1 00:00:03,560 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:09,440 Speaker 1: for Thursday, the fourth of September twenty twenty five are 3 00:00:09,440 --> 00:00:11,840 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:11,880 --> 00:00:13,960 Speaker 1: happened today that you need to know about. Let's go 5 00:00:14,080 --> 00:00:17,400 Speaker 1: storry number one. The local share market bounced back today, 6 00:00:17,520 --> 00:00:20,760 Speaker 1: the SMPA SEX two hundred, climbing one percent to eight 7 00:00:21,440 --> 00:00:24,159 Speaker 1: hundred and twenty seven points. It didn't quite make up 8 00:00:24,200 --> 00:00:26,320 Speaker 1: all the ground at lost yesterday on its worst day 9 00:00:26,400 --> 00:00:30,240 Speaker 1: since April. That's probably what halfway there. Nine of the 10 00:00:30,280 --> 00:00:32,839 Speaker 1: eleven sectors were up today, boosted by news out of 11 00:00:32,840 --> 00:00:35,680 Speaker 1: the US, where weaker job starta increased the likelihood of 12 00:00:35,720 --> 00:00:38,640 Speaker 1: an interest rate cut in the world's biggest economy. Great 13 00:00:38,680 --> 00:00:40,720 Speaker 1: day for the banks. Comwealth Bank was up two point 14 00:00:40,760 --> 00:00:43,800 Speaker 1: one percent, Both NAB and Westpac climbed around two percent, 15 00:00:44,120 --> 00:00:46,879 Speaker 1: A and Z one point three percent higher. For the 16 00:00:47,000 --> 00:00:50,400 Speaker 1: tech stocks, Cloud Accounting Group zero led the way, reversing 17 00:00:50,520 --> 00:00:54,080 Speaker 1: yesterday's losses, climbing four point eight percent and higher. Iron 18 00:00:54,120 --> 00:00:56,680 Speaker 1: All prices gave four to Skew and Rio tinto a boost, 19 00:00:56,760 --> 00:00:59,400 Speaker 1: up one point eight percent and two point three percent, respectively. 20 00:01:00,520 --> 00:01:04,760 Speaker 1: Actually dropped, but that's largely because it went ex dividend today, which, 21 00:01:04,760 --> 00:01:06,560 Speaker 1: as I've mentioned before, is the point at which new 22 00:01:06,560 --> 00:01:10,920 Speaker 1: investors won't receive the dividends announced last month. Oil prices 23 00:01:11,080 --> 00:01:14,440 Speaker 1: dropped a little on reports that OPEC plus might consider 24 00:01:14,440 --> 00:01:17,479 Speaker 1: boosting output again next month. That's all. Woodside and Santos 25 00:01:17,520 --> 00:01:20,520 Speaker 1: both drop. Gold prices were down as well after a 26 00:01:20,600 --> 00:01:23,640 Speaker 1: very good week which hit the gold miners on just 27 00:01:23,640 --> 00:01:26,720 Speaker 1: story number two. Now in Dominoes, executive chairman Jack Cowen 28 00:01:26,800 --> 00:01:30,480 Speaker 1: has doubled down on these struggling pizza chains turnaround, buying 29 00:01:30,520 --> 00:01:33,440 Speaker 1: five million dollars worth of shares through his investment vehicle. 30 00:01:33,720 --> 00:01:36,720 Speaker 1: Eighty three year old Cowen bought three hundred and thirty 31 00:01:36,720 --> 00:01:39,240 Speaker 1: five thousand shares, lifting his stake in the business to 32 00:01:39,319 --> 00:01:42,640 Speaker 1: twenty seven percent. He took over day to day control 33 00:01:42,720 --> 00:01:46,480 Speaker 1: of Dominoes in July after the abrupt exit of CEO 34 00:01:46,640 --> 00:01:50,040 Speaker 1: Mark Van Dyck, who lasted less than a year. Cowen's 35 00:01:50,040 --> 00:01:53,200 Speaker 1: turnaround plan is basically to scrap the heavy discounting and 36 00:01:53,280 --> 00:01:56,440 Speaker 1: vouchers that they currently offer in favor of an everyday 37 00:01:56,440 --> 00:01:58,560 Speaker 1: low pricing model, something he says is going to bring 38 00:01:58,600 --> 00:02:02,440 Speaker 1: back stability and restore margins, much like the Bunnings approach 39 00:02:02,520 --> 00:02:06,360 Speaker 1: in hardware. Domino's closed the day up one point four percent. 40 00:02:06,880 --> 00:02:10,400 Speaker 1: Story number three. The High Court has rejected ben Robert 41 00:02:10,480 --> 00:02:14,320 Speaker 1: Smith's bid to appeal his defamation loss, signaling the end 42 00:02:14,480 --> 00:02:17,160 Speaker 1: now of a seven year legal battle that has cost 43 00:02:17,320 --> 00:02:21,919 Speaker 1: tens of millions of dollars. Australia's most decorated living soldier 44 00:02:22,080 --> 00:02:24,720 Speaker 1: had sued the Age, The Sydney Morning Herald and The 45 00:02:24,760 --> 00:02:27,960 Speaker 1: Canberra Times over reports that he was a war criminal, 46 00:02:28,040 --> 00:02:30,800 Speaker 1: but in twenty twenty three, Justice Anthony Bussenko in the 47 00:02:30,840 --> 00:02:34,280 Speaker 1: Federal Court found to a civil standard that Robert Smith 48 00:02:34,360 --> 00:02:38,040 Speaker 1: was complicit in the murder of four unarmed Afghan prisoners 49 00:02:38,080 --> 00:02:41,600 Speaker 1: while serving with the SAS. Robert Smith then sought special 50 00:02:41,680 --> 00:02:45,480 Speaker 1: leave to appeal that decision, which the High Court today denied. 51 00:02:45,639 --> 00:02:48,760 Speaker 1: The Full Court said it found no error in the 52 00:02:48,840 --> 00:02:51,960 Speaker 1: judgment of the Federal Court. Robert Smith has also been 53 00:02:52,040 --> 00:02:55,480 Speaker 1: ordered to pay the newspaper's legal costs. Story number four. 54 00:02:55,480 --> 00:02:58,880 Speaker 1: PwC could be banned from government work for five years 55 00:02:58,919 --> 00:03:01,880 Speaker 1: under a bill being introduced by the Greens. The proposal 56 00:03:01,919 --> 00:03:06,480 Speaker 1: follows the scandal where PwC partners misused confidential tax briefings 57 00:03:06,480 --> 00:03:10,160 Speaker 1: to help clients. Green Senator Barbara Pocock says her bill 58 00:03:10,200 --> 00:03:13,560 Speaker 1: would give the Commonwealth quote the teeth it currently lacks 59 00:03:13,760 --> 00:03:17,680 Speaker 1: to deal with future scandals, and would exclude contractors found 60 00:03:17,720 --> 00:03:21,320 Speaker 1: guilty of misconduct by the AFP, the Tax Practitioners Board, 61 00:03:21,400 --> 00:03:25,600 Speaker 1: or the National Anti Corruption Commission. PwC remains under investigation 62 00:03:25,680 --> 00:03:28,480 Speaker 1: by the AFP, although a temporary ban by the government 63 00:03:28,560 --> 00:03:32,880 Speaker 1: on PwC tenders expired in July. Finally, Story number five 64 00:03:32,960 --> 00:03:36,240 Speaker 1: shares in Google's parent company, Alphabet, jumped more than nine 65 00:03:36,240 --> 00:03:39,840 Speaker 1: percent after a US judge decided not to force Google 66 00:03:39,920 --> 00:03:43,080 Speaker 1: to sell its Chrome browser. The case was the biggest 67 00:03:43,240 --> 00:03:47,040 Speaker 1: against big tech in three decades and centered on claims 68 00:03:47,040 --> 00:03:50,920 Speaker 1: that Google illegally monopolized search by paying billions to Apple 69 00:03:51,000 --> 00:03:54,440 Speaker 1: and others to make its search engine the default search engine. 70 00:03:54,520 --> 00:03:57,480 Speaker 1: The court agreed that Google did abuse its dominance, but 71 00:03:57,560 --> 00:04:01,600 Speaker 1: stopped short of enforcing a breakup, instead of ordering much 72 00:04:01,680 --> 00:04:05,240 Speaker 1: milder remedies, such as sharing search data with rivals and 73 00:04:05,400 --> 00:04:09,680 Speaker 1: ending some exclusivity deals. Investors were clearly delighted with the 74 00:04:09,920 --> 00:04:13,960 Speaker 1: somewhat lighter than expected outcome, sending Alphabet stock to its 75 00:04:14,040 --> 00:04:16,880 Speaker 1: highest level in nearly five months. That's it for the 76 00:04:16,920 --> 00:04:20,200 Speaker 1: Afternoon Report for Thursday, the fourth of September twenty twenty five. 77 00:04:20,240 --> 00:04:22,000 Speaker 1: Make sure you follow on the podcast and we'll be 78 00:04:22,120 --> 00:04:24,640 Speaker 1: back tomorrow morning with the Friday edition of Fear and Greed. 79 00:04:24,880 --> 00:04:26,679 Speaker 1: A'm Michael Thompson. Enjoy your evening.