1 00:00:03,560 --> 00:00:06,080 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,080 --> 00:00:08,520 Speaker 1: for it Tuesday, the twenty ninth of July twenty twenty five. 3 00:00:08,560 --> 00:00:11,240 Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories 4 00:00:11,280 --> 00:00:13,000 Speaker 1: that happened today that you need to know about. Story 5 00:00:13,080 --> 00:00:16,279 Speaker 1: number one. The SMPASX two hundred finished up just a 6 00:00:16,320 --> 00:00:19,480 Speaker 1: few points today to eighty seven hundred and five points. 7 00:00:19,800 --> 00:00:21,600 Speaker 1: The market was in a bit of a holding pattern 8 00:00:21,640 --> 00:00:24,160 Speaker 1: head tomorrow's Dune quarter inflation data, which will have a 9 00:00:24,200 --> 00:00:27,240 Speaker 1: strong bearing on whether the Reserve Bank cuts interest rates 10 00:00:27,280 --> 00:00:30,440 Speaker 1: next month. Interest rate sensitive stocks like the property groups 11 00:00:30,440 --> 00:00:32,400 Speaker 1: were lower, as were some of the miners on the 12 00:00:32,400 --> 00:00:36,080 Speaker 1: back of falling commodity prices. The big banks were mixed, 13 00:00:36,120 --> 00:00:38,760 Speaker 1: although National Australia Bank jump more than one percent. Standout 14 00:00:38,800 --> 00:00:41,280 Speaker 1: sect with Energy, which rose on the back of higher 15 00:00:41,280 --> 00:00:44,640 Speaker 1: oil prices. Story number two. Energy Minister Chris Bowen has 16 00:00:44,720 --> 00:00:47,480 Speaker 1: hit back at comments from the United Nations Climate chief 17 00:00:47,680 --> 00:00:51,240 Speaker 1: that Australia should do more to abate emissions. Bowen said 18 00:00:51,440 --> 00:00:55,840 Speaker 1: targets are easier set than met. The UN Simon Steele 19 00:00:55,920 --> 00:00:58,480 Speaker 1: had warned that the world would overheat and fruit would 20 00:00:58,480 --> 00:01:01,960 Speaker 1: be a once in a year treat As result, Bowen disagreed, 21 00:01:02,200 --> 00:01:06,560 Speaker 1: but Labour is significantly increasing its spend on renewable projects, 22 00:01:06,600 --> 00:01:10,039 Speaker 1: in fact up the number it underwrites in a bid 23 00:01:10,040 --> 00:01:12,560 Speaker 1: to speed up the clean energy roll out. In response, 24 00:01:12,600 --> 00:01:16,880 Speaker 1: former Labor economist Roscano, though he said, notwithstanding the fact 25 00:01:16,920 --> 00:01:19,480 Speaker 1: spending more, Australia will fail to hit its twenty to 26 00:01:19,560 --> 00:01:23,080 Speaker 1: thirty emissions goals. Finally, on the story, the climate change 27 00:01:23,080 --> 00:01:25,720 Speaker 1: debate won't go away for the Liberal and National parties today, 28 00:01:25,840 --> 00:01:28,840 Speaker 1: Susan Lee refused to predict an outcome of a review 29 00:01:28,920 --> 00:01:32,360 Speaker 1: Internet zero by twenty fifty, triggering speculation that the two 30 00:01:32,400 --> 00:01:35,160 Speaker 1: parties might move away from the commitment Straight Number three 31 00:01:35,240 --> 00:01:37,640 Speaker 1: Rare Tinta plans to be mining iron ore in Western 32 00:01:37,680 --> 00:01:42,520 Speaker 1: Studies Pilborough well into the twenty second century, dismissing fordescues 33 00:01:42,520 --> 00:01:45,760 Speaker 1: Andrew Forrest's claim the region is in imminent danger of 34 00:01:45,760 --> 00:01:50,080 Speaker 1: becoming a wasteland. RIO is seeking approval from WA's authorities 35 00:01:50,160 --> 00:01:54,440 Speaker 1: for its East Pilber Strategic Proposal, covering new mines, mine 36 00:01:54,440 --> 00:01:58,080 Speaker 1: extensions and renewable energy projects over the next eighty years. 37 00:01:58,520 --> 00:02:01,640 Speaker 1: The RIO proposal covers more twenty seven thousand square kilometers 38 00:02:01,640 --> 00:02:04,200 Speaker 1: an area twice the size of Greater Sydney takes in 39 00:02:04,240 --> 00:02:06,440 Speaker 1: many of its existing mines in the Pilbra. According to 40 00:02:06,520 --> 00:02:09,680 Speaker 1: report in the Australian Rio estimates that new mining activity 41 00:02:09,680 --> 00:02:13,320 Speaker 1: will disturb an additional nine hundred and twenty square kilometers 42 00:02:13,360 --> 00:02:16,360 Speaker 1: within the wider land envelope in the years to twenty 43 00:02:16,400 --> 00:02:19,760 Speaker 1: one oh five. Story number four. Black coal has staged 44 00:02:19,760 --> 00:02:22,640 Speaker 1: to comeback to rival renewables as the cheapest form of 45 00:02:22,760 --> 00:02:25,400 Speaker 1: energy amid a spiking cost to build on shore wind, 46 00:02:25,400 --> 00:02:29,079 Speaker 1: while small modular nuclear plants remain the most expensive technology 47 00:02:29,400 --> 00:02:32,160 Speaker 1: if built into Australia's energy grid. A report from the 48 00:02:32,240 --> 00:02:37,240 Speaker 1: CSIRO and the Australian Energy Market Operator says black coal 49 00:02:37,400 --> 00:02:39,919 Speaker 1: costs one hundred and eleven dollars per Mega what hour, 50 00:02:40,000 --> 00:02:42,519 Speaker 1: compared with backup wind and solar at one hundred and 51 00:02:42,560 --> 00:02:45,880 Speaker 1: sixteen dollars per Mega what hour. Those figures represent a 52 00:02:45,919 --> 00:02:48,000 Speaker 1: turn around from a year ago when black coal was 53 00:02:48,000 --> 00:02:51,840 Speaker 1: more expensive. Now black cole isn't expected to retain its position, however, 54 00:02:51,919 --> 00:02:56,079 Speaker 1: with the costs of firmed solar and wind falling substantially 55 00:02:56,120 --> 00:02:59,000 Speaker 1: to about seventy six dollars per Mega what hour by 56 00:02:59,000 --> 00:03:02,200 Speaker 1: twenty thirty, Black coles expected to be about one hundred 57 00:03:02,240 --> 00:03:05,919 Speaker 1: and three at that point. The report measures electricity technologies 58 00:03:05,919 --> 00:03:08,520 Speaker 1: by comparing a levelized cost of energy that includes operating 59 00:03:08,520 --> 00:03:12,240 Speaker 1: a capital costs over the power generator's economic life and 60 00:03:12,280 --> 00:03:14,639 Speaker 1: story number five. President Donald Trump has asked at US 61 00:03:14,760 --> 00:03:18,200 Speaker 1: court to order a swift deposition of Rupert Murdoch in 62 00:03:18,240 --> 00:03:21,640 Speaker 1: his lawsuit against the Wall Street Journal, citing the media 63 00:03:21,720 --> 00:03:25,680 Speaker 1: mogul's advanced age. Trump sued Murdock over an article in 64 00:03:25,720 --> 00:03:28,320 Speaker 1: the journal, which is owned by Murdoch's News Corps, that 65 00:03:28,360 --> 00:03:31,600 Speaker 1: alleged the president had written a body letter to celebrate 66 00:03:31,639 --> 00:03:34,320 Speaker 1: sex offender Jeffrey Epstein's birthday in two thousand and three, 67 00:03:34,600 --> 00:03:37,400 Speaker 1: according to report on the BBC. In a court filing, 68 00:03:37,440 --> 00:03:40,560 Speaker 1: Trump's lawyers stated that he had informed Murdoch prior to 69 00:03:40,600 --> 00:03:43,120 Speaker 1: the report being published that the letter was a fake. 70 00:03:43,480 --> 00:03:46,400 Speaker 1: Trump's lawyers argued that Murdock should be asked to post swiftly, 71 00:03:46,760 --> 00:03:50,440 Speaker 1: noting that he was ninety four and is believed to 72 00:03:50,480 --> 00:03:54,720 Speaker 1: have suffered recent significant health scares. The US ten billion 73 00:03:54,760 --> 00:03:56,720 Speaker 1: dollar lawsuit against the Wall Street Journal states that the 74 00:03:56,720 --> 00:04:00,320 Speaker 1: publication was attempting to harm the president's reputation. That's it 75 00:04:00,400 --> 00:04:02,560 Speaker 1: the Afternoon Report for Tuesday, the twenty ninth of July 76 00:04:02,680 --> 00:04:04,880 Speaker 1: twenty twenty five. Make sure you hit follow on the podcast. 77 00:04:05,080 --> 00:04:07,200 Speaker 1: We will be back tomorrow morning with the Wednesday edition 78 00:04:07,240 --> 00:04:09,200 Speaker 1: of Fear and Great Business Gears. I'm sure I Elma 79 00:04:09,600 --> 00:04:10,240 Speaker 1: enjoy your reading.