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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the twenty third of January twenty twenty five.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. Straight Onamwan. The local

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Speaker 1: share market fell by more than half a percent today

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Speaker 1: to close out eighty three hundred and seventy nine points.

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Speaker 1: What was going on? Well, the Donald Trump commentary on

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Speaker 1: tariff's certainly isn't helping at the moment. He spoke about

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Speaker 1: tariffs with Mexico or on Mexican goods, tariffs and Canadian goods,

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Speaker 1: Chinese goods, well, he was talking about tariffs on European

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Speaker 1: Union goods. That's just putting a bit of skittishness into trading.

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Speaker 1: Battery metals companies struggled, as did the big miners. The

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Speaker 1: retailers also didn't do so well, and all the big

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Speaker 1: banks will lower them. In corporate news, Netwelth posted record

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Speaker 1: net inflows in the December quarter as the company rolled

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Speaker 1: out a series of technology improvements to its platform and

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Speaker 1: mayobile app. Its share price surged as a result, and

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Speaker 1: Bain Capital has issued a revised offer for Insignia that

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Speaker 1: matches the four dollars sixty per share offer put forward

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Speaker 1: by rival bit at CC Capital. Insignia's share prices double

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Speaker 1: since September last year. It's trading at about what closed

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Speaker 1: today at four dollars fifty three. The offer price is

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Speaker 1: four dollars sixty, so there's plenty going on in that stock.

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Speaker 1: Story Number two, the federal government will pay Regional Express

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Speaker 1: but are known as REX another fifty million dollars to

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Speaker 1: keep operating in rural Australia, taking the total amount of

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Speaker 1: taxpayer funding since its collapse to one hundred and thirty

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Speaker 1: million dollars ewy. The administrators of REX said it would

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Speaker 1: be wound up if not for those cash injections. The

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Speaker 1: administrators are actually fairly pessimistic about finding a buyer for

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Speaker 1: the airline. The fifty million dollars announced today will go

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Speaker 1: to PAG Asia Capital. Now Pag's the biggest financial backer

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Speaker 1: of REX. The government will take some of that backing

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Speaker 1: off their hands, so the government will pay the money

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Speaker 1: to PAG. It means canber is now the biggest creditor

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Speaker 1: to REX, and that gives the government more say over

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Speaker 1: the airline. It collapsed till the airline collapsed in July

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Speaker 1: after attempting to expand into ultra competitive capital city routes.

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Speaker 1: I think Brisbane, Sydney, Melbourne bad strategic decision. Those services

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Speaker 1: that have now ended, but the company has continued to

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Speaker 1: fly its regional roots while run by ey Story number

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Speaker 1: three the Australian Securities Exchange. The company has today explained

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Speaker 1: why the market went down on the Friday before Christmas.

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Speaker 1: It was the first time in its history that batches

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Speaker 1: of trades couldn't be completed. The chief executive, Helen Lofthouse,

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Speaker 1: was speaking today. She said it was a highly irregular

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Speaker 1: incident and the AX will provide a million dollars in

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Speaker 1: a good will payment to different stockbrokers who used the system,

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Speaker 1: which is known as chess now. The problem was there

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Speaker 1: wasn't enough computer memory allocated to settle the trades that

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Speaker 1: had been lurking the system since the twenty fourteen so

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Speaker 1: the actual coding error occurred ten years before it came

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Speaker 1: to the surface. The Australians Securities and Investments Commission Boss

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Speaker 1: Joe Longo said that the AX could now face new

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Speaker 1: regulatory action as a result. It's already facing a scrutiny

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Speaker 1: over failure to replace the chess system in recent years.

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Speaker 1: A story at number four four y squ Metals posted

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Speaker 1: a record half year in iron ore shipments despite bad

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Speaker 1: weather in the Pilbra in the final three months of

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Speaker 1: the year. Total iron ore shipments for the quarter were

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Speaker 1: forty nine point four million tons. For the full half

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Speaker 1: the six months to the end of December was ninety

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Speaker 1: seven point one million tons, shifting to oil and gas.

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Speaker 1: Santos reported rising revenue in the last quarter, though its

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Speaker 1: performance was less than a year earlier, and Story number five.

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Speaker 1: New Zealanders are leaving New Zealand in record numbers as

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Speaker 1: the country's economy remains in recession. People leaving New Zealand

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Speaker 1: hit record levels in the year. In November twenty twenty four.

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Speaker 1: According to Statistics New Zealand, one hundred and twenty seven

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Speaker 1: eight hundred people left the nation in that year, up

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Speaker 1: twenty eight percent from a year earlier. It was the

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Speaker 1: highest number of people leaving in an annual period ever.

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Speaker 1: Of those leaving, fifty percent, in fact, more than fifty

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Speaker 1: percent when New Zealand citizens. New Zealand has a population

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Speaker 1: of five point three million dollars. Its economy has struggled

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Speaker 1: on the back of very high interest rates in recent years.

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Speaker 1: That's it the Afternoon Report for Thursday, the twenty third

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Speaker 1: of January twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast. We'll be back tomorrow morning with a

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Speaker 1: Friday edition off Fear and Greed business News. I'm Sean Elmer.

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Speaker 1: Enjoy your evening