1 00:00:03,720 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,000 --> 00:00:10,879 Speaker 1: for Friday, the thirtieth of August twenty twenty four. Michael Thompson. 3 00:00:11,160 --> 00:00:13,640 Speaker 1: Every afternoon, we've got the five stories that happen today 4 00:00:13,640 --> 00:00:16,600 Speaker 1: that you need to know about. So let's get cracking 5 00:00:16,640 --> 00:00:19,360 Speaker 1: story number one. The S and PA Sex two hundred 6 00:00:19,360 --> 00:00:22,640 Speaker 1: closed up zero points six percent today to eight thousand, 7 00:00:22,840 --> 00:00:25,960 Speaker 1: ninety two points, closing out another busy week of earnings. 8 00:00:26,000 --> 00:00:30,120 Speaker 1: The top performing sector was industrials, with energy also doing well. 9 00:00:30,240 --> 00:00:35,640 Speaker 1: Consumer discretionary fell as did consumer staples and healthcare. Ramsey 10 00:00:35,680 --> 00:00:38,839 Speaker 1: Healthcare reported net profit of around two hundred and seventy 11 00:00:38,920 --> 00:00:42,320 Speaker 1: point six million dollars, just above guidance but lower year 12 00:00:42,360 --> 00:00:45,000 Speaker 1: on years. Shares fell by six point eight percent after 13 00:00:45,040 --> 00:00:48,080 Speaker 1: the business warned it'll take some time to get back 14 00:00:48,080 --> 00:00:51,640 Speaker 1: to pre pandemic margins and patient growth. One of the 15 00:00:51,680 --> 00:00:55,600 Speaker 1: other major companies reporting earnings today was TPG Telecom. Its 16 00:00:55,840 --> 00:00:59,680 Speaker 1: profits fell forty percent to twenty nine million dollars amid 17 00:01:00,120 --> 00:01:04,559 Speaker 1: called sustained inflation pressures. It is now planning to cut 18 00:01:04,760 --> 00:01:06,800 Speaker 1: one hundred and twenty jobs in a bid to save 19 00:01:06,880 --> 00:01:11,120 Speaker 1: twenty million dollars. Investors responded positively to the cost cutting 20 00:01:11,120 --> 00:01:14,160 Speaker 1: News and shares jumped eight point three percent, and just 21 00:01:14,240 --> 00:01:18,559 Speaker 1: quickly Offshore and Video also continued to fall, closing down 22 00:01:18,800 --> 00:01:23,399 Speaker 1: six point four percent. Story number two. Discussions with tech 23 00:01:23,480 --> 00:01:27,199 Speaker 1: giants have kicked off over extra funding for open Ai, 24 00:01:27,360 --> 00:01:30,920 Speaker 1: which could value the startup at above one hundred billion 25 00:01:31,000 --> 00:01:33,720 Speaker 1: US dollars. That's according to Bloomberg and The Wall Street Journal, 26 00:01:34,120 --> 00:01:37,720 Speaker 1: citing unnamed sources familiar with the matter. This would be 27 00:01:37,760 --> 00:01:40,800 Speaker 1: a major fundraising round for open Ai, which of course 28 00:01:40,880 --> 00:01:44,920 Speaker 1: launched chat GPT in twenty twenty two. Among those named 29 00:01:45,040 --> 00:01:48,600 Speaker 1: as involved in the conversations to provide backing is chip 30 00:01:48,600 --> 00:01:52,200 Speaker 1: Maker and Video, Apple, and Microsoft. And Video is apparently 31 00:01:52,280 --> 00:01:55,640 Speaker 1: looking at contributing one hundred million US Microsoft is a 32 00:01:55,680 --> 00:01:59,600 Speaker 1: current backer and open AI's biggest source of funding, with 33 00:01:59,720 --> 00:02:03,480 Speaker 1: the out thirteen billion US dollars already tipped in since 34 00:02:03,520 --> 00:02:07,120 Speaker 1: twenty nineteen. The funding round is reportedly being run by 35 00:02:07,240 --> 00:02:10,160 Speaker 1: Thrive Capital, which led the last funding rounds as well. 36 00:02:10,560 --> 00:02:13,240 Speaker 1: Story number three. Even Harvey Norman is in on the 37 00:02:13,280 --> 00:02:17,200 Speaker 1: AI boom. Chairman Jerry Harvey is looking at AI enabled 38 00:02:17,200 --> 00:02:20,800 Speaker 1: products to drive growth this financial year as consumers start 39 00:02:20,840 --> 00:02:23,240 Speaker 1: to upgrade to the new tech this may give their 40 00:02:23,240 --> 00:02:26,160 Speaker 1: shops a much needed boost. The electronic Retailer revealed at 41 00:02:26,200 --> 00:02:29,360 Speaker 1: sales had fallen two point six percent to eight point 42 00:02:29,400 --> 00:02:32,280 Speaker 1: eighty six billion dollars over the last financial year and 43 00:02:32,320 --> 00:02:34,600 Speaker 1: it's under pressure from the cost of leaving crisis and 44 00:02:34,720 --> 00:02:37,519 Speaker 1: higher interest rates. A fairly common story that one net 45 00:02:37,560 --> 00:02:41,600 Speaker 1: profit after tax fell thirty five percent to three hundred 46 00:02:41,600 --> 00:02:45,000 Speaker 1: and fifty two point five million dollars. Its shares dropped 47 00:02:45,080 --> 00:02:47,800 Speaker 1: six point three percent across the day to day on 48 00:02:47,840 --> 00:02:50,600 Speaker 1: this result. Despite all this, it has kept its final 49 00:02:50,639 --> 00:02:52,560 Speaker 1: dividend payment in line with the year before at twelve 50 00:02:52,639 --> 00:02:56,040 Speaker 1: cents a share. Story number four. The New South Wales 51 00:02:56,120 --> 00:03:00,920 Speaker 1: Casino Regulator has published a scathing review into st Entertainment 52 00:03:01,000 --> 00:03:04,200 Speaker 1: and its former CEO, Robbie Cook, on the same day 53 00:03:04,360 --> 00:03:07,720 Speaker 1: that the company was due to publish earnings. The review 54 00:03:07,960 --> 00:03:12,520 Speaker 1: says that Starr had breached compliance rules multiple times, remains 55 00:03:12,760 --> 00:03:16,560 Speaker 1: unsuitable to be associated with managing and operating a casino, 56 00:03:16,919 --> 00:03:20,480 Speaker 1: and the Cook was responsible for the quote dysfunctional state 57 00:03:20,800 --> 00:03:24,760 Speaker 1: of management. Ultimately, the casino operators executives were found to 58 00:03:24,800 --> 00:03:27,280 Speaker 1: have failed in their duty to provide the necessary level 59 00:03:27,280 --> 00:03:30,240 Speaker 1: of leadership and oversight, and despite there being a number 60 00:03:30,240 --> 00:03:33,720 Speaker 1: of years since the whole review process commenced, the business 61 00:03:33,840 --> 00:03:37,360 Speaker 1: was still only in the early stages of turning itself around. 62 00:03:37,840 --> 00:03:41,680 Speaker 1: The author of the review, Arthur bel sc did, however, 63 00:03:42,000 --> 00:03:45,360 Speaker 1: say he was confident that new leadership could fix things. 64 00:03:45,440 --> 00:03:49,920 Speaker 1: That of course includes current CEO Steve McCann. Starr went 65 00:03:49,960 --> 00:03:52,320 Speaker 1: into a trading halt on the news mid plans to 66 00:03:52,360 --> 00:03:56,520 Speaker 1: write down one point four billion dollars of its casino 67 00:03:56,560 --> 00:03:59,560 Speaker 1: assets and start cost cutting, saying it needed to assess 68 00:03:59,600 --> 00:04:03,000 Speaker 1: any disclosure requirements for the market. All eyes will now 69 00:04:03,040 --> 00:04:07,240 Speaker 1: be on the company's delayed earnings results and finally, story 70 00:04:07,320 --> 00:04:09,480 Speaker 1: number five, It is going to be a big auction 71 00:04:09,640 --> 00:04:13,360 Speaker 1: weekend ahead, with two thousand, three hundred and thirty three 72 00:04:13,440 --> 00:04:16,120 Speaker 1: homes scheduled to go under the hammer in capital cities. 73 00:04:16,400 --> 00:04:18,760 Speaker 1: That's a ten point two percent rise on last week, 74 00:04:18,760 --> 00:04:21,919 Speaker 1: according to core Logic's official figures, and it is more 75 00:04:21,960 --> 00:04:24,599 Speaker 1: than the same time last year, and two two hundred 76 00:04:24,640 --> 00:04:28,080 Speaker 1: and eighty six were scheduled. The busiest city will be Melbourne, 77 00:04:28,120 --> 00:04:30,360 Speaker 1: with auctions above the one thousand figure for the first 78 00:04:30,400 --> 00:04:33,400 Speaker 1: time since mid June. About nine hundred and thirty are 79 00:04:33,440 --> 00:04:36,040 Speaker 1: planned for Sydney, which is the biggest week since before Easter. 80 00:04:36,520 --> 00:04:39,520 Speaker 1: Brisbane is getting a boost to one hundred and sixty 81 00:04:39,560 --> 00:04:42,720 Speaker 1: six auctions, Adelaide is down slightly at one hundred and 82 00:04:42,720 --> 00:04:46,200 Speaker 1: forty three, Canberra auctions pretty flat with sixty five, and 83 00:04:46,279 --> 00:04:49,480 Speaker 1: there's a handful in Perth with none due in Tasmania. 84 00:04:49,800 --> 00:04:52,160 Speaker 1: Clearance rates last week were largely in the mid to 85 00:04:52,200 --> 00:04:55,960 Speaker 1: low sixties, with an average around sixty five percent, so 86 00:04:56,080 --> 00:04:58,040 Speaker 1: it is a big test this weekend to see if 87 00:04:58,080 --> 00:05:00,240 Speaker 1: that shifts at all. There we go. That's it for 88 00:05:00,279 --> 00:05:03,760 Speaker 1: the afternoon report for Friday, the thirtieth of August twenty 89 00:05:03,839 --> 00:05:06,640 Speaker 1: twenty four. I'll be back tomorrow morning with the weekend 90 00:05:06,760 --> 00:05:10,279 Speaker 1: edition of Fear and Greed. I'm Michael Thompson. Enjoy your evening.