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

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Speaker 1: for Tuesday, the second of July twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, we've got the five stories that

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

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Speaker 1: there's and PASEX two hundred closed down zero point four

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Speaker 1: percent today to seven seven hundred and eighteen points. It

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Speaker 1: would have been much worse but for a strong session

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Speaker 1: among the energy stocks thanks to rising prices. In fact,

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Speaker 1: the Energy index was the only one of the eleven

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Speaker 1: sub indices on the ASEX two hundred to close higher.

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Speaker 1: Worst on the day was a property index. All the

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Speaker 1: big miners and banks were lower. Among the large caps,

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Speaker 1: Goodman Group closed down two percent, while National Australia Bank

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Speaker 1: and West Farmers were both off more than one percent.

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Speaker 1: Worst of the top two hundred was retailer Leavisa Holdings

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Speaker 1: It dropped nearly four percent. Again, it was a cold

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Speaker 1: company's doing best, with white Haven and Coronado among the

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Speaker 1: best performers. Best of the large caps was Woodside Energy

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Speaker 1: more than three percent. Best in the day was lithium

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Speaker 1: developer Lion Town Resources, finishing up nearly eight percent after

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Speaker 1: it secured a two hundred and fifty million dollar funding

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Speaker 1: deal story number two in Corporate News. Bendigo and Adelaide

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Speaker 1: Bank fell one percent after chief executive Marnie Baker, a

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Speaker 1: good friend of Fear and Greeds, announced she's stepping down

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Speaker 1: after thirty five years with the bank. Romilius Resources has

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Speaker 1: up its stake in fellow Asx gold minor Spartan Resources

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Speaker 1: to nearly eighteen percent. Shares in drugmaker main Farmer fell

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Speaker 1: five percent after it decided to pay disgruntled investors thirty

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Speaker 1: eight million dollars to settle a court fight over alleged

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Speaker 1: misleading or deceptive conduct and breaches of continuous disclosure obligations

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Speaker 1: in respect of alleged anti competitive conduct. In the US,

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Speaker 1: Telco Superloop is expected to hit the top end of

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Speaker 1: its full year earnings guidance, pushing its share price up

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Speaker 1: more than one percent. Financial services software company IRS said

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Speaker 1: it found no evidence of unauthorized access to its production environment,

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Speaker 1: software or client data following a review of a data

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Speaker 1: breach earlier this year and final when the Origin Energy

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Speaker 1: has acquired twenty percent of Australian decarbonization startup Climate Tech Zero,

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Speaker 1: which works with industrial companies on cutting missions and energy

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Speaker 1: costs straight. Number three, Labour's caucus has backed Prime Minister

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Speaker 1: Anthony Albanesi's decision to suspend Western Australian Senator Fatima Payman.

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Speaker 1: The outspoken senator who voted with the Greens and a

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Speaker 1: pro Palestinian vote last week, was suspended from caucus this morning.

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Speaker 1: Caucus endorsed the position that by her own actions and statements,

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Speaker 1: Senator Payment placed herself outside the privilege that comes with

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Speaker 1: participating in the federal parliamentary Labor Party caucus. Mister Alberanzi

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Speaker 1: said he was only the Prime Minister because he had

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Speaker 1: Labor next to his name, and that's true for everyone

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Speaker 1: in the party. Prime Minister also hit back at criticism

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Speaker 1: he didn't move fast enough, saying that showing restraint in

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Speaker 1: some compassion in the case was a strength, not a weakness.

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Speaker 1: Senator Payment has claimed she was exiled and intimidated by

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Speaker 1: colleagues and will abstain for all votes as she reflects

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Speaker 1: on her future story. Number five. Wholesale power prices are

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Speaker 1: set to jump by fifty percent in coming years as

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Speaker 1: the building of clean energy generation and transmission remains sluggish.

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Speaker 1: According to Investment Bank UBS prices will peak in twenty

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Speaker 1: twenty nine at one hundred and four dollars per megawatt,

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Speaker 1: fifty percent higher than last year's prices. That means unless

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Speaker 1: the government steps in to give tens of billions of

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Speaker 1: dollars of energy rebates, which is unlikely, then consumers are

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Speaker 1: going to have to pay much, much, much more for power.

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Speaker 1: Power prices fell last year amid Goldilocks conditions, according to UBS,

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Speaker 1: with plenty of coal fire power generation, mild weather, and

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Speaker 1: more renewable generation, but this is unlikely to be repeated.

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Speaker 1: Delays in projects including Snowy two point zero and the

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Speaker 1: Central West i Arana Renewable Energy z own in New

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Speaker 1: South Wales that's both generation and transmission will help drive

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Speaker 1: prices higher. And finally, story, a number five hurricane Beryl

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Speaker 1: is delivering catastrophic winds and intense rainfall along with a

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Speaker 1: life threatening storm surge across the Windward Islands in the Caribbean.

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Speaker 1: With a storm gathering ferocity, it's very possibly a Category

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Speaker 1: five storm. By now. This morning it made landfall on

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Speaker 1: Grenada with wind speeds of up to two hundred and

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Speaker 1: forty commons an hour. It's the strongest hurricane to pass

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Speaker 1: through the region since records began in eighteen fifty one.

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Speaker 1: While it isn't expected to hit US oil operations, it

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Speaker 1: did push up rent prices and there's a chance of

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Speaker 1: disruption later this week. More broadly, such as the severe

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Speaker 1: storm this early in the season, doesn't augur well for

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Speaker 1: coming months. That's it for the afternoon report for Tuesday,

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Speaker 1: the second of July twenty twenty four. Michael Thomas and

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Speaker 1: I will be back tomorrow morning with a Wednesday edition

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Speaker 1: off bearing Greed Business News. I'm Jane Elmer. Enjoy your evening.