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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the twenty fifth of September twenty twenty four.

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Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: get going. Story number one. The S and PASX two

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Speaker 1: hundred closed down zero point two percent to eighty one

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Speaker 1: hundred and twenty six points to day after a volatile

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Speaker 1: day of trading. All eyes were really on the Bureau

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Speaker 1: of Statistics for the monthly inflation data, showing headline inflation

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Speaker 1: back into the target band for the first time in

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Speaker 1: almost three years, but underlying inflation came in at three

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Speaker 1: point four percent, still well above the RBA's targets. Back

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Speaker 1: to the markets, though, the top performers by quite a

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Speaker 1: stretch were metals and mining materials and resources. Champion iron

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Speaker 1: was a top performer, up thirteen point five percent, BHP

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Speaker 1: up three point eight percent, and four to Skew Metals

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Speaker 1: four point seven percent. China's Central Bank cut its one

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Speaker 1: year rates on the back of a new government stimulus package,

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Speaker 1: which explained some of the optimism about iron ore. The falls, though,

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Speaker 1: were a mixed bag with financials leading the declines, followed

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Speaker 1: by information technology among the worst performers over the day,

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Speaker 1: where the banks led by NAB down two point seven

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Speaker 1: percent and speaking of the bank's, Macquarie was slapped with

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Speaker 1: a record four point nine to nine to five million

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Speaker 1: dollar fined by the corporate regulator after it founded it

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Speaker 1: had failed to catch dodgy electricity futures transactions from three

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Speaker 1: clients on about forty occasions in the months after Russia

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Speaker 1: invaded Ukraine. Onto story number two now and Fourdescue Metals

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Speaker 1: will pay two point eight billion dollars to replace two

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Speaker 1: thirds of its fleet of haulage trucks and equipment in

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Speaker 1: Western Australia with electric versions as it seeks to cut

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Speaker 1: diesel consumption and meet ambitious emissions reduction targets. The miner

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Speaker 1: will buy four hundred and seventy five emissions free machines,

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Speaker 1: including three hundred and sixty autonomous battery electric trucks, from

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Speaker 1: a German company. According to Bloomberg, the fleet will service

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Speaker 1: Fortescue's sprawling iron ore operations in the Pilbra Perth based

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Speaker 1: Fortescue has plans to decarbonize its iron ore mining operations

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Speaker 1: by twenty thirty, but it is a challenge. Fortescue consumed

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Speaker 1: six hundred and thirty one million liters of diesel last

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Speaker 1: financial year alone, quite incredible. Story number three. The Federal

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Speaker 1: government has ordered Vanguard to pay twelve point nine million

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Speaker 1: dollars in penalties over misleading claims about its ESG filters.

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Speaker 1: This is the biggest penalty for greenwashing secured by the

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Speaker 1: Australian Securities and Investments Commissioned through court action. ASSEX said

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Speaker 1: in a statement that Vanguard admitted to misleading investors. Overscreening

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Speaker 1: applied to its ethically conscious Global Aggregate Bond Index fund,

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Speaker 1: which claimed it would exclude bond issuers with business activities

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Speaker 1: in fields like fossil fuels. This turned out to not

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Speaker 1: always be the case, and it was found in court

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Speaker 1: to have misrepresented the main distinguishing feature of the fund.

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Speaker 1: Have you not researched or screened seventy four percent of

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Speaker 1: securities by market value against the criteria? Story number four.

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Speaker 1: The AH Triple C has a gain. Jane extended the

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Speaker 1: deadline to decide on the merger of Sigma Healthcare and

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Speaker 1: pharmacy Giant Chemist Warehouse, with the call now expected later

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Speaker 1: in October. The regulator was initially due to hand down

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Speaker 1: its long expected ruling on October the second. In June,

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Speaker 1: it raised five orange flags in a preliminary assessment of

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Speaker 1: the deal. You'll remember that back in December last year,

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Speaker 1: Sigma and Chemist's Warehouse entered into a merger deal where

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Speaker 1: Sigma would acquire all the shares in chemist Warehouse in

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Speaker 1: exchange for Sigma shares and a seven hundred million dollar

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Speaker 1: cash consideration. Meanwhile, Chemists Warehouse yesterday reported a near eighty

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Speaker 1: percent jump in net profit, while Sigma Healthcare's earnings fell

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Speaker 1: by sixty six percent. Sigma's shares ended the day down

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Speaker 1: three and a half percent. And finally, story number five,

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Speaker 1: Donald Trump has warned US trading partners that they would

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Speaker 1: be quote losing their jobs to America if he wins

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Speaker 1: a second term in the White House, as he promised

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Speaker 1: a new American industrialism under his watch. Mister Trump's version

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Speaker 1: of US in industrial policy is centered on a promise

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Speaker 1: to cut taxes for companies that manufacture in America and

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Speaker 1: impose tariffs on those that don't. He said, and this

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Speaker 1: is a quote vote for Trump, and you will see

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Speaker 1: a mass exodus of manufacturing from China. To Pennsylvania, from

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Speaker 1: Korea to North Carolina, from Germany to right here in Georgia.

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Speaker 1: There you go. That's it for the afternoon Report for Wednesday,

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Speaker 1: the twenty fifth of September twenty twenty four. We'll be

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Speaker 1: back tomorrow morning with the Thursday edition of Fear and

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Speaker 1: Greed Are Michael Thompson. Enjoy your evening