1 00:00:03,760 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,400 --> 00:00:08,920 Speaker 1: for Wednesday, the twenty first of May twenty twenty five. 3 00:00:09,000 --> 00:00:11,959 Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories 4 00:00:12,000 --> 00:00:14,600 Speaker 1: that happened today that you need to know about. The 5 00:00:14,680 --> 00:00:17,040 Speaker 1: S and p ASX two one hundred was up another 6 00:00:17,160 --> 00:00:19,919 Speaker 1: half percent today to finish at eighty three hundred and 7 00:00:19,920 --> 00:00:22,880 Speaker 1: eighty seven points. It's only a couple of percent below 8 00:00:22,920 --> 00:00:25,799 Speaker 1: its all time peak, which it reached in February this year. 9 00:00:26,360 --> 00:00:31,000 Speaker 1: Commonwealth Bank hit its third inter day high in three days. 10 00:00:31,240 --> 00:00:33,680 Speaker 1: It reached one hundred and seventy six dollars and forty 11 00:00:33,720 --> 00:00:36,920 Speaker 1: six cents. The share plenty of corporate news around Maine. 12 00:00:37,000 --> 00:00:40,640 Speaker 1: Farmer's share price plunged thirty percent after it said it 13 00:00:40,680 --> 00:00:43,919 Speaker 1: had been notified by the US group bidding for it 14 00:00:44,520 --> 00:00:47,320 Speaker 1: that that group had concerns about the six hundred and 15 00:00:47,400 --> 00:00:50,400 Speaker 1: seventy two million dollar offer. The company's called Cosset. It 16 00:00:50,520 --> 00:00:54,600 Speaker 1: warned there had been a materially adverse change in Maine 17 00:00:54,640 --> 00:00:58,080 Speaker 1: farmers training conditions seeks share price jumped to seven percent 18 00:00:58,280 --> 00:01:01,760 Speaker 1: after it provided a positive training update. The proposed acquisition 19 00:01:01,800 --> 00:01:05,200 Speaker 1: of Gold Road Resources by South Africa. Headquartered gold Fields 20 00:01:05,640 --> 00:01:08,120 Speaker 1: was agreed to by Treasurer Jim Chalmers. That's a deal 21 00:01:08,160 --> 00:01:11,119 Speaker 1: that's almost done now, and New Farm tumble thirty percent 22 00:01:11,160 --> 00:01:15,720 Speaker 1: after the global farm chemical supplier downgraded its earnings guidance. 23 00:01:15,840 --> 00:01:19,000 Speaker 1: New Farm reported lower first half profit driven by weakness 24 00:01:19,000 --> 00:01:22,320 Speaker 1: and fissure oil pricing and higher costs. Story number two, 25 00:01:22,360 --> 00:01:26,000 Speaker 1: Federal Treasury says the government's push to increase wages above 26 00:01:26,040 --> 00:01:30,400 Speaker 1: three percent won't be inflationary, auguring well for wage hikes 27 00:01:30,400 --> 00:01:33,560 Speaker 1: in that sort of range. Now, the Fair Work Commission 28 00:01:33,640 --> 00:01:37,399 Speaker 1: is holding its annual wage review. It asked if wage 29 00:01:37,440 --> 00:01:39,440 Speaker 1: growth of three point one to three point two five 30 00:01:39,440 --> 00:01:43,760 Speaker 1: percent was inflationary. Treasury, in short, said no, the economy 31 00:01:43,800 --> 00:01:46,679 Speaker 1: can afford that type of increase and still keep inflation 32 00:01:47,000 --> 00:01:49,840 Speaker 1: in the reserve banks preferred two to three percent target range. 33 00:01:50,040 --> 00:01:52,320 Speaker 1: The ACTU, as part of the review, is pushing for 34 00:01:52,320 --> 00:01:54,480 Speaker 1: a four and a half percent increase for two point 35 00:01:54,600 --> 00:01:58,400 Speaker 1: nine million a ward wages. Employers are pushing for an 36 00:01:58,400 --> 00:02:01,640 Speaker 1: amount about two point four percent. The federal government wants 37 00:02:01,640 --> 00:02:04,880 Speaker 1: it to be economically sustainable, so lose threes is a 38 00:02:04,920 --> 00:02:08,120 Speaker 1: pretty good guest for them. Story number three, James Hardy 39 00:02:08,120 --> 00:02:11,240 Speaker 1: says the United States renovations market is weaker than expected 40 00:02:11,560 --> 00:02:14,440 Speaker 1: as it pushes ahead with its controversial fourteen billion dollar 41 00:02:14,520 --> 00:02:18,760 Speaker 1: buyout of US based outdoor Decking Group Aaseek. Chief executive 42 00:02:18,760 --> 00:02:22,800 Speaker 1: of James Hardy, Aaron Erta, yesterday told investors the company 43 00:02:22,800 --> 00:02:25,360 Speaker 1: will be able to offset the weak market conditions by 44 00:02:25,400 --> 00:02:28,440 Speaker 1: winning market share. Investors aren't say sure, as share price 45 00:02:28,480 --> 00:02:31,640 Speaker 1: fell yesterday and is down twenty three percent since the 46 00:02:31,680 --> 00:02:34,280 Speaker 1: bid was announced back in late March. There's been a 47 00:02:34,320 --> 00:02:37,400 Speaker 1: substantial drop off and building activity in the past month 48 00:02:37,480 --> 00:02:39,919 Speaker 1: in the US on the back of Donald Trump's tariffs. 49 00:02:40,280 --> 00:02:44,040 Speaker 1: Erta expects market volumes across the entire US housing construction 50 00:02:44,160 --> 00:02:47,000 Speaker 1: market to decline over the next twelve months or so, 51 00:02:47,560 --> 00:02:50,040 Speaker 1: not good news for James Hardy. It generates about seventy 52 00:02:50,040 --> 00:02:53,080 Speaker 1: five percent of its revenues from North America AAZAC. The 53 00:02:53,120 --> 00:02:56,480 Speaker 1: company's taking over ninety nine percent of its business is 54 00:02:56,520 --> 00:03:00,360 Speaker 1: in the US, so a week US housing market news 55 00:03:00,360 --> 00:03:03,960 Speaker 1: for James Hardy. Story number four. Webjet has blamed the 56 00:03:04,000 --> 00:03:07,919 Speaker 1: demise of Regional Express on a steep drop in its 57 00:03:07,919 --> 00:03:10,440 Speaker 1: domestic bookings, even though it managed to eke out as 58 00:03:10,480 --> 00:03:13,480 Speaker 1: more profit. Chief executive Katrina Barry said the twenty one 59 00:03:13,480 --> 00:03:15,080 Speaker 1: million dollar profit for the year to the end of 60 00:03:15,120 --> 00:03:20,000 Speaker 1: March came despite a challenging consumer environment. Helping the bottom 61 00:03:20,040 --> 00:03:23,720 Speaker 1: line was progress on cutting costs, and Webjet's share price 62 00:03:24,240 --> 00:03:27,839 Speaker 1: closed higher. And finally, story number five, Elon Musk said 63 00:03:27,880 --> 00:03:31,160 Speaker 1: he's committed to still leading Tesla five years from now 64 00:03:31,400 --> 00:03:34,760 Speaker 1: and expects to reduce his political spending and time in 65 00:03:34,920 --> 00:03:37,880 Speaker 1: Washington as he works to calm investor concerns about the 66 00:03:37,920 --> 00:03:41,480 Speaker 1: future of the electric vehicle company. The billionaire offered new 67 00:03:41,520 --> 00:03:44,520 Speaker 1: details about his plans in an interview with Bloomberg News. 68 00:03:44,800 --> 00:03:47,320 Speaker 1: He repeated criticism of a number of people, from Bill 69 00:03:47,320 --> 00:03:50,000 Speaker 1: Gates to a Delaware judge who's twice ruled against his 70 00:03:50,120 --> 00:03:53,040 Speaker 1: massive Tesla pay package. The fifty three year old down 71 00:03:53,040 --> 00:03:56,240 Speaker 1: plaid the extent of Tesla's challenges, saying that it's already 72 00:03:56,240 --> 00:04:00,240 Speaker 1: turned around. Musk disputed the extent to which he's demache 73 00:04:00,280 --> 00:04:02,600 Speaker 1: Tesla's brand, saying that while the company may be losing 74 00:04:02,680 --> 00:04:05,680 Speaker 1: some sales among consumers on the political left, it's gained 75 00:04:05,760 --> 00:04:09,720 Speaker 1: others on the right. He also criticized protesters, saying they've 76 00:04:09,720 --> 00:04:13,680 Speaker 1: committed massive violence against his companies, saying they're on the 77 00:04:13,680 --> 00:04:16,400 Speaker 1: wrong side of history. That's it for the afternoon Report 78 00:04:16,440 --> 00:04:18,760 Speaker 1: for Wednesday, the twenty first of May twenty twenty five. 79 00:04:18,800 --> 00:04:20,919 Speaker 1: Make sure you hit follow on the podcast. We'll be 80 00:04:20,960 --> 00:04:23,120 Speaker 1: back tomorrow morning with the Thursday edition of Fear and 81 00:04:23,120 --> 00:04:25,960 Speaker 1: Greed Business News. I'm Seane Elmer. Enjoy your evening.