1 00:00:03,920 --> 00:00:07,160 Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Friday, 2 00:00:07,240 --> 00:00:09,920 Speaker 1: the twalfth of July twenty twenty four. I'm sure, alma, 3 00:00:10,000 --> 00:00:12,280 Speaker 1: every afternoon we've got the five stories that happened today 4 00:00:12,280 --> 00:00:13,960 Speaker 1: that you need to know about. Story number one. The 5 00:00:14,080 --> 00:00:16,599 Speaker 1: s and PASX two hundred hit a record high of 6 00:00:16,760 --> 00:00:19,800 Speaker 1: seven six hundred and ninety six points today after jumping 7 00:00:19,800 --> 00:00:22,920 Speaker 1: one percent on opening before pairing the games to close 8 00:00:23,000 --> 00:00:26,200 Speaker 1: up zero point nine percent. The final close was seven 9 00:00:26,280 --> 00:00:29,920 Speaker 1: nine five nine points. It was the highest close ever. 10 00:00:30,040 --> 00:00:32,280 Speaker 1: Shares in Commonwealth Bank rose again, this time to a 11 00:00:32,280 --> 00:00:34,080 Speaker 1: record high of one hundred and thirty one dollars and 12 00:00:34,120 --> 00:00:37,400 Speaker 1: sixty cents, pushing its market value to two hundred and 13 00:00:37,400 --> 00:00:42,080 Speaker 1: twenty billion dollars now. BHP went backwards slightly and as 14 00:00:42,120 --> 00:00:44,559 Speaker 1: of this afternoon, the Commonwealth Bank is now the largest 15 00:00:44,560 --> 00:00:48,400 Speaker 1: company on the ASEX, just pipping BHP. The banks did well, 16 00:00:48,479 --> 00:00:52,199 Speaker 1: as did West Farmer's CSL Transurban and Aristocrat Leisure. Triggering 17 00:00:52,240 --> 00:00:55,040 Speaker 1: the rally was data out overnight from the US which 18 00:00:55,040 --> 00:00:59,080 Speaker 1: shows inflation slowing sharply in the world's biggest economy. Then 19 00:00:59,120 --> 00:01:01,320 Speaker 1: you'll inflation rate fell the three percent in June. The 20 00:01:01,360 --> 00:01:04,000 Speaker 1: lowest in a year and below forecast. That added to 21 00:01:04,040 --> 00:01:06,360 Speaker 1: the argument that the US Federal Reservoi cut rates in 22 00:01:06,400 --> 00:01:09,200 Speaker 1: coming months, helping local equities and the Ausie dollar, which 23 00:01:09,240 --> 00:01:11,559 Speaker 1: is heading into the weekend training around sixty seven point 24 00:01:11,640 --> 00:01:14,360 Speaker 1: seven US since it was very much to the interstrate 25 00:01:14,440 --> 00:01:17,680 Speaker 1: sensitive stocks that did best today. Among the sectors, the 26 00:01:17,720 --> 00:01:21,559 Speaker 1: real estate and consumer discretionary stocks performed best. Online Property 27 00:01:21,560 --> 00:01:24,920 Speaker 1: Group Domain Holdings and reets Charter Hall and GPT were 28 00:01:24,920 --> 00:01:27,319 Speaker 1: among the top performers. The worst for the tech stocks, 29 00:01:27,360 --> 00:01:29,679 Speaker 1: Computer Share, Weice, tech Global in the next DC were 30 00:01:29,680 --> 00:01:32,520 Speaker 1: among the worst performers of the top two hundred story. 31 00:01:32,640 --> 00:01:36,000 Speaker 1: Number two US President Joe Biden has had another very 32 00:01:36,080 --> 00:01:39,600 Speaker 1: uncomfortable twenty four hours, calling his number two Karmala Harris, 33 00:01:39,920 --> 00:01:46,280 Speaker 1: Vice President Trump, and Ukrainian President Volimir Zelenski President Putin. 34 00:01:47,000 --> 00:01:49,560 Speaker 1: Watching Joe Biden gas has become a bit of a sport, 35 00:01:49,600 --> 00:01:52,160 Speaker 1: which isn't good given he is running for president again 36 00:01:52,200 --> 00:01:54,680 Speaker 1: in November. Mister Biden has vowed to stay in the 37 00:01:54,680 --> 00:01:57,800 Speaker 1: presidential race and defended his fitness for office. He gave 38 00:01:57,840 --> 00:02:00,920 Speaker 1: a forty minute press conference this morning in Time where 39 00:02:00,920 --> 00:02:03,480 Speaker 1: he showed a very strong grasp of foreign policy and 40 00:02:03,520 --> 00:02:06,560 Speaker 1: the just completed NATO conference. He also said he's the 41 00:02:06,560 --> 00:02:08,760 Speaker 1: most qualified person to run for office and he wants 42 00:02:08,760 --> 00:02:11,840 Speaker 1: to complete the job he started. But the reference to 43 00:02:11,919 --> 00:02:15,919 Speaker 1: Vice President Trump, not Harris, is what will be remembered 44 00:02:15,919 --> 00:02:19,000 Speaker 1: most about that press conference. The Democrat's national conference is 45 00:02:19,000 --> 00:02:21,720 Speaker 1: a month away, which is the deadline for replacing mister Biden. 46 00:02:22,080 --> 00:02:25,160 Speaker 1: Sorry NUMA three. Prime Minister Anthony Albernezi today said Australia's 47 00:02:25,160 --> 00:02:28,200 Speaker 1: intelligence agencies are among the best in the world, after 48 00:02:28,240 --> 00:02:31,760 Speaker 1: it was revealed a Russian born couple have been accused 49 00:02:31,840 --> 00:02:35,240 Speaker 1: of providing secret defense material to the Russian government. The 50 00:02:35,320 --> 00:02:38,400 Speaker 1: case involves a woman employed as an information system technician 51 00:02:38,400 --> 00:02:41,480 Speaker 1: with the Australian Army and her husband. The Russian couple 52 00:02:41,520 --> 00:02:44,520 Speaker 1: are accused of gathering intelligence over more than eighteen months. 53 00:02:44,720 --> 00:02:46,800 Speaker 1: The Prime Minister said the fact that they were caught 54 00:02:46,840 --> 00:02:51,959 Speaker 1: show security agencies are operating effectively. The male Igor Koraliev, 55 00:02:52,480 --> 00:02:55,200 Speaker 1: briefly appeared in a Brisbane court this morning, where bail 56 00:02:55,360 --> 00:02:59,520 Speaker 1: was formally refused. His wife, Kira, did not appear. She's 57 00:02:59,560 --> 00:03:03,800 Speaker 1: accused of preparing to provide secret Australian national security information 58 00:03:04,160 --> 00:03:06,640 Speaker 1: to the Intelligence Service of the Government of the Russian 59 00:03:06,639 --> 00:03:10,919 Speaker 1: Federation Storing number four, BHP will mothball its nickel mines 60 00:03:10,960 --> 00:03:13,920 Speaker 1: in Western Australia, hitting hundreds of employees as well as 61 00:03:13,919 --> 00:03:17,400 Speaker 1: operations at other miners in the region. BHP announced the 62 00:03:17,440 --> 00:03:21,280 Speaker 1: suspension last night and foreshadowed an underlying full year loss 63 00:03:21,280 --> 00:03:23,799 Speaker 1: on nickel of four hundred and fifty million dollars. It 64 00:03:23,880 --> 00:03:26,160 Speaker 1: blamed a global over supply of nickel that comes from 65 00:03:26,240 --> 00:03:30,280 Speaker 1: Chinese back producers mining in Indonesia. BHP said it will 66 00:03:30,280 --> 00:03:32,639 Speaker 1: try and find jobs for as many workers as possible 67 00:03:32,680 --> 00:03:35,320 Speaker 1: now the nickel business has been losing about fifty million 68 00:03:35,400 --> 00:03:38,200 Speaker 1: dollars a month. Earlier in the year, BHP wrote down 69 00:03:38,240 --> 00:03:40,960 Speaker 1: the value of the business by five point four billion dollars. 70 00:03:41,360 --> 00:03:43,920 Speaker 1: The Big Australian has invested about four point four billion 71 00:03:43,960 --> 00:03:46,320 Speaker 1: dollars in the nickel business since twenty twenty, but those 72 00:03:46,560 --> 00:03:49,680 Speaker 1: falling global nickel prices have done all the damage. They've 73 00:03:49,680 --> 00:03:52,240 Speaker 1: gone from about twenty five thousand US dollars a ton 74 00:03:52,640 --> 00:03:55,600 Speaker 1: eight months ago to about sixteen or seventeen thousand US 75 00:03:55,640 --> 00:03:59,000 Speaker 1: dollars a ton today. Following the announcement, Rare Earth's minor 76 00:03:59,080 --> 00:04:02,160 Speaker 1: liners said bh P suspension would hit the supply of 77 00:04:02,200 --> 00:04:06,240 Speaker 1: sulfuric acid needed for Linus' new eight hundred million dollar 78 00:04:06,320 --> 00:04:10,320 Speaker 1: processing plant. Now, sulfuric acid is a byproduct of nickel smelting, 79 00:04:10,720 --> 00:04:14,240 Speaker 1: so that hit Linus's share price. Plenty of fall out 80 00:04:14,280 --> 00:04:17,760 Speaker 1: there and story number five. The largest shareholder of Regional 81 00:04:17,800 --> 00:04:21,240 Speaker 1: Express REX, the airline is pushing to kick out the 82 00:04:21,320 --> 00:04:25,279 Speaker 1: carrier's entire board, just one month after he stepped down 83 00:04:25,360 --> 00:04:29,720 Speaker 1: as the company's executive chair. Lim Kim Hwai, a Singaporean businessman, 84 00:04:30,080 --> 00:04:32,400 Speaker 1: had run the regional carrier out until June, when he 85 00:04:32,480 --> 00:04:35,680 Speaker 1: abruptly left the board and handed day to day management 86 00:04:35,720 --> 00:04:39,240 Speaker 1: to the airline's chief operating officer, Neville Howe. Mister Lim 87 00:04:39,360 --> 00:04:43,640 Speaker 1: and his then business partner Lee Van Sue became shareholders 88 00:04:43,680 --> 00:04:45,800 Speaker 1: in two thousand and two after REX emerged from the 89 00:04:45,800 --> 00:04:49,279 Speaker 1: collapse of Anset, which had operated two regional carriers. REX 90 00:04:49,520 --> 00:04:51,800 Speaker 1: today told investors that mister Lim had calls for a 91 00:04:51,839 --> 00:04:55,720 Speaker 1: shareholder meeting to move mister Lee and the airline's new 92 00:04:55,800 --> 00:04:58,840 Speaker 1: chair form of Federal Transport Minister John Sharp. That's according 93 00:04:58,880 --> 00:05:01,360 Speaker 1: to the Financial Review. The only director mister limb does 94 00:05:01,400 --> 00:05:05,760 Speaker 1: not want to remove is the nominee of pag Asset Capital, 95 00:05:06,160 --> 00:05:08,920 Speaker 1: which is the big private equity firm that's provided about 96 00:05:08,920 --> 00:05:11,480 Speaker 1: one hundred and fifty million dollars in funding to the airline, 97 00:05:11,600 --> 00:05:14,120 Speaker 1: but he wants to get rid of the rest. Plenty 98 00:05:14,240 --> 00:05:16,599 Speaker 1: to go on that story. That's it for the Afternoon 99 00:05:16,800 --> 00:05:19,400 Speaker 1: Report for Friday, the twelfth of July twenty twenty four. 100 00:05:19,560 --> 00:05:21,760 Speaker 1: Michael Thompson and Lang and I will be back tomorrow 101 00:05:21,800 --> 00:05:24,520 Speaker 1: morning with the weekend edition off Fear and Greed business News. 102 00:05:24,800 --> 00:05:26,640 Speaker 1: I'm Sean Elmer. Enjoy your evening.