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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Wednesday,

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Speaker 1: the seventh of August twenty twenty four. I'm sean al

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Speaker 1: month every afternoon. We've got the five stories that happened

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Speaker 1: today that you need to know about. Storyamore on the

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Speaker 1: S and PA six two hundred closed up zero point

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Speaker 1: three percent to seventy seven hundred points. Having started the

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Speaker 1: day lower, nine of the eleven sectors on the benchmark

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Speaker 1: ended higher, led by the real estate investment trusts. The

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Speaker 1: two sectors that ended lower were the two biggest financials

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Speaker 1: and materials. The banks were mixed, with Commonwealth Bank and

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Speaker 1: ain Z higher while National Australia Bank and A and

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Speaker 1: Z were lower. CISL had a good day, rising nearly

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Speaker 1: one percent, as did Telstra, which jumped one point two percent.

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Speaker 1: Woodside closed up one and a half percent. It wasn't

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Speaker 1: so good for the big three miners, as iron ore

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Speaker 1: prices fell forts Feu Metals Group and Rio both closed

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Speaker 1: down one percent, while BHP was off more than half

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Speaker 1: a percent. A notable poor performer was James Hardy, which

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Speaker 1: dropped more than two percent, pairing back gains made in

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Speaker 1: recent sessions. In corporate news, New and Pharmaceutic put itself

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Speaker 1: into a trading halt today ahead of downgrading its earnings

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Speaker 1: outlook on the back of weaker sales from American partner Arcadia.

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Speaker 1: Ewan's share price is off more than thirty percent this year,

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Speaker 1: having more than doubled in the final six weeks of

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Speaker 1: twenty twenty three. Story number two. Japan continues to be

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Speaker 1: the most interesting financial market in the region. Today, It's

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Speaker 1: central bank, the Bank of Japan, said it won't raise

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Speaker 1: its policy interest rate while financial and capital markets are unstable.

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Speaker 1: That sent the NIKEE higher and the end higher. The

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Speaker 1: Nike is now trading around the level it was at

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Speaker 1: the beginning of the week, having at one point dropped

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Speaker 1: as much as thirteen percent. Otherwise, things are I suppose

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Speaker 1: volatile as the best word to use. That's for equity

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Speaker 1: markets at least, but they're not quite as jumpy as

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Speaker 1: they were earlier in the week. Oil prices are trending

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Speaker 1: higher and gold is trending lower. The Ausie dollars up

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Speaker 1: about half a cent against the green back to sixty

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Speaker 1: five and a half fewers cents, and cryptos are off

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Speaker 1: their layers, with bitcoin back to almost fifty seven thousand

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Speaker 1: US dollars a unit. Story number three. Australia has issued

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Speaker 1: travel advisory notices warning tourists of the risk to their

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Speaker 1: safety from anti immigration protests and riots in the United Kingdom.

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Speaker 1: After last weekend's violence in the country, in which rioters

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Speaker 1: attacked hotels used to house asylum seekers, Australia updated its

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Speaker 1: travel warnings to the UK now says avoid areas where

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Speaker 1: protests are recurring due to the potential for disruption and violence.

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Speaker 1: The United Arab Emirates, Nigeria, Malaysia and Indonesia have also

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Speaker 1: told their citizens to be on high alert. The violence

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Speaker 1: has affected towns and city centers across the country, including

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Speaker 1: tourist destinations like Manchester and Liverpool. The Australian government has

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Speaker 1: also changed its travel advice to Bangladesh to do not

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Speaker 1: travel with the Foreign Ministry, saying the situation is volatile.

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Speaker 1: It comes as the President of Bangladesh to dissolved the

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Speaker 1: country's parliament following an ultimatum issued by student protests, which

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Speaker 1: forced the resignation of the Prime Minister on Monday. Story

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Speaker 1: number four. Workers in rogue rams financial franchises paid and

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Speaker 1: took illicit kickbacks and faked tax returns and company statements

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Speaker 1: in the years leading up to their termination, Westpac allegers.

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Speaker 1: In response to a class action threat hanging over the bank,

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Speaker 1: Westpac said it would effectively shut down the thirty three

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Speaker 1: year old RAMS brand this week, amid an Australian Securities

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Speaker 1: and Investments Commission probe into the business, covering the conduct

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Speaker 1: of franchisees that have since taken the bank to court. Now,

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Speaker 1: the sixteen franchisees alleged the bank and properly terminated their licenses. However,

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Speaker 1: in documents file to the Federal Court and obtained by

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Speaker 1: the Australian Financial Review, Westpac said it found evidence of

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Speaker 1: widespread misconduct. Away from the court case, RAMS will no

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Speaker 1: longer accept new customers, while existing ones can still access

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Speaker 1: services through its app, website or call centers. The thirty

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Speaker 1: one point eight billion dollar Lane book will be absorbed

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Speaker 1: into west PAC's mortgage portfolio and story number five. Carmela

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Speaker 1: Harris avernight introduced Tim Walls, her running mate in the

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Speaker 1: race for the White House, saying the Minnesota governor was

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Speaker 1: a champion of dearly held freedoms that Donald Trump was

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Speaker 1: plotting to take away. Her comments in front of thousands

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Speaker 1: of cheering supporters in Philadelphia came after polls show the

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Speaker 1: Vice president moving slightly ahead of her Republican rival in

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Speaker 1: some national and crucial batterground state polling averages. Harris selected Walls,

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Speaker 1: a former football coach and National Guardsman, over the governor

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Speaker 1: of Pennsylvania and an Arizona Senator. Walls is a mainstream

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Speaker 1: Democrat from the Midwest who appeals to both the progressive

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Speaker 1: and moderate wings of the party. He was immediately attacked

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Speaker 1: by Donald Trump and Republicans as a radical leftists. Harris

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Speaker 1: and Walls are now pitching themselves as defenders of personal freedoms,

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Speaker 1: including abortion rights and safety from gun violence. According to

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Speaker 1: The Financial Times, that's it if the afternoon report for Wednesday,

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Speaker 1: the seventh of August twenty twenty four, Michael Thompson and

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Speaker 1: I will be back tomorrow morning with the Thursday edition

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Speaker 1: off Heeering Greed business news. I'm chane Elma enjoy evening,