1
00:00:04,240 --> 00:00:07,400
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,480 --> 00:00:10,160
Speaker 1: for Thursday, the twenty ninth of August twenty twenty four

3
00:00:10,520 --> 00:00:13,480
Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

4
00:00:13,520 --> 00:00:15,960
Speaker 1: happened today that you need to know about. So let's

5
00:00:16,000 --> 00:00:18,880
Speaker 1: get going. Story number one. The S and PA Sex

6
00:00:18,880 --> 00:00:22,880
Speaker 1: two hundred closed down zero point three percent today to

7
00:00:23,000 --> 00:00:26,079
Speaker 1: eight thousand and forty five points after a pretty rocky

8
00:00:26,160 --> 00:00:28,680
Speaker 1: day of earnings. The sector that performed best over the

9
00:00:28,760 --> 00:00:32,120
Speaker 1: day was financials, with the banks all posting modest gains.

10
00:00:32,640 --> 00:00:37,640
Speaker 1: Most other things slumped, including significant slides for energy, consumer discretionary,

11
00:00:37,960 --> 00:00:41,680
Speaker 1: and stables and resources. Mineral Resources was leading the decline

12
00:00:41,720 --> 00:00:44,120
Speaker 1: in that space, down eight percent. It was pretty flat

13
00:00:44,120 --> 00:00:48,280
Speaker 1: for industrials, healthcare and it A Perth based minor, Red

14
00:00:48,320 --> 00:00:50,960
Speaker 1: five was one of the worst performers, down more than

15
00:00:51,000 --> 00:00:54,160
Speaker 1: ten percent after a reported loss after tax of five

16
00:00:54,200 --> 00:00:57,080
Speaker 1: point four million dollars. One of the top performers over

17
00:00:57,120 --> 00:00:59,680
Speaker 1: the day was Vegie might Own a bigger up ten

18
00:00:59,680 --> 00:01:03,800
Speaker 1: percent after it announced a statutory profit of thirty point

19
00:01:03,920 --> 00:01:07,080
Speaker 1: five million dollars over the last financial year compared to

20
00:01:07,120 --> 00:01:09,560
Speaker 1: a two hundred and thirty million dollars statutory loss the

21
00:01:09,640 --> 00:01:13,560
Speaker 1: year before. Quantas shares fell after it announced earnings were

22
00:01:13,600 --> 00:01:16,920
Speaker 1: down eighteen percent to two point eight billion dollars, but

23
00:01:17,000 --> 00:01:20,200
Speaker 1: it recovered in late afternoon trading to close up zero

24
00:01:20,200 --> 00:01:22,880
Speaker 1: point eight percent. It will resume its dividend for the

25
00:01:22,880 --> 00:01:25,240
Speaker 1: first time since the pandemic in the second half of

26
00:01:25,280 --> 00:01:28,800
Speaker 1: the year. And online fashion seller Satire has had a

27
00:01:28,840 --> 00:01:32,199
Speaker 1: pretty tough day after missing estimates and posting a thirty

28
00:01:32,280 --> 00:01:35,280
Speaker 1: four percent profit drop. It was down twenty percent on

29
00:01:35,400 --> 00:01:38,760
Speaker 1: de Story number two. Now and Nvidia's earnings have disappointed

30
00:01:38,800 --> 00:01:42,119
Speaker 1: some investors, with its shares dropping nearly nine percent in

31
00:01:42,160 --> 00:01:45,840
Speaker 1: New York. That's because while the figures were objectively pretty good,

32
00:01:46,200 --> 00:01:49,040
Speaker 1: there's a frenzy over the brand, with some expecting to

33
00:01:49,040 --> 00:01:52,240
Speaker 1: be blown out of the water by future guidance. Despite

34
00:01:52,280 --> 00:01:55,280
Speaker 1: reporting revenues for the second quarter up fifteen percent over

35
00:01:55,320 --> 00:01:58,600
Speaker 1: the previous three months at thirty billion US dollars and

36
00:01:58,760 --> 00:02:01,280
Speaker 1: up one hundred and twenty two percent year on year,

37
00:02:01,360 --> 00:02:04,200
Speaker 1: it was all about the third quarter, and Vidia expects

38
00:02:04,240 --> 00:02:07,200
Speaker 1: these revenues to be up slightly, but some analysts were

39
00:02:07,200 --> 00:02:11,399
Speaker 1: expecting a massive increase. Another issue flagged by the chip

40
00:02:11,440 --> 00:02:14,519
Speaker 1: maker are a few production challenges with the Blackwell product

41
00:02:14,560 --> 00:02:17,840
Speaker 1: designer Chip, for which there is a lot of anticipation,

42
00:02:18,200 --> 00:02:21,000
Speaker 1: and video is considered both a leader and a litmus

43
00:02:21,040 --> 00:02:24,320
Speaker 1: test for the AI excitement that's taken hold for investors,

44
00:02:24,320 --> 00:02:27,600
Speaker 1: so confidence in other companies will be affected by its

45
00:02:27,639 --> 00:02:31,280
Speaker 1: success or failures too. Story number three back home for

46
00:02:31,360 --> 00:02:34,079
Speaker 1: this one. West Farmers posted a three point seven percent

47
00:02:34,160 --> 00:02:36,680
Speaker 1: lift in profit over the financial year to around two

48
00:02:36,720 --> 00:02:39,880
Speaker 1: point five to six billion dollars, but managing director Rob

49
00:02:39,919 --> 00:02:43,640
Speaker 1: Scott has warned about a challenging year ahead amidst slowing

50
00:02:43,680 --> 00:02:48,000
Speaker 1: home building, volatile commodity prices and significant cost of living

51
00:02:48,040 --> 00:02:52,200
Speaker 1: pressures weighing on customers. Over the last fiscal year, Kmart

52
00:02:52,240 --> 00:02:54,959
Speaker 1: sales or up four point four percent. Office Works was

53
00:02:55,040 --> 00:02:58,040
Speaker 1: up two point three percent. West Farmer's Health division, which

54
00:02:58,080 --> 00:03:01,880
Speaker 1: includes Price Line and Silk Laser Clinic, reported revenues up

55
00:03:01,919 --> 00:03:04,880
Speaker 1: five point nine percent. Bunning sales were up two point

56
00:03:04,919 --> 00:03:07,679
Speaker 1: three percent. But there's a slow down coming apparently for

57
00:03:07,760 --> 00:03:10,920
Speaker 1: the hardware business, with the growth already weakening in the

58
00:03:10,960 --> 00:03:14,639
Speaker 1: second half of last year, softening building activity. As part

59
00:03:14,639 --> 00:03:17,000
Speaker 1: of that story, sales for the first eight weeks of

60
00:03:17,040 --> 00:03:20,600
Speaker 1: this financial year have also been slower across the kmart group,

61
00:03:20,720 --> 00:03:24,400
Speaker 1: including target Story number four, Triple M and hit radio

62
00:03:24,440 --> 00:03:28,160
Speaker 1: station owner Southern Cross Ostereo is putting its TV network

63
00:03:28,240 --> 00:03:32,440
Speaker 1: up for sale and canceling its dividend amid the advertising slowdown.

64
00:03:32,560 --> 00:03:35,200
Speaker 1: The TV ad market has been a headache for major

65
00:03:35,280 --> 00:03:39,880
Speaker 1: media businesses this earning season, with nine also flagging challenges.

66
00:03:40,160 --> 00:03:44,360
Speaker 1: Southern Cross CEO John Kelly said he'd had active negotiations

67
00:03:44,400 --> 00:03:47,800
Speaker 1: to sell their ninety six TV stations. With revenue across

68
00:03:47,840 --> 00:03:50,280
Speaker 1: the entire business down one percent to four hundred and

69
00:03:50,360 --> 00:03:53,920
Speaker 1: ninety nine point four million dollars an underlying profit down

70
00:03:54,000 --> 00:03:57,920
Speaker 1: forty nine percent to eleven point two million. One positive

71
00:03:58,200 --> 00:04:02,120
Speaker 1: is that its digital audio platform, Listener, is profitable and growing,

72
00:04:02,560 --> 00:04:06,160
Speaker 1: and finally, Story number five. Pavel Durov, the founder of

73
00:04:06,280 --> 00:04:10,160
Speaker 1: messaging app Telegram, has been charged in France in relation

74
00:04:10,280 --> 00:04:13,960
Speaker 1: to alleged illicit activity on the app that authorities are

75
00:04:14,000 --> 00:04:17,720
Speaker 1: looking to make him personally liable for. He's also been

76
00:04:17,760 --> 00:04:21,080
Speaker 1: stopped from leaving the country. He's been investigated for complicity

77
00:04:21,240 --> 00:04:24,920
Speaker 1: in managing a platform that enabled illegal transactions, as well

78
00:04:24,960 --> 00:04:29,120
Speaker 1: as complicity in crimes as serious as enabling child abuse

79
00:04:29,160 --> 00:04:32,440
Speaker 1: material to be distributed, as well as fraud and drug trafficking.

80
00:04:32,760 --> 00:04:35,880
Speaker 1: Part of the concern from prosecutors has been a lack

81
00:04:35,920 --> 00:04:39,880
Speaker 1: of response to requests for cooperation from Telegram when major

82
00:04:39,920 --> 00:04:42,680
Speaker 1: criminal cases were brought to its attention. At the heart

83
00:04:42,680 --> 00:04:44,640
Speaker 1: of the issue here is the line between freedom of

84
00:04:44,680 --> 00:04:48,799
Speaker 1: speech and the responsibility of the platforms to help law enforcement.

85
00:04:49,120 --> 00:04:51,600
Speaker 1: According to The New York Times, this case could come

86
00:04:51,800 --> 00:04:54,920
Speaker 1: with a sentence of ten years if Durov is found responsible.

87
00:04:55,360 --> 00:04:57,719
Speaker 1: That's it for the Afternoon Report for Thursday, the twenty

88
00:04:57,800 --> 00:05:00,919
Speaker 1: ninth of August twenty twenty four. Don't forget follow on

89
00:05:00,960 --> 00:05:04,440
Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

90
00:05:04,640 --> 00:05:07,680
Speaker 1: x TikTok and Facebook. Join us tomorrow morning for the

91
00:05:07,720 --> 00:05:10,400
Speaker 1: fast five business news by Fear and Greed, the top

92
00:05:10,400 --> 00:05:13,200
Speaker 1: five business stories you need to know in just five minutes.

93
00:05:13,320 --> 00:05:15,200
Speaker 1: I'm Michael Thompson. Joy your evening.