1
00:00:03,760 --> 00:00:06,560
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,600 --> 00:00:09,440
Speaker 1: for Wednesday, the eighteenth of September twenty twenty four. I'm

3
00:00:09,440 --> 00:00:11,720
Speaker 1: sure in Alma heavy afternoon, We've got the five stories

4
00:00:11,720 --> 00:00:14,040
Speaker 1: that happened today that you need to know about. Story one.

5
00:00:14,280 --> 00:00:16,800
Speaker 1: The SMPA six two hundred hit a new record high

6
00:00:16,840 --> 00:00:20,239
Speaker 1: today of one hundred and fifty three point five points,

7
00:00:20,560 --> 00:00:23,200
Speaker 1: though it closed flat for the day at eighty one

8
00:00:23,320 --> 00:00:26,280
Speaker 1: hundred and forty two points. Five of the eleven suber

9
00:00:26,320 --> 00:00:29,520
Speaker 1: indices of the index were higher, five were lower, and

10
00:00:29,560 --> 00:00:32,680
Speaker 1: the consumer staples index was flat. Utility stocks were among

11
00:00:32,720 --> 00:00:36,120
Speaker 1: the best performers, while materials companies were among the worst.

12
00:00:36,320 --> 00:00:39,040
Speaker 1: The big miners continue to struggle, with BHP and Rio

13
00:00:39,120 --> 00:00:42,280
Speaker 1: both down more than one percent today after forecasts of

14
00:00:42,440 --> 00:00:45,040
Speaker 1: iron ore prices falling to eighty US dollars a ton.

15
00:00:45,320 --> 00:00:48,000
Speaker 1: National Australian Bank was a standout among the large caps,

16
00:00:48,040 --> 00:00:51,360
Speaker 1: jumping one point one percent, hitting a new seventeen year high.

17
00:00:51,960 --> 00:00:54,640
Speaker 1: Story number two. Echo Law has launched a class action

18
00:00:54,760 --> 00:00:57,600
Speaker 1: in the Federal court on behalf of Harvey Norman customers

19
00:00:57,920 --> 00:01:03,080
Speaker 1: allegedly sold unnecessary and worthless extended warranties tens of thousands

20
00:01:03,080 --> 00:01:05,520
Speaker 1: of Harvey Norman Domain and Joyce Main customers who have

21
00:01:05,600 --> 00:01:10,120
Speaker 1: sold extended warranties between September twenty eighteen and now will

22
00:01:10,160 --> 00:01:12,479
Speaker 1: be covered by the class action, with hundreds of millions

23
00:01:12,480 --> 00:01:15,600
Speaker 1: of dollars estimated to have been paid by these customers

24
00:01:15,640 --> 00:01:19,720
Speaker 1: in largely worthless warranty costs over the period. The class

25
00:01:19,720 --> 00:01:23,120
Speaker 1: action lawsuit alleges Harvey Norman breached the law by engaging

26
00:01:23,120 --> 00:01:27,760
Speaker 1: in misleading or deceptive conduct, as well as unconscionable conduct

27
00:01:28,040 --> 00:01:30,800
Speaker 1: by leading customers to believe that the extended warranty would

28
00:01:30,800 --> 00:01:34,880
Speaker 1: give them additional protection they wouldn't have had otherwise. Harvey

29
00:01:34,880 --> 00:01:37,960
Speaker 1: Norman said that its stores have complied with all relevant

30
00:01:38,000 --> 00:01:42,160
Speaker 1: laws at all times and intend to defend proceedings vigorously.

31
00:01:42,600 --> 00:01:45,080
Speaker 1: Story number three. New Hope has entered the race to

32
00:01:45,080 --> 00:01:48,920
Speaker 1: buy Anglo Americans five coal mines in Queensland and warned

33
00:01:48,960 --> 00:01:51,680
Speaker 1: the UK listed minor that it's asking price will need

34
00:01:51,720 --> 00:01:54,000
Speaker 1: to come down to get a deal done. New Hope

35
00:01:54,080 --> 00:01:57,560
Speaker 1: is primarily a thermal coal producer, and Anglo's mines are

36
00:01:57,680 --> 00:02:01,920
Speaker 1: cocin coal. Cocin coal or metallogical cole typically contained more carbon,

37
00:02:02,000 --> 00:02:05,080
Speaker 1: produces high quality cope, which is used in blast furnaces

38
00:02:05,120 --> 00:02:08,359
Speaker 1: to make steel, therm or coal is mostly used for electricity.

39
00:02:08,680 --> 00:02:11,360
Speaker 1: Angler's portfolio was expected to be sold in one parcel

40
00:02:11,440 --> 00:02:14,720
Speaker 1: and fetch five billion US dollars, but in June a

41
00:02:14,800 --> 00:02:16,760
Speaker 1: fire broke out in the grove to mine, and the

42
00:02:16,840 --> 00:02:20,359
Speaker 1: asking price is tipped to be less. Sorry Number four.

43
00:02:20,400 --> 00:02:22,560
Speaker 1: The war in the Middle East has taken a dangerous turn,

44
00:02:22,600 --> 00:02:27,200
Speaker 1: with pages used by HESBLA members used as weapons purportedly

45
00:02:27,440 --> 00:02:31,560
Speaker 1: by Israel. In an attack that killed nine and injured thousands.

46
00:02:31,800 --> 00:02:35,800
Speaker 1: Pages belonging to HESBLA members exploded across Lebanon in an

47
00:02:35,800 --> 00:02:39,040
Speaker 1: apparent sabotage of the low tech systems the militant group

48
00:02:39,200 --> 00:02:43,079
Speaker 1: users to evade Israeli's surveillance and assassination attempts. The blast

49
00:02:43,160 --> 00:02:46,640
Speaker 1: took place in several areas of Lebanon, including the capital, Beirut.

50
00:02:47,280 --> 00:02:50,560
Speaker 1: Iran backed HEZBLA, the dominant political military force in Lebanon,

51
00:02:50,600 --> 00:02:53,400
Speaker 1: blamed Israel for what it described as a criminal attack,

52
00:02:53,720 --> 00:02:57,440
Speaker 1: adding that reprisals are likely. Israel's military declined to comment.

53
00:02:57,600 --> 00:03:00,760
Speaker 1: In a statement overnight, the UN spe shall Coordinate a

54
00:03:00,800 --> 00:03:05,200
Speaker 1: Philebanon called the attack an extremely concerning escalation, urged all

55
00:03:05,240 --> 00:03:08,519
Speaker 1: parties to refrain from any further action or belly coast

56
00:03:08,560 --> 00:03:12,680
Speaker 1: rhetoric which could trigger a wider conflagration that nobody can afford.

57
00:03:12,919 --> 00:03:15,359
Speaker 1: Hezblas said that at about three thirty pm local time,

58
00:03:15,400 --> 00:03:18,760
Speaker 1: many pages belonging to people working in its different units

59
00:03:18,760 --> 00:03:22,880
Speaker 1: and institutions exploded. Lebanon's Health Ministry said nine people, including

60
00:03:22,919 --> 00:03:24,640
Speaker 1: a child, that had been killed in the blast and

61
00:03:24,680 --> 00:03:27,359
Speaker 1: more than twenty seven hundred were injured and story number

62
00:03:27,400 --> 00:03:29,639
Speaker 1: five markets are holding on the head of the Federal

63
00:03:29,680 --> 00:03:33,519
Speaker 1: Reserves interest rates setting meeting tomorrow morning, Australian time traders

64
00:03:33,560 --> 00:03:35,800
Speaker 1: think there's a sixty five percent chance at the Federal

65
00:03:35,840 --> 00:03:38,640
Speaker 1: cut rates by half a percentage point. A twenty five

66
00:03:38,680 --> 00:03:41,800
Speaker 1: basis point cut is all but assured. Locally. Bond trader

67
00:03:41,800 --> 00:03:43,520
Speaker 1: is a priced in an eighty five percent chance of

68
00:03:43,640 --> 00:03:46,119
Speaker 1: rate cut this year from the Reserve Bank, even though

69
00:03:46,200 --> 00:03:48,119
Speaker 1: Governor Michelle Bullock has made it clear she doesn't see

70
00:03:48,160 --> 00:03:51,280
Speaker 1: rays falling until at least twenty twenty five. That's if

71
00:03:51,360 --> 00:03:54,240
Speaker 1: the afternoon report for Tuesday, the eighteenth of September twenty

72
00:03:54,280 --> 00:03:56,280
Speaker 1: twenty four. Michael Thompson and I will be back tomorrow

73
00:03:56,360 --> 00:03:59,160
Speaker 1: morning with the Thursday edition. I fear in Green Business News.

74
00:03:59,200 --> 00:04:01,160
Speaker 1: I'm Suan Elma enjoy raving