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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 twenty third of October twenty twenty four.

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Speaker 1: I'm Sean Elmer. Every afternoon, We've got five stories that

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Speaker 1: happened today that you need to know about. Story number one.

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Speaker 1: Wise Tech Globals share price fell another one point four

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Speaker 1: percent today after yet another revelation involving the personal life

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Speaker 1: of founder and chief executive officer Richard White. Nine Media

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Speaker 1: is reporting that White had a lengthy relationship with an

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Speaker 1: employee called Christine Contos. She was recruited by White after

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Speaker 1: the start of their relationship back in twenty sixteen. He

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Speaker 1: gave her a luxury waterfront mansion worth seven million dollars

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Speaker 1: in Melbourne's Docklands at the end of their relationship. According

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Speaker 1: to nine that's the third property mister White has purchased

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Speaker 1: allegedly for a woman he's had a relationship with. In

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Speaker 1: a statement, mister White said he told the board about

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Speaker 1: the relationship, though he didn't tell them about the property purchase.

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Speaker 1: This story just keeps giving. Story number two, the corporate

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Speaker 1: regulator has sued insurer QBE, alleging it failed to deliver

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Speaker 1: on pricing promises made to more than five hundred thousand

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Speaker 1: customers over a five year period. The Australian Securities and

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Speaker 1: Investments Commission alleges the pricing methodology QB used to calculate

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Speaker 1: premiums actually eroded the discounts that were promised. For example,

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Speaker 1: loyalty discounts that were promoted weren't provided, according to the allegations.

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Speaker 1: In an ASX statement today, QB apologized for inconsistencies in

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Speaker 1: how discounts were applied. That certainly isn't an admission of guilt.

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Speaker 1: Another story we're going to hear plenty about. The share

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Speaker 1: price finished down slightly today, though it's up about sixteen

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Speaker 1: percent this year, So QBA has been a pretty good

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Speaker 1: investment for a bunch of people. Story Number three tab

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Speaker 1: corpus management is under pressure to cut shop fronts as

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Speaker 1: part of its cost cutting regime. The Gaming Group, with

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Speaker 1: its new chief executive officer former AFL boss Gil McLaughlin,

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Speaker 1: fronted investors at its annual general meeting in Sydney today.

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Speaker 1: It's been an awful year, let's face it. Its share

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Speaker 1: price is down forty three percent. In twenty twenty four,

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Speaker 1: it announced to one point thirty six billion dollar loss

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Speaker 1: for the last financial years and that was all well

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Speaker 1: not all, but a lot of it was on right

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Speaker 1: downs on wagering assets in South Australia and New South Wales.

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Speaker 1: That was a climate for mister McLaughlin to face shareholders.

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Speaker 1: Of course, we're in the mid middle of the spring

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Speaker 1: racing season. That should be a good time anyway. Mister

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Speaker 1: McLachlin came out and said he is going on a

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Speaker 1: big cost cutting initiative. He said, and I quote the

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Speaker 1: cost cutting is all about being more cost effective, an

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Speaker 1: agile company and unlocking the opportunities within the asset base.

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Speaker 1: David Kingston, a high profile investor over many years, he

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Speaker 1: was at the meeting. He stood and spoke. He said

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Speaker 1: he's angry that Tabcorp isn't competing with online competitors like

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Speaker 1: sports Butt and Ladbrokes and he calls for the closure

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Speaker 1: of some of the betting shop fronts straightum. Before the

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Speaker 1: longtime boss of Domain, Jason Pelagrino, part after six years

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Speaker 1: running the online real estate business. Mister Pellegerno came out

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Speaker 1: of Google in Australia and led the group through thirteen

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Speaker 1: intrast rate rises, a pandemic and against a very tough

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Speaker 1: competitor in Ria domain. Of course, he is sixty percent

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Speaker 1: owned by nine Entertainment. In other share market nears. The

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Speaker 1: gold miners did very well today as the price of

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Speaker 1: gold continues to hover around record levels. Bellvue, Gold, Genesis Minerals,

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Speaker 1: and Perseus Mining were all strong today. Best on the

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Speaker 1: day of the top two hundred was Quantis. There was

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Speaker 1: a bunch of upgrades from investment analysts. Quantus is up

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Speaker 1: sixty five percent over the past twelve months. Mineral Resource

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Speaker 1: to share price was down five percent. That makes it

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Speaker 1: twenty eight percent over the last week. That's after acik

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Speaker 1: is reportedly interested in revelations that Chris Ellison allegedly ran

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Speaker 1: a tax evasion scheme for a decade. Chris Ellison being

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Speaker 1: the founder and current CEO Coppa Focus. Twenty nine Medals

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Speaker 1: was down after reporting a steep fall in cash reserves. Overall,

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Speaker 1: the SMPA six two hundred finished up slightly zero point

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Speaker 1: one percent to two hundred and sixteen points and story

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Speaker 1: number five. Bitcoin is appreciating and investors put it down

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Speaker 1: to the Trump trade, the idea that if Donald Trump

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Speaker 1: becomes president of the USA, it will be good for

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Speaker 1: the cryptocurrency Bitcoin is heading towards seventy thousand US dollars

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Speaker 1: a unit. That's up sixty percent this year to the

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Speaker 1: record he's seventy three seven nine seven US dollars a unit,

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Speaker 1: so it's approaching that level. Trump has said if he wins,

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Speaker 1: he will make the US the crypto capital of the planet. KRMLA.

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Speaker 1: Harris has also softened on the currency, and certainly her

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Speaker 1: ideas about cryptocurrencies are far more friendly to the sector

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Speaker 1: than Joe Biden's. Otherwise, in international markets, oil fell towards

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Speaker 1: seventy one US dollars a barrel over the past twenty

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Speaker 1: four hours. That's after we heard of a rise in

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Speaker 1: inventory levels in the US. US bond neils arising fast

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Speaker 1: as investors rethink chances of another rate cut anytime soon

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Speaker 1: in that market. The outside of that is that investors

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Speaker 1: don't think there's going to be a recession, or at

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Speaker 1: least there's a reduced risk of recession. It's it's the

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Speaker 1: Afternoon Report for Wednesday, the twenty third of October twenty

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Speaker 1: twenty four. Michael Thompson and I will be back tomorrow

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Speaker 1: morning with the Thursday edition off Beer and Greed Business News.

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Speaker 1: I'm Chane Elmer, enjoy your evening