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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 eleventh of September twenty twenty four. I'm

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Speaker 1: sure in Alma every afternoon We've got the five stories

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

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Speaker 1: The S and p ASX two hundred closed down zero

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Speaker 1: point three percent today to finish at seven thy nine

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Speaker 1: hundred and eighty eight points. The bank's roller coaster ride

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Speaker 1: continues with A and Z, Commonwealth Bank, Nastern Australia Bank,

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Speaker 1: in Westpac all down around two percent today. It's a

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Speaker 1: different story of the big miners that was on the

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Speaker 1: back of a rebounded nine are prices. Fortes FUW Medals

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Speaker 1: Group closed up nearly three percent, BHP was up two

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Speaker 1: percent and Rio Tinto jump more than one percent. Woodside

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Speaker 1: didn't have a great day. The Energy Giant finished down

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Speaker 1: two and a half percent. There was a bit of

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Speaker 1: m and a action around the place. Energy and digital

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Speaker 1: infrastructure investor Infratil is backing a plan to sell Menowa

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Speaker 1: Energy to New Zealand's Contact Energy, and a deal valued

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Speaker 1: at one point seven billion dollars now. Infantil is a

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Speaker 1: fifty one percent shareholder in Nawe and gold min and

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Speaker 1: Newmont has agreed to sell itsman already stake in the

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Speaker 1: Telfa mine in Western Australia and a handful of other

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Speaker 1: assets to UK listed Gretland Gold. Graatland said it wants

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Speaker 1: to ultimately list on the AX and finally. Next DC

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Speaker 1: fell six percent today after raising five hundred and fifty

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Speaker 1: million dollars in issuing thirty two point one million new shares.

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Speaker 1: It was the worst performer of the AX two hundred

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Speaker 1: story number two. Police arrested thirty three protesters in Melbourne

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Speaker 1: today and some are accused of throwing a liquid containing

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Speaker 1: acid over officers, while others are charged with arts and

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Speaker 1: attacks and blocking roadways. The anti war rally, held outside

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Speaker 1: the Melbourne Convention Center, which was hosting the Landforces Defense Expo,

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Speaker 1: descended into violent clashes between demonstrators and police. Victoria Police

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Speaker 1: Chief Commissioner Shane Patten defended the actions of the police,

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Speaker 1: commenting that there was restraint while managing the protest. Mister

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Speaker 1: Patten justified the use of force by officers, which included

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Speaker 1: rubber bullets, flash being devices and pepper spray, asserting that

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Speaker 1: it was appropriate under the circumstances to twenty five thousand

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Speaker 1: people attended the rally. Sorry Number three. The chair of

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Speaker 1: the AX, Amien Roach, will retire next month after four

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Speaker 1: years as head of the board of the share market operator,

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Speaker 1: a period notable for the failed rollout of critical settlement

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Speaker 1: and clearing infrastructure known as Chess. Mister Roach will be

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Speaker 1: replaced by former Westpac banker David Clark, who's currently chair

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Speaker 1: of property investor Charter Hall. Mister Clark will join the

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Speaker 1: board immediately. Mister Roach leaves shortly after the Australian Securities

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Speaker 1: and Investments Commission sued ASX Limited, alleging the company misled

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Speaker 1: investors about the failure to upgrade Chess with blockchain technology,

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Speaker 1: a disaster that ultimately led to a two hundred and

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Speaker 1: fifty million dollar right down and a slump in the

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Speaker 1: group's share price. That action has been taken against the company,

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Speaker 1: not individual directors now. Mister Roach became chair of the

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Speaker 1: ASEX in twenty twenty one, a year before the company

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Speaker 1: revealed his big problems. He's been in the firing line

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Speaker 1: ever since. He's been an AX director since August twenty fourteen.

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Speaker 1: He'll formerly retire at the AGM storry number four. There's

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Speaker 1: been very little good news for lithium miners recently, with

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Speaker 1: tumbling prices sending valuation south, but the closure of a

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Speaker 1: lithium mine in China triggered a surge in local lithium players. Today,

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Speaker 1: the four best performing stocks in the ASX two hundred

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Speaker 1: were Mineral Resources and line Town Resources, both up sixteen percent,

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Speaker 1: Pilbra Minerals up fourteen percent, an Arcadium Lithium up eleven percent.

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Speaker 1: The reports that Chinese electric vehicle battery maker CATL had

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Speaker 1: suspended two of its minds in China that was expected

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Speaker 1: to cut Chinese supply sharply, probably by around eight percent,

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Speaker 1: and that triggered a rise in lithium prices. Ahead of

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Speaker 1: the warning, lithium prices had dived to their lowest since

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Speaker 1: twenty twenty one. A soft demand from China and waning

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Speaker 1: appetite for electric vehicles collided with an oversupply of the

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Speaker 1: battery material, leading to elevated inventories. Also helping Mineral Resources

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Speaker 1: today was news that the Foreign Investment Review Board had

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Speaker 1: approved the sale of a forty nine percent interest in

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Speaker 1: the Onslow Iron Hall Road worth one point three billion

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Speaker 1: dollars to Morgan Stanley in Structure Partners and Finding Straight

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Speaker 1: Number five. Apple has suffered a significant defeat after the

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Speaker 1: European Union's top court ruled the iPhone maker must pay

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Speaker 1: thirteen billion euros in back taxes, overturning an early decision

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Speaker 1: in the big tech group's favor. The ruling relates to

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Speaker 1: a twenty sixteen case when the eear's competition watchdog said

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Speaker 1: Ireland had given the company an illegal sweetheart deal amounting

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Speaker 1: to a tax rate of less than one percent. The

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Speaker 1: European Court of Justice said in its final ruling that

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Speaker 1: it confirms the European Commission's twenty sixteen decision Ireland granted

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Speaker 1: Apple unlawful aid, which Ireland is required to recover. Apple

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Speaker 1: chief executive Tim Cook has previously dismissed the Commission's position

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Speaker 1: as total political crap. According to the FtM, the case

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Speaker 1: has been watched carefully across the block as a watershed

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Speaker 1: moment for Big Tex tax affairs in Europe. That's it

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Speaker 1: for the Afternoon Report for Wednesday, the eleventh of September

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

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Speaker 1: tomorrow morning. It's a Thursday edition of fear and greed.

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Speaker 1: Business News. I'm Chanel mum enjoy reave