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

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Speaker 1: for Friday, the tenth of October twenty twenty four. I'm

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Speaker 1: suan Elma. 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 SMPA six two hundred closed up zero point four

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Speaker 1: percent to eight thousand, two hundred and twenty three points.

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Speaker 1: The banks were mixed, while the miners were stronger on

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Speaker 1: the back of high iron ore prices. For a Sku

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Speaker 1: Metals Group closed up four percent. Rio Tinto rose one

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Speaker 1: point four percent after agreeing last night to buy arkadium

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Speaker 1: lithium for nine point nine billion dollars. Best on the

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Speaker 1: day was arcadium, up thirty nine percent. Other lithium stocks

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Speaker 1: benefited with rises in late resources. They own a mining

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Speaker 1: and line Town Resources. Woodsided Santos bounced after oil prices

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Speaker 1: rebounded somewhat. BHP added one point four percent after Norway's

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Speaker 1: Sovereign fund at Norge's Bank removed the mining giant from

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Speaker 1: a climate watch list, where it was placed in twenty

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Speaker 1: twenty due to coal use in production. In other corporate news,

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Speaker 1: Autopats Manufacturu, AARB Corporation, rose after It said it's closer

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Speaker 1: to completing its acquisition of US business four Wheel Parts.

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Speaker 1: Financial services provider net Wealth share price also jumped after

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Speaker 1: posting a record increase in funds under administration over the

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Speaker 1: September quarter. It's a good day for New Zealand dairy

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Speaker 1: company sinlat as well and mining services group Parente rose

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Speaker 1: more than two percent after signing a two year extension

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Speaker 1: with lithium company Igo to mine at the Nova nickel

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Speaker 1: mine in Western Australia. Straight Number two goodsman Egomet is

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Speaker 1: one of the hottest stocks in the AX in recent months,

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Speaker 1: said it is on track to meet already bullish growth

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Speaker 1: projections and open more stores internationally. In its first quarterly

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Speaker 1: sales update since its June listing, the company said it

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Speaker 1: was on track to meet the prospective's forecast this financial year,

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Speaker 1: including a target of opening thirty one new restaurants in Australia.

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Speaker 1: The company share price listed at twenty two bucks. It's

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Speaker 1: now worth almost thirty nine dollars. In the update today,

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Speaker 1: A Guzman said sales growth was above expectations in Australia.

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Speaker 1: In Japan, it's core division and is being helped by

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Speaker 1: a new advertising campaign and demand for cheap items such

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Speaker 1: as the twelve died Chicken mini meal. Guzman now has

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Speaker 1: two hundred and twenty six stores around the world, up

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Speaker 1: from two hundred and twenty at the end of June one.

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Speaker 1: Ninety nine of those are in Australia. Straight number three

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Speaker 1: ASX listed wine producer, Australian Vintage, the company behind the

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Speaker 1: mcgwigan Tempest II and the Penthe Labels, has re hired

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Speaker 1: the chief executive it's sacked for a lack of judgment

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Speaker 1: less than six months ago. Craig Garvin, who left in May,

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Speaker 1: has returned to the company under a new board and

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Speaker 1: said he is not bitter about his past treatment. According

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Speaker 1: to report in The fin Review, Australian Vintage had never

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Speaker 1: detailed why mister Garvin was removed, saying simply he displayed

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Speaker 1: a lack of judgment inconsistent with the values of the company. Yesterday,

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Speaker 1: mister Garvin said, and I quit. The past is the

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Speaker 1: past is upward and onward. He said he'd refocus on

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Speaker 1: building Australian Vintage's share price, which has fallen more than

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Speaker 1: sixty percent in six months straight. Number four legislation up

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Speaker 1: being at the tax rate for earnings on superannuation balances

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Speaker 1: above three million dollars past the Lower House today and

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Speaker 1: will go to the Senate with a fight expected from

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Speaker 1: the Greens. Under the legislation, the tax rate on the

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Speaker 1: earnings of superannuation balances exceeding three million dollars will go

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Speaker 1: from fifteen percent to thirty percent. The government rejected a

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Speaker 1: push by Teal Independence to have the three million dollar

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Speaker 1: cap index to avoid increasing numbers of Australians being subject

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Speaker 1: to the tax. Due to braccreep in the Senate, the

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Speaker 1: government needs a support of the Greens and at least

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Speaker 1: three Cross benches to pass it. The Greens previously have

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Speaker 1: called for the threshold for the new tax to be

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Speaker 1: lowered to two million dollars. There's also contention over the

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Speaker 1: rules being applied to unrealized capital gains, which could force

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Speaker 1: farmers and small business owners who own farms or business

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Speaker 1: premises in their smsss to sell these assets to meet

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Speaker 1: their new tax obligations. And story number five, Hurricane Milton

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Speaker 1: slammed into Florida this morning Australian time, bringing life threatening

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Speaker 1: flooding and leaving millions without power. The cyclone made landfall

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Speaker 1: need es to Key in so Barasota County as a

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Speaker 1: Category three storm with winds of up to one hundred

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Speaker 1: and eighty an hour. According to the US National Hurricane Center,

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Speaker 1: its forecast remained at hurricane strength while it moves across

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Speaker 1: central Florida. The Center warned that the storm would bring

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Speaker 1: devastating rains and damaging winds, with life threatening gusts, tornadoes,

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Speaker 1: and storm surges of up to thirteen foot that could

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Speaker 1: inundate urban areas and flash flooding. More than two million

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Speaker 1: homes and businesses were without power in Florida a few

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Speaker 1: hours ago. Milton is his second major hurricane to hit

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Speaker 1: the US in a fortnight. It comes after Hurricane Helene

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Speaker 1: eaked havoc across several southeastern states, killing more than two

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Speaker 1: hundred and twenty five people and destroying roads across North Carolina.

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Speaker 1: That's it for afternoon report for Thursday, the tenth of

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Speaker 1: October twenty twenty four. Michael Thompson and I will be

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Speaker 1: back tomorrow morning with the Friday edition I Fear and

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Speaker 1: Greed Business News. I'm sure Elma enjoy your evening