1 00:00:03,680 --> 00:00:06,840 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,920 --> 00:00:10,760 Speaker 1: for Wednesday, the fourth of September twenty twenty four. Michael Thompson. 3 00:00:10,880 --> 00:00:13,200 Speaker 1: Every afternoon, We've got the five stories that happened today 4 00:00:13,240 --> 00:00:14,960 Speaker 1: that you need to know about. So let's get going. 5 00:00:15,000 --> 00:00:17,880 Speaker 1: Story number one. The S and p ASX two hundred 6 00:00:17,960 --> 00:00:22,000 Speaker 1: closed down one point nine percent today to nine hundred 7 00:00:22,000 --> 00:00:24,640 Speaker 1: and fifty one points in one of the worst days 8 00:00:24,680 --> 00:00:27,720 Speaker 1: of trading in weeks, following a major selloff on Wall 9 00:00:27,760 --> 00:00:31,680 Speaker 1: Street overnight amid soft US economic data. It also followed 10 00:00:31,760 --> 00:00:35,280 Speaker 1: domestic data here at home showing that the economy only 11 00:00:35,360 --> 00:00:38,720 Speaker 1: grew zero point two percent in the June quarter. In 12 00:00:38,800 --> 00:00:42,000 Speaker 1: terms of sectors, well, everything was in the red. Utilities 13 00:00:42,200 --> 00:00:46,280 Speaker 1: and industrials were down the least. Gold resources and energy 14 00:00:46,440 --> 00:00:49,320 Speaker 1: sustained some of the biggest drops amid global fears about 15 00:00:49,360 --> 00:00:52,960 Speaker 1: commodity supply. One of the worst performers was four Deescu Medals, 16 00:00:52,960 --> 00:00:56,040 Speaker 1: which was trading ex dividend and ended the day down 17 00:00:56,160 --> 00:00:59,840 Speaker 1: eight point five percent. To Gray Mining, Paladin, Lion Town, 18 00:01:00,080 --> 00:01:04,120 Speaker 1: gold Road Resources all had sharp losses. Mineral exploration company 19 00:01:04,160 --> 00:01:06,880 Speaker 1: Deep Yellow, which has a focus on uranium, was among 20 00:01:06,920 --> 00:01:09,920 Speaker 1: those suffering the steepest losses. Shares in that company fell 21 00:01:09,959 --> 00:01:12,520 Speaker 1: more than eight percent. Among the best on the bass 22 00:01:12,600 --> 00:01:16,360 Speaker 1: was cannon bottle maker Aurora, which climbed seven point two percent. 23 00:01:16,440 --> 00:01:19,240 Speaker 1: It announced a plan to sell its American packaging arm 24 00:01:19,360 --> 00:01:22,679 Speaker 1: in a deal worth almost one point eight billion dollars 25 00:01:23,200 --> 00:01:25,880 Speaker 1: onto story number two now and the Future Fund has 26 00:01:25,959 --> 00:01:29,920 Speaker 1: posted a nine point one percent annual return for about 27 00:01:30,160 --> 00:01:32,840 Speaker 1: eighteen point eight billion dollars worth for the year to 28 00:01:33,120 --> 00:01:36,080 Speaker 1: thirty June. It's a result the Future Fund is calling 29 00:01:36,200 --> 00:01:40,080 Speaker 1: very strong given the rocky domestic and global economies. The 30 00:01:40,120 --> 00:01:43,399 Speaker 1: total value of the Future Fund is now two hundred 31 00:01:43,480 --> 00:01:47,560 Speaker 1: and twenty four point nine billion dollars, a new record, 32 00:01:48,000 --> 00:01:50,760 Speaker 1: and its ten year returns of well exceeded its mandate, 33 00:01:50,800 --> 00:01:53,440 Speaker 1: which is to achieve a return of CPI plus at 34 00:01:53,520 --> 00:01:57,160 Speaker 1: least four to five percent on top now. What is 35 00:01:57,200 --> 00:02:00,320 Speaker 1: particularly interesting, though, is the comments made by new chair 36 00:02:00,360 --> 00:02:04,120 Speaker 1: Greg Combay, who took over from Peter Costello in June. 37 00:02:04,440 --> 00:02:07,760 Speaker 1: Its comments alongside the results were that the energy transition 38 00:02:08,040 --> 00:02:11,840 Speaker 1: promises plenty of opportunities for the Future Fund and investors, 39 00:02:11,840 --> 00:02:13,600 Speaker 1: so it's going to be very interesting to see where 40 00:02:13,639 --> 00:02:16,880 Speaker 1: he takes the opportunity. Next story number three, a new 41 00:02:16,919 --> 00:02:20,840 Speaker 1: analysis by City has found there's only one profitable lithium 42 00:02:20,840 --> 00:02:24,400 Speaker 1: mine in Australia, Green Bushes in WA. That's out of 43 00:02:24,440 --> 00:02:27,720 Speaker 1: these seven operating locally. Green Bushes, which is forty nine 44 00:02:27,760 --> 00:02:31,200 Speaker 1: percent owned by Albemarle, is the biggest in the world 45 00:02:31,320 --> 00:02:33,600 Speaker 1: and it's the only one in Australia that is able 46 00:02:33,639 --> 00:02:36,320 Speaker 1: to make a profit at current lithium prices. The City 47 00:02:36,360 --> 00:02:39,720 Speaker 1: analysis used a gold mining type analysis to find a 48 00:02:39,720 --> 00:02:43,000 Speaker 1: break even figure and then assess that with current lithium prices. 49 00:02:43,280 --> 00:02:46,160 Speaker 1: It's a pretty significant finding given that lithium is a 50 00:02:46,240 --> 00:02:50,960 Speaker 1: critical battery component. As part of the energy transition story 51 00:02:51,040 --> 00:02:55,080 Speaker 1: Number four, thousands of private businesses across Australia are defaulting 52 00:02:55,080 --> 00:02:58,520 Speaker 1: on tax debts, leading to many failing. This is according 53 00:02:58,520 --> 00:03:01,400 Speaker 1: to new data from Credit to Work Watch, About thirty 54 00:03:01,440 --> 00:03:04,040 Speaker 1: four percent of those with a one hundred thousand dollars 55 00:03:04,120 --> 00:03:08,000 Speaker 1: tax deet that they are ninety days behind on have 56 00:03:08,200 --> 00:03:12,040 Speaker 1: either chosen to close or have become insolvent. That's about 57 00:03:12,080 --> 00:03:16,200 Speaker 1: seven thousand businesses. The Tax Office has started ramping up 58 00:03:16,240 --> 00:03:19,280 Speaker 1: action against those who are failing to repay tax debts 59 00:03:19,320 --> 00:03:22,080 Speaker 1: after a long period of relaxed rules during the pandemic, 60 00:03:22,400 --> 00:03:25,359 Speaker 1: and that is seeing lots of businesses come unstuck, especially 61 00:03:25,360 --> 00:03:30,160 Speaker 1: amid what are a number of current economic challenges. And finally, 62 00:03:30,200 --> 00:03:33,320 Speaker 1: story number five, China has announced that it will launch 63 00:03:33,400 --> 00:03:38,200 Speaker 1: an anti dumping investigation into Canada's canola exports. Canada is 64 00:03:38,240 --> 00:03:41,440 Speaker 1: introducing new tariffs on Chinese evs and this has gone 65 00:03:41,480 --> 00:03:44,680 Speaker 1: down badly with its trading partner. China has now announced 66 00:03:44,720 --> 00:03:48,120 Speaker 1: an anti dumping probe into Canadian canola and is looking 67 00:03:48,120 --> 00:03:53,200 Speaker 1: at Canadian chemical products too. China's Commerce Ministry said quote 68 00:03:53,400 --> 00:03:58,760 Speaker 1: opposes the discriminatory, unilateral restrictive measures taken against its products. 69 00:03:59,120 --> 00:04:02,000 Speaker 1: This is a very big deal for Canada's canola industry 70 00:04:02,040 --> 00:04:05,200 Speaker 1: as China is the biggest global importer of the oil. 71 00:04:05,720 --> 00:04:08,240 Speaker 1: That's it for the afternoon Report for Wednesday, the fourth 72 00:04:08,240 --> 00:04:11,160 Speaker 1: of September twenty twenty four. I'll be back tomorrow morning 73 00:04:11,200 --> 00:04:14,680 Speaker 1: with the Thursday edition of Fear and Greed. I'm Michael Thompson. 74 00:04:14,960 --> 00:04:15,680 Speaker 1: Enjoy your evening.