1 00:00:06,160 --> 00:00:08,440 Speaker 1: Welcome to the Fear and Greed Business News. The afternoon 2 00:00:08,440 --> 00:00:11,200 Speaker 1: Report for Monday, the seventeenth of March twenty twenty five. 3 00:00:11,240 --> 00:00:13,960 Speaker 1: I'm suan Alma. Every afternoon, we've got the five stories 4 00:00:13,960 --> 00:00:16,720 Speaker 1: that happened today that you need to know about. Story 5 00:00:16,840 --> 00:00:19,520 Speaker 1: number one. The S and p ASX two hundred closed 6 00:00:19,640 --> 00:00:22,640 Speaker 1: up nearly one percent today seven eight hundred and fifty 7 00:00:22,640 --> 00:00:26,520 Speaker 1: four points, pushed higher by materials and energy stocks. Four 8 00:00:26,640 --> 00:00:30,000 Speaker 1: s Q Metals, Rio and BHP led the way. Woodside 9 00:00:30,000 --> 00:00:32,440 Speaker 1: and Santos did well, while the banks were mixed. The 10 00:00:32,479 --> 00:00:37,280 Speaker 1: retailers underperformed. Best on the day was Beleagued Mineral Resources, 11 00:00:37,320 --> 00:00:39,760 Speaker 1: which rose more than eleven percent. Of the battery metal 12 00:00:39,760 --> 00:00:43,040 Speaker 1: companies also did well. In corporate news, gold miner Amelias 13 00:00:43,200 --> 00:00:46,760 Speaker 1: is moving to take over Spartan Resources, offering what it's 14 00:00:46,800 --> 00:00:50,200 Speaker 1: quite complicated. It's twenty five cents in cash per share 15 00:00:50,320 --> 00:00:54,240 Speaker 1: plus a percentage of a Romelias share. Basically, it suggests 16 00:00:54,280 --> 00:00:57,400 Speaker 1: the value is about a dollar seventy eight. That helped 17 00:00:57,760 --> 00:01:00,000 Speaker 1: Spartan's share price jump nine percent today to a dollar 18 00:01:00,080 --> 00:01:04,559 Speaker 1: seventy four almost there, and smart Pay Holdings rose forty 19 00:01:04,640 --> 00:01:07,440 Speaker 1: seven percent after confirming it's in takeover talks with at 20 00:01:07,520 --> 00:01:11,319 Speaker 1: least two parties. Story number two the Alps under pressure 21 00:01:11,360 --> 00:01:14,959 Speaker 1: over the GST carve up. Today, treasure Jim Chalmers said 22 00:01:15,160 --> 00:01:19,119 Speaker 1: he won't intervene in the GST allocation after his home 23 00:01:19,160 --> 00:01:22,720 Speaker 1: state of Queensland saw its funding cut by two point 24 00:01:22,760 --> 00:01:26,040 Speaker 1: four billion dollars. Next financial year, it will go from 25 00:01:26,319 --> 00:01:30,960 Speaker 1: nineteen billion to sixteen point six billion. That state's Treasurer, 26 00:01:31,080 --> 00:01:35,920 Speaker 1: David Jenetski, slammed the Commonwealth Grant's Commission, accusing it of 27 00:01:36,120 --> 00:01:40,360 Speaker 1: using a disputed methodology to allocate the GST. The treasurers 28 00:01:40,360 --> 00:01:42,600 Speaker 1: said Queensland had been left to foot the bill for 29 00:01:42,640 --> 00:01:47,199 Speaker 1: the failures of New South Wales and Victoria during COVID nineteen. Today, 30 00:01:47,360 --> 00:01:50,000 Speaker 1: Dr Chalmers said he would not intervene with the Commission's work, 31 00:01:50,000 --> 00:01:53,080 Speaker 1: which is independent of government. The treasure also warned that 32 00:01:53,320 --> 00:01:56,800 Speaker 1: cy Clone Alfred might drive up construction and grocery prices, 33 00:01:57,200 --> 00:02:01,000 Speaker 1: putting pressure on inflation. Story number three. Westpack has paged 34 00:02:01,120 --> 00:02:04,440 Speaker 1: National Australia Bank's Chief Financial officer as part of new 35 00:02:04,480 --> 00:02:08,079 Speaker 1: CEO Anthony Miller's efforts to rethink his top team. The 36 00:02:08,280 --> 00:02:12,120 Speaker 1: CFO in question a guy called Nathan Gunan worked with 37 00:02:12,200 --> 00:02:15,320 Speaker 1: mister Miller at Goldman Sachs, now leaving National Australia Bank 38 00:02:15,360 --> 00:02:18,600 Speaker 1: to rejoin his former colleague. It's very unusual for changes 39 00:02:18,600 --> 00:02:22,160 Speaker 1: in banks at this level, this very top C suite level. 40 00:02:22,639 --> 00:02:26,400 Speaker 1: Gnan Miller, the head of institutional Banking Neil Hutton, and 41 00:02:26,440 --> 00:02:29,359 Speaker 1: the head of Business Banking Paul Fowler, now all at Westpac, 42 00:02:29,880 --> 00:02:33,080 Speaker 1: were all at Golden Sacks at some point. The boss 43 00:02:33,080 --> 00:02:36,160 Speaker 1: of National Australia Bank, Andrew Irvine, for his part, he's 44 00:02:36,160 --> 00:02:38,160 Speaker 1: been in the job for year. He too is shuffling 45 00:02:38,200 --> 00:02:41,040 Speaker 1: the top deck, with the bank's head of Business Banking, 46 00:02:41,120 --> 00:02:44,400 Speaker 1: effectively the number two job, leaving and being replaced by 47 00:02:44,440 --> 00:02:47,240 Speaker 1: a former colleague of mister Irvine. Mister Irvine came from 48 00:02:47,240 --> 00:02:51,919 Speaker 1: the back of Montreal, so too does Andrew Oback. He's 49 00:02:51,919 --> 00:02:54,880 Speaker 1: from the Bank of Montreal as well. Straight before Excell 50 00:02:54,960 --> 00:02:57,160 Speaker 1: and Woodside have improved a three hundred and fifty million 51 00:02:57,160 --> 00:03:00,040 Speaker 1: dollars drilling campaign to deliver new gas supplies from the 52 00:03:00,040 --> 00:03:03,200 Speaker 1: Bass Straight to the East Coast. Drilling of five wells 53 00:03:03,240 --> 00:03:06,640 Speaker 1: in the Turham and North Turham gas fields within the 54 00:03:06,680 --> 00:03:09,799 Speaker 1: bas Strait will come online by twenty twenty seven. They're 55 00:03:09,840 --> 00:03:13,359 Speaker 1: part of the Longford gas processing facility, run jointly by 56 00:03:13,360 --> 00:03:16,000 Speaker 1: the energy giants. Why does it matter where? The Australian 57 00:03:16,120 --> 00:03:19,520 Speaker 1: Energy Market Operator has warned that the country's East coast 58 00:03:19,560 --> 00:03:22,639 Speaker 1: is on course for gas shortfalls by twenty twenty eight 59 00:03:22,960 --> 00:03:26,600 Speaker 1: as output from the bas straight begins to deplete. X On, 60 00:03:26,720 --> 00:03:29,720 Speaker 1: the operator of the facility, has not publicly declared the 61 00:03:30,000 --> 00:03:33,200 Speaker 1: quantities of gas it expects to produce, but it did 62 00:03:33,200 --> 00:03:36,080 Speaker 1: confirm Longford will now run into the next decade. Meanwhile, 63 00:03:36,120 --> 00:03:38,360 Speaker 1: Woodside has struck a long term supply deal with a 64 00:03:38,480 --> 00:03:41,320 Speaker 1: Chinese company for the first time in storing Number five. 65 00:03:41,400 --> 00:03:44,400 Speaker 1: Consumption and industrial production in China accelerated in the first 66 00:03:44,400 --> 00:03:47,080 Speaker 1: couple of months this year. Good news for Australian exporters 67 00:03:47,360 --> 00:03:50,400 Speaker 1: reach Our sales jump four percent, industrial output with six percent. 68 00:03:50,440 --> 00:03:53,200 Speaker 1: Fixed asset investment raised four percent. Bunch of number Z. 69 00:03:53,320 --> 00:03:56,160 Speaker 1: You put them all together, it actually suggests the Chinese 70 00:03:56,160 --> 00:03:59,600 Speaker 1: economy is doing a little better than forecast. However, the 71 00:03:59,680 --> 00:04:03,200 Speaker 1: Chinese government warns that the external environment is increasingly complex 72 00:04:03,320 --> 00:04:07,280 Speaker 1: and severe, and domestic effective demand is weak. Analyst say 73 00:04:07,280 --> 00:04:10,840 Speaker 1: the figures were promising and importantly they don't preclude further 74 00:04:10,880 --> 00:04:14,080 Speaker 1: stimulus from Beijing. That's it for the afternoon report for Monday, 75 00:04:14,160 --> 00:04:16,359 Speaker 1: the seventeenth of March twenty twenty five. Make sure you 76 00:04:16,400 --> 00:04:19,000 Speaker 1: hit follow on the podcast. We'll be back tomorrow morning 77 00:04:19,000 --> 00:04:21,360 Speaker 1: with the Tuesday edition off Your and Greed business news. 78 00:04:21,480 --> 00:04:23,360 Speaker 1: I'm sure Elma enjoy your evening.