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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the ninth of October twenty twenty four. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Story number one.

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Speaker 1: The SMPASX two hundred closed up just a touch today

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Speaker 1: to eight one hundred and eighty seven points. The buy now,

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Speaker 1: Pay later groups led the way, with zip Cod finishing

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Speaker 1: six percent higher and Block up more than four percent.

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Speaker 1: Of mining stocks were among the worst performers if you

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Speaker 1: take a look at the large caps. The resource stocks fell,

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Speaker 1: with BHP, Fortshew Metals Group, Rio, Tinto, Sentos and Woodside

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Speaker 1: all down sharply. So too was Goodman Group. The banks

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Speaker 1: were up a touch, while Bramble's, Aria, Aristocrat, Leisure, Wistet Global,

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Speaker 1: Coles Willis and Telstra all did pretty well. Shares an

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Speaker 1: APA Group, the owner of the south West Queensland Pipeline,

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Speaker 1: rose two point six percent after the Australian Energy Regulator

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Speaker 1: issued its draft findings that the benefits of subjecting the

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Speaker 1: pipeline to full regulation on tariffs would not outweigh the

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Speaker 1: increased costs involved. What's that mean? Well, there won't be

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Speaker 1: tougher price regulation on the main pipeline that carries gas

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Speaker 1: from Queensland to the South. That's raised hope of more

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Speaker 1: supply in Victoria and New South Wales. Straight number two

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Speaker 1: billionaire Jen Reinhardt has scaled back plans for the country's

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Speaker 1: next major iron ore mine as part of efforts to

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Speaker 1: overcome concerns from environment regulators and native Tidle custodians about

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Speaker 1: heritage protection, vegetation clearing and carbon emissions. The Mulga Downs

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Speaker 1: mind that Miss Reinehardt's private company's plan to build in

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Speaker 1: the Pilboro region will now produce forty percent less iron

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Speaker 1: ore than was expected two years ago, according to documents

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Speaker 1: filed with the Western Australian Government last week. The shrinking

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Speaker 1: of the project comes after a year in which MSS

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Speaker 1: Reinhardt's companies have campaigned against the alban Esi government's Nature

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Speaker 1: Positive Reforms, which seeks to protect more habitat and biodiverse.

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Speaker 1: According to a story in The Financial Review, ms ryan

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Speaker 1: Hart had originally planned to clear eighty four hundred and

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Speaker 1: twenty two hectares of vegetation to build a mine at

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Speaker 1: Mulga Down's The vast pastoral property where she spent much

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Speaker 1: of her childhood. It was supposed to be capable of

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Speaker 1: producing twenty million tons of iron ore per year. New

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Speaker 1: plans involved clearing about half that to produce twelve million

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Speaker 1: tons a year. Sorry Number three point nine is considering

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Speaker 1: adding commercials to its STAN streaming platform now that CEO

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Speaker 1: Mike Steesby has gone. Steesby, who formerly rends STAN and

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Speaker 1: has never been a fan of ads on paid for

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Speaker 1: streaming services, departed the company last month, and media reports

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Speaker 1: suggest nine is now looking at the change. Netflix, Amazon

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Speaker 1: Prime Video, Paramount Plus and Binge all run ads and

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Speaker 1: have tiered subscription packages STAN. It's almost now the odds

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Speaker 1: stream are out. Nine share price is down forty percent

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Speaker 1: this year and the ad market on free Aware is

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Speaker 1: challenging at best. Hence you can probably expect to see

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Speaker 1: on stand at some point in the not so distant future.

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Speaker 1: Straight Number four Labour turned independent senator Fatima Payman has

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Speaker 1: launched her new political party, and it's called Australia's Voice.

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Speaker 1: The senator said it was more than a party, more

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Speaker 1: of a movement for a faroh Australia. She said Labor

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Speaker 1: had lost its way and while no decisions have been

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Speaker 1: made on who to stand in the upcoming election. She

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Speaker 1: suggested the party may run a candidate and the Prime

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Speaker 1: Minister Anthony Albernizi's electorate a lot of meat around the

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Speaker 1: policies those senator payments, that any member of Australia's Voice

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Speaker 1: would be able to vote as they like on issues

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Speaker 1: i e. A conscience vote and story number five. The

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Speaker 1: Melwen Rebels are suing Rugby Australia, claiming it was unfairly

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Speaker 1: axed from the Super Rugby competition five months ago and

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Speaker 1: has announced plans to re enter the competition. The rebels

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Speaker 1: will be seeking more than thirty million dollars in damages

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Speaker 1: from the governing body, according to media reports. The rebels

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Speaker 1: are also seeking an urgent order in the Federal Court

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Speaker 1: granting it the right to inspect the books of Australia,

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Speaker 1: including accounting and loan records, to determine whether there's been

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Speaker 1: fiduciary and governance failures by the governing body. The rebels

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Speaker 1: entered voluntary administration on January twenty nine this year, with

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Speaker 1: debts owed to creditors exceeding twenty three million dollars, including

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Speaker 1: an eleven and a half million dollar debt to the

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Speaker 1: tax Office. The Rebels were also struggling to pay stadium

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Speaker 1: fees and directors have received penalty notices from the ATO

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Speaker 1: Administrative PwC said the club may have operated while insolvent

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Speaker 1: for more than five years. Today, the Rebels claimed that

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Speaker 1: Rugby Australia has breached various sections of the Corporation Act,

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Speaker 1: has unlawfully oppressed the Rebels and is obliged to indemnify

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Speaker 1: the Rebels for liabilities to the ATO as it for

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

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Speaker 1: twenty four. Don't forget tit. Follow on the podcast and

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

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Speaker 1: Join Michael Thompson and I Tomorrow Morning for the Fast

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Speaker 1: Five by Fear and Greed, the top five business stories

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

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Speaker 1: Elmer enjoy rabing