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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 thirteenth of August twenty twenty five are

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Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: with story number one. What a day on the local

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Speaker 1: share market. The S and PA Sex two hundred opened

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Speaker 1: at a new record high, but it closed zero point

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Speaker 1: six percent lower, dragged down by Commonwealth Bank Now CBA

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Speaker 1: reported a ten point twenty five billion dollar cash profit,

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Speaker 1: which is pretty much on expectations, but investors sold off

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Speaker 1: the stock hard over concerns about the bank's valuation and

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Speaker 1: the outlook. Australia's largest company closed five point four percent

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Speaker 1: lower today. NAB and Westpac followed suit, down two point

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Speaker 1: six percent and two point one percent respectively. We talked

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Speaker 1: a lot about the big switch from banks into minors

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Speaker 1: and BHP, Rio, Tinto and Fortescue were all up one

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Speaker 1: percent or more today. The other big in it was healthcare,

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Speaker 1: led by Clarity Pharmaceuticals and csl Onto Story number two.

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Speaker 1: Now CBA certainly stole the limelight today, but there were

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Speaker 1: plenty of other companies reporting results Treasury wine estates climbed

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Speaker 1: one point two percent, helped by strong penfold sales and

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Speaker 1: its US premium wine acquisitions. Not a great day for AGL,

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Speaker 1: the energy company, reporting a twenty one percent drop in profit.

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Speaker 1: It shares fell thirteen percent today, and ensurer IAG increased

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Speaker 1: its net profit by fifty one percent to one point

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Speaker 1: four billion dollars for the year. Investors liked it at

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Speaker 1: first with the share price climbing, but it just couldn't

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Speaker 1: sustain it and it closed just zero point one percent

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Speaker 1: higher for the day. Onto story number three, and a

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Speaker 1: huge week for the economy continues with the Wage Price

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Speaker 1: Index today showing steady wages growth for the Dune quarter.

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Speaker 1: The index rows zero point eight percent in the second quarter,

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Speaker 1: holding annual growth three point four percent, which was a

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Speaker 1: little bit above market and RBA forecasts the public sector

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Speaker 1: pay increases outpaced the private sector, but momentum is slowing now.

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Speaker 1: Next up in this bumper economics weeek is the labor

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Speaker 1: force data which comes out tomorrow. Unto story number four.

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Speaker 1: And Epic Games, which is the maker of Fortnite, has

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Speaker 1: scored a partial win in its long running legal battle

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Speaker 1: against Google and Apple in Australia. Back in twenty twenty,

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Speaker 1: Fortnite was removed from the Google and Apple app stores

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Speaker 1: after offering its own in app payment system that ultimately

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Speaker 1: cut out the fees that Apple and Google get for

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Speaker 1: kind of in app payments. The Federal Court found both

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Speaker 1: tech giants misused their market power by tightly controlling app

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Speaker 1: distribution and in app payments, stifling competition. Now, while Epic

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Speaker 1: lost its claim of unconscionable conduct, the ruling means Fortnite

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Speaker 1: and the Epic Game Store can now return to iPhones

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Speaker 1: in Australia. And finally, story number five, a serious one

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Speaker 1: to finish on Israel has intensified air strikes on Gaza,

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Speaker 1: killing at least eighty nine people in twenty four hours,

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Speaker 1: including fifteen reportedly waiting for food. Australia has joined twenty

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Speaker 1: three nations, including Britain, Canada, France and Japan, in calling

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Speaker 1: on Israel to allow aid into Gaza, where the humanitarian

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Speaker 1: crisis has reached quote unimaginable levels. In a joint statement,

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Speaker 1: they called for all crossings to be opened for food, water,

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Speaker 1: fuel and medicine, and for civilians, medical staff and aid

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Speaker 1: workers to be protected alongside pushing for a ceasefire and

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Speaker 1: the release of hostages, and a local political update to

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Speaker 1: this story. Nine newspapers are reporting that Hamas has praised

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Speaker 1: the Albanesi government's decision to recognize Palestinian statehood, arguing that

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Speaker 1: the move by Australia and other governments around the world

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Speaker 1: has vindicated its commitment to armed resistance. That's it for

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Speaker 1: the afternoon report for Wednesday, the thirteenth of August twenty

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Speaker 1: twenty five. Make sure you follow on the podcast and

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Speaker 1: we'll be back tomorrow morning with the Thursday edition of

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Speaker 1: the Fast five Business News by Fear and Greed. A'm

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Speaker 1: Michael Thompson. Enjoy your equi