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

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Speaker 1: for Wednesday, the twenty ninth of May twenty twenty four.

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Speaker 1: I'm sure, almam every afternoon. We've got five stories that

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

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Speaker 1: this SMPA six two hundred close down one point three

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Speaker 1: percent today is seven six hundred and sixty six points.

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Speaker 1: It's the lowest close in three weeks. It came after

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Speaker 1: Australian Bureau Statistics data shows inflation for the twelve months

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Speaker 1: at the end of April coming in at three point

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Speaker 1: six percent. That was higher than expected and higher than

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Speaker 1: the month earlier. The inflation figures didn't help, though, the

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Speaker 1: market was already much lower ahead of the eleven thirty

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Speaker 1: am announcement that was pretty much on the back of

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Speaker 1: a new talk of US interest rates staying higher for longer.

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Speaker 1: There wasn't much to like in the market today, with

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Speaker 1: all eleven sub indices falling and around three quarters of

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Speaker 1: the stocks ending lower. They all fell by quite a bit,

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Speaker 1: with consumer stables down more than two percent, and the

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Speaker 1: best performing sub index was tech, it was still down

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Speaker 1: half a percent. Among the large caps, fortesqu Medals Group

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Speaker 1: fell three point six percent and Rio Tinto dropped one

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Speaker 1: and a half percent. After the price Buy and All

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Speaker 1: came off, all the banks belower, with Westpac and A

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Speaker 1: and Z falling more than two percent. Telstra was off

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Speaker 1: one point seven percent, and Aristocrat Leisure dropped nearly three percent.

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Speaker 1: Story number two in corporate news News Corps unveiled a

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Speaker 1: major restructure today, leaving the group with three publishing units

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Speaker 1: and a sales unit. The goal is to find sixty

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Speaker 1: five million dollars in savings this and next financial years.

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Speaker 1: Respiratory company Fisher and Paykel expects net profit after tax

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Speaker 1: in the next fiscal year to bounce back after disappointing

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Speaker 1: twenty twenty four because of some abnormal items. Its share

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Speaker 1: price jumped four percent today, the best of the top

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Speaker 1: two hundred. The worst today was New and Pharmaceuticals, which

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Speaker 1: tumbled nine percent. It had surged a week ago in

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Speaker 1: the back of Phase two trial results for its Pitt

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Speaker 1: Hopkins drug. Those gains have now been eroded. Story number three.

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Speaker 1: Prime Minister Anthony Abernezi says the government will reissue a

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Speaker 1: revised order to replace Direction ninety nine to ensure that

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Speaker 1: the protection of the community outweighs other considerations. It comes

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Speaker 1: after the order allowed non citizen criminals to remain in

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Speaker 1: the country. Direction ninety nine says significant weight must be

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Speaker 1: given to a person's ties to Australia, so in New Zealand,

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Speaker 1: for example, who has lived most of their life in

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Speaker 1: Australia might be allowed to stay even if they are

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Speaker 1: a criminal. The government has also abolished the Administrative Appeals Tribunal,

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Speaker 1: which followed Direction ninety nine when releasing people into the community.

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Speaker 1: Mister Albenezi also added that Immigration Minister Andrew Joles has

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Speaker 1: his support. Story Number four the Lease to struck a

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Speaker 1: deal to sells US construction business. Three days after unveiling

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Speaker 1: a four and a half billion dollar plan to pull

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Speaker 1: back from its offshore operations to focus on Australia, It's

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Speaker 1: agreed terms of the major US construction firm, Consigli Construction,

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Speaker 1: for the sale of its US East Coast construction operations.

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Speaker 1: Under the terms of the deal, Consigli will Acquirelease's East

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Speaker 1: Coast construction business, which includes around forty five current under

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Speaker 1: contract and pre construction projects. As part of the sale,

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Speaker 1: the majority of Lenlease's US construction workforce will transition to Consigli.

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Speaker 1: Lenlease isn't disclosing the value of the deal, but it

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Speaker 1: has previously said it expects to write down about one

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Speaker 1: and a half billion dollars across its operations as it

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Speaker 1: divests its international businesses. Lenley's share price closed down two

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Speaker 1: point four percent today and story number five. Insurance Group

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Speaker 1: IAG allegedly hit loyal customers with higher prices via a

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Speaker 1: pricing algorithm, according to claims filed by class action law

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Speaker 1: firm Slater and Gordon. Slater and Gordon have claimed IAG

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Speaker 1: engaged in unfair tactics and misleading conduct and selling home

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Speaker 1: insurance policies. IAG refutes the allegations. The lawsuit alleges at

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Speaker 1: IAG's algorithm modeling estimated the likelihood of existing customers renewing

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Speaker 1: and the price at which they would probably accept an offer.

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Speaker 1: According to the financial review, it incorporated how long customers

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Speaker 1: had held policies and how many policies they had. The

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Speaker 1: lawsuit says some customers were then hit with a loyalty

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Speaker 1: uplift in pricing that was greater than any subsequent loyalty discount.

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Speaker 1: According to the lawsuit, the claim mimics earlier action from

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Speaker 1: the Australian Securities and Investments Commission against IAG on the

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Speaker 1: same issue. IAG is also battling a shareholder class action

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Speaker 1: about disclosure of COVID nineteen related problems with business insurance.

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Speaker 1: That's it for the Afternoon Report for Wednesday, the twenty

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Speaker 1: ninth of May twenty twenty four. Don't forget tit. Follow

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Speaker 1: on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow

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Speaker 1: I'm wanning for the Fast five by Fear and Greed,

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Speaker 1: the top five business sorry as you need to know

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Speaker 1: in just five minutes. I'm Sean Elmer. Enjoy your eavening