1 00:00:03,520 --> 00:00:06,600 Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Monday, 2 00:00:06,680 --> 00:00:09,760 Speaker 1: the second of March. I'm Sean Aylmer. Every afternoon, We've 3 00:00:09,760 --> 00:00:11,920 Speaker 1: got the five stories that happened today that you need 4 00:00:11,960 --> 00:00:14,000 Speaker 1: to know about. Story number one, the local share market 5 00:00:14,040 --> 00:00:18,440 Speaker 1: closed flat today, with rising energy and gold companies cushioning 6 00:00:18,480 --> 00:00:22,599 Speaker 1: falls in other sectors. By the close, SMPASX two hundred 7 00:00:22,640 --> 00:00:25,279 Speaker 1: was up just two points two nine two hundred and 8 00:00:25,360 --> 00:00:28,640 Speaker 1: one points. Investors will be watching Wall Street closely tonight 9 00:00:28,680 --> 00:00:30,760 Speaker 1: for its reaction to the conflict in the Middle East. 10 00:00:30,960 --> 00:00:33,680 Speaker 1: Best on the day was Karoon Energy, up fifteen percent, 11 00:00:33,760 --> 00:00:36,600 Speaker 1: while oil and gas major Woodside jump seven percent. The 12 00:00:36,720 --> 00:00:39,360 Speaker 1: Energy sub index rows five and a half percent all up. 13 00:00:39,560 --> 00:00:41,880 Speaker 1: Worst was buy Now, Pay Later group Zipco, which fell 14 00:00:41,920 --> 00:00:44,879 Speaker 1: eight percent. In terms of sectors, techtoks can't find any 15 00:00:44,920 --> 00:00:46,800 Speaker 1: friends at the moment, with a tech sub index down 16 00:00:46,880 --> 00:00:50,199 Speaker 1: three percent today. Among the large CAP's, PHP surge to 17 00:00:50,280 --> 00:00:53,880 Speaker 1: overtake Commonwealth Bank as the country's largest stock once again, 18 00:00:54,000 --> 00:00:56,360 Speaker 1: all the big banks will lower. Story number two. The 19 00:00:56,360 --> 00:00:58,280 Speaker 1: conflict in the Middle East, which is now spread to 20 00:00:58,320 --> 00:01:01,440 Speaker 1: a dozen countries. Said oil device is surging today, although 21 00:01:01,480 --> 00:01:04,280 Speaker 1: they did come back somewhat and are currently trading up 22 00:01:04,319 --> 00:01:07,280 Speaker 1: about seven percent. The price of gold also jumped to 23 00:01:07,640 --> 00:01:10,600 Speaker 1: above five thy three hundred and fifty five US dollars 24 00:01:10,640 --> 00:01:13,920 Speaker 1: an ounce, while the US dollars appreciating against other currencies 25 00:01:13,920 --> 00:01:16,760 Speaker 1: as investors look for quality assets, the Aussies buying just 26 00:01:16,880 --> 00:01:19,559 Speaker 1: undred seventy one US sense. Attacks in the Middle List 27 00:01:19,600 --> 00:01:22,959 Speaker 1: continued throughout the last twenty four hours, and US President 28 00:01:22,959 --> 00:01:25,440 Speaker 1: Donald Trump said the conflict could last for at least 29 00:01:25,480 --> 00:01:29,400 Speaker 1: four weeks. Story number three. Corporate profits in Australia rose 30 00:01:29,400 --> 00:01:31,600 Speaker 1: by nearly six percent in the December quarter, well ahead 31 00:01:31,600 --> 00:01:35,080 Speaker 1: of expectations. According to the Australian Bureau of Statistics. It 32 00:01:35,200 --> 00:01:38,880 Speaker 1: was the second straight quarter of strong profit increases. Mining 33 00:01:38,920 --> 00:01:41,920 Speaker 1: profits picked up most they jumped eight percent, followed by 34 00:01:42,000 --> 00:01:46,200 Speaker 1: wholesale trade and accommodation in food services. Profits also rebounded 35 00:01:46,240 --> 00:01:50,080 Speaker 1: in manufacturing, while retail trade was flat and administrative and 36 00:01:50,120 --> 00:01:54,720 Speaker 1: support services went backwards. Story number four. ASX listed funds 37 00:01:54,720 --> 00:01:59,120 Speaker 1: management group Magellan will merge with investment bank Baron Joey, 38 00:01:59,160 --> 00:02:04,600 Speaker 1: officially bringing together several of the country's highest profile finance executives. 39 00:02:04,960 --> 00:02:07,800 Speaker 1: Magellan already owns thirty six percent of Baron Joey in 40 00:02:07,840 --> 00:02:11,440 Speaker 1: as backed since its inception. It'll spend at nine hundred 41 00:02:11,480 --> 00:02:14,000 Speaker 1: million dollars to buy the stake it doesn't own. While 42 00:02:14,040 --> 00:02:17,160 Speaker 1: Magellan has struggled in recent times, Baron Joey certainly hasn't. 43 00:02:17,200 --> 00:02:19,639 Speaker 1: It's been booming in the last twelve months. The investment 44 00:02:19,680 --> 00:02:22,160 Speaker 1: bank delivered one hundred and eight million dollar profit. Was 45 00:02:22,200 --> 00:02:25,320 Speaker 1: founded back in twenty twenty by former UBS bankers Guy 46 00:02:25,360 --> 00:02:27,960 Speaker 1: Fowler and Matthew Ground's. The chair of the group will 47 00:02:28,000 --> 00:02:31,680 Speaker 1: be David Gonski, perhaps study's best own investment banker. Brian Binari, 48 00:02:31,800 --> 00:02:34,200 Speaker 1: the CEO of Baron Joey, will become boss of the 49 00:02:34,280 --> 00:02:37,720 Speaker 1: combined group, and finally, story number five. Two people were 50 00:02:37,800 --> 00:02:40,800 Speaker 1: killed and over a dozen injured in a shooting outside 51 00:02:40,840 --> 00:02:43,880 Speaker 1: a beer garden in Austin, Texas. In an incident the 52 00:02:43,919 --> 00:02:47,280 Speaker 1: FBI says may be related to terrorism, The suspect is 53 00:02:47,320 --> 00:02:51,519 Speaker 1: a naturalized American citizen born in Senegal, according to CBSUS 54 00:02:51,600 --> 00:02:54,360 Speaker 1: and other US medium After responding to calls for an 55 00:02:54,400 --> 00:02:57,880 Speaker 1: active shooter, police said that they shot and killed the suspect, 56 00:02:57,880 --> 00:03:01,000 Speaker 1: bringing the death poll to three. Please not offered a 57 00:03:01,080 --> 00:03:05,040 Speaker 1: motive and have not officially identified the suspect. Of the survivors, 58 00:03:05,120 --> 00:03:08,240 Speaker 1: fourteen were taken a hospital, three in a critical condition. 59 00:03:08,680 --> 00:03:12,720 Speaker 1: Two sources familiar with the investigation told CBS News that 60 00:03:12,760 --> 00:03:16,120 Speaker 1: the gunman was wearing a sweatshirt with the words property 61 00:03:16,160 --> 00:03:18,919 Speaker 1: of Allah on it. That's it for the afternoon report 62 00:03:18,919 --> 00:03:21,160 Speaker 1: for Monday, the second of March twenty twenty six. Make 63 00:03:21,200 --> 00:03:23,639 Speaker 1: sure you're following the podcast and headlong to Fear on 64 00:03:23,680 --> 00:03:25,280 Speaker 1: Greek dot com. Today you to sign up for our 65 00:03:25,320 --> 00:03:28,400 Speaker 1: free daily newsletter. I'm schanelma. Enjoy your evening.