1 00:00:00,080 --> 00:00:02,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:02,960 --> 00:00:05,760 Speaker 1: for Wednesday, the fourth of February twenty twenty six. Oh 3 00:00:05,800 --> 00:00:08,480 Speaker 1: Michael Thompson, and every afternoon, we've got the five stories 4 00:00:08,480 --> 00:00:10,879 Speaker 1: that happened today that you need to know about. Let's 5 00:00:10,880 --> 00:00:13,399 Speaker 1: go sorry. Number one. The S and P ASX two 6 00:00:13,440 --> 00:00:16,520 Speaker 1: hundred climbed zero point eight percent today to eighty nine 7 00:00:16,600 --> 00:00:18,960 Speaker 1: hundred and twenty eight points. That is a great result 8 00:00:19,000 --> 00:00:22,520 Speaker 1: considering only four of the eleven sectors on the ASX 9 00:00:22,560 --> 00:00:25,040 Speaker 1: actually finished in the green. The heavy lifting was really 10 00:00:25,040 --> 00:00:28,360 Speaker 1: done by the materials and energy sectors. The price of 11 00:00:28,400 --> 00:00:31,720 Speaker 1: gold has surged again two point seven percent today after 12 00:00:31,720 --> 00:00:34,680 Speaker 1: climbing more than six percent yesterday, is now sitting at 13 00:00:34,680 --> 00:00:40,600 Speaker 1: around five eighty US dollars an ounce. Copper jumped four 14 00:00:40,600 --> 00:00:44,000 Speaker 1: percent two overall, met a good day for the Aussie miners. 15 00:00:44,000 --> 00:00:47,519 Speaker 1: The gold diggers Northern Star Regius Resources were both up 16 00:00:47,520 --> 00:00:51,360 Speaker 1: around six percent, Newmont more than four percent, and BHP 17 00:00:51,440 --> 00:00:53,159 Speaker 1: and Rio Tinto were both up around four and a 18 00:00:53,200 --> 00:00:56,280 Speaker 1: half percent. The Big Australians share price hit a fifty 19 00:00:56,360 --> 00:01:00,320 Speaker 1: two week high, meaning BHP is once again the biggest 20 00:01:00,360 --> 00:01:04,760 Speaker 1: company on the BURS, passing Commonwealth Bank again despite Comonwealth 21 00:01:04,800 --> 00:01:07,760 Speaker 1: Bank actually climbing two point six percent itself today. I 22 00:01:07,800 --> 00:01:10,640 Speaker 1: mentioned the energy stocks. The oil price is climbing and 23 00:01:10,680 --> 00:01:14,399 Speaker 1: that helped energy giants Woodside and Santos. A lot of 24 00:01:14,400 --> 00:01:17,520 Speaker 1: that is due to tensions between Iran and the US 25 00:01:17,560 --> 00:01:20,319 Speaker 1: where a drone has been shot down. The worst on 26 00:01:20,360 --> 00:01:22,759 Speaker 1: the local market today was the tech sector, off more 27 00:01:22,800 --> 00:01:25,640 Speaker 1: than nine percent after a very poor lead in from 28 00:01:25,640 --> 00:01:29,280 Speaker 1: the US tech stocks. Cloud Accounting Group zero was down 29 00:01:29,319 --> 00:01:33,160 Speaker 1: almost sixteen percent today. On to story number two now 30 00:01:33,200 --> 00:01:36,039 Speaker 1: in the Federal government will sell off major defense properties 31 00:01:36,080 --> 00:01:39,000 Speaker 1: across Australia in a move expected to raise almost two 32 00:01:39,319 --> 00:01:43,240 Speaker 1: billion dollars for new military equipment and base upgrades. The 33 00:01:43,280 --> 00:01:47,560 Speaker 1: sale will include barracks, training grounds, islands, rifle ranges and 34 00:01:47,600 --> 00:01:52,280 Speaker 1: office buildings, including the historic Victoria Barracks sites in Sydney, 35 00:01:52,400 --> 00:01:57,040 Speaker 1: Melbourne and Brisbane. It will make more than three billion dollars, 36 00:01:57,040 --> 00:01:59,680 Speaker 1: but there will be about a billion dollars in relocation 37 00:02:00,320 --> 00:02:03,880 Speaker 1: and other costs involved in the process. Defense Minister Richard 38 00:02:03,880 --> 00:02:07,120 Speaker 1: Miles says it is the biggest reform of Australia's defense 39 00:02:07,240 --> 00:02:12,040 Speaker 1: estate in history, arguing taxpayer's money has been wasted maintaining 40 00:02:12,240 --> 00:02:16,880 Speaker 1: underused sites. Sixty seven locations will be either fully or 41 00:02:16,919 --> 00:02:21,520 Speaker 1: partly sold, proceeds being reinvested into defense capability. Some sites 42 00:02:21,680 --> 00:02:23,720 Speaker 1: may be used for housing, but the government says that 43 00:02:23,840 --> 00:02:27,560 Speaker 1: is not the main goal of this process. Story number three. 44 00:02:27,600 --> 00:02:31,400 Speaker 1: Booming international travel is putting serious pressure on border processing, 45 00:02:31,480 --> 00:02:34,480 Speaker 1: according to Sydney Airport after new data revealed more than 46 00:02:34,560 --> 00:02:37,760 Speaker 1: forty two million passengers passed through the airport last year, 47 00:02:38,000 --> 00:02:41,760 Speaker 1: with international arrivals hitting a record high. Ninety percent of 48 00:02:41,800 --> 00:02:45,000 Speaker 1: passengers queued for up to thirty five minutes at immigration. 49 00:02:45,120 --> 00:02:49,239 Speaker 1: Despite recent upgrades, Airport chief executive Scott Charlton is pushing 50 00:02:49,280 --> 00:02:53,760 Speaker 1: for more government investment into border technology, saying congestions only 51 00:02:53,800 --> 00:02:56,480 Speaker 1: going to get worse as travel continues to grow. One 52 00:02:56,560 --> 00:02:59,640 Speaker 1: in four domestic flights and nearly one in three international 53 00:02:59,639 --> 00:03:03,480 Speaker 1: flights were delayed. You might like to know story number four, 54 00:03:03,480 --> 00:03:06,640 Speaker 1: and Melbourne software engineers sacked for refusing to return to 55 00:03:06,720 --> 00:03:10,000 Speaker 1: the office is appealing his dismissal. In a case that 56 00:03:10,080 --> 00:03:14,480 Speaker 1: could reshape remote work rights, Richard Johnson was fired after 57 00:03:14,560 --> 00:03:18,560 Speaker 1: rejecting his company's new hybrid policy, insisting that his contract 58 00:03:18,600 --> 00:03:21,200 Speaker 1: allowed him to work from home. Full time. The Fair 59 00:03:21,240 --> 00:03:24,320 Speaker 1: Work Commission ruled that the company's order was reasonable, but 60 00:03:24,440 --> 00:03:27,680 Speaker 1: Johnson is now challenging that decision. The appeal will test 61 00:03:27,720 --> 00:03:31,760 Speaker 1: whether employment contracts override workplace policies. A full hearing is 62 00:03:31,800 --> 00:03:34,639 Speaker 1: expected in April, and legal experts say the outcome could 63 00:03:34,680 --> 00:03:38,440 Speaker 1: affect thousands of workers. And finally, story number five, Bill 64 00:03:38,480 --> 00:03:41,920 Speaker 1: Gates has urging technology companies to take greater responsibility for 65 00:03:41,960 --> 00:03:45,480 Speaker 1: how artificial intelligence is developed and used, and says the 66 00:03:45,480 --> 00:03:49,080 Speaker 1: majority of AI companies will fail, with non technical investors 67 00:03:49,080 --> 00:03:51,440 Speaker 1: facing a challenge in picking the ones that are going 68 00:03:51,480 --> 00:03:54,400 Speaker 1: to succeed. Speaking to the Financial Review in Melbourne, the 69 00:03:54,440 --> 00:03:57,960 Speaker 1: Microsoft founder said AI could soon reshape millions of white 70 00:03:58,000 --> 00:04:01,680 Speaker 1: collar jobs and that companies a duty to help workers 71 00:04:01,760 --> 00:04:05,280 Speaker 1: manage the transition. He's also faced renewed scrutiny over his 72 00:04:05,360 --> 00:04:08,840 Speaker 1: past links to Jeffrey Epstein. His former wife, Melinda French 73 00:04:08,880 --> 00:04:12,320 Speaker 1: Gates said this week that everyone involved must answer questions, 74 00:04:12,360 --> 00:04:14,640 Speaker 1: adding that she was quote glad to be away from 75 00:04:14,680 --> 00:04:17,719 Speaker 1: that muck. Gates has again denied the claims and called 76 00:04:17,760 --> 00:04:21,000 Speaker 1: them false. That's it for the Afternoon Report for Wednesday, 77 00:04:21,120 --> 00:04:23,560 Speaker 1: the fourth of February twenty twenty six. Make sure you're 78 00:04:23,560 --> 00:04:26,200 Speaker 1: following the podcast, and please head along to Fearangreed dot 79 00:04:26,240 --> 00:04:29,040 Speaker 1: com dot au to sign up for our free daily newsletter. 80 00:04:29,080 --> 00:04:30,720 Speaker 1: I'll put a link in today's show notes as well. 81 00:04:30,920 --> 00:04:32,719 Speaker 1: I'm Michael Thompson. Enjoy your evening.