1 00:00:04,200 --> 00:00:07,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:09,920 Speaker 1: for Wednesday, the fourteenth of May twenty twenty five. Are 3 00:00:09,960 --> 00:00:12,680 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:12,720 --> 00:00:14,760 Speaker 1: happened today that you need to know about. Let's jump 5 00:00:14,760 --> 00:00:18,120 Speaker 1: into it. Story number one. The S and p ASX 6 00:00:18,160 --> 00:00:21,720 Speaker 1: two hundred closed up just zero point one percent higher 7 00:00:21,800 --> 00:00:25,280 Speaker 1: today to eighty two hundred and eighty points, enough still 8 00:00:25,320 --> 00:00:28,840 Speaker 1: to record its sixth consecutive day of gains. The big 9 00:00:28,880 --> 00:00:33,080 Speaker 1: miners helped to offset losses from Macquarie and Aristocrat Leisure. 10 00:00:33,320 --> 00:00:36,160 Speaker 1: More on those two shortly. The other big loser today 11 00:00:36,240 --> 00:00:40,680 Speaker 1: was Insignia Financial, which fell almost sixteen percent after Bang 12 00:00:40,760 --> 00:00:44,239 Speaker 1: Capital withdrew its five dollars per share offer that valued 13 00:00:44,440 --> 00:00:46,800 Speaker 1: the one hundred and seventy nine year old firm at 14 00:00:47,000 --> 00:00:50,960 Speaker 1: three point four billion dollars. That leaves CC Capital now 15 00:00:51,000 --> 00:00:54,480 Speaker 1: as the only contender for Insignia. The owner of MLC 16 00:00:55,000 --> 00:00:57,720 Speaker 1: Comonwealth Bank reported a six percent increase in cash profit 17 00:00:57,760 --> 00:01:00,560 Speaker 1: for the March quarter to two point six billion dollars, 18 00:01:00,600 --> 00:01:04,200 Speaker 1: slightly ahead of expectations. Its share price closed up zero 19 00:01:04,240 --> 00:01:07,120 Speaker 1: point eight percent today. Chief executive Matt Commons said the 20 00:01:07,120 --> 00:01:09,920 Speaker 1: Bank is still tipping an interest rate cut when the 21 00:01:10,000 --> 00:01:12,720 Speaker 1: Reserve Bank meets next week. That is a move that's 22 00:01:12,800 --> 00:01:16,240 Speaker 1: unlikely to be affected by today's wage price index, which 23 00:01:16,360 --> 00:01:19,720 Speaker 1: shows annual wages growth picked up to three point four 24 00:01:19,760 --> 00:01:23,120 Speaker 1: percent from three point two percent last quarter. Onto story 25 00:01:23,200 --> 00:01:25,760 Speaker 1: number two, and I mentioned Macquarie Bank. The group is 26 00:01:25,760 --> 00:01:29,440 Speaker 1: being sued by ASSEK for misleading conduct and could be 27 00:01:29,520 --> 00:01:33,160 Speaker 1: fined more than seven hundred million dollars. Macquarie is, of 28 00:01:33,200 --> 00:01:36,480 Speaker 1: course Australia's fifth largest bank, and as well as savings 29 00:01:36,520 --> 00:01:39,720 Speaker 1: and home loans, it has a giant global business in 30 00:01:39,760 --> 00:01:43,240 Speaker 1: asset management and investment banking. It is being sued by 31 00:01:43,280 --> 00:01:48,000 Speaker 1: the corporate regulator for misreporting millions of short sales, essentially 32 00:01:48,000 --> 00:01:50,080 Speaker 1: when you sell something you don't own in the hope 33 00:01:50,120 --> 00:01:51,840 Speaker 1: of buying it back later at a cheaper price in 34 00:01:51,880 --> 00:01:56,640 Speaker 1: pocketing the difference. ASSEX chair Joe Longo says, Macquarie underreported 35 00:01:56,680 --> 00:02:00,520 Speaker 1: the amount of short sales by seventy three million between 36 00:02:00,520 --> 00:02:03,720 Speaker 1: two thousand and nine and twenty twenty four, meaning financial 37 00:02:03,720 --> 00:02:06,840 Speaker 1: markets have been given misleading and false information for more 38 00:02:06,840 --> 00:02:10,080 Speaker 1: than fourteen years. He calls it a serious neglect of 39 00:02:10,120 --> 00:02:13,880 Speaker 1: systems and disregard for operational controls. Macquari, though, says the 40 00:02:13,919 --> 00:02:16,720 Speaker 1: problems are now fixed and additional controls are in place. 41 00:02:17,040 --> 00:02:21,280 Speaker 1: Its shares fell one point six percent today. Story number three. 42 00:02:21,360 --> 00:02:24,400 Speaker 1: The other company I mentioned, Aristocrat Leisure, the pokem machine maker, 43 00:02:24,560 --> 00:02:27,839 Speaker 1: posted results that fell short of expectations, sending its share 44 00:02:27,880 --> 00:02:30,639 Speaker 1: price down almost nine percent. Aristocrat is one of the 45 00:02:30,680 --> 00:02:35,200 Speaker 1: world's biggest designers and manufacturers of poker machines. It's really 46 00:02:35,280 --> 00:02:37,519 Speaker 1: been a bit of a market darling for years, selling 47 00:02:37,520 --> 00:02:40,840 Speaker 1: slot machines to the US and running a wildly popular 48 00:02:40,960 --> 00:02:44,519 Speaker 1: series of mobile phone games that kind of simulate casinos 49 00:02:44,560 --> 00:02:47,680 Speaker 1: and poke machines. But it's made a shift recently towards 50 00:02:47,800 --> 00:02:50,320 Speaker 1: leasing the machines and taking share of how much money 51 00:02:50,360 --> 00:02:53,000 Speaker 1: is being fed into them instead of selling them. The 52 00:02:53,040 --> 00:02:56,400 Speaker 1: hope is that they'll make more money the more people gamble. 53 00:02:56,720 --> 00:02:59,360 Speaker 1: It's early days, but that plan is falling somewhat short 54 00:02:59,400 --> 00:03:01,440 Speaker 1: of market expit dictations, and the share price took a 55 00:03:01,480 --> 00:03:05,240 Speaker 1: tumble today as a result. Story number four. Looking overseas, 56 00:03:05,320 --> 00:03:09,880 Speaker 1: Israel's military is increasingly optimistic that they have killed Hermasa's 57 00:03:09,880 --> 00:03:12,600 Speaker 1: top leader in Gaza in an air strike. According to 58 00:03:12,600 --> 00:03:15,840 Speaker 1: the Wall Street Journal and Israeli official said the strike 59 00:03:15,960 --> 00:03:18,560 Speaker 1: was aimed at Muhammad Sinwa, who took over as the 60 00:03:18,560 --> 00:03:21,320 Speaker 1: head of Hamas in Gaza last year after Israel killed 61 00:03:21,360 --> 00:03:24,480 Speaker 1: his brother, the then Hamas leader. The strike hit an 62 00:03:24,639 --> 00:03:28,000 Speaker 1: underground site near a hospital in carn Unis, targeting a 63 00:03:28,120 --> 00:03:32,079 Speaker 1: HERMAS command and control facility. This is according to Israel's military. 64 00:03:32,320 --> 00:03:35,920 Speaker 1: Gaza's health ministry said six people were killed and dozens 65 00:03:35,960 --> 00:03:38,480 Speaker 1: were injured. Officials say though it could take days for 66 00:03:38,600 --> 00:03:42,600 Speaker 1: Israel to determine whether the strike was successful in killing 67 00:03:42,640 --> 00:03:46,680 Speaker 1: Sinhwa and finally, story number five, Donald Trump has hailed 68 00:03:46,680 --> 00:03:49,760 Speaker 1: the US's relationship with Saudi Arabia. Just hours after the 69 00:03:49,760 --> 00:03:53,680 Speaker 1: White House unveiled a series of deals covering defense, artificial intelligence, 70 00:03:53,720 --> 00:03:57,120 Speaker 1: and more, the US President met with Saudi Arabia's Prince 71 00:03:57,200 --> 00:04:01,520 Speaker 1: Muhammad bin Salman at Riad, where henounced an arms package 72 00:04:01,800 --> 00:04:04,720 Speaker 1: worth almost one hundred and forty two billion US dollars. 73 00:04:04,760 --> 00:04:07,240 Speaker 1: The White House described it as the largest defense cooperation 74 00:04:07,320 --> 00:04:11,280 Speaker 1: agreement Washington has ever done. The president also announced the 75 00:04:11,320 --> 00:04:15,160 Speaker 1: lifting of sanctions against Siria, saying he was acting actually 76 00:04:15,200 --> 00:04:18,159 Speaker 1: on a request from the Saudi ruler. Donald Trump is 77 00:04:18,160 --> 00:04:20,400 Speaker 1: on a three nation tour of the golf and with 78 00:04:20,520 --> 00:04:24,480 Speaker 1: plenty of high powered US executives joining the delegation, including 79 00:04:24,600 --> 00:04:28,839 Speaker 1: Elon Musk and Vidio boss Jensen Huang and Blackrocks CEO 80 00:04:28,960 --> 00:04:32,200 Speaker 1: Larry Fink from Saudi Arabia, the President will next travel 81 00:04:32,200 --> 00:04:35,039 Speaker 1: to Qatar and then onto the United Arab Emirates. That's 82 00:04:35,080 --> 00:04:37,560 Speaker 1: it for the afternoon report for Wednesday, the fourteenth of 83 00:04:37,600 --> 00:04:39,680 Speaker 1: May twenty twenty five. Make sure you hit follow on 84 00:04:39,720 --> 00:04:42,200 Speaker 1: the podcast and we'll be back tomorrow morning with the 85 00:04:42,279 --> 00:04:44,760 Speaker 1: Thursday edition of the Fast five Business News by Fear 86 00:04:44,839 --> 00:04:47,200 Speaker 1: and Greed. I'm Michael Thompson and Joyury.