1
00:00:03,760 --> 00:00:06,400
Speaker 1: Welcome to the Fear and Greed Business Years Afternoon Report

2
00:00:06,440 --> 00:00:09,000
Speaker 1: for Tuesday, the twenty third of July twenty twenty four.

3
00:00:09,039 --> 00:00:11,479
Speaker 1: I'm sure al moump every afternoon. We've got the five

4
00:00:11,520 --> 00:00:13,480
Speaker 1: stories that happened today that you need to know about

5
00:00:13,800 --> 00:00:16,480
Speaker 1: Story number one. The S ANDPASX two hundred closed up

6
00:00:16,520 --> 00:00:19,480
Speaker 1: half a percent today to seven nine hundred and seventy

7
00:00:19,480 --> 00:00:22,360
Speaker 1: one points. Tech stocks did best following a strong lead

8
00:00:22,400 --> 00:00:25,439
Speaker 1: in from Wall Street, while healthcare stocks, industrials, and consumer

9
00:00:25,520 --> 00:00:29,800
Speaker 1: discretionary companies also outperformed worse than the day worthy. Energy

10
00:00:29,840 --> 00:00:33,680
Speaker 1: stocks CSL was a strong performer today, so too. Commonwealth

11
00:00:33,680 --> 00:00:37,280
Speaker 1: Bank BHP slide continues. It's now worth two hundred and

12
00:00:37,360 --> 00:00:41,120
Speaker 1: ten billion dollars. That's thirteen billion dollars less than Commonwealth

13
00:00:41,120 --> 00:00:43,400
Speaker 1: Bank now just about a week ago or so. It

14
00:00:43,560 --> 00:00:46,159
Speaker 1: was the biggest company on the burse No longer in

15
00:00:46,200 --> 00:00:49,080
Speaker 1: corporate news, Transurban said it will partner with the Queensland

16
00:00:49,120 --> 00:00:53,040
Speaker 1: government to widen the western section of the state's Logan motorway.

17
00:00:53,440 --> 00:00:57,440
Speaker 1: Burns treatment developer Polynovo outline growing demand for the company's

18
00:00:57,440 --> 00:01:01,640
Speaker 1: products in conflict zones and developing country. Revenue last financial

19
00:01:01,760 --> 00:01:04,080
Speaker 1: year was up more than fifty percent. Its share price

20
00:01:04,160 --> 00:01:06,280
Speaker 1: jumped more than seven percent. The best of the top

21
00:01:06,319 --> 00:01:09,679
Speaker 1: two hundred West Farmers and JB High five hit record

22
00:01:09,760 --> 00:01:12,760
Speaker 1: highs Linas Rare Earth said the June quarter was marked

23
00:01:12,760 --> 00:01:16,080
Speaker 1: by lower production due to maintenance works and falling prices

24
00:01:16,120 --> 00:01:20,760
Speaker 1: for products. Story number two. Wall Street closed higher this morning,

25
00:01:20,800 --> 00:01:23,319
Speaker 1: with tech stocks leading the way, and Vidia jumped nearly

26
00:01:23,360 --> 00:01:26,720
Speaker 1: five percent, while Tesla was up even more. One stock

27
00:01:27,000 --> 00:01:31,039
Speaker 1: not doing so well is CrowdStrike, the cybersecurity group responsible

28
00:01:31,080 --> 00:01:34,400
Speaker 1: for last week's global IT outach. It's off nearly twenty

29
00:01:34,480 --> 00:01:38,240
Speaker 1: five percent since the botched update. Perhaps it should be

30
00:01:38,319 --> 00:01:40,840
Speaker 1: off more. After getting used to what happened in US

31
00:01:40,920 --> 00:01:44,199
Speaker 1: politics over the weekend, Wall Street still thinks Donald Trump

32
00:01:44,200 --> 00:01:46,640
Speaker 1: will end up as president. That supported the US dollar,

33
00:01:46,840 --> 00:01:49,280
Speaker 1: pushing the Aussie dollar down to sixty six point three

34
00:01:49,440 --> 00:01:51,840
Speaker 1: US cents. That's a one month low. It's been heading

35
00:01:51,920 --> 00:01:54,440
Speaker 1: lower for almost two weeks now. There is still pressure

36
00:01:54,440 --> 00:01:57,440
Speaker 1: on commodity prices. Goal fell back below twenty four hundred

37
00:01:57,520 --> 00:02:03,280
Speaker 1: US dollars announce overnight. That's likely to continue. Story number three.

38
00:02:03,720 --> 00:02:07,200
Speaker 1: The country's biggest of builders and developers say the cfmeu's

39
00:02:07,240 --> 00:02:11,440
Speaker 1: grip on the construction sector has sent costs skyrocketing and

40
00:02:11,520 --> 00:02:16,000
Speaker 1: damage productivity, yet they're reluctant to speak out publicly, fearing

41
00:02:16,080 --> 00:02:20,080
Speaker 1: retaliation from the militant union. One unidentified source and a

42
00:02:20,160 --> 00:02:23,160
Speaker 1: story in the Australian Financial Review said, and I quote,

43
00:02:23,360 --> 00:02:25,440
Speaker 1: There's a lot I could say, but to be honest,

44
00:02:25,560 --> 00:02:28,800
Speaker 1: I'm still very wary of publicly making any comments and

45
00:02:28,880 --> 00:02:31,720
Speaker 1: could not risk our name being attached to any comments

46
00:02:31,760 --> 00:02:35,079
Speaker 1: for fear of retribution. The report says the comment was

47
00:02:35,080 --> 00:02:38,920
Speaker 1: echoed by the leaders across construction and property development. Now,

48
00:02:38,960 --> 00:02:42,520
Speaker 1: the CFMEU scandal, which alleges Biki gangings, bags of cash,

49
00:02:42,560 --> 00:02:45,440
Speaker 1: bullying and poor behavior by the union, has prodded the

50
00:02:45,440 --> 00:02:50,200
Speaker 1: Albanezi government into putting the CFMEU into external administration. The

51
00:02:50,240 --> 00:02:53,600
Speaker 1: Fair Work Ombardsman has been asked to review all CFMEU

52
00:02:53,800 --> 00:02:57,519
Speaker 1: enterprise agreements connected to Victoria's one hundred billion dollars Big

53
00:02:57,520 --> 00:03:01,720
Speaker 1: Build infrastructure pipeline and Federal and Construction Minister Catherine King

54
00:03:01,880 --> 00:03:05,880
Speaker 1: has directed her department to review construction projects overseen by

55
00:03:05,919 --> 00:03:10,080
Speaker 1: government business enterprises, including the new Western Sydney Airport and

56
00:03:10,240 --> 00:03:14,040
Speaker 1: Inland Rail Story number four. The alban Easy government has

57
00:03:14,040 --> 00:03:16,600
Speaker 1: given the green light to a new round of gas exploration.

58
00:03:17,080 --> 00:03:20,360
Speaker 1: The government now supports gas as a transition energy and

59
00:03:20,400 --> 00:03:23,560
Speaker 1: the new gas offshore exploration permits cover both the Otway

60
00:03:23,639 --> 00:03:27,280
Speaker 1: and Sorrel basins off Victoria and Tasmania. Now. In an

61
00:03:27,280 --> 00:03:30,760
Speaker 1: effort to soften the environmental backlash, the governments also finalized

62
00:03:30,840 --> 00:03:35,040
Speaker 1: ten permits to allow exploration of carbon capture and storage

63
00:03:35,120 --> 00:03:38,480
Speaker 1: to trap emissions from gas projects and story number five.

64
00:03:38,920 --> 00:03:42,240
Speaker 1: In an effort to recover its battered reputation, Optus is

65
00:03:42,280 --> 00:03:45,320
Speaker 1: allowing customers to try its mobile network for one week

66
00:03:45,720 --> 00:03:48,600
Speaker 1: for free. During the trial, customers will have access to

67
00:03:48,600 --> 00:03:52,360
Speaker 1: thirty gigabytes of data, unlimited standard national calls and one

68
00:03:52,400 --> 00:03:55,680
Speaker 1: thousand standard national text messages over a seven day period.

69
00:03:56,080 --> 00:03:59,160
Speaker 1: The company's not requiring any payment details from customers. The

70
00:03:59,160 --> 00:04:03,240
Speaker 1: trials available through the Myoptis app on any eSIM capable device,

71
00:04:03,320 --> 00:04:05,560
Speaker 1: which is pretty much most smartphones released in the past

72
00:04:05,600 --> 00:04:08,200
Speaker 1: few years. That's all, according to a report in this

73
00:04:08,240 --> 00:04:11,200
Speaker 1: Sdney Morning Herald. Customers can keep their current number and

74
00:04:11,200 --> 00:04:14,320
Speaker 1: current provider and use the app to switch between services.

75
00:04:14,560 --> 00:04:17,440
Speaker 1: Opters lost thousands of customers as a result of last

76
00:04:17,520 --> 00:04:21,359
Speaker 1: year's outage, which affected ten million customers. The trial represents

77
00:04:21,400 --> 00:04:24,440
Speaker 1: an open challenge for customers to compare Optus to their

78
00:04:24,480 --> 00:04:27,560
Speaker 1: current provider. That's according to the Tellcobe That's It Fair

79
00:04:27,600 --> 00:04:30,359
Speaker 1: Afternoon Report for Tuesday, the twenty third of July twenty

80
00:04:30,360 --> 00:04:32,560
Speaker 1: twenty four. Michael Thompson and I will be back tomorrow

81
00:04:32,560 --> 00:04:35,480
Speaker 1: morning with a Wednesday edition off You and Greed Business News.

82
00:04:35,520 --> 00:04:37,400
Speaker 1: I'm Sean Elmer. Enjoy your evening