1
00:00:04,200 --> 00:00:06,800
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,840 --> 00:00:09,120
Speaker 1: for Monday, the first of July twenty twenty four. I'm

3
00:00:09,119 --> 00:00:11,480
Speaker 1: Sean Elmam. Every afternoon, we've got the five stories that

4
00:00:11,520 --> 00:00:13,800
Speaker 1: happened today that you need to know about. Stro Um

5
00:00:13,840 --> 00:00:16,800
Speaker 1: one the SMPA six two hundred closed down at zero

6
00:00:16,840 --> 00:00:19,760
Speaker 1: point two percent today to seven seven hundred and fifty

7
00:00:19,760 --> 00:00:24,400
Speaker 1: one points. While pro Medicus, the software imaging group, was

8
00:00:24,440 --> 00:00:26,960
Speaker 1: one of the best performers last year, today it was

9
00:00:27,000 --> 00:00:30,200
Speaker 1: the second worst, dropping five percent. Worst for Strike Energy

10
00:00:30,240 --> 00:00:32,240
Speaker 1: after updating the market on the status of a gas

11
00:00:32,240 --> 00:00:35,760
Speaker 1: supply deal with a Wes Farmer subsidiary wasn't good news.

12
00:00:35,760 --> 00:00:38,440
Speaker 1: Its share price dropped twenty percent. The coal companies were

13
00:00:38,440 --> 00:00:41,240
Speaker 1: among the best performers. Looking at the large caps, PHP

14
00:00:41,360 --> 00:00:43,839
Speaker 1: jumped one point six percent, Rio Tinto one and a

15
00:00:43,880 --> 00:00:46,160
Speaker 1: half percent, four of SCW Metals Group one point four percent.

16
00:00:46,440 --> 00:00:48,760
Speaker 1: Mostly the big banks will love bah wldwires Tech Global

17
00:00:48,800 --> 00:00:52,920
Speaker 1: Fill more than five percent. Cochlear, Ariaqbe, SUNCRP and Zero

18
00:00:53,000 --> 00:00:56,000
Speaker 1: were also sold off. Storroing number two in corporate news,

19
00:00:56,080 --> 00:00:58,160
Speaker 1: lend Lease hasn't had a great time of it two

20
00:00:58,160 --> 00:01:01,360
Speaker 1: months ago, saying it will abandon most to its overseas operations.

21
00:01:01,640 --> 00:01:04,200
Speaker 1: Today it said it will sell its US military housing

22
00:01:04,240 --> 00:01:06,520
Speaker 1: business for four hundred and eighty million dollars. That was

23
00:01:06,640 --> 00:01:08,800
Speaker 1: enough to send its share price up four percent, and

24
00:01:08,840 --> 00:01:11,800
Speaker 1: then Least said the price represents a significant premium to

25
00:01:11,840 --> 00:01:15,840
Speaker 1: book value. Brambles replaced Xavier gary Joe the head of

26
00:01:15,840 --> 00:01:19,240
Speaker 1: its Czech America's business after six months only due to

27
00:01:19,680 --> 00:01:23,440
Speaker 1: cultural differences. Its share price fell two percent and Late

28
00:01:23,480 --> 00:01:26,480
Speaker 1: Resources share price was flat after the mining hopeful with

29
00:01:26,600 --> 00:01:30,920
Speaker 1: a flagship project located in Argentina's Lithium Triangle, said it

30
00:01:30,959 --> 00:01:33,240
Speaker 1: will have to slash jobs and sell off assets as

31
00:01:33,280 --> 00:01:36,880
Speaker 1: it faces lower commodity prices and searches for a development partner.

32
00:01:37,400 --> 00:01:40,360
Speaker 1: Story number three big pay rises for two hundred and

33
00:01:40,400 --> 00:01:43,920
Speaker 1: fifty thousand aged care workers have been delayed until next year.

34
00:01:44,400 --> 00:01:47,680
Speaker 1: The Fair Work Commission today rejected the Albanezi government's proposal

35
00:01:48,040 --> 00:01:51,160
Speaker 1: to stagger the pay rise of between two and thirteen

36
00:01:51,200 --> 00:01:55,360
Speaker 1: and a half percent over eighteen months into twenty twenty six. However,

37
00:01:55,680 --> 00:01:57,880
Speaker 1: give an uncertainty of a short term government funding, the

38
00:01:57,920 --> 00:02:00,880
Speaker 1: Commission agreed to phase in increases in two tranches, the

39
00:02:00,920 --> 00:02:03,880
Speaker 1: first one half of it will be January one next year,

40
00:02:04,080 --> 00:02:06,440
Speaker 1: the rest are October one next year. It will help

41
00:02:06,440 --> 00:02:08,760
Speaker 1: the federal budget short term, at least, given the cost

42
00:02:08,800 --> 00:02:11,200
Speaker 1: could be as much as five billion dollars. A further

43
00:02:11,240 --> 00:02:15,239
Speaker 1: eighty thousand indirect cares, including cooks and cleaners, will receive

44
00:02:15,280 --> 00:02:18,119
Speaker 1: their full seven percent increase from the beginning of next year.

45
00:02:18,720 --> 00:02:21,480
Speaker 1: Story number four. The Corporate Watchdog has approved a new

46
00:02:21,600 --> 00:02:24,799
Speaker 1: tougher self regulated Code of Practice for the banking sector,

47
00:02:25,120 --> 00:02:27,840
Speaker 1: which should do more to help out the small business sector.

48
00:02:28,120 --> 00:02:31,040
Speaker 1: But ACIK boss Joe Longo has worn banks to behave

49
00:02:31,080 --> 00:02:33,960
Speaker 1: and guard against the re emergence of past problems, be

50
00:02:34,080 --> 00:02:37,160
Speaker 1: that in the product sphere around incentives for lenders and staff,

51
00:02:37,440 --> 00:02:41,200
Speaker 1: or attitudes towards customers. Mister Longe said the code should

52
00:02:41,240 --> 00:02:43,840
Speaker 1: be considered a base case and standards should improve beyond it.

53
00:02:43,880 --> 00:02:46,280
Speaker 1: For example, he wants the banks to be more proactive

54
00:02:46,320 --> 00:02:49,520
Speaker 1: around helping customers in high fare accounts find a better deal.

55
00:02:49,880 --> 00:02:54,000
Speaker 1: He was speaking at an Australian Bankers Association meeting. Previously

56
00:02:54,480 --> 00:02:57,680
Speaker 1: APPRA chair John Lonsdale pushed back on banks calls for

57
00:02:57,760 --> 00:03:02,079
Speaker 1: lighter touch prudential regulations. Thought that was about the new

58
00:03:02,400 --> 00:03:05,680
Speaker 1: self regulated code for the banking sector. It provides greater

59
00:03:05,760 --> 00:03:08,360
Speaker 1: clarity and the types of support available to our customers,

60
00:03:08,639 --> 00:03:12,120
Speaker 1: including financial difficulty options for small businesses. There's a broad

61
00:03:12,160 --> 00:03:16,320
Speaker 1: definition of vulnerable customers, which states anyone can become vulnerable

62
00:03:16,360 --> 00:03:19,040
Speaker 1: at any time. The new code will also improve inclusivity

63
00:03:19,440 --> 00:03:24,079
Speaker 1: and accessibility for customers, including via interpreter services, national relay

64
00:03:24,120 --> 00:03:28,280
Speaker 1: services and accessible information and Stratum of five. Marine La

65
00:03:28,280 --> 00:03:31,680
Speaker 1: Penn's far right party has been president of Manuel mccron's

66
00:03:31,800 --> 00:03:35,760
Speaker 1: centrist alliance in the first round of French parliamentary elections,

67
00:03:36,080 --> 00:03:39,600
Speaker 1: moving the country closer to a potential nationalist government. After

68
00:03:39,720 --> 00:03:42,840
Speaker 1: unusually i turn out, the National Rally party won thirty

69
00:03:42,840 --> 00:03:45,000
Speaker 1: three point two percent of the vote, while the left

70
00:03:45,040 --> 00:03:48,320
Speaker 1: wing NFP alliance came in second at twenty eight point

71
00:03:48,360 --> 00:03:51,800
Speaker 1: one percent. Third was mister Macron's Ensemble Alliance, it secured

72
00:03:51,880 --> 00:03:54,680
Speaker 1: twenty one percent of the vote. The projection suggests that

73
00:03:55,000 --> 00:03:57,400
Speaker 1: National Rally and its allies are on track to win

74
00:03:57,440 --> 00:04:00,240
Speaker 1: the most seats in the National Assembly and potentially an

75
00:04:00,280 --> 00:04:03,000
Speaker 1: outright majority in the final round of voting on July one.

76
00:04:03,560 --> 00:04:05,960
Speaker 1: If National Rally were to secure two hundred and eighty

77
00:04:06,000 --> 00:04:08,360
Speaker 1: nine seats in the five hundred and seventy seven strong

78
00:04:08,360 --> 00:04:12,080
Speaker 1: Lower House. It would force Macron into the rather uncomfortable

79
00:04:12,080 --> 00:04:15,920
Speaker 1: power sharing arrangement known as a cohabitation, in which two

80
00:04:15,920 --> 00:04:20,760
Speaker 1: opposing parties must govern together. Interesting to watch that one

81
00:04:20,960 --> 00:04:23,120
Speaker 1: as it for the Afternoon Report for Tuesday, the first

82
00:04:23,120 --> 00:04:25,800
Speaker 1: of July twenty twenty four. Don't forget tit. Follow on

83
00:04:25,800 --> 00:04:28,279
Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

84
00:04:28,400 --> 00:04:30,960
Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow,

85
00:04:30,960 --> 00:04:32,840
Speaker 1: I'm wanting for the Fast five by Fear and Greed,

86
00:04:32,880 --> 00:04:34,920
Speaker 1: the top five business stories you need to know in

87
00:04:35,000 --> 00:04:37,960
Speaker 1: just five minutes. I'm Sean Elma. Enjoy your reading