1
00:00:04,200 --> 00:00:06,880
Speaker 1: Welcome to the Fear and Green Business News Afternoon Report

2
00:00:06,880 --> 00:00:09,480
Speaker 1: for Tuesday, the second of July twenty twenty four. I'm

3
00:00:09,520 --> 00:00:12,320
Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

4
00:00:12,440 --> 00:00:14,680
Speaker 1: happened today that you need to know about. Storing Number one.

5
00:00:14,760 --> 00:00:18,040
Speaker 1: The SMPAX two hundred closed down zero point four percent

6
00:00:18,079 --> 00:00:21,479
Speaker 1: today to seven seven hundred and eighteen points. It would

7
00:00:21,520 --> 00:00:23,800
Speaker 1: have been much worse but for a strong session among

8
00:00:23,840 --> 00:00:26,920
Speaker 1: the energy stocks thanks to rising prices. In fact, the

9
00:00:27,040 --> 00:00:29,200
Speaker 1: Energy index was the only one of the eleven sub

10
00:00:29,240 --> 00:00:32,400
Speaker 1: indices on the ASEX two hundred to close higher. Worst

11
00:00:32,400 --> 00:00:34,480
Speaker 1: on the day was a property index. All the big

12
00:00:34,479 --> 00:00:37,240
Speaker 1: miners and banks were lower. Among the large caps, Goodman

13
00:00:37,280 --> 00:00:39,839
Speaker 1: Group closed down two percent, while National Australia Bank and

14
00:00:39,840 --> 00:00:42,800
Speaker 1: West Farmers were both off more than one percent. Worst

15
00:00:42,800 --> 00:00:45,800
Speaker 1: of the top two hundred was retailer Lavisa Holdings it

16
00:00:45,880 --> 00:00:49,199
Speaker 1: dropped nearly four percent. Again, it was a coal company's

17
00:00:49,240 --> 00:00:52,400
Speaker 1: doing best, with white Haven and Coronado among the best performers.

18
00:00:52,600 --> 00:00:55,320
Speaker 1: Best of the large caps was Woodside Energy more than

19
00:00:55,360 --> 00:00:58,440
Speaker 1: three percent. Best in the day was lithium developer Lion

20
00:00:58,560 --> 00:01:02,040
Speaker 1: Town Resources, finishing up nearly eight percent after it secured

21
00:01:02,080 --> 00:01:05,280
Speaker 1: a two hundred and fifty million dollar funding deal story

22
00:01:05,440 --> 00:01:08,360
Speaker 1: number two in corporate news. Bendigo and Adelaide Bank fell

23
00:01:08,440 --> 00:01:12,160
Speaker 1: one percent after chief executive Marnie Baker, a good friend

24
00:01:12,160 --> 00:01:15,600
Speaker 1: of Fear and Greeds, announced she's stepping down after thirty

25
00:01:15,600 --> 00:01:18,560
Speaker 1: five years with the bank. Romilius Resources has upped its

26
00:01:18,600 --> 00:01:21,839
Speaker 1: stake in fellow Asx gold minor Spartan Resources to nearly

27
00:01:21,880 --> 00:01:26,120
Speaker 1: eighteen percent. Shares in drugmaker main Farmer fell five percent

28
00:01:26,280 --> 00:01:29,320
Speaker 1: after it decided to pay disgruntled investors thirty eight million

29
00:01:29,360 --> 00:01:32,920
Speaker 1: dollars to settle a court fight over alleged misleading or

30
00:01:32,959 --> 00:01:38,200
Speaker 1: deceptive conduct and breaches of continuous disclosure obligations in respect

31
00:01:38,400 --> 00:01:42,640
Speaker 1: of alleged anti competitive conduct. In the US, Telco Superloop

32
00:01:42,880 --> 00:01:45,119
Speaker 1: is expected to hit the top end of its full

33
00:01:45,200 --> 00:01:47,600
Speaker 1: year earnings guidance, pushing its share price up more than

34
00:01:47,600 --> 00:01:51,080
Speaker 1: one percent. Financial services software company IRS said it found

35
00:01:51,080 --> 00:01:55,200
Speaker 1: no evidence of unauthorized access to its production environment, software

36
00:01:55,320 --> 00:01:58,600
Speaker 1: or client data following a review of a data breach

37
00:01:58,680 --> 00:02:02,080
Speaker 1: earlier this year. And finally, Origin Energy has acquired twenty

38
00:02:02,120 --> 00:02:07,320
Speaker 1: percent of Australian decarbonization startup Climate Tech Zero, which works

39
00:02:07,360 --> 00:02:11,280
Speaker 1: with industrial companies on cutting missions and energy costs straight.

40
00:02:11,440 --> 00:02:14,639
Speaker 1: Number three, Labour's caucus has backed Prime Minister Anthony Albanesi's

41
00:02:14,680 --> 00:02:19,480
Speaker 1: decision to suspend Western Australian Senator Fatima Payman. The outspoken

42
00:02:19,560 --> 00:02:22,320
Speaker 1: senator who voted with the Greens and a pro Palestinian

43
00:02:22,360 --> 00:02:26,200
Speaker 1: vote last week, was suspended from caucus this morning. Caucus

44
00:02:26,240 --> 00:02:29,639
Speaker 1: endorsed the position that by her own actions and statements,

45
00:02:29,760 --> 00:02:33,440
Speaker 1: Senator Payment placed herself outside the privilege that comes with

46
00:02:33,520 --> 00:02:38,000
Speaker 1: participating in the federal parliamentary Labor Party caucus. Mister Alberanzi

47
00:02:38,080 --> 00:02:41,400
Speaker 1: said he was only the Prime Minister because he had

48
00:02:41,480 --> 00:02:44,200
Speaker 1: Labour next to his name, and that's true for everyone

49
00:02:44,280 --> 00:02:47,120
Speaker 1: in the party. Prime Minister also hit back at criticism

50
00:02:47,120 --> 00:02:50,200
Speaker 1: he didn't move fast enough, saying that showing restraint in

51
00:02:50,240 --> 00:02:53,520
Speaker 1: some compassion in the case was a strength, not a weakness.

52
00:02:53,680 --> 00:02:56,440
Speaker 1: Senator Payment has claimed she was exiled and intimidated by

53
00:02:56,480 --> 00:02:59,120
Speaker 1: colleagues and will abstain for all votes as she reflects

54
00:02:59,200 --> 00:03:03,200
Speaker 1: on her future story. Number five. Wholesale power prices are

55
00:03:03,200 --> 00:03:05,919
Speaker 1: set to jump by fifty percent in coming years as

56
00:03:05,919 --> 00:03:09,360
Speaker 1: the building of clean energy generation and transmission remains sluggish.

57
00:03:09,560 --> 00:03:12,800
Speaker 1: According to Investment Bank UBS, prices will peak in twenty

58
00:03:12,880 --> 00:03:16,119
Speaker 1: twenty nine at one hundred and four dollars per megawatt,

59
00:03:16,160 --> 00:03:19,200
Speaker 1: fifty percent higher than last year's prices. That means unless

60
00:03:19,200 --> 00:03:21,320
Speaker 1: the government steps in to give tens of billions of

61
00:03:21,360 --> 00:03:24,680
Speaker 1: dollars of energy rebates, which is unlikely, then consumers are

62
00:03:24,720 --> 00:03:27,799
Speaker 1: going to have to pay much, much, much more for power.

63
00:03:28,240 --> 00:03:32,000
Speaker 1: Power prices fell last year amid Goldilocks conditions, according to UBS,

64
00:03:32,000 --> 00:03:35,680
Speaker 1: with plenty of coal fire power generation, mild weather, and

65
00:03:35,840 --> 00:03:39,160
Speaker 1: more renewable generation, but this is unlikely to be repeated.

66
00:03:39,440 --> 00:03:42,120
Speaker 1: Delays in projects including snowy two point zero in the

67
00:03:42,160 --> 00:03:44,840
Speaker 1: Central West i Arana, renewable energy z own in New

68
00:03:44,880 --> 00:03:48,960
Speaker 1: South Wales that's both generation and transmission will help drive

69
00:03:49,120 --> 00:03:52,840
Speaker 1: prices higher. And finally story at number five, Hurricane Beryl

70
00:03:53,320 --> 00:03:56,680
Speaker 1: is delivering catastrophic winds and intense rainfall along with a

71
00:03:56,760 --> 00:04:01,080
Speaker 1: life threatening storm surge across the Windward island in the Caribbean.

72
00:04:01,240 --> 00:04:05,160
Speaker 1: With a storm gathering ferocity, it's very possibly a Category

73
00:04:05,240 --> 00:04:08,360
Speaker 1: five storm by now. This morning it made landfall on

74
00:04:08,440 --> 00:04:10,480
Speaker 1: Grenada with wind speeds of up to two hundred and

75
00:04:10,480 --> 00:04:13,480
Speaker 1: forty comments an hour. It's the strongest hurricane to pass

76
00:04:13,520 --> 00:04:16,800
Speaker 1: through the region since records began in eighteen fifty one.

77
00:04:17,200 --> 00:04:20,400
Speaker 1: While it isn't expected to hit US oil operations, it

78
00:04:20,440 --> 00:04:22,599
Speaker 1: did push up BRNT prices and there's a chance of

79
00:04:22,680 --> 00:04:25,560
Speaker 1: disruption later this week. More broadly, such as the severe

80
00:04:25,800 --> 00:04:28,800
Speaker 1: storm this early in the season, doesn't augur well for

81
00:04:28,880 --> 00:04:31,960
Speaker 1: coming months. That's it for the afternoon Report for Tuesday,

82
00:04:32,000 --> 00:04:34,200
Speaker 1: the second of July twenty twenty four. Don't forget to

83
00:04:34,400 --> 00:04:37,920
Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram,

84
00:04:38,080 --> 00:04:41,120
Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow

85
00:04:41,120 --> 00:04:43,160
Speaker 1: I'm morning for the Fast five by Fear and Greed,

86
00:04:43,200 --> 00:04:45,359
Speaker 1: the top five business storyes you need to know in

87
00:04:45,520 --> 00:04:48,839
Speaker 1: just five minutes. I'm jan Elmer. Enjoy your evening.