1 00:00:04,240 --> 00:00:07,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,240 --> 00:00:10,080 Speaker 1: for Thursday, the eighteenth of September twenty twenty five. Are 3 00:00:10,119 --> 00:00:12,680 Speaker 1: Michael Thompson and every afternoon we've got the five stories 4 00:00:12,680 --> 00:00:15,080 Speaker 1: that happened today that you need to know about. Let's 5 00:00:15,120 --> 00:00:17,560 Speaker 1: go with story number one. There is a lot going 6 00:00:17,600 --> 00:00:20,280 Speaker 1: on in markets today. The S and PA Sex two 7 00:00:20,400 --> 00:00:23,959 Speaker 1: hundred fell zero point eight percent today. That came after 8 00:00:24,440 --> 00:00:27,400 Speaker 1: a relatively weak lead in from Wall Street. Despite the 9 00:00:27,400 --> 00:00:29,960 Speaker 1: Federal Reserve cutting interest rates by a quarter of one 10 00:00:30,000 --> 00:00:34,640 Speaker 1: percent overnight, the Fed did flag a perhaps cautious approach 11 00:00:34,720 --> 00:00:38,880 Speaker 1: to future cuts and that affected Australian companies with US exposure. 12 00:00:38,960 --> 00:00:42,720 Speaker 1: I think toll road operator Transurban building supplies company James Hardy. 13 00:00:42,760 --> 00:00:45,559 Speaker 1: They both fell more than two percent today. But the 14 00:00:45,560 --> 00:00:49,760 Speaker 1: big story locally was Abu Dhabi National Oil Company withdrawing 15 00:00:49,960 --> 00:00:53,800 Speaker 1: its thirty six billion dollar takeover bid for Santos, which 16 00:00:53,840 --> 00:00:57,160 Speaker 1: is of course Australia's second biggest oil and gas producer. 17 00:00:57,440 --> 00:01:00,400 Speaker 1: It was announced late last night, came a bit of 18 00:01:00,400 --> 00:01:02,760 Speaker 1: a shock, and today investors sold off the stock. It 19 00:01:02,880 --> 00:01:06,760 Speaker 1: closed nearly twelve percent lower. The shares in Santos other 20 00:01:07,040 --> 00:01:09,319 Speaker 1: energy companies were also caught up in the sell off 21 00:01:09,360 --> 00:01:12,320 Speaker 1: as well. Woodside dropped six point three percent, Beach Energy 22 00:01:12,520 --> 00:01:15,560 Speaker 1: was down four point five percent. Commonwealth Bank lost a 23 00:01:15,600 --> 00:01:17,640 Speaker 1: little bit of ground today, little bit. There's actually two 24 00:01:17,640 --> 00:01:21,160 Speaker 1: point three percent. The other big banks barely moved. The 25 00:01:21,319 --> 00:01:24,440 Speaker 1: other factor affecting markets today was the labor force figures. 26 00:01:24,480 --> 00:01:27,240 Speaker 1: We had unemployment steady at four point two percent, though 27 00:01:27,240 --> 00:01:30,440 Speaker 1: economists say the jobs market is softening after these figures 28 00:01:30,520 --> 00:01:35,440 Speaker 1: showed five four hundred people lost work in August. I 29 00:01:35,480 --> 00:01:38,039 Speaker 1: told you it was a massive day in markets today. 30 00:01:38,280 --> 00:01:40,880 Speaker 1: On to story number two, The Albanesi government has locked 31 00:01:40,880 --> 00:01:44,000 Speaker 1: in a new twenty thirty five climate target, committing to 32 00:01:44,080 --> 00:01:48,080 Speaker 1: cut emissions by between sixty two and seventy percent on 33 00:01:48,160 --> 00:01:50,880 Speaker 1: two thousand and five levels. The target was signed off 34 00:01:50,920 --> 00:01:53,800 Speaker 1: by cabinet this morning. It is lower than the Climate 35 00:01:53,880 --> 00:01:57,920 Speaker 1: Change Authority's original range of sixty five to seventy five percent, 36 00:01:58,160 --> 00:02:01,120 Speaker 1: but it's going to be underpinned by new policy across electricity, 37 00:02:01,120 --> 00:02:04,680 Speaker 1: transport and industry. Prime Minister Anthony Albernezi said it is 38 00:02:04,840 --> 00:02:09,640 Speaker 1: ambitious but achievable. Climate Minister Chris Bowen confirmed anything above 39 00:02:09,680 --> 00:02:12,919 Speaker 1: seventy percent was just not realistic. The federal opposition is 40 00:02:12,960 --> 00:02:15,920 Speaker 1: declared it is dead against the new target, saying it 41 00:02:15,919 --> 00:02:18,600 Speaker 1: fails on both cost and credibility. We're going to have 42 00:02:18,639 --> 00:02:20,760 Speaker 1: a lot more on this one in tomorrow morning show. 43 00:02:21,800 --> 00:02:24,799 Speaker 2: Story number three. Kmart has been found to have breached 44 00:02:24,840 --> 00:02:28,680 Speaker 2: Australian's privacy over its use of facial recognition technology. The 45 00:02:28,760 --> 00:02:34,200 Speaker 2: Privacy watchdog ruled the retailer collected sensitive biometric data without 46 00:02:34,280 --> 00:02:38,080 Speaker 2: properly notifying or seeking consent from customers. This was during 47 00:02:38,120 --> 00:02:41,520 Speaker 2: a trial across twenty eight stores from twenty twenty until 48 00:02:41,520 --> 00:02:45,160 Speaker 2: twenty twenty two. Kmart, which is owned by wes Farmers, 49 00:02:45,480 --> 00:02:48,720 Speaker 2: says the technology was used to combat refund fraud and 50 00:02:48,800 --> 00:02:52,440 Speaker 2: arise in violent incidents against staff, but the commissioner found 51 00:02:52,440 --> 00:02:56,600 Speaker 2: the response was not proportionate. Bunnings, which is also owned 52 00:02:56,639 --> 00:02:59,799 Speaker 2: by West Farmers, was also rebuked last year for similar 53 00:02:59,800 --> 00:03:02,240 Speaker 2: bread reaches. At the same time, though calls for this 54 00:03:02,320 --> 00:03:05,960 Speaker 2: kind of technology they are growing louder because retailers are 55 00:03:06,040 --> 00:03:10,320 Speaker 2: confronting surging crime rates. Story number four, How about this one? 56 00:03:10,400 --> 00:03:13,840 Speaker 2: Tesla has flicked the switch on its full self driving 57 00:03:14,080 --> 00:03:17,640 Speaker 2: supervised system in Australia and New Zealand, making them the 58 00:03:17,720 --> 00:03:21,120 Speaker 2: first right hand drive markets in the world to access 59 00:03:21,160 --> 00:03:24,560 Speaker 2: the technology. Well then, fifty thousand owners of Model three 60 00:03:24,720 --> 00:03:27,520 Speaker 2: and Model Y vehicles equipped with the latest hardware can 61 00:03:27,520 --> 00:03:30,960 Speaker 2: now download the update. Those who paid upfront for it 62 00:03:31,000 --> 00:03:34,680 Speaker 2: a while ago will get first access. Tesla insists that 63 00:03:34,720 --> 00:03:38,640 Speaker 2: the system doesn't make cars autonomous. Drivers will still need 64 00:03:38,720 --> 00:03:40,840 Speaker 2: to have their hands on the wheel, still need to 65 00:03:40,840 --> 00:03:43,200 Speaker 2: be ready to take over at any time, but this 66 00:03:43,280 --> 00:03:47,840 Speaker 2: does mark the most advanced driver assistance tech yet available 67 00:03:47,880 --> 00:03:51,760 Speaker 2: on Australian roads. And finally, story number five, King Charles 68 00:03:51,800 --> 00:03:55,200 Speaker 2: has given a rare political message urging US President Donald 69 00:03:55,200 --> 00:03:59,480 Speaker 2: Trump to treat the Orcus submarine packed as a vital alliance. 70 00:04:00,080 --> 00:04:03,040 Speaker 2: Speaking at a state banquet at Windsor Castle, the King 71 00:04:03,120 --> 00:04:06,520 Speaker 2: linked the partnership to Britain and America's shared history in 72 00:04:06,560 --> 00:04:10,160 Speaker 2: two World Wars, while also calling for stronger support for Ukraine. 73 00:04:10,440 --> 00:04:13,640 Speaker 2: The remarks come at a very good time for Australia, 74 00:04:13,680 --> 00:04:18,600 Speaker 2: with the Pentagon reviewing the Orchestra program, raising questions over 75 00:04:18,760 --> 00:04:21,480 Speaker 2: the US President's commitment to it. This was quite a 76 00:04:21,520 --> 00:04:24,960 Speaker 2: banquet being held in the UK, though guests there included 77 00:04:25,000 --> 00:04:28,960 Speaker 2: business leaders like Apple's Tim Cook and videos Jensen Huang 78 00:04:29,720 --> 00:04:32,120 Speaker 2: that's it for the afternoon Report for Thursday, the eighteenth 79 00:04:32,120 --> 00:04:34,800 Speaker 2: of September twenty twenty five. Make sure you hit follow 80 00:04:34,839 --> 00:04:36,800 Speaker 2: on the podcast and we'll be back tomorrow morning with 81 00:04:36,839 --> 00:04:39,280 Speaker 2: the Friday edition of the Fast five Business News by 82 00:04:39,279 --> 00:04:42,039 Speaker 2: Fear and Greed. I'm Michael Thompson. Enjoy your evening.