1
00:00:03,680 --> 00:00:06,080
Speaker 1: Welcome to the Fear and Greed Business News. The Afternoon

2
00:00:06,080 --> 00:00:08,959
Speaker 1: Report for Thursday, the sixteenth of May twenty twenty four.

3
00:00:09,000 --> 00:00:11,920
Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories

4
00:00:11,960 --> 00:00:14,160
Speaker 1: that happened today that you need to know about. Join

5
00:00:14,200 --> 00:00:16,840
Speaker 1: Tom one. Two big news events over the past twenty

6
00:00:16,840 --> 00:00:20,520
Speaker 1: four hours have increased the chances of interst rate cuts

7
00:00:20,600 --> 00:00:24,560
Speaker 1: later this year fairly significantly. First, core infation figures in

8
00:00:24,600 --> 00:00:28,880
Speaker 1: the US, which excludes food and energy costs, rose zero

9
00:00:28,920 --> 00:00:32,919
Speaker 1: point three percent last month, snapping a streak of higher figures.

10
00:00:33,200 --> 00:00:35,159
Speaker 1: As a result, the S and P five hundred hit

11
00:00:35,200 --> 00:00:39,600
Speaker 1: its twenty third record this year. The data provides hope

12
00:00:39,640 --> 00:00:43,000
Speaker 1: that inflation is resuming its downward trend in the US,

13
00:00:43,200 --> 00:00:46,839
Speaker 1: which would open the way for interstrate cuts there. Then, locally,

14
00:00:46,960 --> 00:00:50,440
Speaker 1: the April unemployment data came out. It showed a jump

15
00:00:50,520 --> 00:00:53,479
Speaker 1: from three point nine percent in March to a rate

16
00:00:53,520 --> 00:00:56,240
Speaker 1: of four point one percent last month. There was a

17
00:00:56,280 --> 00:00:58,440
Speaker 1: surge in job numbers, but there are even more people

18
00:00:58,760 --> 00:01:02,800
Speaker 1: looking for work. The US inflation and local unemployment figure

19
00:01:03,160 --> 00:01:06,200
Speaker 1: convinced bond investors to price out any chance of a

20
00:01:06,280 --> 00:01:08,880
Speaker 1: rate high in Australia and price in a fifty percent

21
00:01:08,959 --> 00:01:12,360
Speaker 1: chance of a rate cut later this year. Certainly was

22
00:01:12,440 --> 00:01:15,360
Speaker 1: a market moving twenty four hours a storing number two.

23
00:01:15,520 --> 00:01:17,280
Speaker 1: As a result of the interest rate news, the S

24
00:01:17,319 --> 00:01:20,640
Speaker 1: and p ASX two hundred closed up one point seven

25
00:01:20,680 --> 00:01:23,759
Speaker 1: percent to seven eight hundred and eighty one points. Interst

26
00:01:23,800 --> 00:01:26,679
Speaker 1: Rate sensitive stocks rose most Goodman Group was up four

27
00:01:26,720 --> 00:01:30,360
Speaker 1: point six percent and Wisteck Global jumped four point two percent.

28
00:01:30,680 --> 00:01:33,119
Speaker 1: In fact, the real estate and tech in disease were

29
00:01:33,200 --> 00:01:36,760
Speaker 1: up most today, but really all the large caps were higher,

30
00:01:36,760 --> 00:01:39,040
Speaker 1: with the exception of the two energy companies Woodside In

31
00:01:39,080 --> 00:01:42,199
Speaker 1: Santos National Australian Bank and AMS Edited the banks higher,

32
00:01:42,440 --> 00:01:44,880
Speaker 1: both up more than two percent, but Quarry was up

33
00:01:44,920 --> 00:01:47,160
Speaker 1: nearly three percent. The big miners were higher, so to

34
00:01:47,200 --> 00:01:51,600
Speaker 1: the retailers, Transurban Telstra. The list goes on. In corporate news,

35
00:01:51,720 --> 00:01:54,400
Speaker 1: the bidding war for Nemoy Cotton has been hit by

36
00:01:54,440 --> 00:01:57,600
Speaker 1: the Australian Competition and Consumer Commission, saying a sale to

37
00:01:57,680 --> 00:02:02,840
Speaker 1: France's that Louis Dreyfuss would fointantially lessened competition. That sent

38
00:02:03,080 --> 00:02:06,880
Speaker 1: Naimoy's share price tumbling, and it puts Singapore's Olam in

39
00:02:06,960 --> 00:02:10,720
Speaker 1: the box seat to win that battle. Problem is that

40
00:02:10,840 --> 00:02:13,519
Speaker 1: Louis Dreyfuss already owned sixteen point ninety nine percent of

41
00:02:13,680 --> 00:02:18,040
Speaker 1: Nimoi Story number three, evan Awatu's administrator, so the airline

42
00:02:18,080 --> 00:02:20,560
Speaker 1: was clearly not in a position to meet its financial

43
00:02:20,560 --> 00:02:24,000
Speaker 1: commitments well before it collapsed a week ago, owing more

44
00:02:24,000 --> 00:02:26,800
Speaker 1: than ninety nine million dollars to customers, staff and lenders.

45
00:02:27,200 --> 00:02:30,440
Speaker 1: Liquidator Ernstan Young said evan Awatu had a high cost

46
00:02:30,480 --> 00:02:33,600
Speaker 1: base for the size of its operations and a significant

47
00:02:33,680 --> 00:02:35,799
Speaker 1: level of debt, employing a high number of staff for

48
00:02:35,840 --> 00:02:38,680
Speaker 1: an operation of its size and nature. The carrier has

49
00:02:38,720 --> 00:02:42,520
Speaker 1: been supported financially by the government of Vanuatu. Evanhuaitu flew

50
00:02:42,560 --> 00:02:45,000
Speaker 1: to Brisbane, Sydney, Melbourne, Auckland, as well as Nadi in

51
00:02:45,040 --> 00:02:48,520
Speaker 1: Fiji and Eumeya in New Caledonia. It also operated a

52
00:02:48,639 --> 00:02:52,880
Speaker 1: small domestic fleet, Story number four. Interitec's share price hit

53
00:02:52,919 --> 00:02:55,639
Speaker 1: a year high even though the group lost money over

54
00:02:55,680 --> 00:02:58,400
Speaker 1: the last six months. The group announced an interim loss

55
00:02:58,440 --> 00:03:00,240
Speaker 1: of one hundred and forty eight million dollars on the

56
00:03:00,240 --> 00:03:04,120
Speaker 1: back of impairments from its fertilizers business this morning. Now

57
00:03:04,120 --> 00:03:06,639
Speaker 1: they were somewhat offset by the sale of its wagonman

58
00:03:06,760 --> 00:03:10,800
Speaker 1: Ammonia manufacturing plants in the US. Investors focused on underlying

59
00:03:10,840 --> 00:03:13,760
Speaker 1: gains of eighteen percent at the company, also on talks

60
00:03:13,800 --> 00:03:17,640
Speaker 1: to offload the fertilizer business. Insitekis negotiations for the sale

61
00:03:17,639 --> 00:03:21,200
Speaker 1: of the fertilizer's business to an Indonesian group and story

62
00:03:21,360 --> 00:03:24,320
Speaker 1: number five. France has declared state of emergency in its

63
00:03:24,360 --> 00:03:27,640
Speaker 1: specific territory of New Caledonia as it seeks to quell

64
00:03:27,720 --> 00:03:31,720
Speaker 1: deadly riots spiked by a controversial electoral reform. Four people,

65
00:03:31,800 --> 00:03:34,480
Speaker 1: including one police officer, have died in unrest that has

66
00:03:34,560 --> 00:03:37,600
Speaker 1: raged this week, despite the deployment of extra police and

67
00:03:37,680 --> 00:03:41,520
Speaker 1: imposition of a curfew. According to The Financial Times, President

68
00:03:41,680 --> 00:03:45,320
Speaker 1: Manuel Macron condemned the unacceptable violence and called for the

69
00:03:45,360 --> 00:03:49,000
Speaker 1: resumption of talks to negotiate a political solution to the crisis.

70
00:03:49,040 --> 00:03:51,600
Speaker 1: Declaring a state of emergency allows the government to restrict

71
00:03:51,680 --> 00:03:56,360
Speaker 1: certain freedoms without judicial review, including banning protests, limiting travel,

72
00:03:56,600 --> 00:03:59,400
Speaker 1: and carrying out searches. That's it for the afternoon report

73
00:03:59,440 --> 00:04:02,280
Speaker 1: for Thirst, the sixteenth of May twenty twenty four. Michael

74
00:04:02,280 --> 00:04:04,400
Speaker 1: Thomas and I will be back tomorrow morning with the

75
00:04:04,440 --> 00:04:06,760
Speaker 1: Friday edition. Off for You and Greed Business News. I'm

76
00:04:06,800 --> 00:04:08,480
Speaker 1: sure I, Elma, enjoy your evening