1 00:00:04,120 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,280 --> 00:00:10,200 Speaker 1: for Wednesday, the sixteenth of July twenty twenty five. I'm 3 00:00:10,200 --> 00:00:12,240 Speaker 1: sure in al month every afternoon we've got the five 4 00:00:12,320 --> 00:00:14,360 Speaker 1: stories that happened today that you need to know about, 5 00:00:14,360 --> 00:00:16,640 Speaker 1: straight number one, the good news and the local chair 6 00:00:16,680 --> 00:00:20,680 Speaker 1: market yesterday didn't last long, with the SMPASX two hundred 7 00:00:20,880 --> 00:00:23,759 Speaker 1: today having its worst one day loss since May on 8 00:00:23,800 --> 00:00:27,360 Speaker 1: the back of inflation fears in the US. The SMPASX 9 00:00:27,400 --> 00:00:30,240 Speaker 1: two hundred closed down zero point eight percent to eight thousand, 10 00:00:30,480 --> 00:00:33,480 Speaker 1: five hundred and sixty two points, with the financials struggling 11 00:00:33,479 --> 00:00:36,040 Speaker 1: most that includes the big banks. National Australia Bank was 12 00:00:36,080 --> 00:00:38,360 Speaker 1: off three percent, Westpac was down one point six percent. 13 00:00:38,440 --> 00:00:40,400 Speaker 1: Come Off Bank was off more than one percent. The 14 00:00:40,479 --> 00:00:43,440 Speaker 1: minus started lower, but by the closed BHP, Rio and 15 00:00:43,560 --> 00:00:46,920 Speaker 1: fortesqu Metals had all outperformed the market. The tech stocks 16 00:00:47,040 --> 00:00:50,480 Speaker 1: were the best or among the best, including Promedicus Zero 17 00:00:50,560 --> 00:00:53,920 Speaker 1: and Ria Group. Goldiger Neumont felt six percent after it 18 00:00:54,000 --> 00:00:56,480 Speaker 1: sold its stakes in two North American Minds and its 19 00:00:56,480 --> 00:01:00,000 Speaker 1: CFO resigned. The drop on the ASX today followed up 20 00:01:00,000 --> 00:01:02,280 Speaker 1: a nine percent fall on Wall Street overnight for the 21 00:01:02,360 --> 00:01:06,240 Speaker 1: dualisted company Evolution Mining, also a gold company, fell two 22 00:01:06,240 --> 00:01:10,319 Speaker 1: percent even though it reported significantly higher cash generation during 23 00:01:10,319 --> 00:01:12,639 Speaker 1: the last six months, and then Lee dropped two percent 24 00:01:12,760 --> 00:01:14,720 Speaker 1: after it announced plans to develop a two and a 25 00:01:14,760 --> 00:01:19,400 Speaker 1: half billion dollar luxury luxury residential tower in Sydney. Sorry 26 00:01:19,520 --> 00:01:23,160 Speaker 1: Number two. The Council of Financial Regulators wants new powers 27 00:01:23,160 --> 00:01:26,160 Speaker 1: for the federal government or regulator to step in and 28 00:01:26,200 --> 00:01:29,959 Speaker 1: regulate cash in the economy if the last remaining cash 29 00:01:30,080 --> 00:01:34,440 Speaker 1: transport service, armor Guard, collapses. The big users of cash 30 00:01:34,600 --> 00:01:37,640 Speaker 1: been working with Reserve Bank and others to ensure cash 31 00:01:37,720 --> 00:01:41,480 Speaker 1: continues to be transported around the country. The problem is 32 00:01:41,520 --> 00:01:43,320 Speaker 1: that the use of cash has diminished to the point 33 00:01:43,319 --> 00:01:48,320 Speaker 1: whereby transporting it is uneconomic. Commonwealth Bank, Westpac, National Australia Bank, 34 00:01:48,360 --> 00:01:51,880 Speaker 1: ain Zed, Coles, Woollies, Bunnings and Australia Posts agreed to 35 00:01:51,880 --> 00:01:54,680 Speaker 1: inject twenty five million dollars to keep armor Guard operating 36 00:01:54,760 --> 00:01:57,640 Speaker 1: until the end of the year. The CFR is now 37 00:01:57,680 --> 00:02:01,040 Speaker 1: proposing an overhaul of how cash is managed distributed to 38 00:02:01,080 --> 00:02:05,000 Speaker 1: give regulators similar powers over cash distribution services as they 39 00:02:05,040 --> 00:02:08,760 Speaker 1: have over the bank's superfunds and insurers. Stro At number three, 40 00:02:08,840 --> 00:02:13,160 Speaker 1: Local rare earths miners outperformed today after Apple did a 41 00:02:13,280 --> 00:02:16,440 Speaker 1: five hundred million US dollar deal with the only US 42 00:02:16,840 --> 00:02:21,480 Speaker 1: rare earth's minor, MP Materials to purchase magnets from the company. 43 00:02:21,520 --> 00:02:24,760 Speaker 1: Now rare earth magnets are used in iPhones. Rare earths, 44 00:02:24,960 --> 00:02:28,560 Speaker 1: which are actually seventeen different chemical elements, aren't very rare. 45 00:02:28,600 --> 00:02:31,560 Speaker 1: In fact, they're pretty common, but they're very difficult to process. 46 00:02:32,000 --> 00:02:34,239 Speaker 1: China produces more than half of all rare earths, but 47 00:02:34,280 --> 00:02:36,639 Speaker 1: the US wants to find its own sources. Last week, 48 00:02:36,680 --> 00:02:39,800 Speaker 1: the Pentagon invested in MP Materials. That's the same company 49 00:02:39,800 --> 00:02:42,440 Speaker 1: that Apple's done to deal with MP. Share price is 50 00:02:42,440 --> 00:02:44,880 Speaker 1: almost doubled in the past week. So what does this 51 00:02:44,960 --> 00:02:47,200 Speaker 1: mean for the local rare earth's players like I Luka 52 00:02:47,280 --> 00:02:51,200 Speaker 1: Resources and Linus. Rare earths investors love them, hoping that 53 00:02:51,240 --> 00:02:55,240 Speaker 1: the US players will look to Australia for rare earth chemicals. 54 00:02:55,360 --> 00:02:58,000 Speaker 1: MP can't provide everything a Luca and Linus to share. 55 00:02:58,040 --> 00:03:00,320 Speaker 1: Prices are up nearly twenty five percent in the last week. 56 00:03:00,800 --> 00:03:03,720 Speaker 1: Sorry number four. In state politics, Tasmanians go to the 57 00:03:03,720 --> 00:03:07,160 Speaker 1: polls this weekend, with Labour leader Dean Winter up against 58 00:03:07,200 --> 00:03:10,520 Speaker 1: the premier Jeremy Rockcliffe and a hung parliament seems the 59 00:03:10,560 --> 00:03:14,160 Speaker 1: most likely outcome. Poll suggests the Liberals will win but 60 00:03:14,280 --> 00:03:16,919 Speaker 1: be short of a majority. Today, the two faced off 61 00:03:16,919 --> 00:03:20,320 Speaker 1: in a televised debate hosted on Sky News. Rockcliffe and 62 00:03:20,360 --> 00:03:23,560 Speaker 1: Winter clashed over healthcare, the state's debt, and the controversial 63 00:03:23,560 --> 00:03:27,400 Speaker 1: efforts to build a new AFL stadium at Macquarie Point. Meanwhile, 64 00:03:27,400 --> 00:03:30,120 Speaker 1: in New South Wales's independent MP and former Leader of 65 00:03:30,120 --> 00:03:33,200 Speaker 1: Federal Labor Mark Latham is under fire over allegations of 66 00:03:33,280 --> 00:03:38,080 Speaker 1: threatening and coercive behavior from his former partner, allegations he denies. 67 00:03:38,440 --> 00:03:41,240 Speaker 1: Natalie Matthews made the allegations in an application for an 68 00:03:41,240 --> 00:03:44,800 Speaker 1: apprehended violence order against Latham. Latham has dismissed them as 69 00:03:44,920 --> 00:03:48,360 Speaker 1: preposterous and will contest them in court. Sorry Number five. 70 00:03:48,440 --> 00:03:50,960 Speaker 1: US President Donald Trump says he'll impose the tariff on 71 00:03:51,000 --> 00:03:54,040 Speaker 1: pharmaceuticals by the end of the month before ramping it 72 00:03:54,120 --> 00:03:56,120 Speaker 1: up over a year or so. Said the tariff will 73 00:03:56,120 --> 00:03:59,080 Speaker 1: below to begin with to give the pharmaceutical companies time 74 00:03:59,120 --> 00:04:02,120 Speaker 1: to relocate to the US, and I quote, there are 75 00:04:02,120 --> 00:04:04,200 Speaker 1: two ways you do it. You make money or you 76 00:04:04,320 --> 00:04:06,400 Speaker 1: have them move here so they don't have to pay 77 00:04:06,440 --> 00:04:09,240 Speaker 1: the tariff. Those are the two ways the pharmaceutical companies 78 00:04:09,240 --> 00:04:12,080 Speaker 1: are moving back to America where they should be. Trump 79 00:04:12,120 --> 00:04:14,960 Speaker 1: also said he had reached a deal with Indonesia where 80 00:04:14,960 --> 00:04:17,719 Speaker 1: that country will face a nineteen percent tariff, and also 81 00:04:17,839 --> 00:04:20,720 Speaker 1: deal with Vietnam, which will pay a twenty percent tariff, 82 00:04:21,000 --> 00:04:24,320 Speaker 1: well down from the initial forty six percent tariff outlined. 83 00:04:25,000 --> 00:04:27,320 Speaker 1: That's it for the Afternoon Report for Wednesday, the sixteenth 84 00:04:27,320 --> 00:04:29,279 Speaker 1: of July twenty twenty five. Make sure you hit follow 85 00:04:29,279 --> 00:04:31,240 Speaker 1: on the podcast. We will be back tomorrow morning with 86 00:04:31,400 --> 00:04:34,000 Speaker 1: Thursday edition of the Past five Business Years by Fear 87 00:04:34,040 --> 00:04:36,680 Speaker 1: and Greed. I'm Sean a Elma. Enjoy your evening.