1
00:00:04,040 --> 00:00:06,560
Speaker 1: Well, welcome to the Fear and Greed Business News Afternoon

2
00:00:06,559 --> 00:00:09,799
Speaker 1: Report for Tuesday, the twenty fourth of February twenty twenty six.

3
00:00:09,880 --> 00:00:12,239
Speaker 1: Oh Michael Thompson, and every afternoon, we've got the five

4
00:00:12,280 --> 00:00:14,240
Speaker 1: stories that happen today that you need to know about.

5
00:00:14,640 --> 00:00:17,240
Speaker 1: Let's go with story number one. The SMPA SEX two

6
00:00:17,360 --> 00:00:20,799
Speaker 1: hundred closed pretty much flat today, down just four points

7
00:00:20,840 --> 00:00:24,240
Speaker 1: to nine thy and twenty two points. But the index

8
00:00:24,280 --> 00:00:26,960
Speaker 1: did climb earlier in the day and was at one

9
00:00:27,000 --> 00:00:30,000
Speaker 1: point up half of one percent, before losing pretty much

10
00:00:30,040 --> 00:00:33,519
Speaker 1: all those gains. Five of the eleven sectors were weaker

11
00:00:33,640 --> 00:00:36,600
Speaker 1: in the end. Tech stocks were hit hard after heavy

12
00:00:36,600 --> 00:00:39,720
Speaker 1: selling on the Nasdaq overnight. Wise, Tech Global was down

13
00:00:39,760 --> 00:00:43,200
Speaker 1: three point seven percent. Zero fell four point six percent.

14
00:00:43,200 --> 00:00:46,080
Speaker 1: Technology One was off nearly four percent. It is a

15
00:00:46,240 --> 00:00:50,160
Speaker 1: very familiar story now. Investors are worried about the longer

16
00:00:50,240 --> 00:00:54,520
Speaker 1: term impact of artificial intelligence on the established business models,

17
00:00:54,560 --> 00:00:59,440
Speaker 1: particularly of these software companies. Insurance stocks also slipped today.

18
00:00:59,520 --> 00:01:02,640
Speaker 1: Ig he was down three point three percent, steadfast falling

19
00:01:02,640 --> 00:01:06,280
Speaker 1: more than five percent again amid concerns that AI tools

20
00:01:06,319 --> 00:01:09,959
Speaker 1: could disrupt the sector. Energy was the standout though today,

21
00:01:10,280 --> 00:01:14,160
Speaker 1: with oil rising above seventy two US dollars a barrel.

22
00:01:14,200 --> 00:01:16,479
Speaker 1: That is its highest point in more than six months.

23
00:01:16,760 --> 00:01:19,920
Speaker 1: Woodside gained two point four percent despite a twenty four

24
00:01:19,959 --> 00:01:23,880
Speaker 1: percent fall in full year profit, while Viva Energy jumped

25
00:01:23,920 --> 00:01:27,680
Speaker 1: eight point one percent. BHP hit a record high during

26
00:01:27,720 --> 00:01:30,160
Speaker 1: the day before coming off just a little still closed

27
00:01:30,160 --> 00:01:32,480
Speaker 1: one point four percent higher though for the day, so

28
00:01:32,520 --> 00:01:35,360
Speaker 1: a pretty good day overall, and lithium stocks rallied with

29
00:01:35,440 --> 00:01:40,040
Speaker 1: Lintown up eight point seven percent, Pls eight percent, Mineral

30
00:01:40,080 --> 00:01:43,480
Speaker 1: Resources more than six percent. There were plenty of companies

31
00:01:43,520 --> 00:01:48,360
Speaker 1: reporting results today. I mentioned Woodside there. We'll get to

32
00:01:48,400 --> 00:01:50,440
Speaker 1: a few more of them in a bit. Story Number two.

33
00:01:51,200 --> 00:01:54,320
Speaker 1: Former A and Z chief executive Shane Elliott has dropped

34
00:01:54,320 --> 00:01:57,280
Speaker 1: his legal action against the bank, where he'd been seeking

35
00:01:57,320 --> 00:02:00,200
Speaker 1: to recover more than thirteen and a half million dollars

36
00:02:00,280 --> 00:02:03,760
Speaker 1: in bonuses. A and Z had clawed back the remuneration

37
00:02:03,960 --> 00:02:06,920
Speaker 1: following a series of compliance failures that resulted in a

38
00:02:06,960 --> 00:02:10,440
Speaker 1: two hundred and fifty million dollar penalty from ASEK. A

39
00:02:10,520 --> 00:02:13,000
Speaker 1: and Z told the ASEX today that no payments or

40
00:02:13,000 --> 00:02:16,080
Speaker 1: commitments were made as part of the discontinuation of the

41
00:02:16,080 --> 00:02:19,919
Speaker 1: court action. Both sides covering their own legal costs. The board,

42
00:02:20,000 --> 00:02:22,800
Speaker 1: led by Paul O'Sullivan, had maintained the clawback had a

43
00:02:22,880 --> 00:02:26,800
Speaker 1: solid legal basis. The dispute followed a shareholder backlash at

44
00:02:26,840 --> 00:02:29,320
Speaker 1: A and z's annual meeting, where more than thirty two

45
00:02:29,360 --> 00:02:33,120
Speaker 1: percent voted against the executive pay report. Onto story number three,

46
00:02:33,160 --> 00:02:35,400
Speaker 1: I mentioned that there were a lot of companies reporting today.

47
00:02:35,520 --> 00:02:37,680
Speaker 1: Let's go through a few of them. Center Group, which

48
00:02:37,760 --> 00:02:40,680
Speaker 1: of course owns the Westfield shopping centers all around Australia.

49
00:02:40,760 --> 00:02:43,440
Speaker 1: It's pushing into residential housing. We'll go into this in

50
00:02:43,440 --> 00:02:46,480
Speaker 1: a bit more detailed tomorrow, but its Lodge proposals to

51
00:02:46,639 --> 00:02:50,200
Speaker 1: develop more than sixteen thousand apartments at six of its malls.

52
00:02:50,639 --> 00:02:53,959
Speaker 1: The group recorded a nearly seventy percent increase in net profit,

53
00:02:53,960 --> 00:02:57,560
Speaker 1: but at share price closed one point six percent lower today.

54
00:02:57,840 --> 00:03:00,280
Speaker 1: Southern Cross Media reported a drop in profit over the

55
00:03:00,280 --> 00:03:03,919
Speaker 1: past six months. It flagged cost cuts over the next year.

56
00:03:04,560 --> 00:03:07,639
Speaker 1: Its CEO also abruptly left the business last night. Again

57
00:03:07,639 --> 00:03:09,720
Speaker 1: more on this one tomorrow, but the share price closed

58
00:03:09,760 --> 00:03:13,280
Speaker 1: one point four percent higher today. Still in the media space,

59
00:03:13,360 --> 00:03:16,560
Speaker 1: Nine Entertainment delivered a forty two percent rise in earnings.

60
00:03:16,600 --> 00:03:19,360
Speaker 1: Its share price rose about half a percent, and a

61
00:03:19,400 --> 00:03:22,360
Speaker 1: Door Beauty fell nearly thirty twenty eight percent. It was

62
00:03:22,400 --> 00:03:25,360
Speaker 1: down after the retailer's profit fell by more than two thirds.

63
00:03:26,080 --> 00:03:29,560
Speaker 1: The main reason for that deep discounting, particularly as part

64
00:03:29,600 --> 00:03:32,800
Speaker 1: of the Black Friday sales, eight into its margins. Not

65
00:03:32,919 --> 00:03:35,920
Speaker 1: a good day for a Door Beauty story Number four.

66
00:03:36,280 --> 00:03:40,240
Speaker 1: Quantas has launched its double Status Credits promotion, a day

67
00:03:40,320 --> 00:03:43,760
Speaker 1: after Virgin Australia revived its own bonus offer. As the

68
00:03:43,800 --> 00:03:47,000
Speaker 1: airlines compete for loyal frequent flyers, it is a good

69
00:03:47,040 --> 00:03:48,800
Speaker 1: time to be a traveler. We talked about that on

70
00:03:48,840 --> 00:03:52,040
Speaker 1: the show this morning and we're wondering if Quantus was

71
00:03:52,120 --> 00:03:55,120
Speaker 1: about to announce their big promotion and they've now done it.

72
00:03:55,360 --> 00:03:59,360
Speaker 1: The offer is uncapped, allowing members who register and book

73
00:03:59,400 --> 00:04:02,280
Speaker 1: within the next week to earn double Status credits on

74
00:04:02,320 --> 00:04:06,000
Speaker 1: eligible flights, potentially fast tracking them to Silver, gold and

75
00:04:06,040 --> 00:04:09,640
Speaker 1: platinum tears. Virgin's Velocity promotion is capped at one hundred

76
00:04:09,640 --> 00:04:11,800
Speaker 1: and twenty five bonus credits for up to six flights,

77
00:04:12,160 --> 00:04:14,360
Speaker 1: after the airline last year made it harder to earn

78
00:04:14,400 --> 00:04:18,840
Speaker 1: status on its cheapest fairs. Interestingly, federal public servants are

79
00:04:18,839 --> 00:04:23,240
Speaker 1: barred from participating in either promotion following a government crackdown.

80
00:04:23,720 --> 00:04:26,920
Speaker 1: Where in the past travel bookings had in fact surged

81
00:04:27,279 --> 00:04:31,640
Speaker 1: during status credit campaigns, not anymore. Finally, story number five,

82
00:04:31,920 --> 00:04:35,560
Speaker 1: Peter Mandelson, who is the UK's former ambassador to the

83
00:04:35,640 --> 00:04:39,239
Speaker 1: United States, has been released on bail after being arrested

84
00:04:39,240 --> 00:04:42,920
Speaker 1: in London on suspicion of misconduct in public office over

85
00:04:42,920 --> 00:04:46,839
Speaker 1: alleged links to Jeffrey Epstein. The investigation follows the release

86
00:04:46,839 --> 00:04:49,560
Speaker 1: of new Epstein related documents in the United States, which

87
00:04:49,600 --> 00:04:54,320
Speaker 1: reportedly includes correspondents suggesting that Mandelson shared sensitive government and

88
00:04:54,440 --> 00:04:59,960
Speaker 1: market information. Mandlsson denies wrongdoing. The probe has intensified screw

89
00:05:00,279 --> 00:05:03,599
Speaker 1: of his past relationship with Epstein and added political pressure

90
00:05:03,640 --> 00:05:07,360
Speaker 1: on UK Prime Minister Sir Keir Starmer, who appointed Mandelsson

91
00:05:07,440 --> 00:05:10,560
Speaker 1: to the role despite the government being warned of the

92
00:05:10,600 --> 00:05:14,200
Speaker 1: alleged Epstein connection. And that's it for the Afternoon Report

93
00:05:14,200 --> 00:05:16,880
Speaker 1: for Tuesday, the twenty fourth of February. Make sure you're

94
00:05:16,880 --> 00:05:19,680
Speaker 1: following the podcast and headlong to Fearangreed dot com dot

95
00:05:19,680 --> 00:05:21,800
Speaker 1: A you to sign up for our free daily newsletter.

96
00:05:21,960 --> 00:05:23,760
Speaker 1: A'm Michael Thompson. Enjoy your evening.