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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 fourth of September twenty twenty four. Michael Thompson.

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Speaker 1: Every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. So let's get going.

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Speaker 1: Story number one. The S and p ASX two hundred

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Speaker 1: closed down one point nine percent today to seven nine

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Speaker 1: hundred and fifty one points in one of the worst

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Speaker 1: days of trading in weeks, following a major selloff on

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Speaker 1: Wall Street overnight amid soft US economic data. It also

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Speaker 1: followed domestic data here at home showing that the economy

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Speaker 1: only grew zero point two percent in the June quarter.

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Speaker 1: In terms of sectors, well, everything was in the red.

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Speaker 1: Utilities and industrials were down the least. Gold resources and

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Speaker 1: energy sustained some of the biggest drops amid global fears

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Speaker 1: about commodity supply. One of the worst performers was four

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Speaker 1: Deescu Medals, which was trading ex dividend and ended the

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Speaker 1: day down eight point five percent. To Gray Mining, Paladin,

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Speaker 1: Life in Town, and Gold Road Resources all had sharp losses.

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Speaker 1: Mineral exploration company Deep Yellow, which has a focus on uranium,

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Speaker 1: was among those suffering the steepest losses. Shares in that

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Speaker 1: company fell more than eight percent. Among the best on

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Speaker 1: the bass was cannon bottle maker Aurora, which climbed seven

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Speaker 1: point two percent. It announced a plan to sell it

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Speaker 1: to American Packaging arm in a deal worth almost one

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Speaker 1: point eight billion dollars Onto story number two now and

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Speaker 1: the Future Fund has posted a nine point one percent

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Speaker 1: annual return about eighteen point eight billion dollars worth of

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Speaker 1: the year to thirty June. It's a result the Future

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Speaker 1: Fund is calling very strong given the rocky domestic and

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Speaker 1: global economies. The total value of the Future Fund is

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Speaker 1: now two hundred and twenty four point nine billion dollars,

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Speaker 1: a new record, and its ten year returns of well

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Speaker 1: exceeded its mandate, which is to achieve a return of

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Speaker 1: CPI plus at least four to five percent on top.

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Speaker 1: What is particularly interesting, though, as the comment may by

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Speaker 1: new chair Greg Combay, who took over from Peter Costello

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Speaker 1: in June. Its comments alongside the results were that the

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Speaker 1: energy transition promises plenty of opportunities for the Future Fund

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Speaker 1: and investors, so it's going to be very interesting to

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Speaker 1: see where he takes the opportunity. Next story number three,

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Speaker 1: a new analysis by City has found there's only one

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Speaker 1: profitable lithium mine in Australia, Green Bushes in WA. That's

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Speaker 1: out of these seven operating locally. Green Bushes, which is

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Speaker 1: forty nine percent owned by Albemarle, is the biggest in

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Speaker 1: the world and it's the only one in Australia that

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Speaker 1: is able to make a profit at current lithium prices.

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Speaker 1: The City analysis used a gold mining type analysis to

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Speaker 1: find a break even figure and then assess that with

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Speaker 1: current lithium prices. It's a pretty significant finding given that

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Speaker 1: lithium is a critical battery component. As part of the

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Speaker 1: energy transition story Number four, thousands of private businesses across

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Speaker 1: Australia are defaulting on tax debts, leading to many failing.

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Speaker 1: This is according to new data from Credit to Watch,

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Speaker 1: About thirty four percent of those with a one hundred

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Speaker 1: thousand dollars tax debt that they are ninety days behind

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Speaker 1: on have either chosen to close or have become insolvent.

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Speaker 1: That's about seven thousand businesses. The Tax Office has started

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Speaker 1: ramping up action against those who are failing to repay

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Speaker 1: tax debts after a long period of relaxed rules during

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Speaker 1: the pandemic and that is seeing lots of businesses come unstuck,

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Speaker 1: especially amid what are a number of current economic challenges.

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Speaker 1: And finally, story number five, China has announced that it

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Speaker 1: will launch an anti dumping investigation into Canada's canola exports.

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Speaker 1: Canada is introducing new tariffs on Chinese evs and this

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Speaker 1: has gone down badly with its trading partner. China has

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Speaker 1: now announced an anti dumping probe into Canadian canola and

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Speaker 1: is looking at Canadian chemical products too. China's Commerce Ministry

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Speaker 1: said quote opposes the discriminatory unilateral restrictive measures taken against

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Speaker 1: its products. This is a very big deal for Canada's

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Speaker 1: canola industry as China is the biggest global importer of

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Speaker 1: the oil. That's it for the Afternoon Report for Wednesday,

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Speaker 1: the fourth of September twenty twenty four. Don't forget to

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Speaker 1: hit follow on the podcast and find Fear and Greed

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

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Speaker 1: morning for the Thursday edition of the Fast five Business

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

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Speaker 1: you need to know in just five minutes by Michael Thompson,

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Speaker 1: enjoy your evening,