1 00:00:04,240 --> 00:00:07,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:10,200 Speaker 1: for Tuesday, the seventeenth of March twenty twenty six are 3 00:00:10,240 --> 00:00:13,200 Speaker 1: Michael Thompson and every afternoon we've got the five stories 4 00:00:13,200 --> 00:00:15,360 Speaker 1: that happened today that you need to know about. Let's 5 00:00:15,400 --> 00:00:17,680 Speaker 1: go with story number one. The Reserve Bank Board has 6 00:00:17,840 --> 00:00:21,320 Speaker 1: increased the official cash rate by twenty five basis points, 7 00:00:21,680 --> 00:00:24,720 Speaker 1: taking it to four point one percent. That is two 8 00:00:24,800 --> 00:00:27,120 Speaker 1: consecutive rate hikes now from the Central Bank, and it 9 00:00:27,240 --> 00:00:29,920 Speaker 1: was widely expected, but in the end it was actually 10 00:00:29,960 --> 00:00:33,280 Speaker 1: a split decision, with the Board voting five to four 11 00:00:33,600 --> 00:00:37,200 Speaker 1: in favor of the increase to help tackle inflation. Speaking 12 00:00:37,360 --> 00:00:40,320 Speaker 1: after the meeting, Reserve Bank Governor Michelle Bullock said, and 13 00:00:40,360 --> 00:00:43,760 Speaker 1: I quote the whole Middle Eastern situation has resulted in 14 00:00:43,800 --> 00:00:46,559 Speaker 1: concerns about inflation and as a result, a lift in 15 00:00:46,680 --> 00:00:50,640 Speaker 1: expectation for central bank interest rates. The SMPA s X 16 00:00:50,720 --> 00:00:53,640 Speaker 1: two hundred rows zero point four percent to close at 17 00:00:53,720 --> 00:00:59,040 Speaker 1: eighty six hundred and fourteen points. Banks led the gains 18 00:00:59,480 --> 00:01:03,640 Speaker 1: of the moving sectors as higher rates boost margins. Westpac 19 00:01:03,720 --> 00:01:05,839 Speaker 1: was up one point four percent, NAB was up nearly 20 00:01:05,880 --> 00:01:09,559 Speaker 1: one percent. Commonwealth Bank added zero point three percent. NAB 21 00:01:09,600 --> 00:01:12,160 Speaker 1: actually became the first of the big four banks to 22 00:01:12,200 --> 00:01:16,200 Speaker 1: pass the interest rate hike onto mortgage holders. Material stocks 23 00:01:16,240 --> 00:01:19,320 Speaker 1: also rebounded after yesterday's sell off. BHP was up more 24 00:01:19,319 --> 00:01:22,240 Speaker 1: than one percent, so it was four to SKEW. That's 25 00:01:22,000 --> 00:01:25,480 Speaker 1: as iron ore prices are kind of edging higher, we 26 00:01:25,520 --> 00:01:29,840 Speaker 1: are seeing that benefit. BHP four to SKEU. Gold miners rallied, 27 00:01:29,959 --> 00:01:32,319 Speaker 1: while energy stocks were a bit mixed today as oil 28 00:01:32,520 --> 00:01:35,959 Speaker 1: prices hovered just above one hundred US dollars a barrel, 29 00:01:36,400 --> 00:01:41,440 Speaker 1: the rate sensitive sectors tended to lag today. Technology retail 30 00:01:41,480 --> 00:01:44,040 Speaker 1: stocks were weaker wise Tech, for instance, it was down 31 00:01:44,120 --> 00:01:47,919 Speaker 1: three percent, Zero was off nearly two percent, and West 32 00:01:47,920 --> 00:01:52,720 Speaker 1: Farmers declined one point six percent today. Under story number two. 33 00:01:53,080 --> 00:01:54,800 Speaker 1: There were actually a few other bits and pieces of 34 00:01:54,800 --> 00:01:57,880 Speaker 1: corporate news around today. Worth a mentioned. Challenger lowered its 35 00:01:57,920 --> 00:02:01,400 Speaker 1: takeover offer for pepper Money to two dollars twenty five 36 00:02:01,560 --> 00:02:04,600 Speaker 1: a share. That's down from two dollars sixty and they 37 00:02:04,640 --> 00:02:09,560 Speaker 1: cited deteriorating market conditions. Pepper Money's share price tumbled as 38 00:02:09,560 --> 00:02:12,640 Speaker 1: a result. It was down almost fifteen percent today, while 39 00:02:12,639 --> 00:02:16,239 Speaker 1: on the other hand, Challenges climbed three point five percent. 40 00:02:16,760 --> 00:02:18,799 Speaker 1: Coal Mine and New Hope dropped six and a half 41 00:02:18,840 --> 00:02:22,200 Speaker 1: percent after reporting an eighty four percent drop in net 42 00:02:22,200 --> 00:02:25,919 Speaker 1: profit driven by week of coal prices and quickly. Pexit 43 00:02:25,960 --> 00:02:28,239 Speaker 1: Group's share price climbed one and a half percent after 44 00:02:28,280 --> 00:02:31,560 Speaker 1: it said it had sold its Informed Decisions business as 45 00:02:31,560 --> 00:02:35,760 Speaker 1: it continues to exit digital solutions. Story number three, the 46 00:02:35,919 --> 00:02:40,360 Speaker 1: family of alleged Bondai attacker Navid Akram has received death 47 00:02:40,360 --> 00:02:43,280 Speaker 1: threats and been targeted by vigilantes, a court has been 48 00:02:43,280 --> 00:02:47,640 Speaker 1: told as he seeks a sweeping suppression order. Akram was 49 00:02:47,720 --> 00:02:51,600 Speaker 1: appearing via video link from Golden Supermax Prison. He's asking 50 00:02:51,639 --> 00:02:55,040 Speaker 1: for a forty year order to hide identifying details of 51 00:02:55,160 --> 00:02:58,800 Speaker 1: his family, arguing they face serious risk of harm. Barris 52 00:02:58,840 --> 00:03:00,640 Speaker 1: has told the court that the found only home had 53 00:03:00,639 --> 00:03:03,320 Speaker 1: been targeted with eggs, pork and a bottle of liquid 54 00:03:03,360 --> 00:03:07,840 Speaker 1: believed to be urine, while threats had been made warning 55 00:03:07,840 --> 00:03:10,560 Speaker 1: that they could be killed. The court expect The court 56 00:03:10,600 --> 00:03:12,920 Speaker 1: heard that the order may be difficult though to enforce, 57 00:03:12,960 --> 00:03:16,600 Speaker 1: given that has been extensive global coverage of the case already. 58 00:03:16,880 --> 00:03:21,560 Speaker 1: A decision on the suppression order is expected on April second. 59 00:03:22,200 --> 00:03:26,080 Speaker 1: Story number four, Australian tech company at Lassion is facing 60 00:03:26,160 --> 00:03:29,800 Speaker 1: legal action in the United States, with labor prosecutors alleging 61 00:03:29,800 --> 00:03:34,320 Speaker 1: that the company illegally fired an employee who criticized management. 62 00:03:34,720 --> 00:03:38,760 Speaker 1: The case centers on a software engineer who spoke out 63 00:03:38,920 --> 00:03:43,000 Speaker 1: about workplace changes during an internal meeting, invoking the company's 64 00:03:43,440 --> 00:03:48,520 Speaker 1: open company nobs philosophy. The engineer then went onto a 65 00:03:48,600 --> 00:03:53,000 Speaker 1: Slack channel for employees, criticizing then co CEO Mike Cannon. 66 00:03:53,000 --> 00:03:55,119 Speaker 1: Brooks is now the sole CEO, but at the time 67 00:03:55,160 --> 00:03:58,400 Speaker 1: he was sharing the job, criticizing him for dialing into 68 00:03:58,480 --> 00:04:02,200 Speaker 1: the meeting from the headquarters of the Utah Jazz NBA 69 00:04:02,320 --> 00:04:05,080 Speaker 1: team that he owns only too and I quote yell 70 00:04:05,160 --> 00:04:08,880 Speaker 1: at the people whose careers he just pummeled. Now, US 71 00:04:09,000 --> 00:04:12,920 Speaker 1: labor officials argue the dismissal breached laws protecting workers' rights 72 00:04:12,960 --> 00:04:17,280 Speaker 1: to discuss and protest workplace conditions. At Lassian, though denies wrongdoing, 73 00:04:17,360 --> 00:04:21,120 Speaker 1: saying this is a quote from the company's lawyer, it 74 00:04:21,240 --> 00:04:25,480 Speaker 1: was an irrelevant personal attack and insult directed at a colleague, 75 00:04:25,680 --> 00:04:30,000 Speaker 1: essentially calling him a rich jerk. And finally, story number five, 76 00:04:30,080 --> 00:04:32,920 Speaker 1: US President Donald Trump says he plans to delay a 77 00:04:33,040 --> 00:04:36,560 Speaker 1: high stakes meeting with the Chinese president Jijin Ping as 78 00:04:36,560 --> 00:04:39,680 Speaker 1: he focuses on the escalating A Rahm conflict. The meeting 79 00:04:39,800 --> 00:04:43,360 Speaker 1: had been scheduled for late March, but may be pushed 80 00:04:43,400 --> 00:04:45,919 Speaker 1: back now by about a month to allow Trump to 81 00:04:45,920 --> 00:04:48,560 Speaker 1: remain in Washington to oversee the war effort, which has 82 00:04:48,560 --> 00:04:51,640 Speaker 1: of course become the dominant focus of US foreign policy, 83 00:04:51,720 --> 00:04:56,039 Speaker 1: overshadowing trade and diplomatic priorities. Officials say the delay is 84 00:04:56,120 --> 00:04:59,640 Speaker 1: not linked to trade tensions, although negotiations between the two 85 00:04:59,680 --> 00:05:03,440 Speaker 1: countries are continuing. And that's it for the Afternoon Report 86 00:05:03,520 --> 00:05:06,600 Speaker 1: for Tuesday, the seventeenth of March. Make sure you're following 87 00:05:06,600 --> 00:05:09,320 Speaker 1: the podcast, and please head along to Fearandgreed dot com 88 00:05:09,320 --> 00:05:11,920 Speaker 1: dot au to sign up for our free daily newsletter. 89 00:05:12,200 --> 00:05:14,159 Speaker 1: I'm Michael Thompson. Enjoy your evening.