1 00:00:04,200 --> 00:00:06,960 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,000 --> 00:00:09,680 Speaker 1: for Wednesday, the eleventh of December twenty twenty four. I'm 3 00:00:09,680 --> 00:00:12,520 Speaker 1: Sean Almer. Every afternoon, we've got the five stories that 4 00:00:12,600 --> 00:00:15,200 Speaker 1: happened today that you need to know about. Straight Number one, 5 00:00:15,400 --> 00:00:18,759 Speaker 1: the market. The SMPA six two hundred ended down half 6 00:00:18,840 --> 00:00:21,799 Speaker 1: percent today to eight thousand, three hundred and fifty four points. 7 00:00:22,239 --> 00:00:24,319 Speaker 1: It's kind of a quiet day on the market. The 8 00:00:24,360 --> 00:00:27,560 Speaker 1: textocs were among the worst performers wise. Tech Global was 9 00:00:27,600 --> 00:00:30,560 Speaker 1: off three percent. The real estate investment trusts were among 10 00:00:30,640 --> 00:00:33,600 Speaker 1: the best. Goodman jump nearly two percent. The big miners 11 00:00:33,600 --> 00:00:37,000 Speaker 1: were mixed. Banks were lower. West Farmers rose one percent, 12 00:00:37,360 --> 00:00:39,600 Speaker 1: but most of the action I reckon was off shore, 13 00:00:39,960 --> 00:00:44,440 Speaker 1: particularly coffee prices. They continue to run, with Arabica beans 14 00:00:44,640 --> 00:00:49,400 Speaker 1: now at their highest level since records began in nineteen 15 00:00:49,600 --> 00:00:52,560 Speaker 1: seventy two, beating the previous all time high back in 16 00:00:52,640 --> 00:00:56,680 Speaker 1: nineteen seventy seven. Prices of Arabica beans are up eighty 17 00:00:56,720 --> 00:00:59,640 Speaker 1: percent this year after poor weather conditions in the world's 18 00:00:59,720 --> 00:01:04,120 Speaker 1: large producer, Brazil, hampered crops not just this year but 19 00:01:04,440 --> 00:01:07,520 Speaker 1: also next year. Nest Cafe, the world's biggest Spire is 20 00:01:07,560 --> 00:01:11,240 Speaker 1: upping prices and your barista could too. Just before we leave, 21 00:01:11,280 --> 00:01:13,760 Speaker 1: the commodity market's Brent cruds trading around seventy three US 22 00:01:13,800 --> 00:01:16,600 Speaker 1: dollars of barrel goals up towards twenty seven hundred US 23 00:01:16,640 --> 00:01:18,480 Speaker 1: dollars and ounce in fact in Aussie dollars because the 24 00:01:18,520 --> 00:01:20,360 Speaker 1: Ausie dollar is quite weak, About sixty three and a 25 00:01:20,360 --> 00:01:24,320 Speaker 1: half cents Gold is close to a record high straight 26 00:01:24,440 --> 00:01:27,680 Speaker 1: Number two. Business sentiment fell last month after a short 27 00:01:27,680 --> 00:01:30,920 Speaker 1: lived spike, but inflation pressures in the economy look to 28 00:01:30,920 --> 00:01:34,320 Speaker 1: be easy. The National Australia Bank Business Survey shows business 29 00:01:34,360 --> 00:01:40,080 Speaker 1: sentiment tumbled in November, although conditions remain resilient, albeit heading lower. 30 00:01:40,520 --> 00:01:43,840 Speaker 1: Forward looking indicators in the survey forward orders, for example, 31 00:01:44,120 --> 00:01:47,640 Speaker 1: remain quite weak. NAB's employment index is also trending lower, 32 00:01:48,000 --> 00:01:51,280 Speaker 1: which suggests less jobs growth in coming months, and the 33 00:01:51,360 --> 00:01:55,000 Speaker 1: NAB survey of prices, which great guide to inflationary pressures, 34 00:01:55,240 --> 00:01:58,120 Speaker 1: continue to trend lower. Bottom line from the National Australian 35 00:01:58,120 --> 00:02:01,920 Speaker 1: Bank Survey the economy is slowing. Inflation continues to head 36 00:02:02,200 --> 00:02:05,000 Speaker 1: LAH story at number three. New South Aales Premier Chris 37 00:02:05,000 --> 00:02:08,400 Speaker 1: Mins has called an anti semitic attack in Wallara in 38 00:02:08,520 --> 00:02:13,040 Speaker 1: Sydney disgraceful and disgusting, as politicians from across the country 39 00:02:13,240 --> 00:02:18,040 Speaker 1: joined to condemn the action. The apparent anti Semitic slogans 40 00:02:18,040 --> 00:02:20,840 Speaker 1: were graffited across two buildings in a car set a 41 00:02:20,919 --> 00:02:24,280 Speaker 1: light in Sydney's East this morning. It follows the fire 42 00:02:24,280 --> 00:02:27,240 Speaker 1: bombing of a Jewish synagogue last week in Melbourne, and 43 00:02:27,320 --> 00:02:30,639 Speaker 1: it's his second attack in Wallara, home to many Jewish people, 44 00:02:30,720 --> 00:02:34,000 Speaker 1: in the last month. Prime Minister Anthony Albert Nisi said 45 00:02:34,000 --> 00:02:37,520 Speaker 1: there's no place for anti Semitism in Australia and said 46 00:02:37,560 --> 00:02:41,920 Speaker 1: these attacks must stop. Story number four. The chief executive 47 00:02:42,080 --> 00:02:45,600 Speaker 1: of da z N Dezone has been in Australia this 48 00:02:45,680 --> 00:02:49,360 Speaker 1: week as the British global sports streaming platform, backed by 49 00:02:49,360 --> 00:02:53,800 Speaker 1: a billionaire businessman, Len Blavatnik, assesses a bid for news 50 00:02:53,800 --> 00:02:59,120 Speaker 1: corporations Foxtel. Shay Segev, who previously led London listed sports 51 00:02:59,120 --> 00:03:02,560 Speaker 1: betting giant End, has been holding meetings in Australia as 52 00:03:02,560 --> 00:03:05,480 Speaker 1: the company considers weather to make an offer for Foxtel. 53 00:03:05,520 --> 00:03:08,360 Speaker 1: According to a report in the AFAR, Foxtel operates its 54 00:03:08,400 --> 00:03:11,720 Speaker 1: pay television business as well as streaming platforms at KOs 55 00:03:11,760 --> 00:03:16,080 Speaker 1: Sports and Binge Design has acquired broadcasting businesses over the 56 00:03:16,080 --> 00:03:18,560 Speaker 1: past two years as it attempts to build a major 57 00:03:18,639 --> 00:03:22,160 Speaker 1: sports streaming platform. Foxtel is sixty five percent on by 58 00:03:22,160 --> 00:03:24,120 Speaker 1: News Corp, thirty five percent on by tel Astraight. It's 59 00:03:24,120 --> 00:03:26,960 Speaker 1: been up for sale since August and finally Story number five. 60 00:03:26,960 --> 00:03:30,680 Speaker 1: Australia has a new life insurance brand, a Sender, after 61 00:03:30,680 --> 00:03:34,560 Speaker 1: the merger of MLC Life Insurance and Resolution Life Now. 62 00:03:34,680 --> 00:03:37,600 Speaker 1: This all came as a result of Nippon Life Insurance, 63 00:03:37,600 --> 00:03:41,520 Speaker 1: which owns eight percent of MLC, buying the London based 64 00:03:42,080 --> 00:03:46,600 Speaker 1: Resolution Life group. That means the OSSI subsidiary of Resolution 65 00:03:46,720 --> 00:03:50,040 Speaker 1: Life goes to Nipon. The owner of the twenty percent 66 00:03:50,080 --> 00:03:53,240 Speaker 1: of MLC that Nippon doesn't own, it's National Australia Bank. 67 00:03:53,280 --> 00:03:55,200 Speaker 1: It's happy to sell that to Nipon for about half 68 00:03:55,240 --> 00:03:57,640 Speaker 1: a billion dollars. That combined business to be known as 69 00:03:57,640 --> 00:04:00,760 Speaker 1: a sender. We'll have around two million customers and thirty 70 00:04:00,760 --> 00:04:04,400 Speaker 1: billion dollars of assets under management. Life insurance is big 71 00:04:04,520 --> 00:04:08,320 Speaker 1: business in Australia. The sale by National Australia Bank ends 72 00:04:08,520 --> 00:04:11,560 Speaker 1: decades of involvement in the life insurance business by Australia's 73 00:04:11,560 --> 00:04:14,040 Speaker 1: big four banks, with A and Z Comwealth Bank and 74 00:04:14,080 --> 00:04:17,560 Speaker 1: Westpac all selling their life businesses during the past four 75 00:04:17,640 --> 00:04:20,960 Speaker 1: years or so. As it For the Afternoon Report for Wednesday, 76 00:04:21,000 --> 00:04:23,160 Speaker 1: the eleventh of December twenty twenty four, make sure you 77 00:04:23,279 --> 00:04:25,760 Speaker 1: hit follow on the podcast. We'll be back tomorrow morning 78 00:04:25,800 --> 00:04:29,040 Speaker 1: with the Thursday edition of the Fast five Business News 79 00:04:29,160 --> 00:04:32,000 Speaker 1: I Fear and Greed. I'm Shane Elmer. Enjoy your evening.