1 00:00:03,520 --> 00:00:06,320 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,360 --> 00:00:09,480 Speaker 1: for Wednesday, the twenty sixth of November. I'm Michael Thompson, 3 00:00:09,520 --> 00:00:11,800 Speaker 1: and every afternoon we've got the five stories that happened 4 00:00:11,840 --> 00:00:13,840 Speaker 1: today that you need to know about. Let's go a 5 00:00:13,880 --> 00:00:17,639 Speaker 1: story number one. Higher than expected inflation data for October 6 00:00:17,720 --> 00:00:20,680 Speaker 1: has pretty much ruled out an interest rate cut anytime soon. 7 00:00:20,760 --> 00:00:23,840 Speaker 1: In fact, the next move might actually be up, and 8 00:00:24,239 --> 00:00:25,840 Speaker 1: it also took some of the heat out of a 9 00:00:25,880 --> 00:00:28,560 Speaker 1: strong rally on the ASX two hundred today. It was 10 00:00:28,600 --> 00:00:30,840 Speaker 1: still a pretty solid day on the local market, though, 11 00:00:30,840 --> 00:00:33,800 Speaker 1: with the boors closing naero point eight percent higher to 12 00:00:33,920 --> 00:00:37,519 Speaker 1: eight six hundred and seven points. It was higher than 13 00:00:37,520 --> 00:00:39,839 Speaker 1: that earlier in the day, fueled by a good night 14 00:00:39,920 --> 00:00:42,160 Speaker 1: on Wall Street and hopes of an interest rate cut 15 00:00:42,200 --> 00:00:46,000 Speaker 1: in the US next month, but the local monthly CPI 16 00:00:46,080 --> 00:00:49,600 Speaker 1: figures dashed any hopes of a cut here, the headline 17 00:00:49,640 --> 00:00:52,400 Speaker 1: inflation figure coming in at three point eight percent, well 18 00:00:52,400 --> 00:00:55,680 Speaker 1: over the three point six percent that had been forecast. 19 00:00:56,160 --> 00:01:00,040 Speaker 1: Investment banks Baron, Joey and Ubs are now actually forecasting 20 00:01:00,080 --> 00:01:04,560 Speaker 1: the Reserve Bank will increase interest rates next year. Defensive 21 00:01:04,560 --> 00:01:07,440 Speaker 1: stocks did pretty well today healthcare companies like Ramsey up 22 00:01:07,440 --> 00:01:10,040 Speaker 1: three point eight percent and ResMed two point one percent. 23 00:01:10,319 --> 00:01:13,200 Speaker 1: Materials for the best on the boss lithium companies, in 24 00:01:13,240 --> 00:01:16,600 Speaker 1: particular due to plans in the UK to stockpile critical 25 00:01:16,640 --> 00:01:20,479 Speaker 1: minerals to reduce reliance on China. BHP was up two percent. 26 00:01:20,760 --> 00:01:23,440 Speaker 1: Bit of a mixed day for retailers, though West Farmers 27 00:01:23,520 --> 00:01:26,520 Speaker 1: was up nearly two percent. JB hi Fi climbed two 28 00:01:27,040 --> 00:01:32,680 Speaker 1: but online retailer Temple and Webster absolute shocker, tumbling thirty 29 00:01:32,760 --> 00:01:36,200 Speaker 1: two point three percent today. Its growth in the half 30 00:01:36,240 --> 00:01:39,480 Speaker 1: to date came in below expectations, and investors did not 31 00:01:39,720 --> 00:01:42,760 Speaker 1: like that. On Destory number two. Now and last minute 32 00:01:42,760 --> 00:01:46,520 Speaker 1: policy negotiations are underway in Canberra over the government's signatory 33 00:01:46,640 --> 00:01:50,320 Speaker 1: form of environmental laws, with the Prime Minister negotiating with 34 00:01:50,360 --> 00:01:53,800 Speaker 1: Green's leader Larissa Waters to secure support for the overhaul. 35 00:01:54,000 --> 00:01:57,560 Speaker 1: Media reports suggest that the government is hoping to finalize 36 00:01:57,600 --> 00:02:00,920 Speaker 1: a deal today, with Parliament only sitting for one more 37 00:02:01,000 --> 00:02:04,200 Speaker 1: day before rising for the year. It has been a 38 00:02:04,240 --> 00:02:07,520 Speaker 1: pretty frantic day really in Canberra. A mystery it outage 39 00:02:07,520 --> 00:02:11,240 Speaker 1: a Parliament House took parts of the building's website and 40 00:02:11,280 --> 00:02:15,480 Speaker 1: several internal systems offline, triggering what's been described as an 41 00:02:15,560 --> 00:02:19,280 Speaker 1: urgent investigation. The Department of Parliamentary Services told staff that 42 00:02:19,280 --> 00:02:22,120 Speaker 1: support teams were working to find the cause after sections 43 00:02:22,240 --> 00:02:24,760 Speaker 1: of the Parliament House website and some of the key 44 00:02:24,840 --> 00:02:28,440 Speaker 1: databases went down. It is interesting timing because it came 45 00:02:28,800 --> 00:02:32,720 Speaker 1: just days after MPs were warned to tighten their cybersecurity 46 00:02:32,800 --> 00:02:35,920 Speaker 1: during the visit of a senior Chinese official, although there 47 00:02:35,960 --> 00:02:38,640 Speaker 1: is no evidence to suggest that this outage is related 48 00:02:38,639 --> 00:02:41,880 Speaker 1: to a cyber attack. And then this afternoon a little 49 00:02:41,880 --> 00:02:44,320 Speaker 1: bit more chaos in Parliament House, many of the lights 50 00:02:44,360 --> 00:02:47,240 Speaker 1: going off in the House of Reps. The Opposition did 51 00:02:47,280 --> 00:02:50,560 Speaker 1: not miss their chance, having already nicknamed Energy Minister Chris 52 00:02:50,600 --> 00:02:54,760 Speaker 1: Bowen blackout Bowen. They switched on their phone torches, jumped 53 00:02:54,800 --> 00:02:57,760 Speaker 1: to their feet and started shouting at the government. Always 54 00:02:57,919 --> 00:03:02,160 Speaker 1: fun and games. In Canberraver number three Optus has suffered 55 00:03:02,200 --> 00:03:06,400 Speaker 1: another major outage, with more than fourteen thousand customers in 56 00:03:06,480 --> 00:03:11,360 Speaker 1: Victoria Southeast without mobile services this morning after vandals cut 57 00:03:11,400 --> 00:03:15,760 Speaker 1: through fiber cables while trying to steal copper from telecom pits. 58 00:03:16,880 --> 00:03:19,720 Speaker 1: The telco says that the damage was deliberate. They've handed 59 00:03:19,760 --> 00:03:23,320 Speaker 1: photographic evidence to police. Five of the six affected sites 60 00:03:23,320 --> 00:03:26,800 Speaker 1: were restored by mid morning. Triple zero calls were being 61 00:03:26,960 --> 00:03:31,360 Speaker 1: automatically redirected through other networks, but it is another blow 62 00:03:31,400 --> 00:03:34,560 Speaker 1: for the telco. It's still facing a Senate inquiry into 63 00:03:34,600 --> 00:03:37,320 Speaker 1: a triple zero outage in September, which is linked to 64 00:03:37,360 --> 00:03:40,600 Speaker 1: the deaths of two people who couldn't contact emergency services. 65 00:03:40,840 --> 00:03:43,760 Speaker 1: The chair of that inquiry, Green Senator Sarah Hanson Young, 66 00:03:44,040 --> 00:03:47,400 Speaker 1: has today called for an urgent review of Optus's license. 67 00:03:47,880 --> 00:03:50,560 Speaker 1: Story number four. This one is out of New South Wales, 68 00:03:50,600 --> 00:03:53,920 Speaker 1: but it is pretty remarkable wherever you are listening. A 69 00:03:53,920 --> 00:03:57,000 Speaker 1: New South Wales government agency has admitted that it kept 70 00:03:57,040 --> 00:04:01,240 Speaker 1: paying almost five hundred former employee after they left their jobs, 71 00:04:01,240 --> 00:04:04,400 Speaker 1: including one person who quit and went on to receive 72 00:04:04,480 --> 00:04:07,440 Speaker 1: more than two hundred and ninety five thousand dollars over 73 00:04:07,520 --> 00:04:11,760 Speaker 1: three years. The State Audit Office says poor payroll controls 74 00:04:11,800 --> 00:04:14,800 Speaker 1: and slow processing led to hundreds of cases of overpayment, 75 00:04:15,080 --> 00:04:18,039 Speaker 1: with six former staff receiving more than four hundred thousand 76 00:04:18,080 --> 00:04:21,039 Speaker 1: dollars between them. It also found widespread problems across the 77 00:04:21,080 --> 00:04:24,680 Speaker 1: public sector, including long term contractors on extremely high rates, 78 00:04:24,960 --> 00:04:27,520 Speaker 1: some earning more than five hundred and fifty thousand dollars 79 00:04:27,560 --> 00:04:31,960 Speaker 1: a year and major overtime blowouts in several departments, And finally, 80 00:04:32,000 --> 00:04:35,680 Speaker 1: story number five, French police have arrested four more people 81 00:04:35,800 --> 00:04:38,640 Speaker 1: over the Louver Crown jewel heist. We've talked a lot 82 00:04:38,680 --> 00:04:42,000 Speaker 1: about this one in recent weeks. Three men have already 83 00:04:42,000 --> 00:04:45,240 Speaker 1: been charged over the robbery. In October, the latest round 84 00:04:45,240 --> 00:04:47,960 Speaker 1: of arrests saw two men and two women, all aged 85 00:04:48,000 --> 00:04:51,599 Speaker 1: between thirty one and forty, detained by police. CNN is 86 00:04:51,680 --> 00:04:53,919 Speaker 1: reporting that one of those men is believed to be 87 00:04:53,960 --> 00:04:56,520 Speaker 1: the fourth member of the gang that actually carried out 88 00:04:56,520 --> 00:04:59,800 Speaker 1: the heist. The thieves, you'll remember this, used a truck 89 00:04:59,800 --> 00:05:03,120 Speaker 1: man ladder to reach a window at the museum. They 90 00:05:03,200 --> 00:05:07,359 Speaker 1: smashed into two high security display cases and stole nine 91 00:05:07,400 --> 00:05:10,960 Speaker 1: items worth more than one hundred million dollars. It all 92 00:05:10,960 --> 00:05:13,919 Speaker 1: took place in just seven minutes. The stolen pieces included 93 00:05:14,040 --> 00:05:17,279 Speaker 1: historic diamond and sapphire jewels worn by French Royalty. One 94 00:05:17,320 --> 00:05:20,440 Speaker 1: crown was dropped during the escape. The rest of the 95 00:05:20,440 --> 00:05:23,800 Speaker 1: collection is still missing. Police are still investigating whether the 96 00:05:23,880 --> 00:05:27,039 Speaker 1: jewels have been broken up or melted down. There are 97 00:05:27,240 --> 00:05:31,120 Speaker 1: still some hopes that maybe the quick arrests might mean 98 00:05:31,160 --> 00:05:33,640 Speaker 1: that the jewels can be recovered, though you'd have to 99 00:05:33,640 --> 00:05:36,600 Speaker 1: think those hopes would be fading by now. That's it 100 00:05:36,640 --> 00:05:40,080 Speaker 1: for the Afternoon Report for Wednesday, the twenty sixth of November. 101 00:05:40,160 --> 00:05:42,479 Speaker 1: Make sure you're following the podcast, and please head along 102 00:05:42,480 --> 00:05:45,400 Speaker 1: to Fear and Agreed dot com at dot au to 103 00:05:45,440 --> 00:05:47,560 Speaker 1: sign up for our free daily newsletter. I'll put a 104 00:05:47,560 --> 00:05:49,799 Speaker 1: link in today's show notes as well. I'm Michael Thompson. 105 00:05:49,960 --> 00:05:50,719 Speaker 1: Have a great evening.