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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 twenty seventh of June twenty twenty five, Am.

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: get going with story number one. The S and P

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Speaker 1: ASX two hundred closed down zero point four percent today

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Speaker 1: to eighty five hundred and fourteen points, after rising as

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Speaker 1: much as zero point six percent earlier in the day.

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Speaker 1: Eight of eleven sectors were lower. It was never going

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Speaker 1: to be a great result when we had Commonwealth banks

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Speaker 1: sliding two point eight percent today after setting new records

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Speaker 1: earlier in the week. It wasn't a good day for

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Speaker 1: any of the banks really. NAB, Westpac, and A and

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Speaker 1: Z were all down almost two percent as well. On

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Speaker 1: the other hand, a good day to be an iron

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Speaker 1: are Minor iron ore prices jumped amid signs of increased

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Speaker 1: demand from China. BHP was up almost four percent, Rio

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Speaker 1: Tinto three point six percent, four to skew up three

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Speaker 1: point six percent. As I said, good day for the

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Speaker 1: big miners. Lithium stocks had another good session two after

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Speaker 1: yesterday's surge and gold fell by more than one percent,

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Speaker 1: down around two percent for the week. The oil price

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Speaker 1: is also heading south after the ceasefire between Israel and Iran.

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Speaker 1: Onto story number two, Commonwealth Bank has revealed a new

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Speaker 1: strategy to take on scammers, a virtual bot army. Now

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Speaker 1: this is quite ingenious. The bots have Australian accents, they

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Speaker 1: use Ossie slang, They've got very real sounding personas, but

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Speaker 1: they are not real, though a scammer might think. They are.

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Speaker 1: Essentially com bankers going to scam scammers, handing over fake names,

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Speaker 1: fake credit card details, and in doing so waste scammers time,

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Speaker 1: distracting them from real victims and gathering intelligence on scam

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Speaker 1: techniques and emerging threats. Eventually, the bots, which are the

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Speaker 1: creation of AI firm apart A AI, will make up

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Speaker 1: to ten thousand calls and two and a half thousand

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Speaker 1: texts per day to lure scammers away from actual victims.

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Speaker 1: I think that sounds fantastic. Onto story number three. Woolworth's

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Speaker 1: they're shutting down at struggling online market place My Deal,

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Speaker 1: just three years after buying it in a two hundred

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Speaker 1: and forty three million dollar deal. It's expected to cost

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Speaker 1: up to one hundred million dollars to close it, with

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Speaker 1: most of that payout going to the founder and other

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Speaker 1: key shareholders who retained a minority stake. Wilworth had hopes

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Speaker 1: of expanding its online range through My Deal, but the

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Speaker 1: site failed to turn a profit amid huge competition, obviously

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Speaker 1: from global e commerce giants Amazon and Temu. The supermarket

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Speaker 1: giant will consolidate its marketplace efforts under bigw Market and

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Speaker 1: Woolworth's Everyday Market. The staff and the tech platform from

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Speaker 1: My Deal are going to be used to support those brands.

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Speaker 1: It really hasn't been a good year for local online retailers.

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Speaker 1: Wes Farmers announced back in January. If you remember this,

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Speaker 1: it was shutting Catch or catch dot com dot Au

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Speaker 1: for similar reasons under story number four. In Australia's super

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Speaker 1: funds have had a bit of a win, with the

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Speaker 1: Trump administration agreeing to scrap it's so called revenge tax

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Speaker 1: that threatened to slash returns from billions of dollars invested

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Speaker 1: in the US. The proposed tax was part of Donald

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Speaker 1: Trump's Big Beautiful Bill and would have increased rates for

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Speaker 1: countries with policies seen as unfair to American tech giants.

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Speaker 1: The Financial Review reports that had the big super funds

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Speaker 1: worried as they've got billions invested in the US and

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Speaker 1: infrastructure equities and private capital, it would have also hit

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Speaker 1: major companies with American operations, but US Treasury Secretary Scott

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Speaker 1: Besant has confirmed he is now asking lawmakers to drop

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Speaker 1: the measure following a deal with G seven nations. The

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Speaker 1: Prime Minister Anthony Alberanezi and Treasurer of Jim Chalmers have

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Speaker 1: claimed victory on this one, having raised the issue directly

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Speaker 1: with be during recent meetings, and Jim Chalmers said the

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Speaker 1: backdown followed quote months of dialogue and would give investors

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Speaker 1: greater confidence. Finally, story number five one for the voyeurs,

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Speaker 1: and I'm one of those. Just for the record, Australia

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Speaker 1: has a new real estate record with multimillionaire Yan Xiang

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Speaker 1: paying one hundred and forty one zero point five to

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Speaker 1: five million dollars for a Sydney penthouse. Now. The deal

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Speaker 1: includes the top three floors of one Cityney Harbor at Barangaroo,

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Speaker 1: a two story penthouse and a sub penthouse below for

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Speaker 1: friends and family. Domain reports it includes nine bedrooms, eight

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Speaker 1: meter high ceilings, a rooftop pool, gym, spa, a main

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Speaker 1: suite the size of an average house, and the best

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Speaker 1: part paid in full, no mortgage, we can only dream.

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Speaker 1: That's it for the afternoon Report for Friday, the twenty

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Speaker 1: seventh of June twenty twenty five. Make sure you hit

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Speaker 1: follow on the podcast and we'll be back tomorrow morning

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Speaker 1: with the weekend edition of the Fast five Business News

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Speaker 1: by Fear and Greed. I'm Michael Thompson. Enjoy your evening.