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

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Speaker 1: Report for Friday eighty seventh of May twenty twenty four.

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Speaker 1: I'm Sean A Elmer. Every afternoon, we've got the five

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Speaker 1: stories that happened today that you need to know about.

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Speaker 1: Storyt number one. The local share market closed down almost

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Speaker 1: one percent today to eight hundred and fourteen points, ending

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Speaker 1: a pretty topsy turvy week. For the full week, the

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Speaker 1: mark was up almost one percent today. Tech stocks, healthcare

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Speaker 1: and property companies were sold off hardest, while the material

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Speaker 1: sector did best. Wyset Global, CSL, West Farmers, QBE and

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Speaker 1: Ria Group were among the worst performers had plenty of friends,

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Speaker 1: Comwell Bank, Macquarie Woodside. They all fell sharply as well.

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Speaker 1: The big miners were the best on the back of

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Speaker 1: solid iron ore prices, reflecting hopes the Chinese government will

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Speaker 1: do more to help that country's struggling property sector. Sorry

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Speaker 1: number two. Opposition leader Peter Dutton's budget response last night

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Speaker 1: has focused on alleviating the housing crisis and slashing migration.

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Speaker 1: Mister Dutton wants to reduce permanent migration by quarter to

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Speaker 1: about one hundred and forty thousand a year, cut refugee

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Speaker 1: arrivals by a third, and band foreign investors in temporary

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Speaker 1: residents from buying established homes for two years. The goal,

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Speaker 1: he says, is to free up one hundred thousand properties

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Speaker 1: and restore the dream of home ownership. Reducing the excessive

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Speaker 1: number of foreign students at metropolitan universities would alleviate precious

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Speaker 1: on the rental market. The reply was criticized by the

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Speaker 1: government and several other sectors. The government pointed out that

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Speaker 1: new immigration is important and in fact, less than five

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Speaker 1: thousand homes as sold for foreigners annually. What the budget

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Speaker 1: reply speech really shows is that the next election will

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Speaker 1: be fought in part on the housing crisis. Story. Number

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Speaker 1: three regional lender Bendigo Bank's share price jump eight percent today,

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Speaker 1: even though profit was lower for the ten months to

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Speaker 1: the end of April. The good news is that credit

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Speaker 1: expenses remain at lower levels, and its net interest margin,

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Speaker 1: the difference between what it earns on loans and pays

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Speaker 1: on deposits, came in at one point eight seven percent.

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Speaker 1: That's actually higher than it was and higher than the

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Speaker 1: big four banks who are being squeezed. Also today, the

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Speaker 1: suspension of Star Entertainments Queens Saint Casino licenses was lengthened

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Speaker 1: until December this year subject to the outcome of the

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Speaker 1: Bell inquiry in New South Wales into the gaming group

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Speaker 1: Storry number four. If you were struggling to text someone

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Speaker 1: this morning using Apple's messaging service I Message, you weren't alone.

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Speaker 1: This system suffered an outage, with users across Australia reporting

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Speaker 1: they were unable to send messages. More than five hundred

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Speaker 1: Australian newsers reported issues with I Message on outage website

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Speaker 1: down detector. There were complaints across social media, not just

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Speaker 1: from here, but from the US as well. According to

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Speaker 1: report in the Sydney Morning Herald, by nine am, Apple

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Speaker 1: system status page was listing I Message as available, but

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Speaker 1: shortly afterwards it changed to resolved issue. According to the page,

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Speaker 1: the issue occurred from seven to forty nine am to

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Speaker 1: eight thirty five am and resulted in some uses being

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Speaker 1: unable to use the service. No further details were given.

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Speaker 1: Remember earlier this week, some iPhone newsers complained that years

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Speaker 1: old photos they believed they had deleted were reappearing on

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Speaker 1: their devices in a bugs seemingly related to the new

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Speaker 1: iOS seventeen point five update and story number five, Chinese

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Speaker 1: President Shijing Ping and Russian leader Vladimir Putin have pledged

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Speaker 1: to intensify cooperation against US containment of their countries as

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Speaker 1: a warned of growing nuclear tensions between rival powers. Putin

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Speaker 1: and she accused the US of planning to station missile

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Speaker 1: systems around the world that pose a direct threat to

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Speaker 1: the security of Russia and China. In a joint declaration

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Speaker 1: after more than two hours of talks in Beijing, they

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Speaker 1: agreed to titan coordination, including between their militaries, against what

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Speaker 1: they called Washington's destructive and hostile course. According to Bloomberg,

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Speaker 1: the two leaders also warned of increasing strategic risks from

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Speaker 1: spiraling tensions between nuclear powers. They accused the US of

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Speaker 1: seeking to violate the strategic nuclear balance to gain a

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Speaker 1: decisive military advantage. That's it's the Afternoon Report for Friday

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Speaker 1: eighty seventeenth of May twenty twenty four. Michael Thompson and

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Speaker 1: Lang and I will be back tomorrow morning with a

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Speaker 1: weekend edition of Fearing Green Business News. I'm Sean Elma.

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Speaker 1: Enjoy your evening. Did you ever