1 00:00:04,200 --> 00:00:07,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:09,680 Speaker 1: for Tuesday, the twelfth of August twenty twenty five. Are 3 00:00:09,760 --> 00:00:12,240 Speaker 1: Michael Thompson. Every afternoon, I've got the five stories that 4 00:00:12,280 --> 00:00:14,159 Speaker 1: happened today that you need to know about it. So 5 00:00:14,280 --> 00:00:17,000 Speaker 1: let's get going. Story number one. The s and PASEX 6 00:00:17,040 --> 00:00:19,840 Speaker 1: two hundred hit another all time high today after the 7 00:00:19,880 --> 00:00:22,639 Speaker 1: Reserve Bank Board cut the official cash rate by a 8 00:00:22,720 --> 00:00:26,160 Speaker 1: quarter of one percent. The ASX climbed after the announcement. 9 00:00:26,200 --> 00:00:28,160 Speaker 1: The rates were falling to three point six percent, that 10 00:00:28,280 --> 00:00:30,240 Speaker 1: is the lowest in more than two years, with the 11 00:00:30,240 --> 00:00:33,199 Speaker 1: BOSS hitting a new intra day high of eight thousand, 12 00:00:33,400 --> 00:00:36,680 Speaker 1: eight hundred and eighty five point seven points. It came 13 00:00:36,760 --> 00:00:39,159 Speaker 1: back ever so slightly before the close, but still set 14 00:00:39,200 --> 00:00:42,159 Speaker 1: a new closing high of eight thousand, eight hundred and 15 00:00:42,200 --> 00:00:45,159 Speaker 1: eighty point eight points. It's a lot of eights, up 16 00:00:45,320 --> 00:00:49,000 Speaker 1: zero point four percent. The banks were the best performing sector. 17 00:00:49,040 --> 00:00:51,160 Speaker 1: A and D was up more than two percent. NAB 18 00:00:51,159 --> 00:00:54,000 Speaker 1: and Westpac both climbed around one percent, and Commonwealth, which 19 00:00:54,040 --> 00:00:57,160 Speaker 1: wasn't having a great day to start with, reversed its 20 00:00:57,200 --> 00:00:59,880 Speaker 1: earlier losses to end up just a touch iron. All 21 00:01:00,040 --> 00:01:03,200 Speaker 1: prices also climbed late in the day, BHP, Rio Tinto 22 00:01:03,240 --> 00:01:07,680 Speaker 1: and Fortescue all closing about one percent higher. JB HI 23 00:01:07,800 --> 00:01:11,320 Speaker 1: Fi reversed yesterday's losses up five point six percent, fueled 24 00:01:11,319 --> 00:01:14,320 Speaker 1: perhaps by hopes that households will spend some of those 25 00:01:14,400 --> 00:01:17,679 Speaker 1: interest rate cut savings. The single best performer, though, was 26 00:01:17,720 --> 00:01:20,680 Speaker 1: Life three p sixty, with the tracking app jumping seven 27 00:01:20,720 --> 00:01:23,720 Speaker 1: point eight percent after it reported better than expected second 28 00:01:23,800 --> 00:01:26,800 Speaker 1: quarter results. Under story number two, now and Reserve Bank 29 00:01:26,840 --> 00:01:31,080 Speaker 1: Governor Michelle Bullock highlighted Australia's ongoing problems with productivity as 30 00:01:31,120 --> 00:01:33,880 Speaker 1: being a key challenge for the economy, good timing with 31 00:01:33,959 --> 00:01:37,840 Speaker 1: the Productivity round Table happening next week, and to that end, 32 00:01:37,920 --> 00:01:40,760 Speaker 1: Treasure Jim Chalmers has declared that Australia must find a 33 00:01:40,920 --> 00:01:45,560 Speaker 1: quote responsible middle path in using artificial intelligence to unlock 34 00:01:45,760 --> 00:01:50,080 Speaker 1: productivity gains. The Productivity Commission last week released a report 35 00:01:50,120 --> 00:01:53,760 Speaker 1: suggesting that a light touch on AI regulation could boost 36 00:01:53,800 --> 00:01:56,800 Speaker 1: the Australian economy by well over one hundred billion dollars 37 00:01:56,840 --> 00:02:00,400 Speaker 1: over the next decade. The report has courted contraver with 38 00:02:00,440 --> 00:02:04,640 Speaker 1: its recommendations around removing copyright protections for creative works, but 39 00:02:04,960 --> 00:02:08,120 Speaker 1: doctor Chalmers says, there are this is a quote, people 40 00:02:08,200 --> 00:02:10,600 Speaker 1: who say just let it rip, and people who pretend 41 00:02:10,639 --> 00:02:12,799 Speaker 1: that we can turn back the clock. None of those 42 00:02:12,800 --> 00:02:16,080 Speaker 1: are realistic options for Australia. We're working very hard to 43 00:02:16,120 --> 00:02:18,760 Speaker 1: make sure that we find that responsible middle path so 44 00:02:18,800 --> 00:02:22,160 Speaker 1: we can capture the tremendous upsides of AI at the 45 00:02:22,160 --> 00:02:25,160 Speaker 1: same time as we manage the very real risks, whether 46 00:02:25,200 --> 00:02:28,000 Speaker 1: that is too creators or workers and the like. Sounds 47 00:02:28,040 --> 00:02:30,400 Speaker 1: like there's plenty more to come on this one. Story 48 00:02:30,480 --> 00:02:34,280 Speaker 1: number three. Deloitte disciplined more than one hundred personnel last 49 00:02:34,360 --> 00:02:37,960 Speaker 1: year for misconduct, from harassment and rude behavior to setting 50 00:02:38,080 --> 00:02:41,560 Speaker 1: unfair work demands. Overall, one hundred and forty six staff 51 00:02:41,560 --> 00:02:45,000 Speaker 1: were investigated, down from two hundred and six complaints recorded 52 00:02:45,040 --> 00:02:49,360 Speaker 1: in twenty twenty four. Most behavioral breaches involved poor leadership 53 00:02:49,440 --> 00:02:53,000 Speaker 1: or policy violations, with some staff sent to counseling or 54 00:02:53,040 --> 00:02:58,320 Speaker 1: training and fourteen sacked. Rival KPMG reported thirty seven misconduct 55 00:02:58,320 --> 00:03:02,440 Speaker 1: complaints last year, including twelve sexual harassment cases, and disciplined 56 00:03:02,520 --> 00:03:06,600 Speaker 1: multiple staff. Onto story number four and SBS boss James 57 00:03:06,639 --> 00:03:09,720 Speaker 1: Taylor is calling it quits at the public broadcaster and 58 00:03:09,800 --> 00:03:11,959 Speaker 1: doubling his pay in the process to take over a 59 00:03:12,040 --> 00:03:15,720 Speaker 1: CEO of outdoor advertising giant OH Media. Taylor has been 60 00:03:15,760 --> 00:03:18,440 Speaker 1: with SBS for thirteen years, first as CFO and then 61 00:03:18,480 --> 00:03:20,480 Speaker 1: seven years in the hot seat, but is leaving the 62 00:03:20,480 --> 00:03:23,959 Speaker 1: public broadcaster despite having three years remaining on his contract. 63 00:03:24,320 --> 00:03:26,640 Speaker 1: He leaves the network in what the acting chair called 64 00:03:26,840 --> 00:03:31,680 Speaker 1: remarkable health, freshof record audiences, more original local content, and 65 00:03:31,720 --> 00:03:35,080 Speaker 1: exclusive rights to the twenty twenty six FIFA Men's World Cup. 66 00:03:35,320 --> 00:03:38,640 Speaker 1: But how about this number? In this new role, James 67 00:03:38,640 --> 00:03:41,880 Speaker 1: Taylor will earn more than one point eight million dollars 68 00:03:41,880 --> 00:03:45,680 Speaker 1: at OH Media. That's nearly double his SBS package. And finally, 69 00:03:45,800 --> 00:03:49,920 Speaker 1: story number five. The only thing almost capable of stealing 70 00:03:49,920 --> 00:03:53,640 Speaker 1: the RBAS thunder this afternoon was an announcement from Taylor Swift, 71 00:03:53,840 --> 00:03:56,560 Speaker 1: with the pop star using a countdown timer on her 72 00:03:56,560 --> 00:04:00,200 Speaker 1: website to reveal her new album, which was announced just 73 00:04:00,240 --> 00:04:02,880 Speaker 1: eighteen minutes before the RBA decision. Now, why am I 74 00:04:02,880 --> 00:04:05,640 Speaker 1: mentioning this on a business podcast? Well, Taylor Swift's business 75 00:04:05,640 --> 00:04:09,680 Speaker 1: prowess is undeniable. Really, her world tour brought in three 76 00:04:09,680 --> 00:04:13,400 Speaker 1: point four billion dollars across two years and five continents, 77 00:04:13,440 --> 00:04:17,080 Speaker 1: the highest grossing tour of all Time. Associated Press reports 78 00:04:17,120 --> 00:04:20,160 Speaker 1: the new album is the first since Swift purchased back 79 00:04:20,200 --> 00:04:23,400 Speaker 1: her catalog of recordings from its most recent owner, the 80 00:04:23,440 --> 00:04:27,200 Speaker 1: private equity firm Shamrock Capital, for an undisclosed sum, and 81 00:04:27,240 --> 00:04:29,680 Speaker 1: the new record, for what it's worth, is called The 82 00:04:29,800 --> 00:04:32,560 Speaker 1: Life of a Showgirl. That's it for the Afternoon Report 83 00:04:32,680 --> 00:04:35,200 Speaker 1: for Tuesday, the twelfth of August twenty twenty five. Make 84 00:04:35,240 --> 00:04:36,919 Speaker 1: sure you hit follow on the podcast and we'll be 85 00:04:36,960 --> 00:04:39,719 Speaker 1: back tomorrow morning with the Wednesday edition of the Fast 86 00:04:39,720 --> 00:04:42,279 Speaker 1: five Business News by Fear and Greed Are Michael Thompson. 87 00:04:42,560 --> 00:04:43,159 Speaker 1: Enjoy your even