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

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Speaker 1: for Wednesday, the fifth of November. Are Michael Thompson, and

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

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Speaker 1: happened today that you need to know about. Let's get

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Speaker 1: going a story number one. The S and p ASX

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Speaker 1: two hundred closed zero point one percent lower today to

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Speaker 1: eighty eight hundred and two points, weighed down by the

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Speaker 1: tech stocks and the miners to the tech companies. First,

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Speaker 1: there was a sell off on Wall Street overnight, largely

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Speaker 1: over concerns that valuations are outpacing fundamentals, and the tech

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Speaker 1: giants Locally that saw stocks like monitoring app Life three

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Speaker 1: sixty and data center Company next DC sold off. Both

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Speaker 1: of them closed more than four percent lower. But the

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Speaker 1: miners had an ordinary day two, with Fortescue off two

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Speaker 1: and a half percent and Rio Tinto down more than

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Speaker 1: one percent. The story here is all about a big

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Speaker 1: mine in Africa that China is planning to develop, with

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Speaker 1: fears that that will disrupt the global iron or market.

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Speaker 1: The price of copper also fell, taking local miners with it,

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Speaker 1: and a similar story for gold, but a better day

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Speaker 1: for the bank's Commonwealth Bank climbed one point three percent,

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Speaker 1: NAB was up one point seven percent, and just quickly,

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Speaker 1: Bitcoin has dropped below the one hundred thousand US dollar

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Speaker 1: mark for the first time since June. It's now entering

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Speaker 1: bear market territory. We'll have a closer look at this

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Speaker 1: and more broadly about what's going on in markets in

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Speaker 1: tomorrow morning's episode under story number two. Now is plenty

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Speaker 1: of corporate news around today. Medibank Private rose one point

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Speaker 1: two percent after it agreed to acquire a Better Medical,

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Speaker 1: which is a network of sixty one GP and medical

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Speaker 1: clinics across Victoria, Queensland, South Australia and Tasmania for around

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Speaker 1: one hundred and fifty nine million dollars. Blue Scope Steel

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Speaker 1: fell after Australia's largest steelmaker named Tanya Archibald as its

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Speaker 1: new chief executive to take over for Marcaseller. Tyro Payments

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Speaker 1: is also in the market for a new CEO. Its

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Speaker 1: share price fell almost three percent after it appointed Nigel

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Speaker 1: Lee to replace John Davey. PEXA Group was flat after

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Speaker 1: property transaction volumes rose six percent in the three months

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Speaker 1: to September, driven by strong refinancing activity and improving conditions

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Speaker 1: in the UK and Perpetual confirmed that it has entered

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Speaker 1: into an exclusivity deed with Bain Capital to further progress

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Speaker 1: discussions about the potential sale of the wealth management business.

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Speaker 1: How's that for a solid rap of what's going on

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Speaker 1: in corporate news? I'd just story number three and the

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Speaker 1: boss of Woodside Energy says Australia is becoming a difficult

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Speaker 1: place to do business and that the company is increasingly

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Speaker 1: looking to the US and Mexico to capture rising global

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Speaker 1: demand for LNG. CEO Meg O'Neil told investors today that

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Speaker 1: while Woodside remains committed to Australia, regulation is eroding competitiveness

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Speaker 1: and deterring investment, even as Gastamann saws in Asia. She

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Speaker 1: pointed to the company's seventeen and a half billion US

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Speaker 1: dollar Louisiana LNG project is a sign of where future

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Speaker 1: growth lies. She said. We've seen great opportunities in places

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Speaker 1: like Mexico and the US and that's why we're pursuing them.

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Speaker 1: She also said that Australia's policy changes have added cost

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Speaker 1: and complexity and risk driving capital offshore. Story number four.

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Speaker 1: At least seven people have been killed after a UPS

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Speaker 1: cargo plane crashed on takeoff from Louisville's main airport in Kentucky.

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Speaker 1: The MD eleven aircraft was bound for Honolulu when it

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Speaker 1: went down shortly after five pm local time. It had

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Speaker 1: full tanks of fuel, sparking a huge fire which engulfed

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Speaker 1: nearby businesses. Four of those killed were on the ground.

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Speaker 1: The Kentucky governor has described it as a catastrophic crash,

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Speaker 1: with at least eleven more people injured, some seriously. Louisville

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Speaker 1: International Airport is actually the worldwide hub for ups, with

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Speaker 1: a major facility processing more than two million packages a

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Speaker 1: day there. And finally, story number five. Dick Cheney, America's

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Speaker 1: most powerful modern vice resident and chief architect of the

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Speaker 1: War on Terror, has died at the age of eighty four.

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Speaker 1: His family said he passed away surrounded by loved ones

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Speaker 1: after complications from pneumonia and heart disease. Cheney served as

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Speaker 1: Vice president to George W. Bush from two thousand and

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Speaker 1: one to two thousand and nine. He was a key

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Speaker 1: figure in the US response to the September eleven attacks

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Speaker 1: and the invasion of Iraq. In later years, he actually

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Speaker 1: broke with his party over Donald Trump, calling him a

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Speaker 1: coward and a threat to the Republic. President Bush has

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Speaker 1: described Cheney as quote a patriot and one of the

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Speaker 1: finest public servants of his generation. That's it for the

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Speaker 1: Afternoon Report for Wednesday, the fifth of November. Make sure

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Speaker 1: you hit follow on the podcast and go to Fear

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Speaker 1: our free daily newsletter Michael Thompson. Enjoy your e