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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 first of October twenty twenty five are

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Speaker 1: Michael Thompson and every afternoon we've got the five stories

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

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Speaker 1: go with story number one. The S and p ASX

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Speaker 1: two hundred closed flat today, just three points lower, or

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Speaker 1: zero point zero four percent to eight hundred and forty

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Speaker 1: six points. But that relatively benign result doesn't tell the

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Speaker 1: full story because behind the scenes there's been plenty happening.

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Speaker 1: Australia's second largest company, BHP, fell two point five percent

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Speaker 1: today over reports China has banned purchases of the miners

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Speaker 1: Iron all are out of the Pilbra as part of

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Speaker 1: a price negotiation tactic. The other big miners, fortes Que

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Speaker 1: and Rio Tinto both actually climbed today. Gold set yet

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Speaker 1: another record uncertainty over a US government shutdown, sending investors

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Speaker 1: looking for safe haven assets once again. I'll have more

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Speaker 1: on the shutdown in a minute, but the local gold

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Speaker 1: miners rose as a result. Companies had a pretty ordinary

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Speaker 1: day after reports to major mind in China could be

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Speaker 1: getting closer to restarting Liontown Resources lost ten point seven percent.

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Speaker 1: PLS formerly Pilbrim Minerals it was down six point four percent.

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Speaker 1: Mineral Resources and Igo both closed about four percent lower

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Speaker 1: for the day. A few other things worth mentioning a

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Speaker 1: big deal announced with Eagers Automotive buying a majority stake

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Speaker 1: in a Canadian dealership business. We'll have more on that

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Speaker 1: one tomorrow morning. And Drone Shield, the drone defense tech

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Speaker 1: company that's really having a moment right now, had yet

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Speaker 1: another Moment's another great day, up another twenty three percent today.

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Speaker 1: It's now up fifty percent for the week, and it's

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Speaker 1: only Wednesday. Under story number two now. And mining giant

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Speaker 1: Rio Tinto says Queensland's largest coal fired power station could

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Speaker 1: shut six years ahead of schedule, with the Gladston Power

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Speaker 1: Station potentially closing by March twenty twenty nine. The company

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Speaker 1: has formally notified the market operator that the plant may

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Speaker 1: retire as existing supply arrangements expire, including its deal with

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Speaker 1: the Boyn Aluminium Smelter, which is the station's biggest customer.

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Speaker 1: The thing is that the smelter has already secured renewable

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Speaker 1: energy and large scale battery storage to power the smelter

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Speaker 1: beyond twenty twenty nine, which will mean essentially that the

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Speaker 1: coulfired power station just would not be needed to the

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Speaker 1: same extent. No final decision on this has been made,

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Speaker 1: but the move has already been welcomed by energy analysts

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Speaker 1: and by climate groups. Story number three. The Media watchdog

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Speaker 1: has warned it may take enforcement action against the radio

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Speaker 1: network behind the Kyle and Jackie o Show after repeated

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Speaker 1: breaches of decency standards. The Australian Communications Media Authority has

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Speaker 1: found seven new breaches, including segments with vulgar and sexually

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Speaker 1: explicit content, plus failures to handle audience complaints within the

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Speaker 1: required time. This is the twelfth breach finding against the program,

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Speaker 1: whose hosts signed a ten year deal reportedly work two

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Speaker 1: hundred million dollars last year. The show is consistently at

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Speaker 1: or near the top of the ratings in Sydney, but

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Speaker 1: has really failed to build an audience in Melbourne since

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Speaker 1: it started networking to the city last year. This latest

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Speaker 1: finding by AKMA may not help that battle onto Story

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Speaker 1: number four. Now and a McDonald's outlet in Melbourne Southeast

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Speaker 1: has sold for four point seven million dollars, with investors

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Speaker 1: accepting a record low yield of just two point seven

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Speaker 1: eight percent. This is a really interesting story because the

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Speaker 1: Hampton Park store drew thirty three registered bidders nearly eight

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Speaker 1: hundred inquiries before being sold under the hammer to an

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Speaker 1: offshore buyer. There's a twenty year lease to McDonald's in

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Speaker 1: place that'll take it through until twenty forty three. The

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Speaker 1: assets expected to generate about one hundred and thirty one

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Speaker 1: thousand dollars in annual rental income with fixed yearly increases,

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Speaker 1: and property analysts say the result reflects the intense demand

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Speaker 1: for set and forget investments backed by global brands, with

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Speaker 1: the Financial Review reporting that the McDonald's freehold sites are

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Speaker 1: among the most tightly held in the market. Finally, story

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Speaker 1: number five I mentioned this earlier. The US government has

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Speaker 1: shut down after Congress failed to agree on funding before

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Speaker 1: the deadline. About seven hundred and fifty thousand federal workers

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Speaker 1: are expected to be furloughed, while government services ranging from

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Speaker 1: air travel safety checks through to unemployment data releases that

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Speaker 1: will all be disrupted. President Donald Trump threatened mass firings

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Speaker 1: of Democrats in the federal workforce and blamed the deadlock

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Speaker 1: on healthcare subsidies demanded by Democrats. It is the third

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Speaker 1: shutdown under his presidency, though the first since his return

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Speaker 1: to office this year. The last shutdown that he had

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Speaker 1: in twenty nineteen lasted thirty five days and cost the

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Speaker 1: economy three billion US dollars. This time, though, the president

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Speaker 1: has threatened retribution, saying he'll do and I quote, things

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Speaker 1: that are irreversible, things that are bad. That's it for

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Speaker 1: the Afternoon Report for Wednesday, the first of October twenty

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Speaker 1: twenty five. Make sure you hit follow on the podcast,

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Speaker 1: and we'll be back tomorrow morning with the Thursday edition

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Speaker 1: of Fear and Greed a Michael Thompson. Enjoy your evening