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Speaker 1: Welcome to Fear and Greed. Business News Afternoon Report for Friday,

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Speaker 1: the twentieth of September twenty twenty four. I'm suan alma.

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Speaker 1: Every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. Story number ONEm The

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Speaker 1: SMPASX two hundred closed up just a bit today, zero

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Speaker 1: point two percent to eighty two hundred and ten points.

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Speaker 1: A and Z and Wes Farmers were the best of

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Speaker 1: the large caps. A and Z hitting a multi year high.

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Speaker 1: Telstra was the worst, down more than one percent. In

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Speaker 1: corporate news, Tab Corp chair Bruce Akhurst will step down

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Speaker 1: after major investors expressed concerns about the company's weak performance

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Speaker 1: and rising costs. Tablecorps share price is down nearly fifty

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Speaker 1: percent this year. In retailer Harvey Norman was served with

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Speaker 1: a second class action for misleading and deceptive conduct over

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Speaker 1: the alleged selling of extended warranties, days after Echo Law

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Speaker 1: launched similar proceedings against the company. Today's proceedings were announced

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Speaker 1: by law firm Morris Blackburn. Sorry Number two Wall Street

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Speaker 1: hit record levels overnight on the back of the fifty

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Speaker 1: bases point rate cut from the Federal Reserve earlier in

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Speaker 1: the week, with a broad based SMP five hundred finishing

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Speaker 1: up nearly two percent, topping fifty seven hundred points for

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Speaker 1: the first time, while the tech heavy NASTACK raised two

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Speaker 1: and a half percent. The Dow Jones Industrial Average, which

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Speaker 1: measures the thirty leaders on Wall Street, also hit a record,

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Speaker 1: topping forty two thousand points for the first time. Nvidia, Apple,

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Speaker 1: and Meta all jumped sharply, while Tesla rose seven percent overnight.

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Speaker 1: The Bank of England, as expected, kept interest rates unchanged

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Speaker 1: during the day. The Bank of Japan kept rates in

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Speaker 1: that economy unchanged. Bitcoins also had a good twenty four

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Speaker 1: hours training at more than sixty four thousand US dollars

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Speaker 1: a unit. The Aussie dollar has held on to recent gains,

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Speaker 1: fetching more than sixty eight US since story number three.

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Speaker 1: There was quite a bit going on in federal politics today,

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Speaker 1: even though the Prime Minister was overseas. Opposition leader Peter

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Speaker 1: Dunton rejected costing estimates for the coalition's nuclear power proposal

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Speaker 1: released by Energy Minister Chris Bowen, which suggests it would

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Speaker 1: raise household energy bills by six hundred and sixty five

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Speaker 1: dollars a year. Thus far, the Coalition hasn't provided estimates

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Speaker 1: on what its nuclear policy would mean for household spending

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Speaker 1: on energy. Pensioners, job seekers and those on rent assistance

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Speaker 1: will receive a boost to their payments from today in

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Speaker 1: line with the biannual indexation increase. Social Services Minister Amanda

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Speaker 1: Rishworth was sprioking the boost in payments today. The increase

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Speaker 1: will impact more than five million Australians who received some

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Speaker 1: sort of government welfare payment outgoing. In dis Minister Bill

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Speaker 1: short And ramped up the Albanesi government's attack on the Greens.

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Speaker 1: This is at the end of a week where it

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Speaker 1: struggled to pass legislation through the Senate. Mister Shorton accused

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Speaker 1: the Greens of living in a parallel universe and former

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Speaker 1: Xenophone Senator rex Patrick Maka second tilted Parliament in the

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Speaker 1: next federal election after he was announced as the Jackie

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Speaker 1: Lamby Network candidate for South Australia. Story number four. Meyer

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Speaker 1: has recorded a sharp drop in sales and a slump

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Speaker 1: in profit for the twenty twenty four financial lim the

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Speaker 1: group said, challenging macroeconomic conditions and the closure of his

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Speaker 1: Brisbane Frankston and Werribee Stores led to a three percent

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Speaker 1: drop in sales to almost three billion dollars. Net profit

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Speaker 1: after tax fell twenty eight percent. That resulted in a

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Speaker 1: big drop in its share price, though by the end

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Speaker 1: of the day it had paired most of those losses.

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Speaker 1: It finished down half percent. Executive chair Olivia Worth outline

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Speaker 1: plans to return the department store to sustainable growth may

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Speaker 1: Tomorrow She's calling it, and includes stronger cost controls, cracking

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Speaker 1: down on instore theft, better use offormations, and unlocking the

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Speaker 1: full potential of its Maya One loyalty scheme. It will

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Speaker 1: seek to increase custom engagement, especially mail and young shoppers,

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Speaker 1: to enhance the loyalty scheme and give Maya a greatest

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Speaker 1: share of the wallet and story number five. Israel launched

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Speaker 1: a waiver air strikes against Hezbala targets in Lebanon this

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Speaker 1: morning Australian Time, as the Milton Group's leader said two

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Speaker 1: days of attacks on its members involving pages and walking

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Speaker 1: talkies amounted to a declaration of war. In his first

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Speaker 1: public remarks since the device explosions, which killed at least

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Speaker 1: thirty seven people. Hesbla's leader, Hassen israela acknowledged that his

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Speaker 1: group had endured a severe we are in cruel blow,

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Speaker 1: according to report on Reuter's in the Telegraph of London.

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Speaker 1: He said Israel would face just retribution and a bitter reckoning,

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Speaker 1: and promise that the attacks were not deter Hesblah from

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Speaker 1: continuing to launch rockets and drones at Israel as he spoke,

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Speaker 1: two large sonic booms from Israeli fighter jetsok buildings in Beirut,

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Speaker 1: the Lebanese capital, an apparent show of mike by Israel.

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Speaker 1: Later in the day, Israeli warplanes struck thirty rocket launches

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Speaker 1: in southern Lebanon, as well as weapons cachets in military structures.

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Speaker 1: The Israel military said that's it. The afternoon report for Friday,

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Speaker 1: the twentieth, September twenty twenty four Adam Lang, Michael Thompson

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Speaker 1: and I will be back tomorrow morning with the weekend

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Speaker 1: edition of Beering Greed Business News. I'm schanelma enjoy Reavening