1
00:00:04,200 --> 00:00:07,600
Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Tuesday,

2
00:00:07,640 --> 00:00:10,400
Speaker 1: the fourteenth of May twenty twenty four. I'm sure, almam

3
00:00:10,440 --> 00:00:12,799
Speaker 1: every afternoon, We've got the five stories that happened today

4
00:00:12,800 --> 00:00:14,440
Speaker 1: that you need to know about. Story number one, the

5
00:00:14,520 --> 00:00:17,200
Speaker 1: S and PA SX two hundred closed down zero point

6
00:00:17,200 --> 00:00:19,960
Speaker 1: of three percent. Today is seven seven hundred and twenty

7
00:00:19,960 --> 00:00:23,799
Speaker 1: seven points after a week leading from Wall Street. Industrials

8
00:00:23,920 --> 00:00:27,200
Speaker 1: and real estate stocks did worst, while consumers discretionar we

9
00:00:27,280 --> 00:00:29,520
Speaker 1: did best. It wasn't a massive day on the market

10
00:00:29,520 --> 00:00:32,519
Speaker 1: ahead of tonight's budget. We can expect to see a

11
00:00:32,560 --> 00:00:35,040
Speaker 1: bit more action tomorrow. I dare say the banks were

12
00:00:35,080 --> 00:00:38,120
Speaker 1: generally lower, though Commonwealth Bank ended flat. Rio led the

13
00:00:38,120 --> 00:00:40,839
Speaker 1: big miners lower, dropping more than one percent. Transurban and

14
00:00:40,920 --> 00:00:43,560
Speaker 1: QB were among the worst of the large caps, while

15
00:00:43,720 --> 00:00:47,960
Speaker 1: Woolli's and West Farmers were among the best. Story Number

16
00:00:47,960 --> 00:00:50,239
Speaker 1: two plenty of bits and pieces going on in the

17
00:00:50,240 --> 00:00:53,479
Speaker 1: sheer market today. Shares in lithium and nickel miners were

18
00:00:53,479 --> 00:00:56,520
Speaker 1: on the rise ahead of the expected stimulus for critical

19
00:00:56,560 --> 00:01:00,760
Speaker 1: minerals in the federal budget tonight. Igo, Lined Resources, and

20
00:01:00,840 --> 00:01:04,720
Speaker 1: Chalice mining were all higher, as was Piedmont lithium shares

21
00:01:04,760 --> 00:01:07,399
Speaker 1: and pathology group Helius rose after it said it had

22
00:01:07,440 --> 00:01:12,119
Speaker 1: successfully refinanced and shrunk a debt facility. Hamish mcclennan, chair

23
00:01:12,160 --> 00:01:14,800
Speaker 1: of ARN Media, told investors that he still intends to

24
00:01:14,800 --> 00:01:18,000
Speaker 1: push for a deal with rival Southern Cross Media, despite

25
00:01:18,080 --> 00:01:23,280
Speaker 1: its buyout partner, Anchorage Partners, abandoning the offer. IRN share

26
00:01:23,280 --> 00:01:25,880
Speaker 1: prices down over the past couple of sessions, though shares

27
00:01:25,880 --> 00:01:28,399
Speaker 1: and GUD holdings did well today after the company said

28
00:01:28,400 --> 00:01:30,400
Speaker 1: it's on track to meet its full year earnings guidance.

29
00:01:30,440 --> 00:01:33,960
Speaker 1: Despite a weaker automotive market and billionaire Kerry stakes. A

30
00:01:34,040 --> 00:01:36,400
Speaker 1: seven Group is continuing to buy up shares and borrel

31
00:01:36,680 --> 00:01:39,120
Speaker 1: as it pushes for full control of the Cement and

32
00:01:39,240 --> 00:01:42,440
Speaker 1: Ashfelt Group. Seven stake in the group has pushed past

33
00:01:42,520 --> 00:01:45,759
Speaker 1: ninety one percent now Story number three. The Federal Court

34
00:01:45,800 --> 00:01:48,640
Speaker 1: has provided its reasons for siding with Elon Musk and

35
00:01:49,040 --> 00:01:52,120
Speaker 1: X over an e safety directive to take down videos

36
00:01:52,200 --> 00:01:55,160
Speaker 1: showing the stabbing of a Sydney bishop last month. It

37
00:01:55,200 --> 00:01:58,640
Speaker 1: said the directive wasn't a reasonable demand from a regulator.

38
00:01:58,920 --> 00:02:02,800
Speaker 1: Federal Court Justice Jeffrey Kennett ruled in a preliminary decision

39
00:02:03,200 --> 00:02:06,360
Speaker 1: that there were powerful issues with E Safety's attempt to

40
00:02:06,480 --> 00:02:09,840
Speaker 1: regulate the global Internet. Kennett found it would likely be

41
00:02:09,880 --> 00:02:13,360
Speaker 1: ignored or disparaged in other countries even if Australian courts

42
00:02:13,400 --> 00:02:16,040
Speaker 1: tried to enforce it. A global ban was not therefore

43
00:02:16,080 --> 00:02:19,360
Speaker 1: a reasonable step as required by Australian law designed to

44
00:02:19,400 --> 00:02:23,360
Speaker 1: tackle terrorist content. The judge concluded E Safety's lawyers had

45
00:02:23,480 --> 00:02:26,040
Speaker 1: argued a global ban was necessary on the sixty five

46
00:02:26,200 --> 00:02:30,800
Speaker 1: specified videos because Australians could circumvent x's initial block that

47
00:02:30,919 --> 00:02:34,880
Speaker 1: was limited to this country using simple technical tools. Straight

48
00:02:34,960 --> 00:02:37,800
Speaker 1: um before a man who lead classified military documents that

49
00:02:37,840 --> 00:02:42,040
Speaker 1: revealed allegations Australian soldiers committed war crimes in Afghanistan. We

50
00:02:42,080 --> 00:02:44,840
Speaker 1: will spend at least two years and three months behind bars.

51
00:02:45,240 --> 00:02:49,840
Speaker 1: David McBride, who's sixty, pleaded guilty to stealing classified material

52
00:02:49,919 --> 00:02:53,480
Speaker 1: and leaking it to journalists, according to media reports. Just

53
00:02:53,520 --> 00:02:56,840
Speaker 1: as David moss Up sentenced Bride to an aggregate five

54
00:02:56,960 --> 00:03:00,120
Speaker 1: years and eight months in prison for three charges in

55
00:03:00,160 --> 00:03:03,280
Speaker 1: the Act Supreme Court, with a non parole period of

56
00:03:03,280 --> 00:03:07,160
Speaker 1: twenty seven months, Justice Mossup said the former military's lawyer's

57
00:03:07,200 --> 00:03:11,000
Speaker 1: actions were a gross breach of trust of his position

58
00:03:11,080 --> 00:03:13,640
Speaker 1: as a lawyer, and there's a significant need to deter

59
00:03:13,880 --> 00:03:16,880
Speaker 1: similar actions in the future. And story number five, there

60
00:03:16,880 --> 00:03:19,120
Speaker 1: was more bad news for bonds or employees today who

61
00:03:19,160 --> 00:03:21,800
Speaker 1: were told they'd be stood down for at least another

62
00:03:21,880 --> 00:03:25,280
Speaker 1: fortnite as administrators seek formal expressions of interest in the airline.

63
00:03:25,440 --> 00:03:27,920
Speaker 1: There are media reports that have yet Me's Airline was

64
00:03:27,960 --> 00:03:31,800
Speaker 1: interested but isn't anymore. Administrator Hall Chadwick said there are

65
00:03:31,840 --> 00:03:35,160
Speaker 1: about twenty interested parties, though I'm not quite sure how

66
00:03:35,200 --> 00:03:39,400
Speaker 1: interested they really are. The fortnite extension effects staff and passengers,

67
00:03:39,400 --> 00:03:42,280
Speaker 1: meaning more customers will become what's known as a contingent

68
00:03:42,360 --> 00:03:45,480
Speaker 1: creditor because they aren't going to get a refund on

69
00:03:45,520 --> 00:03:48,040
Speaker 1: the tickets they bought as if For the afternoon report

70
00:03:48,080 --> 00:03:50,520
Speaker 1: for Tuesday, the fourteenth of May twenty twenty four, don't

71
00:03:50,520 --> 00:03:53,040
Speaker 1: forget tip, follow on the podcast and find Fear and

72
00:03:53,080 --> 00:03:56,080
Speaker 1: Greed on LinkedIn, Instagram, x TikTok and Facebook. Joined Michael

73
00:03:56,120 --> 00:03:58,040
Speaker 1: Thompson and I Tomorrow I'm wanting for the Fast five

74
00:03:58,120 --> 00:04:00,480
Speaker 1: by Fear and Greed. The top five is stories you

75
00:04:00,560 --> 00:04:02,880
Speaker 1: need to know in just five minutes. I'm Sean Elmer.

76
00:04:03,280 --> 00:04:04,000
Speaker 1: Enjoy your evening,