seventy eight points. In fact, it was seven thousand, 8 00:00:21,560 --> 00:00:24,599 Speaker 1: seven hundred and seventy seven point seven points to be exact. 9 00:00:24,960 --> 00:00:27,720 Speaker 1: It filed a strong lead in from What Wall Street overnight. 10 00:00:27,880 --> 00:00:31,160 Speaker 1: The rally in the US reflected data that alleviated fears 11 00:00:31,160 --> 00:00:34,920 Speaker 1: about the world's biggest economy falling into recession. Gold, oil, 12 00:00:35,000 --> 00:00:37,559 Speaker 1: and bitcoin all rallied as well for the week. The 13 00:00:37,600 --> 00:00:40,320 Speaker 1: ASX two hundred finished down two percent after the big 14 00:00:40,400 --> 00:00:43,440 Speaker 1: drop on Monday. Among the large caps today, higher iron 15 00:00:43,479 --> 00:00:46,600 Speaker 1: ore prices helped the big miners, with RIOBHP and fortes 16 00:00:46,680 --> 00:00:49,800 Speaker 1: Q Metals all that performing. Goodman Group was another strong stock, 17 00:00:49,840 --> 00:00:53,519 Speaker 1: alongside with Woodside Energy and Weis Tech Global. West Farmers 18 00:00:53,600 --> 00:00:55,280 Speaker 1: was one of the worst of the large caps. In 19 00:00:55,320 --> 00:00:58,000 Speaker 1: corporate news, Life three sixty shares jumped by as much 20 00:00:58,000 --> 00:01:00,680 Speaker 1: as twenty percent to a record high after posting a 21 00:01:00,760 --> 00:01:04,240 Speaker 1: twenty percent rise in revenue. The US based tracking company 22 00:01:04,480 --> 00:01:06,800 Speaker 1: so a twenty five percent year on year rise in 23 00:01:06,920 --> 00:01:10,440 Speaker 1: subscription revenue, adding one hundred and thirty two thousand more 24 00:01:10,560 --> 00:01:13,319 Speaker 1: paying customers. Now the company has about two point four 25 00:01:13,360 --> 00:01:17,120 Speaker 1: million active users in Australia. That's different to paying subscribers 26 00:01:17,120 --> 00:01:20,399 Speaker 1: Mine Do It's got more than seventy million users globally. 27 00:01:20,640 --> 00:01:23,119 Speaker 1: White Having cole It was out saying the High Court 28 00:01:23,120 --> 00:01:25,479 Speaker 1: had rejected a Green Group appeal for special leave about 29 00:01:25,480 --> 00:01:28,640 Speaker 1: two of its mining projects. The legal challenges have been 30 00:01:28,680 --> 00:01:31,559 Speaker 1: going on since twenty twenty two and led to plenty 31 00:01:31,600 --> 00:01:34,600 Speaker 1: of delays in some of its coal mines. Story number two. 32 00:01:34,640 --> 00:01:37,240 Speaker 1: Australia will be able to accept nuclear material from the 33 00:01:37,360 --> 00:01:40,640 Speaker 1: US and UK as part of an updated Orchestra agreement. 34 00:01:41,000 --> 00:01:43,440 Speaker 1: The update was signed off during Osman meetings in the 35 00:01:43,560 --> 00:01:46,160 Speaker 1: United States this week. Osmond, of course, is the annual 36 00:01:46,200 --> 00:01:49,320 Speaker 1: talks between Australian and American Defense and foreign ministers, and 37 00:01:49,480 --> 00:01:52,200 Speaker 1: the agreement Australia will be allowed to take in nuclear 38 00:01:52,240 --> 00:01:55,760 Speaker 1: material for the procurement of nuclear submarines. The terms of 39 00:01:55,760 --> 00:01:58,360 Speaker 1: the original deal in March twenty twenty three only allowed 40 00:01:58,400 --> 00:02:02,480 Speaker 1: the exchange of information about nuclear propulsion. Defense Minister Richard 41 00:02:02,480 --> 00:02:05,560 Speaker 1: Miles said the new arrangements provide the legal underpinning of 42 00:02:05,600 --> 00:02:07,680 Speaker 1: what was agreed with the US and UK under the 43 00:02:07,680 --> 00:02:10,600 Speaker 1: AUCUST benner. He said the agreement signed did not mean 44 00:02:10,840 --> 00:02:14,080 Speaker 1: other Orcust partners would be able to use Australia to 45 00:02:14,120 --> 00:02:17,280 Speaker 1: store its own nuclear waste. As part of the ORCHEST agreement, 46 00:02:17,320 --> 00:02:20,240 Speaker 1: Australia will acquire three Virginia class vessels from the US 47 00:02:20,520 --> 00:02:24,880 Speaker 1: before Australian built nuclear submarines begin operating. Story number three 48 00:02:24,919 --> 00:02:27,080 Speaker 1: news Court reported an eight percent jump in profits to 49 00:02:27,120 --> 00:02:28,960 Speaker 1: one and a half billion dollars off revenue of just 50 00:02:29,040 --> 00:02:31,720 Speaker 1: over ten million dollars for the last financial year. Earnings 51 00:02:31,760 --> 00:02:34,480 Speaker 1: from its majority stake and online property group area was 52 00:02:34,480 --> 00:02:37,799 Speaker 1: a highlight. Its book publishing arm Harper Collins also did well, 53 00:02:38,000 --> 00:02:40,919 Speaker 1: as did Doal Jones. That's the publishing business, which includes 54 00:02:40,960 --> 00:02:43,160 Speaker 1: the Wall Street Journal, The Week parts of the business, 55 00:02:43,200 --> 00:02:46,120 Speaker 1: including the news media segment that's its operations or part 56 00:02:46,160 --> 00:02:49,160 Speaker 1: of its operations here in Australia, and lower revenues at 57 00:02:49,200 --> 00:02:52,560 Speaker 1: its US online property company. Chief executive Robert Thompson said 58 00:02:52,639 --> 00:02:56,560 Speaker 1: last financial year delivered robust earnings and included significant steps 59 00:02:56,600 --> 00:03:00,760 Speaker 1: to prepare the company to prosper in an artificial intelligence world. Meanwhile, 60 00:03:00,919 --> 00:03:03,320 Speaker 1: Ria share price jump more than six percent of following 61 00:03:03,320 --> 00:03:06,600 Speaker 1: a twenty percent rise in underlying profit. News Corps share 62 00:03:06,639 --> 00:03:09,120 Speaker 1: was also up nearly seven percent. Story at number four. 63 00:03:09,200 --> 00:03:12,280 Speaker 1: QB Insurance's share price fell more than two percent today 64 00:03:12,400 --> 00:03:14,840 Speaker 1: after doubling its net profit in the first half of 65 00:03:14,840 --> 00:03:17,240 Speaker 1: this year to eight hundred and two million dollars. It 66 00:03:17,280 --> 00:03:19,240 Speaker 1: was a great result compared to last year, but fell 67 00:03:19,280 --> 00:03:23,160 Speaker 1: short of expectations, hence sell off. The result benefited from 68 00:03:23,200 --> 00:03:26,040 Speaker 1: lower levels of natural catastrophe losses while still being able 69 00:03:26,080 --> 00:03:29,160 Speaker 1: to push through premium increases. The good news for weak 70 00:03:29,240 --> 00:03:32,600 Speaker 1: customers is that insurance premium growth is expected to slow 71 00:03:32,680 --> 00:03:35,800 Speaker 1: on the back of increased competition and fewer natural disasters. 72 00:03:36,080 --> 00:03:39,120 Speaker 1: QBE writes two thirds of its business outside Australia. It 73 00:03:39,240 --> 00:03:41,080 Speaker 1: also said it had done a deal to offload its 74 00:03:41,080 --> 00:03:44,000 Speaker 1: long tail of claims in North America. Chief executive Andrew 75 00:03:44,040 --> 00:03:47,040 Speaker 1: Horton said the insurer was facing more competition in its 76 00:03:47,040 --> 00:03:50,480 Speaker 1: global business, with a recovery in Australian insurance markets also 77 00:03:50,640 --> 00:03:54,600 Speaker 1: tempting global insurers back into the local market, and Story 78 00:03:54,680 --> 00:03:57,560 Speaker 1: number five retailer Nick Scalley has recorded a near twenty 79 00:03:57,600 --> 00:04:00,640 Speaker 1: percent drop in full year profit and reduced dividends as 80 00:04:00,640 --> 00:04:03,640 Speaker 1: shoppers hold back from buying big ticket items. The furniture 81 00:04:03,680 --> 00:04:06,520 Speaker 1: retailer is always one of the first consumer discretionary stocks 82 00:04:06,560 --> 00:04:09,960 Speaker 1: to report, and based on a sample of one things 83 00:04:10,000 --> 00:04:13,120 Speaker 1: in consumer land ain't so good. That's, of course, due 84 00:04:13,120 --> 00:04:16,120 Speaker 1: to high interest rates and cost of living pressures. Mexcally 85 00:04:16,160 --> 00:04:19,120 Speaker 1: said shoppers had delayed buying big ticket items like furniture, 86 00:04:19,320 --> 00:04:21,120 Speaker 1: and the group reported at an eight percent drop in 87 00:04:21,200 --> 00:04:23,400 Speaker 1: revenue across its one hundred and twenty eight stores in 88 00:04:23,400 --> 00:04:26,440 Speaker 1: Australia and the United Kingdom. It also warned that trading 89 00:04:26,480 --> 00:04:29,800 Speaker 1: in the UK, where it owns fab Furniture, is expected 90 00:04:29,839 --> 00:04:33,360 Speaker 1: to deteriorate. Its share price finished down two percent. That's 91 00:04:33,360 --> 00:04:35,599 Speaker 1: it Fair Afternoon report for Friday, the ninth of August 92 00:04:35,640 --> 00:04:37,760 Speaker 1: twenty twenty four. Don't forget Tip, follow on the podcast 93 00:04:37,839 --> 00:04:41,000 Speaker 1: and find Fear and Greed on LinkedIn, Instagram, x TikTok 94 00:04:41,120 --> 00:04:43,760 Speaker 1: and Facebook. Join Michael Thompson and I Tomorrow I'm morning 95 00:04:43,800 --> 00:04:46,080 Speaker 1: for the weekend Fast five by fear and greed. I'm 96 00:04:46,160 --> 00:04:47,719 Speaker 1: chanelma enjoy your evening.