1 00:00:03,760 --> 00:00:07,080 Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Tuesday, 2 00:00:07,120 --> 00:00:09,680 Speaker 1: the first of October twenty twenty four. I'm suan Alma. 3 00:00:10,119 --> 00:00:12,680 Speaker 1: Every afternoon, We've got the five stories that happened today 4 00:00:12,680 --> 00:00:14,320 Speaker 1: that you need to know about. Story number one. The 5 00:00:14,400 --> 00:00:18,239 Speaker 1: SMPASEX two hundred closed down zero point seven percent today 6 00:00:18,280 --> 00:00:20,880 Speaker 1: at wait thousand, two hundred and nine points. The big 7 00:00:20,920 --> 00:00:23,680 Speaker 1: miners and banks were all lower, and when that happens, 8 00:00:23,720 --> 00:00:26,759 Speaker 1: it's almost inevitable that the boss ends up in negative territory. 9 00:00:27,080 --> 00:00:29,680 Speaker 1: The miners fell back after all the excitement of the 10 00:00:29,760 --> 00:00:32,960 Speaker 1: last week or so following a bunch of stimulus announcements 11 00:00:33,000 --> 00:00:36,000 Speaker 1: in China. BHP finished down nearly three percent, while fort 12 00:00:36,080 --> 00:00:37,800 Speaker 1: Es QW Medals Group was off three and a half 13 00:00:37,880 --> 00:00:40,839 Speaker 1: percent and BHB had jumped fifteen percent in the previous 14 00:00:40,880 --> 00:00:44,959 Speaker 1: five sessions, so the fall today wasn't a surprise. Rio 15 00:00:45,080 --> 00:00:47,559 Speaker 1: Tinto fell two point six percent, while both Commonwealth Bank 16 00:00:47,600 --> 00:00:49,720 Speaker 1: and Westpac roff at least two and a half percent. 17 00:00:50,000 --> 00:00:52,560 Speaker 1: The worst performer on the day was the Star Entertainment Group, 18 00:00:52,600 --> 00:00:55,880 Speaker 1: which fell nearly eight percent after it released its twenty 19 00:00:55,880 --> 00:00:59,279 Speaker 1: twenty four financial report, which included qualified support from its 20 00:00:59,280 --> 00:01:02,640 Speaker 1: auditor based on expenses related to the new Queen's warf 21 00:01:02,680 --> 00:01:06,800 Speaker 1: casino precinct in Brisbane. Story number two. Federal Reserve chairs 22 00:01:06,800 --> 00:01:10,080 Speaker 1: your own. Powell spoke this morning saying the Central Bank 23 00:01:10,360 --> 00:01:13,800 Speaker 1: will lower interest rates over time. He views the US 24 00:01:13,840 --> 00:01:18,160 Speaker 1: economy as strong overall, with labor market conditions being solid 25 00:01:18,400 --> 00:01:21,920 Speaker 1: and policymakers having greater confidence that inflation is on a 26 00:01:21,959 --> 00:01:25,720 Speaker 1: sustainable path towards two percent. That helped the share market 27 00:01:25,760 --> 00:01:28,680 Speaker 1: close higher, meaning the broad based SMP five hundred and 28 00:01:28,760 --> 00:01:32,880 Speaker 1: tech heavy Nasdaq both finished the September quarter better than 29 00:01:32,920 --> 00:01:37,400 Speaker 1: where they started. It's the fourth consecutive quarter of higher returns. Meanwhile, 30 00:01:37,440 --> 00:01:40,400 Speaker 1: Brent crudes trading just under seventy two US dollars a barrel, 31 00:01:40,440 --> 00:01:43,560 Speaker 1: probably surprising that given what's going on in the Middle East, 32 00:01:43,600 --> 00:01:47,000 Speaker 1: oil prices aren't actually higher. Goals trading around twenty six 33 00:01:47,120 --> 00:01:49,720 Speaker 1: forty US dollars announce in the Aussie dollar is worth 34 00:01:49,760 --> 00:01:53,240 Speaker 1: sixty nine point three US sins. Sorry number three, Aria 35 00:01:53,360 --> 00:01:56,040 Speaker 1: has abandoned its twelve billion dollar bit for Right Move 36 00:01:56,400 --> 00:01:59,800 Speaker 1: after the UK listed real estate site knocked back Aria's 37 00:01:59,840 --> 00:02:04,240 Speaker 1: fourth bid in almost as many weeks. Investors welcome the news, 38 00:02:04,280 --> 00:02:07,760 Speaker 1: including news Corp Chief executive Robert Thompson, and RIA share 39 00:02:07,760 --> 00:02:11,000 Speaker 1: price rose four and a half percent. High. News Corp 40 00:02:11,080 --> 00:02:13,600 Speaker 1: owned sixty one percent of Ria, and mister Thompson said 41 00:02:13,600 --> 00:02:16,000 Speaker 1: it would be foolhardy for Ria to pay any more 42 00:02:16,080 --> 00:02:18,840 Speaker 1: for Right Move. Right Move is the dominant real estate 43 00:02:18,880 --> 00:02:21,959 Speaker 1: platform in the UK now under British takeover rules, a 44 00:02:22,040 --> 00:02:24,760 Speaker 1: bidder has twenty eight days from when its interest becomes 45 00:02:24,840 --> 00:02:29,880 Speaker 1: public to formalize an offer. That meant Aria's deadline came overnight. 46 00:02:30,280 --> 00:02:33,359 Speaker 1: Aria blamed Wright Move's board for the BID's collapse, complaining 47 00:02:33,440 --> 00:02:37,679 Speaker 1: of the director's cursory and procedural contact along with the 48 00:02:37,800 --> 00:02:41,400 Speaker 1: lack of meaningful engagement. Story number four. ABC staff have 49 00:02:41,520 --> 00:02:46,000 Speaker 1: been subjected to systemic racism, including racial slurs, derogatory and 50 00:02:46,000 --> 00:02:50,480 Speaker 1: offensive comments about their appearance, stereotyping, and being mistaken for 51 00:02:50,560 --> 00:02:53,960 Speaker 1: someone else because of their racial appearance. A port released 52 00:02:54,080 --> 00:02:58,000 Speaker 1: today has found Managing director David Anderson issued an apology 53 00:02:58,040 --> 00:03:01,840 Speaker 1: to employees both past and present who experienced racism after 54 00:03:01,840 --> 00:03:06,560 Speaker 1: the taxpayer funded broadcaster released its independent racism review today. 55 00:03:06,919 --> 00:03:09,600 Speaker 1: He said anti racism training will be rolled out at 56 00:03:09,600 --> 00:03:13,440 Speaker 1: the ABC. After apologizing, mister Anderson said the ABC needs 57 00:03:13,440 --> 00:03:16,320 Speaker 1: to do better and is committed to zero tolerance for 58 00:03:16,440 --> 00:03:20,920 Speaker 1: racism in the workplace. The ABC has implemented fifteen recommendations, 59 00:03:20,960 --> 00:03:24,720 Speaker 1: including that all staff read the report, improved averse representation 60 00:03:24,800 --> 00:03:28,920 Speaker 1: at management level, and better understand lived experiences by staff 61 00:03:28,919 --> 00:03:33,280 Speaker 1: to help with storytelling and create culturally safe support systems 62 00:03:33,639 --> 00:03:36,760 Speaker 1: and story number five. Sigma Healthcare has said it would 63 00:03:36,800 --> 00:03:39,840 Speaker 1: bring in data sharing rules to help alleviate concerns by 64 00:03:39,880 --> 00:03:43,240 Speaker 1: the regulator regarding its proposed seven hundred million dollar merger 65 00:03:43,560 --> 00:03:47,040 Speaker 1: with Chemist Warehouse in June. The regulator flag concerns that 66 00:03:47,120 --> 00:03:50,800 Speaker 1: the merger could potentially harm pharmacies currently supplied by Sigma 67 00:03:51,120 --> 00:03:55,080 Speaker 1: by allowing Chemist Warehouse to access those pharmacies data in 68 00:03:55,120 --> 00:03:58,760 Speaker 1: ways it could damage competition. To alleviate those concerns, Sigma 69 00:03:58,800 --> 00:04:02,240 Speaker 1: has said it would allow franchisees to terminate their agreements 70 00:04:02,480 --> 00:04:05,120 Speaker 1: and place restrictions on the use of confidential data from 71 00:04:05,120 --> 00:04:09,000 Speaker 1: Sigma wholesale customers and franchisees for a period of three years. 72 00:04:09,040 --> 00:04:11,160 Speaker 1: According to a report in the fin Review, and the 73 00:04:11,160 --> 00:04:13,960 Speaker 1: Australian Competition and Consumer Commission is now looking for feedback 74 00:04:13,960 --> 00:04:17,480 Speaker 1: from stakeholders on whether the draft undertaking offered by Sigma 75 00:04:17,640 --> 00:04:22,120 Speaker 1: may be capable of addressing the competition concerns. Sigma's share 76 00:04:22,160 --> 00:04:25,000 Speaker 1: price jumped to twenty five percent today, easily the best 77 00:04:25,000 --> 00:04:27,240 Speaker 1: of the top two hundred. That's it for the afternoon 78 00:04:27,240 --> 00:04:29,960 Speaker 1: report for Tuesday, the first of October twenty twenty four. 79 00:04:30,000 --> 00:04:32,080 Speaker 1: Michael Thompson and I will be back tomorrow morning with 80 00:04:32,080 --> 00:04:34,960 Speaker 1: the Wednesday edition of Fear and Greed Business News. I'm 81 00:04:35,000 --> 00:04:36,680 Speaker 1: Sean Elmer. Enjoy your evening.