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

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Speaker 1: for Tuesday, the seventeenth of September twenty twenty four. I'm

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Speaker 1: suan Alma. Every afternoon, We've got the fire stories that

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

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Speaker 1: The local share market pushed above eight one hundred and

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Speaker 1: fifty points for the first time today for closing up

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Speaker 1: zero point two percent to eighty one hundred and forty

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Speaker 1: one points. It officially set a new high of eight

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Speaker 1: one five zero point five points on the back of

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Speaker 1: growing confidence that the US Federal Reserve will cut rates

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Speaker 1: in the world's largest economy by fifty basis points in

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Speaker 1: coming days. Overall, it was a fairly subdued session with

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Speaker 1: not too much movement or eleven subindices will hire, led

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Speaker 1: by the Tech index, the banks and miners will hire,

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Speaker 1: while the retailers were mostly lower. In corporate news plenty

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Speaker 1: of that around. A Daares share price jumped after it

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Speaker 1: appointed a former Country Road CEO Earl Roseby as its

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Speaker 1: next boss. Shares and z Zero jump two percent after

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Speaker 1: it announced its acquiring global cloud reporting insights and analytics

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Speaker 1: company SIFT Analytics for up to seventy million U S dollars.

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Speaker 1: Shares in gold Mine and West African Resources jumped six

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Speaker 1: percent after analysts that Macquarie up their price target, and

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Speaker 1: the share price of New Hope wherese four percent after

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Speaker 1: outlining a higher dividend or a higher than expected dividend.

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Speaker 1: Specific Smiles groups share price jump six percent after nine

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Speaker 1: point nine percent owner Genesis Capital up its offer for

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Speaker 1: the whole group and the proposed Webjet merger will go

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Speaker 1: ahead after ninety seven point six percent of shareholders vaded

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Speaker 1: in favor of the resolution. Now, under the merger, the

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Speaker 1: company will be split into two ASX listed entities, where

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Speaker 1: Travel Group which will own the business to business arm

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Speaker 1: web Beds web Beds, and Webjet Group, which will run

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Speaker 1: the consumer facing operations including Webjet, Ota Go c and

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Speaker 1: Trip Ninja Stroying Number two. The sentiment around iron ore

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Speaker 1: prices is very negative at the moment, with the Common

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Speaker 1: Wolf Bank warning prices may fall towards eighty US dollars

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Speaker 1: a ton. The problem is that the are piles of

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Speaker 1: iron or in China waiting for steel mills to come

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Speaker 1: pick it up and use it. But the world's second

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Speaker 1: largest economy, particularly its property sector, is in a lull,

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Speaker 1: not quite a slum, and the economy is still expanding,

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Speaker 1: but just not as fast as it has over recent decades.

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Speaker 1: That continues to weigh on Australia's big miners. Won't help

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Speaker 1: the federal governments bottom line either, because lower prices reduces

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Speaker 1: tax royalties from iron ore mining strowing. Number three Star

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Speaker 1: Entertainment share price is suspended at the moment, having not

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Speaker 1: filed as full year results by the August thirty cutoff,

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Speaker 1: but there are media reports that its lenders are ready

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Speaker 1: to bail the gaming group out. After weeks of discussions

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Speaker 1: between the company and its banks, the lenders have verbally

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Speaker 1: committed to provide a two tranch extension to the Caxenol

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Speaker 1: operators loans, including an immediate one hundred million dollar injection

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Speaker 1: to meet urgent cost blowouts at its new Queen's Wharf

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Speaker 1: resort in Brisbone. According to report in the fin Review,

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Speaker 1: a second trench worth about the same would be available

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Speaker 1: to start if required, and conditional upon Star also raising

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Speaker 1: capital in other forms. The fresh funds are designed to

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Speaker 1: give Stars directors and the company orditor E Y comfort

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Speaker 1: that the casino operator can meet its short term expenses,

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Speaker 1: which would allow them to sign the company's accounts. Star

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Speaker 1: also needs to prove its financial viability to New South

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Speaker 1: Wales's casino regulator by the end of next week. Sight

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Speaker 1: Before Coal Mine and New Hope said full year profits

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Speaker 1: haverved as coal prices continue to fall, but a decent

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Speaker 1: dividend triggered a three percent jump in its share price.

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Speaker 1: New Hope owns thermal coal mines in New South Wales

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Speaker 1: and Queensland and set it sold its color for an

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Speaker 1: average price for one hundred and eighty three dollars per

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Speaker 1: ton in the year's July thirty one. That's down from

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Speaker 1: three hundred and forty six dollars per ton in the

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Speaker 1: previous year. The previous period was a record and now

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Speaker 1: today's results were slightly below analyst expectations. The group set

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Speaker 1: a mile to winter in the Northern Hemisphere and an

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Speaker 1: increase in customer inventories resulted in softening demand of creating

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Speaker 1: downward pressure on prices. Hope reported a net profit of

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Speaker 1: four hundred and seventy five million dollars, down from one

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Speaker 1: point one million dollars the previous year, and storry number five.

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Speaker 1: Donald Trump and his sons are promoting a new crypto

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Speaker 1: platform as the Republican presidential nominee courts the digital asset sector.

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Speaker 1: Just fifty days before the US election, Trump, Donald Trump Junior,

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Speaker 1: and Eric Trump, along with New York based property developer

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Speaker 1: and major Trump donor Steve Whitkoff and sons Alex and

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Speaker 1: Zach Witcoff, joined an ex spaces conversation on Monday, where

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Speaker 1: World Liberty Financial was officially announced. The company says its

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Speaker 1: mission is crystal clear, make crypto and America great by

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Speaker 1: driving the mass adoption of stable coins and decentralized finance.

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Speaker 1: That's it for the afternoon report for Tuesday, the seventeenth

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Speaker 1: September twenty twenty four. Michael Thoms and I will be

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Speaker 1: back tomorrow morning with the Wednesday edition of Fear and

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Speaker 1: Green Business News. I'm Suan Elmer. Enjoy your evening