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Speaker 1: Welcome to that bearing greed Business News. The afternoon report

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Speaker 1: for Wednesday, the tenth of July twenty twenty four. I'm

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Speaker 1: sure nayelma. Every afternoon we've got the five stories that

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

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Speaker 1: The s in PASX two hundred closed down zero point

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Speaker 1: two percent today to seven eight hundred and seventeen points.

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Speaker 1: It fell on the opening, then scrambled higher for most

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Speaker 1: of the day, then it dropped, then it spiked crazy day. Really,

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Speaker 1: the utilities and material sectors were the worst on the day,

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Speaker 1: while telco's were the best, and all futures will lower,

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Speaker 1: pulling down the big miners BHP, Fortescu, Metals Group in

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Speaker 1: Rio Tinto all fell more than one percent. Chues for

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Speaker 1: share price continued its run of yesterday, jumping another two

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Speaker 1: point four percent. In fact, it hit a ten month

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Speaker 1: high today. The banks were mixed, while the big retailers

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Speaker 1: were generally higher. Insignia Financial's share price fell seven percent

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Speaker 1: after it told investors that it hadn't asked for m

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Speaker 1: and a help from investment group City as had been

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Speaker 1: written in the media. Bill Financial share price jumped after

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Speaker 1: it said it expects its first half profit pre tax

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Speaker 1: to rise by nearly fifty percent, storing number two. Federal

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Speaker 1: Reserve Chair Jerown Powell appeared before Congress overnight, and the

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Speaker 1: general takeout is that while the Fed doesn't quite have

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Speaker 1: the information it needs to cut interest rates, it's looking

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Speaker 1: very hard to find it. The quote that everyone seems

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Speaker 1: to were focused on is elevated inflation is not the

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Speaker 1: only risk we face. Reducing policy restraint too late or

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Speaker 1: too little could unduly weaken economic activity and employment. En

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Speaker 1: quote that helped equity markets, with the S and P

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Speaker 1: five hundred again closing at a new high that six

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Speaker 1: days of record highs in a row. The tech heavy

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Speaker 1: NASTAC also closed at a new record. The tech stocks

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Speaker 1: rallied with Tesla up nearly four percent and Nvidia adding

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Speaker 1: two and a half percent. Apple jumped to only zero

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Speaker 1: point four percent, but that was enough to push it

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Speaker 1: past the US three point five trillion dollar mark in value.

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Speaker 1: Story Number three institect Pivot says it ceased negotiations with

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Speaker 1: Indonesia's pt Pook Calamantane Timur for the sale of its

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Speaker 1: fertilizers business. The splitting of the fertilizer and explosives business

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Speaker 1: has been mooted for months, maybe years really, but today

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Speaker 1: the company said the deal it was working on had

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Speaker 1: fallen through and going forward the explosives arm Dino Nobel

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Speaker 1: and the fertilizer's division will be managed separately. That means

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Speaker 1: no shared costs. CEO Moro Needs said the strategy hasn't changed,

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Speaker 1: but the company would have to work harder to execute it.

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Speaker 1: It seems that the pace of negotiations around the sale

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Speaker 1: were too slow for intect pivots liking and there was

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Speaker 1: a risk it wouldn't receive Foreign Investment Review Board approval anyhow.

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Speaker 1: The company will also start it's already announced nine hundred

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Speaker 1: million dollar stock buyback straight um before. South Australia has

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Speaker 1: become the first state to sign a federal government agreement

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Speaker 1: to ensure every household in Adelaide can be powered by

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Speaker 1: renewable energy by twenty thirty. The Renewable Energy Transformation Agreement

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Speaker 1: is part of the federal government's plan to have an

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Speaker 1: additional thirty two gigawatts of renewable generation and storage built

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Speaker 1: and operating by the end of the decade. Camber will

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Speaker 1: underwrite developers to build a minimum of one thousand megawatts

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Speaker 1: of new wind and solar projects in four hundred megawatts

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Speaker 1: of new storage capacity, bringing South Australia's total storage capacity

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Speaker 1: to six hundred megawatts. The state will establish its own

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Speaker 1: grid reliability mechanism to be used in place of the

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Speaker 1: national framework, and finally, story number five a couple of

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Speaker 1: other state stories. In New South Wales, the government has

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Speaker 1: banned retailing on Anzac Day. At the moment, retailing from

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Speaker 1: one pm is allowed, but under new legislation, large retailers

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Speaker 1: won't be able to open their doors at all. Western

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Speaker 1: Australia is the only other state that closes retailers all day.

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Speaker 1: On April fifteen and today, residents in Melbourne's West were

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Speaker 1: told to stay indoors and motorists were told to drive

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Speaker 1: with their windows up due to toxic smoke blowing through suburbs.

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Speaker 1: That's because of a large much factory fire and apparent

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Speaker 1: chemical explosion triggered the fire and about one hundred and

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Speaker 1: eighty five fighters wrapped the scene for most of the day.

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Speaker 1: Fire Crews found multiple forty four gallon drums full of

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Speaker 1: fuel at the site. Fortunately, there were no reports of

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Speaker 1: injuries as if the afternoon report for Wednesday, the tenth

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Speaker 1: of July twenty twenty four. Don't forget to follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thomps and I Tomorrow

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Speaker 1: Morning for the Fast Five by Fear and Greed, the

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Speaker 1: top five business stories you need to know in just

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Speaker 1: five minutes. I'm Sean Elmer. Enjoy your evening,