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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 first of January twenty twenty six,

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Speaker 1: Oh Michael Thompson, and every afternoon, we've got the five

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

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Speaker 1: Let's go a story number one. The SMPA SEX two

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Speaker 1: hundred closed zero point four percent lower today to eighty

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Speaker 1: seven hundred and eighty three points. It came after a

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Speaker 1: brutal lead in from Wall Street. The S and P

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Speaker 1: five hundred and the Nasdaq both fell more than two

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Speaker 1: percent overnight amid concerns over US President Donald Trump's threat

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Speaker 1: to slap tariffs on European nations unless the US is

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Speaker 1: able to buy greenland locally. The tech stocks took a hit.

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Speaker 1: Cloud Accounting Group zero was down more than five percent,

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Speaker 1: WISEEC Global off two point four percent. Some big falls

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Speaker 1: for the banks as well. Commonwealth Bank and A and

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Speaker 1: Z were both off more than two percent today. NAB

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Speaker 1: was down one point six percent and Westpac one point

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Speaker 1: two percent. I mentioned Commonwealth Bank there well. It was

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Speaker 1: a good day today for mining giant BHP, which climbed

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Speaker 1: one and a half percent, which saw its market cap

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Speaker 1: grow to within about a billion dollars of Commonwealth Bank,

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Speaker 1: which remains for now at least the largest company on

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Speaker 1: the ASX. Elsewhere, the gold miners had a cracker, with

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Speaker 1: the price of the precious metal passing four eight hundred

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Speaker 1: US dollars and ounce for the first time. Newmont was

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Speaker 1: up five percent. Evolution Mining and West Goold were both

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Speaker 1: almost ten percent higher today. On to story number two.

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Speaker 1: Now and three senior National senators have quit the coalition's

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Speaker 1: shadow cabinet after defying its position on the government's hate

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Speaker 1: speech reforms, deepening the tensions inside the coalition. Bridget Mackenzie,

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Speaker 1: Ross Cadell and Susan McDonald voted against the legislation that

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Speaker 1: passed the Senate late last night after the Liberal Party

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Speaker 1: negotiated to support the laws alongside Labour. The reforms expand

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Speaker 1: powers to ban extremist groups, cancel visas, and tough and

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Speaker 1: penalties for religious leaders who promote violence. We talked about

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Speaker 1: that on the Morning Show. Opposition leader Susan Lee has

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Speaker 1: today said that the senators breached cabinet solidarity. They were

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Speaker 1: told that they had to vote in line with cabinet.

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Speaker 1: They've offered their resignations, which she has accepted. National's leader

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Speaker 1: David little Proud had abstained from voting in the Lower House,

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Speaker 1: saying his party supported the intent of the laws but

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Speaker 1: had concerns about free speech and the rush process. It

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Speaker 1: is the latest significant blow to the Coalition relationship, which

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Speaker 1: has been extremely fragile since the May election last year.

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Speaker 1: Story number three. Australia's fledgling space industry has received a

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Speaker 1: major boost after the taxpayer backed National Reconstruction Fund announced

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Speaker 1: a seventy five million dollar investment in Gilmore Space Technologies,

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Speaker 1: the Queensland based company. The stake, which has taken alongside

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Speaker 1: industry superfund host Plus, backs Gilmore's push to establish Australia's

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Speaker 1: first sovereign orbital sovereign orbital launch capability that's a man full,

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Speaker 1: which is aimed at boosting national security, satellite access and

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Speaker 1: defense resilience. Gilmore Space raised the funding as part of

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Speaker 1: a two hundred and seventeen million dollar capital round, which

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Speaker 1: will be used to scale manufacturing expand at Spaceport, which

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Speaker 1: is at Bowen in North Queensland, and support future launch attempts.

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Speaker 1: Now if Gilmore Space Technology sounds familiar, we talked about

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Speaker 1: it last year when the company's rocket achieved liftoff for

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Speaker 1: a grand total of fourteen seconds last year. It did

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Speaker 1: get off the launch pad. It was a milestone. It

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Speaker 1: was not yet a successful orbit, though another launch attempt

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Speaker 1: is planned this year. Story number four. Britain security agencies

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Speaker 1: have warned that a popular Chinese made electric bus, which

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Speaker 1: is also operating here in Australia, could be remotely disabled

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Speaker 1: from China, raising concerns about cybersecurity risks tied to high

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Speaker 1: tech imports. The Telegraph in the UK reports an investigation

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Speaker 1: by the UK's National Cybersecurity Center found Yutong electric buses

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Speaker 1: could be fitted with a remote kill suite via simcards

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Speaker 1: used for software updates. There's no evidence that the feature

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Speaker 1: has actually been used to date. In Australia. Yutong buses

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Speaker 1: are already in service in the Act, New South Wales, Brisbane,

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Speaker 1: parts of South Australia as well. Australian transport authorities say

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Speaker 1: over the air updates are disabled locally and no evidence

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Speaker 1: has emerged of remote access. And finally, story number five,

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Speaker 1: President Donald Trump is on his way to the World

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Speaker 1: Economic Forum in Davos in the midst of a global

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Speaker 1: political storm, but even his flight to Switzerland isn't without drama.

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Speaker 1: The president's plane, air Force One, has been forced to

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Speaker 1: turn back to the US an hour after takeoff due

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Speaker 1: to a minor electrical issue. White House officials said the

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Speaker 1: decision was made out of an abundance of caution, and

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Speaker 1: Trump will now travel on a replacement aircraft to the

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Speaker 1: World Economic Forum in Davos, where the Canadian Prime Minister

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Speaker 1: has caused a major stir, urging Middle powers to ban

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Speaker 1: together in response to rising tensions between major powers. Have

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Speaker 1: plenty more on this one tomorrow, but Carney warned this

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Speaker 1: is a great quote that if you're not at the table,

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Speaker 1: you are on the menu. That's it for the afternoon

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Speaker 1: Report for Wednesday, the twenty first of January twenty twenty six.

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Speaker 1: Make sure you're following the podcast and head along to

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Speaker 1: Fearangreed dot com Today you to sign up for our

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Speaker 1: free daily newsletter. I'm Michael Thompson. Enjoy your eating