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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the fourth of February twenty twenty five. I'm

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Speaker 1: Sean Elmer. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Straight Number one,

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Speaker 1: Donald Trump has to lay for thirty days imposing twenty

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Speaker 1: five percent tariffs on both Canada and Mexico, but the

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Speaker 1: ten percent tariff on Chinese goods is now in effect,

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Speaker 1: and that triggered Beijing into implementing retaliatory tariffs on the US.

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Speaker 1: The toing and throwing hit global financial markets over the

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Speaker 1: past twenty four hours. The gosely dollar fell, bitcoin rose,

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Speaker 1: oil was down, and gold is still trading near record highs.

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Speaker 1: The ASX rallied sharply in the first half hour this morning,

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Speaker 1: then pretty much fell all day to actually finish lower

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Speaker 1: at eighty three hundred and seventy four points. Tech stocks

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Speaker 1: were easily the best performers, mirroring Wall Street. Miners also

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Speaker 1: rallied after Donald Trump revealed he'd probably speak to the

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Speaker 1: Chinese government about these tariffs. Energy companies fell back as

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Speaker 1: oil prices dropped, so to real estate investment trusts and

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Speaker 1: consumer discretionary stocks. Uncertainty Uncertainty uncertainty is ruling the market

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Speaker 1: at the moment. Stralamer two Wilworth's boss, Amanda Bardwell, has

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Speaker 1: restructured her management team as she looks to boost sales

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Speaker 1: across the chain and particularly in its home brand products.

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Speaker 1: There's now a position of managing director of Woolworth's Retail.

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Speaker 1: The woman who is taking that job. Her name is

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Speaker 1: Annette Karen Tony. She was previously Chief Supply Officer. She

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Speaker 1: look after supermarkets, the red meat processing and supply business

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Speaker 1: known as Greenstock, the broader home brands operation, and grocery

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Speaker 1: delivery company Milk Run. A very big gig, Woolies is

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Speaker 1: under pressure. Late last year, it said it was heading

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Speaker 1: for lower profits and had to up discounting. Of course,

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Speaker 1: the competition watchdog, the Australian Competition and Consumer Commission, is

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Speaker 1: also looking into pricing behavior of both Woolies and Coal's.

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Speaker 1: Wooli's share price is down about sixteen percent over the

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Speaker 1: last twelve months. It was one of the worst of

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Speaker 1: the large caps in twenty twenty four. Story number three

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Speaker 1: in other corporate news, Seek's proposed acquisition of ex Ref

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Speaker 1: for forty two million dollars has fallen through after the

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Speaker 1: bid failed to receive sufficient support from the takeover targets shareholders.

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Speaker 1: New Farms share price rose four percent after it told

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Speaker 1: investors the previously announced cost cunning program remains on track,

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Speaker 1: and Promedicus shares jumped five percent after the company signed

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Speaker 1: a fifty three million dollar contract with US healthcare network

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Speaker 1: bay Care to roll out its Visage diagnostic imaging platform.

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Speaker 1: The imaging group is already up twelve percent this year.

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Speaker 1: Story number four, Australia's largest glass maker and only maker

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Speaker 1: of architectural glass, Oceania Glass, has been placed in administration

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Speaker 1: less than a year after successfully arguing that China and

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Speaker 1: Thailand were dumping cheap glass into the Australian market. Grand

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Speaker 1: Thornton has been installed as administrator of the Dandenong based

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Speaker 1: company and will continue to run it while they assess

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Speaker 1: the state of the business. According to a report in

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Speaker 1: The Australian, the company employees around two hundred and fifty

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Speaker 1: people and its products include float glass, coated glass and

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Speaker 1: eliminated glass. They're used in buildings across the country. The

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Speaker 1: company is owned by private equity investor Crescent Capital Partners.

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Speaker 1: Now last year, the company successfully argued that Chinese and

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Speaker 1: tire competitors were dumping glass products into the Australian market

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Speaker 1: at subsidized prices. Obviously, that didn't help. The company was

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Speaker 1: founded in eighteen fifty six. It claims to be the

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Speaker 1: only architectural glass manufacturer in Australia and story number five,

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Speaker 1: Donald Trump says Elon Musk can't do anything without his approval,

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Speaker 1: as the cost cutting czar is accused of breaching the constitution.

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Speaker 1: The ex owner and newly appointed head of the Department

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Speaker 1: of Government Efficiency as in DOGE, sparked outrage after pledging

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Speaker 1: to abolish the US Agency for International Development, which he

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Speaker 1: condemned as a criminal organization. Also, representatives from mister Musk's

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Speaker 1: organization were granted access to secure Treasury systems over the weekend,

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Speaker 1: raising fears he could cut payments to state programs such

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Speaker 1: as Medicaid, which provides healthcare to millions of low income Americans.

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Speaker 1: Democratic legislators in the Senate wrote to the Secretary of

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Speaker 1: State Marco Rubio, raising deep concerns about mister Musk's department

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Speaker 1: accessing classified information and risking national security. Miss Trump appears

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Speaker 1: to be trying to reel in, mister Musk, he said,

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Speaker 1: and I will give him the approval. We're appropriate, We're

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Speaker 1: not appropriate, we won't, but he reports in. That's it

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Speaker 1: for the Afternoon Report for Tuesday, the fourth, February twenty

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Speaker 1: twenty five. Make sure you hit follow on the podcast.

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Speaker 1: We will be back tomorrow morning with a Wednesday edition

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Speaker 1: off Fear and Greed business News. I'm Sean Elmer. Enjoy

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Speaker 1: your evening