1 00:00:03,640 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:09,160 Speaker 1: for Friday, the sixth of December twenty twenty four. I'm 3 00:00:09,200 --> 00:00:11,920 Speaker 1: Adam Lang. Every afternoon, we've got the five stories that 4 00:00:11,960 --> 00:00:14,840 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:14,920 --> 00:00:17,799 Speaker 1: The S and p ASX two hundred closed down zero 6 00:00:17,840 --> 00:00:20,880 Speaker 1: point six percent today to eighty four hundred and twenty 7 00:00:20,880 --> 00:00:23,680 Speaker 1: one points, meaning the benchmark was down zero point three 8 00:00:23,720 --> 00:00:26,320 Speaker 1: percent for the week. A drop in iron ore prices, 9 00:00:26,360 --> 00:00:29,080 Speaker 1: which have been higher in the past fortnighte pushed down 10 00:00:29,120 --> 00:00:32,720 Speaker 1: the big miners, with BHP, Rio Tinto, and Fortescu Metals 11 00:00:32,720 --> 00:00:36,160 Speaker 1: all finishing lower. The big banks were mixed, while energy 12 00:00:36,159 --> 00:00:39,920 Speaker 1: stocks were tending to trade lower overnight. Major oil producers 13 00:00:39,960 --> 00:00:43,360 Speaker 1: delayed plans to cut output, putting downward pressure on Brent 14 00:00:43,520 --> 00:00:46,760 Speaker 1: crude oil prices. Bitcoin took a breather from its run 15 00:00:46,800 --> 00:00:49,800 Speaker 1: above US one hundred thousand dollars a unit and is 16 00:00:49,880 --> 00:00:53,200 Speaker 1: back around US ninety eight thousand. The Aussie dollar heads 17 00:00:53,200 --> 00:00:56,000 Speaker 1: into the weekend buying sixty four point three US cents. 18 00:00:56,920 --> 00:01:00,160 Speaker 1: Story number two. Prime Minister Anthony Albanizi has con m 19 00:01:00,360 --> 00:01:04,160 Speaker 1: the suspected fire bombing of a Melbourne synagogue, saying Australia 20 00:01:04,200 --> 00:01:07,120 Speaker 1: has zero tolerance for anti Semitism and it has no 21 00:01:07,240 --> 00:01:10,199 Speaker 1: place in this country. Police in Melbourne say the fire 22 00:01:10,240 --> 00:01:13,280 Speaker 1: at the Adas Israel Synagogue, which had been built by 23 00:01:13,280 --> 00:01:17,920 Speaker 1: Holocaust survivors, was deliberately lit. Accelerant was placed inside the 24 00:01:17,959 --> 00:01:21,319 Speaker 1: synagogue and fire ripped through the building soon after four 25 00:01:21,360 --> 00:01:24,679 Speaker 1: am this morning. Opposition leader Peter Dutton called the fire 26 00:01:24,680 --> 00:01:28,480 Speaker 1: bombing abhorrent, while Victorian Premier de Cina Allen said every 27 00:01:28,520 --> 00:01:31,800 Speaker 1: resource will be deployed to find those responsible. The incident 28 00:01:31,880 --> 00:01:34,000 Speaker 1: comes as Australia is embroiled in a debate in the 29 00:01:34,080 --> 00:01:37,920 Speaker 1: United Nations. Australia has angered Israel by changing its vote 30 00:01:37,920 --> 00:01:40,760 Speaker 1: to join one hundred and fifty six other countries to 31 00:01:40,760 --> 00:01:44,920 Speaker 1: support a United Nations resolution demanding Israel and its occupation 32 00:01:45,000 --> 00:01:47,319 Speaker 1: of the West Bank, and moved towards a two state 33 00:01:47,440 --> 00:01:50,680 Speaker 1: solution with Palestine that has split Australia with the Jewish 34 00:01:50,720 --> 00:01:54,320 Speaker 1: State and the United States. Story Number three Rare Earth 35 00:01:54,400 --> 00:01:57,400 Speaker 1: Group I Lucas share price fell nine percent after a 36 00:01:57,400 --> 00:02:00,400 Speaker 1: blowout in the cost of its new refinery in westerner Stireustralia. 37 00:02:00,760 --> 00:02:03,360 Speaker 1: ILUKA and the federal government have agreed to share the 38 00:02:03,400 --> 00:02:05,720 Speaker 1: cost of the blowouts with the original cost of one 39 00:02:05,760 --> 00:02:08,600 Speaker 1: point two billion by leoning to one point eight billion. 40 00:02:08,840 --> 00:02:11,400 Speaker 1: The Albanezy government has pledged a further four hundred million 41 00:02:11,440 --> 00:02:14,079 Speaker 1: towards the facility, which will be the first rare earth 42 00:02:14,200 --> 00:02:16,680 Speaker 1: refinery in the country. The facility is part of the 43 00:02:16,680 --> 00:02:19,760 Speaker 1: government's plan to break China's dominance in the process of 44 00:02:19,800 --> 00:02:23,480 Speaker 1: critical minerals. Iluka will stump another two hundred and fourteen 45 00:02:23,520 --> 00:02:26,120 Speaker 1: million in cash to cover each share of the rising costs, 46 00:02:26,440 --> 00:02:29,000 Speaker 1: and the fall in a Luca's share price pushed it 47 00:02:29,120 --> 00:02:32,080 Speaker 1: to a four year low this morning. Rare earths are 48 00:02:32,160 --> 00:02:35,480 Speaker 1: used to make industrial magnets inside cars, wind turbines and 49 00:02:35,600 --> 00:02:40,000 Speaker 1: fighter jets. Storing number four. West Farmers has reshuffled management, 50 00:02:40,080 --> 00:02:43,639 Speaker 1: putting Kmart's chief financial officer in charge of the discount 51 00:02:43,720 --> 00:02:47,440 Speaker 1: chain and elevating the current CEO, Ian Bailey to run 52 00:02:47,480 --> 00:02:52,160 Speaker 1: the fast growing ANCHO Global Empire. Alexandra Sposeeska, at forty 53 00:02:52,200 --> 00:02:55,600 Speaker 1: one years of age, will become West Farmer's youngest divisional 54 00:02:55,639 --> 00:02:59,399 Speaker 1: boss and run Kymart. Anko was established as Kamart's own 55 00:02:59,440 --> 00:03:02,799 Speaker 1: brand into twenty nineteen and now sells more than one 56 00:03:03,040 --> 00:03:06,960 Speaker 1: billion items from linen to fashion and toys in Australia 57 00:03:07,000 --> 00:03:10,040 Speaker 1: each year. Last year, it signed with the Canadian department 58 00:03:10,120 --> 00:03:12,959 Speaker 1: store Hudson's Bay and made a deal with Mattel's Fisher 59 00:03:13,000 --> 00:03:16,280 Speaker 1: Price brand to roll out wooden toys across one thousand 60 00:03:16,280 --> 00:03:19,960 Speaker 1: Walmart stores in the US. Anko now contributes about eighty 61 00:03:20,040 --> 00:03:23,119 Speaker 1: five percent of sales at Kmart, which is significant reason 62 00:03:23,200 --> 00:03:26,200 Speaker 1: why the discount retailer is now contributing more to the 63 00:03:26,200 --> 00:03:30,320 Speaker 1: West Farmer's business, which includes Bunning's office works and industrial assets. 64 00:03:30,560 --> 00:03:34,320 Speaker 1: West Farmer's share price was slightly lower today. Story number five. 65 00:03:34,440 --> 00:03:37,720 Speaker 1: A magnitude seven earthquake hit off the northern California coast 66 00:03:37,840 --> 00:03:41,360 Speaker 1: early this morning Australian time, prompting at tsunami warning that 67 00:03:41,440 --> 00:03:44,080 Speaker 1: was later canceled for a large stretch of the California 68 00:03:44,120 --> 00:03:47,720 Speaker 1: and Oregon coasts. Some four point seven million residents of 69 00:03:47,720 --> 00:03:50,960 Speaker 1: California and Oregon had been under the tsunami warning before 70 00:03:50,960 --> 00:03:53,760 Speaker 1: it was canceled. The National Weather Service said the quake, 71 00:03:53,960 --> 00:03:56,920 Speaker 1: which hit at a shallow depth of ten kilometers, was 72 00:03:56,960 --> 00:03:59,320 Speaker 1: centered at about sixty three kilometers west of the town 73 00:03:59,400 --> 00:04:02,080 Speaker 1: of Ferndae, which is a sparsely populated portion of the 74 00:04:02,120 --> 00:04:05,640 Speaker 1: northern California coast. That's according to Reuter's. The City of 75 00:04:05,680 --> 00:04:09,400 Speaker 1: Berkeley Police Department had issued an evacuation order for parts 76 00:04:09,440 --> 00:04:11,840 Speaker 1: of the city on the San Francisco Bay due to 77 00:04:11,880 --> 00:04:14,960 Speaker 1: a tsunami coming to the West Berkeley area, according to 78 00:04:15,000 --> 00:04:18,000 Speaker 1: an alert scent to residents. That's it for the afternoon 79 00:04:18,040 --> 00:04:20,960 Speaker 1: report for Friday, sixth of December twenty twenty four. Make 80 00:04:20,960 --> 00:04:23,000 Speaker 1: sure you hit follow on the podcast. We'll be back 81 00:04:23,040 --> 00:04:25,280 Speaker 1: tomorrow morning with the weekend edition of Fear and Greed 82 00:04:25,320 --> 00:04:27,960 Speaker 1: business News. I'm Adam lank. Enjoy your evening.