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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 twenty second of August twenty twenty five.

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Speaker 1: I'm Michael Thompson. Every afternoon, I'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 a story number one. The SMPA SEX two hundred

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Speaker 1: closed down zero point six percent today to eighty nine

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Speaker 1: hundred and sixty seven points, ending the day below the

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Speaker 1: record it's set yesterday when it sailed past nine thousand points. Still,

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Speaker 1: despite the boors easing, it was still up zero point

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Speaker 1: three percent for the week. That's three weeks in a

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Speaker 1: row of gains. Consumer staples was the weakest sector today,

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Speaker 1: pulled down by a pretty ordinary result from chicken producer

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Speaker 1: Ingham's Group. Ingham's fell more than twenty percent after a

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Speaker 1: ten percent drop in full year profit, with both result

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Speaker 1: and outlook below expectations. Coles was down three point three

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Speaker 1: percent ahead of its results next week, and a bad

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Speaker 1: end to a shocking week for healthcare giant CSL, following

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Speaker 1: another four point two percent following its worst one day

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Speaker 1: drop earlier this week. At the other end of the market,

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Speaker 1: Buy Now, Pay Later group ZIP shot up more than

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Speaker 1: twenty percent today. It is considering a dual listing on

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Speaker 1: the Nasdaq. There wasn't a lot of action at the

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Speaker 1: banks today, and as for the miners, Fortescue and Rio Tinto,

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Speaker 1: both lost a little ground. Story number two one of

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Speaker 1: the interesting results posted today. Mexican food chain Kuzmini Gomez

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Speaker 1: served up somewhat mixed annual result, posting more than a

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Speaker 1: billion dollars in annual sales and its first dividend, but

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Speaker 1: spooking investors with a sluggish start to the new financial year.

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Speaker 1: Revenue was up twenty three percent to just under one

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Speaker 1: point two billion dollars for the twelve months to the

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Speaker 1: end of June, and there was a swing to a

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Speaker 1: fourteen million dollar profit following a thirteen point seven million

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Speaker 1: dollar loss, But underlying earnings fell well short of expectations,

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Speaker 1: and there was just three point seven percent sales growth

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Speaker 1: in the first seven weeks of the new year. That's

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Speaker 1: barely half of what analysts had expected, and investors certainly

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Speaker 1: didn't like that. Shares plunged almost eighteen percent today. They're

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Speaker 1: now almost back to where they started when the company

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Speaker 1: first floated on the ASX last June. The company's US

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Speaker 1: expansion is dragging on results, but there are plans to

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Speaker 1: still keep opening plenty of restaurants here thirty two new

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Speaker 1: restaurants in Australia this year. That'll certainly keep them on

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Speaker 1: their burritos. Sorry, I had to do it. Story number three.

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Speaker 1: Queensland's Liberal National Party has fired a shot at the

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Speaker 1: federal coalition leadership, voting overwhelmingly for the party to abandon

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Speaker 1: its commitment to net zero. Hundreds of delegates at the

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Speaker 1: lnp's state convention in Brisbane today backed a resolution calling

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Speaker 1: for the federal opposition to dump its support for a

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Speaker 1: net zero mandate, despite federal leader Susan Lee urging members

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Speaker 1: to modernize to win back voters after the May election defeat.

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Speaker 1: The push came from more than twenty Queensland branches. It

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Speaker 1: was seconded on the floor by National Senator Matt Canavan,

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Speaker 1: who argued that the net zero agenda is not working.

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Speaker 1: The thing is this resolution isn't binding on the federal

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Speaker 1: coalition and the Liberal National Party state government in Queensland

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Speaker 1: still is committed to net zero by twenty fifty. But

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Speaker 1: what it does do is heat pressure on Susan Lee

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Speaker 1: as she is trying to review the opposition's policy platform

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Speaker 1: under story number four now and Crypto Exchange Finance Australia

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Speaker 1: has been ordered to bring in an external auditor after

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Speaker 1: the Financial Crimes Regulator raised serious concerns about its anti

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Speaker 1: money laundering and counter terrorism financing controls. OSTRAK says the

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Speaker 1: Crypto Exchange has twenty eight days to nominate orditors after

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Speaker 1: it found problems with Finance's latest independent review. The regulator

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Speaker 1: also pointed to high staff turnover, limited local resources and

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Speaker 1: weak senior oversight of money laundering risks. Finance is already

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Speaker 1: under pressure worldwide after its founder was jailed last year.

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Speaker 1: In the US, and finally story number five, Donald Trump

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Speaker 1: has scored toward a major legal win with a New

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Speaker 1: York appeals court striking down a four hundred and sixty

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Speaker 1: four million US dollar fraud penalty against him and his company.

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Speaker 1: It did, however, uphold the finding that he broke the

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Speaker 1: law by inflating the value of assets like his marri

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Speaker 1: Lago resort in Florida. The five judge panel ruled the

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Speaker 1: penalty was quote excessive and unconstitutional, but other sanctions do remain.

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Speaker 1: Trump and his sons are still facing temporary bans on

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Speaker 1: serving as corporate officers in New York, and his company's

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Speaker 1: finances will continue to be monitored, though both of these

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Speaker 1: measures are actually on hold while other appeals play out.

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Speaker 1: The New York Attorney General says she will challenge the

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Speaker 1: ruling at the state's highest court, stressing that this is

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Speaker 1: a quote. Yet another court has ruled that the president

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Speaker 1: violated the law. As for the president's view on truth,

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Speaker 1: social Donald Trump described the decision as a great win

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Speaker 1: for America and yes, that was all in caps. That's

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Speaker 1: it for the afternoon report for Friday, the twe twenty

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Speaker 1: second of August twenty twenty five. Make sure you hit

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Speaker 1: follow on the podcast. We'll be back tomorrow morning with

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Speaker 1: the weekend edition of Fear and Greed. A'm Michael Thompson.

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Speaker 1: I'll enjoy your evening