1 00:00:03,760 --> 00:00:06,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:08,920 Speaker 1: for Thursday, the sixth of June twenty twenty four. I'm 3 00:00:08,920 --> 00:00:11,760 Speaker 1: Sean Elmer. Every afternoon, we've got the fire stories that 4 00:00:11,840 --> 00:00:14,400 Speaker 1: happen today that you need to know about. On the 5 00:00:14,440 --> 00:00:17,919 Speaker 1: SMPASX two hundred closed up zero point seven percent seight 6 00:00:18,040 --> 00:00:20,520 Speaker 1: hundred and twenty two points, with the tech companies doing 7 00:00:20,520 --> 00:00:23,440 Speaker 1: best following a strong lead in from Wall Street. Financial 8 00:00:23,520 --> 00:00:26,239 Speaker 1: healthcare industrials also did well. In fact, come well, thank 9 00:00:26,280 --> 00:00:28,920 Speaker 1: you the new high today. CSL West, Farmers and will 10 00:00:28,960 --> 00:00:32,159 Speaker 1: Quarry all jump by one percent or more, while Wistech 11 00:00:32,200 --> 00:00:35,040 Speaker 1: Global jumped nearly three percent. Once again, the miners and 12 00:00:35,040 --> 00:00:38,479 Speaker 1: the energy companies underperformed. In corporate news, Auckland Casino will 13 00:00:38,479 --> 00:00:40,920 Speaker 1: operate a sky City cut its earnings guidance for this 14 00:00:40,960 --> 00:00:43,440 Speaker 1: financial year, blaming the week economy in recession hit in 15 00:00:43,479 --> 00:00:46,640 Speaker 1: New Zealand and a delay in launching a new hotel project. 16 00:00:47,000 --> 00:00:51,919 Speaker 1: Its share price fell fourteen percent. Biopharmaceutical developer Telix Pharmaceuticals 17 00:00:51,960 --> 00:00:54,120 Speaker 1: will raise for three hundred million dollars to list on 18 00:00:54,360 --> 00:00:56,960 Speaker 1: Nasdaq in the US later in the year. Its share 19 00:00:56,960 --> 00:00:59,720 Speaker 1: price was up slightly today Iron Ore and Lithium Group. 20 00:00:59,760 --> 00:01:02,639 Speaker 1: Mineral Resources sold the forty nine percent interest in its 21 00:01:02,720 --> 00:01:06,720 Speaker 1: Onslow Iron Ore project Hall Road to Morgan Stanley Infrastructure 22 00:01:06,720 --> 00:01:09,119 Speaker 1: Partners for one point three billion dollars. Its share price 23 00:01:09,200 --> 00:01:11,640 Speaker 1: fell slightly, and a couple of stocks to hit new 24 00:01:11,720 --> 00:01:15,479 Speaker 1: highs today were Data Center Operated next DC Software Company 25 00:01:15,520 --> 00:01:19,839 Speaker 1: Technology one and Funds of Management Group Regal Partners Storry 26 00:01:19,920 --> 00:01:22,640 Speaker 1: number two. Federal treasure Jim Chalmers was defending the state 27 00:01:22,680 --> 00:01:26,039 Speaker 1: of the economy today following the very weak growth figures yesterday. 28 00:01:26,319 --> 00:01:28,640 Speaker 1: Economic growth of the March quarter came in at zero 29 00:01:28,640 --> 00:01:30,760 Speaker 1: point one percent and one point one percent for the year, 30 00:01:30,760 --> 00:01:33,880 Speaker 1: the weakest in more than thirty years outside the COVID period. 31 00:01:33,880 --> 00:01:36,920 Speaker 1: That is, Dr Chalmers said the economy will continue to grow, 32 00:01:37,000 --> 00:01:39,720 Speaker 1: but quite softly. He avoided a question about a per 33 00:01:39,800 --> 00:01:42,440 Speaker 1: capita recession, which we've been in for more than a year, 34 00:01:42,480 --> 00:01:45,640 Speaker 1: instead blaming a higher interest rates. Dr Chalmers said it 35 00:01:45,720 --> 00:01:48,840 Speaker 1: is important to find inflation without smashing the economy and 36 00:01:48,880 --> 00:01:51,400 Speaker 1: to provide cost of living help in a responsible way. 37 00:01:51,480 --> 00:01:53,400 Speaker 1: He added that he doesn't believe the tax cuts on 38 00:01:53,480 --> 00:01:57,760 Speaker 1: July one will hurt efforts to tame inflation. Story number 39 00:01:57,840 --> 00:02:00,680 Speaker 1: three IDP Education has warned of a large reduction in 40 00:02:00,720 --> 00:02:05,120 Speaker 1: its business due to increasingly restrictive policies in Australia and 41 00:02:05,160 --> 00:02:09,720 Speaker 1: around the world for international students. This company places international 42 00:02:09,800 --> 00:02:13,519 Speaker 1: students into educational programs here in New Zealand, the US, UK, 43 00:02:13,760 --> 00:02:17,640 Speaker 1: Ireland and Canada. What's happening in Australia The backlash against 44 00:02:17,680 --> 00:02:21,119 Speaker 1: surging student numbers post COVID is happening in other countries 45 00:02:21,160 --> 00:02:24,800 Speaker 1: as well. IDP today said it expected student placements to 46 00:02:24,919 --> 00:02:28,519 Speaker 1: decrease by as much as twenty percent next financial year 47 00:02:28,840 --> 00:02:31,160 Speaker 1: in its key markets of Australia, the UK and Canada. 48 00:02:31,240 --> 00:02:34,080 Speaker 1: Changed immigration policies in recent months will have a negative 49 00:02:34,080 --> 00:02:36,960 Speaker 1: impact on the size of the international student market, and 50 00:02:37,120 --> 00:02:41,160 Speaker 1: that's her Idp's business. Its share price has been pretty volatile, 51 00:02:41,200 --> 00:02:44,320 Speaker 1: falling to around eleven dollars fifty during COVID, sawing to 52 00:02:44,360 --> 00:02:46,840 Speaker 1: not far off forty dollars in late twenty twenty one. 53 00:02:47,280 --> 00:02:50,320 Speaker 1: It's around a third that level now after today seven 54 00:02:50,320 --> 00:02:52,040 Speaker 1: and a half per cent fall. It's also one of 55 00:02:52,080 --> 00:02:54,800 Speaker 1: the most shortened stocks on the AX, meaning investors have 56 00:02:54,840 --> 00:02:58,040 Speaker 1: bet that its share price will fall. Story number four. 57 00:02:58,080 --> 00:03:01,320 Speaker 1: The government has hundreds of investigations open into potential fraud 58 00:03:01,360 --> 00:03:04,880 Speaker 1: cases within the National Disability Insurance Scheme. In addition to 59 00:03:04,880 --> 00:03:07,600 Speaker 1: twenty prosecutions underway and twelve that are ready to go, 60 00:03:08,120 --> 00:03:11,800 Speaker 1: there are also five hundred and ten active compliance investigations 61 00:03:11,840 --> 00:03:14,919 Speaker 1: on foot. Minister for Government Services and the NDS Bill 62 00:03:15,000 --> 00:03:18,280 Speaker 1: Shorten told ABC Radio this morning. He said working out 63 00:03:18,280 --> 00:03:21,680 Speaker 1: where fraud is happening is a big and ongoing task. 64 00:03:21,960 --> 00:03:25,560 Speaker 1: Mister Shorton said, and I quote, crooks don't self report. 65 00:03:25,600 --> 00:03:27,639 Speaker 1: That's why we don't know the full extent of it. 66 00:03:27,639 --> 00:03:31,000 Speaker 1: It follows a Senate committee hearing. The heard ninety percent 67 00:03:31,120 --> 00:03:33,960 Speaker 1: of NDIS plan managers that organize funding for up to 68 00:03:33,960 --> 00:03:37,680 Speaker 1: one hundred participants. It's about nine hundred planned managers are 69 00:03:37,720 --> 00:03:40,800 Speaker 1: showing signs of fraud. Mister Shorton said. The fraud runs 70 00:03:40,800 --> 00:03:43,800 Speaker 1: into billions of dollars and that it's unacceptable. People are 71 00:03:43,880 --> 00:03:47,440 Speaker 1: routing the system and sorry number five. Canada has become 72 00:03:47,480 --> 00:03:50,080 Speaker 1: the first major economy to cut interest rates, and economists 73 00:03:50,120 --> 00:03:54,080 Speaker 1: forecasting other major economies will soon follow suit. Tonight, the 74 00:03:54,080 --> 00:03:57,040 Speaker 1: European Central Bank is also expected to cut rates. The 75 00:03:57,080 --> 00:03:59,360 Speaker 1: Bank of Canada's decision marks the official end to the 76 00:03:59,400 --> 00:04:02,480 Speaker 1: record last hiking cycle that began with the outbreak of 77 00:04:02,520 --> 00:04:05,800 Speaker 1: COVID nineteen and continued with soaring inflation as governments pump 78 00:04:05,880 --> 00:04:08,400 Speaker 1: money into economies to keep them afloat. The Bank of 79 00:04:08,480 --> 00:04:11,600 Speaker 1: Canada last cut rates in March twenty twenty. Governor Tiff 80 00:04:11,680 --> 00:04:15,440 Speaker 1: macklum said officials were increasingly confident that inflation was returning 81 00:04:15,440 --> 00:04:18,200 Speaker 1: to its two percent target range, down from a peak 82 00:04:18,240 --> 00:04:20,280 Speaker 1: of more than eight percent. Who also left open the 83 00:04:20,320 --> 00:04:22,960 Speaker 1: possibility of another rate cup. The US FED is due 84 00:04:23,000 --> 00:04:25,040 Speaker 1: to meet next week, though no rate cut is expected, 85 00:04:25,279 --> 00:04:27,920 Speaker 1: the markets have priced in two cuts in the US 86 00:04:28,000 --> 00:04:30,440 Speaker 1: later in the year. Sir Bank of Australia, well, it's 87 00:04:30,440 --> 00:04:32,640 Speaker 1: not really expected to cut rates at least until the 88 00:04:32,720 --> 00:04:35,080 Speaker 1: end of the year, perhaps not until next year. That's 89 00:04:35,120 --> 00:04:37,280 Speaker 1: it for the Afternoon Report for Thursday, the sixth of 90 00:04:37,360 --> 00:04:39,599 Speaker 1: June twenty twenty four. Michael Thompson and I we'll be 91 00:04:39,600 --> 00:04:41,800 Speaker 1: back tomorrow morning with the Friday edition of Beer and 92 00:04:41,839 --> 00:04:45,000 Speaker 1: Greed Business News. I'm Sean Elma. Enjoy your evening.