1 00:00:06,040 --> 00:00:08,639 Sean Aylmer: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:08,640 --> 00:00:12,040 Sean Aylmer: for Wednesday, the second of April twenty twenty five. I'm Sean Aylmer. 3 00:00:12,160 --> 00:00:14,920 Sean Aylmer: Every afternoon we've got the five stories that happened today 4 00:00:14,920 --> 00:00:16,720 Sean Aylmer: that you need to know about. Story number one. The 5 00:00:16,760 --> 00:00:19,479 Sean Aylmer: S and p ASX two hundred closed up a touch 6 00:00:19,520 --> 00:00:22,160 Sean Aylmer: today to finish at seven nine hundred and thirty five 7 00:00:22,200 --> 00:00:24,680 Sean Aylmer: points for the second day running. It was a property 8 00:00:24,680 --> 00:00:27,600 Sean Aylmer: sector that did best, while materials were worst. Among the 9 00:00:27,640 --> 00:00:31,920 Sean Aylmer: large caps, Goodman Group jumped to three percent, while Wise Tech, Globals, CSLL, 10 00:00:32,000 --> 00:00:35,919 Sean Aylmer: Brambles and Sigma Healthcare all did well. Big miners suffered, 11 00:00:35,960 --> 00:00:39,320 Sean Aylmer: with BHP, Fortes, fue Metals Group in Rio's share prices 12 00:00:39,400 --> 00:00:41,400 Sean Aylmer: all ending more than one and a half cent lower. 13 00:00:41,640 --> 00:00:45,159 Sean Aylmer: In corporate news, Kelsey and Group, Australia's largest integrated transport 14 00:00:45,159 --> 00:00:48,160 Sean Aylmer: and tourism operator, is looking at selling its resort, tour 15 00:00:48,280 --> 00:00:50,839 Sean Aylmer: and ferry services to pay down debt. Some of the 16 00:00:50,840 --> 00:00:53,280 Sean Aylmer: assets that could go up for sale at late sightseeing 17 00:00:53,520 --> 00:00:56,200 Sean Aylmer: Sealink Ferry Services, which operates in four states, in the 18 00:00:56,200 --> 00:00:59,440 Sean Aylmer: Northern Territory and Captain Cork Cruises. It would keep running 19 00:00:59,440 --> 00:01:02,160 Sean Aylmer: its marine and motor Coach Operations. The company has a 20 00:01:02,160 --> 00:01:04,760 Sean Aylmer: market cap of just over seven hundred million dollars in 21 00:01:04,800 --> 00:01:07,280 Sean Aylmer: debt of nine hundred and thirty three million dollars. Its 22 00:01:07,280 --> 00:01:10,040 Sean Aylmer: share price jump more than six percent today. Story number 23 00:01:10,080 --> 00:01:13,320 Sean Aylmer: two on the election. Shadow treasurer Angus Taylor was at 24 00:01:13,319 --> 00:01:16,320 Sean Aylmer: the National Press Club today. He said it's his ambition 25 00:01:16,440 --> 00:01:19,800 Sean Aylmer: to make Australia a financial center and a coalition government 26 00:01:19,880 --> 00:01:23,560 Sean Aylmer: would establish an office called Investment Australia to cut red 27 00:01:23,560 --> 00:01:27,480 Sean Aylmer: tape and streamline investment. Plenty of name calling today. Opposition 28 00:01:27,560 --> 00:01:30,840 Sean Aylmer: leader Peter Dunn says he would fight with any global 29 00:01:30,920 --> 00:01:34,560 Sean Aylmer: leader to defend Australia's national interest and that Anthony Albanezi 30 00:01:34,640 --> 00:01:37,080 Sean Aylmer: doesn't have the strength to do it. Alban Easy replied 31 00:01:37,319 --> 00:01:40,560 Sean Aylmer: by saying that sort of agro approach isn't very diplomatic. 32 00:01:40,880 --> 00:01:45,039 Sean Aylmer: Story number three. Building approvals were roughly unchanged last month, 33 00:01:45,319 --> 00:01:48,320 Sean Aylmer: falling slightly but posting a much better result than economists 34 00:01:48,320 --> 00:01:52,080 Sean Aylmer: expected in the previous month's figures were advised higher to 35 00:01:52,120 --> 00:01:55,120 Sean Aylmer: a six point nine percent increase. The app trend in 36 00:01:55,160 --> 00:01:58,520 Sean Aylmer: housing approval continues. Over the past three months. The pace 37 00:01:58,520 --> 00:02:01,520 Sean Aylmer: of approvals was one hundred and ninety five thousand per annum, 38 00:02:01,960 --> 00:02:03,920 Sean Aylmer: up by twenty three percent from the lower of early 39 00:02:03,920 --> 00:02:07,160 Sean Aylmer: twenty twenty three, courting to imp building approvals are now 40 00:02:07,280 --> 00:02:11,440 Sean Aylmer: matching the impact of population growth from immigration, which theoretically 41 00:02:11,760 --> 00:02:14,079 Sean Aylmer: should take some of the heat out of the housing market. 42 00:02:14,080 --> 00:02:16,640 Sean Aylmer: That's not to say the housing crisis is over. A 43 00:02:16,639 --> 00:02:19,399 Sean Aylmer: long way from it. The average building time in Australia 44 00:02:19,720 --> 00:02:24,079 Sean Aylmer: remains elevated and abandonment rates for building construction are still 45 00:02:24,160 --> 00:02:26,960 Sean Aylmer: higher than the twenty tens periods. Still a long way 46 00:02:27,000 --> 00:02:29,480 Sean Aylmer: to go, but it is a start story. Number four 47 00:02:29,480 --> 00:02:32,239 Sean Aylmer: Mining group Mineral Resources and co founder Chris Ellison have 48 00:02:32,320 --> 00:02:35,080 Sean Aylmer: been hit with a class action in Victoria's Supreme Court 49 00:02:35,560 --> 00:02:38,960 Sean Aylmer: over his involvement in alleged tax evasion and other corporate 50 00:02:38,960 --> 00:02:42,440 Sean Aylmer: governance issues. The action comes as the Australian Securities and 51 00:02:42,480 --> 00:02:46,359 Sean Aylmer: Investments Commission conducts its own investigation into the company's actions 52 00:02:46,360 --> 00:02:49,040 Sean Aylmer: in response to mister Ellison's admission that he was a 53 00:02:49,080 --> 00:02:52,160 Sean Aylmer: tax cheat who failed to make proper disclosures around a 54 00:02:52,200 --> 00:02:55,280 Sean Aylmer: series of companies registered in the British Virgin Islands. Mister 55 00:02:55,320 --> 00:02:58,200 Sean Aylmer: Ellison apologized in October for what he described as a 56 00:02:58,240 --> 00:03:02,480 Sean Aylmer: serious lapse in judgment. In a statement today MinRes said, 57 00:03:02,480 --> 00:03:04,960 Sean Aylmer: and I quote the proceeding relates to matters that have 58 00:03:05,040 --> 00:03:07,880 Sean Aylmer: been comprehensively addressed by the company in the market since 59 00:03:07,880 --> 00:03:11,320 Sean Aylmer: October twenty twenty four. It intends to strongly defend the 60 00:03:11,360 --> 00:03:14,440 Sean Aylmer: matter and story at number five. China has held a 61 00:03:14,520 --> 00:03:18,120 Sean Aylmer: second day of drills around Taiwan, adding to the unprecedented 62 00:03:18,160 --> 00:03:21,880 Sean Aylmer: military pressure it's applying to the Taiwanese government. The latest 63 00:03:21,919 --> 00:03:24,480 Sean Aylmer: exercises were held in the central and southern parts of 64 00:03:24,480 --> 00:03:27,560 Sean Aylmer: the Taiwan Strait. According to a statement, they practiced the 65 00:03:27,600 --> 00:03:31,240 Sean Aylmer: People's Liberation Army's ability to conduct a plog AID and 66 00:03:31,320 --> 00:03:36,720 Sean Aylmer: involve precision strikes on simulated targets, including ports and energy facilities. 67 00:03:36,960 --> 00:03:40,520 Sean Aylmer: The Taiwanese Defense Ministry said that thirty seven Chinese planes 68 00:03:40,560 --> 00:03:43,680 Sean Aylmer: crossed the midline in the strait and that its own warplanes, 69 00:03:43,720 --> 00:03:47,320 Sean Aylmer: ships and missile systems responded, without saying what that entailed. 70 00:03:47,520 --> 00:03:50,040 Sean Aylmer: The latest drills piled more pressure on Taiwan, coming a 71 00:03:50,080 --> 00:03:53,200 Sean Aylmer: day after China held exercises that involved the most naval 72 00:03:53,280 --> 00:03:56,320 Sean Aylmer: warships in nearly a year. That's it the afternoon report 73 00:03:56,360 --> 00:03:58,680 Sean Aylmer: for Wednesday, the second of April twenty twenty five. Make 74 00:03:58,720 --> 00:04:00,720 Sean Aylmer: sure you hit follow on the podcast. We will be 75 00:04:00,720 --> 00:04:03,160 Sean Aylmer: back tomorrow morning with the Thurst edition of Hearing Read 76 00:04:03,200 --> 00:04:05,840 Sean Aylmer: Business News. I'm Sean Aylmer. Enjoy your evening.