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

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Speaker 1: for Wednesday, the twelfth of November. I'm Michaele Thompson, and

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Speaker 1: every afternoon we've got the five big stories that happen

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Speaker 1: today that you need to know about. Let's go with

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Speaker 1: story number one. Let's take a look at markets first.

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Speaker 1: The SMPA SEX two hundred finished the day off a

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Speaker 1: touchdown zero point two percent today to eighty seven hundred

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Speaker 1: and ninety nine point five points. Normally I would round

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Speaker 1: that up, but that would take it to eight eight

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Speaker 1: hundred points, and that feels like a milestone that we

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Speaker 1: just didn't quite get to today. Stronger commodity prices help

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Speaker 1: the local miners. The price of iron ore rows one percent,

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Speaker 1: which was helped along by expectations of more stimulus in

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Speaker 1: China to help the economy. That boosted our big miners.

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Speaker 1: Rio Tinto was up two point three percent, BHP up

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Speaker 1: zero point six percent, a good day for the gold

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Speaker 1: miners two and copper as well. Lithium is worth a

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Speaker 1: mention on its own because Mineral Resources was the best

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Speaker 1: performer on the balls today, up nine point point two

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Speaker 1: percent after selling a steak in its lithium business to

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Speaker 1: a South Korean company. Liontown Resources was the next best,

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Speaker 1: up six percent after its own deal. The price of

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Speaker 1: crude oil climbed overnight, which saw our energy giants gain ground.

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Speaker 1: Woodside was up one point four percent, Santos up one

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Speaker 1: point seven percent. At the other end of the market, though,

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Speaker 1: the tech stocks tracking app Life three sixty tumbled more

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Speaker 1: than thirteen percent today after a trading update yesterday showed

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Speaker 1: lower than expected user growth numbers, and Commonwealth Bank followed

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Speaker 1: up yesterday's six point six percent dip with another sell off,

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Speaker 1: down another three point one percent to hit a seven

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Speaker 1: month low. On to story number two and a bit

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Speaker 1: of corporate news around today, Australian Vintage, which owned mcgwigan,

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Speaker 1: Tempest two and nepentthe Wines, said it expects first half

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Speaker 1: sales would be flat, but is forecasting full years sales

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Speaker 1: growth of between five and seven percent. Aristocrat Leisure Shares fell,

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Speaker 1: posting a nine percent rise in net profit to one

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Speaker 1: point six billion dollars after its interactive gaming division including

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Speaker 1: Neo Games, missed expectations. Flight Center rose after managing director

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Speaker 1: Graham Turner said second half earnings are expected to drive

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Speaker 1: growth following a strong start to the year, and arn

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Speaker 1: Media tumbled after warning full year earnings will be about

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Speaker 1: twenty six percent below last year due to a sharp

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Speaker 1: downturn in the Australian advertising market. Story number three a

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Speaker 1: big one coming out of Canbro. The Federal Liberal Party

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Speaker 1: is inching closer to dumping its commitment to net zero,

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Speaker 1: with a marathon party room meeting still underway. Media is

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Speaker 1: reporting the party room is split sixty forty right now

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Speaker 1: in favor of axing the net zero policy. Liberal leader

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Speaker 1: Susan Lee is in favor of retaining the commitment to

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Speaker 1: net zero by twenty fifty, but her deputy Ted O'Brien

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Speaker 1: has reportedly dropped his support along with a growing number

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Speaker 1: of other MPs. This has been a long simmering issue

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Speaker 1: for the position, really since the election back in May,

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Speaker 1: with the National Party against it and a growing number

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Speaker 1: of Conservative Liberals pushing to dump it. Andrew Hasty, who

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Speaker 1: quit the Liberal front bench over the issue, has reportedly

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Speaker 1: told the party room that if the coalition wins the

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Speaker 1: next election, it should repeal Labour's carbon target legislation and

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Speaker 1: if that has resisted, should have a double dissolution election.

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Speaker 1: Angus Taylor, who took the net zero policy to the

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Speaker 1: cop summit in Glasgow in twenty twenty one when he

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Speaker 1: was Energy Minister mind you, has also called for it

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Speaker 1: now to be dumped. The meeting is well into its

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Speaker 1: fifth hour, nearly into its sixth now it may have

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Speaker 1: some time still to go. We'll have a lot more

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Speaker 1: on this one tomorrow morning. Story number four. Australia's spy

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Speaker 1: chief has warned that foreign state backed hackers are now

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Speaker 1: capable of carrying out large scale sabotage on critical infrastructure,

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Speaker 1: including power grids, telecommunications networks and airports. AZIO Director General

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Speaker 1: Mike Burgess told a forum in Melbourne that the threat

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Speaker 1: of high impact sabotage is no longer theoretical, he said,

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Speaker 1: quote we're there now, he said. Chinese groups such as

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Speaker 1: salt Typhoon and vault Typhoon have been scanning and probing

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Speaker 1: Australian networks, using sophisticated tools to map systems and maintain

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Speaker 1: hidden access now. Burgess said that such access could allow

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Speaker 1: hostile actors to quote turn off the power during a

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Speaker 1: heat wave, or pollute our drinking water. He urged Astralding

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Speaker 1: businesses and boards to take cybersecurity far more seriously. And finally,

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Speaker 1: story number five, extraordinary scenes out of China, where a

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Speaker 1: newly opened seven hundred and fifty eight meter long bridge

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Speaker 1: has collapsed into a river in Sechuan Province. There were

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Speaker 1: no casualties reported because the bridge was actually closed a

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Speaker 1: day earlier after cracks were detected following heavy landslides that

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Speaker 1: were triggered by unstable mountain terrain. If you haven't seen

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Speaker 1: the video of this, you can check it out on

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Speaker 1: any news site. It shows a huge chunk of the

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Speaker 1: bridge basically just plunging into the river below after the

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Speaker 1: ground just pretty much gives way beneath it. The collapse

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Speaker 1: comes amid growing safety concerns about China's massive infrastructure expansion

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Speaker 1: following a series of fatal bridge and road failures in

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Speaker 1: recent years. That's it for the afternoon report for Wednesday,

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Speaker 1: the twelfth of November. Make sure you hit follow on

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Speaker 1: the podcast and head along to Fearandgreed dot com dot

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Speaker 1: au to sign up for our free daily newsletter. I'll

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Speaker 1: put a link in today's show notes as well. The

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Speaker 1: daily newsletter comes out every morning by six am and

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Speaker 1: it is a terrific cheat sheet for basically the business

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Speaker 1: news of the day, so you get to work ready

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Speaker 1: and a little bit ahead of your colleagues. Are Michael

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Speaker 1: Thompson Enjoy your evening