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

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Speaker 1: for Thursday, the nine eighth of June twenty twenty five.

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Speaker 1: I'm Sean Almer. Every afternoon, we've got the five stories

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

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Speaker 1: number one, the S and p ASX two hundred was

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Speaker 1: broadly unchanged today. In fact, it ended down zero point

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Speaker 1: one percent to eighty five hundred and twenty four points.

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Speaker 1: That's after the Australian Bureau Statistics figures, so there were

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Speaker 1: two thy five hundred fewer workers last month, although the

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Speaker 1: unemployment rates stayed at four point one percent. The highlight

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Speaker 1: in the market today was Commonwealth Bank again it hit

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Speaker 1: a new intra day record of one hundred and eighty

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Speaker 1: three dollars and thirty one cents a share, while the

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Speaker 1: big miners went backwards as the price of iron ore

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Speaker 1: fell further, gold prices dropped, taking the gold miners with it.

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Speaker 1: In corporate news, Rio Tinto has agreed to a payout

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Speaker 1: to settle a case where it was accused of defrauding investors.

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Speaker 1: But we're beholding information about cost blowouts and delays at

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Speaker 1: its giant copper project in Mongolia and came Brands, owner

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Speaker 1: of Katmandu, has downgraded its profit outlook for this financial year.

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Speaker 1: Apparently people aren't buying puffet jackets like they used to.

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Speaker 1: That sent its share price to a record low. Story

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Speaker 1: number two. The Federal Reserve has cut its outlook for

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Speaker 1: the US economy, though it's unclear if the world's most

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Speaker 1: important central bank will cut interest rates further this year.

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Speaker 1: FED officials also pushed higher their forecast for inflation. The

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Speaker 1: FED Open Market Committee held rate steady for the fourth

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Speaker 1: meeting in a row, notwithstanding US President Donald Trump had

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Speaker 1: called for a full one percentage point cut. Story number three.

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Speaker 1: There's been big moves in the upper echelons of both

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Speaker 1: ain Zed and Weiss Tech Global. High profile ain Z

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Speaker 1: retail boss Miley Carnegie will leave the bank just one

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Speaker 1: month into new chief executive Nuno Matos's tenure. Missus Carnegie

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Speaker 1: will step down on July one to focus on non

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Speaker 1: executive roles. Her departure comes after comments from mister Mathos

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Speaker 1: on the frustratingly slow rollout of the bank's digital platform,

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Speaker 1: ain Z Plus in the migration of suncret Bank. Carnegie

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Speaker 1: is heavily involved in both initiatives. Over at weis Tech,

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Speaker 1: two of its longest serving directors are leaving the business.

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Speaker 1: Charles Gibbon, who joined weis Tech in two thousand and six,

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Speaker 1: will retire next month, while Michael Greg, who has had

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Speaker 1: two stints on the board, will leave at the company's

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Speaker 1: annual meeting later this year. Mister Greg, an early stage

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Speaker 1: investor who presumably made plenty of money out of wis Tech,

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Speaker 1: rejoined the board in late February after four independent directors,

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Speaker 1: including then chair Richard Damery, quit the company over corporate

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Speaker 1: governance concerns. Story number four. Energy Minister Chris Bowen says

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Speaker 1: the Albanesi government does not agree with some of the

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Speaker 1: activities of Israel over recent weeks and months, as the

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Speaker 1: government's thus far stoic response to the Middle East crisis

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Speaker 1: starts to crack. Until now, Foreign Affairs Minister Penny Wong

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Speaker 1: and Prime Minister Anthony Alberzi have consistently called on all

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Speaker 1: parties to pursue dialogue and diplomacy, but this morning mister

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Speaker 1: Bowen was asked to respond to the Iranian ambassador's demand

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Speaker 1: that Australia condemn Israel for the pre emptive strikes over

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Speaker 1: the last few days. Mister Bowen said the Prime Minister

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Speaker 1: and the Foreign Minister have been very clear on our

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Speaker 1: views that we don't agree with some of the activities

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Speaker 1: of Israel over recent weeks and months. Meanwhile, Senator Wanks

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Speaker 1: is about fifteen hundred Australians and family members in Iran

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Speaker 1: and about twelve hundred in Israel have registered for evacuation

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Speaker 1: with the Australian government finally storing number five. Over the

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Speaker 1: past week, tanker raids using the Strait of Homas, which

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Speaker 1: Iran controls, have more than doubled, demonstrating how the Middle

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Speaker 1: East conflict is quickly pushing up energy prices. So the

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Speaker 1: cost of chartering a very large crude carrier capable of

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Speaker 1: carrying two million barrels of oil from the Gulf to

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Speaker 1: China went from just under twenty thousand US dollars a

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Speaker 1: day a week ago to forty seven or forty eight

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Speaker 1: thousand US dollars a day. That's according to figures from

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Speaker 1: Clarkson's research. The rise on the root has far outpaced

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Speaker 1: the twelve percent increase in the wider Baltic Dirty Tanker

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Speaker 1: Index of crude oil tanker rates globally over the same period.

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Speaker 1: Just shows how transport costs can actually flow through to

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Speaker 1: the bowser. That's it the Afternoon Report for Thursday, the

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

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Speaker 1: funnel on the podcast. We will be back tomorrow morning

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Speaker 1: with the Friday edition of the Fast five Business used

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Speaker 1: by Fear and Greed. I'm sure Elma enjoy your eaving