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

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Speaker 1: for Friday, the fourteenth of June twenty twenty four. I'm

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Speaker 1: Adam Lang. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Story number one.

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Speaker 1: Wall Street reached yet another record overnight thanks to AI

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Speaker 1: related companies such as Nvidia, Apple, Broadcom, and Adobe. The

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Speaker 1: S and P ASX two hundred opened with a slight

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Speaker 1: drop and broadly stayed there today, down zero point three

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Speaker 1: percent to seven seven hundred and twenty four points. Consumer discretionary,

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Speaker 1: healthcare and consumer staples were the only rising sectors today,

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Speaker 1: and across the last week, the index has dropped one

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Speaker 1: point seven percent and sits two point four percent below

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Speaker 1: the high point of the last twelve months. Among the

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Speaker 1: top performers today were Tabcorp, Holdings, Live three sixty and

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Speaker 1: Smart Group. And at the bottom of the ASX table,

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Speaker 1: the Terror Royalty share price fell nearly seven percent to

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Speaker 1: four dollars fifteen after it made a two hundred six

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Speaker 1: seventy seven million dollar bid for British lithium mining group

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Speaker 1: Trident Royalties. In corporate news, Tillex Pharmaceuticals canceled plans for

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Speaker 1: a USIPO that initially caused the share price to fall,

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Speaker 1: but it crept up during the day to close up

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Speaker 1: one percent at sixteen dollars sixty one. Story number two

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Speaker 1: AGL Energy has warned that the investment case for new

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Speaker 1: wind and solar generation is tricky and the group will

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Speaker 1: instead focus on hydro, gas and batteries. It comes a

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Speaker 1: day after rival Origin Energy said it would minimize its

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Speaker 1: solar and win asset ownership and focus on renewable energy

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Speaker 1: purchase contracts, rooftop solar, batteries and gas. Agl's chief operating officer,

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Speaker 1: Marcus Brockhoff said AGL would also ramp up its direct

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Speaker 1: investment in energy firming assets, specifically hydro. He told the

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Speaker 1: Australian Financial Review that AGL would invest in everything from

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Speaker 1: batteries to pumped hydro facilities and gas fired power stations.

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Speaker 1: The investment case for solar is tricky because their peak

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Speaker 1: power generation times during the day coincide with the lowest demand.

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Speaker 1: Wind generation was similarly tricky because revenues were relatively low.

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Speaker 1: He said hydro was undervalued when it comes to the

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Speaker 1: energy transition, as it opens up deep storage capabilities for

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Speaker 1: the energy market, plugging a gap that has plagued the

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Speaker 1: renewable sector as a development of large scale batteries flounders

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Speaker 1: story number three. According to new data from insurer Alions

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Speaker 1: Australia in twenty twenty three, workers took an average of

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Speaker 1: seventy six days off work for each compensation came primarily

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Speaker 1: linked to a mental health condition that amounted to six

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Speaker 1: hundred and fifty five thousand days of work loss to

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Speaker 1: workplace mental health injuries last year across one hundred and

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Speaker 1: fifty five thousand employers ensured by allions. The most common

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Speaker 1: causes of injury complaints were work related harassment and bullying,

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Speaker 1: work pressure and work stress burnout and that was according

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Speaker 1: to The Australian. In the financial year twenty twenty one,

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Speaker 1: government agency Safe Work Australia put the total time loss

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Speaker 1: to serious claims for work related mental health conditions in

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Speaker 1: the economy at five hundred eighty eight thousand, six hundred

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Speaker 1: and ninety nine working weeks. Alion's Chief General Manager of

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Speaker 1: Personal Injury, Julie Mitchell, said the significant increase in claim

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Speaker 1: volumes pre dated COVID nineteen and was being driven by

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Speaker 1: factors including a rise in violent customer behavior against frontline workers,

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Speaker 1: reducing the stigma around disclosing mental health issues, employee expectations,

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Speaker 1: empowering more workers to call out bad behavior, and the

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Speaker 1: rising cost of living putting more strain on the workforce.

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Speaker 1: Story number four. Tesla's shareholders have reaffirmed a pay award

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Speaker 1: of more than US forty eight billion that's seventy two

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Speaker 1: billion Australian dollars for chief executive Elon Musk. The vote

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Speaker 1: on the package came after the original payment was thrown

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Speaker 1: out in a legal challenge and occurred at Tesla's annual

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Speaker 1: general meeting, demonstrating shareholders faith in mister Musk. Tesla now

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Speaker 1: has to persuade the judge who voided the award to

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Speaker 1: reinstate it. The original ruling was that the pay package

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Speaker 1: was tainted because members of the board failed to disclose

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Speaker 1: conflicts of interests that stemmed from their personal and financial

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Speaker 1: ties to mister Musk. If successful, it should push Elon

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Speaker 1: Musk back to the richest person in the world. And

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Speaker 1: story number five. Former President Donald Trump has told an

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Speaker 1: influential group of CEOs that he wants to further cut

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Speaker 1: the corporate tax rate, which he lowered while in office.

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Speaker 1: Both mister Trump, the presumptive Republican nominee, and Jeffrey Ziance

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Speaker 1: representing US President Joe Biden, met with the Business Roundtable

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Speaker 1: in Washington. The prominent group represents more than two hundred CEOs.

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Speaker 1: Neither side was commenting publicly on what was said at

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Speaker 1: the meeting, but reports said Trump wants to cut the

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Speaker 1: corporate tax rate by a percentage point to an even

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Speaker 1: twenty percent. The former president focused his remarks on taxes, inflation,

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Speaker 1: and the need for more oil production. By comparison, the

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Speaker 1: Australian corporate tax rate is thirty percent. That's it for

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Speaker 1: the afternoon report for Friday, the fourteenth of June twenty

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Speaker 1: twenty four. Sean Aylmer, Michael Thompson, and I will be

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Speaker 1: back tomorrow morning with the weekend edition of Fear and

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Speaker 1: Greed Business News. I'm Adam Lang. Enjoy your evening.