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

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Speaker 1: Report for Monday, the eighteenth of November twenty twenty four.

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Speaker 1: I'm Sean Elmer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. Stort

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Speaker 1: number one. The commodity sector saved the local share market

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Speaker 1: today with the big minus offsetting losses in other sectors.

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Speaker 1: A bounce a nine ore prices helped BHP, Fortescu Metals

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Speaker 1: and Rio. Also, there was a bit more confidence in uranium, aluminum,

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Speaker 1: and gold stocks. In the case of aluminium, a potential

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Speaker 1: tax change in China could send up prices of that commodity.

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Speaker 1: That news, for example, send aluminum minus South thirty two

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Speaker 1: up six percent. But the Trump trade stocks, think technology, healthcare, financials,

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Speaker 1: they struggled. Over the weekend. Wall Street fell back as

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Speaker 1: the enthusiasm for Trump trade stocks diminished on fears of

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Speaker 1: higher interest rates for longer that hit the local market.

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Speaker 1: By the end of the day, the SMPA six two

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Speaker 1: hundred was flat. Well that's not true. It was up

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Speaker 1: zero point two percent March to ninety three hundred points.

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Speaker 1: In Corporate News, Life three sixty co founder Chris Holes

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Speaker 1: sold at one point two percent of total outstanding shares

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Speaker 1: so as to diversify his financial wealth. That hit its

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Speaker 1: share price. It fell more than six percent, but it

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Speaker 1: also meant Chris Hols was about thirty six million dollars richer,

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Speaker 1: at least in cash. Also Worth mentioned bond markets, the

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Speaker 1: enthusiasm for a February rate cut in Australia has diminished.

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Speaker 1: Now the pricing in bond markets is a fifty to

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Speaker 1: fifty percent chance of a cut by April, one hundred

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Speaker 1: percent chance by July straight number two. The big two supermarkets,

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Speaker 1: Woolworth's and Cole's, are having their say at a public

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Speaker 1: hearing into the sector this week. They face allegations of

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Speaker 1: sham discounts from the competition regulator, the Australian Competition and

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Speaker 1: Consumer Commission. What they will say is that the period

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Speaker 1: examined by the ahriablec was particularly volatile. It was post

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Speaker 1: COVID nineteen and the competition watchdog misunderstands how disc coning

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Speaker 1: works today. Woolli CEO Amanda Bardwell said the industry is

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Speaker 1: fiercely competitive, not just Woollies Verse Coals, but also costco

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Speaker 1: Aldi and Chemist Warehouse. She also denied that Woolies was

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Speaker 1: land banking. That's the practice of holding onto sites so

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Speaker 1: they can't be used by competitors. Story number three. The

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Speaker 1: outgoing US Ambassador to Australia, Caroline Kennedy, called for calm.

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Speaker 1: I have a president elect Donald Trump's picks for government positions.

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Speaker 1: Speaking at the National Press Club today, she was asked

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Speaker 1: about whether Australia should trust the US with sensitive information

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Speaker 1: after pro Russian politician Tulsey Gabbard was picked as Director

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Speaker 1: of National Intelligence. Her quote, let's just calm down and

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Speaker 1: see what happens, and quote pointing out that all these

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Speaker 1: people still need to be confirmed. She was a bit

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Speaker 1: of a valedictory speech. She's about to head home. She

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Speaker 1: was very positive about Foreign Affairs Minister Penny Wong. She

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Speaker 1: said she's among the most impressive leaders on the world

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Speaker 1: stage and is read Australia's role in the region straight

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Speaker 1: um before Federal Parliament is sitting this week and next

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Speaker 1: week the final fortnight before the Christmas break. Although Prime

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Speaker 1: Minister Anthony Albernizi isn't around, he's in Brazil at the

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Speaker 1: G twenty summit. That takes a bit of sting out

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Speaker 1: of proceedings today, question time was very much about energy

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Speaker 1: policy and climate change, that type of thing. What unusual

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Speaker 1: event today? During question time teal MP Monique Ryan was

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Speaker 1: asked a question that never happens. It's always the coalition

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Speaker 1: and Labor has asked a question anyway. She was asked

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Speaker 1: a question it was all about the private her private

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Speaker 1: Members Bill that aims to clean up politics. She got

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Speaker 1: to have a whack at the government. She said, integrity

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Speaker 1: measures placed before the House haven't been debated by this government.

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Speaker 1: And story number five. The Corporate Regulator is suing National

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Speaker 1: Australia Bank, alleging it failed to respond to please for

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Speaker 1: help from hundreds of customers facing financial difficulties. AK alleges

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Speaker 1: several breaches of the credit Code. It alleges that National

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Speaker 1: Australia Bank failed to respond to three hundred and forty

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Speaker 1: five hardship applications between late twenty eighteen and late twenty

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Speaker 1: twenty three within the three week time frame required by law.

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Speaker 1: According to the fin review, some affected National Australia Bank

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Speaker 1: customers were victims of domestic violence or serious medical conditions.

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Speaker 1: In a statement to the ASEX, NAB apologized that's it

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Speaker 1: for the Afternoon Report for Monday, the eighteenth of November

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Speaker 1: twenty twenty four. Michael Thompson and I will be back

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Speaker 1: tomorrow morning with a Tuesday edition off Beer and greed

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Speaker 1: business news. I'm John Elmer. Enjoy your evening