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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 thirteenth of March twenty twenty five. I'm sure, alma,

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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. Story number one. The

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Speaker 1: local shere market tumbled one point three percent today to

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Speaker 1: close at seven seven hundred and eighty six points, the

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Speaker 1: lowest level in seven months. Very little good news this afternoon.

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Speaker 1: Among the top fifty companies, only two fortesqu Metals Group

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Speaker 1: and Santos ended higher today. The banks, the retailers, most

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Speaker 1: of the miners, property groups, healthcare companies, gaming companies, toll

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Speaker 1: road groups all ended in the red. What was noticeable

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Speaker 1: wasn't so much specific stocks, but the fact that everything

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Speaker 1: was sold. The SMPASX two hundred is now down more

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Speaker 1: than nine percent since its peak less than four weeks ago.

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Speaker 1: Sorry number two. The US has confirmed it will impose

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Speaker 1: twenty five percent tariffs on imports of Australian steel and

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Speaker 1: aluminium effective night, impacting one billion dollars worth of goods.

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Speaker 1: When news emerged that Australia wouldn't get an exemption from

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Speaker 1: the Trump tariffs, the Prime Minister, Deputy Prime Minister and

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Speaker 1: Foreign Minister or criticized the US administration with Anthony Alberinez.

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Speaker 1: He's saying it breaches the spirit of a close relationship

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Speaker 1: between the two countries and he said it's not a

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Speaker 1: friendly act. The opposition blamed the government for not doing

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Speaker 1: enough to avoid tariffs. Story number three. The Federal government

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Speaker 1: has lost its appeal in a native title case that

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Speaker 1: could expose it to a raft of multimillion dollar compensation

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Speaker 1: claims over land it acquired in the Northern Territory throughout

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Speaker 1: the twentieth century. The High Court upheld a decision of

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Speaker 1: the Federal Court from last year, clearing the way for

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Speaker 1: the Good March people of Arnham Land to seek compensation

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Speaker 1: overminding lease granted over the Gove Peninsula in the nineteen sixties.

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Speaker 1: The Gamaj people are seeking about seven hundred million dollars

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Speaker 1: and the case was brought by the late indigenous elder

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Speaker 1: and land rights pioneer Pingu in twenty nineteen. According to

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Speaker 1: report in the City Morning Herald, the High Court's decision

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Speaker 1: to dismiss the Commonwealth's appeal allows Zigamarch people to progress

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Speaker 1: their native title claim and if successful, claim compensation beyond

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Speaker 1: their claim. It's significant because it opens the Commonwealth to

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Speaker 1: further compensation claims from when it controlled the Northern Territory

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Speaker 1: from nineteen eleven to nineteen seventy eight. Previously, compensation has

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Speaker 1: generally been understood to apply for extinguishment of the native

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Speaker 1: title after nineteen seventy five, when the Racial Discrimination Act

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Speaker 1: was introduced. Straight number four in corporate news, Rio tinto

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Speaker 1: fol two percent after it said it was looking to

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Speaker 1: sell up to nine billion US dollars of bonds to

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Speaker 1: fund its purchase of Arcadian Lithium. Insurance Australia Group said

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Speaker 1: it has received more than four thousand claims relating to

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Speaker 1: damage from ex tropical cyclone Alfred, telling investors it brought

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Speaker 1: in more staff to work through the claims. Nickel Industries,

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Speaker 1: the biggest pure play nickel producer lists on the AX,

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Speaker 1: rebounded nine percent today. It had lost one quarter of

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Speaker 1: its value yesterday after one of its major shareholders dumped

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Speaker 1: half its stock below the asking price, and patent and

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Speaker 1: trademark firm IPH tumbled nine percent and was the worst

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Speaker 1: performing stock on the ASX two hundred after it announced

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Speaker 1: that longtime chief financial officer John Wadley was leaving the

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Speaker 1: company and storying number five. The number of industrial disputes

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Speaker 1: in Australia is on the rise, with working days lost

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Speaker 1: last quarter the most in more than three years. Until COVID,

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Speaker 1: the number of industrial disputes was trending down, but since

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Speaker 1: then the number of disruptions has increased. Australian Bureau Statistics

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Speaker 1: figures released today show fifty four thousand working days were

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Speaker 1: lost in the December quarter, the highest since June twenty

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Speaker 1: twenty two. What we're seeing is more disputes, with each

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Speaker 1: individual incident involving fewer workers. Having said that, compared to

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Speaker 1: the eighties, nineties and noughties, the level of industrial disputes

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Speaker 1: is actually pretty low. That's it for the Afternoon Report

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Speaker 1: for Wednesday, the thirteenth of March twenty twenty five. Make

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Speaker 1: sure you hit follow on the podcast. We'll be back

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Speaker 1: tomorrow morning with the thirsd edition of the past five

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Speaker 1: business news by Fear and Greed. I'm sure I elma

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Speaker 1: enjoy your evening.