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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 second of December. I'm Michael Thompson, and

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Speaker 1: every afternoon we have the five big stories that you

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Speaker 1: need to know about that happened today. So let's get going.

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Speaker 1: Story number one. The S and PA SEX two hundred

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Speaker 1: closed zero point two percent higher to eight thousand, five

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Speaker 1: hundred and eighty points today, helped in particular by energy

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Speaker 1: and mining companies in that order. Starting with energy, Woodside,

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Speaker 1: Santos and Beach Energy were all up about one percent,

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Speaker 1: with oil prices strong after a recent OPEC plus decision

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Speaker 1: about supply and of course the ongoing geopolitical situation. The

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Speaker 1: big miners had a good one today as well, BHP

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Speaker 1: up one point one percent, four to s Q up

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Speaker 1: one point three percent, Rio Tinto up one point seven percent.

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Speaker 1: At the other end of the market, the tech companies Wistet,

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Speaker 1: Global Technology one and monitoring app Life three sixty were

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Speaker 1: all off between two point three and two point six

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Speaker 1: percent today. Drone Shield fell more than four percent. Had

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Speaker 1: a bit of a turbulence run that one and another

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Speaker 1: worth a mention. Market operator ASX dropped one point four

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Speaker 1: percent today after morning Star downgraded the company after yesterday's

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Speaker 1: system failure that prevented company announcements being made. There's a

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Speaker 1: few things to factor into all of these market movements

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Speaker 1: arise in bond yields after the Bank of Japan signaled

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Speaker 1: that might increase interest rates this month. We saw that overnight,

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Speaker 1: an ordinary lead in from Wall Street that really kind

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Speaker 1: of flowed on from there, and a major crypto slump.

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Speaker 1: Bitcoin dropped more than seven percent, now trading below eighty

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Speaker 1: five thousand US dollars, a unit that is off thirty

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Speaker 1: three percent in just the last couple of months, staggering

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Speaker 1: onto story number two now and former PwC Australia Chief

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Speaker 1: executive Tom Seymour has been suspended as a chartered accountant

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Speaker 1: for four years and find almost twenty five thousand dollars

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Speaker 1: over his role in the tax leak scandal. Charted a

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Speaker 1: Mountain to A and Z has ruled Seymour failed to

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Speaker 1: act on clear signs that confidential government tax information was

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Speaker 1: being shared inside PwC and allowed an unethical culture to flourish.

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Speaker 1: He'd already been deregistered as a tax agent by the

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Speaker 1: Tax Practitioners Board and banned from reapplying for four years.

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Speaker 1: The ruling says his conduct was quote objectively very serious

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Speaker 1: given his seniority and responsibility for PWC's culture. PwC has

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Speaker 1: shrunk by a third since the scandal broke, and the

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Speaker 1: fallout continues to reshape regulations and trust across Australia's consulting sector.

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Speaker 1: Story number three. Speaking of the consulting sector, Accentia has

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Speaker 1: copped a bit of a whack during a Senate estimates

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Speaker 1: hearing over the ninety six million dollar overhaul of the

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Speaker 1: Bureau of Meteorologies website. New Bureau Chief executive Stuart Minchin,

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Speaker 1: who's only been in the job for less than a month,

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Speaker 1: fronted the Senate Estimates session last night, where the website

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Speaker 1: redesign was described as a quote case study of how

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Speaker 1: not to do something really important. The initial price tag

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Speaker 1: was four point one million dollars that blew out to

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Speaker 1: ninety six million dollars after the contract was issued in

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Speaker 1: twenty nineteen following a series of amendments. Part of the

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Speaker 1: work was done by Accenture, which saw its contract increase

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Speaker 1: from thirty three million dollars to seventy seven million dollars

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Speaker 1: over the course of ten amendments. Green Senator Barbara Pocock said,

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Speaker 1: and I quote, there's been a massive feeding on the

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Speaker 1: public sector by the big consulting firms. She went on

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Speaker 1: to say, no, this is a longer quote, but you

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Speaker 1: need to hear this. This project has been a nightmare

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Speaker 1: case study in contract failure, in management of contracts, failure

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Speaker 1: of leadership, and completely unacceptable and unethical behavior by the

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Speaker 1: big consultants who'd been at the trough through the Bureau

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Speaker 1: of Meteorology. For his part, Bureau Boss Stuart Minchin said

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Speaker 1: the full ninety six million dollars went well beyond the

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Speaker 1: website to include basically end to end weather forecasting models

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Speaker 1: for corporate travel. The ASX listed stock that's been suspended

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Speaker 1: since August after not being able to release annual accounts

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Speaker 1: because of irregularities in its UK business is now being

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Speaker 1: investigated by Britain's Cabinet Office. London's mayor has also ordered

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Speaker 1: an urgent review into his counsel's contract with CTM amid

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Speaker 1: suggestions the group overcharged customers, including government clients. CTM has

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Speaker 1: committed to refund almost eighty million pounds at about one

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Speaker 1: hundred and sixty million dollars to clients, including the UK's

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Speaker 1: Home Office, which assigned two billion pounds in contracts with

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Speaker 1: the company to house thousands of asylum seekers who were

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Speaker 1: entered Britain illegally. Along with its work providing migrant accommodation.

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Speaker 1: CTM was awarded a three year deal last year to

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Speaker 1: become the major one stop shop for travel for the

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Speaker 1: entire UK public service. And finally story number five. Airbus

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Speaker 1: has told airlines that hundreds of A three twenty neo

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Speaker 1: aircraft will need inspections after potential structural defects were discovered

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Speaker 1: in panels supplied during manufacturing. A total of six hundred

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Speaker 1: and twenty eight aircraft may be affected, including one hundred

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Speaker 1: and sixty eight that are already in service. The issue

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Speaker 1: involves exterior panels that may be too thin or maybe

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Speaker 1: too thick, and because the panels aren't individually traceable, air

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Speaker 1: Bus has had to water checks across the entire batch.

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Speaker 1: Most of the planes are still in production, some deliveries

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Speaker 1: have already been delayed. Quantas and Air New Zealand say

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Speaker 1: none of their aircraft are affected. It comes just days though,

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Speaker 1: after Airbus was forced to ground thousands of jets worldwide

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Speaker 1: because of a software issue. Airbus shares dropped almost six

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Speaker 1: percent overnight, with concerned the company may struggle to hit

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Speaker 1: its target of eight hundred and twenty aircraft deliveries this year.

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Speaker 1: That's it for the afternoon Report for Tuesday, the second

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Speaker 1: of December. Make sure you're following the podcast and head

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Speaker 1: along to Fear and Greed dot com dot a U

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Speaker 1: to sign up for our free daily newsletter. Are Michael

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Speaker 1: Thompson have a good evening,