1 00:00:03,680 --> 00:00:06,320 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,360 --> 00:00:08,920 Speaker 1: for Thursday, the twenty eighth of November twenty twenty four. 3 00:00:08,960 --> 00:00:11,680 Speaker 1: I'm sure, alma, every afternoon we've got the five stories 4 00:00:11,680 --> 00:00:13,360 Speaker 1: that happened today that you need to know about. Strat 5 00:00:13,440 --> 00:00:16,480 Speaker 1: number one, the local share market hit yet another record 6 00:00:16,480 --> 00:00:19,800 Speaker 1: today with healthcare stocks doing well. The s and PASEX 7 00:00:19,840 --> 00:00:23,600 Speaker 1: two hundred touched a new high of eighty four hundred 8 00:00:23,600 --> 00:00:27,480 Speaker 1: and sixty six point seven points before closing up half 9 00:00:27,520 --> 00:00:30,560 Speaker 1: a percent to eighty four hundred and forty four points. 10 00:00:30,880 --> 00:00:33,680 Speaker 1: Says well Promedicus and resmd all did well, so to 11 00:00:33,800 --> 00:00:37,640 Speaker 1: the banks and the insurers. The underperformers included West Farmers, 12 00:00:37,720 --> 00:00:42,000 Speaker 1: Telstra and Transurban and some of the gold stocks. Really 13 00:00:42,080 --> 00:00:43,640 Speaker 1: was a bit of a surprising day to day. The 14 00:00:43,720 --> 00:00:47,320 Speaker 1: leading from Wall Street overnight wasn't strong. Inflation data came 15 00:00:47,320 --> 00:00:50,320 Speaker 1: out and it said that the US price rises was 16 00:00:50,400 --> 00:00:54,000 Speaker 1: just a bit higher than expected for the second successive month. 17 00:00:54,360 --> 00:00:57,640 Speaker 1: That pushed Wall Street lower, Yet the aasex ended higher. 18 00:00:57,920 --> 00:01:01,520 Speaker 1: Story number two. The boss of Star Entered Painment, Steve McCann, 19 00:01:01,840 --> 00:01:05,520 Speaker 1: said the casino was experiencing negative monthly cash flows and 20 00:01:05,560 --> 00:01:08,440 Speaker 1: has asked for patients to turn the business around. That's 21 00:01:08,480 --> 00:01:11,920 Speaker 1: patients from both shareholders and lenders. The annual general meeting 22 00:01:11,959 --> 00:01:14,280 Speaker 1: was held today and certainly shareholders had to be patient 23 00:01:14,280 --> 00:01:16,360 Speaker 1: because it went on for close to three hours. The 24 00:01:16,360 --> 00:01:20,040 Speaker 1: general mood not happy. The company announced today a pre 25 00:01:20,200 --> 00:01:23,160 Speaker 1: tax loss of twenty four million dollars for the first 26 00:01:23,200 --> 00:01:26,800 Speaker 1: four months of this financial year. Mister McCann said revenue 27 00:01:26,800 --> 00:01:30,120 Speaker 1: had declined significantly and the cost of transformation and external 28 00:01:30,200 --> 00:01:33,600 Speaker 1: advice had risen. He also said that the company's exploring 29 00:01:33,680 --> 00:01:36,360 Speaker 1: asset sales now. Star is trying to raise one hundred 30 00:01:36,400 --> 00:01:38,760 Speaker 1: and fifty million dollars in capital from external sources. If 31 00:01:38,760 --> 00:01:40,720 Speaker 1: you can do that, it can access the second tranch 32 00:01:41,120 --> 00:01:44,080 Speaker 1: of a two hundred million dollar loan. Star has been 33 00:01:44,120 --> 00:01:46,680 Speaker 1: fined fifteen million dollars by the New South Wales Independent 34 00:01:46,720 --> 00:01:50,160 Speaker 1: Casino Commission for multiple compliance breaches. It's a wasting an 35 00:01:50,160 --> 00:01:53,520 Speaker 1: OSTRAK fine for breaches of counter terrorism and anti money 36 00:01:53,640 --> 00:01:56,920 Speaker 1: laundering laws. It needs to refinance one point six billion 37 00:01:56,960 --> 00:01:59,760 Speaker 1: dollars in debt for its Queen's Wharf precinct in Brisbane 38 00:01:59,760 --> 00:02:03,120 Speaker 1: at the end of next year. So mister mccannon's job 39 00:02:03,520 --> 00:02:06,720 Speaker 1: is very very busy. The company's share price finished down 40 00:02:06,840 --> 00:02:09,600 Speaker 1: six percent. Today it's about a third of its peak 41 00:02:09,680 --> 00:02:13,560 Speaker 1: in late July. Story number three American real estate giant 42 00:02:13,680 --> 00:02:17,519 Speaker 1: Proprium Capital Partners has been three hundred and seventy four 43 00:02:17,520 --> 00:02:20,560 Speaker 1: million dollars to buy AV Jennings. The price is nearly 44 00:02:20,760 --> 00:02:23,720 Speaker 1: double AV jennings trading price, and its share price jumped 45 00:02:23,800 --> 00:02:27,239 Speaker 1: nearly ninety percent today. Ever since COVID, and probably even 46 00:02:27,280 --> 00:02:30,400 Speaker 1: before that, AV Jennings has struggled. Twenty years ago, its 47 00:02:30,400 --> 00:02:33,560 Speaker 1: share price traded close to twenty dollars. Today it's at 48 00:02:33,600 --> 00:02:38,040 Speaker 1: sixty two cents. The offer from Proprium is for sixty 49 00:02:38,040 --> 00:02:40,000 Speaker 1: seven cents a share, and the difference between the offer 50 00:02:40,040 --> 00:02:42,760 Speaker 1: and the current training price suggests there's a few regulatory 51 00:02:42,800 --> 00:02:46,640 Speaker 1: hurdles to still overcome. If successful, AV Jennings will become 52 00:02:46,680 --> 00:02:50,440 Speaker 1: part of AVID Property, which is owned by Proprium Capital. 53 00:02:50,960 --> 00:02:54,400 Speaker 1: Proprium itself is a large private equity group. Avid focuses 54 00:02:54,400 --> 00:02:57,680 Speaker 1: on resident the residential market in Australia. AV Jennings has 55 00:02:57,680 --> 00:03:01,519 Speaker 1: been building home since nineteen thirty two. Its majority shareholder 56 00:03:01,560 --> 00:03:05,920 Speaker 1: nowadays as a Singaporean based investor, Simon chiong Sorry at 57 00:03:06,000 --> 00:03:09,240 Speaker 1: number four. The Australian Competition and Consumer Commission is taking 58 00:03:09,240 --> 00:03:13,200 Speaker 1: online travel agency Webjet to court, alleging it advertised flights 59 00:03:13,240 --> 00:03:18,640 Speaker 1: without compulsory charges and then requested additional payments after confirming bookings. 60 00:03:18,880 --> 00:03:22,800 Speaker 1: The ahriable C claims that is deceptive and misleading conduct. 61 00:03:23,040 --> 00:03:25,720 Speaker 1: Over five years, Webjet has promoted airfares on its app, 62 00:03:25,800 --> 00:03:29,920 Speaker 1: social media sites and websites that excluded compulsory fees ranging 63 00:03:29,960 --> 00:03:33,200 Speaker 1: from thirty four dollars ninety to fifty four dollars ninety. 64 00:03:33,440 --> 00:03:36,440 Speaker 1: At least that's what the ATRIABLEC is claiming. Chair Geni 65 00:03:36,480 --> 00:03:39,839 Speaker 1: Costcadaliepe said in a statement that the lowest price must 66 00:03:39,920 --> 00:03:42,600 Speaker 1: be a true minimum price, not a price subject to 67 00:03:42,640 --> 00:03:45,560 Speaker 1: further fees and charges. Today, Webjet said it had fully 68 00:03:45,560 --> 00:03:49,320 Speaker 1: cooperated with the ACHABLEC before the legal action and proactively 69 00:03:49,400 --> 00:03:52,400 Speaker 1: undertaken a number of steps to further improve its disclosure 70 00:03:52,520 --> 00:03:55,960 Speaker 1: of pricing and fees and story number five. Fisher and Pakel, 71 00:03:56,120 --> 00:04:00,920 Speaker 1: the New Zealand based ASX listed respiratory care come, posted 72 00:04:00,960 --> 00:04:03,160 Speaker 1: slightly disappointing results for the half year to the end 73 00:04:03,160 --> 00:04:06,160 Speaker 1: of September, sending its share price law. New Zealand's biggest 74 00:04:06,160 --> 00:04:09,720 Speaker 1: company has a dominant position in the ventilators and generators 75 00:04:09,800 --> 00:04:14,520 Speaker 1: market among hospitals. As patient's numbers increase to pre pandemic levels, 76 00:04:14,560 --> 00:04:16,760 Speaker 1: earnings have arisen, but not by as much as investors 77 00:04:16,760 --> 00:04:19,200 Speaker 1: had hoped. Net profit was up forty three percent for 78 00:04:19,240 --> 00:04:22,120 Speaker 1: the six months. Revenue was up eighteen percent. Chief executive 79 00:04:22,160 --> 00:04:25,560 Speaker 1: Lewis Graydon said new products and changes in clinical practices 80 00:04:25,839 --> 00:04:29,760 Speaker 1: were driving demand for its munification products used in respiratory 81 00:04:29,960 --> 00:04:33,320 Speaker 1: and surgical care. That's it for the afternoon report for Thursday, 82 00:04:33,400 --> 00:04:35,839 Speaker 1: the twenty eighth of November twenty twenty four. Michael Thompson 83 00:04:35,839 --> 00:04:38,080 Speaker 1: and I will be back tomorrow morning with the Friday 84 00:04:38,200 --> 00:04:41,560 Speaker 1: edition of Hearing Greed Business News. I'm Sean Elmer. Enjoy 85 00:04:41,600 --> 00:04:42,040 Speaker 1: your evening.