1 00:00:03,720 --> 00:00:06,520 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,559 --> 00:00:09,440 Speaker 1: for Wednesday, the fourth of December twenty twenty four. I'm 3 00:00:09,480 --> 00:00:12,160 Speaker 1: Sean A. Elmham. Every afternoon we've got the five stories 4 00:00:12,160 --> 00:00:14,040 Speaker 1: have happened today that you need to know about. Story 5 00:00:14,080 --> 00:00:16,440 Speaker 1: number one a big one. The Australian economy grew by 6 00:00:16,600 --> 00:00:20,560 Speaker 1: just zero point three percent in September quarter, taking annual 7 00:00:20,600 --> 00:00:24,079 Speaker 1: growth to less than one percent, its lowest level since 8 00:00:24,120 --> 00:00:27,360 Speaker 1: the early nineteen nineties if you exclude the COVID pandemic 9 00:00:27,720 --> 00:00:30,680 Speaker 1: that sent local markets lower. Starting with the Aussie dollar, 10 00:00:30,720 --> 00:00:34,200 Speaker 1: investors sold down the currency to sixty four point seven 11 00:00:34,240 --> 00:00:36,800 Speaker 1: new scents. That reflects bets that maybe the Reserve Bank 12 00:00:36,840 --> 00:00:38,920 Speaker 1: we'll need to do something about interest rates before the 13 00:00:38,920 --> 00:00:42,080 Speaker 1: middle of next year. Bond markets also reacted and are 14 00:00:42,080 --> 00:00:45,000 Speaker 1: pricing in a two to three chance of a rate 15 00:00:45,080 --> 00:00:48,159 Speaker 1: cut by April next year. On the share market, the 16 00:00:48,200 --> 00:00:51,879 Speaker 1: SMPASX two hundred closed down almost half a percent to 17 00:00:51,960 --> 00:00:54,800 Speaker 1: eight thy four hundred and sixty three points. The big 18 00:00:54,840 --> 00:00:58,760 Speaker 1: miners did best on the back of rising iron ore prices. BHP, 19 00:00:58,920 --> 00:01:02,320 Speaker 1: fors Fu Metals Group in Rio all finished up around 20 00:01:02,360 --> 00:01:05,800 Speaker 1: one percent. The real estate investment Trusts were worse thanks 21 00:01:05,800 --> 00:01:09,240 Speaker 1: to a selloff in Goodman. It ended down three percent. 22 00:01:09,680 --> 00:01:13,200 Speaker 1: Banks were also laggards, reflecting fears about economic growth and 23 00:01:13,240 --> 00:01:17,400 Speaker 1: what that means for loan repayments. Westpac, National, Australia Bank 24 00:01:17,440 --> 00:01:20,000 Speaker 1: and an Z all fell around one and a half percent. 25 00:01:20,160 --> 00:01:22,680 Speaker 1: Best performer on the day was Goozman e Gomez, up 26 00:01:22,720 --> 00:01:26,959 Speaker 1: five percent, while Star Entertainment was the worst, down seven percent. 27 00:01:27,440 --> 00:01:30,840 Speaker 1: Story number two tab Corp boss Gil McLaughlin has successfully 28 00:01:30,840 --> 00:01:34,520 Speaker 1: cut about ten percent of the wagering Group's workforce, or 29 00:01:34,520 --> 00:01:37,720 Speaker 1: two hundred jobs, as he attempts to simplify the business. 30 00:01:38,040 --> 00:01:40,920 Speaker 1: The jobs have gone since the annual general meeting in 31 00:01:40,920 --> 00:01:44,920 Speaker 1: October when mister McLoughlin flagged the cuts. They come from 32 00:01:44,920 --> 00:01:48,600 Speaker 1: across the business and there's also a reduction in external consultants. 33 00:01:48,680 --> 00:01:50,960 Speaker 1: Mister mclochlin wants the business to be more in line 34 00:01:50,960 --> 00:01:54,760 Speaker 1: with digital plays. According to The Financial Review, Tabcorp's share 35 00:01:54,760 --> 00:01:57,840 Speaker 1: price tumbled in August when the CEO said it wouldn't 36 00:01:57,880 --> 00:02:01,360 Speaker 1: hit cost cutting targets or reach its goal of thirty 37 00:02:01,360 --> 00:02:04,760 Speaker 1: percent share of digital wagering market by next year. It 38 00:02:04,840 --> 00:02:07,440 Speaker 1: was down two percent. Today it's off nearly twenty five 39 00:02:07,440 --> 00:02:11,560 Speaker 1: percent for the year. Story number three Andrew and Nikola 40 00:02:11,639 --> 00:02:15,360 Speaker 1: forres Mindru Foundation has committed one hundred million dollars to 41 00:02:15,400 --> 00:02:18,240 Speaker 1: a new woman's investment fund with the goal of driving 42 00:02:18,320 --> 00:02:22,239 Speaker 1: gender equality. It's an initiative of the Future Generation and 43 00:02:22,360 --> 00:02:24,960 Speaker 1: Investment House with more than a billion dollars under management, 44 00:02:25,360 --> 00:02:28,160 Speaker 1: it raises money for charities. In its ten years, it's 45 00:02:28,160 --> 00:02:31,440 Speaker 1: given ninety million dollars to charities. The new fund, Future 46 00:02:31,480 --> 00:02:34,920 Speaker 1: Generation Women, will be an unlisted trust in the Future 47 00:02:34,919 --> 00:02:39,040 Speaker 1: Generation Group or Investing, will be managed by female fund 48 00:02:39,120 --> 00:02:42,320 Speaker 1: managers and Future Gen boss Jeff Wilson hopes it will 49 00:02:42,360 --> 00:02:46,120 Speaker 1: drive strong gender equity practices. The fund will have no 50 00:02:46,320 --> 00:02:49,720 Speaker 1: management or performance fees for investors. The goal, of course, 51 00:02:49,919 --> 00:02:53,680 Speaker 1: is to provide strong returns. One percent of assets each 52 00:02:53,800 --> 00:02:58,120 Speaker 1: year will be given to nonprofits that advance economic equality 53 00:02:58,360 --> 00:03:01,600 Speaker 1: and opportunity for women and their children in Australia, a 54 00:03:01,800 --> 00:03:06,160 Speaker 1: very worthwhile fund. Story number four. Pro Medicus share price 55 00:03:06,240 --> 00:03:08,480 Speaker 1: jump two percent today, pushing its value to more than 56 00:03:08,520 --> 00:03:11,680 Speaker 1: twenty seven billion dollars after its founders said they don't 57 00:03:11,919 --> 00:03:15,079 Speaker 1: plan to sell any more shares in the foreseeable future. 58 00:03:15,639 --> 00:03:18,560 Speaker 1: Pro Medicus is one of those companies with founders running 59 00:03:18,600 --> 00:03:21,120 Speaker 1: the business. The two guys are called Sam Hubert and 60 00:03:21,240 --> 00:03:25,280 Speaker 1: Anthony Hall. On Tuesday night, last night they sold two 61 00:03:25,520 --> 00:03:28,680 Speaker 1: million shares worth about half a billion dollars. That's booked 62 00:03:28,680 --> 00:03:31,840 Speaker 1: the market just to touch. But today the two mister 63 00:03:31,919 --> 00:03:35,880 Speaker 1: Hupert and mister Hall, were out reassuring investors. The Radiology 64 00:03:35,920 --> 00:03:38,800 Speaker 1: Imaging Company only entered the top one hundred stocks in 65 00:03:38,880 --> 00:03:41,400 Speaker 1: March this year. It's now a top twenty five stock 66 00:03:41,680 --> 00:03:43,280 Speaker 1: on the back of a two hundred percent jump in 67 00:03:43,320 --> 00:03:45,840 Speaker 1: its share price this year. One of the things it's 68 00:03:45,840 --> 00:03:48,840 Speaker 1: only got two substantial shareholders. So a substantial shareholder is 69 00:03:48,840 --> 00:03:52,160 Speaker 1: someone above five percent. That's mister Hupert and mister Hall. 70 00:03:52,240 --> 00:03:54,600 Speaker 1: They owned about twelve billion dollars worth of the stock, 71 00:03:55,000 --> 00:03:58,720 Speaker 1: but because it's now so big, fund managers need to 72 00:03:58,760 --> 00:04:01,000 Speaker 1: own it, so there's plenty of demand out there. The 73 00:04:01,040 --> 00:04:03,800 Speaker 1: two sold down last night, but they said they're not 74 00:04:03,800 --> 00:04:06,880 Speaker 1: selling any more for the time being. And story number five. 75 00:04:07,000 --> 00:04:08,760 Speaker 1: Maybe it's an end of year thing, but there seems 76 00:04:08,760 --> 00:04:10,640 Speaker 1: to be a bit of corporate activity around the place 77 00:04:10,680 --> 00:04:14,960 Speaker 1: at the moment. Rio Tinto and Japanese giant Sumatomo Metal 78 00:04:15,000 --> 00:04:17,520 Speaker 1: Mining have done a joint venture to develop the winnw 79 00:04:17,640 --> 00:04:21,680 Speaker 1: copper gold project in Western Australia's Great Sandy Desert. Sumatomo 80 00:04:21,760 --> 00:04:23,719 Speaker 1: will buy a thirty percent stake in the project for 81 00:04:23,760 --> 00:04:27,040 Speaker 1: a bit over six hundred million dollars. It certainly pushes 82 00:04:27,120 --> 00:04:30,920 Speaker 1: Rare further into copper. Pacific Equity Partners has officially agreed 83 00:04:30,960 --> 00:04:33,680 Speaker 1: to acquire a leasing group SG Fleet for around one 84 00:04:33,720 --> 00:04:37,840 Speaker 1: point four billion dollars. Investors piled into management software company 85 00:04:37,839 --> 00:04:42,279 Speaker 1: Brevia today after upgraded its earnings guidance for this financial year. 86 00:04:42,600 --> 00:04:46,159 Speaker 1: Its share price finished up twenty one percent, and shares 87 00:04:46,240 --> 00:04:49,680 Speaker 1: in Auckland International Airport entered a training halt today. As 88 00:04:49,720 --> 00:04:53,200 Speaker 1: its major shareholder, the Auckland Council positions itself for a 89 00:04:53,279 --> 00:04:55,839 Speaker 1: one billion dollar plus sell down out of the group. 90 00:04:56,320 --> 00:04:58,800 Speaker 1: That's it's the afternoon report for Wednesday, the fourth of 91 00:04:58,800 --> 00:05:01,160 Speaker 1: December twenty twenty four. Well, Michael Thomas and I will 92 00:05:01,160 --> 00:05:03,719 Speaker 1: be back tomorrow morning with the Thursday edition of Beer 93 00:05:03,800 --> 00:05:06,919 Speaker 1: and Greed Business News. I'm Sean Elmer. Enjoy your evening