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

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Speaker 1: for Tuesday, the third of December twenty twenty four. Every afternoon,

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Speaker 1: we've got the five stories have happened today that you

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Speaker 1: need to know about.

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Speaker 2: Stay number one, there's in PASX two one hundred pushed

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Speaker 2: above eighty five hundred points for the first time today

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Speaker 2: before dipping in the final few minutes to finish up

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Speaker 2: more than half percent to eighty four hundred and ninety

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Speaker 2: five points.

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Speaker 1: That was a record close. Promedicus led the way among

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Speaker 1: the large caps, rising more than three percent, while four

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Speaker 1: to Skew Metals Group, ria Qbe, Brambles, and Aristocrat Leisure

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Speaker 1: all raised around two percent. Worst of the large caps

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Speaker 1: were Wistech Global and Woolworths. Star Entertainment expects to receive

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Speaker 1: the first one hundred million dollars for two hundred million

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Speaker 1: dollar debt facility next week after the Casino Group met

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Speaker 1: preordained conditions that sent its share price up nine percent today,

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Speaker 1: the best of the top two hundred insurance broke. The

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Speaker 1: Steadfast Group's share price rose three percent after an internal

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Speaker 1: review found no evidence have been proper for incentives or

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Speaker 1: compliance manipulation. A couple of smaller super funds, Telstra Super

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Speaker 1: and Equipped Super will merge to create a fund with

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Speaker 1: sixty billion dollars under management and two hundred and twenty

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Speaker 1: five thousand members and Metcash's share price jumps seven and

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Speaker 1: a half percent after investment analysts upgraded stock following yesterday's

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Speaker 1: half year earnings. Story number two, Australia's trade surplus fell

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Speaker 1: to its lowest level in six years during the September quarter.

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Speaker 1: Drops in export prices, particularly of iron ore and coal,

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Speaker 1: are to blame. Now, the current account balance, which includes

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Speaker 1: the trade trade balance plus payments made to local and

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Speaker 1: foreign investors think dividends plus other transfers like foreign aid,

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Speaker 1: came in as a deficit of fourteen point one billion dollars,

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Speaker 1: higher than expected. What it means is that net exports,

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Speaker 1: which is part of economic growth, won't add as much

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Speaker 1: to the September quarter GDP as expected. Now September quarter

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Speaker 1: GDP is due for release at eleven thirty tomorrow morning.

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Speaker 1: Story number three. Law firms are going into non legal advice,

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Speaker 1: picking up partners from the big four consultancy firms as

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Speaker 1: they push beyond their traditional service lines. Minter Ellison now

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Speaker 1: earns about ten percent of its fees as from consulting.

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Speaker 1: According to the Financial Review, the trend is for clients

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Speaker 1: to look at legal firms to provide consultancy work as

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Speaker 1: they shy away from the Big four. We're talking about Deloitte, Ey,

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Speaker 1: KPMG and PwC. Other law firms now offering sulting style

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Speaker 1: services include Ashurst, Clayton, Newts and King and Wood Mallisons.

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Speaker 1: Story number four. Collins Foods, better known to most of

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Speaker 1: us as the licensee of a bunch of KFC stores

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Speaker 1: in Australia, today warned about downbeat consumer spending and a

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Speaker 1: squeeze in its profit margins. Two hundred and eighty five

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Speaker 1: of the seven hundred and fifty KFC outlets in Australia

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Speaker 1: are owned by Colin's Foods. It also has seventy four

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Speaker 1: KFC stores in the Netherlands and Germany, as well as

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Speaker 1: twenty seven Taco Bell stores here in Australia. Now it's

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Speaker 1: at firm more than fifty percent, and it cut its

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Speaker 1: half year dividend. Same store sales in six months in

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Speaker 1: Australia to thirteen October word flat. In Europe, they were down.

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Speaker 1: Not a good day for the fast food group. That

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Speaker 1: whole market is becoming much more competitive. We've got goodsman

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Speaker 1: E Gomez nowadays, plus a bunch of Korean style fried

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Speaker 1: chicken groups. That's alongside McDonald's, Subway, Domino's, Petezhart, et cetera,

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Speaker 1: et cetera. Collins Food share price ended down three percent

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Speaker 1: today and story at number five. The boss of Intel,

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Speaker 1: the one time leader in chip making, has been forced

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Speaker 1: out by the group's board, while Samsung has teamed with

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Speaker 1: Jeff Bezos, the Amazon founder, to invest in a Nvidia rival.

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Speaker 1: Starting with Intel, it was really left behind by Nvidio.

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Speaker 1: It used to be the bigger company. Now Intel's worth

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Speaker 1: about one hundred billion US dollars, in Vidia's worth three

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Speaker 1: point four trillion US dollars. Intel's boss, Pat Gelsinger took

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Speaker 1: the top job three years ago and vow to restore

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Speaker 1: US pre eminence. Hasn't happened. The Aari and Boom has

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Speaker 1: largely passed into a buy. Its share prices tumbled as

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Speaker 1: a result. On that Amazon Bezos steel They're both invested

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Speaker 1: in a company called tens Torrent. It hopes to take

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Speaker 1: on en Video. It wants to release a chip new

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Speaker 1: chip every two years by comparison and Video reckons it

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Speaker 1: will release a new chip every year. For all the

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Speaker 1: hype around AI, only one company and video has really

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Speaker 1: made a serious amount of money from it, so tens

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Speaker 1: Torrent is an effort to redress that. That's if the

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Speaker 1: Afternoon Report for Tuesday, the third of December twenty twenty four.

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Speaker 1: Don't forget tit. Follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok, and Facebook. Joined

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Speaker 1: Michael Thompson and I Dry I'm morning for the Fast

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Speaker 1: five by Fear and Greed. Top five business stories you

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Speaker 1: need to know in just five minutes. I'm Suan Elma.

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Speaker 1: Enjoy reading