1 00:00:04,200 --> 00:00:06,720 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,800 --> 00:00:09,160 Speaker 1: for Tuesday, the twenty seventh of May twenty twenty five. 3 00:00:09,200 --> 00:00:11,960 Speaker 1: I'm Suan Aylmer. Every afternoon, We've got the five stories 4 00:00:12,000 --> 00:00:13,800 Speaker 1: that happened today that you need to know about. Story 5 00:00:13,880 --> 00:00:15,560 Speaker 1: number one. It was a pretty quiet day on the 6 00:00:15,600 --> 00:00:18,479 Speaker 1: markets today on the back of public holidays in the 7 00:00:18,600 --> 00:00:22,279 Speaker 1: US and UK overnight. By the closed, the SMPASX two 8 00:00:22,320 --> 00:00:25,040 Speaker 1: hundred was up a little over half percent to eighty 9 00:00:25,160 --> 00:00:28,240 Speaker 1: four hundred and eight points. Among the large caps, Westpac, 10 00:00:28,320 --> 00:00:33,120 Speaker 1: ain Z and mcquarie outperformed, as did Aristocrat Leisure. Aria 11 00:00:33,320 --> 00:00:35,800 Speaker 1: was lower, while Newmont went ex dividend his share price 12 00:00:35,840 --> 00:00:39,560 Speaker 1: dropped about one percent. Woodside Energy was up slightly ahead 13 00:00:39,600 --> 00:00:42,239 Speaker 1: of an expected announcement from the federal government allowing its 14 00:00:42,280 --> 00:00:45,559 Speaker 1: north West Shelf gas project. Iron Ally was training at 15 00:00:45,560 --> 00:00:47,600 Speaker 1: a two week low under ninety seven US dollars a 16 00:00:47,640 --> 00:00:50,159 Speaker 1: ton that put pressure on the big miners. Story number two. 17 00:00:50,200 --> 00:00:53,440 Speaker 1: One of Australia's best known judges, Justice Michael Lee, has 18 00:00:53,479 --> 00:00:56,320 Speaker 1: warned directors of companies that if they pocket cash from 19 00:00:56,360 --> 00:00:59,080 Speaker 1: their roles, then they need to do the work. The 20 00:00:59,120 --> 00:01:01,400 Speaker 1: warning came as the Court but regulator wraps up its 21 00:01:01,440 --> 00:01:05,240 Speaker 1: case against the former board of troubled casino operator Star Entertainment. 22 00:01:05,640 --> 00:01:09,000 Speaker 1: Justice Lee, known for sudden flourishers, warned he has grown 23 00:01:09,040 --> 00:01:13,080 Speaker 1: frustrated by the Stars director's argument that they should not 24 00:01:13,200 --> 00:01:15,600 Speaker 1: have the burden of going through hundreds of pages of 25 00:01:15,600 --> 00:01:18,800 Speaker 1: documents that may have shed light on money laundering by 26 00:01:18,880 --> 00:01:21,760 Speaker 1: junket operators. The Australian and Securities and Investments Commission is 27 00:01:21,800 --> 00:01:24,920 Speaker 1: suing nine former Star executives and directors, alleging they fail 28 00:01:25,000 --> 00:01:28,080 Speaker 1: to appropriately manage risk and open the company up to 29 00:01:28,120 --> 00:01:31,160 Speaker 1: serious harm. According to the fin review. Over to Justice Lee, 30 00:01:31,160 --> 00:01:33,640 Speaker 1: and I quote, people just can't keep on saying that, 31 00:01:33,760 --> 00:01:36,040 Speaker 1: oh well, it's all too difficult for us to read 32 00:01:36,040 --> 00:01:39,000 Speaker 1: the material that's presented to a board. These non executive 33 00:01:39,000 --> 00:01:41,800 Speaker 1: directors say, well, don't give me all the director's fees. 34 00:01:41,880 --> 00:01:43,920 Speaker 1: Please don't give me all the director's fees because I 35 00:01:43,959 --> 00:01:46,400 Speaker 1: can't get through the work. I don't think that happens. 36 00:01:46,760 --> 00:01:49,240 Speaker 1: I agree with Justice Lee on that one. Story Number three, 37 00:01:49,360 --> 00:01:52,360 Speaker 1: Former Reserve Bank Governor Philip Lowe says the rising cost 38 00:01:52,400 --> 00:01:55,640 Speaker 1: of energy in Australia has become a national liability, saying 39 00:01:55,680 --> 00:01:59,960 Speaker 1: importing LNG to sole forecast gas shortfalls isn't a good option. 40 00:02:00,520 --> 00:02:04,200 Speaker 1: Speaking at a gas industry conference in Brisbane, Lowe said 41 00:02:04,320 --> 00:02:07,800 Speaker 1: energy policy was one of many levers that governments could 42 00:02:07,800 --> 00:02:11,360 Speaker 1: pull to address stagnating productivity. He said energy has turned 43 00:02:11,400 --> 00:02:14,600 Speaker 1: from a national asset to a national liability. While Australia 44 00:02:14,600 --> 00:02:18,160 Speaker 1: has some great energy assets, it's also got unreliable and 45 00:02:18,280 --> 00:02:21,800 Speaker 1: high cost energy liabilities. Lowe said it is key to 46 00:02:21,840 --> 00:02:24,760 Speaker 1: find more domestic supply, adding that more supplies needed in 47 00:02:24,800 --> 00:02:28,600 Speaker 1: a bunch of sectors including housing, capital and infrastructure, which 48 00:02:28,600 --> 00:02:31,799 Speaker 1: is why productivity is so important. Story number four. There 49 00:02:31,800 --> 00:02:33,920 Speaker 1: are rumors in the market that an offshore group is 50 00:02:34,000 --> 00:02:38,000 Speaker 1: closing in on mac Copper, an ASX listed company that 51 00:02:38,040 --> 00:02:40,480 Speaker 1: only hit the bolls fifteen months ago. Mac Copper, a 52 00:02:40,480 --> 00:02:42,600 Speaker 1: small miner with a market cap of around one point 53 00:02:42,600 --> 00:02:45,519 Speaker 1: three billion dollars, went into a training halt this morning. 54 00:02:45,520 --> 00:02:48,080 Speaker 1: The company, used to be known as Metal's Acquisition Corporation, 55 00:02:48,520 --> 00:02:51,359 Speaker 1: operates a copper mine near Coba and western New South Wales. 56 00:02:51,520 --> 00:02:54,760 Speaker 1: The rumors sent other copper miners higher, including Capstone Copper 57 00:02:55,040 --> 00:02:58,360 Speaker 1: and Sandfire Resources and finally Austor At number five four. 58 00:02:58,520 --> 00:03:02,080 Speaker 1: Children are among almost fifty people injured after a car 59 00:03:02,160 --> 00:03:05,360 Speaker 1: plowed into a crowd during Liverpool Football Club's Premier League 60 00:03:05,440 --> 00:03:09,080 Speaker 1: victory parade overnight. Some twenty seven people were taken to 61 00:03:09,160 --> 00:03:13,079 Speaker 1: hospital too suffered serious injuries, including a child. A fifty 62 00:03:13,160 --> 00:03:15,840 Speaker 1: three year old British Man has been arrested and is 63 00:03:15,880 --> 00:03:17,880 Speaker 1: believed to be the driver with the vehicle. According to 64 00:03:17,919 --> 00:03:21,280 Speaker 1: the BBC, please are not treating the incident as terrorism. 65 00:03:21,560 --> 00:03:24,760 Speaker 1: Thousands of people were celebrating on the city streets after 66 00:03:24,760 --> 00:03:28,160 Speaker 1: Liverpool won the English Premier League this season. That's it 67 00:03:28,200 --> 00:03:30,400 Speaker 1: for the Afternoon Report for Tuesday, the twenty seventh to 68 00:03:30,480 --> 00:03:32,400 Speaker 1: May twenty twenty five. Make sure you hit follow on 69 00:03:32,440 --> 00:03:35,280 Speaker 1: the podcast. We'll be back tomorrow morning with a Wednesday edition. 70 00:03:35,360 --> 00:03:37,600 Speaker 1: In the past five business years by Feel and Greed, 71 00:03:37,880 --> 00:03:39,840 Speaker 1: I'm Shanelma. Enjoy your evening.