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

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Speaker 1: for Monday, the first of July twenty twenty four. I'm

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Speaker 1: Sean Almam. Every afternoon, we've got the five stories that

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

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Speaker 1: one the SMPA six two hundred closed down at zero

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Speaker 1: point two percent today to seven seven hundred and fifty

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Speaker 1: one points. While pro Medicus, the software imaging group, was

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Speaker 1: one of the best performers last year, today it was

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Speaker 1: the second worst, dropping five percent. Worst for Strike Energy

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Speaker 1: after updating the market on the status of a gas

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Speaker 1: supply deal with a Wes Farmer subsidiary wasn't good news.

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Speaker 1: Its share price dropped twenty percent. The coal companies were

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Speaker 1: among the best performers. Looking at the large caps, PHP

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Speaker 1: jumped one point six percent, Rio Tinto one and a

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Speaker 1: half percent, four of SEW Metals Group one point four percent.

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Speaker 1: Mostly the big banks will lowerh woh Wires Tech Global

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Speaker 1: Fill more than five percent. Cochlear, ARIAQB, Suncorp and Zero

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Speaker 1: were also sold off. Storing number two in corporate news,

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Speaker 1: lend Lease hasn't had a great time of it two

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Speaker 1: months ago, saying it will abandon most of it's over

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Speaker 1: ces operations. Today it said it will sell its US

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Speaker 1: military housing business for four hundred and eighty million dollars.

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Speaker 1: That was enough to send its share price up four percent,

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Speaker 1: and then Least said the price represents a significant premium

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Speaker 1: to book value. Brambles replaced Xavier Garry Joe, the head

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Speaker 1: of its Ze America's business after six months only due

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Speaker 1: to cultural differences. Its share price fell two percent and

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Speaker 1: Late Resources share price was flat after the mining hopeful

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Speaker 1: with a flagship project located in Argentina's Lithium Triangle, said

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Speaker 1: it will have to slash jobs and sell off assets

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Speaker 1: as it faces lower commodity prices and searches for a

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Speaker 1: development partner. Story at number three, big pay rises for

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Speaker 1: two hundred and fifty thousand aged care workers have been

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Speaker 1: delayed until next year. The Fair Work Commission today rejected

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Speaker 1: the Albanezi government's proposal to stagger the pay rise of

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Speaker 1: between two and thirteen and a half percent over eighteen

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Speaker 1: months into twenty twenty six. However, give an uncertainty of

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Speaker 1: a short term government funding, the Commission agreed to phase

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Speaker 1: in increases in two tranches, the first one half of

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Speaker 1: it will be January one next year, the rest are

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Speaker 1: October one next year. It will help the federal budget

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Speaker 1: short term, at least, given the cost could be as

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Speaker 1: much as five billion dollars. A further eighty thousand indirect cares,

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Speaker 1: including cooks and cleaners, will receive their full seven percent

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Speaker 1: increase from the beginning of next year. Story number four.

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Speaker 1: The Corporate Watchdog has approved a new tougher self regulated

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Speaker 1: Code of Practice for the banking sector, which should do

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Speaker 1: more to help out the small business sector. But ASIK

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Speaker 1: boss Joe Longo has worn banks to behave and guard

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Speaker 1: against the re emergence of past problems, be that in

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Speaker 1: the product sphere around incentives for lenders and staff, or

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Speaker 1: attitudes towards customers. Mister Longe said the code should be

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Speaker 1: considered a base case and standards should improve beyond it.

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Speaker 1: For example, he wants the banks to be more proactive

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Speaker 1: around helping customers in high fare accounts find a better deal.

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Speaker 1: He was speaking at an Australian Bankers Association meeting. Previously,

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Speaker 1: APRA chair John Lonsdale pushed back on banks calls for

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Speaker 1: lighter touch prudential regulation. I thought that was about the

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Speaker 1: new self regulated code for the banking sector. It provides

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Speaker 1: greater clarity and the types of support available to all customers,

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Speaker 1: including financial difficulty options for small businesses. There's a broad

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Speaker 1: definition of vulnerable customers, which states anyone can become vulnerable

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Speaker 1: at any time. The new code will also improve inclusivity

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Speaker 1: and accessibility for customers, including via interpreter services, national relay

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Speaker 1: services and accessible information and Stratum of five. Marine La

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Speaker 1: Penn's far right party has been president of Manuel mccron's

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Speaker 1: centrist alliance in the first round of French parliamentary elections,

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Speaker 1: moving the country closer to a potential nationalist government. After

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Speaker 1: unusually i turn out, the National Rally party won thirty

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Speaker 1: three point two percent of the vote, while the left

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Speaker 1: wing NFP alliance came in second at twenty eight point

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Speaker 1: one percent. Third was mister Macron's Ensemble Alliance, it secured

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Speaker 1: twenty one percent of the vote. The projection suggests that

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Speaker 1: National Rally and its allies are on track to win

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Speaker 1: the most seats in the National Assembly and potentially even

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Speaker 1: in out majority in the final round of voting on

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Speaker 1: July one. If National Rally were to secure two hundred

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Speaker 1: and eighty nine seats in the five hundred and seventy

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Speaker 1: seven strong Lower House. It would force Macron into the

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Speaker 1: rather uncomfortable power sharing arrangement known as a cohabitation, in

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Speaker 1: which two opposing parties must govern together. Interesting to watch

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Speaker 1: that one. That's it for the afternoon report for Monday,

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Speaker 1: the first of July twenty twenty four. Michael Thompson and I.

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Speaker 1: We'll be back tomorrow morning with a Tuesday edition off

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Speaker 1: here in Green Business News. I'm Sean Elma. Enjoy your

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Speaker 1: evening