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

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Speaker 1: for Friday, the eighth of November twenty twenty four. I'm

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Speaker 1: Suan Aolma. Every afternoon, We've got the five stories that

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

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Speaker 1: one there and PASX two hundred closed up nearly one

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Speaker 1: percent today to wait thousand, two hundred and ninety five points,

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Speaker 1: with textocs leading the way. There was plenty of corporate

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Speaker 1: news around. Ain Z reported an eight percent drop in

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Speaker 1: net profit for twelve months to the end of September

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Speaker 1: to six point five billion dollars, but its share price

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Speaker 1: rose more than one percent. COMMMF Banks share price hit

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Speaker 1: another record high. Aria reported a jump in quarterly revenue.

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Speaker 1: News Corps share price hit a record high after a

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Speaker 1: robust first quarter. Chief executive Robert Thompson said the sale

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Speaker 1: process for Foxtel is progressing. Life three sixty, the tracking

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Speaker 1: app hit an all time high after being upgraded by UBS.

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Speaker 1: It's share price is up about two hundred percent of

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Speaker 1: the past year. Shares in main Farmer jump more than

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Speaker 1: ten percent after it confirmed it was being shopped around

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Speaker 1: to buyas and biotech New and Pharmaceuticals rose fifteen percent

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Speaker 1: after it reported strong sales of its debut drug for

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Speaker 1: the treatment of ret syndrome. Worst on the day was

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Speaker 1: block owner of Afterpay, which fell more than six percent.

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Speaker 1: Story number two. Prime Minister Anthony Abernezi has secured consensus

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Speaker 1: from the National Cabinet for a social media ban for

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Speaker 1: children under sixteen years of age. The legislation is expected

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Speaker 1: to be introduced into Parliament next week. The PM said

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Speaker 1: while the ban won't solve all the problems, it will

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Speaker 1: send a clear message about what society thinks is appropriate.

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Speaker 1: The legislation will seek to establish an obligation on tech

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Speaker 1: companies to take reasonable steps to prevent age restricted children

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Speaker 1: from accessing their sites, and include significant penalties for the

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Speaker 1: inappropriate use of personal data. There will be a one

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Speaker 1: year implementation period before the laws come into force. Earlier today,

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Speaker 1: Metas Australian Policy Director Mayor Garlic said app stores, rather

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Speaker 1: than social media companies, should be responsible for setting age limits.

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Speaker 1: She said Meta did not have the technology to implement

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Speaker 1: the restrictions. Story number three quite As flight leaving from

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Speaker 1: Sydney bound for Brisbane was forced to circle back today

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Speaker 1: and reland after an engine failure. The incident appears to

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Speaker 1: have lighted a grass fire, which was quickly brought under control,

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Speaker 1: but not before plumes of smoke rose from next to

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Speaker 1: the runway. Passengers on flight QF five twenty heard a

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Speaker 1: loud bang, which the airline said was a contained engine failure,

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Speaker 1: contained meaning only in that engine. The plane was surrounded

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Speaker 1: by firefighters when it landed, and passengers were escorted back

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Speaker 1: to the airport safely. It came just hours after in

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Speaker 1: Australian Border Force it outage triggered major immigration cues after

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Speaker 1: the smart gate system went down. Sydney and Melbourne were

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Speaker 1: worst affected. On that one story Number four, Donald Trump,

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Speaker 1: who won't be president until the new year, has already

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Speaker 1: started throwing his weight around. He's appointed his campaign manager,

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Speaker 1: Susie Wiles as his chief of staff. He said he

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Speaker 1: hasn't spoken of Vladimir Purtin yet, but did receive a

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Speaker 1: congratulatory message from Chinese leader Shijing Ping. The big ticket

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Speaker 1: items being most in Washington at the moment a tax, defense, immigration,

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Speaker 1: and tariff policy. Meanwhile, President Joe Biden said he hopes

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Speaker 1: Americans can lower the temperature after the contentious presidential campaign.

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Speaker 1: He said he would work with mister Trump to ensure

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Speaker 1: a peaceful and orderly transition. And story number five. The

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Speaker 1: US Federal Reserve cut interest rates by twenty five basis

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Speaker 1: points in the world's largest economy, but most of the

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Speaker 1: discussion post the cut was about comments from chair Jerome Powell,

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Speaker 1: who said he's ready to defend the Central Bank from

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Speaker 1: political pressure following the re election of Donald Trump. When

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Speaker 1: asked would he step aside if Donald Trump asked for

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Speaker 1: his resignation, Powell responded no, just no. He said the

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Speaker 1: president lacks the legal authority to demote or remove the

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Speaker 1: chairman or other senior Fed officials. Trump was critical of

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Speaker 1: Powell for cutting interest rates by fifty basis points during

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Speaker 1: the election campaign. During a press conference after the rate

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Speaker 1: cutover night, Powell avoided answering questions on what a Trump

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Speaker 1: administration would mean for the economy in Montree policy. Meanwhile,

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Speaker 1: the Bank of England also cut its benchmark rate for

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Speaker 1: the second time overnight. That's it's the oufternoon report for Friday,

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Speaker 1: the eighth of November twenty twenty four. Adam Lang guest

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Speaker 1: judged Tim Burrows, and I will be back tomorrow morning

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Speaker 1: with the weekend edition. Of fear and greed. Business News.

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Speaker 1: I'm Shane Elmer. Enjoy your evening,