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

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Speaker 1: for Friday, the eighth of November twenty twenty four. I'm

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Speaker 1: sure Aelma, every afternoon we've got the five stories that

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Speaker 1: happened today that you need to know about. Storing Number one,

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Speaker 1: there's INPASX two hundred closed up nearly one percent today

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Speaker 1: to wait thousand, two hundred and ninety five points, with

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Speaker 1: tech stocs leading the way. There was plenty of corporate

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Speaker 1: news around. Ain Z reported an eight percent drop in

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Speaker 1: net profit for twelve months to the end of September

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Speaker 1: to six point five billion dollars, but its share price

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Speaker 1: rose more than one percent. Comm Off Banks share price

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Speaker 1: hit another record high. Aria reported a jump in quarterly revenue.

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Speaker 1: News Corps share price hit a record high after a

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Speaker 1: robust first quarter. Chief executive Robert Thompson said the sale

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Speaker 1: process for Foxtel is progressing. Life three sixty, the tracking

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Speaker 1: app hit an all time high after being upgraded by UBS.

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Speaker 1: Its share price is up about two hundred percent of

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Speaker 1: the past year. Shares in main Farmer jump more than

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Speaker 1: ten percent after it confirmed it was being shopped around

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Speaker 1: to buyers and biotech New and Farmerceuticals rose fifteen percent

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Speaker 1: after it reported strong sales of its debut drug for

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Speaker 1: the treatment of ret syndrome. Worst on the day was

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Speaker 1: block owner of Afterpay, which fell more than six percent.

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Speaker 1: Story number two. Prime Minister Anthony Abernezi has secured consensus

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Speaker 1: from the National Cabinet for a social media ban for

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Speaker 1: children under sixteen years of age. The legislation is expected

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Speaker 1: to be introduced into Parliament next week. The PM said

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Speaker 1: while the ban won't solve all the problems, it will

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Speaker 1: send a clear message about what society thinks is appropriate.

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Speaker 1: The legislation will seek to establish an obligation on tech

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Speaker 1: companies to take reasonable steps to prevent age restricted children

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Speaker 1: from accessing their sites, and include significant penalties for the

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Speaker 1: inappropriate use of personal data. There will be a one

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Speaker 1: year implementation period before the laws come into force. Earlier today,

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Speaker 1: Metas Australian Policy Director Mayor Garlic said app stores, rather

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Speaker 1: than social media companies, should be responsible for setting age limits.

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Speaker 1: She said Meta did not have the technology to implement

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Speaker 1: the restrictions. Three. A Quantas flight leaving from Sydney bound

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Speaker 1: for Brisbane was forced to circle back today and reland

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Speaker 1: after an engine failure. The incident appears to have lighted

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Speaker 1: a grass fire, which was quickly brought under control, but

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Speaker 1: not before plumes of smoke rose from next to the runway.

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Speaker 1: Passengers on flight QF five twenty heard a loud bang,

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Speaker 1: which the airline said was a contained engine failure, contained

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Speaker 1: meaning only in that engine. The plane was surrounded by

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Speaker 1: firefighters when it landed, and passengers were escorted back to

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Speaker 1: the airport safely. It came just hours after in Australian

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Speaker 1: border Force it outage triggered major immigration cues after the

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Speaker 1: smart gate system went down. Sydney and Melbourne were worst

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Speaker 1: effected on that one story Number four. Donald Trump, who

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Speaker 1: won't be president until the new year, has already started

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Speaker 1: throwing his weight around. He's appointed his campaign manager, Susie

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Speaker 1: Wiles as his chief of staff. He said he hasn't

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Speaker 1: spoken of Vladimir Purtin yet, but did receive a congratulatory

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Speaker 1: message from Chinese leader Shijingping. The big ticket items being

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Speaker 1: debated most in Washington at the moment a tax, defense, immigration,

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Speaker 1: and tariff policy. Meanwhile, President Joe Biden said he hopes

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Speaker 1: Americans can lower the temperature after the contentious presidential campaign

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Speaker 1: he said he would work with mister Trump to ensure

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Speaker 1: a peaceful and orderly transition. And story number five. The

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Speaker 1: US Federal Reserve cut interest rates by twenty five basis

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Speaker 1: points in the world's largest economy, but most of the

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Speaker 1: discussion post the cut was about comments from chair Jerome Powell,

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Speaker 1: who said he's ready to defend the Central Bank from

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Speaker 1: political pressure following the re election of Donald Trump. When

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Speaker 1: asked would he step aside if Donald Trump asked for

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Speaker 1: his resignation, Powell responded no, just no. He said the

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Speaker 1: president lacks the legal authority to demote or remove the

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Speaker 1: chairman or other senior Fed officials. Trump was critical of

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Speaker 1: Powell for cutting interest rates by fifty basis points during

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Speaker 1: the election campaign. During a press conference after the rate

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Speaker 1: cutover night, Powell avoided answering questions on what a Trump

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Speaker 1: administration would mean for the economy in Montree Policy, while

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Speaker 1: the Bank of England also coated benchmark great for the

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Speaker 1: second time overnight. That's it for the afternoon report for Friday,

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Speaker 1: the eighth of November twenty twenty four. Don't forget Tit.

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Speaker 1: Follow on the podcast and find Fear and Greed on

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Speaker 1: LinkedIn Instagram x TikTok and Facebook. Join Adam Lang and

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Speaker 1: I tomorrow morning. The weekend past five by fear and greed.

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Speaker 1: I'm Shane Elma. Enjoy your eating