1 00:00:06,120 --> 00:00:08,840 Sean Aylmer: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:08,880 --> 00:00:11,440 Sean Aylmer: for Friday, the seventh of March twenty twenty five. I'm 3 00:00:11,440 --> 00:00:14,360 Sean Aylmer: Sean Aylmer. Every afternoon, We've got the five stories that 4 00:00:14,440 --> 00:00:16,000 Sean Aylmer: happened today that you need to know about. 5 00:00:16,160 --> 00:00:18,880 Sean Aylmer: Story on one. The local share market tumbled nearly two 6 00:00:18,920 --> 00:00:22,279 Sean Aylmer: per cent today as he on again, off again tariff 7 00:00:22,400 --> 00:00:27,639 Sean Aylmer: wars spooked investors. The S&P/ASX200 closed at seven thousand nine 8 00:00:27,680 --> 00:00:30,560 Sean Aylmer: hundred and forty eight points, to the lowest level since 9 00:00:30,560 --> 00:00:33,800 Sean Aylmer: September last year. It came after Wall Street failed to 10 00:00:33,920 --> 00:00:37,160 Sean Aylmer: rise even though President Donald Trump said he'd pause twenty 11 00:00:37,159 --> 00:00:41,519 Sean Aylmer: five percent tariffs on some Mexican and Canadian imports just 12 00:00:41,680 --> 00:00:44,520 Sean Aylmer: three days after they came into effect. The tech heavy 13 00:00:44,600 --> 00:00:47,080 Sean Aylmer: Nasdaq on Wall Street is now down more than ten 14 00:00:47,120 --> 00:00:50,879 Sean Aylmer: percent since its peak, meaning it's in correction territory. Locally 15 00:00:51,080 --> 00:00:54,160 Sean Aylmer: market leader Commonwealth Bank closed down three point three percent. 16 00:00:54,200 --> 00:00:56,440 Sean Aylmer: Westpac and ANZ were both off two point four percent. 17 00:00:56,800 --> 00:00:59,240 Sean Aylmer: Macquarie Group tumbled five percent, Goodman Group four and a 18 00:00:59,280 --> 00:01:02,920 Sean Aylmer: half percent. The tech stocks that were hit hardest REA, 19 00:01:03,000 --> 00:01:06,440 Sean Aylmer: Wisetech Global, Zero, Promedicus all losing ground. 20 00:01:06,880 --> 00:01:10,080 Sean Aylmer: Story number two. Cyclone Alfred is expected to make landfall 21 00:01:10,200 --> 00:01:14,760 Sean Aylmer: at about ten am tomorrow morning, having once again slowed down. 22 00:01:14,880 --> 00:01:17,320 Sean Aylmer: It's expected to cross land with winds of up to 23 00:01:17,360 --> 00:01:20,400 Sean Aylmer: one hundred and fifty kilometers an hour and very heavy 24 00:01:20,480 --> 00:01:23,320 Sean Aylmer: rains up to eight hundred millimeters in some areas. Its 25 00:01:23,360 --> 00:01:26,600 Sean Aylmer: forecast to hit or The main impact will be from 26 00:01:26,680 --> 00:01:31,280 Sean Aylmer: Noosa in Queensland to Yamba in New South Wales. Residents 27 00:01:31,319 --> 00:01:34,240 Sean Aylmer: in parts of northeast New South Wales, including the Northern Rivers, 28 00:01:35,080 --> 00:01:40,319 Sean Aylmer: were told to evacuate or risk being stranded by floodwaters. Schools, 29 00:01:40,360 --> 00:01:44,040 Sean Aylmer: public transport, major roads and airports are closed with elective 30 00:01:44,080 --> 00:01:47,760 Sean Aylmer: surgeries on hold, but emergency departments remain open. The tropical 31 00:01:47,800 --> 00:01:51,680 Sean Aylmer: cyclone will be the first to directly hit southeast Queensland 32 00:01:51,680 --> 00:01:54,559 Sean Aylmer: and northeast New South Wales in more than fifty years. 33 00:01:55,400 --> 00:01:58,280 Sean Aylmer: Story Number three. Star Entertainment has signed a deal to 34 00:01:58,400 --> 00:02:01,440 Sean Aylmer: sell its half stake in the new Queen's Wharf Casino, 35 00:02:01,560 --> 00:02:04,960 Sean Aylmer: an entertainment complex in Brisbane in a bid to raise cash 36 00:02:05,040 --> 00:02:08,800 Sean Aylmer: and keep itself from falling into administration. A deal was 37 00:02:08,840 --> 00:02:12,080 Sean Aylmer: signed today according to the Fin Review. The agreement means 38 00:02:12,080 --> 00:02:16,440 Sean Aylmer: Stars joint venture partners Hong Kong's Chow Tai Fook and 39 00:02:16,800 --> 00:02:20,880 Sean Aylmer: Far East Consortium will take full control of the Brisbane 40 00:02:20,880 --> 00:02:23,760 Sean Aylmer: Casino and Resort for about fifty million dollars. The deal 41 00:02:23,800 --> 00:02:27,239 Sean Aylmer: allows the casino to stay open and saves around three 42 00:02:27,280 --> 00:02:31,200 Sean Aylmer: thousand jobs. It's also expected to allow Star to avoid administration, 43 00:02:31,360 --> 00:02:33,679 Sean Aylmer: gives the company time to find a new investor or 44 00:02:33,760 --> 00:02:38,200 Sean Aylmer: lender to recapitalise the company. The Queensland government still needs 45 00:02:38,200 --> 00:02:39,200 Sean Aylmer: to approve the deal. 46 00:02:39,720 --> 00:02:43,200 Sean Aylmer: Story number four. Private equity giant Brookfield has pulled out 47 00:02:43,280 --> 00:02:45,560 Sean Aylmer: of the three point four billion dollar bidding war for 48 00:02:45,639 --> 00:02:49,880 Sean Aylmer: wealth management firm Insignia Financial, leaving the battle to Bain 49 00:02:50,400 --> 00:02:53,920 Sean Aylmer: and CC Capital. Bain and CC lodged separate five dollars 50 00:02:54,000 --> 00:02:56,520 Sean Aylmer: per share offers for the one hundred and eighty year 51 00:02:56,560 --> 00:03:01,320 Sean Aylmer: old institution formerly known as IOOF. That's an increase of 52 00:03:01,360 --> 00:03:04,560 Sean Aylmer: about ten percent on earlier bids. The final offer from 53 00:03:04,560 --> 00:03:07,959 Sean Aylmer: either Bain or CC is likely to be made within 54 00:03:08,000 --> 00:03:11,080 Sean Aylmer: the next six weeks. The Insignia board told investors in 55 00:03:11,080 --> 00:03:14,440 Sean Aylmer: a statement it intends to recommend a binding deal of 56 00:03:14,480 --> 00:03:18,000 Sean Aylmer: at least five dollars a share and Insignia's share price 57 00:03:18,080 --> 00:03:21,280 Sean Aylmer: jump ten percent today to almost four dollars seventy a share. 58 00:03:21,800 --> 00:03:25,079 Sean Aylmer: And story number five. Nearly two months after an explosion 59 00:03:25,120 --> 00:03:29,920 Sean Aylmer: sent flaming debris raining down on Turks and Caicos, SpaceX 60 00:03:30,080 --> 00:03:34,440 Sean Aylmer: launched another Starship rocket overnight, but lost contact minutes into 61 00:03:34,480 --> 00:03:37,080 Sean Aylmer: the test flight as the spacecraft came tumbling down and 62 00:03:37,080 --> 00:03:41,120 Sean Aylmer: broke apart. This time, wreckage from the latest explosion was 63 00:03:41,160 --> 00:03:45,560 Sean Aylmer: seen streaming from the skies over Florida. It isn't immediately 64 00:03:45,600 --> 00:03:48,960 Sean Aylmer: known whether the spacecraft's self destruct system had kicked in 65 00:03:49,240 --> 00:03:49,960 Sean Aylmer: to blow it up. 66 00:03:50,400 --> 00:03:52,640 Sean Aylmer: That's it for the afternoon report for Friday, the seventh 67 00:03:52,680 --> 00:03:54,720 Sean Aylmer: of March twenty twenty five. Make sure you hit follow 68 00:03:54,720 --> 00:03:56,880 Sean Aylmer: on the podcast. We'll be back tomorrow morning with The 69 00:03:56,920 --> 00:04:00,680 Sean Aylmer: Weekend Edition of Fear and Greed Business News. I'm Sean Aylmer. 70 00:04:00,840 --> 00:04:01,600 Sean Aylmer: Enjoy your evening.