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Speaker 1: Welcome to the Fearing Greed Business News. The Afternoon Report

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Speaker 1: for Friday, eight, twenty seventh of September twenty twenty four.

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Speaker 1: I'm Suan Elmer. Every afternoon, I've got the five stories

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

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Speaker 1: number one. It was a big day for the miners

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Speaker 1: and commodity players as Beijing's promised to boost the world's

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Speaker 1: second largest economy helped dine are miners, lithium players, and

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Speaker 1: a host of other groups. By the close, the SMPA

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Speaker 1: six two hundred was up slightly to two hundred and

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Speaker 1: twelve points, with the banks detracting from all those games

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Speaker 1: made by the miners. For the week, the boss was flat,

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Speaker 1: though that hides the fact that the mining companies have

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Speaker 1: surged and the banks have fallen back. On Friday, ABHP, Fortes,

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Speaker 1: fue Metals Group in Rear Tinto all rows more than

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Speaker 1: three percent, while National Australian Bank in Westpac we're down

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Speaker 1: two percent, while A and Z and Commonwealth Bank we're

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Speaker 1: also lower. Sa Cel, Woodside and Telstra also fell more

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Speaker 1: than one percent. In corporate news and Devor Group chief

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Speaker 1: executive Steve Donahue he'll step down after thirty years with

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Speaker 1: the company, six years as CEO in respect once the

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Speaker 1: liquor retailer's share price fell three percent. The Competition regulator

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Speaker 1: said it remains concerned about the proposed acquisition of Namoy

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Speaker 1: Cotton by Singapore based Olam Agri Holdings because of the

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Speaker 1: multiple linkages between Olam and Louis Drefus's company, which is

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Speaker 1: another key cotton player. Story number two. Treasure Jim Chalmers

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Speaker 1: in China says he urged safe and professional conduct of

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Speaker 1: all militaries in a meeting with senior Chinese officials in

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Speaker 1: Beijing today. The Chinese economy was the focus of Dr

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Speaker 1: Chalmer's visit, first by an Australian treasurer to the country

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Speaker 1: in seven years, and it came a week after China's

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Speaker 1: National broadcast Or released footage of an RAAF plane being

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Speaker 1: harassed by a PLA fighter jet. Dr Chalmers said his

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Speaker 1: trip to China is an important step in maintaining a

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Speaker 1: key relationship which is full of complexity and opportunity. Earlier

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Speaker 1: in the day, he warned that further deterioration to the

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Speaker 1: Chinese economy would wreak havoc on Australia, with a drop

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Speaker 1: one percentage point their GDP growth, inflicting a six billion

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Speaker 1: dollar loss on domestic output. Summing up his trip, Dr

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Speaker 1: Chalmers posted on x re establishing dialogue with China is

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Speaker 1: another important step towards stabilizing our economic relationship Straight number three.

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Speaker 1: The Competition Regulator has published its interim report for its

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Speaker 1: Supermarkets inquiry, a report that outlines what the Australian Competition

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Speaker 1: and Consumer Commission has heard from interest groups. It says

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Speaker 1: that supermarket retailing in Australia is nologopoly, with Woolers and

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Speaker 1: Coals accounting for sixty seven percent of supermarket retail sales nationally.

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Speaker 1: All the accounts for about nine percent met cash supplied

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Speaker 1: independent supermarkets think IgA about seven percent. The ageable see

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Speaker 1: says that oligopolistic market structures can limit incentives to compete

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Speaker 1: vigorously on price. Deputy Chair mc chao said, we see

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Speaker 1: Woolworths and Coals offer a broadly similar experienced customers through

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Speaker 1: largely undifferentiated product ranges, pricing at similar levels in similar

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Speaker 1: non price offerings, including loyalty programs. The report says that

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Speaker 1: food price growth is largely nine with inflation over the

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Speaker 1: last five years. Up about twenty percent over that period.

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Speaker 1: Consumers they are increasingly comparing prices online before buying. They

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Speaker 1: struggle to compare products though and losing trust in sale

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Speaker 1: price claims by the serp markets. Meanwhile, many grocery suppliers

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Speaker 1: have sold the a triple seed that they sometimes receive

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Speaker 1: prices below the cost for production and have little choice

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Speaker 1: but to agree to highly unfavorable terms, with these terms

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Speaker 1: being subject to ongoing changes by the major retailers straightum before.

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Speaker 1: Star Entertainment began training again today the first time since

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Speaker 1: the end of August, having finally published its twenty twenty

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Speaker 1: four financial year accounts, which shared a one point seven

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Speaker 1: billion dollar loss, and it wasn't pretty, with starshare price

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Speaker 1: losing fifty percent on opening before finishing down forty one percent.

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Speaker 1: The company is now worth one point three billion dollars,

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Speaker 1: whereas at the end of July its market capitalization was

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Speaker 1: around three and a half billion dollars. Under a finance

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Speaker 1: package seccurreed this week, the Star will have access to

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Speaker 1: two hundred million dollars in two tranches of one hundred

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Speaker 1: million dollars each. The first will be available subject to

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Speaker 1: conditions from next month, but the interest rate is very

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Speaker 1: very high thirty and a half percent. This week, the

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Speaker 1: Gaming Group also failed to do a deal with the

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Speaker 1: Queensland government over tax relief. And finally, story number five,

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Speaker 1: China's newest nuclear powered attack submarine sank earlier this year,

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Speaker 1: according to a senior US defense official, obviously a bit

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Speaker 1: embarrassing for Beijing as it seeks to expand its military capabilities.

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Speaker 1: China already has the largest navy in the world, with

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Speaker 1: over three hundred and seventy ships, and it has embarked

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Speaker 1: on production of a new generation of nuclear armed submarines.

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Speaker 1: According to the Telegraph of London, an unnamed US defense

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Speaker 1: official so China's new first in class nuclear powered attack

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Speaker 1: submarine sank alongside appears sometime between May and June. US

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Speaker 1: media reported that Chinese authority scrambill to cover up the episode,

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Speaker 1: which hasn't previously been disclosed as if The Afternoon Report

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Speaker 1: for Friday, the twenty seventh of September twenty twenty four

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Speaker 1: Adam Lange and Michael Thompson and I will be back

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Speaker 1: tomorrow morning with the weekend edition of Fearing Great Business News.

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Speaker 1: I'm Shane Elmer. Enjoy your evening.