1
00:00:03,600 --> 00:00:06,320
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,440 --> 00:00:09,240
Speaker 1: for Friday, the thirteenth of December twenty twenty four. I'm

3
00:00:09,240 --> 00:00:11,960
Speaker 1: Sean Aylmer. Every afternoon, We've got the five stories that

4
00:00:12,000 --> 00:00:13,960
Speaker 1: happened today that you need to know about Straightham why

5
00:00:13,960 --> 00:00:16,200
Speaker 1: I'm The local share market fell to a four week

6
00:00:16,280 --> 00:00:18,720
Speaker 1: low this morning after a week leading from Wall Street,

7
00:00:18,960 --> 00:00:21,360
Speaker 1: before making up some ground to close down nearly half

8
00:00:21,360 --> 00:00:24,160
Speaker 1: a percent to eighty two hundred and ninety six points.

9
00:00:24,440 --> 00:00:27,280
Speaker 1: For the week, the market was off about two percent.

10
00:00:27,520 --> 00:00:30,800
Speaker 1: The big miners led the way lower today, with Fortesque,

11
00:00:30,800 --> 00:00:34,880
Speaker 1: Metals Group, Rio Tinto ANDBHP all down sharply. The banks

12
00:00:34,880 --> 00:00:37,760
Speaker 1: were mixed, while the Energy index outperformed. A bit of

13
00:00:37,760 --> 00:00:40,640
Speaker 1: corporate news around. Westpac held its annual general meeting, the

14
00:00:40,720 --> 00:00:43,720
Speaker 1: last Route going CEO Peter King. At the meeting, Peter

15
00:00:43,880 --> 00:00:46,879
Speaker 1: King said the bank is well positioned and knows that

16
00:00:46,960 --> 00:00:49,960
Speaker 1: more needs to be done to tackle climate change. South

17
00:00:50,000 --> 00:00:53,240
Speaker 1: thirty two the minor fell more than one percent despite

18
00:00:53,400 --> 00:00:57,280
Speaker 1: receiving the backing of Western Australia's Environment Minister to extend

19
00:00:57,320 --> 00:01:01,600
Speaker 1: the life of its Wolsley Alumina project. GPT fell after

20
00:01:01,720 --> 00:01:04,080
Speaker 1: it said it had acquired a fifty percent stake in

21
00:01:04,120 --> 00:01:07,240
Speaker 1: the parent group. We're talking real estate investment trusts here

22
00:01:07,680 --> 00:01:10,600
Speaker 1: for just under five hundred million dollars. And Peter Hollahan,

23
00:01:10,920 --> 00:01:14,320
Speaker 1: the CEO of Resolute Mining, who was held hostage in Mali,

24
00:01:14,880 --> 00:01:17,399
Speaker 1: is taking a leave of absence to the end of January.

25
00:01:17,560 --> 00:01:20,960
Speaker 1: He certainly deserves it. We hope he's okay. Story number two.

26
00:01:20,959 --> 00:01:24,479
Speaker 1: The Coalition claims its nuclear power plan will cost up

27
00:01:24,480 --> 00:01:27,240
Speaker 1: to two hundred and sixty three billion dollars less than

28
00:01:27,319 --> 00:01:30,880
Speaker 1: Labour's renewable plans over the next twenty five years, meaning

29
00:01:31,120 --> 00:01:33,840
Speaker 1: cheaper power in the long run. Today Opposition later, Peter

30
00:01:33,959 --> 00:01:38,560
Speaker 1: Dutton released costings on his nuclear power option, which includes

31
00:01:38,680 --> 00:01:42,240
Speaker 1: seven reactors. It was done by Frontier Economics and it

32
00:01:42,440 --> 00:01:45,680
Speaker 1: estimates that the coalition's policy will deliver net zero emissions

33
00:01:45,720 --> 00:01:49,280
Speaker 1: electricity by twenty fifty at a cost of three hundred

34
00:01:49,280 --> 00:01:52,440
Speaker 1: and thirty one billion dollars. Under the coalition's model, renewable

35
00:01:52,520 --> 00:01:54,720
Speaker 1: energy will still be the dominant source of power by

36
00:01:54,720 --> 00:01:58,440
Speaker 1: twenty fifty, responsible for fifty four percent of generation in

37
00:01:58,440 --> 00:02:02,720
Speaker 1: the national electricity mark, but nuclear power will provide thirty

38
00:02:02,720 --> 00:02:05,360
Speaker 1: eight percent. The remainder will come from storage such as

39
00:02:05,360 --> 00:02:08,720
Speaker 1: batteries and gas. According to a report in the Financial Review,

40
00:02:09,040 --> 00:02:11,560
Speaker 1: under the government's policy, about ninety four percent of generation

41
00:02:11,600 --> 00:02:14,640
Speaker 1: by twenty fifty would be renewable energy, with the rest

42
00:02:14,680 --> 00:02:18,440
Speaker 1: to come from gas and storage. Labour's plans predict ninety

43
00:02:18,440 --> 00:02:22,040
Speaker 1: percent of coal fired power will have exited the system

44
00:02:22,080 --> 00:02:25,000
Speaker 1: by twenty thirty four. While coal will play no long

45
00:02:25,080 --> 00:02:28,400
Speaker 1: term role on the coalition's plan either, it will need

46
00:02:28,520 --> 00:02:31,839
Speaker 1: to stay operational for a few years beyond twenty thirty four,

47
00:02:31,880 --> 00:02:34,799
Speaker 1: and to nuclear reactors are running to keep the electricity

48
00:02:34,840 --> 00:02:38,640
Speaker 1: grid working. However, the coalition's plan will use less gas

49
00:02:38,919 --> 00:02:42,000
Speaker 1: than Labour's policy a lot in that one storry number three.

50
00:02:42,080 --> 00:02:44,720
Speaker 1: Hundreds of Quantus engineers walked off the job this morning

51
00:02:44,800 --> 00:02:46,600
Speaker 1: during one of the busiest times of the year, after

52
00:02:46,639 --> 00:02:49,960
Speaker 1: long running wage negotiations between unions and the airline stalled.

53
00:02:50,240 --> 00:02:53,440
Speaker 1: More than five hundred engineers across major Australian airports began

54
00:02:53,680 --> 00:02:56,760
Speaker 1: walking out from three thirty am this morning, according to AAP,

55
00:02:57,440 --> 00:03:00,400
Speaker 1: and they're set to strike until tomorrow morning. The union

56
00:03:00,400 --> 00:03:02,840
Speaker 1: once a twenty five percent pay rise over three years.

57
00:03:02,919 --> 00:03:05,760
Speaker 1: Quantas said the strike action has had little effect on

58
00:03:05,840 --> 00:03:09,640
Speaker 1: Christmas flights, but did urge customers to give themselves extra

59
00:03:09,720 --> 00:03:12,880
Speaker 1: time because of the crowds. Quantus said it's offering a

60
00:03:12,880 --> 00:03:17,200
Speaker 1: competitive package including pay rises, upskilling, and career progression. The

61
00:03:17,240 --> 00:03:20,200
Speaker 1: strike comes after a six week pause in industrial action,

62
00:03:20,520 --> 00:03:23,800
Speaker 1: during which the parties resolved to continue negotiations over a

63
00:03:23,800 --> 00:03:28,040
Speaker 1: new enterprise agreement. Story number four AMP has invested twenty

64
00:03:28,040 --> 00:03:31,080
Speaker 1: seven million dollars in bitcoin, the first time a major

65
00:03:31,120 --> 00:03:35,160
Speaker 1: superannuation fund has purchased the asset class. It isn't a

66
00:03:35,240 --> 00:03:37,680
Speaker 1: huge portion of the group's fifty seven billion dollars in

67
00:03:37,720 --> 00:03:41,520
Speaker 1: funds under management, but it certainly has been a lucrative investment,

68
00:03:41,560 --> 00:03:44,800
Speaker 1: with a purchase occurring when the cryptocurrency was around sixty

69
00:03:44,840 --> 00:03:47,440
Speaker 1: five thousand US dollars a unit. Today it's closer to

70
00:03:47,480 --> 00:03:51,119
Speaker 1: one hundred thousand US dollars a unit. Amp's chief investment

71
00:03:51,240 --> 00:03:54,480
Speaker 1: officer and Shelley is quoted in the media as saying

72
00:03:54,480 --> 00:03:58,200
Speaker 1: it's part of the group's diversification strategy. Some small self

73
00:03:58,280 --> 00:04:01,360
Speaker 1: managed super funds whole crypto current, but not the big ones.

74
00:04:01,600 --> 00:04:04,119
Speaker 1: Thus far, no other major suber groups come out saying

75
00:04:04,160 --> 00:04:06,920
Speaker 1: they're about to enter that market, and Story number five

76
00:04:06,960 --> 00:04:10,839
Speaker 1: Financial services group Insignia out Financial today received a two

77
00:04:10,840 --> 00:04:13,920
Speaker 1: point seven billion dollar takeover bid from private equity group

78
00:04:14,000 --> 00:04:16,520
Speaker 1: Bane Capital that sent its share price up eight percent.

79
00:04:16,960 --> 00:04:19,440
Speaker 1: Used to be known as IAF Holdings, has a bunch

80
00:04:19,480 --> 00:04:22,800
Speaker 1: of financial partners office superannuation products about two hundred and

81
00:04:22,800 --> 00:04:25,320
Speaker 1: eighty eight billion dollars worth of funds under management. The

82
00:04:25,440 --> 00:04:28,000
Speaker 1: bid is a thirty percent premium to the closing price

83
00:04:28,080 --> 00:04:31,760
Speaker 1: on Wednesday, which was ahead of media reports of the bid.

84
00:04:32,160 --> 00:04:34,600
Speaker 1: That's it for the afternoon report for Friday, the thirteenth

85
00:04:34,600 --> 00:04:36,919
Speaker 1: of December twenty twenty four. Make sure you hit follow

86
00:04:36,920 --> 00:04:39,640
Speaker 1: on the podcast. We'll be back to tomorrow morning with

87
00:04:39,800 --> 00:04:42,680
Speaker 1: the weekend edition of the Fearing Greed Business News. I'm

88
00:04:42,680 --> 00:04:44,480
Speaker 1: sure Elmer enjoy your evening