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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the sixth of June twenty twenty four. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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

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Speaker 1: SMPA six two hundred closed up zero point seven percent

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Speaker 1: to seven eight hundred and twenty two points, with the

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Speaker 1: tech companies doing best following a strong lead in from

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Speaker 1: Wall Street. Financial healthcare industrials also do well. In fact,

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Speaker 1: come well, thank you the new high today. CSL West, Farmers,

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Speaker 1: and will Quarry all jump by one percent or more,

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Speaker 1: while Wistech Global jumped nearly three percent. Once again, the

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Speaker 1: miners and the energy companies underperformed. In corporate news, Auckland

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Speaker 1: Casino will operate a sky City its earnings guidance for

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Speaker 1: this financial year, blaming the weak economy in recession hit

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Speaker 1: in New Zealand and a delay in launching a new

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Speaker 1: hotel project. Its share price fell fourteen percent. Biopharmaceutical developer

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Speaker 1: Telix Pharmaceuticals will raise for three hundred million dollars to

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Speaker 1: list on Nasdaq in the US later in the year.

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Speaker 1: Its share price was up slightly today Iron Ore and

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Speaker 1: Lithium Group. Mineral Resources sold the forty nine percent interest

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Speaker 1: in its Onslow Iron Ore project Hall Road to Morgan

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Speaker 1: Stanley Infrastructure Partners for one point three billion dollars. Its

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Speaker 1: share price fell slightly, and a couple of stocks to

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Speaker 1: hit new highs today were Data Center Operated next DC

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Speaker 1: Software Company Technology one and Funds of Management Group Regal

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Speaker 1: Partners Storry number two. Federal treasure Jim Chalmers was defending

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Speaker 1: the state of the economy today following the very weak

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Speaker 1: growth figures yesterday. Economic growth of the March quarter came

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Speaker 1: in at zero point one percent and one point one

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Speaker 1: percent for the year, the weakest in more than thirty

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Speaker 1: years outside the COVID period. That is, Dr Chalmers said

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Speaker 1: the economy will continue to grow, but quite softly. He

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Speaker 1: avoided a question about a per capita recession, which we've

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Speaker 1: been in for more than a year, instead blaming a

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Speaker 1: higher interest rates. Dr Chalmers said it is important to

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Speaker 1: fight inflation without smashing the economy and to provide cost

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Speaker 1: of living help in a responsible way. He added that

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Speaker 1: he doesn't believe the tax cuts on July one will

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Speaker 1: hurt efforts to tame inflation. Story number three IDP Education

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Speaker 1: has worn of a large reduction in its business due

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Speaker 1: to increasingly restrictive policies in Australia and around the world

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Speaker 1: for international students. This company places international students into educational

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Speaker 1: programs here in New Zealand, the US, UK, Ireland and Canada.

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Speaker 1: What's happening in Australia The backlash against surging student numbers

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Speaker 1: post COVID is happening in other countries as well. IDP

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Speaker 1: today said it expected student placements to decrease by as

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Speaker 1: much as twenty percent next financial year in its key

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Speaker 1: markets of Australia, the UK and Canada. Changed immigration policies

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Speaker 1: in recent months will have a negative impact on the

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Speaker 1: size of the international student market, and that's her Idp's business.

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Speaker 1: Its share price has been pretty volatile, falling to around

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Speaker 1: eleven dollars fifty during COVID, sawing to not far off

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Speaker 1: forty dollars in late twenty twenty one. It's around a

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Speaker 1: third that level now after today seven and a half

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Speaker 1: per cent fall. It's also one of the most shortened

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Speaker 1: stocks on the AX, meaning investors have bet that its

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Speaker 1: share price will fall. Story number four. The government has

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Speaker 1: hundreds of investorations open into potential fraud cases within the

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Speaker 1: National Disability Insurance Scheme. In addition to twenty prosecutions underway

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Speaker 1: and twelve that are ready to go, there are also

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Speaker 1: five hundred and ten active compliance investigations on foot. Minister

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Speaker 1: for Government Services and the NDIS Bill Shorten told ABC

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Speaker 1: Radio this morning. He said working out where fraud is

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Speaker 1: happening is a big and ongoing task. Mister Shorton said,

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Speaker 1: and I quote, crooks don't self report. That's why we

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Speaker 1: don't know the full extent of it. It follows a

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Speaker 1: Senate committee hearing. They heard ninety percent of NDIS plan

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Speaker 1: managers that organize funding for up to one hundred participants,

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Speaker 1: it's about nine hundred planned managers are showing signs of fraud.

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Speaker 1: Mister Shorton said. The fraud runs into billions of dollars

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Speaker 1: and that it's unacceptable. People are routing the system and

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Speaker 1: sorry number five. Canada has becon the first major economy

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Speaker 1: to cut interest rates, and economists forecasting other major economies

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Speaker 1: will soon follow suit. Tonight, the European Central Bank is

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Speaker 1: also expected to cut rates. The Bank of Canada's decision

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Speaker 1: marks the official end to the record called a fast

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Speaker 1: hiking cycle that began with the outbreak of COVID nineteen

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Speaker 1: and continued with soaring inflation as governments pump money into

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Speaker 1: economies to keep them afloat. The Bank of Canada last

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Speaker 1: cut rates in March twenty twenty. Governor Tiff macklum said

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Speaker 1: officials were increasingly confident that inflation was returning to its

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Speaker 1: two percent target range, down from a peak of more

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Speaker 1: than eight percent. Who also left open the possibility of

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Speaker 1: another rate cup. The US FED is due to meet

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Speaker 1: next week, though no rate cut is expected, the markets

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Speaker 1: have priced in two cuts in the US later in

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Speaker 1: the year. Sir Bank of Australia, well, it's not really

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Speaker 1: expected to cut rates at least until the end of

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Speaker 1: the year, perhaps not until next year. That's it for

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Speaker 1: the Afternoon Report for Thursday, the sixth of June twenty

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Speaker 1: twenty four. Don't forget to follow on the podcast and

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Speaker 1: Join Mark Thompson and I Tomorrow I'm wanning for the

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Speaker 1: Fast five by Fear and Greed, the top five business

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Speaker 1: stories you need to know in just five minutes. I'm

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Speaker 1: Sean Elma enjoy your evening