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Speaker 1: Welcome to the Fearing Green Business News Afternoon Report for Wednesday,

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Speaker 1: the second of October twenty twenty four. I'm sure elmer

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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 one. The

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Speaker 1: SMPASX two hundred closed down zero point one percent today

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Speaker 1: to eighty one hundred and ninety eight points. It dropped

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Speaker 1: sharply on opening and then rebounded by lunchtime, and then

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Speaker 1: didn't do much. Energy stocks were among the biggest winners,

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Speaker 1: with Woodside rising three and a half per Santos was

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Speaker 1: up nearly three percent. That was on the back of

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Speaker 1: higher earl prices. The big miners were higher. Plenty of

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Speaker 1: other stocks finished lower, including several tech companies, the retailers,

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Speaker 1: and most of the banks. Sigma Healthcare was a top performer,

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Speaker 1: up eight percent. That follows the twenty five percent rise yesterday.

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Speaker 1: Rick provided concessions to the Ahab'll see over its bid

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Speaker 1: four chemist Warehouse. Clearly some investors think that deal is

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Speaker 1: going to go ahead. Quantits's share price fell another three

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Speaker 1: percent today after the four percent drop yesterday that followed

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Speaker 1: news that Guitarways is buying twenty five percent of Virgin

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Speaker 1: Story number two in corporate news, outdoor gear retail group

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Speaker 1: KMD Brands, which owns Katmandu, has appointed Brett Scrimshaw as

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Speaker 1: its new chief executive to replace Michael Daily. Its share

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Speaker 1: price rose one percent. Jim operator Viva Leisure's share price

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Speaker 1: was flat after posting a positive outlook for the December

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Speaker 1: quarter on the back of expansion plans and a record

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Speaker 1: number of member visits. And the battle for Nemoy Cotton

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Speaker 1: is all but over. It's been going on for a while.

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Speaker 1: Privately owned commodities trainer Louis Dreyfus has a massed more

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Speaker 1: than fifty percent of the group after Nemoy's directors sold

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Speaker 1: their shares. Louis Dreyfus has been in a battle with

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Speaker 1: Olham Group to buy the cotton ginner. Olam bid seventy

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Speaker 1: five cents to share, but was knocked back by the

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Speaker 1: Ahriable c which said asset sales might not be enough

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Speaker 1: to allow the deal to go ahead. So Louis Dreyfus

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Speaker 1: just kept buying shares and looks like it's got control now.

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Speaker 1: Story number three, one of the longer running bank fights

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Speaker 1: is over after A and Z failed to overturn a

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Speaker 1: ruling it said it breached disclosure laws during a two

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Speaker 1: and a half billion dollar capital raising back in twenty fifteen.

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Speaker 1: A and Z broke the laws, which require companies to

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Speaker 1: inform shareholders of events that may affect their share price

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Speaker 1: when it didn't tell investors it had failed to raise

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Speaker 1: the target of two and a half billion dollars in

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Speaker 1: the capital raising from institutional investors. The raising was seven

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Speaker 1: hundred and ninety million dollars short. It was underwritten by

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Speaker 1: three investment banks, so they got the money, but days

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Speaker 1: later there was a retail investor raising. Last year, Justice

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Speaker 1: Mark Mashinsky ruled that retail investors should have been told

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Speaker 1: about the shortfall. An Zett appealed that finding and the

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Speaker 1: nine hundred thousand dollars fine, but the full bench of

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Speaker 1: the Federal Court has now dismissed the challenge. It isn't

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Speaker 1: so much the money, it's the look that ain't so good.

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Speaker 1: Story number four. Samsung is laying off staff in Australia

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Speaker 1: as its head office looks to cut costs. About ten

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Speaker 1: percent of the workforce could go in Southeast Asia, Australia

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Speaker 1: and New Zealand, according to a report on Bloomberg. It's

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Speaker 1: not clear how many people will is their job in

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Speaker 1: the local market that Samsung has about one hundred and

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Speaker 1: forty seven thousand staff outside South Korea, sam Sung shares

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Speaker 1: having slid more than twenty percent this year as the

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Speaker 1: world's largest maker of memory chips and smartphones struggles in

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Speaker 1: key markets. It's fallen behind rival s K Heiniz in

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Speaker 1: the memory chips used for ai and has made little

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Speaker 1: progress against Taiwan's semiconductor manufacturing in the production of custom

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Speaker 1: made chips for outside customers and final Astorian number five

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Speaker 1: for Publican vice presidential candidate JD. Vance outpointed his opponent,

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Speaker 1: Democrat Tim Wiltz, in the only debate between the two

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Speaker 1: ahead of the US presidential election in less than five

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Speaker 1: weeks time. Consensus was that the forty year old had

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Speaker 1: beaten the sixty year old, who didn't really help himself

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Speaker 1: by continually taking notes and wandering through answers. It was

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Speaker 1: more civilized than the debates between the presidential candidates. Although

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Speaker 1: much of the debate was focused on Donald Trump and

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Speaker 1: Carmela Harris. The debate covet immigration, abortion, and foreign policy,

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Speaker 1: and of note, mister Vance refused to concede that Donald

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Speaker 1: Trump had lost the twenty twenty election. As it for

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Speaker 1: the Afternoon Report for Wednesday, the second of October twenty

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Speaker 1: twenty four. Don't forget to follow on the podcast and

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Speaker 1: find Fear and Greed on LinkedIn, Instagram, x TikTok and Facebook.

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Speaker 1: Join Michael Thompson and I Tomorrow I'm morning for the

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Speaker 1: Fast Five by Fear and Greed Top five business so

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Speaker 1: as you need to know in just five minutes. I'm

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Speaker 1: Seane Elmer. Enjoy reading