1 00:00:05,760 --> 00:00:08,800 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:08,880 --> 00:00:11,600 Speaker 1: for Friday, the twenty seventh of June twenty twenty five. 3 00:00:11,760 --> 00:00:14,440 Speaker 1: Are Michael Thompson. Every afternoon, We've got the five stories 4 00:00:14,440 --> 00:00:16,400 Speaker 1: that happened today that you need to know about. So 5 00:00:16,560 --> 00:00:19,520 Speaker 1: let's get going with story number one. The S and 6 00:00:19,560 --> 00:00:22,480 Speaker 1: P ASX two hundred closed down zero point four percent 7 00:00:22,680 --> 00:00:26,400 Speaker 1: today to eighty five hundred and fourteen points, after rising 8 00:00:26,400 --> 00:00:28,920 Speaker 1: as much as zero point six percent earlier in the day. 9 00:00:29,280 --> 00:00:32,680 Speaker 1: Eight of eleven sectors were lower. It was never going 10 00:00:32,720 --> 00:00:34,880 Speaker 1: to be a great result when we had Commonwealth banks 11 00:00:34,880 --> 00:00:38,400 Speaker 1: sliding two point eight percent today after setting new records 12 00:00:38,400 --> 00:00:40,040 Speaker 1: earlier in the week. It wasn't a good day for 13 00:00:40,080 --> 00:00:42,120 Speaker 1: any of the banks really. NAB, Westpac, and A and 14 00:00:42,240 --> 00:00:44,720 Speaker 1: Z were all down almost two percent as well. On 15 00:00:44,760 --> 00:00:46,240 Speaker 1: the other hand, a good day to be an iron 16 00:00:46,320 --> 00:00:49,720 Speaker 1: are Minor iron ore prices jumped amid signs of increased 17 00:00:49,840 --> 00:00:53,360 Speaker 1: demand from China. BHP was up almost four percent, Rio 18 00:00:53,440 --> 00:00:56,440 Speaker 1: Tinto three point six percent, four to skew up three 19 00:00:56,480 --> 00:00:58,760 Speaker 1: point six percent. As I said, good day for the 20 00:00:58,760 --> 00:01:02,040 Speaker 1: big miners. Lithium stocks had another good session two after 21 00:01:02,120 --> 00:01:05,560 Speaker 1: yesterday's surge and gold fell by more than one percent, 22 00:01:05,840 --> 00:01:08,600 Speaker 1: down around two percent for the week. The oil price 23 00:01:08,760 --> 00:01:12,319 Speaker 1: is also heading south after the ceasefire between Israel and Iran. 24 00:01:12,959 --> 00:01:15,959 Speaker 1: Onto story number two, Commonwealth Bank has revealed a new 25 00:01:15,959 --> 00:01:19,759 Speaker 1: strategy to take on scammers, a virtual bot army. Now 26 00:01:19,800 --> 00:01:23,600 Speaker 1: this is quite ingenious. The bots have Australian accents, they 27 00:01:23,680 --> 00:01:26,840 Speaker 1: use Ossie slang, They've got very real sounding personas, but 28 00:01:26,880 --> 00:01:30,080 Speaker 1: they are not real, though a scammer might think. They are. 29 00:01:30,200 --> 00:01:34,039 Speaker 1: Essentially combankers going to scam scammers, handing over fake names, 30 00:01:34,080 --> 00:01:37,759 Speaker 1: fake credit card details, and in doing so waste scammers time, 31 00:01:38,080 --> 00:01:41,279 Speaker 1: distracting them from real victims and gathering intelligence on scam 32 00:01:41,280 --> 00:01:44,480 Speaker 1: techniques and emerging threats. Eventually, the bots, which are the 33 00:01:44,520 --> 00:01:49,240 Speaker 1: creation of AI firm apart A AI, will make up 34 00:01:49,280 --> 00:01:52,080 Speaker 1: to ten thousand calls and two and a half thousand 35 00:01:52,120 --> 00:01:55,680 Speaker 1: texts per day to lure scammers away from actual victims. 36 00:01:55,960 --> 00:01:59,400 Speaker 1: I think that sounds fantastic. Onto story number three, Woolworth's 37 00:01:59,480 --> 00:02:02,800 Speaker 1: they're shut out down at struggling online marketplace my Deal, 38 00:02:03,240 --> 00:02:05,840 Speaker 1: just three years after buying it in a two hundred 39 00:02:05,880 --> 00:02:08,679 Speaker 1: and forty three million dollar deal. It's expected to cost 40 00:02:08,720 --> 00:02:10,400 Speaker 1: up to one hundred million dollars to close it, with 41 00:02:10,440 --> 00:02:12,760 Speaker 1: most of that payout going to the founder and other 42 00:02:12,840 --> 00:02:17,040 Speaker 1: key shareholders who retained a minority stake. Wilworth had hopes 43 00:02:17,080 --> 00:02:20,160 Speaker 1: of expanding its online range through My Deal, but the 44 00:02:20,200 --> 00:02:23,040 Speaker 1: site failed to turn a profit amid huge competition, obviously 45 00:02:23,080 --> 00:02:27,519 Speaker 1: from global e commerce giants Amazon and TEAMU. The supermarket 46 00:02:27,560 --> 00:02:30,679 Speaker 1: giant will consolidate its marketplace efforts under bigw Market and 47 00:02:30,720 --> 00:02:35,079 Speaker 1: Woolworth's Everyday Market. The staff and the tech platform from 48 00:02:35,080 --> 00:02:37,160 Speaker 1: My Deal are going to be used to support those brands. 49 00:02:37,280 --> 00:02:40,600 Speaker 1: It really hasn't been a good year for local online retailers. 50 00:02:40,639 --> 00:02:43,360 Speaker 1: Wes Farmers announced back in January. If you remember this, 51 00:02:43,600 --> 00:02:46,040 Speaker 1: it was shutting Catch or catch dot com dot Au 52 00:02:46,120 --> 00:02:50,120 Speaker 1: for similar reasons. Onto story number four. In Australia's super 53 00:02:50,120 --> 00:02:52,079 Speaker 1: funds have had a bit of a win, with the 54 00:02:52,160 --> 00:02:55,959 Speaker 1: Trump administration agreeing to scrap it's so called revenge tax 55 00:02:56,360 --> 00:02:59,720 Speaker 1: that threatened to slash returns from billions of dollars invested 56 00:02:59,720 --> 00:03:03,079 Speaker 1: in the US. The proposed tax was part of Donald 57 00:03:03,120 --> 00:03:06,280 Speaker 1: Trump's Big Beautiful Bill and would have increased rates for 58 00:03:06,360 --> 00:03:09,520 Speaker 1: countries with policies seen as unfair to American tech giants. 59 00:03:09,720 --> 00:03:12,280 Speaker 1: The Financial Review reports that had the big super funds 60 00:03:12,280 --> 00:03:14,440 Speaker 1: worried as they've got billions invested in the US and 61 00:03:14,480 --> 00:03:17,799 Speaker 1: infrastructure equities and private capital. It would have also hit 62 00:03:17,840 --> 00:03:22,400 Speaker 1: major companies with American operations, but US Treasury Secretary Scott 63 00:03:22,400 --> 00:03:25,400 Speaker 1: Bessant has confirmed he is now asking lawmakers to drop 64 00:03:25,440 --> 00:03:28,320 Speaker 1: the measure following a deal with G seven nations. The 65 00:03:28,480 --> 00:03:31,359 Speaker 1: Prime Minister Anthony Alberanezi and Treasurer Jim Chalmers have claimed 66 00:03:31,400 --> 00:03:34,600 Speaker 1: victory on this one, having raised the issue directly with 67 00:03:34,720 --> 00:03:38,400 Speaker 1: BE during recent meetings, and Jim Chalmers said the backdown 68 00:03:38,520 --> 00:03:43,440 Speaker 1: followed quote months of dialogue and would give investors greater confidence. Finally, 69 00:03:43,480 --> 00:03:46,280 Speaker 1: story number five one for the voyeurs, and I'm one 70 00:03:46,280 --> 00:03:48,800 Speaker 1: of those. Just for the record, Australia has a new 71 00:03:49,000 --> 00:03:53,840 Speaker 1: real estate record with multimillionaire Yan Xiang paying one hundred 72 00:03:53,960 --> 00:03:57,400 Speaker 1: and forty one zero point five to five million dollars 73 00:03:57,440 --> 00:03:59,960 Speaker 1: for a Sydney penthouse. Now. The deal includes the top 74 00:04:00,080 --> 00:04:04,440 Speaker 1: three floors of one Sydney Harbor at Barangaroo, a two 75 00:04:04,480 --> 00:04:08,800 Speaker 1: story penthouse and a sub penthouse below for friends and family. 76 00:04:09,200 --> 00:04:13,080 Speaker 1: Domain reports it includes nine bedrooms, eight meter high ceilings, 77 00:04:13,200 --> 00:04:17,400 Speaker 1: a rooftop pool, gym, SPA, a main suite the size 78 00:04:17,400 --> 00:04:21,039 Speaker 1: of an average house, and the best part paid in full, 79 00:04:21,560 --> 00:04:24,520 Speaker 1: no mortgage. We can only dream. That's it for the 80 00:04:24,520 --> 00:04:27,440 Speaker 1: afternoon Report for Friday, the twenty seventh of June twenty 81 00:04:27,520 --> 00:04:30,280 Speaker 1: twenty five. Make sure you hit follow on the podcast. 82 00:04:30,320 --> 00:04:32,440 Speaker 1: We'll be back tomorrow morning with the weekend edition of 83 00:04:32,480 --> 00:04:35,080 Speaker 1: Fear and Greed. I'm Michael Thompson. Enjoy your evening.