1 00:00:02,920 --> 00:00:05,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:05,519 --> 00:00:08,119 Speaker 1: for Monday, the seventeenth of March twenty twenty five. I'm 3 00:00:08,160 --> 00:00:10,800 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:10,880 --> 00:00:13,960 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:14,120 --> 00:00:16,920 Speaker 1: The S and p ASX two hundred closed up nearly 6 00:00:16,920 --> 00:00:19,920 Speaker 1: one percent today to seven eight hundred and fifty four points, 7 00:00:19,960 --> 00:00:23,439 Speaker 1: pushed higher by materials and energy stocks four to s 8 00:00:23,480 --> 00:00:26,840 Speaker 1: Q Metals, Rio and BHP led the way. Woodside and 9 00:00:26,880 --> 00:00:30,600 Speaker 1: Santos did well, while the banks were mixed. The retailers underperformed. 10 00:00:30,920 --> 00:00:34,560 Speaker 1: Best on the day was Beleagued Mineral Resources, which rose 11 00:00:34,600 --> 00:00:37,160 Speaker 1: more than eleven percent. Of the battery metal companies also 12 00:00:37,200 --> 00:00:40,400 Speaker 1: did well. In corporate news, gold miner Amelias is moving 13 00:00:40,440 --> 00:00:44,440 Speaker 1: to take over Spartan Resources, offering it's quite complicated. It's 14 00:00:44,479 --> 00:00:48,280 Speaker 1: twenty five cents in cash per share plus a percentage 15 00:00:48,320 --> 00:00:51,440 Speaker 1: of a Romelias share. Basically, it suggests the value is 16 00:00:51,440 --> 00:00:55,400 Speaker 1: about a dollar seventy eight. That helped Spartan's share price 17 00:00:55,440 --> 00:00:58,080 Speaker 1: jump nine percent today to a dollar seventy four almost there, 18 00:00:58,520 --> 00:01:02,840 Speaker 1: and smart pay Aldings rose forty seven percent after confirming 19 00:01:02,840 --> 00:01:06,080 Speaker 1: it's in takeover talks with at least two parties. Story 20 00:01:06,160 --> 00:01:09,760 Speaker 1: number two the Alps under pressure over the JST carve up. Today, 21 00:01:09,800 --> 00:01:14,839 Speaker 1: treasure Jim Chalmers said he won't intervene in THEJST allocation 22 00:01:15,040 --> 00:01:18,800 Speaker 1: after his home state of Queensland saw its funding cut 23 00:01:18,800 --> 00:01:21,880 Speaker 1: by two point four billion dollars. Next financial year, it 24 00:01:21,880 --> 00:01:26,000 Speaker 1: will go from nineteen billion to sixteen point six billion. 25 00:01:26,560 --> 00:01:31,479 Speaker 1: That state's Treasurer, David Jenetski, slammed the Commonwealth Grant's Commission, 26 00:01:31,560 --> 00:01:35,920 Speaker 1: accusing it of using a disputed methodology to allocate the GST. 27 00:01:36,480 --> 00:01:39,000 Speaker 1: The treasurers said Queensland had been left to foot the 28 00:01:39,040 --> 00:01:41,120 Speaker 1: bill for the failures of New South Wales and Victoria 29 00:01:41,240 --> 00:01:45,399 Speaker 1: during COVID nineteen. Today, Dr Chalmers said he would not 30 00:01:45,480 --> 00:01:48,120 Speaker 1: intervene with the Commission's work, which is independent of government. 31 00:01:48,280 --> 00:01:51,840 Speaker 1: The treasure also warned that cy Clone Alfred might drive 32 00:01:51,920 --> 00:01:56,240 Speaker 1: up construction and grocery prices, putting pressure on inflation. Story 33 00:01:56,360 --> 00:01:59,160 Speaker 1: number three. West Pack has paged National Australia Bank's Chief 34 00:01:59,160 --> 00:02:02,800 Speaker 1: Financial Officer as part of new CEO Anthony Miller's efforts 35 00:02:02,880 --> 00:02:06,360 Speaker 1: to rethink his top team. The CFO in question a 36 00:02:06,400 --> 00:02:10,680 Speaker 1: guy called Nathan gunand worked with mister Miller at Goldman Sachs, 37 00:02:10,760 --> 00:02:13,440 Speaker 1: now leaving National Australia Bank to rejoin his former colleague. 38 00:02:13,480 --> 00:02:16,880 Speaker 1: It's very unusual for changes in banks at this level, 39 00:02:16,960 --> 00:02:20,919 Speaker 1: this very top C suite level. Gnan Miller, the head 40 00:02:20,960 --> 00:02:23,919 Speaker 1: of institutional Banking Neil Hutton, and the head of Business 41 00:02:24,000 --> 00:02:27,560 Speaker 1: Banking Paul Fowler, now all at Westpac, were all at 42 00:02:27,600 --> 00:02:30,880 Speaker 1: Golden Sacks at some point. The boss of National Australia Bank, 43 00:02:30,919 --> 00:02:33,440 Speaker 1: Andrew Irvine, for his part, he's been in the job 44 00:02:33,480 --> 00:02:35,480 Speaker 1: for a year. He too is shuffling the top deck, 45 00:02:35,840 --> 00:02:38,800 Speaker 1: with the bank's head of Business Banking effectively the number 46 00:02:38,800 --> 00:02:42,040 Speaker 1: two job, leaving and being replaced by a former colleague 47 00:02:42,040 --> 00:02:44,760 Speaker 1: of mister Irvine. Mister Irvine came from the back of Montreal, 48 00:02:44,919 --> 00:02:49,160 Speaker 1: so too does Andrew Oback. He's from the Bank of 49 00:02:49,200 --> 00:02:52,720 Speaker 1: Montreal as well. Straightum before Excell and Woodside have improved 50 00:02:52,760 --> 00:02:55,200 Speaker 1: a three hundred and fifty million dollars drilling campaign to 51 00:02:55,240 --> 00:02:57,720 Speaker 1: deliver new gas supplies from the bas Strait to the 52 00:02:57,760 --> 00:03:01,040 Speaker 1: East Coast. Drilling of five wells in the Turham and 53 00:03:01,280 --> 00:03:04,799 Speaker 1: North Turham gas field within the bas Strait will come 54 00:03:04,840 --> 00:03:07,680 Speaker 1: online by twenty twenty seven. They're part of the Longford 55 00:03:07,680 --> 00:03:11,519 Speaker 1: gas processing facility, run jointly by the energy giants. Why 56 00:03:11,520 --> 00:03:14,200 Speaker 1: does it matter? While the Australian Energy Market Operator has 57 00:03:14,240 --> 00:03:17,240 Speaker 1: warned that the country's East coast is on course for 58 00:03:17,400 --> 00:03:20,720 Speaker 1: gas shortfalls by twenty twenty eight as output from the 59 00:03:20,760 --> 00:03:24,560 Speaker 1: bas Straight begins to deplete, XIM, the operator of the facility, 60 00:03:24,600 --> 00:03:28,560 Speaker 1: has not publicly declared the quantities of gas it expects 61 00:03:28,639 --> 00:03:31,359 Speaker 1: to produce, but it did confirm Longford will now run 62 00:03:31,440 --> 00:03:34,080 Speaker 1: into the next decade. Meanwhile, Woodside has struck a long 63 00:03:34,200 --> 00:03:36,400 Speaker 1: term supply deal with a Chinese company for the first 64 00:03:36,400 --> 00:03:39,800 Speaker 1: time in storing Number five. Consumption and industrial production in 65 00:03:39,880 --> 00:03:42,240 Speaker 1: China accelerated in the first couple of months this year. 66 00:03:42,280 --> 00:03:45,560 Speaker 1: Good news for Australian exports reach Our sales jump four percent, 67 00:03:45,600 --> 00:03:49,000 Speaker 1: industrial output with six percent, fixed asset investment raised four percent. 68 00:03:49,200 --> 00:03:51,280 Speaker 1: Bunch of number Z. You put them all together, it 69 00:03:51,360 --> 00:03:54,560 Speaker 1: actually suggests the Chinese economy is doing a little better 70 00:03:54,600 --> 00:03:58,160 Speaker 1: than forecast. However, the Chinese government warns that the external 71 00:03:58,240 --> 00:04:02,600 Speaker 1: environment is increasingly complex and severe, and domestic effective demand 72 00:04:02,840 --> 00:04:05,560 Speaker 1: is weak. And let's say the figures were promising, and 73 00:04:05,840 --> 00:04:09,520 Speaker 1: importantly they don't preclude further stimulus from Beijing. That's it 74 00:04:09,640 --> 00:04:12,119 Speaker 1: the Afternoon Report for Monday, the seventeenth of March twenty 75 00:04:12,200 --> 00:04:14,040 Speaker 1: twenty five. Make sure you hit follow on the podcast. 76 00:04:14,080 --> 00:04:16,360 Speaker 1: We will be back tomorrow morning with the Tuesday edition 77 00:04:16,400 --> 00:04:18,599 Speaker 1: of the Fast five Business News by Fear and Greed. 78 00:04:18,760 --> 00:04:20,599 Speaker 1: I'm Sean Elmer. Enjoy reading