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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 fifteenth of November twenty twenty four. I'm

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Speaker 1: Sean A. Elmer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. Stort

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Speaker 1: number one. The local share market bounced today, with the

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Speaker 1: SMPA six two hundred closing three quarters of a percentage

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Speaker 1: point higher to eight two hundred and eighty five points.

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Speaker 1: That means for the week, the market lost just ten points.

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Speaker 1: Among the large caps, the banks did pretty well. Ain

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Speaker 1: Z was up two and a half percent, Westpac one

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Speaker 1: point nine percent, Commonwealth Bank and National Australia Bank around

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Speaker 1: that one and a half percent level. Wistep was another

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Speaker 1: strong performer, up three percent. That means for the past

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Speaker 1: year it is now more than doubled in price for

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Speaker 1: a Skew Metals and Rio were among the laggards, while

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Speaker 1: CSL for fell more than two percent. Pathology Group Helius'

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Speaker 1: share price tumbled sixteen percent. Now It held its annual

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Speaker 1: general meeting today and it updated its earnings guidance. It

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Speaker 1: was easily the worst perform of the top two hundred.

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Speaker 1: Lend les avoided a second strike over for its remunerational report.

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Speaker 1: At its AGM, ninety one percent of shareholders voted for it.

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Speaker 1: CEO Toanny Lombardo said shareholders needed to look past this

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Speaker 1: financial year to better times ahead. It also launched a

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Speaker 1: five hundred million dollars share buyback. Its share price jumped

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Speaker 1: pretty sharply today. Story number two. Prime Minister to Anthony

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Speaker 1: Alberzi says any move by Donald Trump to diminish Joe

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Speaker 1: Biden's mega energy spending via the Inflation Reduction Act could

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Speaker 1: benefit Australia. The Prime Minister, speaking from Leema, reckons it

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Speaker 1: could drive investment into this country and the Inflation Reduction

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Speaker 1: Act drives investment in green energy and advanced technology. The

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Speaker 1: federal government here has he future made an Australia Act

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Speaker 1: aims to do the same thing, just on a much

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Speaker 1: much smaller scale. So if the IRA the Inflation Reduction

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Speaker 1: Act is reduced, then that could help locals. Prime Minister

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Speaker 1: said Australia is well placed to drive the global economy

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Speaker 1: with resources including copper, vanadium, cobalt and lithium. Earlier today,

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Speaker 1: Australia benez He met with his Dnesian counterpart, President Brababo

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Speaker 1: Subianto and discussed the need to de escalate tensions with China.

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Speaker 1: Story number three. BHP today says it's waiting to formally

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Speaker 1: receive a court ruling. Only twenty fifteen, fund out tailing's

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Speaker 1: dam collapse in Brazil after media reports at a lower

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Speaker 1: court rule that its unit and other firms are not

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Speaker 1: criminally liable for the disaster. A dam collapse at an

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Speaker 1: iron ore mind owned by Samaco, a joint venture between

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Speaker 1: Vallet and BHP, resulted in nineteen deaths, left hundreds of

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Speaker 1: people homeless, flowed forests and polluted the Dochi River. According

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Speaker 1: to Reuters, the court found there was not enough evidence

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Speaker 1: to establish a causal connection between the companies and the

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Speaker 1: dam failure. The court's ruling on criminal charges filed by

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Speaker 1: Brazil's federal prosecutors in twenty sixteen is distinct from the

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Speaker 1: thirty two billion US dollar civil settlement disclosed last month,

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Speaker 1: which deals with framework obligations and other claims related to

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Speaker 1: the damn failure. Separately, BHP also faces a law certain

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Speaker 1: Neus the UK for Samako dan disaster, potentially costing it

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Speaker 1: forty seven billion US dollars in damages. Story number four.

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Speaker 1: The scandal ridden minor Mineral Resources has admitted it should

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Speaker 1: have told shareholders about a rental relief scheme that went

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Speaker 1: on for a decade involving companies linked to the daughter

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Speaker 1: of billionaire founder Chris Ellison. That relief scheme benefited companies

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Speaker 1: linked to Christie Lee Kraker between twenty twelve and twenty

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Speaker 1: twenty three, according to the Finn Review, and was considered

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Speaker 1: related party in nature, hence shareholders should have been informed.

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Speaker 1: Minrez's defense is that the scheme is not was not

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Speaker 1: materially price sensitive, particularly given the quantum involved, as well

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Speaker 1: as mineral resources ability to seek repayment if it one

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Speaker 1: or two. Mineral Resources share price fell more than five

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Speaker 1: percent today, it's off fifty percent for the year and

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Speaker 1: story number five. The Chair of the Federal Reserves, Jerian Powell, Overnight,

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Speaker 1: said there is no hurry to cut interest rates. He

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Speaker 1: said the strength in the US economy at the moment

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Speaker 1: gives the Fed the ability to approach decisions carefully. The

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Speaker 1: Fed cut the benchmark rate by fifty basis points in September,

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Speaker 1: twenty five basis points last week, and it's expected to

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Speaker 1: cut by another twenty five basis points next month, though

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Speaker 1: mister Powell's comments have somewhat dampened confidence about a cut.

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Speaker 1: Data this week shows that the core consumer Price Index

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Speaker 1: is running about zero point three percent per month in

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Speaker 1: the US, which remains higher than what the Fed targets.

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Speaker 1: That's it the afternoon Report for a Friday, the fifteenth

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Speaker 1: of November twenty twenty four. Don't forget to follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Adam Lang and I tomorrow

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Speaker 1: morning for the weekend Fast five by Fear and Greed.

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Speaker 1: I'm Seane Elmer and enjoy reading