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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 twenty seventh of September twenty twenty four.

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Speaker 1: I'm sure in Elmer every afternoon. I've got the five

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

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Speaker 1: Story number one. It was a big day for the

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Speaker 1: miners and commodity players as Beijing's promised to boost the

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Speaker 1: world's second largest economy helped dine all miners, lithium players,

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Speaker 1: and a host of other groups. By the close, the

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Speaker 1: SMPA six two hundred was up slightly to two hundred

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Speaker 1: and twelve points, with the banks detracting from all those

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Speaker 1: games made by the miners. For the week, the boss

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Speaker 1: was flat, though that hides the fact that the mining

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Speaker 1: companies have surged and the banks have fallen back. On Friday, ABHP, Fortes,

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Speaker 1: fue Medals Group in Rear Tinto all rows more than

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Speaker 1: three percent, while National Australian Bank in Westpac We're down

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Speaker 1: two percent, while A and Z and Commonwealth Bank were

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Speaker 1: also lower. Sa Cel, Woodside and Telstra also fell more

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Speaker 1: than one percent. In corporate news and Devor Group chief

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Speaker 1: executive Steve Donahue he'll step down after thirty years with

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Speaker 1: the company, sixty years as CEO. In response, the liquor

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Speaker 1: retailer's share price fell three percent. The Competition Regulator said

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Speaker 1: it remains concerned about the proposed acquisition of Namoy Cotton

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Speaker 1: by Singapore based Olam Agri Holdings because of the multiple

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Speaker 1: linkages between Olam and Louis Dreffus's company, which is another

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Speaker 1: key cotton player. Story number two. Treasure Jim Chalmers in

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Speaker 1: China says he urged safe and professional conduct of all

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Speaker 1: militaries in a meeting with senior Chinese officials in Beijing today.

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Speaker 1: The Chinese economy was the focus of Dr Chalmer's visit,

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Speaker 1: first by an Australian treasurer to the country in seven years,

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Speaker 1: and it came a week after China's National broadcast Or

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Speaker 1: released footage of an RAAF plane being harassed by a

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Speaker 1: PLA fighter jet. Dr Chalmers said his trip to China

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Speaker 1: is an important step in maintaining a key relationship which

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Speaker 1: is full of complexity and opportunity. Earlier in the day,

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Speaker 1: he warned that further deterioration to the Chinese economy would

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Speaker 1: wreak havoc on Australia, with a drop one percentage in

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Speaker 1: their GDP growth, inflicting a six billion dollar loss on

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Speaker 1: domestic output. Summing up his trip, Dr Chalmers posted on

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Speaker 1: x re establishing dialogue with China is another important step

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Speaker 1: towards stabilizing our economic relationship. Straight Um three of the

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Speaker 1: Competition Regulator has published its interim report for its Supermarkets inquiry,

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Speaker 1: a report that outlines what the Australian Competition and Consumer

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Speaker 1: Commission has heard from interest groups. It says that supermarket

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Speaker 1: retailing in Australia is nologopoly, with Woolers and Coals accounting

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Speaker 1: for sixty seven percent of supermarket retail sales nationally. All

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Speaker 1: the accounts for about nine percent met cash supplied independent

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Speaker 1: supermarkets think IgA about seven percent. The ageable see says

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Speaker 1: that oligopolistic market structures can limit incentives to compete vigorously

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Speaker 1: on price. Deputy chair Mic Chao said we see Woolworths

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Speaker 1: and Coals offer a broadly similar experienced customers through largely

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Speaker 1: undifferentiated product ranges, pricing at similar levels, and similar non

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Speaker 1: price offerings including loyalty programs. The report says that food

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Speaker 1: price growth is largely nine with inflation over the last

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Speaker 1: five years, up about twenty percent over that period. Consumers

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Speaker 1: they are increasingly comparing prices online before buying. They struggle

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Speaker 1: to compare products though, and losing trust in sale price

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Speaker 1: claims by the supermarkets. Meanwhile, many grocery suppliers have sold

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Speaker 1: the a triple ced that they sometimes receive prices below

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Speaker 1: the cost for production and have little choice but to

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Speaker 1: agree to highly unfavorable terms, with these terms being subject

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Speaker 1: to ongoing changes by the major retailers straightum before. Star

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Speaker 1: Entertainment began training again today the first time since the

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Speaker 1: end of August, having finally published its twenty twenty four

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Speaker 1: financial year accounts, which shared a one point seven billion

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Speaker 1: dollar loss, and it wasn't pretty, with Star share price

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Speaker 1: losing fifty percent on opening before finishing down forty one percent.

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Speaker 1: The company is now worth one point three billion dollars,

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Speaker 1: whereas at the end of July its market capitalization was

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Speaker 1: around three and a half billion dollars. Under a finance

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Speaker 1: package seccured this week, the Star will have access to

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Speaker 1: two hundred million dollars in two tranches of one hundred

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Speaker 1: million dollars each. The first will be available subject to

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Speaker 1: conditions from next month, but the interest rate is very

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Speaker 1: very high thirty and a half percent. This week, the

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Speaker 1: Gaming Group also failed to do a deal with the

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Speaker 1: Queensland government over tax relief. And finally, story number five,

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Speaker 1: China's newest nuclear powered attack submarine sank earlier this year,

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Speaker 1: according to a senior US defense official, obviously a bit

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Speaker 1: embarrassing for Beijing as it seeks to expand its military capabilities.

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Speaker 1: China already has the largest navy in the world, with

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Speaker 1: over three hundred and seventy ships, and it has embarked

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Speaker 1: on production of a new generation of nuclear armed submarines.

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Speaker 1: According to the Telegraph of London, an unnamed US defense

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Speaker 1: official so China's new first in class nuclear powered attack

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Speaker 1: submarine sank alongside appears sometime between May and June. US

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Speaker 1: media reported that Chinese authority scrambile to cover up the episode,

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Speaker 1: which hasn't previously been disclosed. That's it. If the Afternoon

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Speaker 1: Report for Friday eight, twenty seventh of September twenty twenty four,

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Speaker 1: don't forget tip follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok and Facebook. Join

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Speaker 1: Michael Thompson and I tomorrow morning for The Fast Five

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Speaker 1: by Fear and Greed. The top five business stories you

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Speaker 1: need to know in just five minutes. I'm Seane Elmer.

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Speaker 1: Enjoy reading